Vodacom Group (Pty) Ltd

1 Vodacom Group (Pty) Ltd A l tP. Analyst Presentation t ti 5 March 2009. Disclaimer This presentation has been prepared and issued by Vodacom Group (Proprietary) Limited ( Vodacom or the Company ) solely for your information and for use at the presentation to research analysts to be made on or about 5 March 2009 in connection with the proposed listing (the Listing ) of the Company on the main board of the JSE Limited (the JSE ). By attending the meeting where this presentation is made and/or by accepting this document, you agree to be bound by the following limitations.

2 This presentation is not a prospectus or offer document. Information regarding the Company is set out in the pre-listing statement published by the Company on 3 March 2009 in connection with the Listing. Copies of the pre- listing statement are available from the Company's registered office. This presentation does not constitute or form part of any offer or invitation to sell or issue any shares in the Company or any other securities, nor does this presentation constitute a solicitation for any p y such offer,, nor shall this presentation p or any yp part of it ((or the fact of its distribution)) form part p of or be relied on in connection with any y contract or investment decision relating g thereto.

3 This presentation does not constitute a recommendation regarding the securities of the Company. Neither this document or any part or copy of it may be taken or transmitted into or distributed in or into, directly or indirectly, the United States. Any failure to comply with these restrictions may constitute a violation of US. securities laws. The distribution of this document in other jurisdictions may also be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe any such restrictions.

4 This document is not an offer of securities for sale in the United States or elsewhere. The Company's ordinary shares have not been and will not be registered under the United States Securities Act of 1933 (the Securities Act ) and may not be offered or sold in the United States unless they are registered under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. No public offer of the securities referred to herein is being made in the United States.

5 This document is intended for distribution in member states of the European Economic Area to persons who are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) ( Qualified Investors ). This document must not be acted or relied upon in any member state of the European Economic Area byy persons p who are not Qualified Investors. Any y investment or investment activity y to which this communication relates is available in anyy member state of the European p Economic Area only y to,, and will be engaged g g in only y with, Qualified Investors.

6 This document is intended for distribution in the United Kingdom only to: (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order ); or (ii) persons falling within Article 49(2)(a) to (d) of the Order or to those persons to whom it can otherwise lawfully be distributed (all such persons together being referred to as relevant persons ). This document must not be acted upon by persons who are not relevant persons.

7 Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. UBS Limited and its affiliates are acting exclusively for the Company and for no one else in connection with the Listing and will not be responsible to any other person for providing the protections afforded to their respective Discla clients, or for providing advice in relation to the Listing or any other transaction or arrangement referred to in this presentation.

8 This presentation has been prepared by, and is the sole responsibility of, the Company. This presentation speaks at the date hereof. No representation or warranty, express or implied, is or will be made by or on behalf of the Company, p y, its advisers,, UBS Limited or anyy of their respective p directors,, officers or employees, p y , or anyy other person p as to the accuracy,y, completeness p or fairness of the information or opinions p contained in this p presentation aimer and any reliance you place on them will be at your sole risk.

9 In particular, certain market data has been obtained by the Company from third party sources. The Company has not independently verified such data and whilst the Company has compiled and extracted the market data, it can provide no assurances of the accuracy and completeness of such information and takes no responsibility for such data. The Company is not under any obligation to update or keep current the information contained in this presentation or to correct any inaccuracies which may become apparent, and any opinions expressed in it are subject to change without notice.

10 None of the Company, its advisers, UBS Limited or any of the respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. This presentation contains statements about Vodacom that are or may be forward looking statements. All statements, other than statements of historical facts included in this presentation, may be forward looking statements.