Vodafone Fixed/Convergence Open Office

1 Venice, Italy19-20 September 2017 VodafoneFixed/ConvergenceOpen ,ortheyieldonsuchinvestments, , ,complete, , smanagementbelievesthesemeasuresprovidev aluableadditionalinformationinunderstand ingtheperformanceoftheGrouportheGroup ,thesemeasuresarenotuniformlydefinedbyal lcompanies,includingthoseintheGroup , ,althoughthesemeasuresareimportantinthem anagementofthebusiness,theyshouldnotbevi ewedinisolationorasreplacementsfor,oralt ernativesto,butratherascomplementaryto, broadband market coverageFixed footprintFinancials<2%2-4%5-10%>10%Internal by Vodafone % total homesConverged data related to CBU only(m homes, Jun 17)Opportunities in fixed line and convergence Q1 17/18 Mobile service revenue market share32% fixed revenue market share7%% of BB customer base that is converged27%Av.

2 fixed RGUs per converged Mobile SIMs per converged momentum Converged consumer customers( m)FY 14/15FY 15/16FY 16/17 Mobile service revenue 4,3544,3034,366(% growth)( )( ) service revenue816826882(% growth) ,9562,0152,229 EBITDA margin (%) ,4281,516793 Capitalintensity(%) Italy337502Q1 16/17Q1 17 (000s) (ULL + BS) Wholesale (FTTC)Build (FTTC)Wholesalepartnership (FTTH open Fiber)% HHs12%17%47%94% marketable with NGN1(Q1 17/18)140168224FY 14/15FY 15/16FY 16/17 NGN TotalBroadband net adds(000s)4 Key messages: Underpenetrated fixed broadband market: 20/30pp less than other major EU countries but growing, driven by fibre(+4% CAGR 2014-16) Taking broadband share: +2pp in last 4 years driven by fibre Significantly expanded fibrefootprint: through an optimal mix of self-build, strategic partnerships and wholesale agreements Strategic partnership with open Fibre to reach homes with FTTH by 2022 Leveraging convergence proposition ( fixed + Mobile + TV + IoT) convergence proposition.

3 Vodafone One NOW TV Entertainment HD Experience MaximumpersonalisationVodafone TVPassAdd SIMs Calls SMS Giga IperFibra fixed line Calls SMS Giga + Pass social&chatVodafone OneIPERFIBRA & a single offerto satisfy all family s needs IperFibra and Mobile WithGiga Vacanzatake your broadband connection on holiday WithVodafone Always Connected you will never be left without Data or Voice servicesIoT# Performance and reliability# Best entertainment with Vodafone TV# Exclusive advantages for your family With Vodafone IoT, keep your most loved ones safe and connected Additional SIMs for your family at an exclusive priceVodafone ItalyNotes:5 German broadband market coverageFixed footprintFinancials(% total homes with < 50 Mbps)Homes marketable with NGN1(Q1 17/18)Opportunities in fixed line and convergence Q1 17/18 Mobile service revenue market share33% fixed revenue market share21%% of BB consumer base that is converged8%Av.

4 fixed RGUs per consumer converged SIMs per consumer converged momentum Converged consumer customers( m)FY 14/15FY 15/16FY 16/17 Mobile service revenue 6,1606,0626,070(% organic growth)( )( ) service revenue3,7023,7553,935(% organic growth) ,3903,4623,617 EBITDA margin (%) (2,559)(2,362)(1,671)Capital intensity (%) Germany100976632% of homes marketable0276471Q1 15/16Q1 16/17Q1 17/18(000s)(m homes, Q1 17/18)% HH < wholesaleOwn NGN network13m28m26m1. Source:Company reports and Vodafone by VodafoneNGN TotalBroadband net adds(000s)322376433567584574FY 14/ 15 FY 15/16FY 16/172.

5 Includes pro-forma Kabel Deutscheland6 Key messages: The broadband market is under-served: 25% of all broadband connections are still below 50 Mbps Increasing demand for speed: half of our new cable customers choose our top broadband speeds Established a leading fixed company, through a mixture of buy, build and wholesale approaches, with the scaleto gain fixed market share and unlock the benefits of a nascent, but growing, convergence market Further enhancingfixedcapabilitythroughourGigabi t Investment Plan: oapprox. 2bn investment in fibre to enterprises and consumers over the next four years to drive incremental growth and returns, andoutilising a success-based model which meets our disciplined investment criteria, with an estimated IRR>20% convergence proposition: Vodafone GermanyNotes:7 Spanish broadband marketcoverageFixed footprintFinancials(% total homes)Opportunities in fixed line and convergence Q1 17/18 Total ( fixed and mobile) revenue market share19%% of BB consumer base that is converged88%Av.

6 fixed RGUs per consumer converged SIMs per consumer converged momentum Converged consumer customers( m)FY 15/16FY 16/17Q1 17/18 Service revenue 4,4684,5071,143(% organic growth)( ) (% organic growth excluding Handset Financing) ( ) ,2501,360-EBITDA margin (%) ,178746-Capital intensity (%) Spain% of homes marketable1,7802,0622,282Q1 15/16Q1 16/17Q1 17/18(m homes, Q1 17/18) wholesaleOwn NGN networkStrategic wholesale partnershipsNot disclosed100%96%66%36%(000s)227212209204 308317FY 14/15FY 15/16FY 16/17(E)Homes marketable with NGN (Q1 17/18) by VodafoneNGN TotalBroadband net adds(000s)8 Key messages: The converged market in Spain is well established: 84% of all broadband users are converged The largestNGN fixedfootprintin Spain: 19m marketablehomes, comprisingownedassets, strategicpartnershipsand wholesaleagreements The largest converged customer base in Vodafone Group.

7 Households (88% of broadband customers) Drivinggrowthwithour more formore convergentproposition( Vodafone One) includingourmarketleadingTV platform(premiumsport, moviesand box sets) convergence proposition: Vodafone SpainNotes: Vodafone One9 Portuguesebroadband market coverageFixed footprintFinancialsOpportunities in fixed line and convergence Q1 17/18 Total retail revenue market share25%1% of BB consumer base that is converged24%Av. fixed RGUs per consumer converged Mobile SIMs per consumer converged momentum Converged consumer customers1( m)FY 14/15FY 15/16FY 16/17 Mobile service revenue 785748722(% organic growth)( )( )( ) fixed service revenue108148189(% organicgrowth) margin (%) intensity (%) Portugal7191108Q1 15/16Q1 16/17Q1 17/181.

8 Based on converged customer accounts(000s) 14/15FY 15/16FY 16/17 Homes marketable with NGN (Q1 17/18)(m homes, Q1 17/18) by VodafoneNGN TotalBroadband net adds(000s)1. Q4 16/17 Anacomdata10 Key messages: Firmly established convergence market: 48% of all broadband customer bundles are converged Very competitive fixed platform comprising self-build, co-build agreements and wholesale Successfully defended overall revenue market share through market share gains in fixed , which offset pressures in mobile Leveraging fixed platform to add value throughup-sell to quad play, supported by best in class customer service and contentConvergence proposition.

9 TV interface renewed, to a user centric experience; Fast Zapping Variety of 4K & HD content available Netflix, FOXPlay& 3rd parties TV Apps on the TV Box Fiber Fastest speed available (1 Gbps), 4X faster Wi-Fi (powered by Vodafone Smart Router), lower latency Award winning Best 4 Gmobile network# Performance and reliability# Best entertainment with Vodafone TV# Exclusive advantages for your family Additional SIMs with + GB data for family members at exclusive prices TV in all screens, to take entertainment everywhereVodafone PortugalNotes.

10 Wi-Fi4X faster4G TV 4X Faster Wi-Fi fixed Phone Voice Calls Texts Mobile DataVodafone Fiber(TV, Internet, Home Phone)+ MobileTV, Smart router w/ 4X faster Wi-Fi & best 4G mobile network, in a single offer to satisfy all family s needs Calls Text DataVodafone TVInternet service 4X faster Wi-FiFixed PhoneUnlimited calls+ GB data for all family11 Forward-looking statementsThispresentation,alongwithanyo ralstatementsmadeinconnectiontherewith,c ontains forward-lookingstatements withinthemeaningoftheUSPrivateSecurities LitigationReformActof1995withrespecttoth eGroup sfinancialcondition,resultsofoperationsa ndbusinessesandcertainoftheGroup.