Vodafone Business Investor Briefing March 2021 Video presentation here: Agenda investors..com

Welcome &⫶ introduction p3

11 We operate in attractive markets. Vinod Kumar p8 CEO

22 We have unique scale & capabilities. p21

Sateesh Kamath 3 We have strong operating momentum. Finance Director p35

3 p46 4 We are on a clear growth pathway. Vinod Kumar CEO Conclusions p56 Appendices p58

Investor Briefing March 2021 2 Video here: Connecting people, places & things for a better future investors.vodafone.com

>6 million⫶ 150+ million €10 billion 28% of customers connections Service revenue Vodafone1

Investor Briefing 1Proportion of Vodafone Group FY20 Service Revenue March 2021 3 1 We operate in attractive markets.

…with full breadth of … across large geographic Serving all customer sizes… ⫶ products… footprint Mobile €16bn market €34bn market SOHO1 1% market growth €13bn market Fixed 3% market growth €27bn market UK 1% market growth €30bn market Unified €9bn market SME 12% market growth €18bn market Cloud €14bn market 8% market growth €40bn market 12% market growth Security €4bn market €12bn market 12% market growth Enterprise IoT 2 €75bn market Africa Africa & other €10bn market & other 9% market growth 16% market growth €16bn market

Total €100+ billion addressable market

Investor Briefing Source: Vodafone market model. Market growth rates for FY21-FY24 CAGR 1Small Office & Home Offices. A business with 1-9 employees 4 March 2021 2Africa & other: Albania, Czech Republic, Ghana, Greece, Hungary, Ireland, , Romania, , Egypt, Turkey 2 We have unique scale & capabilities.

The largest dedicated B2B connectivity provider in Europe & Africa Network ⫶ infrastructure

• Reliable global connections • Integrated convergence

Product development

• Greater investment capability • Multiple market potential

Scalable platforms

• Standardised technology • Streamlined deployment

Strategic partnerships 21 Controlled/JV operating presence 10 Vodafone branded partner market • Larger attractive footprint • ‘Plug & play’ platforms Vodafone sales & support 2 Minority holding operating presence 38 Non-branded partner market

Investor Briefing March 2021 5 3 We have strong operating momentum.

Service Revenue Contribution margin1 Capital intensity ⫶ Jan - Dec YoY% Jan - Dec Capital model Indicative ROCE Low & Mobile €5.9bn -0.4%2 70-75% High capital need (direct invest model) improving

High capital need Low & Fixed €3.1bn 3.9% 40-50% (direct invest & improving partnership model)

Unified €0.6bn 3.8% 30-40% Low capital need High Included in Mobile & Fixed (partnership model)

Low capital need Cloud & Security €0.5bn 10.0% 35-45% (partnership model) High

€0.8bn 8.7% 75-85% Medium capital need High IoT (direct invest model)

Total Business €10.3bn 1.9%2 60-65%

Investor Briefing 1Contribution margin is defined in Appendix 1 March 2021 2Mobile excl. C-19 roaming & visitor impact 6 4 We are on a clear growth pathway.

⫶ Our ambition Our 3-pillar growth plan

Above-market revenue growth in Mobile & Fixed

Double-digit revenue growth in Unified, Cloud, Security & IoT

Optimised balance of EBITDA growth & EBITDA margin

Investment in high marginal ROCE opportunities

Consistent ROCE growth

Investor Briefing March 2021 7 1 We operate in attractive markets.

Vinod⫶ Kumar CEO Vodafone Business

InvestorInvestor BriefingBriefing March 2021 8 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ Key messages⫶ We operate in⫶ attractive markets.⫶

A We operate⫶ in attractive addressable markets.

B We serve private & public sector customers of all sizes.

C Our markets are fragmented, but benefit from scale.

D Our markets have compelling growth drivers.

Investor Briefing March 2021 9 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ A We operate⫶ in attractive addressable⫶ markets.⫶

Africa & 1 We⫶ operate in other a few large national Germany UK Italy Spain Other markets markets… €34bn €30bn €14bn €12bn €16bn

…serving all customer Enterprise SME SOHO2 types… €75bn €18bn €13bn

…with a full range of products & Mobile Fixed Unified Cloud Security IoT solutions. €16bn €27bn €9bn €40bn €4bn €10bn

€100+ billion addressable market size

Investor Briefing Source: Vodafone market model 1Africa & other includes: Albania, Czech Republic, Ghana, Greece, Hungary, Ireland, Portugal, Romania, Vodacom, Egyot, Turkey 10 March 2021 2Small Office & Home Offices. A business with 1-9 employees 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ A We operate⫶ in attractive addressable⫶ markets.⫶

Denotes size of addressable industry profit pool

⫶ 11 Significant differences in addressable profit pools, but each IoT with specific capital requirements & opportunities Significant directly We have a clear choice on where to operate & invest. addressable profit pool Mobile in emerging area with attractive marginal Strong margin profile, ROCE leverages existing capital infrastructure

Fixed Good margin & critical enabler to Cloud Security Illustrative industry contribution margin Illustrative ‘bundle’ additional products Unified Good margin & Largest profit pool, but value Good margin & Significant differences between attractive ‘add-on’ chain dominated by global attractive ‘add-on’ legacy products & next opportunity with technology companies opportunity with limited generation connectivity limited capital Good margin & attractive ‘add-on’ capital requirements requirements through opportunity with limited capital through partnerships partnerships requirements through partnerships Illustrative industry share of revenue

Investor Briefing March 2021 11 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. Video case study here: ⫶ B We serve private⫶ & public sector⫶ customers⫶ of all sizes. investors.vodafone.com

⫶ Consumer SOHO SME Enterprise (Small Office & Home Office)

Corporate MNC Public sector 1-9 employees 10-99 employees 100+ employees 1,000+ employees 100+ employees

Multiple sites Multiple sites Single site >1 site Multiple sites globally nationally

Complex IT Complex IT Complex IT Little in-house IT capability Limited IT resources requirements requirements requirements No Vodafone Business involvement Professional Highly Framework driven Influenced by consumer Seeking trusted advisor with buyers sophisticated seeking value-for- proposition value competitive buyers money tenders

Share of revenue1 26% 28% 46%

Market share2 20% 15% 6%

Investor Briefing 1Q3 FY21 YTD share of total Vodafone Business service revenue March 2021 2Estimated share of total addressable revenue market size 12 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ B We serve private⫶ & public sector⫶ customers⫶ of all sizes.

⫶

Enterprise

7 sectors drive Retail overall market Manufacturing Financial services Govt. & EducationProf. services& wholesale Telco Health Other spend… €18bn €17bn €8bn €7bn €6bn €4bn €4bn €11bn

…with cloud infrastructure 1 Mobile Fixed Unified Cloud Security IoT driving €3bn current €7bn €17bn €4bn €36bn €8bn investment

Investor Briefing Source: Vodafone market model March 2021 13 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ B We serve private⫶ & public sector⫶ customers⫶ of all sizes.

⫶

SME

5 sectors drive overall market Manufacturing Prof. services Retail & wholesale Financial services Health Other spend… €5bn €3bn €3bn €2bn €1bn €4bn

…with core connectivity 1 driving Mobile Fixed Unified Cloud Security IoT current €5bn €5bn €2bn €3bn €1bn €2bn investment

Investor Briefing Source: Vodafone market model March 2021 14 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ C Our markets⫶ are fragmented...⫶ ⫶ Core connectivity market consolidated, but high fragmentation in growth markets presents an opportunity ⫶ Customer Mobile Fixed Unified Cloud Security IoT

Incumbent MNO Global Telco SI OTT MNO Hyper- SI Spec. MNO MVNO Deutsche Telekom , AT&T IBM DT scaler IBM sia Verizon cubic BT Fujitsu MS Google Accenture SSP AT&T transtel Telefonica Accenture AWS BT AWS ATOS ITC Orange Telecom Italia New entrants Zoom Telefonica Azure axians ESC Telefonica KORE Orange alkira, aryaka Slack TIM Alibaba DGS DT Enterprise twillo NTT NTC Local colt Fastweb Vendor Local Cisco claranet Gamma 8x8 rackspace daisy Mitel SME

Low-cost MNO 1&1 Drillisch ISV Iliad Trend Micro Microsoft Served by consumer providers Masmovil Served by consumer providers McAfee SOHO Virgin Symantec kaspersky

Investor Briefing March 2021 15 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ C …but benefit⫶ from scale. ⫶ ⫶

Breadth & scale are key success factors in supporting our customers ⫶

Network Product Access to Scalable platforms infrastructure development partners

• Ability to reliably • Greater investment • Standardised • Large footprint connect globally capability technology provider attractive base • Integrated • Multiple market • Deployment across convergence sales potential multiple markets • Scaled ‘plug & play’

Vodafone Business is the largest dedicated B2B connectivity provider in Europe & Africa

Investor Briefing March 2021 16 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ D Our markets⫶ have compelling⫶ growth drivers.⫶

⫶ Structural drivers Customer requirements Growth opportunity Significant ‘catch-up’ as Seamless Mobile SMEs & public sector Higher usage with faster speeds digitalise processes connectivity Fixed Fast, reliable & scalable Fast connectivity + low connectivity to the cloud latency enables new More ‘things’ industrial applications & connected Unified communications enhanced automation Integration of connectivity & collaboration applications

Employers are Cloud Cloud accelerating flexible More organisations & more migration applications working arrangements

Security Higher risks, so higher spend Data protection & Advanced data cybersecurity elevated security IoT to mission critical Industrialising connectivity

Investor Briefing March 2021 17 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ D Our markets⫶ have compelling⫶ growth drivers.⫶

⫶ FY21 €13bn • Incremental €1 billion market growth SOHO FY22 €13bn over 3 years €13bn market • Market share opportunity FY23 €14bn 3% CAGR • Leverage Vodafone consumer propositions FY24 €14bn

FY21 €18bn • Incremental €5 billion market growth over 3 years SME FY22 €20bn Good market share opportunity €18bn market • FY23 €21bn • Strong opportunity to bundle non- 8% CAGR connectivity services through technology partnerships FY24 €23bn

FY21 €75bn • Incremental €21 billion market growth over 3 years Enterprise FY22 €81bn • Largest growth area driven by investment in €75bn market Cloud and IoT 9% CAGR FY23 €88bn • Critical to use core connectivity as an enabler to build capability in emerging FY24 €96bn areas of focus

Investor Briefing Source: Vodafone market model March 2021 18 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ D Our markets⫶ have compelling⫶ growth drivers.⫶

⫶ FY21 €16bn FY21 €40bn

Mobile FY22 €16bn Cloud FY22 €44bn €16bn market €40bn market FY23 €17bn FY23 €50bn 1% CAGR 12% CAGR

FY24 €17bn FY24 €56bn

• Some growth with €3 billion incremental Legacy1 spend by FY24 FY21 €13bn €14bn • Significant shift from FY21 €4bn Fixed legacy fixed products to next generation fixed €27bn market FY22 €12bn €15bn Security FY22 €5bn connectivity 1% CAGR €4bn market FY23 €12bn €16bn • Good share gain FY23 €5bn Legacy -6% CAGR opportunity 12% CAGR New Gen 6% CAGR FY24 €11bn €17bn • Stable & high margin FY24 €6bn New gen2 • Critical enabler to access higher growth product areas

FY21 €9bn FY21 €10bn

Unified FY22 €10bn IoT FY22 €12bn €9bn market €10bn market FY23 €11bn FY23 €13bn 12% CAGR 16% CAGR

FY24 €12bn FY24 €16bn

Investor Briefing Source: Vodafone market model 1Legacy: Internet Access (IA) – DSL, IA – Other (dial-up, powerline connection, satellite connection), Private IP, Leased Lines, Trad. Fixed Voice 19 March 2021 2New gen: IA – Cable, IA – FttP, IA – Dedicated, IA – Fixed Access Over Mobile, Ethernet, Cloud Connectivity, SD-WAN Services, IP Voice 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ Conclusions ⫶ We operate in attractive⫶ markets.⫶

A We operate in attractive addressable markets. We serve private & public sector customers of all sizes. B ⫶

SOHO SME Enterprise

Breadth & scale are key success factors in supporting our customers Seamless Cloud connectivity migration

Network Product Access to Scalability More ‘things’ Advanced data infrastructure development partners connected security

C Our markets are fragmented, but benefit from scale. Our markets have compelling growth drivers. D

Investor Briefing March 2021 20 2 We have unique scale & capabilities.

Vinod⫶ Kumar CEO Vodafone Business

InvestorInvestor BriefingBriefing March 2021 21 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ Key messages⫶ We have unique⫶ scale & capabilities.⫶

A We have⫶ an experienced & talented team.

B We are expanding our portfolio of products & services.

C We are a leading strategic partner of choice.

D Rapid innovation & implementation are core competencies.

Investor Briefing March 2021 22 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ A We have an⫶ experienced &⫶ talented team. ⫶

Leveraging scale through shared expertise Local, in-market delivery & customer support ⫶ • 3,100 team members in 23 countries

Product • Product & platform engineering, 0.4m 0.7k development portfolio management, agile 0.5m 1.2m delivery, software engineering, 0.1m 4.8k 2.3k 0.2m 0.2k testing & evaluation 0.3k

0.1m 0.2m 0.3k 0.7k • 2,500 team members across 22 countries 0.1m 0.7m 0.7m 0.1k Commercial Bid management, commercial pricing, service 1.2k 1.3k • 0.2m 1.2m & operations management, service operations, sales 0.2m 0.2k 0.4k operations 0.2k

• Strategy, commercial planning, Support brand, digital marketing, programme 0.8m functions and project management, channel 1.2k development # # customers # # team members

Investor Briefing March 2021 23 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ A We have an⫶ experienced &⫶ talented team. ⫶

Matrix organisation to optimise blend of technical & functional expertise with deep local knowledge ⫶ Unified Comms Peter Terry-Brown

Cloud & Security Vatsa Kalyanasundaram Product Product IoT development Erik Brenneis

Carrier Services Nick Gliddon

Platforms & solutions Justin Shields Shared, scaled centres Transformation & Digital of excellence Fanan Henriques operations

Commercial & Commercial & operations Kerry Small

Finance: Sateesh Kamath

Strategy: Mark Allinson HR: Pinar Yemez Dedicated geographic customer focus Support Marketing: Iris Meijer functions Legal: Kerry Phillip

Global Germany UK Italy Spain Africa Turkey Other markets Ben Alex Anne Giorgio Daniel William Meltem Greece, , Elms Saul Sheehan Migliarina Jimenez Mzimba Bakiler Şahin Portugal, Ireland

Investor Briefing March 2021 24 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ B We are expanding⫶ our portfolio⫶ of products⫶ & services.

⫶ Mobile Fixed Unified Cloud Security IoT

€5.9bn revenue1 €3.1bn revenue1 €0.6bn revenue1,2 €0.5bn revenue1 €0.8bn revenue1

[x] [x] [x] Voice Connectivity [x] [x] [x] [x] [x] [x] Communication & [x] Managed [x] Managed [x] Connectivity cloud security collaboration [x] [x] [x] [x] [x] [x] [x] LAN Automotive [x] [x] [x]

[x] [x] [x] [x] End-to-end WAN [x] [x] [x] [x] solutions

[x] Mobility Contact centre Managed infrastructure [x] management solutions

[x] [x] [x] [x] Mobile SD-WAN private networks [x] [x] [x] [x]

Investor Briefing 1Vodafone Business service revenue for 12-month period ended 31 December 2020 March 2021 2Unified Communications revenue included with Mobile & Fixed revenue 25 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ B We are expanding⫶ our portfolio⫶ of products⫶ & services.

⫶ Mobile Fixed Unified Enabling uninterrupted business through Integrated solutions to enable Empowering organisational mobility through leveraging existing infrastructure & improvements in productivity, collaboration & security, control, efficiency & speed migration to SD-WAN customer engagement

5.6m customers 1.7m customers 140k customers

34.4m 2.8m connections connections 5.7m users

Fixed network points in >8,000 5G cell sites 74 countries 4% rev. growth

Investor Briefing March 2021 26 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ B We are expanding⫶ our portfolio⫶ of products⫶ & services.

⫶ Cloud Security Managed infrastructure Packaged & tailored cyber security services from Managed hosting & multi-cloud services Partnerships to provide cloud-based risk assessment, through to deployment, supporting all customers on their applications, integration & support testing & operations digital transformation

5 distributed MEC 100k SaaS licenses 50% improvement in customers customer experience

1st to market with >50% CaaS margins >700 Enterprise AWS in Europe customers

>10% rev. growth >20% rev. growth 6% rev. growth

Investor Briefing March 2021 27 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. Video case study here: ⫶ B We are expanding⫶ our portfolio⫶ of products⫶ & services. investors.vodafone.com

IoT connectivity IoT Automotive ⫶ IoT end-to-end Private networks Providing secure & reliable connectivity Hardware & end-to-end solutions for car Dedicated & secure mobile private to integrate IoT device data in our makers, insurance companies, fleet End-to-end provision of hardware, connectivity & software networks combining connectivity, edge customers’ systems operators & drivers computing & applications

>1m new 57 countries 100+ tailored 25 customers connections p.c.m. E2E solutions

120m connected 33m connected 6 centres of 10 countries devices cars competency

22% YoY growth 49bn km driving 12 COVID-19 5 focus sectors in connections data analysed support solutions

Investor Briefing March 2021 28 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ C We are a leading⫶ strategic partner⫶ of choice.⫶

Scale economics underpinned by global wholesale & partner market operation ⫶

Global reach

Top 5 global provider

48 partner markets

74 WAN countries

168 4G roaming countries

13,500 people across 21 Controlled/JV operating presence 10 Vodafone branded partner market 34 countries 2 Minority holding operating presence 38 Non-branded partner market

Investor Briefing March 2021 29 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. Video case study here: ⫶ C We are a leading⫶ strategic partner⫶ of choice.⫶ investors.vodafone.com

Partner # markets1 Products Overview of strategic partnership Our⫶ Brand 21 • Unified • Microsoft 365 & Teams Vodafone recognised in The BrandZ Top 100 (+48 Partner • Cloud & Security • Azure Private Edge with Vodafone 5G Most Valuable Global Brands 2020 (Kantar) Markets • Mobile Edge • Joint innovation around new growth opportunities

World-class managed security services in simple, Managed security • 6 • pre-defined packages to SME and Enterprise services customers across Europe

Market-leading suite of unified communications, 8 Unified • Our Assets • collaboration and contact centre solutions. 5G rolled out in 285 European locations to Europe’s first edge computing service date, more than any other network. 3 Mobile Edge • • (AWS Wavelength) Recognised as a “Leader” in Network Services, IoT (Gartner) and SD-WAN (Forrester) Managed Cloud Managed services across multi-cloud environments 5 • • Services • Co-development of new digital solutions

21 • Leveraging our combined capabilities in (+48 Partner • Fixed connectivity through both cloud and on-premises Our Scale Markets solutions >6m business customers • Workspace 5 • Cloud & Security >150m connections • Joint innovation on new growth opportunties

Investor Briefing 1FY22 committed roll-out March 2021 30 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ C We are a leading⫶ strategic partner⫶ of choice.⫶

⫶ Managed Security Strategic partnership with ⫶ Why Security? Why Accenture? Why Vodafone? Partnership overview

• Increased demand for • Provider of end-to-end • Trusted brand for 500,000 • Phase 1 launch in Italy, integrated security services cybersecurity services SME and Small Corporate Spain, Germany and UK across Network, IT and OT customers ⫶ • Enhanced offering with the • Phase 2 co-create • Strategically important to acquisition of Symantec CSS • Global leadership in fixed security portfolio maintain competitiveness and mobile networking, IoT, ⫶ and market relevance • 20+ years of experience and 5G • Phase 3 build complementary Vodafone • Supports new revenue • Best in class Professional and security propositions⫶ streams and Vodafone Managed Services Business positioning

Best-in-class & integrated connectivity, Cloud & Security services from one trusted provider with unmatched capability & reach

Investor Briefing March 2021 31 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ D Rapid innovation⫶ & implementation⫶ are core⫶ competencies.

We have a holistic approach to enable and drive innovation throughout our organisation

⫶ We acquired the start-up IoT.nxt in 2019, We developed a secure identity for IoT assets that thus strengthening our presence in allows transactions services and applied this to customer-centric end-to-end IoT renewable energy through out partnership with solutions Energy Web

We developed a unique smart label solution in collaboration with Kigen, an Arm group M&A Co-creation company, and other partners, to revolutionise We are the first Telco to bring AWS Wavelength to Europe, providing the supply chain industry multi-access edge computing on Vodafone’s network

Partner Partner Big Tech Our Innovation Programme Model

Independent innovation

We have state-of-the-art facilities for 5G innovation and co-creation; 5G Mobility Lab at the Aldenhoven Testing Centre

Investor Briefing March 2021 32 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. Video case study here: ⫶ D Rapid innovation⫶ & implementation⫶ are core⫶ competencies. investors.vodafone.com

Our scale & expertise enables development of innovative end-to-end solutions for specific customer sectors ⫶

Remote surgery Industrial automation Drone-enabled logistics

We are partnering with Dedrone and AWS wavelength to We are working in partnership with a leading university and We are co-creating the “Factory of the Future”, in provide counter drone services at multiple sites in a a a technology platform company to create a real-time partnership with Ford at its Dunton Technical Centre in Overview scalable cost-effective manner. This is the first of a kind collaboration platform for remote surgery and diagnostics. Essex, UK deployment in Europe leveraging MEC

Ford is transforming its production lines and investing in The Bowel Cancer Screening Pathway in Wales is • The rise of drones requires unparalleled, complete • new electric machines and welding technologies • Customer exploring new digital technologies, to enable early airspace security for controlled and critical locations such It needs reliable high-speed wireless connectivity to detection and diagnosis of bowel cancers whilst • as airports, power plants, military bases, and government requirements connect these new machines and process vast amounts significantly reducing NHS costs buildings of data (500k pieces per min)

• We are providing 5G indoor solutions at 7 locations across • We are providing integrated 5G MPNs at Ford Dunton and 3 different hospitals, including operating theatres The Welding Institute in Cambridge • We are using our high-speed 5G network, MEC, and the Our approach • 5G is enabling the real-time AR/AI based platform for • The 5G MPNs deliver flexibility, real-time control, analysis multi-cloud environment to detect, identify and track the multi-disciplinary team assistance during colonoscopies, and remote expert support from welding specialists in movement of malicious drones in a defined airspace automated diagnostics and enhanced medical training Cambridge

Investor Briefing March 2021 33 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ Conclusions ⫶ We have unique⫶ scale & capabilities.⫶

A We have an experienced & talented team. We are expanding our portfolio of products & services. B ⫶

Shared centres of excellence Dedicated geographic focus

Mobile Fixed Unified Cloud Security IoT

Leading brand Unique products Global reach

Remote surgery Industrial automation

C We are a leading strategic partner of choice. Rapid innovation & implementation are core competencies. D

Investor Briefing March 2021 34 3 We have strong operating momentum.

Sateesh⫶ Kamath Finance Director Vodafone Business

InvestorInvestor BriefingBriefing March 2021 35 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ Key messages⫶ We have strong⫶ operating momentum.⫶

A Step-change⫶ in commercial delivery.

B Rapid response to radical change during pandemic.

C Clear economic model levers for value creation.

D Prioritising investment in high ROCE opportunities.

Investor Briefing March 2021 36 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ A Step-change⫶ in commercial⫶ delivery ⫶

Consistent improvement in Mobile Capturing Cloud & Security market growth

Annual Mobile net user adds (‘000) Cloud & Security revenue ⫶1,900 1,800 Q3: +20%

€550m 1,700

€500m

1,600

€450m

1,500 Q4

€400m

1,400 1,778 €350m 1,300 €300m €462m 1,503 €250m 1,200 €436m Step-change improvement in SR €389m €200m

1,100 1,289

€150m

1,000 Service revenue growth €100m Q3 FY19 Q3 FY20 Q3 FY21 3.5% Ex-roaming & FY19 FY20 FY21

2.5% visitor revenue 3.2%

1.5% 2.6%

0.5% 0.3% 0.7% 0.1% 0.7% -0.2%

-0 .5%

-1 .5% -2.9%

-2 .5% Challenger in Fixed Strong IoT (Internet of Things) growth FY19 FY20 Q1 Q2 Q3 FY21 FY21 FY21 Fixed Line revenue growth IoT Revenue

4.5%

4.0% Q3: +10%

€800m

3.5%

3.0% €700m

2.5% Q4

€600m

2.0% 4.2%

€500m 1.5% 3.0% €735m

1.0% €400m €666m 1.6% €560m 0.5%

€300m

0.0%

€200m FY19 FY20 Q3 FY21 FY19 FY20 FY21

Investor Briefing March 2021 37 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ A Consistent⫶ improvement in⫶ commercial delivery⫶

⫶ IoT Our 10 year journey to develop a global best-in-class IoT proposition ⫶ Market Leader Capabilities built Position today

1 Best IoT economics, rapid A Gartner market leader in managed IoT connectivity Self-built secure deployment and secure by global platform design Consistent improvement in customer satisfaction

+60 IoT NPS Global regulatory Global reach where others +50

+40 experience cannot serve +30 +57 +49 +20 +35 +10 +20 Over 500 IoT Rapid in-house development +0 developers and innovation FY18 FY19 FY20 Feb'21 Strong growth in IoT connections

IoT connections Solutions across Breadth of expertise enabling 125m

all sectors innovation & trust 105m

85m 118m 65m 103m 85m 45m 68m

>100 tailored end- Near-instant delivery and lower 25m to-end solutions cost to serve FY18 FY19 FY20 Q3 FY21

Investor Briefing 1Vodafone named as a “Leader” by Gartner in the 2019 Magic Quadrant for Managed IoT Connectivity Services, Worldwide. An March 2021 updated report from Gartner has yet to be released. 38 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. Video case study here: ⫶ B Rapid response⫶ to radical change⫶ during pandemic.⫶ investors.vodafone.com

Vodafone Business underpinning the digital economy and digitising the public sector ⫶

Maintain quality Support critical Provide public Support community Lead on data 1 networks 2 services 3 information 4 & business 5 insight • Enabled millions • Connected • Enabled >1k • Supporting • Vodafone of business >10,000 field retired hospital SMEs with faster analytics employees to hospital beds staff to give supplier supporting work from home advice from payments governments through • Setup dedicated home Launched free and aid connectivity and helplines for • digital advisory organisations software sales. health services, • Gave free and supporting reduced price service for SMEs • Mitigated millions of calls SIMs to schools ‘V-Hub’ significant Supported SMEs volume of • Provided Enabled the UK • • with temporary cybersecurity 100,000 free parliament to disconnection threats virtual doctor run virtual support appointments sessions online SOHO & SME NPS at a record high in Q3

Investor Briefing March 2021 39 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ B Rapid response⫶ to radical change⫶ during pandemic.⫶

IoT Supporting COVID-19 testing & vaccination ⫶ Requirements How we met them ⫶ Enabling Vaccine Delivery

Knowledge of the Leveraged our existing knowledge healthcare sector of the healthcare vertical Our global IoT platform is used by and Controlant to enable the safe tracking and monitoring of COVID-19 vaccines Utilised our global reach and around the world. Required global knowledge of highly regulated coverage markets such as Russia &

COVID-19 testing in Africa Utilised our leading platform to Our subsidiary Mezzanine ramped up its Real-time tracking deliver real-time tracking and our existing eLABS solution which allows & Security in-house experts to ensure high couriers to track location and temperature during transit and laboratories to transmit security requirements are met data electronically.

Fast delivery utilising off-the-shelf Between July and December 2020, we Rapid delivery assisted with 300,000 COVID-19 tests components through eLABS.

Investor Briefing March 2021 40 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ C Clear economic⫶ model levers⫶ for value creation.⫶

Service Revenue Contribution margin1 Capital intensity ⫶ Jan - Dec YoY% Jan - Dec Capital model Indicative ROCE

2 Low & Mobile €5.9bn -0.4% 70-75% High capital need (direct invest model) improving

High capital need Low & Fixed €3.1bn 3.9% 40-50% (direct invest & partnership model) improving

Unified €0.6bn 3.8% 30-40% Low capital need High Included in Mobile & Fixed (partnership model)

Low capital need Cloud & Security €0.5bn 10.0% 35-45% (partnership model) High

€0.8bn 8.7% 75-85% Medium capital need High IoT (direct invest model)

Total Business €10.3bn 1.9%2 60-65%

Investor Briefing 1Contribution margin is defined in Appendix 1 March 2021 2Mobile excl. C-19 roaming & visitor impact 41 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. Video case study here: ⫶ C Clear economic⫶ model levers⫶ for value creation.⫶ investors.vodafone.com Saving costs and improving service across the customer lifecycle ⫶ Sales Commercial Operations

• The role of a salesperson is changing • Leveraging our scale to generate data • >1,000 employees in our shared service from in-the-field sales to digital account which drives speed, win-rate and cost centre (VOIS) allows us to offer round management reduction the clock support at a better service • Services, especially in SOHO & SME, are • Average pricing timeline has reduced level and reduced price managed via customer self-serve through AI & sales self-serve, with • Meanwhile, support through digital channels such as the Vodafone Business timelines for global mobile tariffs in channels for MNCs has increased to 42% Marketplace MNC reducing from weeks to minutes from 0% over the last four years

Driving the change towards digital channels Empowering Sales to price own contracts Reducing commercial cost to serve

Cumulative Marketplace revenues Cumulative TCV of Sales self-serve contracts in VGE 16.0% Multi-National Corporate (MNC) commercial opex to sales ratio

€250m €0m

15.0%

€0m

€200m

14.0%

€0m

€150m 13.0% €0m 14.8% €108m 12.0% €100m

€197m €0m 13.7% 13.7% 12.6% 11.0% €50m €55m €96m €0m €12m €31m €44m

10.0% €28m €0m €0m FY19 FY20 FY21 YTD Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 FY18 FY19 FY20 Q3 YTD FY21

Investor Briefing March 2021 42 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ D Prioritising⫶ investment in high⫶ ROCE opportunities.⫶

Capital allocation priorities Invest in high ROCE opportunities ⫶ Indicative capital allocation excluding shared network infrastructure 1 Strengthen competitive advantage • Fixed & mobile connectivity remain core to underlying strength IoT • Enables ability to expand in growth 25-35% products & services Digital 20-30% 2 Invest in high ROCE opportunities • Increasing proportion of capital allocated to Unified, Cloud, Security, IoT Cloud & Security • Improving ROCE mix over time 10-20% Fixed Unified 3 Enhance digital capabilities 5-15% 5-15% Mobile Other • Key driver for profitability growth <10% <10% • Improving customer experience and NPS Mobile & Fixed shared network infrastructure

Investor Briefing March 2021 43 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ D Prioritising⫶ investment in high⫶ ROCE opportunities.⫶

Cloud & Security Strong marginal ROCE ⫶ Cloud & Security for SME ⫶ • Integrated provider for a range of software solutions from productivity tools (M365 & Google Workspace) to e-commerce Double-digit revenue growth platforms to managed cybersecurity services. • Growing rapidly +40% YoY as we sell into our existing mobile base & fixed base. • Fully-variable cost model. 35-45% contribution margin Customer Relationship Model

Previous model Previous Strong incremental EBITDA model Infrastructure Product Product product sale activation decommission

Highly attractive in-year payback New model Infrastructure Software Service Advisory product sale solution sale wrap services

Investor Briefing March 2021 44 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ Conclusions ⫶ We have strong⫶ operating momentum.⫶

A Step-change in commercial delivery. Rapid response to radical change during pandemic. B ⫶

SOHO & SME NPS at a record high in Q3

Capital allocation priorities

1 Strengthen competitive advantage

2 Invest in high ROCE opportunities

3 Enhance digital capabilities

C Clear economic model levers for value creation. Prioritising investment in high ROCE opportunities. D

Investor Briefing March 2021 45 4 We are on a clear growth pathway.

Vinod⫶ Kumar CEO Vodafone Business

InvestorInvestor BriefingBriefing March 2021 46 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ Key messages⫶ We are on a clear⫶ growth pathway.⫶

A Our purpose⫶ underpins our growth strategy.

B Our growth strategy has 3 core elements.

C We are investing to expand our solution portfolio.

D We have clear targets to assess our performance.

Investor Briefing March 2021 47 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ A Our Purpose⫶ underpins our⫶ growth strategy.⫶

⫶ Digital Inclusion Our purpose Planet for All We connect for a Society better future

Reducing environment Enablement Gigabit network Digitising Digitising critical Digitising impact IoT connectivity SMEs sectors Government 1.5°c science-based target Emerging technologies 100% renewable electricity priorities Influence & access EU Recovery Fund

Technology Supports Customer Reducing our enabling scope winning & + customers’ scope impact 1 & 2 emission retaining 3 emissions reductions customers

Investor Briefing March 2021 48 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ B Our growth⫶ strategy has 3 ⫶core elements. ⫶ ⫶ BUSINESS 2025

SME CHAMPION GIGABIT ENTERPRISE

Trusted⫶ partner in digital Provider of⫶ choice for journey, leveraging ⫶ next-generation partnerships to deploy integrated connectivity full product breadth

IoT END-TO-END

Easy⫶ to adopt end- to-end IoT for every business

Investor Briefing March 2021 49 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. Video case study here: ⫶ B Our growth⫶ strategy has 3 ⫶core elements. ⫶ investors.vodafone.com

⫶ SME CHAMPION Trusted partner in digital journey, leveraging partnerships to deploy full product breadth

⫶ • Effective bundling of connectivity & ICT products 1 ‘Beyond connectivity’ digital propositions • Deliver unique total propositions for SME specific needs

• Evolving relationship from connectivity provider to trusted partner 2 Digital advisory service • Support SMEs in defining & implementing bundled proposition

• Segmented customer targeting, to ensure message & relevance 3 Community of European and African SMEs • Co-ordinated matrix structure enabling dedicated local focus

• Partnerships with globally best-in-class provides of Cloud & Security 4 Partnership ecosystem • Simple integration to deploy partnerships at scale across markets

• Transition to Digital First, end-to-end customer journeys 5 Digital First customer experience • Underpinned by real-time, remote support

Investor Briefing March 2021 50 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ B Our growth⫶ strategy has 3 ⫶core elements. ⫶

⫶ GIGABIT ENTERPRISE Provider of choice for next-generation integrated connectivity

⫶ • Core connectivity is the central pillar supporting future network design 1 Strong underlying connectivity portfolio • Critical enabler of cloud-based ICT architecture

• Future of work requires faster remote infrastructure 2 Leadership in Edge infrastructure • Largest European footprint ensures ‘Edge’ leadership

• Cross-product orchestration capability 3 Integrated infrastructure & customer experience • Seamless integration between connectivity & cloud architecture

• Partnering with Enterprise to achieve complete, seamless integration 4 Integration solution portfolio • Focus on connectivity, edge computing and hyper-scaler clouds

Investor Briefing March 2021 51 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ B Our growth⫶ strategy has 3 ⫶core elements. ⫶

⫶ IoT END-TO-END Easy to adopt end-to-end IoT for every business

⫶ • Offer a broad portfolio of modular, plug and play solutions 1 Plug & play • Utilise Vodafone assets & ‘Best-on’ Vodafone partnerships

• Central direct online marketplace to consolidate all solutions 2 Build a world class IoT Marketplace • Deploy at scale into all market and partner market channels

• Create a Centres of Competency to develop standardised solutions 3 Establish ‘Solution Industrialisation Factory’ • Deploy propositions across Vodafone markets and verticals

• Streamlined process to support customer onboarding 4 Integrated advisory & support • Digital first approach to ongoing customer support

• Integrated customer dashboard across solutions 5 Enhanced data analytics & reporting • Covering performance, analytics, and insights

Investor Briefing March 2021 52 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ C We are investing⫶ to expand⫶ our solution portfolio.⫶

⫶ Core strengths in all markets Current expansion Emerging focus

Mobile Device life-cycle Mobile Mobile private networks connectivity management Converged connectivity Fixed Cloud connectivity Fixed SD-WAN connectivity Intelligent connectivity

Fixed-mobile Digital collaboration tools Application integration Unified voice Video AI-enabled support

Managed hosting Managed SaaS Cloud SaaS Edge computing Multi-cloud Low latency applications

Network security Managed security services Security Security SaaS Virtual SOC/CISO Workforce protection

Industry vertical solutions IoT Connectivity Mobile private networks End-to-end solutions

Investor Briefing March 2021 53 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ D We have clear⫶ targets to assess⫶ our performance.⫶ ⫶ BUSINESS 2025

What we’ll look like Our ambition

Seamless digital experience powered by Above-market revenue growth in data & intelligence ⫶ Mobile & Fixed

Self-service AI/ML analytics Double-digit revenue growth in Unified, Cloud, Security & IoT

Reliable, high-speed & efficient Optimised balance of EBITDA growth convergent networks & EBITDA margin

Always-on & zero-touch operational Investment in high marginal ROCE excellence opportunities

Highly modular architecture with standard APIs Consistent ROCE growth

Investor Briefing March 2021 54 1 We operate in attractive markets. 2 We have unique scale & capabilities. 3 We have strong operating momentum. 4 We are on a clear growth pathway. ⫶ Conclusions ⫶ We have a clear⫶ plan for growth.⫶

A Our purpose underpins our growth strategy. Our growth strategy has 3 core elements. B ⫶

Digital Society

Our purpose We connect for Inclusion for All a better future

Planet

Core strengths Current expansion Emerging focus Above-market revenue growth in Mobile & Fixed

Double-digit revenue growth in Unified, Cloud, Security & IoT

Optimised balance of EBITDA growth & EBITDA margin Building a futureproof portfolio of products & services Investment in high marginal ROCE opportunities

Consistent ROCE growth

C We are investing to expand our solution portfolio. We have clear targets to assess our performance. D

Investor Briefing March 2021 55 Conclusions

Vinod Kumar CEO Vodafone Business

InvestorInvestor BriefingBriefing March 2021 56 Connecting, people, places & things for a better future

1 We operative in attractive markets. We have unique scale & capabilities. 2 ⫶ Unique scale

Talented people

Strong partners

Leading products

3 We have strong operating momentum. We are on a clear growth pathway. 4

Investor Briefing March 2021 57 I Definitions p59 II Speaker biographies p60 III Addressable market data p61 IV Financial summary p62 Appendices V Important notice p63

InvestorInvestorH1 FY21 BriefingBriefing InterimMarch Results 2021 58 58 Appendix I Definitions

Term Definition Term Definition Addressable Total market⫶ revenue available in markets that can be accessed by NPS Net Promoter Score, a measure of customer sentiment market Vodafone’s customer, geographic and product offering Ro