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Vodafone Group PlcCitigroup 9 th Annual European & EmergingTelecoms ConferenceAndy Halford, Chief Financial Officer24 March 20091

DisclaimerThe following presentation is made only to, and is directed only at, persons to whom such apresentation may lawfully be communicated (“relevant persons”). Any person who is not arelevant person should not act or rely on this presentation or any of its contents.Information in the following presentation relating to the price at which relevant investmentshave been bought or sold in the past or the yield on such investments cannot be relied uponas a guide to the future performance of such investments. This presentation does notconstitute an offering of securities or otherwise constitute an invitation or inducement to anyperson to underwrite, subscribe for or otherwise acquire securities in any company within theVodafone Group.The presentation contains certain non-GAAP financial information. The Group’smanagement believes these measure provide valuable additional information inunderstanding the performance of the Group or the Group’s businesses because theyprovide measures used by the Group to assess performance. Although these measures areimportant in the management of the business, they should not be viewed as replacementsfor, but rather as complementary to, the comparable GAAP measures.Vodafone, the Vodafone logo, Vodafone live!, Vodacom and Vodafone Station aretrademarks of the Vodafone Group.22Option 1Vodafone Group Plc - Interim Results

Vodafone: Well positioned in an attractive sectorTelecoms industryVodafoneStrong cash flow generation• Strong cash flow performance• No.1/2 position in key marketsLarge data market opportunity, also inemerging markets• Pioneer in data: 3G/HSDPA/Vodafonelive!Potential growth opportunities• Recognised brand in consumer• Increasingly trusted brand in enterprise:Vodafone Global EnterpriseEmerging market penetration potential• Presence in large emerging markets:India, AfricaGood economies of scale and coststructure with ability to absorb downturns• Scale in technology and purchasing:Vodafone Procurement Company• Proven ability to control costs33Option 1Vodafone Group Plc - Interim Results

Progress against November 2008 strategic objectivesFocus on free cash flow generation and executionDrive operational performance• Value enhancement• Cost reductionGrowth in total communications• Mobile data• Enterprise• BroadbandExecute in emerging markets• Delivery in existing markets• Selective expansion/cautious approach• Higher take up of value offers, e.g. Superflat• Wholesale roaming organisation established• £3bn annualised revenue (£2bn a year ago)• +0.6% European revenue growth in Q3• 280k net adds in Europe in Q3• 2.6m net adds in India in February• In-market consolidation deal in AustraliaStrengthen capital discipline• Shareholder returns• Clear priorities for surplus capital• Targeting £5-6bn p.a. of free cash flow 1• Progressive dividend policy adopted1 Excluding potential cash flow CFC tax settlement and spectrum/licence purchases.44Option 1Vodafone Group Plc - Interim Results

Revenue – Q3 08/09Total revenue growth Quarterly pro forma service revenue 1%14.3(12.8)%3.5Proforma 1+0.5%2.11.4(2.5)(1.0)Reported FX M&A OrganicRegional trends pro forma service revenue 1Q1 08/09 Q2 08/09 Q3 08/09Business trends%20.817.85.92.3(1.3) (1.4)Europe A&CE AP&MEQ2 08/09 Q3 08/09• Substantial foreign exchange contribution• Q2 trends essentially continue• Data revenue +25%• Outgoing voice usage +13%• Strategy implementation1 Assumes the Group owned India for both years at constant exchange rates. Adjusted to exclude £30m UK VAT refund received in Q2 07/085 Option 1Vodafone Group Plc - Interim Results5

EBITDA margin – H1 08/09Margin trendsEBITDA margin£bnGroup EBITDA margin38.6% (1.3)pp 0.1pp (0.2)pp (0.8)pp 36.4%• Group margins -2.2pp YoY mostly due toEurope6.6(0.3)0.1-0.8 7.2• Europe mainly impacted by investment incustomers and Fixed & DSL• Africa & Central Europe broadly stable• Asia Pacific & Middle East mainly impactedby customer growth and market pricepressures in IndiaH1 07/0836%Europe &CommonFunctions45% 44%Africa &CentralEurope35%Asia Pacific& Middle EastM&A / FX H1 08/09Principal Europe marketsPrincipal emerging markets35%• FX boost mainly from Euro/£ movement23%28%20%6GroupItalyGermanySpainUKVodacomIndiaTurkey

Free cash flow – H1 08/09 1£bn2.70.20.0(0.3)0.10.4 3.1H1 07/08 Freecash flowEurope OFCFEmergingmarkets OFCFDividends (Net) Interest (Net) Tax H1 08/09 Freecash flow• Free cash flow up 16% excluding licences and spectrum• Europe continues to generate nearly 85% of group operating free cash flow• Increasing emerging markets capex funded from cash flows 2• Free cash flow per share of 5.85 pence• FY 08/09 guidance of £5.5 - 6.0bn1All references to free cash flow and operating free cash flow excludes licences and spectrum payments. 2 Africa & Central Europe and Asia Pacific & Middle East77Option 1Vodafone Group Plc - Interim Results

Cost efficiency programme – recent actionsCommercial• Wholesale roaming organisation - trading from 1st April 09• Purchasing efficiencies via consolidation and central co-ordinationTechnology• UK radio access network maintenance outsourcing• Network infrastructure sharing with Telefonica in Europe• IT: application simplification, streamline process/organisationGeneral &Administration• Property rationalisation: office space optimisation in Germany• Headcount reductions announced and in progressPhasing of £1.0bn savingsFY 09/1050%FY 10/11100%88Option 1Vodafone Group Plc - Interim Results

LiquidityImproved liquidity• £2.9bn bond issuance at competitive spreads since half year results• Over $3.3bn commercial paper matured and reissued since September 08• $9.1bn 3 & 4 year undrawn committed bank facilitiesBond maturity profile4£bn323.1 3.33.42.7 2.9 2.612.2 2.0 2.21.50.91.102009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020+Calendar yearBondsFinancial position• FX causing increase in net debt- Approximate debt mix € 70%, $ 40%, Other 10%, £ (20%) – broadly reflecting Vodafone asset composition- Pro forma impact at 30 Sept + £5.7bn based on 30 January FX rates- More than offset by increase in value of our international portfolio99Option 1Vodafone Group Plc - Interim Results

FY08/09 guidance increased for foreign exchange benefitFY 08/09£bnPreviousguidanceFX 3UpdatedguidanceFY07/08ActualRevenue 38.8 – 39.7 1.8 40.6 – 41.5 35.5Adjustedoperating 11.0 – 11.5 0.5 11.5 – 12.0 10.1profit 1Capitalisedfixed asset 5.2 – 5.7 0.3 5.5 – 6.0 5.1additions 2Free cashflow 2 5.2 – 5.7 0.3 5.5 – 6.0 5.51 Excludes non-operating income (including associates), impairment losses and other income and expense, and impact of the acquisition of Alltel.2 Excludes licence and spectrum payments. 3 Q4 rate assumed €1.09; $1.451010Option 1Vodafone Group Plc - Interim Results

Key takeawaysGroup trends broadly similar, despite weak economic environmentStrategy in implementation, continued focus on cost reductionTarget sustained £5 - 6bn p.a. of free cash flow 1Progressive dividend policyGood liquidity position1Excluding potential cash flow CFC tax settlement and spectrum/licence purchases.1111Option 1Vodafone Group Plc - Interim Results

Forward Looking StatementsThis presentation contains forward-looking statements which are subject to risks anduncertainties because they relate to future events. These forward-looking statementsinclude, without limitation, statements in relation to free cash flow, realisation of cost andoperational efficiencies and associated cost savings, reductions in capital and operatingexpenditure and the projected financial results of the 2009 financial year. There are a numberof factors that could cause actual results and developments to differ materially from thoseexpressed or implied by these forward-looking statements. These factors include, but are notlimited to, Vodafone’s ability to realise anticipated cost savings, the impact of legal or otherproceedings, continued growth in the market for mobile services and general economicconditions. Furthermore, a review of the reasons why actual results and developments maydiffer materially from the expectations disclosed or implied within forward-looking statementscan be found by referring to the information contained under the heading "Principal RiskFactors and Uncertainties" in Vodafone Group Plc's Annual Report for the year ended 31March 2008 and "Other Information – Forward-Looking Statements" in Vodafone Group Plc'sHalf-Year Financial Report for the six months ended 30 September 2008. No assurances canbe given that the forward-looking statements in this presentation will be realised. NeitherVodafone nor any of its affiliates intends to update these forward-looking statements.1212Option 1Vodafone Group Plc - Interim Results