Vodafone Group Plc Background Presentation

1 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 .

2 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.

3 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 EBITDA Adjusted operating profit Capex Free cash flow Adjusted EPS Dividend per share 8% 15% 4% 42% 31% Mobile accounts for the majority (81%) of our business Fixed (15%)

4 Is becoming an increasing part of what we do A quarter of our business comes from Enterprise customers Revenue and profits are spread across our geographical footprint Revenue and profit mix of the Group 4 Mobile out-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 over 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 on 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)

5 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 ( ) 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 ( ) Germany (100%) Ghana (70%) Greece ( ) 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.

6 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.

7 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 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 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 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.

8 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 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) 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.)

9 Wholesale) Our fixed access comes from a range of sources: Acquisitions ( KDG, Ono) Self or co-building ( Italy, Spain, Portugal) Wholesale ( 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 > 3 Mbps 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.

10 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.