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Background Presentation

Vodafone Group Plc

Disclaimer

2

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, Vodacom 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.

• Vodafone Group Plc is one of the world’s largest

telecommunications companies providing a wide range of services, including voice, messaging, data across mobile and fixed networks

• We have 438m mobile customers and 11 million fixed

broadband customers

• We have mobile operations in 26 countries and partner

with mobile networks in over 50 more

• Our operations are spread across two geographic regions -

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)

A brief introduction to the Group

3

Financial highlights FY 13/14

Revenue £43.6bn EBITDA £12.8bn Adjusted operating profit £7.9bn Capex £7.1bn Free cash flow £4.4bn Adjusted EPS 17.54p Dividend per share 11.00p

8% 15% 4% 42% 31%

• Mobile accounts for the majority (81%)
• f our business
• Fixed (15%) is becoming an increasing

part of what we do

• A quarter of our business comes from

Enterprise customers

• Revenue and profits are spread across
• ur geographical footprint

Revenue and profit mix of the Group

4 Mobile

• ut-of-

bundle Mobile incoming

Group service revenue

FY 13/14

8% 27% 19% 15% 11% 10% 10% Spain Other Germany UK Italy Vodacom India

Group service revenue

FY 13/14

21% 13% 12% 11% 11% 6% 26% Germany Vodacom Italy UK India Spain

Group EBITDA

FY 13/14

37% 29% 27% 7% Consumer contract Consumer prepaid Other Enterprise

Group service revenue

FY 13/14

Other Fixed Other Mobile in-bundle

• Over 60% of our customers are

from emerging markets

• The majority of our customers are

prepaid customers

• Consumer contract customers are

12% of the base and contribute

• ver a third of service revenue
• Enterprise contributes over a

quarter of our service revenue

Mobile customer mix of the Group

5

Customers by country (%)

FY 13/14

38 15 7 10 6 4 3 17

India Vodacom Germany Egypt Italy UK Spain Other

Customers by segment (%)

FY 13/14

12 81 7

Consumer contract Enterprise Consumer prepaid

History of the Group

6

1984 1991 1999 2000 2006 2007 2009 2010 2011 2013 2014

Incorporated as Racal Strategic Radio Limited Demerger from Racal and full listing

• n the LSE

Merger with AirTouch Communications, formation of Verizon Wireless (Vodafone held a 45% stake) Acquisition of Mannesmann AG, acquiring further businesses in Europe Acquisition of Telsim (now Vodafone Turkey) Disposal of Vodafone Japan Acquisition of controlling stake in Vodafone Essar (now Vodafone India) Vodacom Group became a subsidiary Vodafone Australia merged with Hutchinson 3G Australia Disposal of our interest in China Mobile Sale of interest in SFR

2012

Acquisition of Cable and Wireless Worldwide Acquisition of Kabel Deutschland in Germany Sale of 45% interest in Verizon Wireless Acquisition of Ono in Spain Ownership of Vodafone India and Italy increased to 100%

Where we operate

7

Subsidiaries (% ownership) Joint ventures/associates

Indus Towers (42%), part of Vodafone India Australia (50%) Safaricom (Kenya) (40%)

Partner markets

Portugal (100%) Qatar (22.95%) Romania (100%) Spain (100%) Turkey (100%) UK (100%) Vodacom Group (65%) Consists of South Africa Tanzania Mozambique DRC Lesotho Albania (100%) Czech Rep (100%) Egypt (54.9%) Germany (100%) Ghana (70%) Greece (99.9%) Hungary (100%) India (100%) Ireland (100%) Italy (100%) Malta (100%) Netherlands (100%) New Zealand (100%) See page 37 for details

Our people

8 Gerard Kleisterlee (Chairman) Appointed July 2011

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

Nick Read (CFO) Appointed April 2014

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

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), Nick Read (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

97,000

employees1 24 nationalities

22%

women in top senior management roles

1. As of March 2014 * Steve Pusey will retire on 31 July 2014

The services we provide

81% 15% 4%

Mobile Fixed Other

We also provide financial services

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. M-Pesa also includes the ability to save and receive short-term loans in some markets

Split of Group service revenue

FY 13/14

Voice

Over 1.2 trillion minutes of calls were carried over our networks last year That’s the equivalent of everyone around the world talking for two and a half hours

Messaging

We sent over 337 billion text, picture, music and video messages last year

Data

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 serve over 11 million customers, mainly in Germany, Spain and Italy

Other services

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

10

Data shown here correct as of 31 December 2014 unless otherwise stated 1. Next Generation Network technology: includes fibre-to-the-home, cable and fibre/VDSL to the cabinet or central office

We have over

Mobile

275,000

base station sites

Europe India AMAP

37% 46% 17%

(excl. India)

10

18

markets with 4G services

65%

4G coverage in Europe

77%

European sites fully modernised

90%

3G coverage in India (targeted urban areas) 80% 3G coverage in AMAP (excluding India)

£17.2bn

net book value of owned licences and spectrum (as of March 2014)

Fixed

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

26m households passed with NGN 48m households passed with NGN

(incl. wholesale)

• Our fixed access comes from a range of sources:

– Acquisitions (e.g. KDG, Ono) – Self or co-building (e.g. Italy, Spain, Portugal) – Wholesale (e.g. Netherlands)

79%

European sites with high capacity backhaul

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

Project Spring: investing £19 billion over two years

11

European mobile

• 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%)
• Deliver the best 4G data experience with over 90% outdoor population 4G coverage and 90% of sessions > 3Mbps

AMAP mobile

• Extend network coverage and density with 22k new 3G sites
• Grow 3G coverage to 95% in targeted urban areas in India

Unified comms

• Build fibre in Italy and Spain
• Extend our existing fibre build programme in Portugal
• Expand xDSL coverage in selected markets

Enterprise

• Invest in growth areas: IP-VPN, Hosting & Cloud, M2M
• Leverage carrier services platform
• International expansion

Customer experience

• Accelerate retail redesign and selectively increase direct distribution
• Enhance online/mCare capabilities and create consistently strong contact centre experience
• Faster deployment of mobile payment services

Our strategy

12

Our strategy is focused on four key growth areas and targets:

Unified Communications

A leading mobile data provider Converged services in all key European markets A stronger leader and first choice for data Major enterprise provider with full service offering

Consumer Europe Enterprise Consumer Emerging Markets

Supported by:

An excellent network experience A simplified and cost-efficient business model 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

• Best mobile voice and data

(coverage and quality) - 4G/3G

• Competitive in fixed and best converged

experience

Unmatched customer experience

• Number one in customer experience
• in store, online, on the phone
• Consistent execution across markets

Integrated worry-free solutions

• Simplest connectivity and price plans
• Converged enterprise product suite
• Innovator in new services, such as

mobile payments

390 430 473 527 627 Q2 13/14 Q3 13/14 Q4 13/14 Q1 14/15 Q2 14/15

Our strategy: Consumer Europe

13

• 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

Acceleration in average smartphone usage growth

Europe (MB)1

+10% +11% +19% 1. Android and iOS

33.0 41.0 48.0

Q2 12/13 Q2 13/14 Q2 14/15

Smartphone penetration continues to increase

European smartphone penetration (%)

+10%

4G penetration growing rapidly

2.0 4.7 6.7 9.7 5.4 11.0 13.6 16.2

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

4G smartphone customers (m) 4G smartphones (m)

Our strategy: unified communications

1. FY 14/15 includes Ono on a pro forma basis

2012 2013 2014

Acquired TelstraClear in New Zealand to become an unified comms operator Acquired CWW in the UK, making us an integrated fixed/mobile

• perator for enterprise customers

Acquired Kabel Deutschland, the leading cable operator in Germany Acquired Ono, the leading cable

• perator in Spain

We increasingly offer more than mobile

Our recent acquisitions Fixed as a % of European service revenue

FY 11/12 FY 14/15

(Pro forma)1

11% 25%

We are building out fibre in

Italy, Spain, Portugal and Ireland

11.2m broadband customers 9.6m TV customers

14

Acquired Hellas Online in Greece, a leading broadband provider

Our strategy: Emerging markets

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

Growth in customers, AMAP (m)1

286.2 294.5 303.7 310.5 312.5

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

Growth in data users (m) Growth in M-Pesa users (m)

1. AMAP region also includes Australia and New Zealand

15.9 16.8 16.8 17.7 18.5

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

44.0 21.1 7.1 5.8 57.2 25.9 9.3 7.7

India Vodacom Turkey Egypt

Sept 2013 Sept 2014

Group strategy: Enterprise

1. Market leader in Gartner Magic Quadrant for managed M2M services

Group service revenue

Vodafone Global Enterprise serves around 1,700 multinational companies in over 100 countries

Expanding in key growth areas

Global leader in M2M1, position strengthened with acquisition of Cobra Automotive Our Cloud & Hosting services help organisations bring their data and applications to the cloud Carrier services – we are the largest international voice carrier in the world

+1.2% +23.5% +2.0% +9.1%

How we differentiate

• Scale - #1 or #2 position in most of our markets
• Strength in fixed and mobile- historically strong in mobile, successful in

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

We provide a range of mobile, fixed, hosting, cloud and other business services for business across the world, whether large or small

Enterprise is around a quarter of the Group

Q2 14/15 growth

16

Our financials

17

Guidance

Assumptions Excludes Ono. Assumes FX rates of £1: €1.21, £1:INR 105.8 £1:ZAR 18.4. Also excludes the impact of license and spectrum purchases, material one-off tax related payments, restructuring costs and any fundamental structural change to the eurozone. It also assumes no material change to the current structure of the Group.

Net debt of £21.8bn at 30 September 2014

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.

Moody’s Fitch Standard & Poor’s

Baa1 BBB+ A- Long term credit ratings:

Key financials

FY 13/14 FY 12/13 FY 11/12 FY 10/11 FY 09/10 Revenue (£bn) 43.6 44.4 46.4 45.9 44.5 EBITDA (£bn) 12.8 13.6 14.5 14.7 14.7 Adjusted operating profit (£bn) 7.9 12.0 11.5 11.8 11.5 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 Adjusted EPS (p) 17.54 15.65 14.91 16.75 16.11 Dividend per share (p) 11.00 10.19 13.52 8.90 8.31

For the year ended 31 March 2015 EBITDA: £11.6bn - £11.9bn Positive free cash flow after all capex, before M&A, spectrum and restructuring costs 1.5 (1.9) (4.3) 3.7 0.2 (2.0) FY 11/12 FY 12/13 FY 13/14

Organic service revenue growth (%)

Reported Excluding MTRs1

1. Mobile termination rates

35 12 10 43

Our shareholders and shareholder returns

18

Dividend policy

Intention to grow dividend per share annually

Year ended 31 March Interim Final Total 2008 2.49 5.02 7.51 2009 2.57 5.20 7.77 2010 2.66 5.65 8.31 2011 2.85 6.05 8.90 20122 3.05 6.47 9.52 2013 3.27 6,92 10.19 2014 3.53 7.47 11.00 2015 3.60 TBC TBC

Dividend history

(pence per ordinary share)

Our shareholders (%) Share price history

Price rebased to Vodafone (pence)

260 220 180 140 100 Oct 2011

Oct 2012 Oct 2013

UK North America Europe Rest of World

Listing - - - Ticker - - - Types - - - Market Cap - - - Shares in issue - - - London, NASDAQ VOD:LN, VOD:AR Ordinary, ADR

• Approx. £54bn

as of 30 Sept 2014 26,504m1

Vodafone DJ Global Telcos, rebased to Vodafone

Shareholder returns (£bn)

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

Over £80 billion returned to shareholders from FY 10/11 to FY 13/14, consisting of £21 billion in dividends, £8 billion of share buybacks and a £51 billion return to shareholders following the sale of our stake in Verizon Wireless (February 2014)

Sept 2014

Our markets: Europe

17 59 12 5 7

Germany

20

82m

Population

€13

Average ARPU

€31,100

GDP/capita Average MoU

142%

Mobile penetration

138 €0.05

Average Rpm

Key dates in our history German market

33 35 16 16 Mobile Fixed

Vodafone T-Mobile E-Plus O2

2000 2008 2013

Acquisition of Mannesmann Gained full control of Arcor, the fixed operator Acquisition of Kabel Deutschland, the cable operator 900MHz 1800MHz 2.6GHz 800MHz 2.1GHz 2 x 12.4MHz 2 x 5.4MHz 2 x 20MHz, 1 x 25MHz 2 x 10MHz 2 x 10MHz, 1 x 5MHz, 2 x 5MHz 2016 2016 2025 2025 20201

Renewal date

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. 2x5MHz of 2.1GHz spectrum will expire in December 2025

Market share (%) Vodafone in Germany

31.7m

mobile customers

(49% contract, 51% prepaid)

5.3m

fixed line customers 4G coverage 71% 4G customers 2.3m

Key financials

(FY 13/14) Revenue £8.3bn EBITDA £2.7bn EBITDA margin 32.6% Capex £1.3bn

100% owned by Vodafone Group Plc 19% of Group revenue 21% of Group EBITDA

Our spectrum assets

Vodafone

• incl. KDG

Deutsche Telekom United Internet Other cable Operators O2 Fixed

9 72 4 7 8

UK

21

65m

Population

£17

Average ARPU

£24,400

GDP/capita Average MoU

122%

Mobile penetration

186 £0.04

Average Rpm

Key dates in our history UK market

25 24 31 11 9 Mobile Fixed Enterprise

Vodafone O2 EE 3

900MHz 1800MHz 2.6GHz 800MHz 2.1GHz 2 x 17.4MHz 2 x 5.8MHz 2 x 20MHz, 1 x 25MHz 2 x 10MHz 2 x 14.8MHz n/a1 n/a1 2033 2033 n/a1

Renewal date

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. Indefinite license with a five year notice of revocation

Market share (%) Vodafone in the UK

19.7m

mobile customers

(60% contract, 40% prepaid)

Consumer fixed line services to launch 2015 4G coverage 48% 4G customers 1.4m

Key financials

(FY 13/14) Revenue £6.4bn EBITDA £1.4bn EBITDA margin 22.1% Capex £0.9bn

100% owned by Vodafone Group Plc 15% of Group revenue 11% of Group EBITDA

Our spectrum assets

Vodafone BT Virgin Media Colt MVNOs

1985 2004 2012

Vodafone launched the first mobile network in the UK 3G services launched Acquisition of Cable and Wireless, the fixed operator

Others Fixed

6 73 8 12 1

Italy

22

61m

Population

€12

Average ARPU

€22,700

GDP/capita Average MoU

146%

Mobile penetration

230 €0.03

Average Rpm

Key dates in our history Italian market

33 33 21 9 3 Mobile Fixed

Vodafone Telecom Italia Wind 3

900MHz 1800MHz 2.6GHz 800MHz 2.1GHz 2 x 10MHz 2 x 15MHz, 2 x 5MHz 2 x 15MHz 2 x 10MHz 2 x 15MHz, 1 x 5MHz 2015 20151 2029 2029 2021

Renewal date

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. 2 x 5MHz of 1800MHz spectrum will expire in 2029

Market share (%) Vodafone in Italy

26.0m

mobile customers

(19% contract, 81% prepaid)

4G coverage 64% 4G customers 1.0m

Key financials

(FY 13/14) Revenue £4.3bn EBITDA £1.5bn EBITDA margin 35.6% Capex £0.6bn

100% owned by Vodafone Group Plc 10% of Group revenue 12% of Group EBITDA

Our spectrum assets

MVNOs

2000 2007 2014

Acquisition of Mannesmann included Italian operations Acquisition of TeleTu, the fixed operator Took ownership to 100%

1.8m

fixed line customers

Vodafone Wind Fastweb Tiscali Telecom Italia

12 69 7 8 5

Spain

23

46m

Population

€16

Average ARPU

€22,100

GDP/capita Average MoU

109%

Mobile penetration

174 €0.06

Average Rpm

Key dates in our history Spanish market

30 34 22 5 9 Mobile Fixed

Vodafone

• incl. Ono

Telefonica Orange Yoigo

900MHz 1800MHz 2.6GHz 800MHz 2.1GHz 2 x 11MHz 2 x 20MHz 2 x20MHz. 1 x 20MHz 2 x 10MHz1 2 x 15MHz, 1 x 5MHz 2028 2030 2030 2030 2030

Renewal date

Market share (%) Vodafone in Spain

14.8m

mobile customers

(74% contract, 26% prepaid)

4G coverage 64% 4G customers 1.6m

Key financials1

(FY 13/14) Revenue £3.5bn EBITDA £0.8bn EBITDA margin 22.4% Capex £0.5bn

100% owned by Vodafone Group Plc 8% of Group revenue 6% of Group EBITDA

Our spectrum assets

MVNOs

1999 2007 2014

Acquisition of AirTouch included Spanish

• perations

Acquisition of Tele2, the fixed operator Acquisition of Ono, a cable operator

2.7m

fixed line customers

Vodafone

• incl. Ono

Telefonica Jazztel Orange Others Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. Not yet available for use

Netherlands

24

17m

Population

€24

Average ARPU

€37,400

GDP/capita Average MoU

101%

Mobile penetration

159 €0.09

Average Rpm

Key dates in our history Dutch market

31 39 23 7 Mobile Fixed

Vodafone KPN T Mobile MVNOs

900MHz 1800MHz 2.6GHz 800MHz 2.1GHz 2 x 10MHz 2 x 20MHz 2 x 10MHz 2 x 10MHz 2 x 20MHz, 1 x 5MHz 2030 2030 2030 2029 2030

Renewal date

Market share (%) Vodafone in the Netherlands

5.2m

mobile customers

74% contract, 26% prepaid)

Key financials

(FY 13/14) Revenue £1.6bn EBITDA £0.5bn EBITDA margin 34.1% Capex £0.2bn

100% owned by Vodafone Group Plc 4% of Group revenue 4% of Group EBITDA

Our spectrum assets

1995 2003

Libertel launched services Vodafone acquires full ownership of Vodafone Libertel

Consumer fixed line services launched Sept 2014

1 45 54

Vodafone KPN Others Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates

Portugal

25

10m

Population

€10

Average ARPU

€14,800

GDP/capita Average MoU

159%

Mobile penetration

148 €0.05

Average Rpm

Key dates in our history Portuguese market

38 40 21 1 Mobile

900MHz 1800MHz 2.6GHz 800MHz 2.1GHz 2 x 10MHz, 2 x 3MHz 2 x 6MHz, 2 x 14MHz 2 x 20MHz, 25MHz TDD 2 x 10MHz 2 x 20MHz 20211 20272 2027 2027 2016

Renewal date

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. 2 x 3MHz of 900MHz spectrum will expire in 2015 2. 2 x 6MHz of 1800MHz spectrum will expire in 2021

Market share (%) Vodafone in Portugal

5.4m

mobile customers

(26% contract, 74% prepaid)

Key financials

(FY 13/14) Revenue £0.9bn EBITDA £0.3bn EBITDA margin 34.8% Capex £0.2bn

100% owned by Vodafone Group Plc 2% of Group revenue 2% of Group EBITDA

Our spectrum assets

1992 2001 2003

Telecel launched services Rebranded to Vodafone Vodafone acquired full

• wnership

0.3m

fixed line customers

Vodafone Portugal Telecom Optimus MVNOs

4 55 33 9

Vodafone Portugal Telecom Optimus Others

Fixed

Greece

26

11m

Population

€11

Average ARPU

€14,700

GDP/capita Average MoU

133%

Mobile penetration

231 €0.04

Average Rpm

Key dates in our history Greek market

31 51 18 Mobile

1800MHz 2.1GHz 900MHz 2 x 15MHz, 2 x 10MHz 2 x 20MHz, 1 x 5MHz 2 x 15MHz 20261 2021 20271

Renewal date

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 2. As of 31. December 2014, including Hellas Online

Market share (%) Vodafone in Greece

5.0m

(32% contract, 68% prepaid)

Key financials

(FY 13/14) Revenue £0.6bn EBITDA £0.2bn EBITDA margin 27.6% Capex £0.1bn

99.9% owned by Vodafone Group Plc 1% of Group revenue 1% of Group EBITDA

Our spectrum assets

1992 2004 2014

Creation of Panafon between four partners, including Vodafone Final increase in Vodafone’s share of the business Acquisition of Hellas Online

0.5m

fixed line customers2

Vodafone Cosmote Wind

10 64 16 6 4

Vodafone (incl. HOL) OTE Forthnet Tellas

Fixed

CYTA

mobile customers

Romania

27

20m

Population

$10,200

GDP/capita

106%

Mobile penetration

Key dates in our history Romanian market1

38 19 43 Mobile

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. IMF Database and World Bank estimates

Market share (%) Vodafone in Romania

7.9m

(42% contract, 58% prepaid)

Key financials (FY 13/14)

Revenue £0.6bn EBITDA £0.2bn EBITDA margin 33.2% Capex £0.1bn

100% owned by Vodafone Group Plc 1% of Group revenue 2% of Group EBITDA

2005 2006

Acquisition of Connex Rebranded to Vodafone

Vodafone Cosmote Orange

900MHz 1800MHz 2.6GHz 800MHz 2.1GHz 2 x 10MHz 2 x 30MHz 1 x 15MHz 2 x 10MHz 2 x 15MHz, 1 x 5MHz 2029 2029 2029 2029 2020

Renewal date

Our spectrum assets

3 53 33 11

Vodafone Romtelecom RCS & RDS UPC

Fixed

mobile customers

Other Europe

Albania

2.0m mobile customers (5% contract, 95% prepaid)

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. World Bank, 2013 estimates 2. IMF, 2011 estimates

Czech Republic

3.2m mobile customers (62% contract, 38% prepaid)

Hungary

2.6m mobile customers (55% contract, 45% prepaid)

Ireland

2.1m mobile customers (45% contract, 55% prepaid)

Malta

0.3m mobile customers (18% contract, 82% prepaid) 0.2m fixed line customers Population GDP/capita Mobile penetration1 Mobile market share Fixed market share

2.9m 11.0m 9.9m 4.8m 0.4m $4,900 $19,000 $13,200 €37,300 $24,300 116% 131% 116% 103% n/a n/a n/a 43% n/a 16%

99.9% ownership <1% of Group revenue <1% of Group EBITDA 100% ownership 1% of Group revenue 1% of Group EBITDA 100% ownership <1% of Group revenue <1% of Group EBITDA 100% ownership 2% of Group revenue 2% of Group EBITDA 100% ownership <1% of Group revenue <1% of Group EBITDA

130% n/a n/a n/a n/a

28

Our markets: AMAP

India

30

1,243m

Population

$1,500

GDP/capita

74%

Mobile penetration

Indian market

22 29 16 10 6 7 10 Mobile

Market share (%) Vodafone in India

173.8m

mobile customers

(7% contract, 93% prepaid)

3G coverage 90%1 Data users 57.1m

Key financials (FY 13/14)

Revenue £4.4bn EBITDA £1.4bn EBITDA margin 31.8% Capex £0.7bn

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

1800MHz 2.1GHz 900MHz Varies by circle Varies by circle Varies by circle 2014-27 2030 2014-24

Renewal date

Our spectrum assets

INR185

379

INR0.40

Average Rpm Average ARPU Average MoU

Key dates in our history

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. Targeted urban areas only 2. 2 x 15MHz of the 1800MHz spectrum will expire in August 2016

2007 2011 2014

Acquisition of controlling stake in Vodafone Essar Renamed Vodafone India Limited Took ownership to 100%

Vodafone Airtel India IDEA Cellular BSNL / MTNL Reliance Tata Others

Vodacom Group: South Africa

31

53m

Population

$6,400

GDP/capita

147%

Mobile penetration

South African market

53 31 15 2 Mobile

Mobile market share (%) Vodacom in South Africa

39.9m

mobile customers

(9% contract, 91% prepaid)

3G coverage 97% Data users 16.7m

Vodacom Group* - Key financials (FY 13/14)

Revenue £4.7bn EBITDA £1.7bn EBITDA margin 36.4% Capex £0.7bn Vodacom Group 65% owned by Vodafone Group Vodacom South Africa 94% owned by Vodacom Group

11% of Group revenue 13% of Group EBITDA

1800MHz 2.1GHz 900MHz 2 x 12MHz 2 x 15MHz, 1 x 5MHz 2 x 11MHz n/a1 n/a1 n/a1

Renewal date

Our spectrum assets

ZAR93

108

ZAR0.66

Average Rpm Average ARPU Average MoU

Key dates in our history

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates 1. Spectrum licenses renewed annually

1994 2009 2011

Launched its first services Became a subsidiary Rebranded to align with Vodafone global brand

Vodafone MTN CellC TelkomMobile *82% of FY 13/14 revenue was from Vodacom South Africa

Vodacom Group: Internationals

32 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

Tanzania

11.3m mobile customers

Mozambique

4.9m mobile customers

DRC

11.0m mobile customers

Lesotho

1.1m mobile customers Population GDP/capita Mobile penetration1 Mobile market share

50.8m 26m 69m 2.1m $770 $630 $410 $1,300 60% 45% 40% 70% 44% 36% 73%

82% ownership 85% ownership 51% ownership 80% ownership

46%

Vodacom % ownership2

Turkey

33

77m

Population

$10,500

GDP/capita

92%

Mobile penetration

Turkish market

28 50 22

Mobile market share (%) Vodafone in Turkey

20.6m

mobile customers

(39% contract, 61% prepaid)

3G coverage 83% Data users 9.3m

Key financials (FY 13/14)

Revenue £2.0bn EBITDA £0.4bn EBITDA margin 17.7% Capex £0.3bn

100% owned by Vodafone Group Plc 5% of Group revenue 3% of Group EBITDA

2.1GHz 900MHz 2 x 15MHz, 1 x 5MHz 2 x 11MHz 2029 2023

Renewal date

Our spectrum assets

TRL22

348

TRL0.06

Average Rpm Average ARPU Average MoU

Key dates in our history

2005 2006 2009

Acquisition of Telsim Rebranded to Vodafone

Vodafone Turkcell Avea

3G services launched

Mobile 1 74 13 12 Fixed

Vodafone Super Online Others Turk Telecom Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates

Egypt

34

84m

Population

$3,300

GDP/capita

120%

Mobile penetration

Egyptian market

39 33 28

Mobile market share (%) Vodafone in Egypt

39.4m

mobile customers

(6% contract, 94% prepaid)

3G coverage 92% Data users 7.7m

Key financials (FY 13/14)

Revenue £1.2bn EBITDA £0.5bn EBITDA margin 44.4% Capex £0.2bn

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

1800MHz 900MHz 2 x 10MHz 2 x 12.5MHz 2020 2020

Renewal date

Our spectrum assets

EGP26

195

EGP0.11

Average Rpm Average ARPU Average MoU

Key dates in our history

1998 2006

Part Vodafone-owned consortium started services in Egypt Increased ownership to 54.9%

Vodafone Mobinil Etisalat

2.1GHz 2 x 15MHz 2020

Mobile

Data correct to 30 September 2014 unless otherwise stated. Market shares are estimates

Our markets: other AMAP

Ghana

6.8m mobile customers (1% contract, 99% prepaid)

New Zealand

2.3m mobile customers (37% contract, 63% prepaid)

Qatar

1.4m mobile customers (9% contract, 91% prepaid) Population GDP/capita Mobile penetration Mobile market share Fixed market share

26m 4.5m 2.3m $1,400 $44,300 $94,700 108% 124% 153% 19%1 47% 32%

70% ownership <1% of Group revenue <1% of Group EBITDA 100% ownership 2% of Group revenue 2% of Group EBITDA 22.95% ownership <1% of Group revenue <1% of Group EBITDA 0.4m fixed line customers

27% n/a n/a

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

Australia

(joint venture)

4.9m mobile customers

Indus Towers

(joint venture) 50% ownership 42% ownership

(through Vodafone India)

• Incorporated in November 2007
• Builds infrastructure for the three shareholders and rents to 3rd parties
• Largest telecom tower company in the world

18 53 29

Mobile market share (%)

Vodafone Telstra Optus

• Merged with Hutchison in 2009 to form joint

venture

• Number three operator

Safaricom

(associate)

21.9m mobile customers (3% contract, 97% prepaid)

40% ownership

• Market leader in Kenya
• 12.8m M-Pesa users generating over 20% of

total revenue

• 3,140 base stations (as of March 2014)

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

Partner markets

37

Europe

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 Austria Armenia Belgium Bulgaria Channel Islands Croatia Cyprus Denmark Estonia Faroe Islands Finland

Americas

Brazil Canada Chile

AMAP

Afghanistan Bahrain Fiji French Polynesia Guam Hong Kong Iraq Japan Jordan Kuwait Malaysia Papua New Guinea & Solomon Islands Philippines Saudi Arabia Singapore South Korea Sri Lanka Taiwan Thailand Uganda United Arab Emirates Vietnam France Iceland Latvia Lithuania Luxemburg Macedonia/FYROM Norway Poland Russia Serbia Slovenia Sweden Switzerland Turkmenistan Ukraine

More information

38

www.vodafone.com/investor

Visit our website for more information

For definitions of terms please see www.vodafone.com/content/index/investors/glossary

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

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Forward-looking statements

39

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.