Vodafone Turkey Webinar

12 September 2013

Disclaimer

You are invited to join this conference on the basis that you are an investment professional for the purposes of Article 19 of the Financial Services and

Markets Act 2000 (Financial Promotion) Order 2005. No other person should act or rely on the information presented. 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 Vodafone Group (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. These forward-looking statements include, without limitation, statements in

relation to the Group’s financial outlook and future performance. 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 certain non-GAAP financial information. The Group’s management believes these measures provide valuable

additional information in understanding the performance of the Group or the Group’s businesses because they provide measures used by the Group

to assess performance. However, non-GAAP information is not uniformly defined by all companies and therefore 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

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 logo, One Net and Vodafone Red are trademarks of the Vodafone Group. Other product and company names mentioned

herein may be the trademarks of their respective owners.

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Turkey at a glance

• 76m people with a technology savvy young population, 42% of people under 25

• Strong growing economy, aiming to be in top10 economies with ICT market at 8% of GDP by 2023

• 24th largest FDI recipient country, expected to rank 19th in 3 years

• Investment-grade credit rating both by Fitch and Moody’s

3

Key macro-economic data 2002 2009 2010 2011 2012 2013e 2023

forecast

GDP (US$bn) 230 617 732 774 786 858 2,000

Real GDP growth (%) 6.2 -4.8 9.2 8.8 2.2 4.0 7.0

CPI (year-end, %) 29.8 6.5 6.4 10.5 6.2 6.2 single-digit

Unemployment (12m av, %) 10.3 14.0 11.9 9.8 9.2 8.9 5.0

Sources: Turkish Statistical Institute, Government’s Middle Term Program (2013-2015), Central Bank of Turkey, UNCTAD

Strong market growth and good future prospects

• Mobile market total revenue at £6.3bn1 with +11.8% growth in FY 2012/13

• 68m mobile customers, 45m of who are 3G subscribers2

• Increasing proportion of postpaid customers, corresponding to 40% of total base2 (+18ppt since Mar’09)

• Introduction of mobile number portability in November 2008

• Untapped opportunities in data, 14% of mobile market revenue with 25% smartphone penetration

4

1. Mobile market total revenue converted to GBP with average TL/GBP FX rate in FY 2012/13

2. As of Q1 13/14

Source: Information and Communication Technologies Authority

Mobile market growth (%) (excl. MTR cut)

Mobile customers (m) Mobile customer penetration (%)

10.0 11.0

13.0 12.3 11.8

08/09 09/10 10/11 11/12 12/13

14.1 16.1 20.2 23.9 26.6

50.3 45.5 41.5 41.8 41.4

Mar 09 Mar 10 Mar 11 Mar 12 Mar 13

Prepaid Postpaid163

152140 139

122 117110

90

PT IT GR DE UK NL ES TR

Vodafone Turkey: A success story

5

Total revenue growth (YoY) Total revenue growth1 (%) Total mobile revenue market share (%)

23

6

(1)

(9)

(18)

Q4

07/08

Q1

08/09

Q2

08/09

Q3

08/09

Q4

08/09

(9)

19

26

3432

24

19 19

H1

09/10

H2

09/10

H1

10/11

H2

10/11

H1

11/12

H2

11/12

H1

12/13

H2

12/13

23.922.5

21.419.5 18.6

Q4

07/08

Q1

08/09

Q2

08/09

Q3

08/09

Q4

08/09

20.121.2

25.127.1

28.3 28.5 28.930.0

H1

09/10

H2

09/10

H1

10/11

H2

10/11

H1

11/12

H2

11/12

H1

12/13

H2

12/13

• Well-executed turnaround starting from March 2009

• Continuous double-digit revenue growth resulting in 30% mobile revenue market share

1. Year-over-year organic growth rates

Turnaround strategy: focus on end-to-end segmented

customer experience to drive growth

Objective: Become the strong challenger brand in Turkey

Build a customer centric brand that wins the hearts and minds of the

Turkish community 1

Divide and conquer by targeted segmentation 2

Step change in quality of service provided to customers 3

Operate as a reliable mobile-centric total communications provider 4

6

Build a customer-centric brand

7

1

• Repositioning of brand as a strong challenger:

− Customer Hero

− Simple, Honest

− Reliable, Confident

Reimbursement

Guarantee

Money Back

Guarantee

Disabled

• Sustainability agenda through environmental

protection activities and dialogue with our stakeholdes

• Local affinity via Corporate Social Responsibility &

building Social Business Models

Farmers Women

Sustainability Green Office

Divide and conquer by targeted segmentation

8

2

Postpaid "Simplicity"

Youth "Freedom"

Enterprise "Trusted Business Partner"

Hybrid Tariffs

• Combine cost control advantage

of prepaid with ease-of-use advantage

of postpaid

All-net Tariffs

• Simple choices

Smartphone for Everyone

• Affordable Vodafone branded

smartphones with free data trial

Vodafone Freezone

• Turkey’s largest cinema campaign in

more than 40 cities

• High School Music Contest with

the participation of 424 schools in

53 cities

Innovative customized services

• M2M: tailored innovation for efficiency

• Red Cloud: VF Locate, Microsoft

Office 365

Profession-based applications

• Fulfil professions’ specific needs

through specialized services

Global expertise

• Enabling to talk abroad with

peace of mind

Vodafone Red

• Unlimited on-net & PSTN voice with

generous all-net voice, SMS and data

• Enhancing higher value focus through:

– Integrated tariffs

– Family offers

– Roaming & International

– Non-GSM lifestyle benefits

High Value Customer "Worry Free"

Step change in quality of service through investing in customer

touch points

3

Capital expenditures

236

385435

266 247

21

3328

1613

FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 12/13

Total capex (£m)

Total capex intensity (%)

Network sites Number of shops (k)

Mar 09 Mar 10 Mar 11 Mar 12 Mar 13

3G

2G

x3

12.214.7

0.8

1.2

Mar'09 Mar'13

Non-exclusive shops

Exclusive shops

• Mobile population coverage >99.045%1

• 3G coverage in all cities and districts of Turkey

• Swapped sites to Single RAN and currently investing in future proof network (LTE ready)

• Shops relaunched in primary locations with new design, along with new regional distribution structure

• Continuously improving call centre capability and customer satisfaction

• Innovative services through our R&D centre «Oksijen»

9 1. 2G population coverage ratio based on ICTA’s criteria

Operate as a mobile-centric total communications provider

10

4

Data revenue

+86%

YoY1

Enterprise service revenue

+36%

YoY1

FY 09/10 FY 10/11 FY 11/12 FY 12/13

x3

43

60

111

FY 10/11 FY 11/12 FY 12/13

Fixed line service revenue (£m)

37

80

123

182 8.4

17.3

22.2

FY 09/10 FY 10/11 FY 11/12 FY 12/13

Data revenue (£m)

Smartphone penetration (%)

+51%

YoY1

• Rapid growth in data driven by increasing smartphone

penetration at 25% with +8ppt YoY (as of Q1 13/14)

• Launched Turkey’s first operator branded tablets

and introduced Facebook Self Service

• Providing total telco solutions with «Vodafone.net»

through acquisition of 2 fixed line companies

1. Year-over-year growth rate calculated based on local currency

Leader in Net Promoter Score for 9 consecutive quarters

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1. Taken from the Net Promoter Score Tracking survey carried out by GFK Turkey Market Survey Company and displays the net promoter score -the ratio of promoters to detractors-

calculated by asking a statistically valid sample of customers a question in relation with their recommendation to their family, friends or colleagues that enables the operators to

monitor their recommendation performance as of Q4 12/13

Net Promoter Score1

29

24

4

Vodafone Turkey Operator 1 Operator 2

Improved customer mix driving increased ARPU

12

Total customers (m)

• 19.3m total customers with +3.8m net adds since Mar ‘09, as opposed to 3.4m net adds in the market (as of Q1 13/14)

• Postpaid customers corresponding to 36% of total base, +23ppt since Mar ‘09 (as of Q1 13/14)

• Increasing total ARPU trend supported by improvement of customer mix

Total and postpaid ARPU (TL)

24.8

32.8 35.5 35.6 36.6

10.6 14.3

17.5 19.0 20.8

Q4 08/09 Q4 09/10 Q4 10/11 Q4 11/12 Q4 12/13

Postpaid ARPU

Total ARPU

+2.8%

YoY

+9.4%

YoY

2.0 2.5 4.7 6.0 6.8

13.5 13.3 12.1

12.2 12.4

Q4 08/09 Q4 09/10 Q4 10/11 Q4 11/12 Q4 12/13

Prepaid

Postpaid

15.5 15.8 16.8

18.2 19.2

c.+1m net adds in

FY12/13

Doubled total revenue with 11 ppt market share gain1

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Total revenue (£m)

• Record highest total revenue of £2billion with sustained double-digit growth in the last 3 years

• Highest growing operator in Turkish mobile market over the last 3 years

• Reached a milestone of 30% total mobile revenue market share

1,124 1,148

1,566 1,704

1,948

FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 12/13

Total mobile revenue market share3 (%)

1. Doubled total revenue in local currency and total mobile revenue market share gain since Mar’09

2. Year-over-year organic growth rates

3. Market shares based on operators result announcements

x2

Growth2

(%) (5.5) 3.7 30.2 28.1 19.2

18.6 21.2

27.1 28.5 30.0

18.0 19.1 20.1 20.3 20.6

63.3 59.6

52.7 51.2 49.4

Q4 08/09 Q4 09/10 Q4 10/11 Q4 11/12 Q4 12/13

Vodafone Operator 2 Operator 1

+11.3ppt

+2.6ppt

-13.9ppt

Since Mar 09

Built profitability through scale growth and cost efficiency

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EBITDA and EBITDA margin

• All time high EBITDA at £322m with 35% growth1 in FY 2012/13

• Positive adjusted operating profit for the first time over the last 5 years

• Positive operating free cash flow in FY 2012/13

151

(8)

189

265

322 13.5

(0.7)

12.1

15.6 16.5

FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 12/13

EBITDA (£m)

EBITDA margin (%)

EBITDA margin in FY12/13 (%)

1. Year-over-year organic growth rate

2. Regulatory fees include treasury share, usage fee and acquisition taxes

16.5

33.3

Vodafone Turkey EBITDA margin Vodafone Turkey EBITDA margin

excl. regulatory fees2

+35%

YoY1

Future prospects: Sustainable growth by focusing on

untapped opportunities

• Leverage our global M2M experience

• Focus on convergence offers to SMEs through One Net

• Continue on selective fibre investments for converged

offers to corporates

• Leverage Vodafone Global Enterprise customers

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Data as a % of service revenue

Significant opportunities in Data

Smartphone penetration (%) • Digitalise consumers with simple & accessible

mobile life

• Continue to focus on integrated data offers to

further increase smartphone penetration

• Increase smartphone and tablet penetration

leading to further growth in data

Maximise further opportunities in Enterprise

• Continued focus on high value through Vodafone Red

• Further investments in youth through Vodafone Freezone

• Innovative offers focusing on different segments

Continue to focus on segmented propositions in Consumer 3 2

1

10%

16%

FY12/13

Turkey

VF Group

22%

35% 36%

FY12/13

Turkey

Northern & Centra l Europe

Southern Europe

Q&A

Forward-looking statements

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: statements relating to the Group’s future performance generally; expectations regarding growth in

customers and usage, especially in emerging markets, and mobile data, SMS and fixed growth and technological advancements; statements relating to the impact of MTRs and spectrum spend; statements in

relation to the launch of new products and service offerings; statements and expectations in relation to existing and proposed network sharing initiatives, and the anticipated benefits associated therewith;

statements and assumptions relating to movements in foreign exchange rates; and expectations regarding adjusted operating profit, service revenue growth, EBITDA, EBITDA margin, free cash flow, costs, tax

settlements and capital expenditures.

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”. 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 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. These factors include, but are

not limited to, the following: changes in macroeconomic or political conditions in markets served by operations of the Group that would adversely affect the level of demand for mobile services, and changes to the

associated legal, regulatory and tax environments; greater than anticipated competitive activity, from both existing competitors and new market entrants, which could require changes to the Group’s pricing models,

lead to customer churn and/or make it more difficult to acquire new customers; levels of investment in network capacity and the Group’s ability to deploy new technologies, products and services in a timely

manner, particularly mobile data content and services, or the rapid obsolescence of existing technology; higher than expected costs or capital expenditures; rapid changes to existing products and services and the

inability of new products and services to perform in accordance with expectations, including as a result of third party or vendor marketing efforts; the ability of the Group to integrate new technologies, products and

services with existing networks, technologies, products and services; the Group’s ability to generate and grow revenue from both voice and non-voice services and achieve expected cost savings; a lower than

expected impact of new or existing products, services or technologies on the Group’s future revenue, cost structure and capital expenditure outlays; slower than expected customer growth, reduced customer

retention, reductions or changes in customer spending and increased pricing pressure; the Group’s ability to expand its spectrum position, win 4G/3G allocations and realise expected synergies and benefits

associated with 4G/3G; the Group’s ability to secure the timely delivery of high quality, reliable handsets, network equipment and other key products from suppliers; loss of suppliers, disruption of supply chains and

greater than anticipated prices of new mobile handsets; changes in the costs to the Group of, or the rates the Group may charge for, terminations and roaming minutes; the Group’s ability to realise expected

benefits from acquisitions, partnerships, joint ventures, franchises, brand licences or other arrangements with third parties, particularly those related to the development of data and internet services; acquisitions

and divestments of Group businesses and assets and the pursuit of new, unexpected strategic opportunities, which may have a negative impact on the Group’s financial condition and results of operations; the

Group’s ability to integrate acquired business or assets and the imposition of any unfavourable conditions, regulatory or otherwise, on any pending or future acquisitions or dispositions; the extent of any future

write-downs or impairment charges on the Group’s assets, or restructuring charges incurred as a result of an acquisition or disposition; developments in the Group’s financial condition, earnings and distributable

funds and other factors that the Group’s Board of Directors takes into account in determining the level of dividends; the Group’s ability to satisfy working capital requirements through borrowing in the capital

markets, bank facilities and operations; changes in foreign exchange rates, including, particularly, the exchange rate of pounds sterling to the euro and the US dollar; changes in the regulatory framework in which

the Group operates, including the commencement of legal or regulatory action seeking to regulate the Group’s permitted charging rates; the impact of legal or other proceedings against the Group or other

companies in the mobile communications industry; and changes in statutory tax rates and profit mix, the Group’s ability to resolve open tax issues and the timing and amount of any payments in respect of tax

liabilities.

Furthermore, 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 by referring to the

information contained under the heading “Forward-looking statements” and "Principal risk factors and uncertainties" in Vodafone Group Plc's Annual Report for the year ended 31 March 2013. The Annual Report

can be found on the Group’s website (www.vodafone.com/investor). All subsequent written or oral forward-looking statements attributable to the Company or any member of the Group or 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 this presentation will be realised. Except as otherwise stated

herein and as may be required to comply with applicable law and regulations, Vodafone does not intend to update these forward-looking statements and does not undertake any obligation to do so.

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Thank you

19

Supplementary

Information

Vodafone Turkey at a glance

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Vodafone offices

• Operating under Vodafone Group since 2006

• No.2 mobile market player with 30% total mobile revenue

market share and 19.3m customers

• 2G licence since 1998 and 3G licence since 2009

• Providing fixed line services through acquisitions since 2010

Vodafone call centers

Istanbul

Izmir

Ankara

Afyon

Samsun

Elazig

£1,948m Total Revenue

(FY12/13)

+19.2% Total revenue

growth1 (FY12/13)

16.5% EBITDA margin

(FY12/13)

£322m EBITDA

(FY12/13)

1.2k Exclusive shops

(Q1 13/14)

14.5k Non-exclusive shops

(Q1 13/14)

5 Call centers

40 Regional

distribution centers

1. Year-over-year organic growth rate

Glossary

21

• FDI – Foreign Direct Investment

• GSM – Global System for Mobile Communications

• ICT – Information and Communications Technology

• ICTA – Information and Communications Technologies Authority

• PSTN – Public Switched Telephone Network

• UNCTAD – United Nations Conference on Trade and Development