Vodafone Group Plc Background Presentation Disclaimer

Information in the following presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire or dispose of securities in any company within the Group.

The presentation contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995 which are subject to risks and uncertainties because they relate to future events. Some of the factors which may cause actual results to differ from these forward-looking statements are discussed on the final slide of the presentation.

The presentation also contains non-GAAP financial information which the Group’s management believes is valuable in understanding the performance of the Group or the Group’s businesses. However, non-GAAP information is not uniformly defined by all companies and therefore it may not be comparable with similarly titled measures disclosed by other companies, including those in the Group’s industry. Although these measures are important in the assessment and management of the business, they should not be viewed in isolation or as replacements for, but rather as complementary to, the comparable GAAP measures.

Vodafone, the Vodafone Speech Mark, the Vodafone Portrait, and M-Pesa are trademarks of the Vodafone Group. The Vodafone Rhombus is a registered design of the Vodafone Group. Other product and company names mentioned herein may be the trademarks of their respective owners.

2 A brief introduction to the Group

• Vodafone Group Plc is one of the world’s largest Financial highlights FY 13/14 telecommunications companies providing a wide range of Revenue £43.6bn services, including voice, messaging, data across mobile and fixed networks EBITDA £12.8bn • We have 438m mobile customers and 11 million fixed Adjusted operating profit £7.9bn broadband customers Capex £7.1bn • We have mobile operations in 26 countries and partner Free cash flow £4.4bn with mobile networks in over 50 more Adjusted EPS 17.54p • Our operations are spread across two geographic regions - Dividend per share 11.00p Europe and Africa, Middle East and Asia Pacific (AMAP) • The Group is listed on the London and NASDAQ (ADR listing) stock exchanges and is headquartered in London • We have over 275,000 base station sites across our markets (as of December 2014)

3 Revenue and profit mix of the Group

Group service revenue Group service revenue FY 13/14 Mobile FY 13/14 Other Mobile incoming • Mobile accounts for the majority (81%) out-of- 7% Consumer 8% bundle Fixed Enterprise contract of our business 31% 15% 27% 37% 4% Other • Fixed (15%) is becoming an increasing part of what we do 42% 29% • A quarter of our business comes from Consumer prepaid Mobile in-bundle Enterprise customers Group service revenue Group EBITDA FY 13/14 FY 13/14 • Revenue and profits are spread across Italy Spain Germany our geographical footprint India 10% 8% Other 21% 10% 26% 27% Other Vodacom 11% 6% 13% Vodacom Spain 15% 11% 19% 12% UK India 11% Germany Italy UK 4 Mobile customer mix of the Group

Customers by country (%) Other FY 13/14 17 India • Over 60% of our customers are Spain 3 38 from emerging markets UK 4 Italy 6 • The majority of our customers are 10 Egypt prepaid customers 7 15 Germany Vodacom • Consumer contract customers are 12% of the base and contribute Customers by segment (%) FY 13/14 over a third of service revenue Consumer prepaid Consumer contract 12 • Enterprise contributes over a 81 quarter of our service revenue 7 Enterprise

5 History of the Group

Incorporated as Racal Acquisition of Sale of 45% Strategic Radio Limited AG, interest in acquiring further Verizon businesses in Europe Wireless Demerger from Racal and full listing Acquisition of Disposal of our interest Acquisition of on the LSE controlling stake in in Cable and Wireless Vodafone Essar (now Worldwide ) Acquisition of Ono in Spain

1984 1991 1999 2000 2006 2007 2009 2010 2011 2012 2013 2014

Ownership of Vodafone India and Italy Merger with AirTouch Sale of interest increased Communications, Disposal of in SFR to 100% formation of Verizon Vodafone Japan merged with Wireless (Vodafone Hutchinson 3G Australia held a 45% stake) Acquisition of Telsim Vodacom Group Acquisition of (now Vodafone Turkey) became a subsidiary Kabel Deutschland in Germany

6 Where we operate

Subsidiaries (% ownership) Albania (100%) Portugal (100%) Czech Rep (100%) Qatar (22.95%) Egypt (54.9%) Romania (100%) Germany (100%) Spain (100%) Ghana (70%) Turkey (100%) Greece (99.9%) UK (100%) Hungary (100%) Vodacom Group (65%) India (100%) Consists of Ireland (100%) South Africa Italy (100%) Tanzania Mozambique Malta (100%) DRC Netherlands (100%) Lesotho New Zealand (100%) Joint ventures/associates Indus Towers (42%), part of Vodafone India Australia (50%) (Kenya) (40%) Partner markets See page 37 for details 7 Our people

Gerard Kleisterlee (Chairman) Appointed July 2011 (CEO) Appointed July 2008 He retired as President/CEO and Chairman of on 31 March CEO before joining the Board in 2002. He left Vodafone in 2004 for 2011 after spending three decades with the company. He is also a RCS MediaGroup before re-joining the Board in October 2006 as CEO, Board member of Daimler AG, and Inc. Europe and Deputy CEO.

Nick Read (CFO) Appointed April 2014 Steve Pusey* (CTO) Appointed June 2009 He joined Vodafone in 2001 and has held a variety of roles including He joined Vodafone in 2006 having previously served as Executive CFO, CCO and CEO of Vodafone UK. Before becoming Group CFO, he Vice President and President for Nortel, EMEA having joined the was the regional CEO for our AMAP region and a Board member of our company in 1982. Before then he worked for British Telecom. listed companies Vodacom Group, Safaricom and Vodafone Qatar.

Non-executive board members: Luc Vandevelde (Senior Independent Director), Sir Crispin Davies, Dame Clara Furse DBE, Val Gooding, Renee James, Samuel Jonah, Nick Land and Philip Yea Executive committee: Vittorio Colao (CEO), (CFO), Stephen Pusey (CTO), Philipp Humm (CEO Europe), Serpil Timuray (CEO AMAP), Paolo Bertoluzzo (Group Chief Commercial and Operations Officer), Warren Finegold (Strategy & Business Development Director), Matthew Kirk (External Affairs Director), Rosemary Martin (General Counsel and Company Secretary), Ronald Schellekens (Group HR Director), Nick Jeffery (Group Enterprise Director)

Over women in top senior 97,000 24 nationalities 22% management roles employees1

1. As of March 2014 8 * Steve Pusey will retire on 31 July 2014 The services we provide

Split of Group service revenue Voice FY 13/14 Other Over 1.2 trillion minutes of calls were carried over our networks last year Fixed 4% That’s the equivalent of everyone around the world talking for two and a half hours 15% Messaging We sent over 337 billion text, picture, music and video messages last year

Mobile Data 81% Over 544 petabytes of data were sent across our networks last year That’s enough data for over 100 billion one minute video clips Fixed We also provide financial services We serve over 11 million customers, mainly in Germany, Spain and Italy We have 18.5m M-Pesa users across 9 markets. M-Pesa enables customers to send and receive money via their mobile phones without the need for a bank account. Other services M-Pesa also includes the ability to save and receive short-term loans in some markets We earn revenue from letting other ‘virtual’ operators use our network and from partners outside our footprint using our products and services

9 Our technology Mobile Fixed Europe We have over 37% India 275,000 46% 26m households passed with NGN base station AMAP (excl. India) 17% sites 48m households passed with NGN (incl. wholesale) markets with European sites with high 18 4G services 79% capacity backhaul • Our fixed access comes from a range of sources: 4G coverage European sites fully 65% in Europe 77% modernised – Acquisitions (e.g. KDG, Ono) – Self or co-building (e.g. Italy, Spain, Portugal) 3G coverage in 3G coverage in AMAP 90% India (targeted 80% (excluding India) – Wholesale (e.g. Netherlands) urban areas) net book value of owned licences £17.2bn and spectrum (as of March 2014)

An excellent network experience is key to our strategy and Project Spring accelerates our progress

Data shown here correct as of 31 December 2014 unless otherwise stated 10 1. Next Generation Network technology: includes fibre-to-the-home, cable and fibre/VDSL to the cabinet or central office Project Spring: investing £19 billion over two years

Project Spring is our investment programme that increases our capital expenditure over two years to £19 billion – to accelerate and extend our strategy and strengthen our differentiation

European • Extend network coverage and density with 36k new 4G sites and 98% of sites with high capacity backhaul • Provide a ‘perfect voice’ experience (call success rates over 99%) mobile • Deliver the best 4G data experience with over 90% outdoor population 4G coverage and 90% of sessions > 3Mbps

AMAP • Extend network coverage and density with 22k new 3G sites mobile • Grow 3G coverage to 95% in targeted urban areas in India Unified • Build fibre in Italy and Spain • Extend our existing fibre build programme in Portugal comms • Expand xDSL coverage in selected markets

• Invest in growth areas: IP-VPN, Hosting & Cloud, M2M Enterprise • Leverage carrier services platform • International expansion Customer • Accelerate retail redesign and selectively increase direct distribution • Enhance online/mCare capabilities and create consistently strong contact centre experience experience • Faster deployment of mobile payment services

11 Our strategy Our strategy is focused on four key growth areas and targets: Unified Consumer Emerging Consumer Europe Enterprise Communications Markets Converged services in all key A stronger leader and first Major enterprise provider with A leading mobile data provider European markets choice for data full service offering Supported by: A simplified and cost-efficient business model An excellent network experience and operations

Project Spring accelerates and extends our strategic priorities through investment in mobile and fixed networks, products and services, and our retail platform, to strengthen further our network and service differentiation What we want to achieve for our customers:

Always best connected Unmatched customer experience Integrated worry-free solutions • Best mobile voice and data • Number one in customer experience • Simplest connectivity and price plans (coverage and quality) - 4G/3G - in store, online, on the phone • Converged enterprise product suite • Competitive in fixed and best converged • Consistent execution across markets • Innovator in new services, such as experience mobile payments 12 Our strategy: Consumer Europe

Smartphone penetration 4G penetration growing rapidly Acceleration in average smartphone continues to increase 4G smartphone customers (m) usage growth European smartphone penetration (%) 4G smartphones (m) Europe (MB)1

16.2 48.0 +19% 13.6 41.0 627 +11% 33.0 11.0 9.7 +10% 527 +10% 6.7 473 5.4 430 4.7 390 2.0

Q2 12/13 Q2 13/14 Q2 14/15 Q3 13/14 Q4 13/14 Q1 14/15 Q2 14/15 Q2 13/14 Q3 13/14 Q4 13/14 Q1 14/15 Q2 14/15

• More and more of our customers are using data with increases in smartphone users, 4G customers and average data usage • This is helped by bundling content with 4G price plans, for example UK consumers can choose between Netflix, Spotify, Sky Sports and Now TV

13 1. Android and iOS Our strategy: unified communications

We increasingly offer more than mobile Fixed as a % of European service revenue 11.2m broadband customers 9.6m TV customers FY 14/15 FY 11/12 11% (Pro forma)1 25% Our recent acquisitions

Acquired TelstraClear in Acquired Kabel Acquired Hellas Online New Zealand to become Deutschland, the in Greece, a leading an unified comms operator leading cable operator broadband provider in Germany We are building out fibre in Italy, Spain, Portugal and 2012 2013 2014 Ireland Acquired Ono, the leading cable Acquired CWW in the UK, making operator in Spain us an integrated fixed/mobile operator for enterprise customers

14 1. FY 14/15 includes Ono on a pro forma basis Our strategy: Emerging markets

Growth in customers, AMAP (m)1 Growth in data users (m) Growth in M-Pesa users (m)

Sept 2013 Sept 2014 310.5 312.5 57.2 303.7 18.5 44.0 17.7 294.5 16.8 16.8 286.2 25.9 21.1 15.9 9.3 7.1 5.8 7.7

Q2 13/14 Q3 13/14 Q4 13/14 Q1 14/15 Q2 14/15 India Vodacom Turkey Egypt Q2 Q3 Q4 Q1 Q2 13/14 13/14 13/14 14/15 14/15

• Our emerging markets are DRC, Egypt, Ghana, India, Lesotho, Mozambique, Qatar, South Africa, Tanzania and Turkey • Customer growth remains strong and customers are increasingly moving to data • Our money transfer service, M-Pesa, is now available in 9 markets

15 1. AMAP region also includes Australia and New Zealand Group strategy: Enterprise

Group service revenue Expanding in key growth areas Q2 14/15 growth Vodafone Global Enterprise serves around 1,700 multinational companies in over 100 countries +1.2% Enterprise is Global leader in M2M1, position strengthened with around a acquisition of Cobra Automotive +23.5% quarter of the Group Our Cloud & Hosting services help organisations +2.0% bring their data and applications to the cloud Carrier services – we are the largest international voice carrier in the world +9.1%

We provide a range of mobile, fixed, How we differentiate hosting, cloud and other business • Scale - #1 or #2 position in most of our markets services for business across the • Strength in fixed and mobile- historically strong in mobile, successful in world, whether large or small building capability in fixed (now a quarter of enterprise revenues) • Range of services - able to provide a full range of other services including M2M, cloud & hosting and IP-VPN • Geographic reach - presence in over 100 countries

• Network- leveraging the Vodafone mobile and fixed networks 16 1. Market leader in Gartner Magic Quadrant for managed M2M services Our financials

Key financials FY 13/14 FY 12/13 FY 11/12 FY 10/11 FY 09/10 Guidance Revenue (£bn) 43.6 44.4 46.4 45.9 44.5 For the year ended 31 March 2015 EBITDA (£bn) 12.8 13.6 14.5 14.7 14.7 Positive free cash flow after all Adjusted operating 7.9 12.0 11.5 11.8 11.5 EBITDA: £11.6bn - £11.9bn capex, before M&A, spectrum and profit (£bn) restructuring costs Capex (£bn) 7.1 6.3 6.4 6.2 6.2

Free cash flow (£bn) 4.2 5.5 6.1 7.0 7.2 Assumptions Excludes Ono. Assumes FX rates of £1: €1.21, £1:INR 105.8 £1:ZAR 18.4. Also excludes the impact of license Adjusted EPS (p) 17.54 15.65 14.91 16.75 16.11 and spectrum purchases, material one-off tax related payments, restructuring costs and any fundamental Dividend per share (p) 11.00 10.19 13.52 8.90 8.31 structural change to the eurozone. It also assumes no material change to the current structure of the Group.

Organic service revenue growth (%) Reported Net debt of £21.8bn at 30 September 2014 1 Excluding MTRs The Group has a range of debt instruments including bonds, commercial paper and bank loans. The currency profile of the Group’s debt is broadly in line with the value of the Group’s underlying assets. FY 11/12 FY 12/13 FY 13/14 3.7 Long term credit ratings: Moody’s Fitch Standard & Poor’s 1.5 Baa1 BBB+ A- 0.2

(1.9) (2.0) (4.3)

17 1. Mobile termination rates Our shareholders and shareholder returns Our shareholders (%) Share price history Dividend policy Price rebased to Vodafone (pence) Intention to grow dividend per share annually North UK America 260

220 Dividend history 35 (pence per ordinary share) 43 180 Year ended 31 March Interim Final Total 140 2008 2.49 5.02 7.51 2009 2.57 5.20 7.77 100 12 Oct 2011 Oct 2012 Oct 2013 Sept 2014 10 2010 2.66 5.65 8.31 Europe Vodafone DJ Global Telcos, rebased to Vodafone 2011 2.85 6.05 8.90 Rest of World 20122 3.05 6.47 9.52 Shareholder returns (£bn) 2013 3.27 6,92 10.19 Listing - - - London, NASDAQ Over £80 billion returned to shareholders from 2014 3.53 7.47 11.00 Ticker - - - VOD:LN, VOD:AR FY 10/11 to FY 13/14, consisting of £21 billion 2015 3.60 TBC TBC Types - - - Ordinary, ADR in dividends, £8 billion of share buybacks and a Market Cap - - - Approx. £54bn £51 billion return to shareholders following the as of 30 Sept 2014 sale of our stake in Verizon Wireless (February Shares in issue - - - 26,504m1 2014)

1. Excludes 2,309m treasury shares. Total of 28,813m shares in issue as of 30 Sept 2014 2. The group also paid a special dividend of 4.00p in February 2012 18 Our markets: Europe Germany German market Market share (%) Vodafone in Germany mobile 16 31.7m customers 4G coverage 71% 33 82m €13 Vodafone T-Mobile (49% contract, 51% prepaid) 4G customers 2.3m Population Average ARPU 16 Mobile E-Plus O2 €31,100 138 5.3m fixed line customers GDP/capita Average MoU 35 Key financials 142% €0.05 (FY 13/14) Revenue £8.3bn Mobile Average Rpm EBITDA £2.7bn EBITDA margin 32.6% penetration 5 7 17 Vodafone Deutsche Capex £1.3bn 12 incl. KDG Telekom Fixed United Other cable Internet Operators 100% owned by Vodafone Group Plc 59 O2 Fixed 19% of Group revenue 21% of Group EBITDA

Key dates in our history Our spectrum assets Renewal date 2000 2008 2013 800MHz 2 x 10MHz 2025 900MHz 2 x 12.4MHz 2016 Acquisition of Gained full Acquisition of 1800MHz 2 x 5.4MHz 2016 Mannesmann control of Arcor, Kabel Deutschland, 2.1GHz 2 x 10MHz, 1 x 5MHz, 2 x 5MHz 20201 the fixed operator the cable operator 2.6GHz 2 x 20MHz, 1 x 25MHz 2025 Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. 2x5MHz of 2.1GHz spectrum will expire in December 2025 20 UK UK market Market share (%) Vodafone in the UK

9 mobile 4G coverage 48% 11 25 19.7m customers 65m £17 Vodafone O2 EE (60% contract, 40% prepaid) 4G customers 1.4m Population Average ARPU Mobile 3 MVNOs Consumer fixed line services to launch 2015 £24,400 186 31 24 GDP/capita Average MoU Key financials 122% £0.04 (FY 13/14) Revenue £6.4bn Mobile Average Rpm EBITDA £1.4bn penetration 8 9 EBITDA margin 22.1% 7 4 Capex £0.9bn Fixed Vodafone BT Enterprise Virgin Colt Others 100% owned by Vodafone Group Plc Media Fixed 72 15% of Group revenue 11% of Group EBITDA

Key dates in our history Our spectrum assets Renewal date 1985 2004 2012 800MHz 2 x 10MHz 2033 900MHz 2 x 17.4MHz n/a1 Vodafone launched 3G services Acquisition of 1800MHz 2 x 5.8MHz n/a1 the first mobile launched Cable and Wireless, 2.1GHz 2 x 14.8MHz n/a1 network in the UK the fixed operator 2.6GHz 2 x 20MHz, 1 x 25MHz 2033 Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. Indefinite license with a five year notice of revocation 21 Italy Italian market Market share (%) Vodafone in Italy

3 mobile 9 26.0m customers 4G coverage 64% 33 Vodafone Telecom Italia 61m €12 (19% contract, 81% prepaid) 4G customers 1.0m Population Average ARPU 21 Mobile Wind 3 MVNOs €22,700 230 1.8m fixed line customers GDP/capita Average MoU 33 Key financials 146% €0.03 (FY 13/14) Revenue £4.3bn Mobile Average Rpm EBITDA £1.5bn penetration 12 1 6 EBITDA margin 35.6% 8 Capex £0.6bn Vodafone Telecom Italia Fixed Wind Fastweb Tiscali 100% owned by Vodafone Group Plc 73 10% of Group revenue 12% of Group EBITDA

Key dates in our history Our spectrum assets Renewal date 2000 2007 2014 800MHz 2 x 10MHz 2029 900MHz 2 x 10MHz 2015 Acquisition of Acquisition of TeleTu, Took ownership to 100% 1800MHz 2 x 15MHz, 2 x 5MHz 20151 Mannesmann included the fixed operator 2.1GHz 2 x 15MHz, 1 x 5MHz 2021 Italian operations 2.6GHz 2 x 15MHz 2029

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. 2 x 5MHz of 1800MHz spectrum will expire in 2029 22 Spain Spanish market Market share (%) Vodafone in Spain

9 mobile 5 4G coverage 64% 30 14.8m customers 46m €16 Vodafone Telefonica (74% contract, 26% prepaid) 4G customers 1.6m Population Average ARPU 22 Mobile incl. Ono €22,100 174 Orange Yoigo MVNOs 2.7m fixed line customers GDP/capita Average MoU 34 Key financials1 109% €0.06 (FY 13/14) Revenue £3.5bn Mobile Average Rpm EBITDA £0.8bn penetration 8 5 12 EBITDA margin 22.4% 7 Capex £0.5bn Vodafone Telefonica Fixed incl. Ono Jazztel Orange Others 100% owned by Vodafone Group Plc 69 8% of Group revenue 6% of Group EBITDA

Key dates in our history Our spectrum assets Renewal date 1999 2007 2014 800MHz 2 x 10MHz1 2030 900MHz 2 x 11MHz 2028 Acquisition of AirTouch Acquisition of , Acquisition of Ono, 1800MHz 2 x 20MHz 2030 included Spanish the fixed operator a cable operator 2.1GHz 2 x 15MHz, 1 x 5MHz 2030 operations 2.6GHz 2 x20MHz. 1 x 20MHz 2030 Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. Not yet available for use 23 Netherlands Dutch market Market share (%) Vodafone in the Netherlands

7 mobile customers 31 5.2m 17m €24 23 Vodafone KPN 74% contract, 26% prepaid) Population Average ARPU Mobile T Mobile MVNOs €37,400 159 Consumer fixed line services launched Sept 2014 GDP/capita Average MoU 39 Key financials 101% €0.09 (FY 13/14) Revenue £1.6bn Mobile Average Rpm EBITDA £0.5bn penetration 1 EBITDA margin 34.1% Capex £0.2bn Vodafone KPN 45 54 Fixed Others 100% owned by Vodafone Group Plc 4% of Group revenue 4% of Group EBITDA

Key dates in our history Our spectrum assets Renewal date 1995 2003 800MHz 2 x 10MHz 2029 900MHz 2 x 10MHz 2030 Libertel launched Vodafone acquires 1800MHz 2 x 20MHz 2030 services full ownership of 2.1GHz 2 x 20MHz, 1 x 5MHz 2030 Vodafone Libertel 2.6GHz 2 x 10MHz 2030

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 24 Portugal Portuguese market Market share (%) Vodafone in Portugal

1 mobile 21 5.4m customers 10m €10 38 Telecom (26% contract, 74% prepaid) Population Average ARPU Mobile Optimus MVNOs €14,800 148 0.3m fixed line customers GDP/capita Average MoU 40 Key financials 159% €0.05 (FY 13/14) Revenue £0.9bn Mobile Average Rpm EBITDA £0.3bn penetration 9 4 EBITDA margin 34.8% Capex £0.2bn Vodafone Portugal Telecom 33 Fixed 55 Optimus Others 100% owned by Vodafone Group Plc 2% of Group revenue 2% of Group EBITDA

Key dates in our history Our spectrum assets Renewal date 1992 2001 2003 800MHz 2 x 10MHz 2027 900MHz 2 x 10MHz, 2 x 3MHz 20211 Telecel launched Rebranded to Vodafone acquired full 1800MHz 2 x 6MHz, 2 x 14MHz 20272 services Vodafone ownership 2.1GHz 2 x 20MHz 2016 Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 2.6GHz 2 x 20MHz, 25MHz TDD 2027 1. 2 x 3MHz of 900MHz spectrum will expire in 2015 2. 2 x 6MHz of 1800MHz spectrum will expire in 2021 25 Greece Greek market Market share (%) Vodafone in Greece mobile 18 customers 31 5.0m 11m €11 Vodafone Cosmote (32% contract, 68% prepaid) Population Average ARPU Mobile Wind 0.5m fixed line customers2 €14,700 231 GDP/capita Average MoU 51 Key financials 133% €0.04 (FY 13/14) Revenue £0.6bn Mobile Average Rpm EBITDA £0.2bn penetration 6 4 10 EBITDA margin 27.6% Capex £0.1bn 16 Vodafone OTE Fixed (incl. HOL) Forthnet Tellas CYTA 99.9% owned by Vodafone Group Plc 64 1% of Group revenue 1% of Group EBITDA

Key dates in our history Our spectrum assets Renewal date 1992 2004 2014 900MHz 2 x 15MHz 20271 1800MHz 2 x 15MHz, 2 x 10MHz 20261 Creation of Panafon Final increase in Acquisition of 2.1GHz 2 x 20MHz, 1 x 5MHz 2021 between four partners, Vodafone’s share of Hellas Online including Vodafone the business Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. 2 x 15MHz of the 1800MHz spectrum will expire in August 2016 26 2. As of 31. December 2014, including Hellas Online Romania Romanian market1 Market share (%) Vodafone in Romania mobile 7.9m customers Vodafone Cosmote 20m 43 38 (42% contract, 58% prepaid) Population Mobile Orange $10,200 Key financials (FY 13/14) GDP/capita 19 Revenue £0.6bn 106% EBITDA £0.2bn Mobile EBITDA margin 33.2% penetration 11 3 Capex £0.1bn Vodafone Romtelecom 33 Fixed 53 RCS & RDS UPC 100% owned by Vodafone Group Plc 1% of Group revenue 2% of Group EBITDA

Key dates in our history Our spectrum assets Renewal date 2005 2006 800MHz 2 x 10MHz 2029 900MHz 2 x 10MHz 2029 Acquisition of Connex Rebranded to 1800MHz 2 x 30MHz 2029 Vodafone 2.1GHz 2 x 15MHz, 1 x 5MHz 2020 2.6GHz 1 x 15MHz 2029

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 27 1. IMF Database and World Bank estimates Other Europe Mobile Mobile Fixed market Population GDP/capita penetration1 market share share Albania 99.9% ownership 2.0m mobile customers 2.9m $4,900 116% n/a n/a <1% of Group revenue (5% contract, 95% prepaid) <1% of Group EBITDA

Czech Republic 100% ownership 3.2m mobile customers 11.0m $19,000 131% n/a n/a 1% of Group revenue (62% contract, 38% prepaid) 1% of Group EBITDA

Hungary 100% ownership 2.6m mobile customers 9.9m $13,200 116% n/a n/a <1% of Group revenue (55% contract, 45% prepaid) <1% of Group EBITDA

Ireland 100% ownership 2.1m mobile customers 0.2m fixed line 4.8m €37,300 103% 43% 16% 2% of Group revenue (45% contract, 55% customers 2% of Group EBITDA prepaid) Malta 100% ownership 0.3m mobile customers 0.4m $24,300 130% n/a n/a <1% of Group revenue (18% contract, 82% prepaid) <1% of Group EBITDA

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. World Bank, 2013 estimates 28 2. IMF, 2011 estimates Our markets: AMAP India Indian market Market share (%) Vodafone in India

10 mobile 3G coverage 90%1 7 22 173.8m customers 1,243m INR185 6 (7% contract, 93% prepaid) Data users 57.1m Population Average ARPU Mobile 10 Key financials (FY 13/14) $1,500 379 29 16 GDP/capita Average MoU Revenue £4.4bn 74% INR0.40 EBITDA £1.4bn Mobile Average Rpm Vodafone Airtel India IDEA Cellular EBITDA margin 31.8% penetration Capex £0.7bn BSNL / MTNL Reliance Tata

Others 100% owned by Vodafone Group Plc 10% of Group revenue 11% of Group EBITDA

Key dates in our history Our spectrum assets Renewal date 2007 2011 2014 900MHz Varies by circle 2014-24 1800MHz Varies by circle 2014-27 Acquisition of controlling Renamed Vodafone Took ownership to 100% 2.1GHz Varies by circle 2030 stake in Vodafone Essar India Limited

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. Targeted urban areas only 30 2. 2 x 15MHz of the 1800MHz spectrum will expire in August 2016 Vodacom Group: South Africa South African market Mobile market share (%) Vodacom in South Africa

2 mobile 15 39.9m customers 3G coverage 97% 53m ZAR93 (9% contract, 91% prepaid) Data users 16.7m Population Average ARPU Mobile 53 $6,400 108 31 Vodacom Group* - Key financials (FY 13/14) GDP/capita Average MoU Revenue £4.7bn 147% ZAR0.66 EBITDA £1.7bn Mobile Average Rpm Vodafone MTN EBITDA margin 36.4% penetration Capex £0.7bn CellC TelkomMobile *82% of FY 13/14 revenue was from Vodacom South Africa

Vodacom Group 65% owned by Vodafone Group Vodacom South Africa 94% owned by Vodacom Group Key dates in our history 11% of Group revenue 13% of Group EBITDA 1994 2009 2011 Our spectrum assets Renewal date 900MHz 2 x 11MHz n/a1 Launched its first Became a subsidiary Rebranded to align with 1 services Vodafone global brand 1800MHz 2 x 12MHz n/a 2.1GHz 2 x 15MHz, 1 x 5MHz n/a1

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. Spectrum licenses renewed annually 31 Vodacom Group: Internationals

Mobile Mobile market Vodacom % ownership2 Population GDP/capita penetration1 share

Tanzania 50.8m $770 60% 46% 82% ownership 11.3m mobile customers

Mozambique 26m $630 45% 44% 85% ownership 4.9m mobile customers

DRC 69m $410 40% 36% 51% ownership 11.0m mobile customers

Lesotho 2.1m $1,300 70% 73% 80% ownership 1.1m mobile customers

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. Vodacom, 2014 estimates 2. Owned through Vodacom Group, which is 65% owned by Vodafone Group 32 Turkey Turkish market Mobile market share (%) Vodafone in Turkey

mobile 3G coverage 83% 22 20.6m customers 77m TRL22 28 Vodafone Turkcell (39% contract, 61% prepaid) Data users 9.3m Population Average ARPU Mobile Avea $10,500 348 Key financials (FY 13/14) GDP/capita Average MoU 50 Revenue £2.0bn 92% TRL0.06 EBITDA £0.4bn Mobile Average Rpm EBITDA margin 17.7% penetration 12 1 Capex £0.3bn 13 Vodafone Turk Telecom Fixed Super Others 100% owned by Vodafone Group Plc 74 Online 5% of Group revenue 3% of Group EBITDA

Key dates in our history Our spectrum assets Renewal date 2005 2006 2009 900MHz 2 x 11MHz 2023 2.1GHz 2 x 15MHz, 1 x 5MHz 2029 Acquisition of Telsim Rebranded to 3G services launched Vodafone

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 33 Egypt Egyptian market Mobile market share (%) Vodafone in Egypt mobile 39.4m customers 3G coverage 92% 84m EGP26 28 (6% contract, 94% prepaid) Data users 7.7m Population Average ARPU 39 Mobile $3,300 195 Key financials (FY 13/14) GDP/capita Average MoU 33 Revenue £1.2bn 120% EGP0.11 EBITDA £0.5bn Mobile Average Rpm Vodafone Mobinil EBITDA margin 44.4% penetration Capex £0.2bn Etisalat

54.9% owned by Vodafone Group Plc 3% of Group revenue 4% of Group EBITDA

Key dates in our history Our spectrum assets Renewal date 1998 2006 900MHz 2 x 12.5MHz 2020 1800MHz 2 x 10MHz 2020 Part Vodafone-owned Increased ownership 2.1GHz 2 x 15MHz 2020 consortium started to 54.9% services in Egypt

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 34 Our markets: other AMAP Mobile Mobile Fixed market Population GDP/capita penetration market share share Ghana 70% ownership 1 6.8m mobile customers 26m $1,400 108% 19% n/a <1% of Group revenue (1% contract, 99% prepaid) <1% of Group EBITDA

New Zealand 100% ownership 2.3m mobile customers 0.4m fixed line 4.5m $44,300 124% 47% 27% 2% of Group revenue (37% contract, 63% prepaid) customers 2% of Group EBITDA

Qatar 22.95% ownership 1.4m mobile customers 2.3m $94,700 153% 32% n/a <1% of Group revenue (9% contract, 91% prepaid) <1% of Group EBITDA

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. As of 30 June 2014 35 Our joint ventures and associates

• Merged with Hutchison in 2009 to form joint Mobile market share (%) Australia venture (joint venture) • Number three operator 18 Vodafone 4.9m mobile customers 29 50% ownership Telstra

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• Incorporated in November 2007 Indus Towers • Builds infrastructure for the three shareholders and rents to 3rd parties (joint venture) • Largest telecom tower company in the world 42% ownership (through Vodafone India)

Safaricom • Market leader in Kenya • 12.8m M-Pesa users generating over 20% of (associate) total revenue 21.9m mobile customers • 3,140 base stations (as of March 2014) 40% ownership (3% contract, 97% prepaid)

1. Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 36 Partner markets

The Group has partnership agreements with local mobile operators in over 50 countries extending our reach beyond our equity investments by enabling a range of our products and services to be marketed in partnership territories

These partnerships create additional revenue through fees paid by the partners for access to the Vodafone brand. Results are included within ‘Common Functions’ in our results

Europe Americas AMAP Austria France Sweden Brazil Afghanistan Papua New Guinea & Solomon Islands Armenia Iceland Switzerland Canada Bahrain Philippines Belgium Latvia Turkmenistan Chile Fiji Saudi Arabia Bulgaria Lithuania Ukraine French Polynesia Singapore Channel Islands Luxemburg Guam South Korea Croatia Macedonia/FYROM Hong Kong Sri Lanka Cyprus Norway Iraq Taiwan Denmark Poland Japan Thailand Estonia Russia Jordan Uganda Faroe Islands Serbia Kuwait United Arab Emirates Finland Slovenia Malaysia Vietnam 37 More information

References All data correct as of 30 September 2014 unless otherwise stated All market share figures are internal estimates as of 30 September 2014 General market data from Bank of America Merrill Lynch Global Wireless Matrix, 31 October 2014 unless otherwise stated GDP data from IMF, “World Economic Outlook Database”, October 2014

For definitions of terms please see www.vodafone.com/content/index/investors/glossary Visit our website for more information Follow us @VodafoneIR on Twitter

Download our iPad app www.vodafone.com/investor 38 Forward-looking statements

This presentation contains “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect to the Group’s financial condition, results of operations and businesses and certain of the Group’s plans and objectives.

In particular, such forward-looking statements include, but are not limited to, statements with respect to: expectations regarding the Group’s financial condition or results of operations, including the outlook for the 2015 financial year, or dividends; expectations for the Group’s future performance generally, including EBITDA growth, free cash flow and capital expenditure; statements relating to the Group’s Project Spring investment programme; expectations regarding the operating environment and market conditions and trends, including customer usage, competitive and macroeconomic pressures, price trends and opportunities in specific geographic markets; growth in customers and usage; expectations regarding spectrum licences; and expectations regarding adjusted operating profit, EBITDA margins, capital expenditure, free cash flow, and foreign exchange rate movements.

Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as “will”, “anticipates”, “aims”, “could”, “may”, “should”, “expects”, “believes”, “intends”, “plans” or “targets” (including in their negative form). By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

A review of the reasons why actual results and developments may differ materially from the expectations disclosed or implied within forward-looking statements can be found under the headings “Risk Factors” and “Other Information – Forward-looking statements” in our half year financial report for the six months ended 30 September 2014 which can be found on the Group’s website (vodafone.com/investor). All subsequent written or oral forward- looking statements attributable to the Company, to any member of the Group or to any persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking statements in or made in connection with this presentation will be realised. Subject to compliance with applicable law and regulations, Vodafone does not intend to update these forward-looking statements and does not undertake any obligation to do so.

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