UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 20-F

 

(Mark One)

 

o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
   
OR
   
x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended March 31, 2021
   
OR
   
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
OR
   
o SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

    Date of event requiring this shell company report . . . . . . . . . . . . . . . . . . .

 

    For the transition period from                                              to                                            

 

Commission file number 001-10086

 

VODAFONE GROUP PUBLIC LIMITED COMPANY
(Exact name of Registrant as specified in its charter)
 
As above
(Translation of Registrant’s name into English)
 
England
(Jurisdiction of incorporation or organization)
 
Vodafone House, The Connection, Newbury, Berkshire RG14 2FN, England
(Address of principal executive offices)
 

Rosemary Martin (Group General Counsel and Company Secretary)

Telephone +44 (0) 1635 33251 email ir@vodafone.co.uk

Vodafone House, The Connection, Newbury, Berkshire RG14 2FN, England

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

 

Securities registered or to be registered pursuant to Section 12(b) of the Act.

 

Title of each class   Trading symbol(s)   Name of each exchange
on which registered
Ordinary shares of 20 20/21 US cents each   VOD   NASDAQ Global Select Market*
American Depositary Shares (evidenced by American Depositary Receipts) each representing ten ordinary shares   VOD   NASDAQ Global Select Market
2.500% Notes due September 2022   VOD22   The NASDAQ Stock Market
2.950% Notes due February 2023   VOD23   The NASDAQ Stock Market
3.750% Notes due 16 January 2024   VOD24   The NASDAQ Stock Market
US$1,000,000,000 Floating Rate Notes due 16 January 2024   VOD24A   The NASDAQ Stock Market
4.125% Notes due 30 May 2025   VOD25   The NASDAQ Stock Market
4.375% Notes due 30 May 2028   VOD28   The NASDAQ Stock Market
6.250% Notes due February 2032   VOD32   The NASDAQ Stock Market
6.150% Notes due February 2037   VOD37   The NASDAQ Stock Market
5.000% Notes due 30 May 2038   VOD38   The NASDAQ Stock Market
4.375% Notes due February 2043   VOD43   The NASDAQ Stock Market
5.250% Notes due 30 May 2048   VOD48   The NASDAQ Stock Market
4.875% Notes due 19 June 2049   VOD49   The NASDAQ Stock Market
4.250% Notes due 17 September 2050   VOD50   The NASDAQ Stock Market
5.125% Notes due 19 June 2059   VOD59   The NASDAQ Stock Market
Capital Securities due April 2079   VOD79   The NASDAQ Stock Market
NC5.25 Capital Securities due 2081   VOD81A   The NASDAQ Stock Market
NC10 Capital Securities due 2081   VOD81B   The NASDAQ Stock Market
NC30 Capital Securities due 2081   VOD81C   The NASDAQ Stock Market

 

Securities registered or to be registered pursuant to Section 12(g) of the Act.

 

None
(Title of Class)

 

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

 

None
(Title of Class)

 

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

Ordinary Shares of 20 20/21 US cents each: 28,816,835,778

7% Cumulative Fixed Rate Shares of £1 each: 50,000

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes x No ¨

 

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes ¨ No x

 

Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No ¨

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer x   Accelerated filer o   Non-accelerated filer o   Emerging growth company o

 

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. o

 

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x

 

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

 

U.S. GAAP o   International Financial Reporting Standards as issued
by the Internal Accounting Standards Board 
x
  Other o

 

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 o Item 18 ¨

 

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No x

 

 

 

 

 

 

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Annual Report 2021 Vodafone Group Plc Vodafone Group Plc Annual Report on Form 20-F 2021

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This constitutes the Annual Report on Form 20-F of Vodafone Group Plc (the ‘Company’) in accordance with the requirements of the US Securities and Exchange Commission (the ‘SEC’) for the year ended 31 March 2021 and is dated 23 June 2021. This document contains certain information set out within the Company’s Annual Report in accordance with International Financial Reporting Standards (‘IFRS’) as issued by the International Accounting Standards Board (‘IASB’). The content of the Group’s website (www.vodafone.com) or any website other than Vodafone referenced in this document is not incorporated into this document and should not be considered to form part of this Annual Report on Form 20-F. Contents Strategic Report 01 Our strategic framework 02 About Vodafone 04 Financial and non-financial performance 06 Chairman’s message 07 Chief Executive’s statement 08 Market and strategy 10 Mega trends 12 Stakeholder engagement 14 Strategic review 16 Business model 18 Strategic review (continued) 21 Our people strategy 23 Our financial performance 32 Purpose, sustainability and responsible business 34 Our purpose 34 Inclusion for All 38 Planet 41 Digital Society 42 Contribution to Sustainable Development Goals 43 Responsible business 52 Non-financial information 53 Principal risk factors and uncertainties Governance 62 Governance at a glance 64 Chairman’s governance statement 66 Board of Directors, leadership and responsibilities 70 Executive management 71 Board activities and principal decisions 73 Board evaluation 74 Nominations and Governance Committee 76 Audit and Risk Committee 82 Remuneration Committee 84 Remuneration Policy 90 Annual Report on Remuneration 104 US listing requirements 105 Directors’ report Financials 107 Reporting on our financial performance 108 Directors’ statement of responsibility 110 Risk mitigation 116 Reports of independent registered public accounting firms 121 Consolidated financial statements and notes 209 This page is intentionally left blank Other information 217 Non-GAAP measures 227 Shareholder information 233 History and development 233 Regulation 241 Form 20-F cross reference guide 244 Forward-looking statements 245 Definition of terms This Report contains references to Vodafone’s website, and other supporting disclosures located thereon such as videos, our ESG Addendum and our TCFD Report, amongst others. These references are for readers’ convenience only and information included on Vodafone’s website is not incorporated in, and does not form part of, this Annual Report on Form 20-F. Welcome to our Annual Report on Form 20-F 2021 S S S S S S S Exhibit 2.3 Exhibit 4.13 Exhibit 4.41 Exhibit 15.1 Exhibit 2.6 Exhibit 4.26 Exhibit 4.42 Exhibit 15.2 Exhibit 2.7 Exhibit 4.36 Exhibit 8 Exhibit 4.4 Exhibit 4.37 Exhibit 12 Exhibit 4.11 Exhibit 4.40 Exhibit 13

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Our purpose: We connect for a better future Our next phase to drive returns through growth Connecting people and things and digitalising critical sectors Digital Society Read more on pages 41-42 Reducing our environmental impact and helping society decarbonise Planet Read more on pages 38-40 Ensuring everyone has access to the benefits of a digital society Inclusion for All Read more on pages 34-37 Customer commitments Leading innovation in digital services Leveraging our unique platforms and partnering with leading technology firms to provide customers with a ’best on Vodafone’ user experience Outstanding digital experiences Using our leading digital architecture to provide a seamless customer experience Enabling strategies Social contract shaping the digital society Influencing policy and regulation to shape a more healthy industry structure, and build a resilient, inclusive and sustainable digital society Simplified & most efficient operator Through digital transformation, standardisation, and automation of processes at scale Leading gigabit networks Maintaining our leading gigabit networks as we provide our customers with the best connectivity products and ‘best on Vodafone’ user experience Read more on pages 21-22 The ‘Vodafone Spirit’ Our people & culture Read more on pages 16-20 Two attractive regions with scale Europe & Africa Read more on page 81 Strong frameworks in place Governance & Risk Management Our strategy: The new generation connectivity and digital services provider for Europe & Africa, enabling an inclusive & sustainable digital society Our advantage: Leading connectivity provider Creating value for society and shareholders Best connectivity products & services Providing the best core connectivity for consumers and businesses Strategic report Governance Financials Other information Our strategic framework 1 Vodafone Group Plc  Annual Report on Form 20-F 2021

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A new generation connectivity and digital services provider We offer a range of leading connectivity products and platforms to consumers and businesses across Europe and Africa. Our business We have delivered the first phase of our strategy to become a new generation connectivity & digital services provider. Our strategy (2019-21) About Vodafone Europe Mobile We provide a range of market leading mobile services, enabling customers to reliably call, text and access data. Fixed Our fixed-line services include broadband, TV and voice. We offer high-speed connectivity through our next-generation network (‘NGN’). Convergence Our converged plans, which combine mobile, fixed and TV services, provide simplicity and better value for customers. Other value added services These include our Consumer Internet of Things (‘IoT’) propositions, as well as security and insurance products. Consumer Africa Mobile We provide a range of mobile services, enabling customers to call, text and access data. The demand for mobile data is growing rapidly driven by the lack of fixed broadband access and by increased smartphone penetration. M-Pesa & financial services M-Pesa is our African payment platform, which has moved beyond its origins as a money transfer service. Together with Vodacom’s own platform, we now provide a range of financial services, as well as business and merchant payment services. Business We serve private & public sector customers of all sizes with a broad range of connectivity services, supported by our dedicated global network. We have unique scale and capabilities, and are expanding our portfolio of products and services beyond core mobile and fixed connectivity into new growth areas, such as: – – Unified communications – – Internet of Things – – Cloud & security Delivering our strategic priorities at pace During the first phase of our transformation we have focused on reshaping the Group and establishing a foundation from which to grow in the converged connectivity markets in Europe, and mobile data and payments in Africa. This has been delivered through four key strategic priorities: Deepening customer engagement Deepening the relationship we have with our customers by offering additional products and services in order to deliver a more consistent commercial performance and improve customer loyalty. Accelerating digital transformation Capturing the significant opportunities we have through standardisation, digitalisation and the sharing of processes to deliver best-in-class operational efficiencies and a structurally lower cost base. Improve asset utilisation Undertaking a series of actions to improve the utilisation of the Group’s assets.. Optimising the portfolio Actively managing our portfolio to simplify the Group and strengthen our position in converged connectivity markets in Europe, and mobile data and payments in Africa. Over the last three years we have made strong progress against all of these strategic priorities – reshaping Vodafone to be a stronger connectivity provider. Read more on pages 14-15 Purpose pillars Our strategy helps us to deliver our targets across three purpose pillars: Inclusion for All, Planet, and Digital Society. Inclusion for All Ensuring everyone has access to the benefits of a digital society. Planet Reducing our environmental impact and helping society decarbonise. Digital Society Connecting people and things and digitalising critical sectors. Read more on pages 32-42 Strategic report Governance Financials Other information 2 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Our business model is underpinned by our strong governance and risk management framework. How we manage our Group We track a range of measures that reflect our financial, operational and strategic progress and performance. How we measure success Strategic report Governance Financials Other information Governance The Board held seven scheduled meetings this year to deliberate on key strategic matters, our purpose and culture, our people and stakeholder interests. Nominations and Governance Committee This Committee evaluates the composition and performance of the Board to ensure it remains comprised of an appropriate balance of independence, skills, knowledge, experience and diversity. Audit and Risk Committee This Committee provides effective governance over the appropriateness of financial reporting of the Group, including the adequacy of related disclosures, the performance of both the internal audit function and the external auditor and oversight of the Group’s systems of internal control, business risks and related compliance activities. Remuneration Committee This Committee assesses and makes recommendations to the Board on the policies for executive remuneration and reward packages for the individual Executive Directors. ESG Committee On 11 May 2021, the Board approved the establishment of a new Committee to oversee our ESG programme and monitor progress against ESG key performance indicators. Risk management As the risk landscape becomes more complex and fast moving, we have to be more agile and adaptive in our identification and response to risks. We continue to evolve our risk processes to support the organisation’s goals and strategy. Risk framework Our risk framework clearly defines roles and responsibilities and sets out a consistent end-to-end process for identifying and managing risks. We have embedded the risk framework across the Group as it allows us to take a holistic approach and to make meaningful comparisons. This year our framework was further enhanced, enabling us to be more dynamic in risk detection, modelling of risk interconnectedness and the use of data, all of which are improving our risk visibility and our responses. Board oversight of principal and emerging risks To provide adequate oversight, we report on our principal and emerging risks throughout the year to the different management committees and the Board. Additionally, risk owners are invited to present in-depth reviews to ensure that risks are managed within the defined tolerance levels. Read more on pages 53-61 Operational metrics We have a number of commercial metrics that are used to monitor our progress against our key strategic priorities and reflect the strong underlying momentum across the business. Read more on pages 14-15 Social contract Monitoring the success we have in shaping a healthier industry structure that is pro-investment, supportive of returns, and build a resilient, inclusive and sustainable digital society. Read more on page 19 Sustainability metrics We monitor metrics that are aligned to the three pillars of our purpose. – – Inclusion for All: Rural connectivity, our commercial propositions for equality, as well as workplace equality. – – Planet: Our carbon footprint across the full value chain, enabling our customers to reduce their own emissions, and waste. – – Digital Society: Customers connected to our gigabit networks, supporting SMEs, and the digitalisation of critical sectors. We have also included Environmental, Social and Governance (‘ESG’) KPIs in the long-term incentive plan for our senior leaders. Read more on pages 32-42 Strategic report Governance Financials Other information 3 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Financial and non-financial performance Financial results summary1 2021 IFRS 15/16 2020 IFRS 15/16 2019 IFRS 15/ IAS 17 Group revenue €m 43,809 44,974 43,666 Group service revenue €m 37,141 37,871 36,458 Operating profit/(loss) €m 5,097 4,099 (951) Profit/(loss) for the year €m 536 (455) (7,644) Basic earnings/(loss) per share €c 0.38 (3.13) (29.05) Cash flow from operating activities €m 17,215 17,379 12,980 Borrowings less cash & cash equivalents €m (61,939) (61,368)2 (39,318) Total dividends per share €c 9.00 9.00 9.00 Strategic progress 2021 2020 2019 Deepening customer engagement Europe mobile contract customers3 million 65.4 64.4 63.2 Europe broadband customers3 million 25.6 25.0 18.8 Europe on-net gigabit capable connections3 million 43.7 31.9 21.9 Europe Consumer converged customers3 million 7.9 7.2 6.6 Europe mobile contract customer churn % 13.7 14.64 15.5 Africa data users5 million 84.9 82.6 75.6 M-Pesa transaction volume5 billion 15.2 12.2 11.0 Business fixed-line service revenue growth6 % 3.0 3.3 3.8 IoT SIM connections million 123.3 102.9 84.9 Accelerating digital transformation Europe digital channel sales mix7 % 26 21 17 Europe frequency of customer contact contacts per year 1.4 1.4 1.5 Europe MyVodafone app penetration % 63 65 62 Improving asset utilisation Average mobile data usage per customer in Europe GB/month 7.2 5.7 3.7 Europe on-net NGN broadband penetration3 % 30 30 28 Our people 2021 2020 2019 Average number of employees and contractors thousand 105 104 102 Employee engagement index8 % 74 77 80 Employee turnover rate (voluntary) % 8 12 13 Women on the Board % 45 42 42 Women in management and leadership roles % 32 31 31 Women in total workforce % 40 39 40 Key Performance Indicators We measure our success by tracking key performance indicators that reflect our strategic, operational and financial progress and performance. Our progress Notes: 1. IFRS 16 “Leases” was adopted on 1 April 2019 for our statutory reporting, without restating prior period figures. As a result, the Group’s statutory results for the years ended 31 March 2021 and 31 March 2020 are on an IFRS 16 basis, whereas the comparative period for the year ended 31 March 2019 is on an IAS 17 basis. 2. FY20 borrowings has been aligned to the FY21 presentation which excludes derivative movements in cash flow hedging reserves. 3. Including VodafoneZiggo. 4. Excluding the impact of inactive data only SIM losses in Italy during Q3 and Q4 FY20. 5. Africa including Egypt, Ghana and Safaricom. 6. Organic growth. 7. Based on Germany, Italy, UK and Spain. 8. For 2020 and 2021, our employee engagement index is based on a weighted average index of responses to three questions: satisfaction working at Vodafone, experiencing positive emotions at work, and recommending us as an employer. Different methodology applied in 2019. Strategic report Governance Financials Other information 4 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Purpose, sustainability and responsible business 2021 2020 2019 Inclusion for All 4G population coverage (outdoor 1Mbps) – Europe1 % 98 97 95 4G population coverage (outdoor 1Mbps) – Africa2 % 623 53 42 Estimated number of additional female customers in Africa4 & Turkey since 2016 million 15.9 9.65 9.55 M-Pesa and mobile money customers4 million 48 42 37 Planet6 Energy use Total electricity cost €m 760 – – Total energy use GWh 5,832 5,790 5,770 Energy use on base stations & technology centres % 96 95 94 Purchased electricity from renewable sources (Group) % 56 23 14 Purchased electricity from renewable sources (Europe) % 80 33 19 Greenhouse gas emissions (‘GHGs’) Total Scope 1 and Scope 2 GHG emissions (market-based method) m tonnes CO2e 1.37 1.95 2.14 Total Scope 3 GHG emissions m tonnes CO2e 9.4 9.5 10.7 Total customer emissions avoided due to our IoT platform m tonnes CO2e 7.1 6.9 5.9 Waste Total waste (including hazardous waste) metric tonnes 7,900 9,500 8,500 Network waste recovered and recycled % 99 99 94 Digital Society Europe gigabit capable connections1 million 69 42 26 5G available in countries1 # 12 8 1 5G available in cities (>100k population)1 # 244 75 1 Responsible business Code of Conduct Completed ‘Doing What’s Right’ employee training % 84 92 – Number of ‘Speak Up’ reports # 623 602 738 Employee trust in Speak Up % 87 –7 84 Health & safety Number of lost-time employee incidents # 7 33 648 Lost time incident rate per 1,000 employees # 0.06 0.35 0.628 Responsible supply chain Total spend €bn 24 24 22 Direct suppliers thousand 11 11 11 Number of site assessments (conducted by Vodafone or Joint Audit Cooperation) # 76 74 85 Tax and economic contribution Total tax and economic contribution9 €bn – 12.4 12.7 We want to enable an inclusive and sustainable digital society. We are also dedicated to ensuring that Vodafone operates responsibly and ethically. Purpose, sustainability and responsible business Notes: 1. Includes VodafoneZiggo. 2. Based on coverage in Africa, including Egypt. Excludes Safaricom. 3. Includes Ghana. 4. Africa including Egypt, Ghana and Safaricom. 5. 2019 and 2020 restated to include Egypt. 6. Data calculated using local market actual or estimated data sources from invoices, purchasing requisitions, direct data measurement and estimations. Carbon emissions calculated in line with GHG Protocol standards. Scope 2 emissions are reported using the market-based methodology. For full methodology see our ESG Addendum 2021. 7. Figure not available due to change in employee survey methodology during the year. 8. Data includes lost-time incidents in Vodafone India up until 1 September 2018. 9. Includes direct taxes, non-taxation based revenue mechanisms, such as payments for the right to use spectrum, and indirect taxes collected on behalf of governments around the world. Our tax report for 2021 will be published in the next year following the submission of our tax returns and payment of all applicable taxes. For more information, refer to our Tax and Economic Contribution reports, available at: vodafone.com/tax. 5 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information Strategic report Governance Financials Other information

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Chairman’s message Enabling an inclusive, sustainable digital society It is a great privilege to be able to share my thoughts with you for the first time since becoming Chairman of Vodafone in November 2020. Before I comment on the strong progress we have made this year, and the key role Vodafone has played in keeping society connected during the COVID-19 pandemic, I would first like to comment on what attracted to me to joining your Board. The attraction of Vodafone Vodafone is a dynamic and fast paced business, operating in an essential industry. It has a clear vision and purpose for society, which in light of the current pandemic is even more relevant than ever. Under Nick’s leadership not only has a lot already been achieved over the last three years, there is still a great opportunity ahead of us. The opportunity to oversee and support the long-term success of Vodafone in the next phase of its transformation to become a new generation connectivity and digital services provider for Europe and Africa, enabling an inclusive, sustainable digital society is, I believe, an exceptionally exciting one – and one I’m fully committed to. Whilst my induction to Vodafone has been almost entirely digital, I am grateful to the Board, Executive Committee and broader team for the comprehensive on-boarding that I have received and the many extensive engagements covering all aspects of the business. I would also like to thank my predecessor, Gerard Kleisterlee, for his strong support and counsel during my transition to Vodafone. Supporting society during the COVID-19 crisis Since I joined the Board, I have been impressed by the Company’s ability to adapt quickly to the changes in circumstances for the business and the demand placed on our service, across all of our markets. The ongoing COVID crisis represents a significant challenge for many businesses and citizens. Yet, Vodafone has continuously adapted throughout this period. The passion and commitment of all of our 105,000 people, combined with the ‘can-do’ spirit to get things done together, has been essential over the last year. The connectivity we provide has been a lifeline for society, enabling people to work, businesses to remain operational, public services to function and people to stay in touch with their family and friends. As a result, the pace of the business has actually accelerated to address many of the challenges we and our customers are facing, but also to capture the opportunities that have arisen as societies embrace digital transition more than ever. Resilient performance in a challenging backdrop Despite the tough operating environment, and unprecedented period of global uncertainty, we delivered a resilient financial performance that was in line with our expectations and guidance for the year. This was the result of the strong execution against our strategy, as we further deepened customer engagement and delivered a more consistent commercial performance, accelerated our digital transformation, continued to improve asset utilisation and optimised our portfolio. Total revenue declined by 2.6% to €43.8 billion, with Group organic service revenue returning to growth in the second half of the year. This was despite lower roaming and visitor revenue following a significant reduction in international travel due to COVID-19. Group operating profit increased by €1.0 billion to €5.1 billion and basic earnings per share increased to 0.38 eurocents. The significant progress we’ve made in improving asset utilisation and reshaping the Group, including the successful IPO of Vantage Towers, is also helping to drive improved returns on capital and a reduction in net debt across the Group – however there is clearly still more to be done. This good financial performance, solid commercial momentum and robust financial position provides the Board with the confidence to declare a total dividend per share of 9.00 eurocents for the year, implying a final dividend per share of 4.5 eurocents which will be paid on 6 August 2021. Shaping industry structure to support the COVID-19 recovery As we now look to the challenges faced by governments, regulators and policy makers in enabling and supporting both economic and social recovery, it is clear that the services we provide to people, businesses and public sector organisations are increasingly essential to this broader recovery. Yet, it is also clear to me that policy and regulatory decisions of the last decade have had a material impact on returns for the telecommunications industry, which still weighs heavily on operators’ ability to invest in everything from connectivity infrastructure to new services. Looking forward, and considering Europe and Africa’s important digital ambitions, there is an ever more urgent need to overcome the shortcomings of the past. Clear actions – and better cooperation between governments and industry – are required to create a more healthy and sustainable industry structure that is truly pro-investment, pro-innovation and supportive of returns. Our social contract embraces this new collaborative, partnership approach with governments, policy makers, regulators and external stakeholders. Through a shared future vision, we believe that both Europe and Africa can overcome their many digital divides and sizeable investment gaps, thereby allowing them to compete more effectively on the global stage and even become pioneers in many areas of the technology ecosystem. At the same time, while we have started to see some positive signs of a more healthy industry structure emerge, it is also clear that the steps to date fall far short of what is needed to close the widening investment gaps and build a resilient, inclusive and sustainable digital society.  Vodafone is fully committed to deliver its part to achieve truly inclusive digital societies in all communities that we serve. Guided by our purpose, our ‘social contract’ response to the COVID crisis (so-called ‘five point plan’) has been significant and, as we did even before this crisis, we will continue to do whatever we can to support the most vulnerable among us. We are also committed to taking urgent action to address the climate change emergency both in our own and our business customers’ footprint. Our high-speed connectivity and digital tools will be critical enablers of the green transition. Similarly, we are rapidly reducing our own environmental footprint, taking the lead in the sector, and demonstrating the value of digital. All of our European networks will be fully powered by renewable energy by July this year, and we have set a target to reach ‘net zero’ for our own carbon emissions by 2030 and across our complete value chain by 2040. We have also reported for the first time our progress towards meeting the recommendations of the Task Force on Climate-related Financial Disclosures (‘TCFD’) in a standalone TCFD report. Looking ahead On behalf of the Board, I would like to thank all of our people who have worked tirelessly over the last year to keep our customers and society reliably connected, as well as our shareholders for their continued support. As we enter FY22, we will continue to focus on delivering our purpose and strategy at pace, supported by the good underlying momentum in the business. Never has our role of ‘connecting people for a better future’ been more important. /s/ Jean-François van Boxmeer Jean-François van Boxmeer Chairman Governance Financials Other information 6 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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Chief Executive’s statement Resilient performance in FY21 and announcing next phase in our strategy I am pleased that we achieved full year results in line with our guidance and we exited the year with accelerating service revenue growth across the business, with a particularly good performance in our largest market, Germany. We have delivered on the first phase of our strategy to reshape Vodafone as a stronger connectivity provider – including the simplification of the group to Europe and Africa, the successful IPO of Vantage Towers (€13.2 billion market capitalisation), the fast roll out of our next generation mobile and fixed networks, share gain in broadband subscriptions and continued reduction in customer churn. Our digital transformation initiatives have generated savings of €0.5 billion over the year and the integration of the assets acquired from Liberty Global is well ahead of plan. We are now well positioned for the next phase in our multi-year transformation. The next phase of our strategy Our customer commitments Best connectivity products & services Grow revenue through providing the best core connectivity products and services in each of our markets for both consumers and businesses. Leading innovation in digital services Leveraging our unique platforms and partnering with leading technology firms to provide customers with a ’best on Vodafone’ user experience. Outstanding digital experiences Using our leading digital architecture to provide a seamless customer experience across all channels – app, online, retail and physical delivery at home. Our enabling strategies Simplified & most efficient operator Delivering further efficiencies through digital transformation, standardisation of products and procedures, and automation of processes at scale. Social contract shaping digital society Influencing policy and regulation to shape a more healthy industry structure, and build a resilient, inclusive and sustainable digital society. Leading gigabit networks Maintaining our leading gigabit networks as we provide our customers with the best connectivity products and ‘best on Vodafone’ user experience During this next phase of our ongoing transformation to be a new generation connectivity and digital services provider, we are committed to improving returns. We have delivered the first phase of our strategy to become a new generation connectivity & digital services provider. Our strategy (2019-21) ü Delivering our strategic priorities at pace During the first phase of our transformation we have focused on reshaping the Group and establishing a foundation from which to grow in the converged connectivity markets in Europe, and mobile data and payments in Africa. This has been delivered through four key strategic priorities: Deepening customer engagement Deepening the relationship we have with our customers by offering additional products and services in order to deliver a more consistent commercial performance and improve customer loyalty. Accelerating digital transformation Capturing the significant opportunities we have through standardisation, digitalisation and the sharing of processes to deliver best-in-class operational efficiencies and a structurally lower cost base. Improve asset utilisation Undertaking a series of actions to improve the utilisation of the Group’s assets. Optimising the portfolio Actively managing our portfolio to simplify the Group and strengthen our position in converged connectivity markets in Europe, and mobile data and payments in Africa. Over the last three years we have made strong progress against all of these strategic priorities – reshaping Vodafone to be a stronger connectivity provider. The world has changed. The pandemic has shown how critical connectivity and digital services are to society. Vodafone is strongly positioned and through increased investment, we are taking action now to ensure we play a leadership role and capture the opportunities that these changes create. The increased demand for our services supports our ambition to grow revenues and cash flow over the medium-term. We remain fully focused on driving shareholder returns through deleveraging, improving our return on capital, and a firm commitment to our dividend. /s/ Nick Read Nick Read Chief Executive Read more on pages 14-15 Read more on pages 18-20 7 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Operating in a rapidly changing industry Market and strategy The long-term trends that are shaping our industry and driving new growth opportunities. Mega trends The demands of our stakeholders are continuously evolving. Engaging with them regularly is fundamental to how we operate. Our stakeholders Our customers1 We are focused on deepening our engagement with our customers to develop long-term valuable and sustainable relationships. Vodafone is the largest mobile and fixed network operator in Europe and a leading global IoT connectivity provider. We have millions of customers across Europe and Africa, ranging from individual consumers to large multinational corporates. 315m mobile customers 28m broadband customers 22m TV customers Our people Our people are critical to the successful delivery of our strategy. It is essential they are engaged and embrace our purpose and values. 105,000 employees and contractors Our suppliers Our suppliers provide us with the products and services we need to deliver our strategy and connect our customers. In total we have more than 10,500 suppliers who partner with us, ranging from start-ups and small businesses to large multinational companies. 10,500 suppliers Our local communities and NGOs We believe the long-term success of our business is closely tied to the success of the communities in which we operate. We interact with local communities and NGOs, seeking to be a force for good wherever we operate. €150m donated in contributions and services in-kind in response to the COVID-19 crisis Government and regulators Our relationship with governments and regulators is important to ensure policies are developed in the interests of our customers and the industry, while also enabling them to better understand the positive impact we can have on the environment and communities we operate in. €12.4bn total tax and economic contribution in 2020 Our investors Our investors include individual and institutional shareholders, as well as debt investors. We maintain an active dialogue with our investors through our extensive investor relations programme. >1,000 investor interactions in FY21 Note: 1. Includes VodafoneZiggo and Safaricom Remote working The trend towards remote working for employees is growing and this has been further accelerated by the COVID-19 pandemic. Providing reliable high-speed connections for consumers and businesses working from home or remotely is becoming increasingly essential. Connected devices The demand for connected devices, beyond smartphones, is growing rapidly. The Internet of Things is expected to drive huge operational efficiencies, deliver real-time information, and can be applied to a broad range of use cases. Adoption of cloud technology Businesses and consumers are increasingly moving away from using their own hardware and device-specific software and instead using more efficient, shared capacity and services over the cloud. Digital and green transformation for the private & public sector The European Union has launched a series of support mechanisms totalling €750 billion under the banner “NextGenerationEU”. This includes a Recovery & Resilience facility, which combines €360 billion of loans and €312 billion of grants available to European Union Member States. This funding presents a direct and indirect opportunity given at least 20% of the total funding is planned to support the European Commission’s digital transformation agenda. In addition, in order to remain competitive and fulfil their social and environmental commitments, companies are increasingly looking to digitalise their operations to become more efficient and limit their environmental impact. Digital payments & financial services The trend towards more digital forms of payment is growing, with a broader range of financial services now being delivered through apps and online. In Africa, the growth in smartphone penetration is allowing consumers to access digital financial services for the first time, enabling money transfers, loans, insurance and even merchant payments. Read more on pages 10-11 Read more on pages 12-13 Strategic report Governance Financials Other information 8 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Our strategic priorities FY21 achievements Deepening customer engagement Consumer We are deepening the relationship we have with our customers by selling additional products and services, particularly fixed and converged products in Europe and mobile data and financial services in Africa. We believe this will enable us to deliver a more consistent commercial performance, drive revenue growth and improve customer loyalty. Europe Africa1 NGN broadband customers added +1.4m Customer loyalty 0.9pp year-on-year improvement in mobile contract customer churn Data users 84.9m M-Pesa transaction volume 15.2bn + 25% year-on-year Business We are expanding our portfolio of products and services beyond core connectivity into new growth areas such as unified communications, Internet of Things, and cloud & security. Business Fixed line service revenue growth 3.0% IoT SIM connections +20m total base now 123 million Accelerating digital transformation Through standardisation, digitalisation and sharing of processes we are capturing the significant opportunities available to us to deliver best-in-class operational efficiencies and a structurally lower cost base. Cumulative net opex savings across Europe markets2 €1.3bn c.15% reduction over 3 years Role efficiencies in shared services 5,500 over 3 years Improving asset utilisation Through a series of initiatives we are improving the utilisation of the Group’s assets as part of our focus on improving the Group’s return on capital. Unitymedia cost & capex synergies realised >65% Countries with network sharing agreements 7 Optimising portfolio We are actively managing our portfolio of assets in order to simplify the Group, and strengthen our position in converged connectivity markets in Europe, and mobile and data payments in Africa. Vantage Towers IPO €2.2bn proceeds3 Portfolio optimisation 19 M&A transactions since FY19 Read more on pages 14-15 Notes: 1. Africa including Ghana, Egypt and Safaricom. 2. Europe and Common Functions. 3. Includes greenshoe proceeds of €0.2 billion received in April 2021. We have made strong progress and executed at pace across all four of our strategic priorities. As a result we have completed the first phase of our transformation. Our progress Reflecting the long-term opportunities and challenges that we face. Our strategy (2019-21) 9 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Note: 1. GSMA Intelligence, The Mobile Economy 2020. The world continues to evolve rapidly. In part, this is due to the availability of new and transformational technologies, but it is also to do with the way society connects, adapts and makes use of these new digital advances. We have identified five ‘mega trends’ that will shape our industry in the years to come: remote working, connected devices, adoption of cloud technology, the digital and green transformation of public and private sectors, and digital payments. Remote working The trend towards remote working for employees and businesses was strong before the impact of the pandemic, driven by the changing lifestyle priorities of different demographics. COVID-19 has driven a step-change in demand, driving multiple benefits including a more flexible organisational culture and greater productivity. This trend is driving demand for fast and reliable fixed and mobile connectivity for individual workers, but also emerging cloud architecture, digital security and unified communications solutions for employers. The majority of large multinationals already have remote working capabilities, however they are now moving to more efficient technologies. For smaller companies, ranging from corporates to small/medium-sized offices, they rely on network operators such as Vodafone to provide secure remote working solutions. These solutions include virtual private networks, unified communication services and the migration of enterprise applications to the cloud. This is vital for business continuity, and it provides network operators an opportunity to further deepen customer relationships – offering them a broader range of services. Connected devices The world is becoming ever more connected, and it is not just driven by smartphones. A wide range of new devices, across all sectors and applications, are increasingly being connected to the internet. The number of connected devices, known as the Internet of Things, is expected to more than double to 25 billion by 20251. This is driven by continued reductions in the cost of computing components, advances in cross-device operability and software, and the near-ubiquity of mobile networks. For consumers, there is a growing range of applications such as smartwatches, tracking devices for pets, bags and bicycles, and connected vehicles – which can lower insurance premiums and enable a range of advanced in-vehicle solutions. Network operators are increasingly not only providing the connectivity, but also building the complete end-to-end hardware and software solutions for these devices. Mega trends Long-term trends shaping our industry For businesses, the demand for IoT and potential use cases is even more evident. These include solutions such as automated monitoring of energy usage across national grids, tracking consumption in smart buildings and detecting traffic and congestion in cities. In environments that are more localised, such as factories and ports, network operators are building and running Mobile Private Networks (‘MPNs’). MPNs offer corporate customers unparalleled security and bespoke network control. As an example, MPNs enable autonomous factories to connect to thousands of robots, enabling them to work in a synchronised way. Once a product leaves the factory it can also be tracked seamlessly through global supply chain management applications, whether it is delivered through the post, a vehicle or even via drones. In areas where the same solution can be deployed across multiple sectors, network operators are moving beyond connectivity to provide complex end-to-end hardware and software solutions such as surveillance, smart metering and remote monitoring; and it is often more efficient for these solutions to be created in-house. Scaled operators can leverage their unique position to co-create or partner with nimble start-ups at attractive economics. Adoption of cloud technology Over the last decade, large technology companies have invested heavily in advanced centralised data storage and processing capabilities that organisations and consumers can access remotely through connectivity services (commonly termed ‘cloud’ technology). As a result, organisations and consumers are increasingly moving away from using their own expensive hardware and device-specific software to using more efficient shared hardware capacity or services over the cloud. This is popular as it allows upfront capital investment savings, the ability to efficiently scale resources to meet demand, easily update systems and increase resiliency. This is driving demand for fast, reliable and secure connectivity with lower latency. Many small businesses increasingly understand the benefits of cloud technology, however they lack the technical expertise or direct relationships with large enterprise and cloud specialists. This presents an opportunity for network operators, who have strong existing relationships and can effectively navigate moving to the cloud at scale. Governance Financials Other information 10 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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Notes: 1. GSMA Intelligence, State of the Industry Report on Mobile Money 2021. Larger corporates who may already use the cloud today, are progressively moving away from complex systems based on their own servers or single cloud solutions, to multi-cloud offers, sold by network operators and their partners. This approach reduces supplier risk and increases corporate agility and resilience. Large corporates continue to drive higher demand for robust, secure and efficient connectivity services as they transition from their own legacy hardware and services. Cloud providers also recognise the criticality of telecommunications networks. Many cloud providers are partnering with the largest network operators, sometimes through revenue sharing agreements, to develop edge computing solutions which integrate data centres at the edge of telecommunication networks to deliver customers reduced latency. Consumers use cloud solutions for a variety of reasons, including digital storage and online media consumption. Consumer hardware is also now being replaced by cloud-first solutions. For example, new cloud-based gaming services allow consumers to stream complex, bandwidth-heavy computer games directly to their phones or tablets, without the need for expensive dedicated hardware. Fast and reliable connectivity will act as a catalyst for further innovation and consumer applications, many of which do not currently exist today. Read more about Vodafone’s leading gigabit connectivity infrastructure and digital platforms on pages 18-20 Digital and green transformation of the public and private sectors As part of the fiscal response to the COVID-19 pandemic, the European Union has launched a series of support mechanisms with €750 billion available under the banner “NextGenerationEU”. This includes the Recovery & Resilience facility, which combines €360 billion of loans and €312 billion of grants available to European Union Member States. Of these grants, approximately 70% of the total will be allocated to European Union Member States in which Vodafone has an operating presence. 70% of these grants are planned to be distributed by the end of 2022. The range of funding presents a direct and indirect opportunity given at least 20% of the total funding is planned to support the European Commission’s digital transformation agenda. The UK and many of our African markets have similar stimulus measures in place. These support measures will help connect schools, hospitals and businesses to gigabit networks and provide hardware, such as tablets to millions of schoolchildren. Read more about how Vodafone is helping revolutionise healthcare on page 42 Similarly, the European Union has committed to be carbon-neutral by 2050. Mobile network operators across Europe will be able to benefit from these funds as they seek to limit their impact on the climate, and help other customers from across the private and public sectors reduce their own energy use and carbon emissions. Small and medium-sized enterprises (‘SMEs’) in Europe can often lag behind in terms of digital adoption. However, under various government- led support mechanisms, SMEs will be eligible for vouchers, grants and loans to transition to eCommerce, upskill employees, and transition to cloud-based solutions whilst ensuring they are secure as they do so. SMEs will look to trusted and experienced network operators which can offer a full suite of solutions, whilst also help them navigate technical and regulatory processes. Finally, to ensure the benefits of these projects are spread equitably, funding is also being allocated towards rural inclusion to subsidise the building of network infrastructure where it is currently uneconomical for operators to do so. Read more about how Vodafone is ensuring society and communities have access to connectivity wherever they are on pages 34-36 Digital payments Businesses in Europe continue to expand and migrate sales channels from physical premises to online channels such as websites and mobile applications. As a result, businesses increasingly transact through mobile-enabled payment services which remove the need for legacy fixed sales terminals. Consequently, businesses demand reliable and secure mobile connectivity. Consumers are also increasingly transitioning away from using cash, to digital payment methods conducted directly via mobile phones or smartwatches, further increasing the importance of mobile networks. In Africa, digital payments are primarily conducted via mobile phones through payment networks owned and operated by network operators, and the value of transactions processed per day is expected to reach over $3 billion globally by 2022, compared to $2.1 billion in 20201. Consumers are also moving beyond peer-to-peer transactions as rising smartphone penetration drives the adoption of mobile payment applications. Network operators are using these applications to sell additional financial services focused products, ranging from advances on mobile airtime and device insurance to more complex offerings such as life insurance. This plays a critical role in improving financial inclusion for millions of people across Africa where the traditional banking sector has not been able to reach. Read more about how Vodafone is building platforms on pages 18 and 36 Businesses are also increasingly reliant on operator-owned payment infrastructure for consumer-to-business payments, but also for large business-to-business transfers. These payment networks drive scale benefits for the largest operators by allowing customers to save on transaction fees whilst also driving both business and consumer customers to seek reliable and secure networks. 11 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Regular engagement ensures we operate in a balanced and responsible way, both in the short and longer term. We are committed to maintaining good communications and building positive relationships with all of our stakeholders, as we see this as essential to strengthening our sustainable business. We have summarised our interactions with key stakeholders during the year below. Vodafone is required to provide information on how the Directors have performed their duty under section 172 of the Companies Act 2006 to promote the success of Vodafone, including how those matters and the interests of Vodafone’s key stakeholders have been taken into account by the Directors. The engagement mechanisms directly involving the Directors are indicated below with a symbol. Read more about how the Board considered stakeholder interests on pages 71-72 Our customers We are focused on deepening our engagement with our customers to develop long-term valuable and sustainable relationships. In total we have hundreds of millions of customers across Europe and Africa, ranging from individual consumers to large multinational corporates. How did we engage with them? – – Digital channels (MyVodafone app, TOBi chatbots, social media interaction and the Vodafone website) – – Call centres – – Branded retail stores What were the key topics raised? – – Better value offerings – – Faster data networks and wider coverage – – Making it simple and quick to deal with us – – Managing the challenge of data-usage transparency – – Converged solutions for consumer and business customers – – Prompt feedback/resolution on service-related issues How did the Board engage? – – The Board participated in a dedicated review of the Group’s Net Promoter Scores, facilitated by Executive Committee members How did we respond? – – Launched speed-tiered worry-free unlimited data offers in 10 markets – – Launched 5G in 12 markets and expanded our 4G coverage – – Leveraged our digital channels to support easy access for all of our customers during the COVID-19 crisis – – Upgraded MyVodafone app – new functionality and easier navigation – – Scaled up TOBi (our Artificial Intelligence ‘AI’ agent ) to include voice as well as chat capabilities – – Implemented the highest safety standards possible in our stores in order to keep our customers and colleagues safe – – Introduced integrated packages offering internet, TV and mobile – – Extended our range of consumer IoT products – – Facilitated working from home and increased data allowances during the COVID-19 crisis Stakeholder engagement Engaging regularly with our stakeholders is fundamental to the way we do business Our people Our people are critical to the successful delivery of our strategy. It is essential that they are engaged and embrace our purpose and values. Throughout the year we focused on a number of areas to ensure that our people are highly motivated and we remained focused on wellbeing. How did we engage with them? – – Regular meetings with managers – – European Employee Consultative Committee – – National Consultative Committee (South Africa) – – Internal website & live webinars – – Executive Committee discussions – – Newsletters and electronic communication – – Employee Speak Up channel – – Global Pulse and Spirit Beat surveys What were the key topics raised? – – Opportunities for personal and career development – – Communication and knowledge sharing across the Group – – Enhancing leadership coaching capacity – – Deepening digital skills – – Impacts of COVID-19 and Brexit – – Global Pulse & Spirit Beat survey actions How did the Board engage? – – Valerie Gooding, in her capacity as Workforce Engagement Lead, updated the Board on employee voice engagements, and the Chief Human Resources Officer provided updates on the Vodafone Spirit How did we respond? – – Training courses including developing new skills such as digital marketing, e-commerce, coding, big data and analytics – – Internal communication to staff on the impacts of COVID-19 and Brexit – – Introduced new digital tools and apps to improve our people experience as the majority of our employees (95%) continued to work effectively and safely from home during the year – – Provided a range of physical and mental wellbeing services – – Survey actions and monitoring progress at Executive Committee and Board level – – Launched a leadership programme called the Senior Leadership Team (‘SLT’) Spirit Accelerator for 277 of our senior leaders Our suppliers Our business is helped by more than 10,500 suppliers who partner with us. These range from start-ups and small businesses to large multinational companies. Our suppliers provide us with the products and services we need to deliver our strategy and connect our customers. How did we engage with them? – – Virtual safety forums, events, conferences and site visits – – Tenders and requests for audits – – Supplier audits and assessments What were the key topics raised? – – Improving health and safety standards – – Promoting diversity and inclusion – – Partnering on environmental solutions – – Timely payment and fair terms – – Supplier/product innovation Governance Financials Other information 12 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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How did the Board engage? – – The Board received updates on the role of our key suppliers and geo-political factors impacting our global supply chains How did we respond? – – Held safety forums virtually every quarter – – Hosted a technology event to encourage our suppliers to explore the latest technologies – – Provided faster payment terms to support over 1,200 smaller businesses during the COVID-19 crisis Our local communities and non- governmental organisations (‘NGOs’) We believe that the long-term success of our business is closely tied to the success of the communities in which we operate. We interact with local communities and NGOs seeking to be a force for good wherever we operate. How did we engage with them? – – Through our products and services – – Community interaction on projects relating to education, health, agriculture and inclusive finance – – Participation in key international forums and working groups – – Vodafone Foundation/community partnerships – – Worked with different NGOs around the world What were the key topics raised? – – Access to connectivity and digital services, and closing the digital divide – – Maintaining connectivity services during the COVID-19 pandemic and providing data analytics support – – Free-to-use social media, education and job sites – – Investment in infrastructure – – Delivery of global and national development goals, including UN Sustainable Development Goals How did the Board engage? – – A comprehensive update on Vodafone’s purpose and Vodafone Foundation was presented to the Board, including progress made against KPIs How did we respond? – – Responded to COVID-19 with dedicated plans in Europe and Africa, providing donations and services in-kind, and data analytics support to World Bank, UNICEF & IMF – – Launched ConnectU in South Africa – a “free-to-use” portal providing essential services to customers – – Ensured that our technology continues to be compliant with national regulations and international guidelines – – We continued work as the largest corporate partner for Connected Education for United Nations High Commissioner for Refugees Governments and regulators Our relationship with governments and regulators is important to ensure policies are developed in the interests of our customers and the industry, while also enabling them to better understand the positive impact we can have on the environment and communities we operate in. How did we engage with them? – – Participation and attendance at company and industry meetings with government and regulators, public forums and parliamentary processes – – Meetings with ministers, elected representatives, policy officials and regulators – – Hosting workshops to improve sector understanding What were the key topics raised? – – Security and supply chain resilience – – The Digital Economy and Society – – Responses to COVID-19 – – The European Green Deal – – Data protection and privacy – – Regulatory environment and compliance How did the Board engage?
 – – Management updated the Board on how Vodafone has worked with governments and regulators during the COVID-19 pandemic – – Management provided regular updates on legal and regulatory matters How did we respond? – – Held workshops with European and US governments as well as the European Commission – – Communications on the impact of electromagnetic fields (‘EMF’) – – Engaged on network design and deployment (e.g. Open RAN) – – Engaged on issues such as the allocation of spectrum and the protection of consumers – – Discussion on an environment that facilitates investment in technology – – Engaged on the Green and Digital Transformation of the EU – – Engaged on digitisation of Industries and SMEs Our investors Our investors include individual and institutional shareholders as well as debt investors. We maintain an active dialogue with our investors through our extensive investor relations programme. How did we engage with them? – – Personal meetings, virtual roadshows, conferences – – Annual & interim reports and presentations – – Capital markets days – – Stock Exchange News Service (‘SENS’) announcements – – Re-platformed Investor relations website to enhance digital communication capabilities – – Annual General Meeting (‘AGM’) – – Investor perception study and regular feedback survey What were the key topics raised? – – Strategy to deliver sustained financial growth – – Impact of COVID-19 – – Allocation of capital – – Corporate governance practices – – ESG strategy and targets – – Dividend policy – – Deleveraging strategy How did the Board engage? – – Due to restrictions on large gatherings, the 2020 AGM was closed. However, shareholders were able to submit questions to the Board – – Investor roadshows are attended by Directors for direct Q&A sessions How did we respond? – – We conducted over 1,000 investor interactions through meetings with major institutional shareholders, debt investors, individual shareholder groups and financial analysts, and attended several conferences – – Meetings were attended by the appropriate mix of Directors and senior management, including our Chairman, Chief Executive, Chief Financial Officer, and Executive Committee members – – Capital markets day as part of the IPO of Vantage Towers and a virtual investor briefing for Vodafone Business 13 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Deepening customer engagement Our actions have delivered a more consistent commercial performance, and our service revenue trends have remained resilient, despite the direct impacts of the COVID-19 pandemic on revenue from roaming and visitors. In mobile, we have launched speed-tiered, unlimited data plans in 10 markets. This has enabled us to stabilise and grow our higher value customer base and increase average revenue per user (‘ARPU’). We have also launched and embedded ‘second’ brands across our markets and now have over 5 million active users across our second brands in Germany, Italy, the UK and Spain. We have maintained strong commercial momentum in our fixed business and over the past three years we have added 4.3 million NGN broadband customers in Europe. We also have converged customer plans available in all major markets. By deepening the relationship we have with our customers we have been able to drive a significant improvement in customer loyalty, with mobile contract churn in Europe reducing by 2.3 percentage points over the last three years. In Africa, demand for mobile data remains significant given the lack of fixed line infrastructure. There is also a substantial opportunity to grow M-Pesa (our mobile payments platform) and expand it into new financial and digital services. During the last three years, we have continued to see significant demand for mobile data and monthly average data usage in our markets outside Europe has increased to 4.6 GB (FY18: 2.2 GB). The total number of data users in Africa has grown from 72.4 million to 84.9 million. The number of M-Pesa and other mobile money customers has continued to grow strongly, with a total of 48.3 million active users now registered. Accelerating digital transformation We have now exceeded our original three-year target of at least €1.2 billion of net savings from operating expenses in the markets across Europe and Common Functions, with cumulative savings of €1.3 billion, equivalent to a c.15% net reduction. This focus on efficiency, delivered through standardisation, integration and digitalisation of our operations, has enabled us to deliver a resilient performance during the pandemic with our profitability remaining broadly stable. In the last three years, we have introduced 5,500 role efficiencies in our shared service centres (‘_VOIS’) and approximately 30% of Group employees now work in our shared operations. We are continuing to transform the business and evolve the Group digital toolset – including our AI assistant, TOBi, and Robotic Process Automation (‘RPA’) – in order to further our productivity leadership. We have also increased our digital sales, now 26% of total sales across Germany, Italy, the UK and Spain, and optimised our retail footprint. Improving asset utilisation We have reached network sharing agreements with leading mobile network operators in most of our European markets, established Vantage Towers as a separate business to consolidate the ownership and operations of our passive mobile network infrastructure, and signed significant wholesale agreements in both our fixed and mobile networks. Optimising the portfolio In order to achieve our strategic objectives to focus on converged connectivity markets in Europe, and mobile data and payments in Africa, we began a large programme to rationalise our portfolio in 2019. Our portfolio optimisation programme has had three overriding objectives as summarised below: Objective Transactions 1. Focus on Europe & Africa 5 disposals including New Zealand and Malta 4 acquisitions, including purchase of KDG shares from minority shareholders 3 mergers in Australia and India (Vodafone Idea & Indus Towers) 2. Achieve convergence with local scale 3 acquisitions in Germany, Greece and Eastern Europe 3. Enable structural shift in asset utilisation 2 tower mergers in Italy and Greece, as well as subsequent sale of INWIT stake IPO of Vantage Towers 15 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Creating a new generation connectivity & digital services provider Business model We have completed the first phase of our strategy to reshape Vodafone. We are now well positioned for the next phase in our multi-year transformation. The next phase of our strategy The next phase of our strategy focuses on three customer commitments and three enabling strategies, all of which work towards growing our revenues, expanding our margins, improving our cash conversion, and ensuring capital is allocated effectively. These areas of focus, combined with our existing strategic execution, will create sustainable value for our shareholders and returns above our weighted average cost of capital. Our leading scale and assets provide us with a significant advantage. Investing in our key differentiators Leading scale in core connectivity In Europe1, we are the leading converged connectivity provider with 7.9 million converged customers, 113 million mobile connections, 142 million marketable NGN broadband homes, cover 98% of the population in the markets we operate in with 4G, and have launched 5G in 240 cities across 10 markets. In Africa2, we are the leading provider of mobile data and mobile payment services. We have 178 million customers and are the leading connectivity provider in seven out of eight of the markets we operate in covering 62% of the population where we operate with 4G services. Differentiated platforms We have developed a range of unique and differentiated platforms that leverage on our connectivity base, and provide customers with a ‘best on Vodafone’ experience. These platforms also make us a ‘strategic partner of choice’ for large global technology companies, enabling them to distribute their content and services across multiple markets via a single platform. We have: – – one of Europe’s leading TV platforms with over 22 million users1 – – a market leading IoT platform with over 123 million connections – – M-Pesa – Africa’s leading mobile payment platform processed over 15 billion transactions during the year, and has 48 million active users – – MyVodafone app – digitally serving customers – – scaled shared service centres – centralising and automating our processes Our people & culture Our employees’ passion, commitment and expertise are key to delivering our strategy and purpose. It is important that we continue to invest in the right talent and skills for the future in order to help accelerate our digital transformation. Read more about our people strategy on pages 21-22 Governance & risk management We have strong governance and risk management frameworks that ensure that we operate responsibly and take a consistent and holistic approach to the identification, management and oversight of risks. Our brand We have one of the world’s most recognised brands. Our purpose is also the basis of our new brand positioning: ‘Together we can’. It conveys our belief that technology and innovation can help millions of people and their communities to stay connected. We feel positively about the opportunity technology gives us all when combined with the right human spirit. Notes: 1. Including VodafoneZiggo 2. Africa including Egypt, Ghana and Safaricom Our customer commitments Best connectivity products & services Grow revenue through providing the best core connectivity products and services in each of our markets for both consumers and businesses. Leading innovation in digital services Leveraging our unique platforms and partnering with leading technology firms to provide customers with a ’best on Vodafone’ user experience. Outstanding digital experiences Using our leading digital architecture to provide a seamless customer experience across all channels – app, online, retail and physical delivery at home. Our enabling strategies Simplified & most efficient operator Delivering further efficiencies through digital transformation, standardisation of products and procedures, and automation of processes at scale. Social contract shaping digital society Influencing policy and regulation to shape a more healthy industry structure, and build a resilient, inclusive and sustainable digital society. Leading gigabit networks Maintaining our leading gigabit networks as we provide our customers with the best connectivity products and ‘best on Vodafone’ user experience. Read more on pages 18-20 Strategic report Governance Financials Other information 16 Vodafone Group Plc  Annual Report on Form 20-F 2021

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We have a resilient operating model, a robust financial position, and a disciplined approach to capital allocation. Our financial strengths Disciplined approach to capital allocation Our capital allocation framework Enabling us to balance our three capital allocation priorities: 1 €7.9 billion cash capital additions in FY21 2 9.00 eurocents dividends per share in FY21 Resilient and growing revenue streams We generate revenue primarily through monthly recurring contracts or subscriptions – providing us with robust and resilient revenue streams. We are also growing quickly in new growth areas such as IoT, cloud & security, and next-generation fixed-line services. Significant opportunities to lower our cost base By being Digital First, radically simpler, and leveraging our Group scale we are able to structurally transform our cost base. Over the past three years we have delivered €1.3 billion of net opex savings in markets across Europe. Robust balance sheet Our average tenure of debt is 12 years (excluding debt issued by Vantage Towers), we have no significant short-term refinancing needs, and we have a strong liquidity position with cash and short term Investments of €9.8 billion and unused facilities of €7.4 billion. Read more on pages 23-31 Read more on our capital allocation framework on page 20 Our sustainable business strategy Our purpose is to connect for a better future. We believe that Vodafone has a significant role to play in contributing to the societies in which we operate and we want to enable an inclusive and sustainable digital society. Our sustainable business strategy helps the delivery of our targets across three purpose pillars: Inclusion for All, Planet and Digital Society. We have clear and robust short, medium and long-term targets across all three pillars. Read more on pages 32-52 Invest in critical infrastructure Shareholder distribution 17 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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The next phase in our strategy – a new generation connectivity and digital services provider Following the significant actions we have taken to reshape the Group, we are focused on growing our converged connectivity markets in Europe, and mobile data and payments in Africa. The next phase of our strategy focuses on three customer commitments and three enabling strategies, all of which work together towards realising our vision to become a new generation connectivity and digital services provider for Europe and Africa, enabling an inclusive and sustainable digital society. Best connectivity products & services Consumer Europe In Europe, we are a leading converged connectivity provider with 7.9 million converged customers, 113 million mobile connections, 142 million marketable NGN broadband homes, we cover 98% of the population in the markets we operate in with 4G, and we have launched 5G in 240 cities in 10 markets in Europe. We have achieved this leading position by focusing on our core fixed and mobile connectivity. We are enhancing our products through capacity and speed upgrades, unlimited mobile plans, a distinct tiered branding hierarchy and convergent product bundles. Consumer Africa In Africa, we are the leading provider of mobile data and mobile payment services. We have 178 million mobile customers in 8 markets which represent 40% of Africa’s total Gross Domestic Product. We are the leading mobile connectivity provider by revenue market share in 7 markets. Excluding Kenya, we cover 62% of the population in the markets in which we operate with 4G services. Our M-Pesa financial services platform processed over 15 billion transactions during the year. Click to read more about our operations in Africa: vodacom.com Vodafone Business In March 2021, we held a virtual briefing on Vodafone Business for investors and analysts. This briefing outlined the following four key messages. 1. We operate in attractive markets We serve over 6 million private and public sector customers of all sizes, across Europe and Africa. With more employees seeking flexible working, gigabit connectivity with low latency and both public and private organisations driving digitalisation, we have a compelling structural opportunity. 2. Scale & capabilities We have the scale, expertise and technology to successfully compete in these attractive markets. We are expanding our portfolio of products and services to enhance our provision of core connectivity services, with in-house innovation in IoT and partnerships with leading technology companies to offer cloud, security and unified communications services. 3. We have strong operating momentum Over the last three years, we have delivered a significant improvement in our commercial performance, leading to service revenue growth (excluding roaming and visitor revenue) of 1.8% in FY21, with total service revenue now over €10 billion. This has been driven by ongoing improvements in our commercial momentum, strong support to our customers throughout the pandemic, clear understanding of our economic model and disciplined prioritisation of high marginal return on capital opportunities. 4. We are on a clear growth pathway Our strategy is grounded in our purpose to connect for a better future and is focused on three core elements. Firstly, to be the trusted partner for small and medium-sized enterprises. Secondly, to be the gigabit connectivity provider of choice to large enterprises. Thirdly, to be the leading end-to-end provider of IoT solutions for every organisation. Strategic review (continued) Leading innovation in digital services Alongside optimising our core connectivity services, we are building platforms that will allow ‘best on Vodafone’ experiences. Our primary areas of focus are premium TV in Europe; financial services in Africa; Vodafone Business specific digital platforms across the Group; and the IoT for both consumers and businesses. Premium TV Our consumer TV proposition now has over 22 million subscribers in 11 markets, making Vodafone the 2nd largest TV provider in Europe. We partner with 18 leading global content producers and distributors such as Disney, ViacomCBS, WarnerMedia, Netflix, Amazon and Comcast. Our premium TV offering is delivered through a seamlessly integrated, multi-device platform. This enables consumers to watch whatever they want, whenever they want on any connected device. Financial services We remain focused on embedding Vodacom as a leading pan-African technology company and M-Pesa offers a unique opportunity to extend our reach further into financial services through our investments in financial, digital and lifestyle services. This provides us with opportunities to enhance our relationship with the 178 million mobile customers we serve across our African footprint. In particular, we note our partnership with Alipay and the imminent launch of our single lifestyle app for customers and merchants in South Africa that promotes greater financial inclusion. We see this super-app as a precursor to M-Pesa’s evolution, supporting accelerated growth across our financial services’ businesses and assisting us in connecting hundreds of millions more in Africa so that no one is left behind. Vodafone Business digital platforms We are extending the breadth of our propositions to private and public sector organisations beyond connectivity. We are partnering with leading technology firms such as Microsoft, Accenture, IBM, Google, Cisco and Amazon to provide our customers with best-in-class products and services. We provided further information on this growth opportunity as part of the Vodafone Business virtual investor briefing. IoT Our end-to-end IoT proposition is the largest of its kind globally. Our Business IoT offering for private and public sector clients was discussed at our recent virtual investor briefing. At the end of March 2021, we had over 120 million devices connected to our network, including 33 million connected cars. We have also developed over 100 tailored end-to-end solutions for a range of sectors including healthcare, distribution, manufacturing and automotive. Our consumer IoT offering has now connected over 1.4 million devices such as the watches through our OneNumber service and our ‘Curve’ mobile tracking device. In addition, we recently launched a new smart kids watch, developed with The Walt Disney Company. We will be expanding on the opportunity for consumer IoT and other consumer growth opportunities at a virtual investor briefing in December 2021. Governance Financials Other information 18 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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Outstanding digital experiences Over the last thirty years, Vodafone’s approach to retail, distribution and customer care has evolved in line with broader social and technological development. During the 1990s, we operated primarily through a traditional retail ‘high street’ store mode, whereby the vast majority of customer interaction was face-to-face and involved a high degree of manual process. In the 2000s, we introduced a multi-channel model, in which customers could also choose to interact with us through dedicated websites or contact centres, in addition to the retail stores. In the 2010s, we began to combine the models into an omni-channel experience, through which our customers could move between different channels for different missions. In the new decade, our ambition is for customers to primarily interact with us in a ‘Digital First’ manner. Our investments in this area have already resulted in our artificial intelligence-enabled assistant (‘TOBi’) resolving 63% of customer support interactions with no human interaction and an approximate 5% reduction in the frequency of customer contacts per year to 1.4. As we look ahead, we expect the majority of new customers will join Vodafone through digital channels and the overwhelming majority of customer interaction and queries will be fulfilled through either the MyVodafone app or support provided through ‘TOBi’. We will then support the ongoing customer relationship through data-driven and automated targeting of upselling, cross-selling and contract extension. This Digital First customer experience will improve customer loyalty and reduce the service cost per customer. We will be expanding on our plans for outstanding digital experiences at a virtual investor briefing in December 2021. Simplified, most efficient operations The connectivity value chain involves a high degree of repeatable processes across all of our markets, such as procurement, network deployment, network operations, sales activities, customer support operations, and billing and transaction processing. This has provided us with a significant opportunity to standardise processes across markets, relocate operations to lower cost centres of excellence and apply automation at scale, delivering best in class efficiency levels. In the next phase of our strategy, we are pursuing these opportunities through two significant evolutions in our operating model. Firstly, integrating our network and digital teams in Europe and, secondly, streamlining our approach to product development and customer care within our European commercial teams. These programmes will be key components in delivering the next phase of our ongoing efficiency programme, which targets a total net reduction in markets across Europe and in Common Function operating expenses of 20% by FY23 (versus a FY18 baseline). Integrating network & digital teams We are integrating our European network and digital teams. This new structure will drive effectiveness, increase our speed of execution, standardise key processes, and support the codification of what is the best solution for Group implementation. We will increase our IT and digital capabilities, standardise key development environments and enhance coding collaboration, while internalising software engineering capabilities, further leveraging our _VOIS shared services environment. This new operating model for our technology teams will enable our multi-year journey to redefine our technology architecture following a ‘Telco as a Service’ (‘TaaS’) model. Our TaaS model is based on two existing layers of inter-connected digital technology. We have created a standardised suite of customer and user-facing interfaces for an entire omni-channel journey and called it OnePlatform. The OnePlatform suite is powered by our Digital eXperience Layer (‘DXL’). DXL refers to the abstraction layer in our IT architecture which separates customer-facing micro-services requiring frequent and rapid adjustment from back-end systems such as billing and CRM. We have already moved more than half our core network functions to the cloud in Europe, supporting voice core, data core and service platforms on over 1,300 virtual network functions. In Europe, we now operate a single digital network architecture across all markets, enabling the design, build, test and deployment of next generation core network functions more securely, 40% faster and at 50% lower cost. Similarly, more than half of our IP applications are now virtualised and running in the cloud. Product development consistency & common customer care To meet the needs of our customers, both individuals and businesses, we need to bring innovative and differentiated products to market and scale them across our footprint much faster than we do today. We also need to further leverage the scale of our footprint and avoid duplication and fragmentation of our resources. We are simplifying and unifying our approach to product development, reducing time and resources for new products from the idea creation phase to launch, with a new process to allocate and sustain funding across our markets. We are also accelerating the deployment and adoption of digital tools through common digital platforms with the ambition to move to one ‘My Vodafone’ app and, over time, one TOBi chatbot platform. This will also help us deliver a more consistent customer experience regardless of geography, with further automation and simplification. Social contract shaping industry structure to improve returns Over the last decade, the performance of the European telecommunications industry has been weaker than other regions, which market commentators largely attribute to its regulatory environment. European regulation differs in both its fragmented approach to spectrum licensing and market structure, compared with North America or Asia. In 2019, we introduced our ‘social contract’, which represents the partnerships we want to develop with governments, policy makers and civil society. We believe the industry needs a pro-investment, pro-innovation partnership approach to ensure Europe can compete in the global digital economy and be at the forefront of technology ecosystems. This requires healthy market structures, an end to extractive spectrum auctions, support for equipment vendor diversity, a defined framework for network sharing, and regulation that enables the physical deployment of network infrastructure, as well as rewards quality – such as security, resilience and coverage – with fair prices. Following our efforts and society’s increasing reliance on our connectivity infrastructure and services, notably during the COVID-19 pandemic, we are beginning to see positive signs of a healthier industry structure emerge. Recent spectrum auctions in the UK, Greece and Hungary were conducted in a positive manner and completed with spectrum being assigned at sustainable prices, in line or below European benchmark levels. Authorities are recognising that operators need to be able to focus available private funds for fast deployment of new infrastructure and services. We have also seen national governments increase support, such as state-subsidies for rural networks in the UK and Germany. A key area will be shaping Member State recovery funds and how at least 20% of the €750 billion NextGenerationEU funding targeted for digital initiatives is distributed. We will play our part by investing in our high-quality network infrastructure and will continue to work closely with regulators and policy makers in order to create a more healthy and sustainable industry structure that is truly pro-investment, pro-innovation and supportive of returns. 19 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Strategic review (continued) Leading gigabit networks In order to provide our customers with the best connectivity products and ‘best on Vodafone’ connectivity platforms, we need to have leading gigabit network infrastructure in each of our markets. Importantly, we must also ensure that our customers recognise and value the quality of our gigabit network infrastructure. We will be hosting a dedicated virtual investor briefing on technology and our approach on 17 June 2021. In mobile, we are currently deploying mobile network infrastructure to deliver 5G connectivity. So far, we have launched 5G services in 240 cities, in 10 markets in Europe. 5G services provide ‘real world’ speeds well in excess of 100 Mbps, compared with 4G which provides ‘real world’ speeds of 20-35 Mbps. In addition to the speed advantage, 5G networks that are ‘built right’ and with longer-term competitive advantage in mind, provide more uses cases, and significant capacity and efficiency advantages, ultimately lowering the cost per gigabyte of mobile data provision. However, the European mobile sector is also utilising dynamic spectrum sharing (‘DSS’) technology to share existing 4G spectrum to provide a more limited 5G experience. Underpinning our 5G network infrastructure is our majority shareholding in Vantage Towers AG. Alongside our 5G mobile network infrastructure is our NGN fixed-line network infrastructure. We can now reach 142 million homes across 12 markets in Europe (including VodafoneZiggo). This marketable base is connected through a mix of owned NGN network (56 million homes, of which 44 million are gigabit-capable), strategic partnerships (24 million homes) and wholesale arrangements (62 million homes). This network provides us with the largest marketable footprint of any fixed-line provider in Europe. In Germany, our owned network covering 24 million households is being progressively upgraded to the latest DOCSIS 3.1 standard, which provides us with a structural speed advantage over the incumbent. Over the medium-term we will continue to increase the proportion of our Europe customers that can receive gigabit-capable connections through our owned network and continue to work with strategic partners to provide cable and fibre access. Committed to improving returns Disciplined capital allocation to drive shareholder returns The objectives of our portfolio activities over the last three years have been to focus on our two scaled geographic platforms in Europe and Africa; achieve converged scale in our chosen markets; and deliver a structural shift in asset utilisation. We are now a matrix of country operations, products and platforms and will continue to be disciplined in managing our portfolio, following three principles: – – we aim to continue to focus on the converged connectivity markets in Europe, and mobile data and payments in Africa; – – we aim to achieve returns above the local cost of capital in all of our markets; and – – we consider whether we are the best owner (i.e. whether the asset adds value to the Group and the Group adds value to the asset) and whether there are any pragmatic and value-creating alternatives. Our capital allocation priorities are to support investment in connectivity infrastructure; maintain a robust balance sheet; and support improved shareholder distribution. Our growth strategy requires a greater level of investment, in four major areas. – – We will continue to invest in leading gigabit networks by upgrading our fixed networks and rolling out 5G ‘built right’. To help fund this, our new Technology operating model will drive a higher level of efficiency in unitary spend, while greater standardisation will eliminate duplication. – – We will have a stronger, more comprehensive product offering in every market, particularly in Vodafone Business, to accelerate our revenue and profit growth. – – We will accelerate our digital capabilities, which will ultimately help us sustain margin expansion, strengthen our direct channels and build further differentiation in our customer offer. – – We are retaining the flexibility to support Vantage Towers in realising its own growth ambitions, particularly in the high incremental returns opportunities of new build-to-suit sites and ground-lease buyouts. Governance Financials Other information 20 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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Our vision is to create an inclusive environment, which is supportive of growth and where everyone has the opportunity to thrive. We are now beginning the next phase in our transformation to become a new generation connectivity and digital services provider for Europe and Africa. Our people strategy will accelerate this transition, by creating a place where everyone can truly belong, innovate, work effectively and fulfil their potential. Vodafone Spirit Our culture – called the ‘Vodafone Spirit’ – outlines the beliefs we stand for and the four key behaviours enabling our strategy and purpose. The Vodafone Spirit is the catalyst for change, underpinning the successful and sustainable delivery of our transformation. This year we focused on embedding Spirit at the individual, team, leader and organisation level. At the start of the financial year, we launched a survey called ‘Spirit Beat’ to replace our annual employee survey. We use Spirit Beat surveys to measure our culture and its impact. The results – shown in the table below – show a strong adoption of the Spirit beliefs and behaviours. In the second survey undertaken in January 2021, scores remained relatively consistent in a time of unprecedented change. The scores also outlined strengths and areas of focus to embed our culture further. Our Spirit Beat surveys are conducted using artificial intelligence and the results are used to encourage the adoption of our Spirit behaviours. Following completion and based on confidential survey responses, all employees receive automated and personalised coaching tips called ‘nudges’ over a 20-week period, to support behaviour change and the creation of new habits. These personalised nudges create a continuous feedback loop and over 750,000 nudges have been sent to employees so far. Subsequent analysis has shown the value of these nudges: 71% of colleagues found nudges useful, and data shows that teams with managers who embraced the Vodafone Spirit had a higher Spirit Index (+13) and employee engagement score (+15) compared to managers who did not. Spirit Beat surveys 2021 2020 Earn customer loyalty 72 74 Experiment, learn fast 77 78 Create the future 75 75 Get it done, together 76 77 Overall Spirit index1 75 76 Response rate 86% 84% Note: 1. The overall Spirit index reflects the average of the four Spirit behaviour scores. Insights from our Spirit Beat surveys have informed our approach as we plan the next phase of embedding the Vodafone Spirit within our culture. We will continue to use AI-driven nudges and reinforce Spirit behaviours through our reward and recognition tools. We are embedding Spirit into our performance development approach to help us attract, retain and develop future talent to deliver our strategy, and are refreshing our global leadership development suite to support leaders to role-model Spirit behaviours. Aligned with Spirit, a new leadership assessment will be introduced to support leadership selection and we will continue to activate Spirit through Future Ready ways of working such as remote hiring and hybrid working. Our senior leadership are accountable for our culture transformation. The Board has monitored the launch and progress of Spirit, and our Executive Committee is regularly involved in discussions on survey results and actions. As leadership is essential for driving the transformation, we have invested in developing inclusive leaders who drive growth and innovation, act as role models, coach and empower teams, and lead with Spirit behaviours. In June 2020, we launched a leadership programme called the Senior Leadership Team (‘SLT’) Spirit Accelerator for 277 of our senior leaders. This consisted of a series of leadership talks on the topics of resilience, psychological safety, adaptability, the future of work and growth mindset, as well as coaching delivered through a digital platform. Agile and efficient operating model During the year, we have worked to simplify our operating model, leveraging our global scale. We initiated one of our largest ever organisational changes to accelerate our transformation into a new generation connectivity and digital services provider for Europe and Africa. This consists of three major initiatives, effective from 1 April 2021: – – Product operating model: We will establish a simplified and unified approach to product development, to shorten the time between idea creation of new products and launch. The new model will help us to leverage our scale when bringing innovative products to market and scale them across our footprint faster. – – Technology operating model: We will create one integrated European network and IT/digital team across the Group, to drive efficiency, increase speed of execution, standardise key processes, and codify the best solutions for implementation across all of our markets. – – Customer operations model: To prevent duplication in the creation of digital tools to serve our customers, we will move to common digital platforms across our entire footprint to deliver a consistent experience. Our transformation has provided a critical opportunity to embed Spirit more deeply into our operating model, organisation, and ways of working. As we have accelerated our transformation, we have codified the critical enablers of successful strategy execution, building on the results of the McKinsey Execution Excellence survey sent to 1,193 senior leaders from Vodafone. Vodafone scored above the benchmark in all areas, and together with structured leadership interviews and best practice sharing, the survey has provided us with the data and insights to define key success metrics for execution excellence. We also continued to build an agile culture in order to accelerate our digital transformation, simplify our ways of working and enable quick and insight-led decision-making. We made good progress on implementing our new digital operating model, with 67 active tribes and 441 squads in 13 different markets. Lastly, to support our transformation into Europe’s leading connectivity provider, we integrated the Liberty Global organisations and people in Germany and central eastern Europe, as well as AbCom in Albania following recent acquisitions. We also successfully established Vantage Towers, our European tower company which listed on the Frankfurt stock exchange in March 2021. Our people strategy 21 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Diverse talent and future ready skills As we evolve our operating model and execute our strategy, we have focused on developing diverse talent for the future, and accelerating reskilling and upskilling at scale. This year, we created talent and succession pools for our most senior roles, as well as a pool for our female talent. These pools are reviewed and updated at the annual Executive Committee talent review and are considered by the Board. The transformation into a new generation connectivity and digital services provider requires new skills and capabilities in our organisation, such as software engineering, automation and data analysis. To develop future skills at scale, we ran a skills transformation pilot in Italy, involving 10 functions, and more than 4,600 people (86% of local headcount). The results were encouraging, showing that there are almost as many future opportunities as there are roles that will change, highlighting the need for reskilling and upskilling programmes at scale. As part of the Italy pilot, we have successfully reskilled 2,000 people to date, of whom 115 have been redeployed to new roles. Through the pandemic, we have also prioritised reskilling for those whose roles were paused during lockdowns, such as retail employees reskilling as call support staff. We have also continued to support the personal and professional growth of our people through the pandemic by moving all of our learning initiatives online. During the year, 85% of employees completed non-mandatory training during the year, with an average of 2.8 hours per month (including the skills transformation pilot in Italy). During the year, we invested an average of €470 into training for each employee to build future capabilities. We continue to accelerate our skills transformation programme and will shortly launch a new tool which allows employees to update their skills profiles. This new functionality will help us measure and validate proficiency levels, as well as support our new global mentoring tool. We are targeting an 80% completion rate for our new skills profiles and a year-on-year increase in employees completing non-mandatory training. To execute our strategy and bring our purpose to life, we also invested in youth hiring (6,974 hires, of which 757 graduates) whilst providing digital learning experiences to 30,601 young people, through local work experience programmes and initiatives. To attract, engage and retain diverse talent, we launched our new Employer Value Proposition “Together We Can” in March 2021, bringing our culture and purpose to life for candidates and employees. Digital and personalised experience Our people experience is informed by employee insights and guided by our culture. Ensuring employees are excited about the opportunities our transformation brings and placing them at the heart of the change is critical to drive our strategy at pace. Future ready framework This year, we introduced our future ready framework as an immediate response to the pandemic and began to rethink future ways of working. The framework is based on the outcomes of internal and external research, including two internal surveys, a business customer survey, 70 interviews and almost 100 video diaries, alongside the analysis of internal data and external trends. The data confirmed that our office- based employees, while missing the social office connection, strongly support increased adoption of remote working, and our leaders foresee their teams using office spaces to collaborate rather than for individual work. At the same time, we observed sustained levels of productivity. As a result, we have introduced further flexibility to our working practices through new policies issued in March 2021. Our remote working policy sets global standards for new hybrid ways of working including an average split between remote and in-office working of 60:40 (depending on the specific role). Where appropriate, our remote hiring policy will also allow our teams to source skills irrespective of location. We recognise that effective hybrid ways of working require new technology and policies. We have deployed digital collaboration and time management tools, such as Microsoft Teams and MyAnalytics, and introduced meeting guidelines to reduce meeting duration by 25%. We have also started to reimagine how we will use our offices going forward, with the target of having approximately 80% of our office space dedicated to collaboration and co-creation. We have initiated pilots in offices in the Czech Republic and UK, leveraging our own IoT technology tracking how office space is used, as well as room booking. We maintained strong relationships with the workers councils and unions, with approximately 22,000 people covered by collective bargaining agreements globally. This year, we reached several agreements with the unions as we began to shape the future of work. For example, in Italy, employees will work between 60-80% remotely post-COVID depending on their role and have guaranteed rights to disconnect during non-working hours. Pulse surveys We place significant importance on listening to the feedback of our colleagues. During the year we ran six pulse surveys to listen to employee feedback and used the results to inform our COVID-19 response plans. Pulse surveys Nov 2020 Sept 2020 July 2020 April 20201 April 20201 April 20201 How are you feeling? 74 76 76 76 75 73 Support you need to do your job effectively? 82 83 83 85 84 85 Connected to your team? 79 81 81 84 84 83 Response rate 64% 59% 57% 62% 60% 55% Note: 1. During the early stages of the pandemic, we ran a number of pulse surveys to regularly check in with our employees. Pay, benefits and wellbeing As part of our people experience, we continued to ensure pay, benefits, and wellbeing propositions are competitive and fair. We have simplified our reward approach to encourage collective performance and increased focus on recognition, launching our peer-to-peer recognition tool ‘Thank You’ (with 30,864 awarded during the year) and increasing the available budget for Vodafone Stars, our cash recognition programme. We also continued to apply our Fair Pay principles across all markets, working with the Fair Wage Network to ensure a good standard of living in each market. We remained focused on physical and mental wellbeing, with a variety of training and services available in each market. In the UK, we moved onsite medical services to online, including GP and Cognitive Behavioural Therapy (‘CBT’) services. Provision of employee assistance programmes and psychological support services continued to grow, particularly in Italy, Albania, Romania, as well our shared service centres in Romania and Hungary. Digital tools Our people experience and strategy execution is powered by our digital tools and systems. We have established SuccessFactors as the single foundational platform and integrated new tools and apps such as Humu for Spirit Beat, DocuSign, our diversity data profile page, and domestic violence portal. To effectively support the transformation, we kicked off the “future ready HR” programme aiming to build a more digital and agile HR team. We have started to experiment with new solutions in our markets, such as a new digital onboarding process in Spain, and we will continue to implement advanced digital tools to support reskilling at scale, strategic workforce planning and recruiting. Strategic review (continued) Governance Financials Other information 22 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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Our financial performance Group financial performance FY211 €m FY20 €m Reported change % Revenue 43,809 44,974 (2.6) – – Service revenue 37,141 37,871 (1.9) – – Other revenue 6,668 7,103 Operating profit 5,097 4,099 24.3 Non-operating expense – (3) Investment income 330 248 Financing costs (1,027) (3,549) Profit before taxation 4,400 795 Income tax expense (3,864) (1,250) Profit / (loss) for the financial year 536 (455) Attributable to: – – Owners of the parent 112 (920) – – Non-controlled interests 424 465 Profit/(loss) for the financial year 536 (455) Basic earnings/(loss) per share 0.38c (3.13)c Notes: 1. The FY21 results reflect average foreign exchange rates of €1:£0.89, €1:INR 86.60, €1:ZAR 19.04, €1:TRY 8.58 and €1: EGP 18.44. – – Total revenue declined by 2.6% to €43.8 billion (FY20: €45.0 billion), as our good underlying momentum and the benefit from the acquisition of Liberty Global’s assets in Germany and Central and Eastern Europe was offset by lower revenue from roaming, visitors and handset sales, adverse foreign exchange movements and the disposal of Vodafone New Zealand. – – Operating profit increased by 24.3% to €5.1 billion (FY20: €4.1 billion). Compared to the prior year period, we recognised lower gains on disposals, no impairment losses, and we no longer recognised Vodafone’s share of losses related to Vodafone Idea following the write down of the asset to nil in FY20. – – Cash inflow from operating activities decreased by 0.9% to €17.2 billion (FY20: €17.4 billion). – – Income tax expense increased by €2.6 billion, primarily due to a non-cash charge of €2.8 billion following a decrease in the carrying value of deferred tax assets. – – Total dividends per share are 9.0 eurocents (FY20: 9.0 eurocents), including a final dividend per share of 4.5 eurocents. The ex-dividend date for the final dividend is 24 June 2021 for ordinary shareholders, Resilient performance, in line with our expectations the record date is 25 June 2021 and the dividend is payable on 6 August 2021. All amounts marked with an “*” represent organic growth, which presents performance on a comparable basis, including merger and acquisition activity and foreign exchange rates. Organic growth is a non-GAAP measure that is presented to provide readers with additional financial information and should not be viewed in isolation or as an alternative to the equivalent GAAP measure. Read more about non-GAAP measures on page 217 23 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Our financial performance (continued) Germany: 31% of Group service revenue FY21 €m FY20 €m Reported change % Organic change* % Total revenue 12,984 12,076  7.5 Service revenue 11,520 10,696  7.7 0.5  Other revenue 1,464 1,380  Adjusted EBITDA 5,634 5,077  11.0 1.8 Adjusted EBITDA margin 43.4% 42.0% Reported total revenue increased by 7.5% to €13.0 billion, primarily reflecting the consolidation of the acquired Liberty Global assets for the full year. On an organic basis, service revenue grew by 0.5%* (Q3: 1.0%*, Q4: 1.2%*), with growth across all customer segments in the second half of the year. Growth was supported by good customer and ARPU growth, a strong performance in Business fixed and higher variable usage revenue during the COVID-19 lockdown, offset by lower roaming, visitor and wholesale revenue. The year-on-year impact from the decline in roaming and visitor revenue was -1.0 percentage points (Q3: -1.0 percentage points, Q4: -0.5 percentage points). Retail service revenue grew by 1.1%* (Q3: 1.5%*, Q4: 1.8%*). Fixed service revenue grew by 1.4%* (Q3: 1.4%*, Q4: 1.4%*). This was driven by customer base and ARPU growth, higher variable usage during the pandemic and growing demand for new services, such as cloud & security. Business fixed service revenue grew strongly by 9.8%* in FY21. We added 301,000 cable customers in the year, including 140,000 migrations from legacy broadband DSL. Almost half of our cable broadband customer base now subscribes to speeds of at least 250Mbps, and gigabit speeds are now available to 22.4 million households across FY21 geographic performance summary Germany €m Italy €m UK €m Spain €m Other Europe €m Vodacom €m Other Markets €m Common Functions €m Eliminations €m Group €m Total revenue (€m) 12,984 5,014 6,151 4,166 5,549 5,181 3,765 1,368 (369) 43,809 Service revenue (€m) 11,520 4,458 4,848 3,788 4,859 4,083 3,312 470 (197) 37,141 Adjusted EBITDA (€m) 5,634 1,597 1,367 1,044 1,760 1,873 1,228 (117) Adjusted EBITDA margin (%) 43.4% 31.9% 22.2% 25.1% 31.7% 36.2% 32.6% (8.6)% FY21 Service revenue growth % Q1 Q2 H1 Q3 Q4 H2 Total Germany 25.4 6.9 15.4 1.0 1.2 1.1 7.7 Italy (6.5) (7.9) (7.2) (7.8) (8.8) (8.3) (7.8) UK (3.2) (0.8) (2.0) (5.1) (4.4) (4.7) (3.4) Spain (6.9) (1.8) (4.4) (0.9) (2.2) (1.5) (3.0) Other Europe 3.8 (1.9) 0.8 (4.0) – (2.0) (0.6) Vodacom (11.9) (12.3) (12.1) (9.1) (1.2) (5.3) (8.7) Other Markets (18.9) (15.1) (17.0) (9.5) (6.1) (7.8) (12.8) Group 1.3 (2.5) (0.7) (3.9) (2.4) (3.1) (1.9) FY21 Organic service revenue growth %* Q1 Q2 H1 Q3 Q4 H2 Total Germany – (0.1) (0.1) 1.0 1.2 1.1 0.5 Italy (6.5) (8.0) (7.2) (7.8) (7.8) (7.8) (7.5) UK (1.9) (0.5) (1.2) (0.4) (0.6) (0.5) (0.8) Spain (6.9) (1.8) (4.4) (1.1) (1.3) (1.2) (2.8) Other Europe (3.1) (1.8) (2.4) (0.7) (0.2) (0.4) (1.4) Vodacom 1.5 3.2 2.3 3.3 7.3 5.3 3.9 Other Markets 9.1 9.0 9.0 12.3 13.1 12.7 10.8 Group (1.3) (0.4) (0.8) 0.4 0.8 0.6 (0.1) our network. Our total broadband customer base increased by 161,000 to 10.9 million despite the majority of our retail stores being closed for four months during the year due to the COVID-19 pandemic, including during most of Q4. Our TV customer base declined by 236,000 reflecting lower retail activity during the COVID-19 pandemic. During the year, we launched a harmonised portfolio across all homes in Germany, aligning our sales activities and brought Vodafone TV to the Unitymedia footprint. We also launched the ‘DAZN’ Pay-TV channel and our new Apple set-top box product during the year. The full benefit from these actions was not visible in our commercial results due to lockdown restrictions affecting retail activity. Our converged propositions, led by ‘GigaKombi’, allow customers to combine their mobile, landline, broadband and TV subscriptions for one monthly fee. Our converged customer base continued to grow, with 130,000 Consumer additions during the year. We now have over 1.6 million Consumer converged accounts. Mobile service revenue declined by 0.7%* (Q3: 0.5%*, Q4: 0.9%*) mainly due to the reduction in roaming, visitor and wholesale revenue. Service revenue grew in the second half of the year, supported by higher variable usage and increased demand from business customers, particularly in the public and health sectors. We added 317,000 contract customers during the year, supported by the migration of 187,000 Unitymedia mobile customers onto our network. Contract churn improved by 0.8 percentage points year-on-year to 11.8%. We also added 437,000 prepaid customers, supported by our online-only proposition, ‘CallYa Digital’. We added a further 5.9 million IoT connections during the year, supported by a strong demand from SMEs. Governance Financials Other information 24 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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In April 2021, we became the first operator in Europe to launch a standalone 5G network. This enables higher speeds, enhanced reliability and ultra-low latency, in addition to using 20% less energy on customers’ devices. Adjusted EBITDA grew by 1.8%* as the benefit synergy delivery and ongoing cost efficiencies were partially offset by a -1.5 percentage point year-on-year impact from lower roaming and visitors, and lower wholesale revenue. The adjusted EBITDA margin was 0.4* percentage points higher year-on-year and was 43.4%. We have continued to make good progress on integrating Unitymedia, with the rebranding, harmonisation of our internet & TV portfolio, and the organisational integration completed during the year. We are eight months ahead of plan with respect to our cost and capital expenditure synergy targets and remain on track to deliver the remaining synergies. Italy: 12 % of Group service revenue FY21 €m FY20 €m Reported change % Organic change* % Total revenue 5,014 5,529  (9.3) Service revenue 4,458 4,833  (7.8) (7.5) Other revenue 556 696  Adjusted EBITDA 1,597 2,068  (22.8) (12.7) Adjusted EBITDA margin 31.9% 37.4% Reported total revenue decreased by 9.3% to €5.0 billion, driven by continued price competition in the mobile market, as well as lower roaming, visitor and equipment revenue. On an organic basis, service revenue declined by 7.5%* (Q3: -7.8%*, Q4: -7.8%*). The year-on-year impact from the decline in roaming and visitor revenue was -2.1 percentage points (Q3: -1.9 percentage points, Q4: -1.2 percentage points). Mobile service revenue declined 10.5%* (Q3: -10.7%*, Q4: -9.3%*) reflecting lower roaming and visitor revenue, a reduction in the active prepaid customer base year-on-year, which began to stabilise in Q4, and price competition in the value segment. Market mobile number portability (‘MNP’) volumes were approximately 20% lower year-on-year, reflecting retail lockdowns. Our second brand ‘ho.’ continued to grow, with 662,000 net additions during the year and now has 2.5 million customers. Quarterly net additions slowed in Q4, although returned to growth towards the end of the quarter. During the year, we signed mobile wholesale agreements with PostePay and Digi. We will start to migrate PostePay customers onto our network in the first quarter of FY22. Fixed service revenue grew by 1.4%* (Q3: 1.1%*, Q4:-3.8%*) driven by 90,000 broadband customer additions. In total, we now have almost 3.0 million broadband customers. The quarter-on-quarter slowdown in Q4 service revenue trends reflected higher Business project revenue in the prior year. However, Business demand was strong overall, supported by our NPS leadership and now represents approximately 40% of fixed revenue. Our total Consumer converged customer base is now 1.2 million (39% of our broadband base), an increase of 105,000 during the year. Through our own next generation network and partnership with Open Fiber, our broadband services are now available to 8.4 million households. We also cover 3.4 million households with fixed-wireless access, offering speeds of up to 100Mbps. Adjusted EBITDA declined by 12.7%* reflecting a -4.0 percentage point year-on-year impact from lower roaming and visitors, and lower service revenue, partially offset by continued good cost control. The adjusted EBITDA margin was 1.3* percentage points lower year-on-year and was 31.9%. UK: 13 % of Group service revenue FY21 €m FY20 €m Reported change % Organic change* % Total revenue 6,151 6,484  (5.1) Service revenue 4,848 5,020  (3.4) (0.8)  Other revenue 1,303 1,464  Adjusted EBITDA 1,367 1,500  (8.9) (7.3)  Adjusted EBITDA margin 22.2% 23.1% Reported total revenue decreased by 5.1% to €6.2 billion, primarily due to the depreciation of the local currency versus the euro, and lower roaming, visitor and equipment revenue. On an organic basis, service revenue decreased by 0.8%* (Q3: -0.4%*, Q4: -0.6%*) as good customer base growth and strong Business demand, was offset by lower roaming, visitor and incoming revenue. The year-on-year impact from the decline in roaming and visitor revenue was -2.4 percentage points (Q3: -2.3 percentage points, Q4: -1.5 percentage points). Mobile service revenue declined 3.3%* (Q3: -3.6%*, Q4: -1.8%*), as lower roaming, visitor and incoming revenue offset good customer base growth. During the year, we maintained our good commercial momentum, supported by a significant shift in sales mix, with digital sales growing significantly to 39%. We also benefited from Business demand, strong iPhone sales, and improved customer loyalty. Contract churn improved 1.1 percentage point year-on-year to 13.0%. In total, we added 219,000 customers to our mobile contract base in FY21. Our digital sub-brand ‘VOXI’ also continued to grow strongly, with 176,000 customers added during the year, supported by the launch of new propositions. Fixed service revenue grew by 5.6%* (Q3: 7.9%*, Q4: 2.2%*) and our commercial momentum remained strong with 192,000 net customer additions during the year. The quarter-on-quarter slowdown in Q4 was driven by the lapping of strong Business fixed performance in the prior year and lower wholesale revenue. In March, we launched Vodafone ‘Pro Broadband’ which combines fixed and mobile connectivity to provide ‘unbreakable’ connectivity. Pro Broadband customers also benefit from super Wi-Fi and dedicated customer support. We now have 911,000 broadband customers, of which 459,000 are converged. Business demand for our SME and corporate products remained strong, including productivity and security solutions. Adjusted EBITDA decreased by 7.3%* reflecting the year-on-year impacts from lower roaming and visitors of -4.8 percentage points and a prior year one-off licence fee settlement of -4.6 percentage points. Excluding these we continued to grow adjusted EBITDA, supported by strong cost control, with operating expenses 7.5% lower year-on-year. Our adjusted EBITDA margin was 1.1* percentage points lower year-on-year at 22.2%. To support our continued investment in our networks, products and services, we announced that an annual price increase of Consumer Price Index plus 3.9% will be applied to all broadband and mobile contracts signed from 9 December 2020, taking effect from April 2021. In March 2021, we acquired 40MHz of spectrum in the 3.6GHz band for next-generation 5G mobile services at a cost of €206 million. The new spectrum acquired will enable us to significantly expand 5G network capacity to meet the growing demand for fast, reliable, high-quality data services. 25 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Our financial performance (continued) Spain: 10% of Group service revenue FY21 €m FY20 €m Reported change % Organic change* % Total revenue 4,166 4,296 (3.0) Service revenue 3,788 3,904 (3.0) (2.8) Other revenue 378 392 Adjusted EBITDA 1,044 1,009 3.5 3.4 Adjusted EBITDA margin 25.1% 23.5% Reported total revenue decreased by 3.0% to €4.2 billion, primarily due to lower roaming and visitor revenue and other COVID-19 related impacts. On an organic basis, service revenue declined by 2.8%* (Q3: -1.1%*, Q4: -1.3%*) reflecting price competition in the market and lower roaming and visitor revenue. The year-on-year impact from the decline in roaming and visitor revenue was -2.0 percentage points (Q3: -1.7 percentage points, Q4: -1.1 percentage points). The service revenue slowdown quarter-on- quarter mainly reflected a change in premium calling regulation. In mobile, we are competing effectively across all segments, and grew our contract customer base by 70,000, despite the market remaining highly competitive following the easing of restrictions in the second half of the year and an increase in mobile number portability. Mobile contract churn decreased 1.0 percentage points year-on-year to 20.2% reflecting our continued focus on improving customer loyalty. Our second brand ‘Lowi’ added 236,000 customers during the year and now has a total base of 1.2 million. Our broadband customer base increased by 21,000 despite our more-for-more pricing actions, and higher competitive intensity during the second half of the year. We added 109,000 customers to our NGN network as customers continued to transition to higher-speed plans. Our extensive library of movies and TV series, as well as our new ‘boxless’ TV app proposition, supported continued good customer growth in TV with 156,000 customers added during the year. Adjusted EBITDA grew by 3.4%* and the adjusted EBITDA margin was 1.5* percentage points higher year-on-year at 25.1%. The growth in EBITDA reflects lower commercial and football content costs, and a 5.8% reduction in operating expenses, partially offset by a -5.7 percentage point year-on-year impact from lower roaming and visitors. Other Europe: 13% of Group service revenue FY21 €m FY20 €m Reported change % Organic change* % Total revenue 5,549 5,541  0.1 Service revenue 4,859 4,890  (0.6) (1.4) Other revenue 690 651  Adjusted EBITDA 1,760 1,738  1.3 (0.5) Adjusted EBITDA margin 31.7% 31.4% Total revenue increased by 0.1% to €5.5 billion, primarily reflecting the consolidation of the acquired Liberty Global assets in Central Eastern Europe for a full year, offset by lower roaming and visitor revenue and the disposal of Vodafone Malta in the prior year. On an organic basis, service revenue declined by 1.4%* (Q3: -0.7%*, Q4: -0.2%*), as growth in Portugal, Czech Republic, and Hungary was offset by declines in Ireland, Greece and Romania. The decline in service revenue was driven by lower roaming and visitor revenue, lower prepaid top-ups (notably in Greece), and increased competition in some markets. The year-on-year impact from the decline in roaming and visitor revenue was -2.0 percentage points (Q3: -1.8 percentage points, Q4: -1.3 percentage points). In Portugal, service revenue grew as mobile contract and fixed base growth was partially offset by lower roaming and visitor revenue. During the year, we added 62,000 mobile contract customers and 71,000 fixed broadband customers. Almost a third of our broadband customer base is converged. In Ireland, service revenue declined reflecting lower roaming and visitor revenue and higher competitive intensity, partially offset by the successful launch of unlimited Consumer mobile data tariffs. During the year, our mobile contract customer base increased by 68,000 and mobile contract churn improved 0.6 percentage point year-on-year to 9.9%. Service revenue in Greece declined, reflecting lower roaming, visitor and prepaid revenue and higher promotional intensity during the COVID-19 pandemic, partially offset by strong fixed demand, notably from business customers. Mobile contract churn improved 1.8 percentage point year-on-year to 9.3%. Adjusted EBITDA declined by 0.5%*, including a -4.4 percentage point year-on-year impact from lower roaming and visitors. The adjusted EBITDA margin increased by 0.2* percentage points and was 31.7%. We have continued to make good progress on integrating the assets acquired from Liberty Global in Central Eastern Europe and we remain on track to deliver our targeted synergies. Governance Financials Other information 26 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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Vodacom: 11% of Group service revenue FY21 €m FY20 €m Reported change % Organic change* % Total revenue 5,181 5,531 (6.3) Service revenue 4,083 4,470 (8.7) 3.9 Other revenue 1,098 1,061 Adjusted EBITDA 1,873 2,088 (10.3) 2.9 Adjusted EBITDA margin 36.2% 37.8% Reported total revenue decreased by 6.3% to €5.2 billion and reported adjusted EBITDA decreased by 10.3%, primarily due to the depreciation of the local currencies versus the euro. On an organic basis, Vodacom’s total service revenue grew 3.9%* (Q3: 3.3%*, Q4: 7.3%*) as good growth in South Africa was partially offset by revenue pressure in Vodacom’s international operations due to macroeconomic pressure and the zero-rating of person-to-person M-Pesa transfers for most of the year. The quarter-on-quarter improvement in growth in Q4 reflected stronger growth in South Africa and an acceleration in Vodacom’s international markets as M-Pesa service fees normalised across all markets from January 2021. In South Africa, service revenue growth achieved a 10-year high, as the business benefited from higher demand for voice, data and financial services, and an increase in consumer discretionary spend as a result of government measures and social grants during the COVID-19 pandemic. We added 133,000 contract customers, supported by strong growth in Business connectivity as remote working and mobile broadband demand increased. We also added 2.5 million prepaid customers supported by our successful ‘Shake-off’ summer campaign and new behavioural loyalty programme launched during the second half of the year. Data traffic increased by c.60% year-on-year, and 45% of our customer base is now using data services. Our ‘ConnectU’ platform continues to promote digital inclusion via zero-rated access to a wide range of websites, including job portals and online learning platforms, with total unique users reaching 15.5 million at year end. Financial Services customers in South Africa increased by 15.4% to 13.3 million, reflecting our strong execution and the ongoing expansion of our service offerings. In January 2021, we announced an expanded wholesale agreement with Cell-C for its mobile contract and mobile broadband customers to roam on our network. In Vodacom’s international markets, service revenue slightly declined, reflecting economic pressure, the disruption to our commercial activities during the COVID-19 pandemic, the zero-rating of person-to-person M-Pesa transfers in DRC, Mozambique, and Lesotho, and the impact of service barring in Tanzania due to biometric registration compliance. There was a significant improvement in trends in the second half of the year, driven by the reinstatement of person-to-person M-Pesa transfer fees across all markets and improved commercial momentum. Digital adoption across Vodacom’s international markets accelerated. M-Pesa transaction value increased by 28.4%, while M-Pesa revenue as a share of total service revenue increased by 1.6 percentage points to 20.9%, and 52% of our customer base is now using data services. Vodacom’s adjusted EBITDA increased by 2.9%* as growth in South Africa was partially offset by revenue pressure in Vodacom’s international operations, notably in the first half of the year. The adjusted EBITDA margin was 1.3* percentage points lower year-on-year, partly driven by 5G roaming investment in South Africa. The adjusted EBITDA margin was 36.2%. Other Markets: 9% of Group service revenue FY21 €m FY20 €m Reported change % Organic change* % Total revenue 3,765 4,386 (14.2) Service revenue 3,312 3,796 (12.8) 10.8 Other revenue 453 590 Adjusted EBITDA 1,228 1,400 (12.3) 8.5 Adjusted EBITDA margin 32.6% 31.9% Reported total revenue decreased by 14.2% to €3.8 billion, primarily due to the depreciation of the local currencies versus the euro and the disposal of Vodafone New Zealand in the prior year. On an organic basis, service revenue increased by 10.8%* (Q3: 12.3%*, Q4: 13.1%*), driven by customer base growth and increased demand for data across our markets. The year-on-year impact from the decline in roaming and visitor revenue was -1.5 percentage points (Q3: -1.0 percentage points, Q4: -0.5 percentage points). Service revenue in Turkey grew ahead of inflation, reflecting strong customer contract ARPU growth and increased demand for mobile data and fixed broadband. Mobile contract customer additions were 1.1 million during the year – the highest amongst any of our markets – supported by migrations from prepaid customers. Contract churn improved by 3.3 percentage points year-on-year to 19.3%. Service revenue in Egypt also grew ahead of inflation, supported by customer base growth and increased data usage, partially offset by lower roaming and visitor revenue. During the year, we added 402,000 mobile contract customers and 1.1 million prepaid mobile customers. Mobile contract churn in Egypt was the lowest in the entire Group at 6.5%. Adjusted EBITDA increased by 8.5%* and the adjusted EBITDA margin decreased by 0.7* percentage points. This reflected strong revenue growth and operating efficiencies in Turkey, offset by the lapping of a prior year settlement and the impact of the temporary zero-rating of e-money transaction fees in Egypt. The adjusted EBITDA margin was 32.6%. In November 2020, we announced that Vodafone Egypt had acquired 40MHz of 2.6Ghz spectrum, with a 10-year licence through to 2030. The spectrum will enable us to significantly expand network capacity to meet growing demand for reliable, high quality voice and data services. In December 2020, we announced that discussions with Saudi Telecom Company in relation to the sale of Vodafone’s 55% shareholding in Vodafone Egypt had been terminated. Vodafone Egypt has a strong market position in an attractive market and generates a strong return on capital employed, in excess of its local cost of capital. We are committed to retaining our presence in Egypt. 27 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Our financial performance (continued) Safaricom Associate (Kenya) Safaricom service revenue declined by 0.3%* (Q3: 1.6%*, Q4: 6.4%*) due to depressed economic activity and the zero-rating of some M-Pesa services in the first half of the year. The quarter-on-quarter improvement in Q4 was driven by an increase in M-Pesa revenue as service fees normalised and higher demand for fixed broadband. Vodafone Idea Limited Joint Venture (India) In October 2019, the Indian Supreme Court gave its judgement in the Union of India v Association of Unified Telecom Service Providers of India case regarding the interpretation of adjusted gross revenue (‘AGR’), a concept used in the calculation of certain regulatory fees. Vodafone Idea was liable for very substantial demands made by the Department of Telecommunications (‘DoT’) in relation to these fees. Based on submissions of the DoT in the Supreme Court proceedings (which the Group is unable to confirm as to their accuracy), Vodafone Idea reported a total estimated liability of INR 654 billion (€7.6 billion) excluding repayments and including interest, penalty and interest on penalty up to 30 June 2020. On 17 February, 20 February, 16 March and 16 July 2020, Vodafone Idea made payments totalling INR 78.5 billion (€0.9 billion) to the DoT. In September 2020, the Supreme Court of India directed that telecom operators make payment of 10% of the total dues by 31 March 2021 and thereafter repay the balance, along with 8% interest, in 10 annual instalments. Vodafone Idea Limited (‘Vodafone Idea’) recorded losses for each of the six month periods ended 30 September 2019, 31 March 2020 and 30 September 2020, respectively. For the six months ended 30 September 2019, the Group recognised its share of estimated Vodafone Idea losses arising from both its operating activities and those in relation to the AGR judgement. The Group has no obligation to fund Vodafone Idea, consequently the Group’s recognised share of losses in the six months ended 30 September 2019 was limited to the remaining carrying value of Vodafone Idea which was therefore reduced to €nil at 30 September 2019; no further losses have been recognised by the Group. As part of the agreement to merge Vodafone India and Idea Cellular in 2017, the parties agreed a mechanism for payments between the Group and Vodafone Idea pursuant to the crystallisation of certain identified contingent liabilities in relation to legal, regulatory, tax and other matters, and refunds relating to Vodafone India and Idea Cellular. Cash payments or cash receipts relating to these matters must have been made or received by Vodafone Idea before any amount becomes due from or owed to the Group. Any future payments by the Group to Vodafone Idea as a result of this agreement would only be made after satisfaction of this and other contractual conditions. The Group’s potential exposure under this mechanism is now capped at INR 64 billion (€747 million). See note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements for further information. Vodafone Hutchison Australia / TPG Telecom Limited Joint Venture (Australia) In July 2020, Vodafone Hutchison Australia Pty Limited (‘VHA’) and TPG Telecom Limited (‘TPG’) completed their merger to establish a fully integrated telecommunications operator in Australia. The merged entity was admitted to the Australian Securities Exchange (‘ASX’) on 30 June 2020 and is known as TPG Telecom Limited. Vodafone and Hutchison Telecommunications (Australia) Limited each own an economic interest of 25.05% in the merged unit. Associates and joint ventures FY21 €m FY20 €m VodafoneZiggo Group Holding B.V. (232) (64) Indus Towers Limited 274 19 Safaricom Limited 217 247 Vodafone Idea Limited – (2,546) Other 83 (161) Share of results of equity accounted associates and joint ventures 342 (2,505) VodafoneZiggo Joint Venture (Netherlands) The results of VodafoneZiggo (in which Vodafone owns a 50% stake) are reported here under US GAAP, which is broadly consistent with Vodafone’s IFRS basis of reporting. Total revenue grew 1.6% (Q3: 0.5%, Q4: 1.8%) to €4.0 billion. This reflected mobile contract customer base growth and strong Business fixed demand, partly offset by lower roaming, visitor and handset revenue. During the year, VodafoneZiggo added 262,000 mobile contract customers, supported by the successful ‘Runners’ campaign and higher demand from businesses. Strong Business fixed performance was supported by an increase in the customer base, as well as higher demand for unified communications and remote-working solutions. The number of converged households increased by 81,000, with 44% of broadband customers and 71% of all B2C mobile customers now converged, delivering significant NPS and churn benefits. VodafoneZiggo was the first operator to launch a nationwide 5G network in the Netherlands and also completed its analogue TV switch-off during April 2021. VodafoneZiggo now offers 1 gigabit speeds to more than 3.1 million homes and is on track to provide nationwide coverage in 2022. During the year, Vodafone received €209 million in dividends from the joint venture, as well as €43 million in interest payments. The joint venture also drew down an additional €104 million shareholder loan from Vodafone to fund spectrum licences acquired in July 2020. Indus Towers Associate (India) In November 2020, we announced that the merger of Indus Towers Limited (‘Indus Towers’) and Bharti Infratel Limited (‘Bharti Infratel’) had completed. The merged company is listed on the National Stock Exchange of India and the Bombay Stock Exchange and was renamed Indus Towers Limited following the merger. Vodafone was issued with 757.8 million shares in the merged company in exchange for its 42% shareholding in Indus Towers and this is equivalent to a 28.1% shareholding in the combined company. Indus Towers is classified as held for sale at 31 March 2021 in the consolidated statement of financial position. The Group’s interest in Indus Towers has been provided as security against certain bank borrowings secured against Indian assets and partly to the pledges provided to the new Indus Towers entity under the terms of the merger between erstwhile Indus Towers and Bharti Infratel. Governance Financials Other information 28 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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Net financing costs FY21 €m  FY20 €m  Reported change % Investment income 330 248 Financing costs (1,027) (3,549) Net financing costs (697) (3,301) 78.9 Adjustments for: Mark-to-market (gains)/losses (1,091) 1,128 Foreign exchange losses 23 205 Adjusted net financing costs1 (1,765) (1,968) 10.3 Note: 1. Adjusted net financing costs is a Non-GAAP measure. Adjusted net financing costs exclude mark-to-market and foreign exchange gains/losses. This metric is used by both management and the investor community. The FY20 adjusted net financing costs has been aligned to the FY21 presentation which no longer excludes lease interest. This increased adjusted net financing costs for FY20 by €330 million. Net financing costs decreased by €2.6 billion, primarily due to mark-to- market gains of €1.1 billion (compared to losses of €1.1 billion in FY20). This was driven by a higher share price, causing a gain on options held relating to €3.8 billion of mandatory convertible bonds. Adjusted net financing costs decreased reflecting net favourable interest movements on borrowings in relation to foreign operations. Taxation FY21 %  FY20 %  Change pps Effective tax rate 87.8% 157.2% (69.4) The Group’s effective tax rate for the year ended 31 March 2021 was 87.8%. The Group’s effective tax rate for both years includes the following items: a €2,827 million charge (2020: €346 million credit) for the utilisation of losses in Luxembourg which arises from an increase (2020: decrease) in the valuation of investments based upon local GAAP financial statements and tax returns. The increase in the current year was principally driven by increases in the value of our operating businesses, listed associates and joint ventures. These items change the total losses we have available for future use against our profits in Luxembourg and neither item affects the amount of tax we pay in other countries. The Group’s effective tax rate for the year ended 31 March 2020 included a reduction in our deferred tax assets in Luxembourg of €881 million following a reduction in the Luxembourg corporate tax rate. Earnings per share FY21 eurocents FY20 eurocents Reported change eurocents Basic earnings/(loss) per share 0.38c (3.13)c  3.51c Basic earnings per share was 0.38 eurocents, compared to a loss per share of 3.13 eurocents for the year ended 31 March 2020. Consolidated statement of financial position The consolidated statement of financial position is set out on page 122. Details on the major movements of both our assets and liabilities in the year are set out below. Assets Goodwill and other intangible assets decreased by €0.5 billion between 31 March 2020 and 31 March 2021 to €53.5 billion. This reflects the amortisation of computer software, partially offset by software and purchased licence additions in the period. Property, plant and equipment increased by €1.1 billion between 31 March 2020 and 31 March 2021 to €41.2 billion. This reflects additions in the period, partially offset by the depreciation charge. Other non-current assets decreased by €9.2 billion between 31 March 2020 and 31 March 2021 to €32.0 billion, primarily due to a €5.5 billion decrease in derivative assets included in trade and other receivables, a €2.0 billion decrease in deferred tax assets and a €1.2 billion decrease in investments in associates and joint ventures, reflecting the reclassification of the Group’s interest in Indus Towers Limited as held for sale at 31 March 2021. Further detail is provided in note 7 to the consolidated financial statements. Current assets decreased by €6.2 billion between 31 March 2020 and 31 March 2021 to €27.0 billion, primarily due to a €7.7 billion decrease in cash and cash equivalents and a €0.8 billion decrease in trade and other receivables, partially offset by an increase of €2.1 billion in other investments. Total equity and liabilities Total equity decreased by €4.8 billion between 31 March 2020 and 31 March 2021 to €57.8 billion largely due to €2.4 billion of dividends paid to the Group’s shareholders, €0.4 billion of dividends paid to non-controlling interests and total comprehensive expense for the period of €3.6 billion, partially offset by an increase of €1.9 billion arising from transactions with non-controlling interests in subsidiaries. Non-current liabilities decreased by €3.6 billion between 31 March 2020 and 31 March 2021 to €68.5 billion, primarily due to a €3.7 billion decrease in borrowings. Current liabilities decreased by €4.7 billion between 31 March 2020 and 31 March 2021 to €28.7 billion, primarily due to a €3.5 billion decrease in borrowings, a €1.4 billion decrease in financial liabilities under put option arrangements, partially offset by an increase of €0.4 billion in trade and other payables. Inflation Inflation did not have a significant effect on the Group’s consolidated results of operations and financial condition during the year ended 31 March 2021. 29 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Our financial performance (continued) Section 219 SEC filings of interest Vodafone Group Plc (‘Vodafone’) does not have any subsidiaries, other equity investments, assets, facilities or employees located in Iran, and Vodafone has made no capital investment in Iran. To the best of its knowledge, no U.S. persons, including any U.S. affiliates of Vodafone, are involved in the activities described below. Except as specified below, to the best of Vodafone’s knowledge, neither it, its subsidiaries, nor its affiliates have engaged in any conduct needing to be disclosed under Section 13(r) of the Securities Exchange Act of 1934. Vodafone has wholesale roaming and interconnect arrangements (including voice and data) with mobile and fixed line operators in Iran. Vodafone has, or has had, relationships with telecommunications operators in Iran in connection with such roaming and interconnect arrangements, some of which it believes are or may be government- controlled entities. The approximate gross revenue and costs attributable to the roaming and interconnect arrangements were €708,000 and €591,000, respectively, for the financial year ended 31 March 2021. During the financial year ended 31 March 2021, Vodafone provided telecommunications services to seven Iranian national embassies located globally and five Iranian majority-government-owned or controlled entities in Germany. The approximate gross revenue attributable to these relationships during the financial year was €50,679. In addition, a wholly owned Vodafone subsidiary based in Germany provided basic telecommunications services to Europaisch- Iranische Handelsbank AG and Irisl Europe Gmbh (both entities blocked pursuant to Executive Order 13382), generating revenue of approximately €812 and €3,352, respectively, during the financial year. During the financial year ended 31 March 2021, Vodafone Global Network Limited (‘VGN’) continued to be a member of a consortium made up of the Telecommunication Infrastructure Company of Iran (‘TIC’) (an entity controlled by the government of Iran), Rostelecom and Omantel, that has built a high-speed cable network from a landing point in Oman to Germany. Each member of the consortium is responsible for funding, building and maintaining its section of the cable, with VGN owning and being responsible for the segment from the Ukrainian border with Russia to Frankfurt, Germany. No consortium transactions or purchase of capacity took place during the financial year ended 31 March 2021 for which Vodafone was due any revenues. Netting arrangements are in place for the settlement of any such transactions which arise. Vodafone, through one of its subsidiaries, also makes some insignificant payments to Iran in order to register and renew certain domain names and certain trademarks, and to protect its brand globally. Payments are made by the Dr Laghaee Law Firm in Tehran to The Domain Registry at the Institute for Studies in Theoretical Physics Mathematics organisation which is the domain name registry and therefore the ultimate beneficiary. The costs of registering and renewing domain names for the financial year ended 31 March 2021 were approximately €3,146 paid via Al Tamimi & Company. Vodafone continues to maintain Iranian trademarks in Iran but no renewal fees were due to the Iranian trademarks office during the financial year ended 31 March 2021. Prior year operating results Our operating performance for the last financial year ended 31 March 2020 compared to the financial year ended 31 March 2019 can be found on pages 30 to 39 of our Annual Report on Form 20-F filed with the United States Securities and Exchange Commission on 2 July 2020. Cash flow and funding Analysis of cash flow FY21 €m  FY20 €m  Reported change % Inflow from operating activities 17,215 17,379 (0.9) Outflow from investing activities (9,262) (8,088) (14.5) Outflow from financing activities (15,196) (9,352) (62.5) Cash inflow from operating activities decreased by 0.9% to €17.2 billion (FY20: €17.4 billion) due to an increase in the net working capital outflow compared to the prior year. Working capital movements in FY21 include a €0.3 billion inflow from handset purchases and the associated sale of customer receivables. Outflow from investing activities primarily increased by 14.5% to €9.3 billion (FY20: €8.1 billion) due to lower inflows from disposals of subsidiaries and disposals of short term investments, increased investment in network performance during the pandemic, partially offset by reduced outflows on purchases of subsidiaries and associates. Outflow from financing activities increased by 62.5% to €15.2 billion (FY20: €9.4 billion) principally due to higher net outflows on borrowings. Inflows from transactions with non-controlling shareholders, mostly from the Vantage Towers public offering, were partially offset by payments to purchase shares from KDG minorities. Acquisitions and disposals in the current year included proceeds from the Vantage Towers public offering of €2.0 billion, partially offset by payments to purchase shares from KDG minorities of €1.5 billion. The prior year included €2.0 billion received on completion of the sale of Vodafone New Zealand on 31 July 2019, together with €2.1 billion received on completion of the sale of Italian tower assets on 31 March 2020. It also included €10.3 billion paid on completion of the acquisition of the Liberty Global assets on 31 July 2019 and acquired net borrowings, derivatives and cash and cash equivalents of €8.2 billion. Borrowings and cash position FY21 €m FY20 €m Reported change % Non-current borrowings (59,272) (62,949) Current borrowings (8,488) (11,976) Borrowings (67,760) (74,925)  Cash and cash equivalents 5,821 13,557 Borrowings less cash and cash equivalents (61,939) (61,368) 0.9 Borrowings principally includes bonds of €46,885 million (FY20: €49,412 million) and lease liabilities of €13,032 million (FY20: €12,118 million). Reductions in borrowings are offset by movements in cash and cash equivalents and are principally driven by the early repayment of €3.4 billion of bonds due to mature up to 2024 and lower derivative collateral positions which impact both cash and short term borrowings. Governance Financials Other information 30 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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/s/ Nick Read Nick Read Chief Executive 23 June 2021 /s/ Margherite Della Valle Margherita Della Valle Chief Financial Officer 23 June 2021 This year’s report contains the Strategic Report on pages 1 to 61, which includes an analysis of our performance and position, a review of the business during the year, and outlines the principal risks and uncertainties we face. The Strategic Report was approved by the Board and signed on its behalf by the Chief Executive and Chief Financial Officer. Share buybacks On 19 March 2021, Vodafone announced the commencement of a new irrevocable and non-discretionary share buyback programme. On completion of this programme, a second irrevocable and non- discretionary programme was announced on 19 May 2021 (the ‘programmes’). The sole purpose of the programmes was to reduce the issued share capital of Vodafone to partially offset the increase in the issued share capital as a result of the maturing of the first tranche of the mandatory convertible bond (‘MCB’) in March 2021. In order to satisfy the first tranche of the MCB, 1,426.8 million shares were reissued from treasury shares in March 2021 at a conversion price of £1.2055. This reflected the conversion price at issue (£1.3505) adjusted for the pound sterling equivalent of aggregate dividends paid in August 2019, February 2020, August 2020 and February 2021. The first programme started on 22 March 2021 and completed on 18 May 2021. The second programme started on 19 May 2021 and is due to complete on 23 July 2021. Details of the shares purchased under the programmes, including those purchased under irrevocable instructions, are shown below. Date of share purchase Number of shares purchased1,5 000s Average price paid for share inclusive of transaction costs  Pence Total number of shares purchased under publicly announced share buyback programmes2 000s Maximum number of shares that may yet be purchased under the programmes3 000s March 2021 52,682 134.60 52,682 204,121 April 2021 131,704 135.34 184,386 72,437 May 2021 118,095 135.71 302,481 222,580 June 2021 (to 21) 85,608 129.90 388,089 136,972 Total4 388,089 134.15 388,089 136,972 Notes: 1. The nominal value of shares purchased is 2020/21 US cents each. 2. No shares were purchased outside the publicly announced share buyback programmes. 3. In accordance with shareholder authority granted at the 2020 Annual General Meeting. 4. A total of 256,822,895 shares were repurchased under the programme that completed on 18 May 2021. 5. The total number of shares purchased represented 1.4% of our issued share capital, excluding treasury shares, at 21 June 2021. Dividends The Board is recommending total dividends per share of 9.0 eurocents for the year. This includes a final dividend of 4.5 eurocents compared to 4.5 eurocents in the prior year. 31 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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We connect for a better future Purpose, sustainability and responsible business Inclusion for All Ensuring everyone has access to the benefits of a digital society. Access for all We are finding new ways to roll-out our network to rural locations in our markets, through a number of initiatives, including network sharing. Propositions for equality We are providing relevant products and services to address specific societal challenges such as access to education, gender equality, financial inclusion and poverty. 48.3 million customers using M-Pesa (or equivalent) 15.9 million additional female customers in Africa and Turkey since 2016 Workplace equality We are committed to developing a diverse and inclusive global workforce that reflects the customers and societies we serve. This year, our diversity and inclusion focus has been on removing barriers to workplace equality, by accelerating momentum on gender equality, sustaining focus on LGBT+, setting solid foundations on race and ethnicity, and ensuring our physical and digital workplace is fully accessible. Planet Reducing our environmental impact and helping society decarbonise. Net zero This year, we set a 2030 Science-Based Target and committed to reaching ‘net zero’ emissions across our full value chain by 2040. 56% renewable electricity purchased Enabling our customers to reduce emissions We have committed to helping our customers reduce their own carbon emissions by a cumulative total of 350 million tonnes between 2020 and 2030. 7.1 million avoided tonnes of CO2e as a consequence of our IoT technologies and services in FY21 Building a circular economy We are focused on reducing e-waste, progressing against our target to reuse, resell or recycle 100% of our network waste by 2025, and driving action to reduce device waste. Digital Society Connecting people and things and digitalising critical sectors. Gigabit network We continue to invest in our network infrastructure and coverage to deliver a high-quality service that allows individuals and businesses to connect anywhere, at any time. Over 150 million customers connected to our next-generation networks Small and medium-sized enterprises (‘SMEs’) Through Vodafone Business, we provide products and services which are specifically tailored for SMEs. One million business customers across Europe now using our free digital V-Hub service Healthcare sector Our connectivity and platforms are supporting the digitalisation of healthcare, ranging from enhanced hospital connectivity to connected IoT monitoring devices. Smart cities Our IoT platform and technology are supporting cities to become smarter to adapt to the demands of urban growth, as well as improve the lives of the citizens within them. Agriculture sector We are helping to increase the amount of information that farmers have available to them, enabling the optimisation of operations and use of resources. 2.1 million smallholder farmers across Africa registered to our Connected Farmer platform 1.95 1.95 2.14 2.14 1.67 1.67 0.28 0.28 0.26 0.26 1.88 1.88 F FY19 FY20 Scope 1 emissions (million tonnes CO2e) Scope 2 emissions (million tonnes CO2e) Scope an GG emissions Women 40 en 60 Women 32 en 68 Women 45 en 55 Women 40 en 60 Women 32 en 68 Women 45 en 55 Overall Grop anagement an senior leaership oar omen in management an leaership roles Our strategy helps to deliver our targets across three purpose pillars: Digital Society; Inclusion for All; and Planet – and ensures Vodafone acts responsibly and ethically, wherever we operate. We are also committed to supporting the delivery of the UN Sustainable Development Goals (‘SDGs’). Purpose pillars Strategic report Governance Financials Other information 32 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Code of Conduct Our Code of Conduct outlines the requirements that every single person working for and with Vodafone must comply with, regardless of location. Protecting data Data privacy We respect the right to privacy and always seek to protect our customers’ lawful rights to hold and express opinions and share information and ideas without interference. We are committed to looking after our customers’ data, only using it for its stated purpose, and we are always open about what we collect. Cyber security Our networks connect millions of people, homes, businesses and things to each other and the internet. The security of our networks, systems and customers is a top priority and a fundamental part of our purpose. Protecting people Health and safety Keeping our people safe is one of the most important responsibilities we hold as an employer. Our ongoing focus is to create a safe working environment for everyone working for, and on behalf of, Vodafone and the communities in which we operate. Mobiles, masts and health We always operate our mobile networks strictly within national regulations, which are typically based on, or go beyond, international guidelines set by the independent scientific body the International Commission for Non-Ionizing Radiation Protection (‘ICNIRP’). Human rights We believe that wherever we operate, our contributions help to advance the protection and promotion of a number of fundamental human rights and freedoms, supporting socio-economic development. Responsible supply chain We spend approximately €24 billion a year with more than 10,500 direct suppliers around the world. This year we updated our processes to evaluate suppliers on their commitments to diversity, inclusion and the environment when they tender for new work. Business integrity Tax and economic contribution As a major investor, taxpayer and employer, we make a significant contribution to the economies of all the countries in which we operate. Anti-bribery and corruption We have a policy of zero tolerance towards bribery or corruption. Our policy provides guidance on what constitutes a bribe and prohibits giving or receiving any excessive or improper gifts and hospitality. Governance The Executive Committee has overall accountability to the Board for Vodafone’s sustainable business strategy and regularly reviews progress. In addition, each pillar of our purpose has an executive-level sponsor: Digital Society (Vinod Kumar, CEO Vodafone Business), Inclusion for All (Serpil Timuary, CEO Europe Cluster) and Planet (Joakim Reiter, Group External Affairs Director). Reflecting its ownership of environmental, social and governance matters (‘ESG’), the Board has approved the establishment of a new ESG Committee as a Committee of the Board and the Board will benefit from its dedicated oversight of our ESG programme. We have also included ESG measures in the long-term incentive plan for our senior leaders. Read more about our new ESG Committee on page 72 Materiality We have conducted a materiality assessment to identify the material and emerging ESG issues relevant to our business, our stakeholders and the societies in which we operate. Reporting frameworks Vodafone reports against a number of voluntary reporting frameworks to help stakeholders understand our sustainable business performance. The Global Reporting Initiative (‘GRI’) is the most widely accepted global standard for sustainability reporting. The GRI Standards allow companies to report their material impacts for a range of economic, environmental and social issues. Our 2021 disclosure is included in our 2021 ESG Addendum. Due to increasing demand for sustainability information that is comparable, consistent and financially material, we have published disclosures in accordance with the Sustainability Accounting Standards Board’s (‘SASB’) Standards. Vodafone participates in the CDP’s annual climate change questionnaire. This year we secured a place on CDP’s climate change ‘A List’. Vodafone is a participant in the United Nations Global Compact (‘UNGC’). As part of this, Vodafone supports the Ten Principles of the United Nations Global Compact on human rights, labour, environment and anti-corruption. Our 2021 Communication on Progress can be found in our 2021 ESG Addendum. GRI SASB CDP UNGC To underpin the delivery of our purpose, we ensure that we operate in a responsible way. Acting ethically, lawfully and with integrity is critical to our long-term success. Responsible business 33 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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34 Vodafone Group Plc  Annual Report 2021 Purpose Our purpose Our purpose – to connect for a better future by enabling inclusive and sustainable digital societies – serves as the framework for what we do at Vodafone. It is underpinned by our focus on three specific pillars: Inclusion for All, Planet and Digital Society. In response to the COVID-19 crisis, we reviewed and adapted the focus areas under our three purpose pillars so they would respond better to the evolving socio-economic challenges and to society’s needs. We call the difference we make in supporting the communities in which we operate our social contract. Launched in 2019, our social contract is how we drive and activate many of our purpose initiatives. For example, our social contract creates new partnerships with governments and other stakeholders to overcome some of the most important challenges that our customers and societies are facing. In return, we want governments, policy-makers and regulators to adopt a pro-investment, pro-innovation approach to allow network operators to make sufficient returns on their investments. In responding to the pandemic – specifically through the five-point plan we implemented in Europe and the six-point plan in Africa – our social contract has accelerated the delivery of our purpose during the last 12 months. As a Group, through the consistent delivery against our plans in Europe and Africa, we have: – – sent over 250 million text messages with free public health information; – – supported 1.5 million healthcare workers through €6 million of donated funds and devices; – – helped more than 15 million people through zero-rating health sites; – – helped over 100 million people in Europe and Africa through €150 million in donations and in-kind benefits; and – – donated €10 million in cash and in-kind donations through Vodafone Foundation. Read more on Vodafone’s social contract on page 19 Our purpose is also the basis of our new brand positioning: ‘Together we can’. It conveys our belief that technology and innovation can help millions of people and their communities to stay connected. We feel positively about the opportunity technology gives us all when combined with the right human spirit. The following sections provide an overview of the purpose programmes and targets we have set, as well as the achievements over the past year as a result of the acceleration of purpose driven by our social contract. Inclusion for All Our Inclusion for All strategy seeks to ensure no one is left behind. It focuses on access to connectivity, digital skills and creating relevant products and services, such as access to education, healthcare and finance. We are also committed to developing a diverse and inclusive global workforce that reflects the customers and societies we serve. Whilst the past year has seen an unparalleled acceleration in society’s reliance on connectivity, it has also shone a light on the existing digital divides. Millions of people are still unable to take advantage of the benefits digital technology can bring. Through our social contract acceleration, we have broadened the focus of Inclusion for All, and accelerated programmes to deliver benefit for groups affected by the crisis. Highlights have included: – – 5.2 million students accessing free digital education; – – over 18,000 devices donated for education; – – we launched Jobseekers.Connected proposition in multiple markets; and – – removed transaction fees for mobile money users. Access for all The use of fixed and mobile services is accelerating globally. For example, GSMA estimates that 5.1 billion people have a mobile phone and 3.8 billion use mobile internet1. But many remain unconnected, with 600 million people globally still living outside areas covered by mobile networks. We know that when people can access mobile internet, they are able to use services that improve their lives. For example 1.6 billion mobile subscribers have used mobile to monitor their health and 1.2 billion people have a mobile money account2. Access for all is therefore a priority – and rural connectivity is a specific focus area for us. Within the EU, 29% of the population live in rural areas3. In Africa, the number is much higher. In Tanzania, for example, over 70% live in rural areas. Expanding rural networks can often be more challenging and have a lower return on investment due to lower population densities. That is why we are finding new ways to roll-out our network to rural locations in our markets, through a number of initiatives and innovative partnerships, including network sharing. Notes: 1. GSMA, 2020. 2. GSMA, 2021. 3. Eurostat, 2020. Governance Financials Other information 34 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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35 Vodafone Group Plc  Annual Report 2021 Strategic report Governance Financials Other information FY21 network deployment 4G sites deployed (000s) % base covered 4G population coverage Europe* 100.1 91% 98% Africa and Turkey** 50.5 86% 69% Group 150.6 89% 75% Notes: * * excluding Vodafone Ziggo. * * excluding Safaricom. New approaches and a blend of technologies will help us to deliver universal mobile coverage to Europe and Africa. For example, we are piloting OpenRAN – a new promising way to engineer the access network – in rural communities. We have also continued to work with our partners AST & Science LLC to develop the first space-based mobile network to connect directly to 4G and 5G smartphones without the need for specialised hardware. The aim is to transform mobile coverage in the DRC, Ghana, Mozambique, Kenya and Tanzania. The mobile network will also reach 1.6 billion people across 49 countries from 2023. In addition, this year, Vodafone Group Chief Executive, Nick Read, was appointed as a Commissioner to the UN Broadband Commission for Sustainable Development, which brings together governments, civil society, industry and international organisations to address the digital divide, achieve universal broadband connectivity and accelerate progress toward the Sustainable Development Goals by 2030. Enabling quality education and digital skills Even before the COVID-19 crisis, an estimated 258 million children around the world were not in school. More than half of all children globally were not meeting the minimum expected standards in reading and maths4. The COVID-19 crisis has made things worse, impacting nearly 1.6 billion learners in over 190 countries5. Lack of access to devices and poor connectivity hindered home learning. Across our markets, we have responded by providing devices and connectivity to students and families, as well as growing our existing education platforms across Europe and Africa. We expanded Connected Education, which was launched in January 2020, by our social enterprise Vodafone Business Ventures to provide access to connectivity, devices and classroom collaboration software for students and teachers across the world. To date, over 800,000 students in over 2,900 educational institutions across 10 countries have benefited from this digital learning solution. In South Africa, the Vodacom e-School solution allows learners to access curriculum-aligned content and educators to access learning materials on their smartphone with no data charges. We currently have over one million users on the platform. This year, we announced an investment of €20 million6 by Vodafone Foundation to expand digital skills and education programmes across Europe, aiming to reach over 16 million learners by 2025. One example is Vodafone Foundation Germany’s ‘Coding for Tomorrow’ which teaches students and their teachers about how to use digital technologies in an independent, critical and creative way. To date, the programme has reached 119,500 students and teachers. Notes: 4. UNESCO, 2018. 5. UN, 2020. 6. Beyond digital training, the Vodafone Foundation builds programmes around the world that combine Vodafone’s charitable giving and technology to deliver public benefit and improve people’s lives. The total amount donated by Vodafone to Vodafone Foundation in 2021 was €44.2 million. In the UK, we launched Schools.Connected to help improve connectivity for learners from low income families. The programme provided an initial 250,000 SIMs with a 30GB data allowance valid for 90 days. All SIMs were ordered by 6,970 primary and secondary schools in just four working days, so we doubled the number of SIMs and distributed 500,000. We estimate that each SIM used potentially prevented a student missing 60 days of schooling. Supporting jobseekers and disadvantaged groups Supporting jobseekers has been a focus area for years, in particular building programmes to respond to the growing youth unemployment crisis. In the EU the youth unemployment rate is 17%7 and in South Africa it is 56%8. In 2018, we launched the Future Jobs Finder, for jobseekers whose background is in non-technology fields. The Future Jobs Finder helps identify transferable skills and strengths, giving recommendations on tech professions and e-learning suited to people’s backgrounds and aptitudes. Since its launch, the Future Jobs Finder has supported over 600,000 people. In South Africa, our ConnectU platform provides over 15.5 million Vodacom customers with free access to a range of services covering health, education, safety and security, social media and jobs. ConnectU’s job portal has enabled 3.1 million people to access seven different job search websites for free, with over a third of users being in the lowest income bracket. We also developed a temporary immediate response initiative to address the contraction in economic activity caused by the COVID-19 crisis. Our ‘Jobseekers.Connected’ offer across our European markets, Egypt, Turkey and South Africa includes discounted connectivity to help jobseekers remain connected and supports them while they are searching for a new career opportunity. It includes free access to over 600 curated courses on global e-learning platform Udemy to help people re-skill. Bringing mobile to more women Goal: To connect an additional 20 million women living in Africa and Turkey to mobile by 2025 Mobile technology enables women in many of our markets to access essential services from maternal healthcare to agricultural information for female smallholder farmers. 54% of women in emerging markets now use mobile internet, but the gender gap for internet usage is substantial with over 300 million fewer women than men accessing the internet on a mobile phone9. We develop commercial programmes that support education, skills and jobs, better health and wellbeing and safety for women, and enable economic empowerment. For example, this year, we expanded Vodacom’s Mum & Baby service from South Africa to the DRC. Mum & Baby is a free-to-use (no data charges) mobile health service which gives customers maternal, neonatal and child health information. The service has helped over 1.9 million parents and caregivers to take positive actions to improve their children’s health since its launch in 2017. Through these programmes we aim to connect an additional 20 million women living in Africa and Turkey to mobile by 2025. Since 2016 we estimate to have added an additional 15.9 million female customers. The increase of women in our customer base also makes good business sense; women have a higher Net Promoter Score (+4pp compared to men). 7. Eurostat, 2021. 8. Statistics South Africa, 2021. 9. GSMA, 2021. 35 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Building platforms for financial inclusion Goal: To connect over 50 million people and their families to mobile money services by 2025 Financial inclusion is key to reducing extreme poverty. Nevertheless, many people, especially women, still lack access to financial services with close to 1.7 billion adults currently un-banked1. Without the ability to transfer money, people are limited in their ability to save, access loans, start a business and even be paid. In 2007, together with our Kenyan associate, Safaricom, we developed the first mobile money transfer service, M-Pesa. This provides financial services to millions of people who have a mobile phone but limited access to a bank account. It is also widely used to manage business transactions and to pay salaries, pensions, agricultural subsidies and government grants, and reduces the associated risks of robbery and corruption in a cash-based society. In April 2020, Vodacom and Safaricom completed the acquisition of the M-Pesa brand and the product development team from Vodafone Group through M-Pesa Africa, a newly created joint venture. The joint venture will help consolidate M-Pesa as the largest FinTech company in Africa and accelerate the growth of M-Pesa across the continent. As of March 2021, 48.3 million customers were using M-Pesa (or equivalent), with over 15.2 billion transactions made in the year (1.7 million per hour on average) through a network of more than 918,500 agents. In the last year we disbursed €4 billion in loans and overdrafts across our markets. We also launched a lending marketplace in Tanzania and Mozambique to enable lenders to easily integrate and offer a range of credit products with tailored pricing and terms to millions of customers and businesses. During the COVID-19 crisis, we implemented measures to support customers across our markets and promote digital payments as a safer way to transact than cash. These included removing fees on person-to-person transactions, increasing transaction and balance limits in partnership with the regulators and creating more flexible customer registration processes. This year we have seen a significant increase in mobile money customers, as the COVID-19 crisis has accelerated consumers moving to cashless transactions. Over the next year, we plan to evaluate our 2025 goal to ensure it better reflects our commercial ambition and opportunity. M-Pesa and mobile money services adoption Number of mobile money customers (million) % of service revenue % M-Pesa penetration on GSM base Kenya 28.3 33% 90% Tanzania 7.4 37% 62% Mozambique 4.9 19% 73% DRC 3.0 10% 26% Lesotho 0.9 10% 69% Ghana 1.6 3% 40% Egypt 2.3 1% 7% Purpose (continued) Workplace equality We are passionate about making the world more connected, inclusive and sustainable, and committed to creating a place where everyone can truly be themselves and belong. We bring the human touch to our technology to create a better digital future for all, starting with our people. Our people We are committed to developing a diverse and inclusive global workforce that reflects the customers and societies we serve. Key information 2021 2020 Average number of employees 94,274 92,866 Average number of contractors 10,481 11,269 Employee contract types Permanent 87% 87% Fixed term contracts 13% 13% Full-time 93% 92% Part-time 7% 8% Number of markets where we operate 19 21 Employee nationalities 137 126 Our people across the Group Germany1 14% 14% UK 1 9% 10% Italy1 5% 5% Spain1 4% 4% Vodacom1 11% 11% _VOIS and Shared Operations² 31% 30% Other3 26% 26% Employee experience Employee engagement index 4 74 77 Alignment to purpose4 93% 94% Voluntary turnover rate5 8% 12% Involuntary turnover rate5 3% 7% Notes: All headcount figures exclude non-controlled operations such in the Netherlands, Kenya, Australia and India. 1. The percentages reflect headcount in each operating company or group of operating companies such as Vodacom. The percentages exclude headcount in our shared services businesses (‘_VOIS’) and other shared operations. 2. _VOIS + Shared Operations constitute a significant number of our employees, and includes _VOIS headcount across our footprint (India, Romania, Hungary and Egypt) as well as in our global Group entities. 3. Other includes employees based in all other operating companies (Albania, Czech Republic, Egypt, Ghana, Greece, Hungary, Ireland, Portugal, Romania, Turkey) and other countries. 4. More detail on our employee survey is included on page 21. Our employee engagement index is based on a weighted average index of responses to three questions: satisfaction working at Vodafone; experiencing positive emotions at work; and recommending us as an employer. Alignment to purpose is based on a single question that asks whether employees feel their daily work contributes significantly to Vodafone’s purpose. 5. Turnover rates have decreased since 2020 due to the COVID-19 pandemic and a lower number of involuntary leavers. Wherever possible, we have protected the employment of our people. We have not used furlough schemes in any of our markets during the pandemic. The voluntary turnover rate includes retirements and death-in-service. Note: 1. World Bank 2017. Governance Financials Other information 36 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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Diversity and inclusion This year, our diversity and inclusion focus has been on removing barriers to workplace equality, by accelerating momentum on gender equality, sustaining focus on LGBT+, setting solid foundations on race and ethnicity, and ensuring our physical and digital workplace is fully accessible. Our expanded focus on multiple dimensions of diversity reflects our ambition to be a company with a global workforce that reflects the customers, communities and businesses we serve, as well as the wider societies in which we operate. Goal: We aim to have 40% women in management roles by 2030. We have reached 32%, and continue to drive progress through our programmes, policies and leadership incentives. Our progress and achievements to increase diversity were recognised with the inclusion of Vodafone in the Bloomberg Gender Equality Index and Refinitiv’s D&I Top 100 during the year. As part of our approach, we ensure that there is gender diversity when resourcing for senior leadership roles and our leadership team is accountable for maintaining and encouraging diversity amongst their teams. Women in management targets are also embedded in our long-term incentive plans. We hired 53% women for our graduate roles, and to date have supported 564 people back into employment after a career break through our Reconnect programme, of whom 470 were women. We have also connected with over 5,000 girls via our digital skills programme ‘Code Like a Girl’ since 2017, including 576 this year, and continued this programme during the COVID-19 pandemic by launching a digital coding classroom experience, available to all markets. Gender diversity 2021 2020 Women on the Board 45% 42% Women on the Executive Committee 29% 29% Women in senior leadership positions1 30% 29% Women in management and senior leadership roles2 32% 31% Women as a percentage of external hires 43% 38% Women as a percentage of graduates 53% 53% Women in overall workforce 40% 39% Notes: 1. Percentage of senior women in our top 178 positions (FY20: 173). 2. Percentage of women in our 6,609 management and leadership roles (FY20: 6,372). In 2019, Vodafone launched the first global domestic violence policy, which set out comprehensive workplace resources, security and other measures for employees at risk of experiencing, and recovering from, domestic violence and abuse. As the majority of the global workforce shifted to home working in the outbreak of COVID-19, reports of a ‘shadow pandemic’ of domestic violence intensified worldwide. Our markets considered the policy very important for supporting employees affected by domestic violence and abuse. Of those affected, the most frequent forms of support were counselling and advice, paid safe leave and referrals to specialist organisations with adaptations to working hours and workload. We reinforced our commitment to this area through training, technology, modified remote working policies and support for other employers. Our technology includes free apps such as Bright Sky, which provides support and information to anyone in an abusive relationship or those concerned about someone they know, reaching over 75,000 users. To support the health and wellbeing of our people through different life stages, we commissioned a global research project which identified that 62% of women with symptoms of menopause found it impacted their work. In March 2021, we made a global commitment to support women experiencing menopause, estimated to currently affect 37% of women in Vodafone. The virtual global launch event was held during International Women’s Week in March with over 1,400 participants, and was followed by the release of digital supporting toolkits and resources. During the year, we also implemented our global parental leave policy across our markets, giving every parent the opportunity to take 16 weeks of fully paid leave with a phased return to work over six months where parents work the equivalent of four days and are paid for five to spend time with new children in their family. Alongside gender equality, we retained focus on supporting the LGBT+ community, being recognised as a Top Global Employer by Stonewall. Our global LGBT+ network is thriving, with over 3,000 allies and active support from senior executives who champion inclusion. We marked International Day of People with Disabilities with a global event attended by over 600 people, highlighting initiatives across markets that create inclusive environments for customers and colleagues with visible and invisible differences. We have also hosted training on neurodiversity and accessibility webinars to ensure our colleagues are aware of the accessibility features in our digital workplace and how to use them. This year, we have expanded our existing diversity and inclusion agenda and focused on race and ethnicity, starting with our Global Black Lives Matter webinar listening to colleagues share their experience. To build capability in holding conversations on race in the workplace, we launched a ‘Let’s talk about race’ session in partnership with “Business in the Community”. We delivered Race Fluency sessions for our senior leaders, and launched cross-company reciprocal mentoring schemes. In October 2020, we hosted a global Black History Month webinar to reiterate our commitment, with the sponsorship of our Vodafone Business CEO, Vinod Kumar. To better understand representation across our organisation and target diversity and inclusion programmes more effectively, we launched a campaign called #CountMeIn in November 2020, which encourages employees to voluntarily self-declare their diversity demographics. These include race, ethnicity, disability, sexual orientation, gender identity and caring responsibilities, in line with local privacy and legal requirements. Our intention is to use this data to set leadership targets around race and ethnicity, to complement our commitments on gender, by the end of 2021. We are still in the process of collecting robust and complete data for our entire workforce, however 29% of our Executive Committee members are from ethnically diverse backgrounds. Our commitment to diversity and inclusion is reflected across our global policies and principles, such as our Code of Conduct and our Fair Pay principles. Read more about our Fair Pay principles on page 97 Labour unions The Group has dialogue with recognised labour unions if required. In particular, there are regular meetings with the Vodafone European Employee Consultative Council (the ‘EECC’). The delegates of this body are locally elected Vodafone employee representatives, most of whom are union and works council members. There were no material disruptions to operations as a result of union activity during the financial year or between the end of the financial year and the date of this Annual Report on Form 20-F. 37 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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We believe that urgent and sustained action is required to address the climate emergency. Business success should not come at a cost to the environment, and we are committed to ensure the greening of all of our activities. We also see a key role for our digital networks and technologies in helping to address climate change. Digitalisation is key to saving energy, using natural resources more efficiently and creating a circular economy. This year, as part of the acceleration guided by our social contract, and our commitment to “build back better”, we brought forward our target to purchase 100% renewable electricity in Europe, from 2025 to July 2021. Building on previous commitments, we set a new Science-Based Target to reduce our carbon emissions and we set a ‘net zero’ goal. To help deliver a twin digital and green transformation, we also set a target to enable our customers to reduce their emissions; and we updated our supplier evaluation criteria to include environmental considerations. In addition, we continue to focus on reducing electronic waste (e-waste), progressing against our target to reuse, resell or recycle 100% of our network waste by 2025, and driving action to reduce device waste. We were recognised by global environmental non-profit organisation CDP for our actions and transparency on our environmental impact and secured a place on CDP’s climate change ‘A List’. This places us in the top 5% of companies that responded to CDP’s 2020 climate change questionnaire. We also continued our work to identify potential climate change risks and opportunities through conducting Task Force on Climate-related Financial Disclosures (‘TCFD’) scenario-based risk and opportunity assessments across key markets. We are using the insights to create mitigating controls and identify ways to embed climate risk into our risk management system and processes. Planet Read more on Vodafone’s approach to climate change risk aligned to the TCFD on page 59 Reducing carbon emissions Goal: To reduce our own carbon emissions to ‘net zero’ by 2030 and across the full value chain by 2040. We set an approved 2030 Science-Based Target in line with reductions required to keep warming to 1.5°C, becoming the first major telecoms operator to follow the emission reduction pathway developed for the ICT sector (setting out specific emissions reduction trajectories for mobile, fixed and data centres). We also committed to reaching full value chain ‘net zero’ emissions by 2040. Driving energy efficiency Despite ever-growing use of data and expansion of our networks, this year our total Scope 1 and 2 GHG emissions decreased by 30% to 1.37 million tonnes of CO2e (carbon dioxide equivalent), due to our ongoing focus on energy efficiency and an increase in the proportion of renewable electricity purchased. We are committed to continually improving the energy efficiency of our base station sites and in our technology centres, which together account for 96% of our total global energy consumption. During FY21, we invested €65 million of capital expenditure in energy efficiency and on-site renewable projects across our business, which has led to annual energy savings of 135 GWh. This has been underpinned by the implementation of the ‘best-in-class’ ISO 50001 Energy Management System framework. To date, Albania, Germany, Greece, Ireland, Spain, Turkey and the UK have been awarded certification, with other markets due to implement the framework in the next year. Key energy efficiency initiatives we have focused on during the year include: – – sourcing and deploying more efficient network equipment and powering-down carriers during times of low traffic; – – gradually switching off the 3G network (which is typically 70% less energy efficient than 4G) and decommissioning legacy equipment in our core network; – – deploying high-density pods (modular blocks with concentrated power and cooling technology) to maximise the performance of servers and minimise cooling requirements within data centres; – – reducing energy demand by installing lower-energy power and cooling technologies; and – – using AI algorithms in our passive infrastructure, allowing us to optimise energy use in cooling. We continue to work with eSight Energy to implement an energy data management system using data feeds from our electricity suppliers and from smart meters. This system is now live across 12 markets in Europe, with smart meters installed at 62,000 sites. This year, we developed additional functionality, including a module to validate energy savings from projects, forecasting of energy consumption, tenant billing reports and capacity and meter calibration reports. Our Planet goals 2021 – – Purchase 100% of the electricity we use in Europe from renewable sources by July 2021 2025 – – Purchase 100% of the electricity we use globally from renewable sources – – Reuse, resell or recycle 100% of our network waste 2030 – – Eliminate all carbon emissions (‘net zero’) from our own activities and from energy we purchase and use (Scope 1 and 2) – – Halve carbon emissions from our carbon footprint (against a 2020 baseline), including joint ventures, all supply chain purchases, the use of products we have sold and business travel (Scope 3) – – Enable our business customers who use our services to reduce their own carbon emissions by a cumulative total of 350 million tonnes between 2020 and 2030 2040 – – Eliminate Scope 3 emissions completely to reach ‘net zero’ across our full carbon footprint Purpose (continued) Governance Financials Other information 38 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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Our performance Unit 2021 2020 Total Scope 1 and Scope 2 emissions Million tonnes of CO2e 1.37 1.95 Scope 1 emissions Million tonnes of CO2e 0.27 0.28 Scope 2 emissions Million tonnes of CO2e 1.10 1.67 Scope 3 emissions Million tonnes of CO2e 9.4 9.5 Joint ventures and associates* Million tonnes of CO2e 3.2 2.9 Purchased goods and services Million tonnes of CO2e 4.0 3.7 Use of sold products Million tonnes of CO2e 1.5 2.1 Fuel and energy-related activities Million tonnes of CO2e 0.6 0.7 Other (business travel, upstream leased assets, waste) Million tonnes of CO2e 0.1 0.1 *Of which India (Vodafone Idea and Indus Towers) Million tonnes of CO2e 2.5 2.4 Renewable electricity Percentage of purchased electricity from renewable sources % 56 23 Percentage of purchased electricity from renewable sources in Europe % 80 33 GHG emissions per petabyte (‘PB’) of mobile data carried Mobile Data Traffic (petabytes) Petabytes 11,714 7,983 Scope 1 and 2 GHG emissions per petabyte of mobile data carried by our networks Tonnes of CO2e 117 245 Note: Data calculated using local market actual or estimated data sources from invoices, purchasing requisitions, direct data measurement and estimations. Carbon emissions calculated in line with GHG Protocol standards. Scope 2 emissions are reported using the market-based methodology. For full methodology see our ESG Addendum 2021. Vodafone energy use Unit 2021 2020 Base stations Gigawatt hours / % 4,239 / 73 3,993 / 69 Technology centres Gigawatt hours / % 1,358 / 23 1,488 / 26 Offices Gigawatt hours / % 201 / 3 263 / 5 Retail stores Gigawatt hours / % 33 / 1 46 / 1 Total Gigawatt hours / % 5,832 / 100 5,790 / 100 Purchasing renewable electricity This year, we spent approximately €760 million on purchasing electricity. During the year, 56% of our electricity purchased was from renewable sources (2020: 23%). In July 2020, we committed that all of our European operations would be purchasing 100% renewable electricity no later than July 2021, significantly accelerating our previous target of 2025. This year, 80% of our purchased electricity in Europe was from renewable sources (2020: 33%) and we are confident that we will meet our July 2021 target. We currently have Power Purchase Agreements (‘PPAs’) in Spain and the UK. Electricity prices agreed under PPA contracts are broadly comparable to wholesale electricity prices and also provide us with more certainty, as well as helping to create new capacity within the markets. In addition, Italy, Germany, Ireland, Hungary, Romania, Spain, Greece and Czech Republic all sourced Renewable Energy Certificates (‘RECs’) or tariffs during the year. The incremental cost of RECs (or their equivalent) is small in the context of our overall energy spend. Working with our partners to reduce Scope 3 emissions Scope 3 emissions are indirect GHG emissions which we cannot control but may be able to influence. As part of our Science-Based Target, we have committed to halve our Scope 3 carbon emissions by 2030 (against a 2020 baseline) and eliminate them entirely by 2040, as part of our ‘net zero’ target. The main sources of Scope 3 emissions are investments (joint ventures and associates), purchased goods and services, and the use of sold products. This year, our estimated Scope 3 emissions were 9.4 million tonnes of CO2e. We worked with the Carbon Trust to analyse our Scope 3 emissions and prioritise reduction opportunities, mostly by working with our suppliers. From October 2020, we introduced a 20% weighting for environmental and social criteria in our supplier evaluation criteria in ‘Request For Quotation’ (‘RFQ’) processes. The updated process examines whether suppliers have environmental policies to address carbon reduction, renewable energy, plastic reduction, circular economy and product life-cycle (in addition to diversity and health and safety). Read page 50 for further information on our supplier evaluation criteria The assessment awards positive scoring for suppliers that have set (or are willing to set) a Science-Based Target. In addition, suppliers which offer product-specific CO2 data and pathways for reduction over the contract period are positively scored. Our supplier performance management programme also covers environmental factors, and suppliers’ GHG performance is one of the factors evaluated in our annual assessment process. We ask selected suppliers to provide details of their GHG emissions and management programmes through CDP. Last year, 88% of those suppliers responded, with 77% reporting that they had set a target for GHG emissions. This work was recently acknowledged by CDP, with Vodafone joining its Supplier Engagement Rating Leaderboard, which recognises companies which engage with their suppliers to tackle climate change. In addition to suppliers, we also work with our joint ventures and associates, which represent the most significant proportion of our Scope 3 emissions. Actions include: – – In India, Vodafone Idea has developed an Energy and Carbon Management Policy, with actions to save energy and reduce carbon emissions; – – In Kenya, Safaricom has committed to becoming a zero carbon- emitting company by 2050; 39 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Purpose (continued) – – In the Netherlands, VodafoneZiggo launched its first green bond, which will be used to finance green projects that will lower its environmental impact; and – – In Australia, TPG Telecom recently committed to purchase 100% renewable electricity by 2025. The third most significant source of our Scope 3 emissions is the use of sold products (e.g. charging devices). As countries de-carbonise their electricity grids, these associated emissions will also reduce. Enabling our customers to reduce their emissions For Vodafone, our most important contribution to tackling climate change is through enabling our customers (which include both businesses and governments) to reduce their environmental footprint using our digital technologies and services. In July 2020, we committed to helping our business customers reduce their own carbon emissions by a cumulative total of 350 million tonnes globally over 10 years between 2020 and 2030 – the equivalent to Italy’s total annual carbon emissions for 2019. Our IoT service offer, including logistics and fleet management, smart metering and manufacturing activities, will be central in delivering this target. Other savings are expected to be made through healthcare services, cloud hosting and home working. We work with the Carbon Trust to calculate the total GHG emissions avoided as a consequence of our IoT technologies and services. We estimate that over 54% of our 123 million IoT connections directly enabled customers to reduce their emissions in the past year. During the year, we estimate an avoidance of 7.1 million tonnes CO2e, which is 5.2 times the emissions generated from our own operations (Scope 1 and 2). In March 2021, we became a founding member of the European Green Digital Coalition, which brings together ICT sector companies to work together with EU policymakers and experts, to drive investment in, and implementation of, digital solutions in action against climate change. Carbon enablement overview Number of connections (million) GHG emission saving (million tonnes CO2e) Smart meters 15.4 1.8 Smart logistics 38.1 4.4 Healthcare 11.8 0.6 Other (cloud/street lighting/ EV charging) 1.1 0.4 Total 66.4 7.1 Enablement ratio 2021 2020 Total GHG enablement saving (Million tonnes CO2e) 7.1 6.9 Scope 1 and Scope 2 emissions (Million tonnes of CO2e) 1.37 1.95 Enablement ratio 5.2 3.5 Reducing waste and helping to build a circular economy Goal: To reuse, resell or recycle 100% of our network waste by 2025 Apart from carbon emissions, electronic waste is a material environmental issue for our business. We have consistently sought to manage our own impact in a responsible manner and also support our customers with their efforts. Our global policy on waste management prioritises the reuse, resale or recycling of unwanted equipment. We aim to keep resources in use for as long as possible, extracting the maximum value from equipment while in use and then recovering and reusing materials responsibly. We implement resource efficiency and waste disposal management programmes in all our markets to minimise environmental impacts from network waste, IT equipment and waste. This year, we generated an estimated 7,900 tonnes of waste (which includes hazardous waste) and we recovered and recycled 79%. Globally, 98.7% of our network waste was sent for reuse and recycling (excluding hazardous waste). To deliver our 2025 goal to reuse, resell or recycle 100% of our network waste, we have launched an internal asset marketplace, a business-to- business solution within Vodafone that allows us to re-sell and re-purpose excess stock or large decommissioned electrical items like masts and antennae. Since launching at the start of 2020, we estimate that we have saved over €10 million of spend and avoided over 1,250 tonnes of CO2e. We are assessing the possibility of expanding the solution to partner markets and other operators. Network waste management (excluding hazardous waste) 2021 2020 Reused 20% 15% Recycled 79% 84% Landfilled 1% 1% Total network waste (metric tonnes) 6,307 8,138 Apart from addressing our network waste, we are working on a series of actions to reduce device waste. We are increasingly adopting circular economy approaches and take a life-cycle management approach, which includes extending the lifespan of devices through repair, refurbishment and resale before encouraging the responsible recycling of devices at the end of their useful life. Most of our markets operate trade-in and device buyback schemes and repair services to encourage customers to repair or return their old devices. For example, this year Vodafone UK launched a phone trade-in tool, accessible via the MyVodafone app. The tool assesses device eligibility and provides a guaranteed trade-in price, encouraging greater trade-in rates. We also strive to refurbish and reuse fixed-line equipment multiple times, with significant associated environmental and cost savings. Given a large part of the solution to drive circularity for devices depends on industry action, we recently joined the Circular Electronics Partnership, which brings together leaders across the value chain – from manufacturing, reverse logistics, material recovery, to e-waste management – to drive circularity solutions for electronics. Beyond what we can directly and indirectly influence we also support societal change to more circular economy models. Digital and connected solutions are an essential part of the solution towards lower resource use and improved reuse and recycling. For example, through enabling material tracing or shifting from product-based business models to service-based ones. We are also eliminating all unnecessary plastics and other disposable single-use items where there are lower impact alternatives across all our retail stores and offices. Engaging our people More than 15,000 colleagues are currently members of our “#RedLovesGreen” employee engagement initiative, which aims to raise awareness of the individual actions that employees can take to reduce energy and other resource uses. Governance Financials Other information 40 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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We believe in the power of connectivity and digital services to strengthen the resilience of economies. Through our mobile and fixed networks, data flows at speed, connecting people and communities. Over the past year, the COVID-19 crisis has tested the resilience of our societies, of businesses small and large, and of public services. We have also seen how connectivity and digital services became a lifeline allowing people to work, learn, stay in touch with friends and family, access healthcare and more. This year, in response to the COVID-19 crisis and informed by our social contract, we shifted the focus of the Digital Society pillar towards digitalising critical sectors, whilst continuing to invest in our network infrastructure and coverage. We have specifically focused on small and medium-sized enterprises (‘SMEs’), smart cities, agriculture and health. The following outlines our approach and progress in these areas. Building a gigabit network We continue to invest in our network infrastructure and coverage to deliver a high-quality service that allows individuals and businesses to connect confidently anywhere and at any time, with benefits for the economy, for quality of life and for the environment. Read how Vodafone’s gigabit network is connecting rural communities on page 34 Currently, we have over 150 million customers connected to our next-generation mobile and fixed networks .1 Supporting small businesses SMEs are a critical part of the economy, but many have been disproportionally affected by the crisis. The OECD found that in 2020, more than half of SMEs were facing severe losses in revenues due to COVID-19, with one third fearing for their future without further support2. SMEs also provide opportunities for socio-economic participation and social mobility for women, young people, and ethnic minorities; groups of the workforce that have been particularly vulnerable during the COVID-19 crisis. Through Vodafone Business, we provide products and services which are specifically tailored for SME and small-office home-office (‘SOHO’) businesses, helping guide them through technology choices and improving their digital readiness. These segments also represent a significant commercial opportunity for Vodafone, with the overall market expected to grow a combined €6 billion over three years3. To better support SMEs across Europe, Vodafone Business launched V-Hub this year. The free service provides access to online information putting businesses in direct touch with experts to advise on digitalising their business. As at 31 March 2021, over one million businesses were using V-Hub across our four largest European markets. We plan to continue the expansion of the service, to support over three million customers by April 2022. To assist businesses most at risk within our supply chain, Vodafone ensured that all new orders issued to micro and small suppliers by Vodafone’s European operations were paid within 15 days (instead of the customary 30 to 60 days) between April and October 2020, benefiting over 1,200 small businesses. We also offer optional supply chain financing which allows suppliers to leverage Vodafone’s credit position to access cheaper funding and liquidity. This has no impact on Vodafone’s commercially negotiated payments terms. In South Africa, Vodacom Financial Services has built a supplier portal called VodaTrade, where small suppliers can connect with bigger business partners. Digitalising agriculture According to the Food and Agriculture Organization, by 2050, the world will need to produce 50 % more food than current levels4. There is also a growing need to address the environmental impact of agriculture. In Europe, agriculture accounts for 10% of the EU’s total greenhouse gas emissions and over 40% of EU land use5, in many cases leading to habitat loss and deforestation. Through our connectivity and platforms (including our IoT platform), we are helping to increase the amount of information that farmers have available to them, enabling the optimisation of operations and use of resources. This allows a farmer to reduce the use of pesticides and fertiliser (which reduces emissions), water use and resource consumption, as well as improving the protection of biodiversity and increasing yields. Through Vodacom’s subsidiary, Mezzanine, we are digitalising agriculture in sub-Saharan Africa by giving smallholder farmers access to agricultural inputs, financial services like insurance, logistics suppliers, buyers and markets and knowledge through a digital agri-ecosystem called Connected Farmer. With over 2.1 million smallholder farmers registered, the platform allows an ecosystem of partners to register, profile, communicate and transact (using M-Pesa in some cases) with each other. To support larger commercial farmers, Mezzanine developed MyFarmWeb, a cloud-based web platform that allows a producer to capture agricultural information (physical, chemical, and microbial soil analysis, pest presence, satellite and remote sensing information and data from various internet connected farming sensors) into a system that aggregates and calibrates the data to assist in best practice decision-making. This helps farmers to increase yield whilst not damaging the environment. Over 6,800 farms across Africa, USA, Australia and New Zealand use MyFarmWeb, and we are excited about the potential of further expansion of this platform. Creating smarter cities With 55% of the world’s population living in cities6, digitalisation can play a key role in tackling many of our cities’ most pressing challenges. Acting as a close partner with municipal governments, Vodafone’s data platform and extensive IoT solutions help to make cities smarter by, for example, intelligently managing energy use and pollution right across the built environment. They can also protect citizens and businesses from crime more effectively and safeguard vulnerable citizens in their homes. This year, Vodafone Spain continued work with the Sevilla municipal government to integrate the Vodafone Smart Cities Platform to monitor its services. The Security Vertical service, for example, monitors visitor flows and, by integrating different sources of anonymised and aggregated data with analytical capabilities, can help identify security risks. Smart management of parking, water use, waste collection, energy, and air quality are also being piloted. Digital Society Notes: 1. Customers connected to our next-generation networks include active 4G and 5G customers, as well as customers connected to fixed networks with speeds higher than 30Mbps. 2. OECD, 2020. 3. Vodafone Business investor day, 2021. 4. Food and Agriculture Organization (FAO), 2017. 5. Eurostat, 2021. 6. World Bank, 2019. 41 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Connectivity: We want everyone – whoever they are and wherever they live – to have access to reliable and affordable internet. Digital innovations: We will build digital innovations such as IoT solutions and digital platforms like M-Pesa to contribute to the sustainable development across a range of sectors including manufacturing, transport, health, agriculture, education and energy. Partnerships: We are building new models of cooperation between business, governments, international organisations and civil society to deliver process and scale, for example to connect the unconnected. Through connectivity infrastructure, digital innovations and partnerships, we deliver impact across many of the SDGs: We enable inclusive and sustainable digital societies Vodafone is committed to accelerating connectivity and digitisation in order to meet the United Nations’ Sustainable Development Goals (SDGs) by 2030. We have identified two priority SDGs (SDG9 build resilient infrastructure and innovation, and SDG17 strengthen the means of implementation and partnerships for sustainable development) that will enable us and our partners to find lasting solutions to social, economic and environmental challenges and thereby accelerate the delivery of many other SDGs. We contribute to the Sustainable Development Goals The UN Sustainable Development Goals (‘SDG’s) provide a blueprint for human progress and a clear call to action for businesses to contribute to a better future. The COVID-19 crisis has posed a huge challenge to society and has led to a reversal of progress on a number of SDGs: for example, over 100 million1 additional people have been pushed into extreme poverty, 1.6 billion2 children have missed school during the last year and the pandemic has widened gender inequalities. Digital technology can help accelerate progress towards delivering the SDGs as society builds back better. Vodafone is committed to playing our role and we believe we can increase the speed and scale of delivery across a wide number of SDGs through leveraging our technology and services, and through partnering with others. Notes: 1. World Bank, 2020. 2. World Bank, 2021. Revolutionising healthcare The need for a fast response to the health crisis has accelerated the digitalisation of healthcare, which will also mean national healthcare systems will be in a better place to address the backlog that the COVID-19 crisis has created in a more cost efficient and faster way. Vodafone’s connectivity services and platforms include: – – Connected (IoT) wearable or implanted devices, which allow patients to be monitored as they recover at home while healthcare professionals can monitor and treat more patients; – – Artificial Reality and robotics to aid surgeries and remote expert support, increasing both the quality of care delivered through digital assistants and access to healthcare for more people; – – Large-scale device (IoT) connectivity within hospitals, enabling monitoring and optimal allocation of limited resources, such as beds, medical devices and even hospital staff; and – – Auxiliary robotics, which have the future potential to take care of non-patient-facing work in hospitals, such as cleaning and restocking, so that doctors and nurses can spend more time with patients. In Greece, we have implemented the Vodafone Telemedicine Programme, an end-to-end telemedicine care system to support patient management, monitoring and clinical care. Since launching in 2013, more than 500 doctors have been trained in the programme and over 51,000 virtual appointments were conducted. Almost 75% of patients reported a reduction in the number of hospital visits and 90% of doctors thought that the greatest benefit was the ability to deliver better quality care to their patients. Over the last year, Vodafone has played a significant role in supporting government responses to the COVID-19 health crisis. For example, across Europe, Vodafone provided connectivity to emergency hospitals. In Spain, we connected 500 wireless IoT alarms by beds in the largest field hospital in Madrid. In South Africa, our subsidiary Mezzanine, provided a PPE stock visibility solution to 350 hospitals to monitor and optimise the stock of 3,500 facilities spread across the country. Purpose (continued) Governance Financials Other information 42 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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Responsible business To underpin the delivery of our purpose, we ensure that we operate in a responsible way. Acting ethically, lawfully and with integrity is critical to our long-term success. Our Code of Conduct sets out what we expect from every single person working for and with Vodafone, regardless of location. We also expect our suppliers and business partners to uphold the same standards and to abide by our Code of Ethical Purchasing. Our ‘Doing What’s Right’ training and communication programme is key to embedding a shared understanding of the Code of Conduct across Vodafone. Throughout the year, Doing What’s Right training communications promoted different areas of our Code of Conduct, including Speak Up, anti-bribery and privacy to competition law, security, and health and safety. Training on our Code of Conduct is included in our standard induction processes for new employees. We expect every employee to complete refresher training when assigned, and this is typically every two years. Of those employees assigned induction or refresher training during the period, 84% had completed the training as at 31 March 2021. A new Code of Conduct module was produced and launched to over 34,000 English speaking employees this financial year – with 88% completing it. The module pushes the boundaries of e-learning with high impact video-based scenarios that are designed to reinforce behaviours rather than just give employees information or test knowledge. The course is currently being translated and will be rolled out to the rest of Vodafone over the next year. During the year, we updated our Global policy portal and the digital version of our Code of Conduct. These new tools provide employees easy access to the information and policies that they need. Since launch, 28,000 users accessed our Global policy portal and 25,000 users accessed the new digital Code of Conduct. Our Code of Conduct is well understood throughout Vodafone. In our latest Spirit Beat employee survey, 96% of respondents agreed with the statement “Our team lives by the Code of Conduct”. Speak Up Everyone who works for or on behalf of Vodafone has a responsibility to report any behaviour at work that may be unlawful or criminal or could amount to an abuse of our policies, systems or processes and therefore a breach of our Code of Conduct. Employees are able to raise concerns with a line manager, with a colleague from human resources or through our confidential third-party hotline – Speak Up – accessible online or by telephone. Speak Up operates under a non-retaliatory policy, meaning that everyone who raises a concern in good faith is treated fairly, with no negative consequences for their employment with Vodafone, regardless of the outcome of any subsequent investigation. All Speak Up reports are confidentially investigated by local specialist teams, with a senior team in place to triage reports. Each grievance is formally and robustly investigated and is monitored to verify that any corrective action plan or remediation has been conducted. Our Group Risk and Compliance Committee reviews the effectiveness of the Speak Up process, and the Audit and Risk Committee receives periodic updates. Our employees trust our Speak Up process, as evidenced by our latest Spirit Beat survey, with 87% of respondents agreeing that they believe appropriate action would be taken as a result of using our Speak Up process. We also track the proportion of ‘named’ versus ‘anonymous’ reports as a higher number of named reports suggests higher levels of trust in the Speak Up process. During the year, 64% of reports were ‘named’ and this was higher than available industry benchmarks. This year, 623 separate concerns were reported using Speak Up. Speak Up reports could relate to matters of unlawful behaviour or matters of integrity, such as bribery, fraud, price fixing, a conflict of interest, or a breach of data privacy. Reports could also relate to people issues such as discrimination, bullying or harassment, danger to the health and safety of employees or the public, or potential abuses of human rights. If we decide to proceed with an investigation, a qualified expert will investigate, keeping the person who raised the concern informed throughout the process. Where reports made to Speak Up require remedial action, this could include consequences at the individual level, or changes to internal processes and procedures. Speak Up topics raised during the year Topic Speak Up reports Requiring remedial action People issues 47% 28% Integrity 41% 35% Other (e.g. breach of policies) 11% 41% Health and safety 1% 33% Speak Up is also made available to our suppliers and is communicated through our Code of Ethical Purchasing. For suppliers that decide to maintain their own grievance mechanisms, we require that they inform us of any grievances raised relating to work done on behalf of Vodafone directly. Protecting data Millions of people communicate and share information over our networks, enabling them to connect, innovate and prosper. Customers trust us with their data and maintaining this trust is at the heart of everything we do. Data privacy We believe that everyone has a right to privacy wherever they live in the world, and our commitment to our customers’ privacy goes beyond legal compliance. As a result, our privacy programme applies globally, irrespective of whether there are local data protection or privacy laws. Our privacy management policy is based on the European Union General Data Protection Regulation (‘GDPR’) and this is applied across Vodafone markets both inside and outside the European Economic Area. Our privacy management policy establishes a framework within which local data protection and privacy laws are respected and sets a baseline for those markets where there are no equivalent legal requirements. 43 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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We always seek to respect and protect the right to privacy, including our customers’ lawful rights to hold and express opinions and share information and ideas without interference. At the same time, as a licensed national operator, we are obliged to comply with lawful orders from national authorities and the judiciary, including law enforcement. Privacy risks As data volumes continue to grow and regulatory and customer scrutiny increases, it is more important than ever to be clear on the privacy risks we face, as well as how our policies and programmes can mitigate these risks. We separate data privacy risk into three main areas of risk: – – Collection: collection of personal data without permissions or excessive collection of data; – – Access & Use: use of personal data for unauthorised purposes, excessive data retention or poor data quality; and – – Sharing: unauthorised disclosure of personal data, including supplier non-compliance. To help us identify and manage emerging risks, we constantly evaluate our business strategy, new technologies, products and services as well as government policies and regulation. Privacy principles Our privacy programme governs how we collect, use and manage our customers’ personal data to ensure we respect the confidentiality of their communications and any choices that they have made regarding the use of their data. Our privacy programme is based on the following principles: – – Accountability: We are accountable for living up to our commitments throughout Vodafone and with our partners and suppliers. – – Privacy by design: Respect for privacy is a key component in the design, development and delivery of our products and services. – – Fairness and lawfulness: We comply with privacy laws and act with integrity and fairness. We also actively engage with stakeholders, including civil society, academic institutions, industry and government, in order to share our expertise, learn from others, and shape better, more meaningful privacy laws and standards. – – Openness and honesty: We communicate clearly about our actions that may impact privacy. We ensure our actions reflect our words and we are open to feedback. – – Choice and access: We give people the ability to make simple and meaningful choices about their privacy and allow individuals, where appropriate, to access, update or delete their personal data. – – Responsible data management: We apply appropriate data management practices to govern the processing of personal data. We carefully select external partners and we limit disclosure of personal data to what is described in our privacy notices or to what has been authorised by our customers. We also ensure personal data is not stored for longer than necessary or as is required by applicable laws and to maintain accuracy of data. – – Security safeguards: We implement appropriate technical and organisational measures to protect personal data against unauthorised access, use, modification or loss. – – Balance: When we are required to balance the right to privacy against other obligations necessary for a free and secure society, we work to minimise privacy impacts. Using customer data We want to enable our customers to get the most out of our products and services. In order to provide these services, we need to use our customers’ personal information. We are committed to looking after our customers’ data, using it for its stated purpose, and we are always open about what we collect. Key uses of customer data are outlined below. – – Provision of services: We process customer personal data to provide our customers with the products and services they have requested, to fulfil our contractual and legal obligations, and to provide customer care. To provide our services and to charge our customers the correct amount, we must process communications metadata regarding calls, texts and data usage. – – Quality, development and security of services: We monitor the quality and use of our connectivity and other services so that we can continually improve and optimise them. This information also helps detect and prevent fraud, as well as keep our networks and services secure. We also do not sell data tied to specific individuals to third parties. – – Marketing: With customer permission, we will use customer data to market our products and services and provide more accurate recommendations. This means we can present our customers with offers when they need them most; for example, when they are about to run out of data. – – Permissions: Our multi-channel permission management platforms, deployed across all our channels (MyVodafone app, website, call centres and retail stores) allow our customers to control how we use their data for marketing and other purposes. For example, customers can express their opt-in consent to the use of their communications metadata for marketing purposes or for receiving third-party marketing messages, or they can opt-out from marketing entirely. All permissions can be revoked and choices can be changed at any time. – – Rights of individuals: Our businesses provide their customers with access to their data through online and physical channels. These channels can be used to request deletion of data that is no longer necessary or correction of outdated or incorrect data. Our customer privacy statements and other customer facing documents provide information on how these rights can be exercised and how to raise complaints. Our frontline staff are trained to respond to the customers’ requests. – – Sharing of data: Where we rely on external suppliers and service providers to process data on our behalf, they are subject to security and privacy due diligence processes, and appropriate data processing agreements govern their activities. We do not share customers’ personal data otherwise, unless required by law or with the consent of the customer. Each local market publishes a Privacy Statement to provide clear, transparent and relevant information on how we collect and use personal data, what choices are available regarding its use and how customers can exercise their rights. Operating model Vodafone has an experienced team of privacy specialists dedicated to ensuring compliance with data protection laws and our policies in the countries where we operate. We apply a process-based approach to managing privacy risks across the data life-cycle and teams from across Vodafone ensure end-to-end coverage. Dedicated security teams ensure appropriate technical and organisational information security measures are applied to protect personal data against unauthorised access, disclosure, loss or use during transit and at rest. Read more about cyber security on page 45-47 and 54 Responsible business (continued) Governance Financials Other information 44 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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All products, services and processes are subject to privacy impact assessments as part of their development and throughout their life-cycle. We maintain Personal Data Processing Records, Supplier Privacy Compliance, Data Breach Management and Individual Rights processes, as well Internal and International Data Transfer compliance frameworks, and training and awareness programmes. Our teams monitor and influence regulatory and industry developments and work to build and maintain relationships with local data protection authorities and other key stakeholders. Our privacy control frameworks are subject to continuous risk-based improvements. In addition to introducing updates to our global privacy controls, we also require every employee and where possible contractors, to complete privacy-specific training within six weeks of joining and then every two years. We have also refined training for high-risk roles aimed at teams with a key role in personal data processing. With this approach we aim to achieve a 90% completion rate on both types of training across all target groups across our global footprint. The effectiveness of control implementation is subject to regular reporting and testing by the privacy teams and internal audit. Any findings are subject to remedial actions by the responsible control operator, and completion is monitored. Governance The Group General Counsel and Company Secretary, a member of the Group Executive Committee, oversees the global privacy programme. The Group Privacy Officer, reporting to the Group General Counsel, is responsible for managing and overseeing the privacy programme on a day-to-day basis across the markets and provides regular status reports to Group General Counsel and Company Secretary and an annual update to the Group Audit and Risk Committee. Whilst each employee is responsible for protecting personal data they are trusted with, accountability for compliance sits with each operating company. A member of the local executive committee oversees the local implementation of our privacy programme. Each operating company also has a dedicated privacy officer, privacy legal counsel and other privacy specialists. Local privacy officers provide reports to the Group Privacy Officer throughout the year. The Privacy Leadership team brings together Group and local privacy officers. It approves new standards and guidelines and monitors the implementation of global privacy plans. Operating companies also maintain privacy steering committees that bring together privacy and security teams and senior management from relevant business functions. Privacy incidents We have a strong culture of data privacy and our assurance and monitoring activities are capable of identifying potential issues before they materialise. However, during the financial year, Vodafone was fined a combined €20 million for separate data privacy issues in Italy, Spain and Romania. The fines in Italy and Spain related to Vodafone’s use of third-party marketing agencies, some of which had conducted direct marketing activities towards people who had opted-out. These activities were in violation of existing supplier agreements. In limited instances, there were also delays and issues in adding people to opt-out lists as a result of human and system errors, as well as related fraudulent activities which Vodafone reported to the relevant authorities. In addition, we received a fine in Spain due to a supplier’s sub-contractor’s non-compliance with international data transfer rules. The fine in Romania related to a delayed response to a subject access request. Our rules on telesales have been reviewed and compliance with these rules is subject to increased assurance and monitoring. Where necessary, improved controls have been introduced to monitor and enforce suppliers’ compliance. Such measures include, for example, introduction of tools to automatically prevent or detect calls to opted-out customers, verification that commission is only paid for authorised calls, enforcement of contractual penalties for non-compliance, and discontinuation of contracts with a number of suppliers. For detail on how we respond to a data breach, refer to the cyber security section on page 46 Location Insights Vodafone provides anonymous and aggregated insights which are based on network location data to our public sector and business customers. The Location Insights product harnesses the power of anonymised geospatial movement data of our customers to give organisations adopting the product a better understanding of how populations move in space and time, all while protecting the privacy of our customers. These insights are being used by Vodafone Business customers for transport or retail planning purposes as cities and urban areas become ‘smart’. It is important to note that once we have aggregated and anonymised customer-level data, individual customers cannot be identified or targeted with personal advertisements. Our customer privacy statements are open and transparent about this use of data and we allow customers to opt-out. Anonymous and aggregated location insights were also shared with government authorities to help them understand how populations moved during the COVID-19 pandemic. These initiatives were subject to detailed privacy assessments. Our Location Insights product received an honourable mention by the International Association of Privacy Professionals in 2018 for the most innovative privacy safeguarding product. Cyber security Our purpose is to enable connectivity in society and as a provider of critical national infrastructure we recognise the importance of cyber and information security. No organisation, government or person will ever be fully immune to cyber-attacks; however, the telecommunications industry is faced with a unique set of risks as we provide connectivity services and handle private communication data. Our networks connect millions of people, homes, businesses and things to each other and the internet. The security of our networks, systems and customers is a top priority and a fundamental part of our purpose. Our customers use Vodafone products and services because of our next-generation connectivity, but also because they trust that their information is secure. Identification of vulnerabilities & risks Cyber security is a principal risk. We recognise that if not managed effectively, there could be major customer, financial, reputation or regulatory impacts. Risk and threat management are fundamental to maintaining the security of our services across every aspect of our business. We separate cyber security risk into three main areas of risk: – – External: Attackers and criminals targeting our systems, networks, or people to conduct malicious attacks; – – Insider: Accidental leakage of information or malicious misuse of access privileges by our employees; and – – Supply chain: A supplier is breached or used as a conduit to gain access to our systems, data or people. To help us identify and manage emerging and evolving risks, we constantly evaluate and challenge our business strategy, new technologies, government policies and regulation, and cyber threats. We conduct regular reviews of the most significant security risks affecting our business and develop strategies to detect, prevent and respond to them. Our cyber security approach focuses on minimising the risk of cyber incidents that affect our networks and services. 45 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Understanding the threat landscape is key to managing cyber risk. Over the course of the year, two of the biggest cyber security threats faced by all organisations significantly increased – phishing and ransomware attacks. Cyber criminals exploited the emotion and uncertainty associated with the pandemic to deceive users into engaging with malicious emails or pay a sum of money to regain access to systems. Cyber criminals also increasingly targeted smaller suppliers to large organisations as a way to more easily compromise their targets. Organisations across all industries also continued to experience other forms of threats, such as sophisticated espionage attempts and the exploitation of unpatched vulnerabilities. Controls Controls can prevent, detect or respond to risks. Most risks and threats are prevented from occurring and most will be detected before they cause harm and need a response. A small minority will need recovery actions. We use a common global framework called the Cyber Security Baseline and it is mandatory across the entire Group. The baseline includes key security controls which significantly reduce cyber security risk, by preventing, detecting or responding to events and attacks. Our framework was initially developed based on an international standard mapped to our key risks in the way that provides the most comprehensive protection. Each year, we review the framework in the light of changing threats and create new or enhanced controls to counter these threats. A dedicated assurance team reviews and validates the effectiveness of our security controls, and our control environment is subject to regular internal audit. The security of our global networks is also independently tested every year to assure we are maintaining the highest standards and our controls are operating effectively. We maintain independently audited information security certifications, including ISO 27001, which cover our global technology function and 15 local markets. We also comply with local requirements or certifications and actively contribute to consultations and debates with regard to laws and regulations that aim to improve and assure the security of communications networks. Read more on our identification of cyber threat and information security risks on page 54 New technologies We adopt new technologies to better serve our customers and gain operational efficiency. For every technology programme, new or existing, we follow our Security by Design process, evaluating suppliers’ hardware and software, modelling threats and understanding the risks before designing and implementing the necessary security controls and testing them. Every new mobile network generation has brought increased performance and capability, along with new opportunities in security. 5G improves existing security, with additional protection against threats such as location tracking, call or message interception and modification of network traffic. Similarly, 5G includes enhanced features to protect signalling between different operators’ networks, which helps prevent tracking or interception while roaming. Vodafone is working at pace to embed these new security features into our 5G network deployments. Getting the right security by design across all operators is vital as 5G and other mobile technologies will connect billions of devices. Vodafone has helped establish the GSMA IoT Security Guidelines, and the accompanying self-assessment scheme. Where we work with partners or third parties to build and deploy IoT solutions, we also advocate the approach co-developed between Vodafone and Consumers International, as seen in their publication of the Consumer IoT Trust by Design Guidelines. We also track and monitor potential future threats to our networks, systems and customers, such as quantum computing and its effect on encryption. While such a risk is not specific to Vodafone, we have started work to address the potential negative effects and maintain a robust level of encryption that is quantum safe within our network and systems. Operating model
 We have implemented an operating model based on the leading industry security standards published by the US Department of Commerce, specifically the National Institute of Standards and Technology. We have an international team of over 800 employees who are focused on constantly monitoring, protecting and defending our systems and our customers’ data. We also work with third-party experts and consultants, to maintain specialist skills and continue to follow leading practice. Our scale means we benefit from global collaboration, technology sharing, deep expertise and ultimately have greater visibility of emerging threats. Although the Cyber team leads on detect, respond and recover, preventative and protective controls are embedded across all of our technology and throughout the entire business. T ech & B u s i ness Intern a l Audit Risk & Threat- based Security Assess risk Respond to events Select & Design Controls Deploy Controls Maintain systems, threats & network M easure & Test Set Policy and Standards Se c u rit y b y D e s i g n Cy b e r P revent C y b e r D e fence Detect Iden t i fy P r o t e c t R e s p o n d a n d r e c o v e r Every employee has responsibility for cyber security and must follow the Vodafone Cyber Code, be sensitive to threats and report suspicious activity. Embedded in our Code of Conduct, the Cyber Code is the cornerstone of how we expect all employees to behave when it comes to best practice in cyber security. It consists of seven areas where employees need to follow security good practice. Our cyber security awareness programme is delivered digitally via our internal social media platform, videos and webinars. In addition, we perform regular phishing simulations to raise awareness and train employees. In the last year we sent 161,000 simulated phishing emails across 23 markets and Group functions, and employee reporting improved during 2020. We have also performed incident simulations for the senior management team in all markets and the main Group functions. These simulations allowed the CEOs and their teams to experience what a real incident is like and exercise their responsibilities, as well as identifying areas for improvement in internal processes. Responsible business (continued) Governance Financials Other information 46 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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Governance The Group’s Chief Technology Officer is the Executive Committee member responsible for managing the risks associated with cyber threats and information security. The Vodafone Cyber Security Director is responsible for managing and overseeing the cyber security programme on a day-to-day basis and reports to the Chief Technology Officer. Cyber threats and information security are a major area of focus for the Audit and Risk Committee and detailed updates including threat landscape, risk position and security programme progress are provided at least twice a year. The Board is also regularly updated on cyber security matters. Read more on our identification of cyber threat and information security risks on page 54 Cyber incidents As a global connectivity provider, we are subject to cyber threats, which we work to identify, block and mitigate with our robust control environment without any impact. Where a security incident occurs, we have a consistent incident management framework and an experienced team to manage our response. The focus of our incident responders is always fast risk mitigation and customer security. We actively engage with stakeholders, including academic institutions, industry and government, in order to protect Vodafone, respond to cyber threats and work together to share best practice. Given our expertise and extensive experience, we also engage with a wide range of organisations to help improve the understanding of cyber security thinking and practice, and contribute to public policy, technical standards, information sharing and analysis, risk assessment, and governance. In the event of a cyber breach, disclosure is made in line with local regulations and laws, and based on a risk assessment considering customers, law enforcement, relevant authorities and our external auditor. The European Union’s General Data Protection Regulation (‘GDPR’) provides a framework for notifying customers in the event there is a loss of customer data as a result of a data breach and this framework is a baseline across all our markets. Vodafone holds cyber liability and professional indemnity insurance policies and these policies may cover the costs of an information security breach, in whole or in part. In December 2020, ho. Mobile, a second brand in Italy, suffered a data breach and part of a database holding customer data was accessed by a third-party; no financial information, passwords, or mobile traffic data relating to calls, texts or web activity was involved. We utilised our existing global incident management framework. Ho. Mobile took a proactive approach and immediately informed affected customers and regulators, enhanced security protections, remotely reissued SIM serial numbers to prevent any misuse, and offered free replacement SIMs to the entire customer base. Ho. Mobile also notified local law enforcement and made the required disclosures to the Italian Data Protection Authority. Ho. Mobile uses distinct and separate IT systems to Vodafone Italy and the rest of the Vodafone Group. Vodafone classifies security incidents according to severity, measured by business and customer impact. The highest severity category corresponds to a significant data breach or loss of service caused by the incident. In the past financial year, the only such incident was the ho. Mobile incident discussed above. Protecting people Wherever we operate, we have an opportunity to contribute to the advancement of fundamental rights for our customers, colleagues and communities. We are also conscious of the risks associated with our operations and we work hard to mitigate negative impacts, ensuring we keep people safe. Health and safety Keeping our people safe is one of the most important responsibilities we hold as an employer. Our ongoing focus is to create a safe working environment for everyone working for and on behalf of Vodafone and the communities in which we operate. We want everyone working with Vodafone to return home safely every day. Our health and safety framework provides a consistent approach to safety leadership, planning, performance monitoring, governance and assurance. Our commitment to safety does not differentiate between employees, contractors and suppliers, all of whom benefit from the same focus on preventing harm, both on worksites and when working or moving between sites. Health and safety risks We focus our initiatives on our top health and safety risks, which continue to account for the majority of reported incidents and remain a focus area globally: occupational road risk; falls from height; working with electricity; and fibre operations. Road traffic incidents continue to be the primary cause of major injuries and fatalities reported globally, accounting for 60% of all reported incidents within Vodafone. As a result, we have included a specific requirement to focus on road safety and driver behaviour within our health and safety strategy and annual objectives. In addition, local market road risk controls are reviewed as part of our internal assurance plans. In recognition of our top risks, we have established the ‘Vodafone Absolute Rules’. These rules focus on risks that present the greatest potential for harm for anyone working for or on behalf of Vodafone. The Absolute Rules are clear and underpinned by a zero-tolerance approach to unsafe behaviours in all of our businesses. The Absolute Rules must be followed by all Vodafone employees and contractors, as well as our suppliers’ employees and contractors. In the most recent Spirit Beat survey, 96% of employees agreed that the Absolute Rules are taken seriously at Vodafone. Leadership engagement The importance of senior leadership and commitment to health and safety remains key to our approach. Our senior leaders are actively engaged, carrying out regular site tours throughout the year. Despite the restrictions imposed by COVID-19, our senior leaders have continued to carry out tours virtually, recognising the importance of connecting with teams and critical workers as they continued to maintain our networks, work in our retail stores and on customer sites. Health and safety governance Health and safety is managed through a global safety framework, which includes the monitoring and assessing of risks, setting targets, reviewing progress and reporting performance. Our health and safety management system is based on international standards for occupational health and safety, is aligned to internationally recognised best practice, and always meets local requirements at a minimum. In addition, some of our local markets have chosen to undergo certification to OHSAS 18001 or ISO 45001, the international standard for occupational health and safety. Our operations in Albania, Egypt, Greece, Ireland, Italy and the UK are either certified to OHSAS 18001 or ISO 45001. 47 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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All incidents relating to our top risks and breaches of our Vodafone Absolute Rules are reported and investigated in adherence with timescales contained within our Incident Reporting Standard. We ensure that incidents are investigated thoroughly and appropriate remedial actions and improvements are identified and implemented. We strongly believe in the importance of prevention, however we also believe that incidents should be treated as an opportunity for learning. Health and safety is a high-risk policy and included within our risk and compliance governance programme. Due to restrictions introduced as a consequence of the COVID-19 pandemic, in-country audits have not been possible this year. However, we have updated our risk control matrix to help enhance the effectiveness of our assurance programme, ensuring a single set of standards and mandatory controls which local markets self-assess against. Training This year we introduced our updated health and safety module as part of our mandatory ‘Doing What’s Right’ training. The training module includes a video from our Group Chief Human Resources Officer demonstrating senior-level support for our Vodafone Absolute Rules. Every employee must complete the training within six weeks of joining and then typically every two years. During 2021, 47,732 employees working for Vodafone completed the health and safety module. Contractors are required to complete separate training relevant to their role and position. Furthermore, each local market is responsible for delivering health and safety training which supports the development of appropriate safety leadership skills, behaviours and identification of health and safety risks. Additional training is specific to an individual’s role and aligned to each market’s local safety legislation. Key performance indicators We have a global set of key performance indicators as part of our safety framework, which are reported monthly to our Executive Committee, and bi-annually to our Board: – – Number of fatalities; – – Number of employee lost time incidents; and – – Number of top safety risks, including breaches of our Absolute Rules. After a thorough investigation, we record all fatal incidents related to our operations where we conclude that our controls were not operating as effectively as required and may have prevented the incident from occurring. We also consider circumstances where if our controls could have reasonably been enhanced, the outcome could have been different. Each fatality is presented for review, chaired by the Group Chief Human Resources Officer. We also share any lessons learned from each fatality across the relevant Group functions. Any injury is one too many and any loss of life related to our operations is unacceptable. It is therefore with great regret that there was sadly one recordable fatality during the year – a road traffic incident involving a member of the public in Mozambique. A thorough investigation was overseen by the respective local market Chief Executive, who is responsible for ensuring that the causes of the incident are widely understood and that any necessary corrective actions are implemented. This incident further reinforces our ongoing focus to reduce the number of road risk related incidents, with a focus on our road safety initiatives and awareness campaigns within our local communities. We track and investigate incidents relating to our top risks and breaches of our Vodafone Absolute Rules. During the year, 621 breaches of our Vodafone Absolute Rules and 1,211 incidents relating to our top risks were recorded. Each incident is investigated and we seek to identify the root cause and ensure suitable corrective action is taken where necessary. An investigation into each incident is conducted at a scale proportionate to the indicative level of risk. Lost-time incidents (‘LTI’) is the term we use when an employee is injured while carrying out a work-related task and is consequently unable to perform his or her regular duties for a complete shift or period of time after the incident. Of the seven incidents, five were attributed to slips, trips or falls in and around the workplace and two were vehicle-related. Key Performance Indicators 2021 2020 Work-related injuries or ill health (excluding fatalities) Employees 7 33 Suppliers’ employees/contractors 24 21 Lost-time incidents (‘LTI’) Number of lost-time employee incidents 7 33 Lost-time incident rate per 1,000 employees 0.06 0.35 Total recordable fatalities Employees 0 0 Suppliers’ employees/contractors 0 1 Members of the public 1 2 COVID-19 Our response to the COVID-19 pandemic has prioritised the safety and wellbeing of our people from the outset. This includes a variety of initiatives deployed across markets, tightly coordinated by the COVID-19 Business Continuity Plan programme management team, chaired by the Chief Human Resources Officer. Throughout the pandemic, we have closely observed World Health Organization (‘WHO’) recommendations and control measures, which complement our internal COVID-19 plans, instructions and communications. WHO controls and guidance were implemented as a minimum across all our markets. A limited number of positive COVID-19 cases amongst employees were reported during the year. All positive cases are reviewed to identify any themes, such as locations or functions requiring additional focus to ensure controls are adequate, or if they require strengthening. The majority of our employees (95%) continued to work effectively and safely from home during the year and we continue to monitor the situation. Local requirements and rules differ across our markets and in some countries, there are regional variations. This adds to the complexity as markets review control measures and plans that enable the safe return of employees, contractors and suppliers back to their workplaces. As we continue to manage through the pandemic, we have committed to the following to support our employees: – – All our employees will have access to physical, mental health and wellbeing support. – – We will continue to be flexible with our policies as required by local conditions while exploring other policies that we could adjust/ implement to support employees. – – Digital learning will be available to all our employees and their families. – – Local plans will ensure all our employees have a safe place to work, whether they are working on site or at home. We will enable employees to access our offices whenever possible, if that is required to better protect their personal safety. As we maintain our guidance for employees with underlying health conditions, we will ensure they are able to engage and connect with their teams productively. We will continue to listen to our employees and ensure they are consulted as part of any plans to return to the workplace. We remain confident that our current controls remain appropriate to look after the health, safety and wellbeing of our people and suppliers who work on our sites, however will continue to assess and monitor the risks and follow local market health authority requirements as a minimum. Read more about employee wellbeing on page 22 and 35-37 Responsible business (continued) Governance Financials Other information 48 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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Mobiles, masts and health The health and safety of our people, customers and the wider public is a priority for Vodafone. We always operate our mobile networks strictly within national regulations, which are typically based on, or go beyond, international guidelines set by the independent scientific body, the International Commission for Non-Ionizing Radiation Protection (‘ICNIRP’). In March 2020, the ICNIRP confirmed that there are no adverse effects on human health from mobile networks, including from 5G frequencies if exposure is within their guidelines. This followed an extensive review of scientific studies published during the last 20 years. As well as complying with national regulations, where Vodafone markets have rolled out 5G we have implemented a “Smart PowerLock” (‘SPL’) feature. This innovative technology, designed for use with adaptive antennas used for 5G, ensures that the transmitted radio frequency power of the antenna is always below a threshold when averaged over a predefined time window. This guarantees compliance with electromagnetic field (‘EMF’) regulations under all possible operating conditions for 5G sites. Currently, all our markets that have rolled out 5G have activated the feature in some or all radio sites. During the last year, we have demonstrated the feature to regulators, to evidence compliance with EMF regulations. The feature has been accepted as effective, even in those markets (such as Italy) where EMF regulations are stricter than international science-based guidelines. COVID-19 At the start of the COVID-19 crisis, it was regrettable that unproven, unsubstantiated theories circulating primarily on social media incited individuals to damage masts and base stations in a number of countries. The levels of misinformation alleging links between COVID-19 and 5G has reduced considerably in Europe over the past year. This is due to improved government public health communications; effective policing from both law enforcement and regulators; improved public education; and social media platforms taking action. We have supported all these actions, both at a global level and in markets where the misinformation has encouraged criminal action. Vodafone markets have used a common strategy to rebut the misinformation and condemn arson attacks on our base stations. The most recent wave of misinformation and criminal damage was in South Africa, in January 2021. By reacting swiftly in partnership with other operators, and providing clear messages that there is no scientific evidence to link the spread of COVID-19 to 5G, we limited further damage. Science monitoring There has been scientific research on mobile frequencies for decades. Scientific reviews have made a vital contribution to establishing industry guidelines and standards. We follow the results of these independent expert reviews to understand developments in scientific research related to mobile devices, base stations and health. We consider the opinions of panels commissioned by recognised national or international health agencies such as the World Health Organization (WHO), the European Commission’s Scientific Committee on Health, Environmental and Emerging Risks (SCHEER) and the International Commission on Non-Ionizing Radiation Protection (ICNIRP). Operating model We have robust governance mechanisms in place and conduct regular compliance assessments to ensure that our masts and devices meet the standards set by the Group policy and national regulations. We also conduct network measurements and calculations of EMF exposure from the network masts, and review the test reports we receive on EMF testing on devices. With travel restrictions due to the COVID-19 crisis, we have found new and innovative ways to carry out remote checks on labs that carry out EMF tests on devices. With the use of cameras and one on-site resource, we have successfully checked four labs in China remotely and audited one European lab in person as normal. Human rights We want to make sure that we have a positive impact on people and society and bring human rights into everything we do. As a global telecommunications provider, we acknowledge that we can be faced with human rights challenges. Human rights risks As a telecommunications operator, our most significant human rights risks relate to our customers’ rights to privacy and freedom of expression. This is because governments in the countries where we operate have the legal right, under certain circumstances, to impose limits on their citizens’ ability to access and use digital networks and services, or to request lawful interception of citizens’ communications. Governments exercise this right through operators’ licence requirements. These requirements can vary significantly from country to country. Our Freedom of Expression principles, Privacy Management Policy and Law Enforcement Assistance Policy set out our approach to managing these risks. Our approach We conduct due diligence to help make sure that we respect human rights. This year, we assessed our approach to children’s rights by piloting UNICEF’s draft revised Mobile Operators Children’s Rights Impact Assessment tool. We found areas of good practice, such as the wide range of programmes that use technology to support the realisation of children’s rights. But there is still more to do to make sure our internal policies consistently reflect our commitment to children. We also commissioned external expert guidance on heightened due diligence needed when operating in higher-risk countries such as those affected by conflict. For example, risks to free expression can be particularly pronounced in countries which are politically unstable or going through a time of transition such as an election. Governance The Group’s External Affairs Director oversees Vodafone’s human rights programme and is a member of the Executive Committee. A senior human rights manager manages our programme, with the support of a cross-functional internal Human Rights Advisory Group, comprising senior managers responsible for: privacy, security, responsible sourcing, and diversity and inclusion, amongst others. We report regularly on our progress to the Reputation and Policy Steering Committee. Collaboration Global business’ understanding of human rights impacts continues to mature. We play our part in the debate by collaborating and learning from others to improve our approach: we are an active member of the Global Network Initiative, alongside other initiatives such as the United Nations B-Tech Project which convenes business, civil society and government to advance implementation of the UN Guiding Principles in the tech sector. 49 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Responsible supply chain We spend approximately €24 billion a year with around 10,500 direct suppliers around the world to meet our businesses’ and customers’ needs. The majority of our external spend is with suppliers that provide us with network infrastructure, IT and related services, fixed lines, mobile masts and data centres that run our networks. Supply chain risks The main areas of risk in our supply chain relate to three key areas: health and safety matters related to non-compliant fire safety measures; excessive working hours due to needing better demand management; and environmental matters related to non-compliant chemical storage and lack of carbon reduction programmes. This year they made up 74% of all non-compliances found in our supply chain through our assessments. Suppliers that do not meet our standards are provided with a corrective action plan to address any areas for improvement and are required to submit evidence that this has been completed. Policy Every supplier that works for Vodafone is required to comply with our Code of Ethical Purchasing. These commitments extend down through the supply chain so that a supplier with which we have a direct contractual relationship (Tier 1 supplier) in turn is required to ensure compliance across its own direct supply chain (Tier 2 supplier from Vodafone’s perspective) and beyond. The Code of Ethical Purchasing is based on international standards including the Universal Declaration of Human Rights and the International Labour Organization’s Fundamental Conventions on Labour Standards. It stipulates the social, ethical, and environmental standards that we expect, including areas such as child and forced labour, health and safety, working hours, discrimination and disciplinary processes. Our approach When new suppliers tender for work, they are asked to demonstrate policies and procedures that support safe working, diversity in the workplace and to address carbon reduction, renewable energy, plastic reduction, circular economy and product life-cycle which account for up to 20% of the overall evaluation criteria. Suppliers are assessed on their commitment and performance towards diversity & inclusion (5%), the environment (5%) and health & safety (10%) in categories where there is a safety risk. Our requirements are backed up by risk assessments, audits and operational improvement processes, which are included in suppliers’ contractual commitments. Some site audits are conducted under the Joint Audit Cooperation (‘JAC’) initiative, an association of telecommunications operators established to improve ethical, labour and environmental standards in the ICT supply chain, which Vodafone chairs. This year, 76 site assessments were conducted (either by Vodafone or through JAC). Vodafone has continued to promote Trust Your Supplier (‘TYS’). This is a cross-industry initiative that utilises block chain and external verifiers to evaluate supplier compliance against a number of risk areas. This increases the accuracy of vetting compliance for our supply base and also means suppliers only need to go through the process once. We have a target to on-board over 50% of suppliers by total spend onto the TYS solution by the end of FY22. We currently have 7% of suppliers by total spend on-boarded, with a further 25% already having confirmed they will on-board over the next year. We report on our approach to preventing modern slavery and human trafficking in our business and supply chain in our annual Modern Slavery Statement. Governance The Group Chief Financial Officer oversees our supply chain and is a member of the Executive Committee and Board. Reporting to the Chief Financial Officer, the Chief Executive Officer of the Vodafone Procurement Company is responsible for the implementation of our Code of Ethical Purchasing. Progress is reported regularly to the Vodafone Procurement Company Board meeting. Procurement is a highly centralised function within the business and approximately three quarters of our external spend is managed by VPC. This enables us to maintain a consistent approach to supplier management and makes it easier to monitor and improve supplier performance across our markets. Business integrity We are committed to ensuring that our business operates ethically, lawfully and with integrity wherever we operate as this is critical to our long-term success. Tax and economic contribution As a major investor, taxpayer and employer, we make a significant contribution to the economies of all the countries in which we operate. In addition to direct and indirect taxation, our financial contributions to governments also include other areas such as radio spectrum fees and auction proceeds. Tax transparency Our most recent tax report sets out our total contribution to public finances on a cash-paid basis for both 2019 and 2020. In 2020, we contributed – directly and indirectly – more than €12.4 billion to public finances worldwide, compared with €12.7 billion in 2019. The year-on- year decrease was due to lower direct taxes outside of Europe and currency devaluations in some of our markets. In 2020, we paid nearly €2.6 billion in direct taxes, including more than €1.0 billion in corporate income taxes, nearly €2.3 billion via non-taxation based revenue mechanisms, such as payments for the right to use spectrum, and collected €7.5 billion of indirect taxes for governments around the world. Acting with integrity in the creation and execution of our tax strategy, policies and practices is absolutely core to our approach to tax, as is our commitment to transparency. We disclose our financial contributions to governments at a country level, as we believe this is an important way to demonstrate that it is possible to achieve an effective balance between a company’s responsibilities to society as a whole, through the payment of taxes (and other government revenue-raising mechanisms), and its obligations to its shareholders. The information we share aims to help our stakeholders understand our approach, policies and principles. We also share our views on key topics of relevance, including the latest on the taxation of the digital economy, as well as publishing our OECD country-by-country disclosure, as submitted to the UK’s tax authority (HMRC). Our tax report for 2021 will be published in the next year following the submission of our tax returns and payment of all applicable taxes. Responsible business (continued) Governance Financials Other information 50 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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Anti-bribery and corruption At Vodafone, we support and foster a culture of zero tolerance towards bribery or corruption in all our activities. Our anti-bribery policy Our policy on this issue is summarised in our Code of Conduct and states that employees or others working on our behalf must never offer or accept any kind of bribe. Our anti-bribery policy is consistent with the UK Bribery Act and the US Foreign Corrupt Practices Act, and provides guidance about what constitutes a bribe and prohibits giving or receiving any excessive or improper gifts and hospitality. Any policy breaches can lead to dismissal or termination of contract. Facilitation payments are strictly prohibited and our employees are provided with practical training and guidance on how to respond to demands for facilitation payments. The only exception is when an employee’s personal safety is at risk. In such circumstances, when a payment under duress is made, the incident must be reported as soon as possible afterwards. One of the ways to help the fight against COVID-19 is through charitable donations and contributions, either monetary or in kind. We have issued guidance to all markets and Foundations to assist them in their assessment of different initiatives, to ensure donations are given in line with our policies. To support our approach, Vodafone is also a member of Transparency International UK’s Business Integrity Forum. Governance and risk assessment Our Chief Executive and Executive Committee oversee our efforts to prevent bribery. They are supported by local market chief executives, who are responsible for ensuring that our anti-bribery programme is implemented effectively in their local market. They in turn are supported by local specialists and by a dedicated Group team that is solely focused on anti-bribery policy and compliance. The Risk and Compliance Committee assists the Executive Committee in fulfilling duties with regards to risk management and policy compliance. As part of our anti-bribery programme, every Vodafone business must adhere to minimum global standards, which include: – – ensuring there is a due diligence process for suppliers and business partners at the start of the business relationship; – – completion of the global e-learning training for all employees, as well as tailored training for higher risk teams; and – – using Vodafone’s global online gift and hospitality registration platform, as well as ensuring there is a process for approving local sponsorships and charitable contributions. Engaging employees to raise awareness of bribery risk We run a multi-channel high profile global communications programme, Doing What’s Right, to engage with employees and raise awareness and understanding of the policy. The Doing What’s Right programme also features e-learning training, which includes a specific anti-bribery module. The next module, DWR 3.0, will be launched in 2021 and is a video-based module requiring employees to identify risks they see playing out in the conversations on screen. This will be an engaging and interesting way to raise awareness of bribery risks in the everyday activities of employees. The bribery risks we face are constantly evolving. The table below summarises the principal risk categories and the mitigation measures adopted. Risk Response Operating in high-risk markets We undertake biennial risk assessments in each of our local operating companies and at Group level, so we can understand and limit our exposure to risk. Business acquisition and integration Anti-bribery pre and post due diligence is carried out on a target company. Red flags identified during the due diligence process are reviewed and assessed. Following acquisition, we implement our anti-bribery programme. Spectrum licensing To reduce the risk of attempted bribery, a specialist spectrum policy team oversees our participation in all negotiations and auctions. We provide appropriate training and guidance for employees who interact with government officials on spectrum matters. Building and upgrading networks Our anti-bribery policy makes it clear that we never offer any form of inducement to secure a permit, lease or access to a site. We regularly remind all employees and contractors in network roles of this prohibition, through tailored training sessions and communications. Working with third parties Suppliers and other relevant third parties working for or on behalf of Vodafone, must comply with the principles set out in our Code of Conduct and Code of Ethical Purchasing, as well as have programmes in place to ensure suppliers’ employees and contractors are aware of these policies. Third-party due diligence is completed at the start of our business relationship with suppliers, other third parties and partners. Through their contracts with us, our suppliers, partners and other third parties make a commitment to implement and maintain proportionate and effective anti-bribery compliance measures. We regularly remind current suppliers of our policy requirements and complete detailed compliance assessments across a sample of higher-risk and higher-value suppliers. Select high-risk third parties are trained to ensure awareness of our zero-tolerance policy. Winning and retaining business We provide targeted training for our Vodafone Business and Partner Markets sales teams. In addition, we also maintain and monitor a global register of gifts and hospitality to ensure that inappropriate offers are not accepted or extended by our employees. Assurance Implementation of the anti-bribery policy is monitored regularly in all local markets as part of the annual Group assurance process, which reviews key anti-bribery controls. The assurance programme was modified during the last financial year due to travel restrictions and instead of local market visits, guided self-assessments were undertaken in Albania, Turkey, South Africa, Mozambique and the DRC. There were no emerging or consistent themes from the reviews undertaken and all identified areas for improvement have action plans to improve the control environment and anti-bribery programme. As we adjust our way of conducting assurance to the new environment, the assurance plan for the coming year will include thematic reviews across the key areas of high risk sales intermediaries and representatives and training to high risk employees. Internal Audit will also undertake a programme of audits covering the anti-bribery programme in a number of local markets in Vodafone and Vodacom. 51 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Non-financial information statement The table below outlines where the key content requirements of the non-financial information statement can be found within this document (as required by sections 414CA and 414CB of the Companies Act 2006). Vodafone’s sustainable business reporting also follows other international reporting frameworks, including the Global Reporting Initiative, the SASB Standards, CDP and GHG Reporting Protocol. Reporting requirement Vodafone policies and approach Section within Annual Report Page(s) Environmental matters Planet performance Planet 38-40 Climate change risk Principal risk factors and uncertainties 53-61 Employees Code of Conduct Responsible business and anti-bribery and corruption 43, 51 Occupational health and safety Health and safety 47-48 Diversity and inclusion Workplace equality 36-37 Social and community matters Driving positive societal transformation performance Inclusion for All 34-37 Digital Society 41-42 Stakeholder engagement Stakeholder engagement 12-13 Mobiles, masts and health Mobiles, masts and health 49 Human rights Human rights approach Human rights 49 Code of Ethical Purchasing Responsible supply chain 50 Modern Slavery Statement Responsible supply chain 50 Anti-bribery and corruption Code of Conduct Responsible business 43 Anti-bribery policy Anti-bribery and corruption 51 Speak Up process Responsible business 43 Policy embedding, due diligence and outcomes Purpose, sustainability and responsible business 32-51 Principal risk factors and uncertainties 53-61 Description of principal risks and impact of business activity Principal risk factors and uncertainties 53-61 Description of business model Business model 16 Non-financial key performance indicators Financial and non-financial performance Purpose, sustainability and responsible business 4-5 32-51 UK Streamlined Energy and Carbon Reporting (‘SECR’) In accordance with SECR requirements, this provides a summary of GHG emissions and energy data for Vodafone UK, in comparison with global performance. Global (excluding Vodafone UK) Vodafone UK Scope 1 GHG emissions (m tonnes CO2e) 0.25 0.02 Scope 2 market-based GHG emissions (m tonnes CO2e) 1.06 0.04 Scope 2 location-based GHG emissions (m tonnes CO2e) 1.89 0.14 GHG emissions per petabyte (‘PB’) of mobile data carried (tonnes of CO2e) 122 59 Total energy consumption (GWh) 5,131 701 Non-Financial information Governance Financials Other information 52 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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Overview of risk governance structure Principal risk factors and uncertainties Board/Audit and Risk Committee Provides oversight for the Vodafone Group Local oversight committees Provide oversight for the local risk management programme Local risk managers Contact point for each market/entity on risk, facilitate all activities as defined by the global risk management framework Local market CEOs Set local objectives, identify priority risks and alignment tolerance levels with the Vodafone Group guidance Local risk owners Senior managers in local management teams responsible for local risks and the local risk programme to manage, measure, monitor and report on the risks Risk and Compliance Committee – – Reviews principal and emerging risks – – Reviews effectiveness of risk management across the Group Group risk team – – Responsible for the application of the global risk management framework – – Supports the Board/ExCo by creating programmes to strengthen our risk culture Group risk owners – – ExCo risk owners have responsibility for management of the risk assigned to them – – Senior executive risk champions identify and implement mitigating actions Assurance Business assurance functions Review and provide assurance over business controls for the Group and local markets Internal Audit Support the Audit and Risk Committee in reviewing the effectiveness of the risk management framework and individual risks Vodafone Group Local markets or Group entity Managing risks and uncertainty is an integral part of successfully delivering on our strategic objectives. We have embedded a global risk management framework which aims to ensure consistency and the right level of oversight is provided across both Group entities and our local markets. Identifying our risks All local markets and Group entities identify and assess risks which could affect the local strategy and operations. A consolidated list of these risks is then presented to a selection of Group senior leaders and executives, alongside the outputs from an external environment scan and specialised risk focus groups. Applying a Group-wide perspective, these executives evaluate and determine our top risks and which emerging risks Identifying our risks warrant further exploration. The proposed principal risks, emerging risks and risk watchlist are defined and agreed by our Executive Committee (‘ExCo’) before being submitted to the Audit and Risk Committee and the Board for the final challenge and approval. The diagram below shows a simplified, high-level governance structure for risk management. 53 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Principal risks Principal risk factors and uncertainties (continued) Scenario Each year we model a severe but plausible scenario. These have included attacks on core infrastructure, a bulk data breach and loss of major customer facing systems. We perform regular cyber crisis simulations with senior management in our markets and Group functions using a tailored set of scenarios. Emerging threats Cyber risk is constantly evolving in line with technological and geo-political developments. We anticipate threats will continue from existing sources, but also evolve in areas such as 5G, IoT, vendor software integrity, quantum computing and the use of AI and machine learning. Read more about cyber security on pages 45-47 Cyber threat and information security Risk owner Group Technology Officer Our strategy Key:   External   Internal   Bidirectional   Unidirectional  Operational Strategic Technological Financial A B C G J E H F D I We continue to consider risks both individually and collectively in order to fully understand our risk landscape. By analysing the correlation between risks, we can identify those that have the potential to impact or increase other risks and therefore are weighted appropriately. This exercise informs our scenario analysis, particularly the combined scenario used in the Long-Term Viability Statement. Read more about our viability statement on page 61 Strategic The influence of stakeholders and industry players on our business and our response to them: A Geo-political risk in the supply chain B Adverse political and regulatory measures C Market disruption D Disintermediation and failure to innovate Financial Our financial status, standing and continued growth: E Global economic disruption Technological The network, IT systems and platforms that support our business and the data they hold: F Cyber threat and information security G Technology failures Operational The ability to achieve our optimal business model: H Strategic transformation I Legal and regulatory compliance J IT transformation Risk categorisation and interdependencies Customer commitments Best connectivity products & services Leading innovation in digital services Outstanding digital experiences Enabling strategies Simplified & most efficient operator Social contract shaping digital society Leading gigabit networks Our strategy Description An external cyber-attack, insider threat or supplier breach could cause service interruption or the loss of confidential data. Cyber threats could lead to major customer, financial, reputational and regulatory impacts. Governance Financials Other information 54 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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Scenario Disruption to our supply chain due to geo-political decisions affecting our ability to select or continue to use equipment from specific vendors or decisions that affect trade and supply chains. Emerging threats We operate in a global environment where political landscape changes could influence our operations. The increasing political tension between the US and China shows no sign of easing and this presents a potentially significant risk to our supply chain and customer base. Geo-political risk in supply chain Risk owner Group External Affairs Director Our strategy Scenario Exposure to additional liabilities by regulatory authorities or if tax laws were to adversely change in the markets in which we operate. Emerging threats Regulation is becoming geographically diverse with increases in protectionist behaviours and fragmented regulation. Additionally, governments could seek to recover the costs of the COVID-19 pandemic through tax increases. Adverse political and regulatory measures Risk owner Group External Affairs Director and Chief Financial Officer Our strategy Scenario The inability to achieve the expected benefit through transformation activities whilst evolving to the new generation connectivity and digital services provider for Europe & Africa. Emerging threats The increased pace of change in the organisation means we have to maintain the required culture and skillset to support our transformational initiatives. Externally, as customer behaviours and their preferences change, we might have to accelerate or adapt our transformation programmes. Strategic transformation Risk owner Group Technology Officer and Group Chief Commercial Officer Our strategy Customer commitments Best connectivity products & services Leading innovation in digital services Outstanding digital experiences Our strategy Enabling strategies Simplified & most efficient operator Social contract shaping digital society Leading gigabit networks Description Our operation is dependent on a wide range of global suppliers. Disruption to our supply chain could mean that we are unable to execute our strategic plans, resulting in increased cost, reduced choice and network quality. Description Adverse political and regulatory measures impacting our strategy could result in increased costs, create a competitive disadvantage or have negative impact on our return on capital employed. Description Failure to execute our strategy as described on pages 18 to 20 including on organisational transformation and portfolio activity (such as integrations, mergers or separations) could result in loss of business value and additional cost. 55 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Principal risk factors and uncertainties (continued) Scenario A severe contraction in economic activity leads to lower cash flow generation for the Group and disruption in global financial markets impacts our ability to refinance debt obligations as they fall due. Emerging threats Because this is an externally driven risk, the threat environment is continually changing. External factors such as the COVID-19 pandemic or a potential sovereign debt crisis could have future impacts on economic activity across our markets. The financial markets are currently experiencing high levels of volatility and sovereign debts levels have reached record levels. These could lead to a significant change in the availably and cost of financing. Scenario We have a low tolerance to network, IT or platform disruptions which cause significant impact to our customers. Emerging threats Potential impact of an increase in extreme weather events caused by climate change may increase the likelihood or frequency of technology failure. New assets inherited from acquired businesses may not be aligned to our target resilience level which may increase the likelihood of a technology failure. Global economic disruption Technology failures Market disruption Risk owner Group Chief Commercial Officer Our strategy Risk owner Chief Financial Officer Our strategy Risk owner Group Technology Officer Our strategy Scenario Aggressive pricing, accelerated customer losses to MVNO (Mobile Virtual Network Operator) and disruptive new market entrants in key European markets result in greater customer churn and pricing pressures impacting our financial position. Emerging threats Emerging threats depend on individual market structures and the competitive landscape. Description New telecoms entering the market could lead to significant price competition and lower margins. Description A global economic crisis could result in reduced telco spend from businesses and consumers, as well as limit our access to financial markets and availability of liquidity, increasing our cost of capital and limiting debt financing options. Description Network, system or platform outages resulting from internal or external events could lead to reduced customer satisfaction, reputational damage and/or regulatory penalties. Customer commitments Best connectivity products & services Leading innovation in digital services Outstanding digital experiences Our strategy Enabling strategies Simplified & most efficient operator Social contract shaping digital society Leading gigabit networks Governance Financials Other information 56 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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Disintermediation and failure to innovate Legal and regulatory compliance Risk owner Group Chief Commercial Officer Our strategy Risk owner Group General Counsel and Company Secretary Our strategy Scenario Large technology players invest on products impacting our customer relationships, cannibalising existing revenues and limiting future growth opportunities in digital services in Vodafone Business. Emerging threats Emerging risks span both Consumer and Business segments. In the Consumer segment, growing choice of communication solutions could threatening our core, while streaming services could threatening our TV business. In the Business segment, large technology players could attempt to move up further along the telecommunication sectors value chain. Scenario Breaches of legal compliance could lead to reputational damage, investigation costs, fines and/or personal sanctions. Emerging threats Changes to our operating model could require us to adapt our compliance and risk processes. In addition, ongoing changes to workplace dynamics and demographics may challenge our control environment. Read more about our Code of Conduct and Speak Up policy on page 43 Scenario Failure to deliver business benefits causes cost escalation, budget overruns and increased customer dissatisfaction which could negatively impact our financial performance. Emerging threats Long implementation timelines of transformation programmes and rapidly changing market conditions pose a risk that programme original scope and objectives might not be valid to achieve the expected business benefits defined at the outset of the programme. Ongoing changes to the organisation strategy might also have an impact on transformation programmes which might need to adjust scope and objectives therefore increasing the risk of time and cost overruns. IT transformation Risk owner Group Technology Officer Our strategy Description Failure in product innovation or ineffective response to threats from emerging technology or disruptive business models could lead to a loss of customer relevance, market share and new/existing revenue streams. Description Failure to comply with laws and regulations could lead to a loss of trust, financial penalties and/or suspension of our licence to operate. Description Failure to design and execute IT transformation of our legacy estate could lead to business loss, customer dissatisfaction or reputational exposure. Customer commitments Best connectivity products & services Leading innovation in digital services Outstanding digital experiences Our strategy Enabling strategies Simplified & most efficient operator Social contract shaping digital society Leading gigabit networks 57 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Principal risk factors and uncertainties (continued) Key changes to our principal risks: – – The Adverse political and regulatory measures risk has reduced, as we continue to build relationships with governments and key stakeholders through our social contract. However, against the backdrop of COVID-19, we continue to monitor for any changes in tax regulation. – – The Technology failure risk has reduced as more of our markets achieve the set recovery targets. – – The Global economic disruption risk has reduced due to telecommunications proving resilient during the COVID-19 pandemic. We anticipate a similar trend for FY22. However, the full effect of this risk could be delayed, and the risk might increase over a longer time horizon. – – We have split the IT transformation risk from our Digital transformation risk. – – We anticipate additional changes to risk exposure as we become a new generation connectivity and digital services provider for Europe & Africa. For this reason, we have expanded the Strategic transformation risk to include all portfolio related changes (integration, mergers, separations) including the transformation to our operating model. – – We have renamed the Disintermediation risk to include ‘failure to innovate’ to focus on our success to innovate as well as external disintermediation threats. Watchlist risk Our watchlist risk process enables us to monitor material risks to Vodafone Group which fall outside of our top 10 principal risks list. These include, but are not limited to: EMF (Electromagnetic Field) This risk can be broken down into three areas: – – failure to comply with national legislation or international guidelines set by the International Commission on Non-Ionizing Radiation Protection (‘ICNIRP’) as it applies to EMF, or failure to meet policy requirements; – – the risk arising from concerted campaigns or negative community sentiment towards location or installation of radio base stations, resulting in planning delays; and – – changes in the radio technology we use or the body of credible scientific evidence which may impact either of the two risks above. We have an established governance for EMF risk management (a Group leadership team that reports to the Board, and a network of EMF leaders across all markets). The EMF task group, which was set up in FY20 to focus on assessing and reporting on the impact of 5G on EMF, has merged with the Group leadership team. The Group leadership team continues to update the Executive Committee twice a year on the impact of EMF restrictions in those markets with limits that do not align with international, science-based guidelines, as well as coordinating engagement with policy makers relating to 5G and EMF and assessing the impact of social media campaigns on public concern. Vodafone continues to advocate for national EMF regulations to be harmonised with international guidelines. The 2020 updated guidelines from ICNIRP confirmed that there are no adverse effects on human health from 5G frequencies if exposure is within their guidelines. Vodafone always operates its mobile networks strictly within national regulations, which are typically based on, or go beyond, ICNIRP’s guidelines, and we regularly monitor our operations in each country to meet those regulations. Read more about EMF on page 49 Brexit The EU-UK Trade and Cooperation Agreement, which came into effect on 1 January 2021, provides greater clarity on the trading relationship between the UK and the EU. Vodafone’s cross-functional steering committee established early in the Brexit process identified risks and produced a comprehensive mitigation plan. Since the signing of the agreement, any outstanding risks have been managed by operational teams. The impact of the agreement, and any legal challenges to elements of the agreement, continue to be monitored, with further mitigations put in place where necessary. Emerging risk We face a number of uncertainties where an emerging risk may potentially impact us in the longer term. In some cases, there may be insufficient information to understand the likely scale, impact or velocity of the risk. We also might not be able to fully define a mitigation plan until we have a better understanding of the threat. We continue to identify new emerging risk trends, using the input from analysis of the external environmental as well as internal participation from key stakeholders. Using the identified emerging risks, we evaluate the impact and the effect it would have on our organisation (including the changes to our principal risks). The sub-set of our latest emerging risks are: – – Additional regulations or investor pressure brought on by Environmental, Social and Governance (‘ESG’) requirements; – – Depopulation of city centres; – – Ageing population; and – – Next-generation digitalisation. Governance Financials Other information 58 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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TCFD disclosure We recognise that climate change poses a number of physical (i.e. caused by the increased frequency and severity of extreme weather events) and transition-related (i.e. economic, technology or regulatory challenges related to moving to a greener economy) risks and opportunities for our business. As part of our commitment to operate ethically and sustainably, we are dedicated to understanding climate-related risks and opportunities and embedding responses to these into our business strategy and operations. We are aligning internal processes with the recommendations of the Task Force on Climate-related Financial Disclosures (‘TCFD’). The summarised progress is detailed in this section as we aim to be fully aligned by 2022. More in-depth information on our work to date on climate-related risks and opportunities, as well as further plans as we continue the TCFD programme can be found in our first standalone TCFD report. Governance The Group External Affairs Director, a member of the Group Executive Committee, is the executive-level sponsor for the Planet agenda as part of our purpose-led strategy (pages 38-40) and has overall accountability for the climate change action within the Group. This includes providing updates to the Board on the progress towards our climate-related goals. In addition, at the 2020 AGM shareholders approved the current Remuneration Policy which incorporates our environmental, social and governance (‘ESG’) priorities in the executive long-term incentive plan. For FY21, this measure included a specific greenhouse gas reduction ambition linked to our 2025 target of reducing our emissions by 50% from the FY17 baseline. More details can be found in the Directors’ Remuneration Report on pages 82-103. Further details on how TCFD is managed at Group and in key markets are available in our TCFD Report. Strategy This year, we have made progress in understanding the current and potential climate-related impacts on our business, strategy, and financial planning. We have adopted three scenarios in line with the Bank of England’s reference climate scenarios as outlined in their consultation document released in December 2019. This year, we conducted the required assessments to quantify the business impacts of all material climate- related risks under each scenario and over different time horizons to better understand the financial impact on our business. To continue our TCFD programme, we will use the outputs of the scenario analysis to assist us in either adjusting or introducing policies, as well as considering the available opportunities. We continue to review each material climate-related risk and opportunity and build mitigation strategies to improve the resilience across our infrastructure portfolio and our key markets. Risk management We have continued to align the climate-related risk management process with the global risk management framework. The following data sources were used for this year’s process: – – Climate-change publications and data; – – Relevant literature on the potential impacts of climate change on the ICT sector; – – Guidance from TCFD on potential risks and opportunities; and – – CDP (formerly Carbon Disclosure Project) data and disclosures from other companies in the ICT sector. We evaluated the materiality of the identified risks and opportunities by assessing their likelihood and impact using our global risk management framework. This process helped us determine the relative significance of the climate-related risks in relation to other risks. We are currently working to further embed applicable climate-related risks, controls and monitoring metrics into our risk management framework using our emerging risks process. Metrics and targets We use a wide variety of metrics to measure climate-related current and potential impact. We have been measuring and reporting on energy and carbon emissions since 2001. In addition, we have set a number of ambitious targets to manage climate-related risks and reduce our impact on the environment, such as reaching ‘net zero’ emissions across our full value chain by 2040 and purchasing 100% renewable electricity in Europe by July 2021, and all markets by 2025. We constantly review whether any additional metrics and key risk indicators can be identified to measure and manage climate-related risks, and track and act on the opportunities resulting from the impact of climate change. Material risks and opportunities Physical risks: – – Damage to infrastructure caused by increasing frequency and severity of extreme weather events, including wildfires, flooding, storms – – Damage to infrastructure caused by sea level rise – – Interruption or reduction in the quality of our wireless services due to increased precipitation Transition risks: – – Changing consumer preferences impacting our revenues and market share – – Increasing energy consumption due to increased global temperatures – – Changing cost of carbon impacting costs to meet Vodafone’s net zero target – – Increasing risk of litigation around climate action – – Increase in carbon taxation – – Changes in regulation over infrastructure efficiency Opportunities: – – Change in market valuation as a result of changing investor expectations with regard to climate change and Vodafone’s ESG performance – – Change in the availability and cost of capital impacted by sustainability performance – – Increasing consumer attractiveness and ability to meet net zero targets through increased energy efficiency of products and services 59 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Principal risk factors and uncertainties (continued) COVID-19 The vital role telecommunications companies play in society has become more evident during the COVID-19 pandemic. Telecommunications services are critical in enabling people to work remotely, allowing businesses to remain operational, supporting emergency services and government responses, and providing access to online education. Through our infrastructure, we have kept people and societies connected. We have closely monitored the evolution of COVID-19 as it has continued to impact different countries to varying degrees over time and adapted our risk profile as required. We continue to maintain close contact with local health authorities and government agencies in all of our geographies, so that we minimise the risk to Vodafone, our operations and employees. Governance During the early stages of the pandemic, we initiated our response to this crisis by invoking the Group’s crisis management process. This process enabled us to prepare a number of planning scenarios based on a range of assumptions and potential outcomes. A Crisis Steering Committee (‘Steerco’) continues to meet with representatives from the Group and our local markets. The Steerco receives updates and feedback on measures implemented locally, collects best practice, and assesses the adequacy of the Vodafone response as we monitor changes in the virus patterns and the impact it has on our operations. Impact on our principal risks We do not consider the COVID-19 pandemic as an individual risk but rather monitor how the pandemic amplifies our principal, emerging and operational risks see pages 54-58. Using this approach, we are able to manage the ‘domino effect’ of different risk types while identifying both the negative and positive impacts on our operations. As shown on page 54, we assign each of our risks to a category (strategic, technological, operational and financial) which allows us to prioritise and provide the required assurance. The section below summarises the impact the pandemic had on the different risk categories. Strategic Given the nature of the telecommunications industry and the important role communication services have played during the pandemic, external stakeholders have focused more on our sector during the COVID-19 pandemic. We have continued to build stronger relationships and partnerships through our social contract with our stakeholders, industry players and governments when managing strategic risks. Read more about social contracts on page 19 We continue to monitor external impacts caused by the COVID-19 pandemic. For example we monitor potential adverse changes in regulations or further scrutiny by regulatory authorities which could lead to higher taxes as governments address the potential budget deficit following the pandemic. More positively, we have seen an increase in consumers and business customers adopting more data services such as video conferencing and video on demand streaming. Financial The COVID-19 pandemic has caused significant volatility in the financial markets. This can affect both our access to capital markets and the cost of debt. However, the telecommunications industry has not been as severely impacted. We anticipate a delayed impact as inflation rises due to an expected increase in spending, once countries begin to exit lock-downs. These inflation expectations can drive interest rates higher, which can make long-term borrowing more expensive. Commercially, the biggest impact was related to our roaming and visitor revenue, however, we expect this to recover as vaccinations programmes are successful and travel restrictions are lifted. We anticipate that as furlough and other government support schemes start to be withdrawn, there might be a decrease in our customers’ spending power. Technological We have seen a significant increase in data usage during the pandemic and therefore, we have focused on our capacity management processes. Additionally, some of our local markets operate critical national infrastructure which was increasingly needed during the pandemic, and we made sure that we implemented mitigations to better support our infrastructure. With travel restrictions implemented in most countries, we were not always able to perform physical site visits for business continuity or to test our EMF exposure and therefore ran either robust desktop exercises or used new innovative ways to remotely evaluate our sites. Read more about EMF operating model on page 49 All organisations have seen an increase in the number of phishing cyber security attacks as cyber criminals attempted to exploit the uncertainty of the pandemic. Read more about cyber security on page 46 At the start of the crisis, telecommunications companies were exposed to unsubstantiated and misinformed allegations linking COVID-19 to our 5G rollout plan. This incited some vandalism to network equipment affecting our ability to service some of our customers. Read more about EMF on page 49 Operational We prioritised the safety and wellbeing of our people, ensuring that we had the business continuity plans in place to operate while most of our people moved to working from home. Read more about our people wellbeing and safety on page 48 Additionally, to lessen the potential burden on our suppliers, we have implemented controls to assist them through our COVID-19 payment relief policy. Read more about the supporting of small businesses on page 41 Due to lock-down, social distancing and COVID-19 related restrictions, our ability to physically serve our customers was restricted. We have accelerated and increased our digital transformation projects providing a better customer experience and to capture opportunities as consumer confidence and markets rebound. Conclusion To be better prepared for future events such as the COVID-19 pandemic, we have updated our risk process. This approach, which runs parallel to our principal risk process, allows for a quicker identification of threats and risks. The process provides better visibility to our internal stakeholders and more oversight and governance across our risks. We continue to monitor the risks and threats arising from COVID-19 and similar events. Governance Financials Other information 60 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report

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The preparation of the LTVS includes an assessment of the Group’s long-term prospects in addition to an assessment of the ability to meet future commitments and liabilities as they fall due over the three-year review period. Assessment of viability Vodafone continues to adopt a three-year period to assess the Group’s viability, a period in which we believe our principal risks tend to develop. This time horizon is also in line with the structure of long-term management incentives and the outputs from the long range business planning cycle. For 2021, as a result of the increased pressures on the global financial markets due to the COVID-19 pandemic, we conducted financial stress testing and sensitivity analysis, considering revenues at risk as well as the impact of our response plan to the crisis. The assessment of the viability started with the available headroom as of 31 March 2021 and considered the plans and projections prepared as part of the forecasting cycle, which include the Group’s cash flows, planned commitments, required funding and other key financial ratios. We also assumed that debt refinance will remain available in all plausible market conditions. Finally, we estimated impact of severe but plausible scenarios for all of our principal and emerging risks on the three-year plan and, in addition, stress tested a combined scenario taking into account the risk interdependencies as defined on the diagram on page 54, where the following risks were modelled as materialising in parallel over the three-year period: Cyber threat and information security: An external cyber-attack exploits vulnerabilities and leads to a GDPR fine. Geo-political risk in supply chain: International and political decisions may affect our supply chain and restrict our ability to use critical suppliers. Global economic disruption: A global economic crisis could result in reduced telco spend from businesses and consumers, as well as limit our access to financial markets and availability of liquidity. Assessment of prospects Assessment of viability Outlook, Strategy & Business Model Outlook of possible long-term scenarios expected in the sector and the Group’s current position to face them Assessment of the key principal risks that may influence the Group’s long-term prospects Articulation of the main levers in the Group’s strategy and business model ensuring the sustainability of value creation Long Range Plan is the three-year forecast approved by the Board on an annual basis, used to calculate cash position and headroom Headroom is calculated using cash, cash equivalents and other available facilities, at year end Sensitivity analysis to assess the level of decline in performance that the Group could withstand, were a black swan event to occur Sensitivity analysis Severe but plausible scenarios modelled to quantify the cash impact of an individual principal risk materialising over the three-year period Quantification of the cash impact of combined scenarios where multiple risks materialise across one or more markets, over the three year period Viability results from comparing the cash impact of severe but plausible scenarios on the available headroom, considering additional liquidity options Principal risks Combined scenario Long Term Viability Statement Disintermediation and failure to innovate: A continued and interrupted growth of technology giants and new entrants could impact our business revenue and overall financial performance. Assessment of long-term prospects Each year the Board conducts a strategy session, reviewing the internal and external environment as well as significant threats and opportunities to the sustainable creation of long-term shareholder value (note that known emerging threats related to each principal risk are described in pages 54-57). Read more about mega trends on pages 10-11 As an input to the strategy discussion, the Board considers the principal risks that are longer term in nature, (including Adverse political and regulatory measures, Market disruption and Disintermediation and failure to innovate) with the focus on identifying underlying opportunities and setting the Group’s future strategy. The output from this session is reflected in the strategic section of the Annual Report (pages 8-11), which provides a view of the Group’s long-term prospects. Conclusions The Board assessed the prospects and viability of the Group in accordance with provision 31 of the UK Corporate Governance Code, considering the Group’s strategy and business model, and the principal risks to the Group’s future performance, solvency, liquidity and reputation. The assessment takes into account possible mitigating actions available to management were any risk or combination of risks materialise. Cash and cash equivalents available of €5.8bn page 168 as of 31 March 2021, along with options available to reduce cash outgoings over the period considered, provide the Group with sufficient positive headroom in all scenarios tested. Reverse stress testing on revenue and EBITDA over the review period confirmed that the Group has sufficient headroom available to face uncertainty. The Board deemed the stress test conducted to be adequate and therefore confirm that they have a reasonable expectation that the Group will remain in operation and be able to meet its liabilities as they fall due up to 31 March 2024. Long-Term Viability Statement Directors confirm that they have reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the three-year period 61 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Strategic report Governance Financials Other information 62 Vodafone Group Plc  Annual Report on Form 20-F 2021 Governance at a glance The Nominations and Governance Committee regularly reviews the Board’s composition to ensure a diverse mix of backgrounds, skills, knowledge and experience as well as deep expertise in technology and telecommunications. Each year, the Board monitors and improves its performance by conducting an annual performance review. Attendance Seven scheduled meetings of the Board were held during the year as well as five meetings of the Audit and Risk Committee, four meetings of the Remuneration Committee and three meetings of the Nominations and Governance Committee. Ad hoc meetings of the Board and its Committees were also held during the year, as required. Name Board1 Nominations and Governance Committee1 Audit and Risk Committee1 Remuneration Committee1 Sanjiv Ahuja 7/7 – 5/5 – Sir Crispin Davis 7/7 3/3 1/1 – Margherita Della Valle 7/7 – – – Michel Demare 7/7 – 5/5 4/4 Dame Clara Furse 7/7 – – 4/4 Valerie Gooding 7/7 3/3 – 4/4 Renee James2 6/7 3/3 – 4/4 Gerard Kleisterlee 4/4 1/1 – – Amparo Moraleda 7/7 – 5/5 – David Nish 7/7 – 5/5 – Nick Read 7/7 – – – David Thodey 1/1 – – – Jean-François van Boxmeer 5/5 2/2 – – Notes: 1. The number of attendances is shown next to the maximum number of meetings the Director was entitled to attend. 2. Renee James was unable to attend one scheduled meeting of the Board due to a prior business engagement. Board evaluation Progress in the year – – Jean-François’ succession to the Chairman role completed and induction progressed. – – Presentations to the Board to enhance understanding of emerging risks and opportunities. – – The Board’s strategy meeting was successfully held via video conference where a range of senior managers presented to the Board. Actions for coming year – – Varied forms of engagement between Directors. – – Review the mix of skills in light of the next phase of our strategy. – – Concentration on organic improvement and growth. – – Monitoring progress on ESG and cultural change. Our Board ere 7-10 years 2 7-10 years 2 0-3 years 6 4-6 years 3 0-3 years 6 4-6 years 3 eer ierit Female representation Female representation ticit Ethnically diverse Ethnically diverse epeece Independent 1 Non-Executive Chair Independent 1 Non-Executive Chair Independent 8 Executive 2 Independent 8 Executive 2 3 5 4 1 5 2 Political/ Regulatory Technology/ Telecom edia Emerging markets Finance Consumer goods and services/ arketing Si a epertie o oectie irector Leadership, governance and engagement Read more on page 73

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Strategic report Governance Financials Other information 63 Vodafone Group Plc  Annual Report on Form 20-F 2021 ESG Committee The objective of our new ESG Committee is to provide oversight of Vodafone’s ESG programme: Purpose (Inclusion for All; Planet; and Digital Society), sustainability and responsible business practices as well as Vodafone’s contribution to the societies we operate in under the social contract. The Committee also monitors progress against key performance indicators and external ESG index results. Nomination and induction The Nominations and Governance Committee is normally responsible for the nomination of Directors, however the Chairman search was conducted by a sub-committee led by Valerie Gooding. An overview of the process for the nomination and induction of Jean-François is shown below. At the date of this report, Step 7 was completed. Read more on pages 84-89 1. Market competitive 2. Free from discrimination 3. Ensure a good standard of living 4. Share in our successes 5. Provide benefits for all 6. Open and transparent Remuneration across the Group The Remuneration Committee takes account of the pay policies in place across the wider business. Remuneration arrangements were reviewed across the business to ensure they fully aligned with our strategy, supported our purpose, and celebrated the Vodafone Spirit. Principles of fair pay: The Committees undertake focused oversight of Board composition and performance, internal processes and controls and remuneration practices. On 11 May 2021, the Board approved the establishment of an ESG Committee to enhance its oversight of the ESG programme. Committee activities Audit and risk: In-depth reviews The Audit and Risk Committee regularly performs deep dive reviews of our principal risks and key markets and operations. In addition to being provided with regular updates in these areas, deep dives were undertaken in legal and regulatory compliance, including our Group procurement company, Vodafone Business, Vodacom and M-Pesa, Germany and the UK, global economic disruption, cyber threat and information security, strategic transformation, technology failure, and geo-political risk in supply chain. Read more on page 68 Engaged two search consultancies. Search specification included Board skills gaps and diversity. Shortlisting of candidates by Committee. Interviews with Committee members and Chief Executive. Recommendation to the Board on the chosen candidate. Appointment terms drafted and agreed. Elected by shareholders at AGM on 28 July 2020. Virtual meetings with senior management and broader team. Site visits scheduled for local markets & operations in FY22. Step 8 Step 5 Step 1 Step 2 Step 7 Step 3 Step 6 Step 4 96% shareholder support for the current Remuneration Policy New Non-Executive Director It is intended that Olaf Swantee will join the Board as a Non-Executive Director following the AGM on 27 July 2021, subject to shareholder approval. Olaf has extensive experience of the telecommunications sector and a consistent record of creating shareholder value.

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I am pleased to present the Corporate Governance Report for the year ended 31 March 2021 on behalf of the Board. An effective and diverse Board I was honoured to become Chairman of the Board on 3 November 2020 when Gerard Kleisterlee retired after a decade of service to Vodafone. I am grateful to him for the quality of the Board I have joined. The restrictions imposed by the COVID-19 pandemic have meant my introduction to Vodafone has been almost entirely digital. This has reinforced for me the immense value of the connectivity Vodafone provides to customers, businesses, governments and society, enabling them to run their daily lives and operate smoothly and efficiently. The restrictions on travel during the year meant that we held all our Board and Committee meetings by video conference. I am pleased that we were able to hold our meetings with the same cadence as usual, adjusting meeting times to account for different time zones. We also held a number of ad hoc meetings in the early days of the pandemic to ensure the Company was adapting quickly to the rapidly evolving situation. This past year, we have seen the way the world works change profoundly and I have been impressed with the flexibility, creativity and dynamism of Vodafone in its response to the significant challenges we’ve faced. During the year, the Board worked with the executive team to ensure Vodafone developed and executed its strategy as well as contributing meaningfully to the efforts of governments and communities to manage the pandemic and to support our customers and employees during this unprecedented period. The last year has been extremely challenging and I am grateful to my fellow Directors, the executive team and the people of Vodafone for their hard work and strong spirit throughout. My colleagues on the Board are experienced business leaders who bring a wealth of knowledge and experience from diverse sectors and countries. This supports the Board’s discussions on the strategic, operational and sustainability issues which affect the Company today or may do so in the future. As Vodafone moves ahead at pace with its strategy, I am working with my fellow Directors on the Nominations and Governance Committee to ensure our Board continues to comprise a mix of people who have diverse backgrounds, experiences, cultures and thinking styles and deep knowledge of the telecommunications and technology sectors. I am therefore pleased that shareholders will have the opportunity at our 2021 annual general meeting to appoint a new Director to our Board, Olaf Swantee, who has a wealth of experience in the telecommunications sector. I would also like to thank Renee James, ahead of her retirement from the Board on 27 July 2021, for her many valuable contributions to Vodafone during her tenure. Purpose Vodafone is a purpose led company. We connect for a better future, enabling inclusive and sustainable digital societies. The relevance of our purpose became very apparent during 2020, a year of pandemic, extreme climate events, and demands for more inclusive societies. Vodafone can, and will, play an important role in working with governments and others to address these issues. We have clear plans with targets for enabling inclusive digital societies and helping to tackle climate change. In the shorter term, we are committed to playing a key role in supporting the post-COVID economic and social recovery in the countries where we operate. Opportunities and risks As described in the Strategic Report, we see opportunities to grow Vodafone’s business by deepening our relationship with customers and by developing new products and services for them. We are driving forward energetically to capture these opportunities and doing so whilst also maintaining a strong focus on risk management. The Board and the Audit and Risk Committee have reviewed each of the Company’s top 10 risks and during the year received detailed updates on risks relating to, amongst other topics, technology failure, geo-political risk in the supply chain, cyber threats, and information security. Furthermore, additional financial stress testing and liquidity impact analyses were carried out to reflect the impact of COVID-19 and to inform the Group’s long-term viability statement. Continued stakeholder engagement In March, I had individual meetings with 20 of the Company’s largest shareholders. Topics discussed included Vodafone’s strategy, challenges and opportunities, the Company’s portfolio of assets, our Board and my induction into the Company. Our annual general meeting was held as a closed meeting on 28 July 2020 due to the restrictions imposed by the UK government at that time. It was disappointing for the Board not to be able to engage with shareholders in person. Nonetheless, the former Chairman, Gerard Kleisterlee, delivered a presentation to shareholders online and answers to questions submitted by shareholders were published on our website. These materials are available to view at vodafone.com/agm Valerie Gooding continues to serve as the Board’s Workforce Engagement Lead, gathering the views of employees through a number of employee consultative committees across all our European and African markets. As well as COVID-19 impacting the format for those meetings, it also dominated discussion at the forums. Valerie was impressed by employees’ overwhelming support for Vodafone’s efforts to respond to the COVID-19 pandemic. Chairman’s governance statement Strong corporate governance supports our continued strategy execution, business resilience and contribution to societies in which we operate Strategic report Governance Financials Other information 64 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Culture The Board regards culture as a key enabling factor for our strategic, organisational and digital transformation. The Vodafone Spirit campaign was launched successfully in December 2019, galvanising our culture with our purpose and strategy. One of our key values ‘Get it done, together’ could not have been more important during the last year as our employees worked tirelessly to keep our customers and others connected during the pandemic and to keep our people safe. By April 2020, our global workforce had successfully transitioned to remote working and eight global employee feedback surveys conducted during the year showed that our employees were extremely satisfied they had the tools and support they needed to work safely at home and elsewhere. Induction Before succeeding Gerard Kleisterlee as Chairman, on 28 July 2020 I joined the Board as a Non-Executive Director. This three-month period of orderly transition and thorough handover was hugely valuable for me to draw from Gerard’s knowledge and experience. Due to the restrictions imposed by the COVID-19 pandemic, my induction has been largely digital. It began with the executives compiling for me a comprehensive briefing document about the Group. Each section was written by an expert in their part of the business so I gained a valuable perspective in advance of my induction meetings. During my induction I’ve been able to meet each of my fellow Board members and attended 16 meetings with executives and senior managers to discuss various topics, including technology, people and culture, strategy, commercial, finance, Vodafone Business, internal controls, risk and compliance, corporate governance and shareholders and investors. As travel restrictions ease, I look forward to visiting our key local markets. Of course, the Board cycle continued alongside my induction and I have attended 12 Board and Committee meetings to date. The year ahead During the coming year, the Board’s focus will be on maintaining resilient financial performance through the execution of our strategy at pace. Reflecting its ownership of environmental, social and governance matters, the Board has approved the establishment of a new ESG Committee as a Committee of the Board and the Board will benefit from its dedicated oversight of our ESG programme. /s/ Jean-François van Boxmeer Jean-François van Boxmeer Chairman of the Board Compliance with the 2018 UK Corporate Governance Code (the ‘Code’) In respect of the year ended 31 March 2021 Vodafone Group Plc was subject to the Code (available from www.frc.org.uk). The Board is pleased to confirm that Vodafone applied the principles and complied with all of the provisions of the Code throughout the year. Further information on compliance with the Code can be found as follows: Disclosure Guidance and Transparency Rules We comply with the Corporate Governance Statement requirements pursuant to the FCA’s Disclosure Guidance and Transparency Rules by virtue of the information included in this “Governance” section of the Annual Report together with information contained in the “Shareholder information” section on pages 227 to 232. 12-13 71-72 12-13 71-72 75 69 67 62 69-70 67-69 74 62 63 73-75 62 67-68 62 67-68 75 73 62 75 62 36-37 22 76-77 109 77-78 61 108-109 77 79-80 80 77 53-61 82-86 82-103 91 83 Board leadership and Company purpose Long-term value and sustainability Culture Shareholder engagement Other stakeholder engagement Conflicts of interest Division of responsibilities Role of the Chairman Division of responsibilities Non-Executive Directors Independence Composition, succession and evaluation Appointments and succession planning Skills, experience and knowledge Length of service Evaluation Diversity Audit, risk and internal control Committee Integrity of financial statements Fair, balanced and understandable Internal controls and risk management External auditor Principal and emerging risks Remuneration Policies and practices Alignment with purpose, values and long-term strategy Independent judgement and discretion 32-51 59 66 69-70 21-22 12 66 71-72 43 Read more Read more Read more Read more Read more 65 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Board leadership and Company purpose The Board is collectively responsible for ensuring leadership through effective oversight and review. It sets the strategic direction with the goal of delivering sustainable stakeholder value over the longer term, and has oversight of cultural and ethical programmes. The Board also oversees the implementation of appropriate risk assessment systems and processes to identify, manage and mitigate Vodafone’s principal risks. It is also responsible for matters relating to finance, audit and internal control, reputation, listed company management, corporate governance and effective succession planning, much of which is overseen through its principal Committees. Full details of the Committees’ responsibilities are detailed within the respective Committee reports starting on pages 74, 76 and 82 Purpose The Board established our purpose pillars: Digital Society, Inclusion for All and Planet. Our purpose is aligned with our culture and strategy, placed at the forefront of our decision-making and strategy development, and the Board considers how the initiatives progressed by management throughout the year have advanced our purpose. This oversight ensures that product innovation realises our ambition, our services continue to improve people’s lives with better connectivity, and our operations continue to be enhanced to reduce our impact on the environment. Read in detail about our purpose on pages 32 to 42 Strategy The Board monitors the Company’s progress against established strategic objectives and performance against competitors. Board meetings are planned with reference to the Company’s strategic priorities and meeting agendas are constructed to deliver information at appropriate junctures, and from a broad range of management, to ensure the Board’s effective review and challenge. In furtherance of the 2019 Board effectiveness review, sufficient time continues to be allocated to items relating to the execution of the strategy to allow time for deeper discussion. During the year, this was particularly important for matters related to the shape of Vodafone (for example, the carve-out of our new Vantage Towers business), developing and launching new consumer products and services (such as 5G and Curve), our ‘big four’ markets in Europe (Germany, Italy, Spain and the UK) and Vodacom in Africa, and the competitive, legal and regulatory landscape in which we operate (particularly in the light of COVID-19). Read about the next phase of our strategy on pages 18 to 22 Values and culture The Board has a critical role in setting the tone of our organisation and championing the behaviours we expect to see. Having launched in December 2019, the Vodafone Spirit galvanises our culture with our purpose and strategy. Eight global employee surveys were conducted during FY21 and the survey data was shared widely with employees and the Board. It was encouraging to see a very strong, positive response amongst employees to the Vodafone Spirit launch and that over 50,000 employees had engaged with local plans. The Board were interested in the areas measured by the surveys, the desire indicated by employees to improve ‘Earn Customer Loyalty’, and plans to attach indicators from surveys to business KPIs. The cultural climate in Vodafone is comprehensively measured through a number of mechanisms including policy and compliance processes, internal audit and formal and informal channels for employees to raise concerns (including our annual people survey and our whistleblowing programme, Speak Up, which is also available to the contractors and suppliers working with us). The Board is appraised of any material whistleblowing incidents. More information on Speak Up is provided on page 43 Governance The Board ensures the highest standard of corporate governance is maintained by regularly reviewing developments in governance best practice and ensuring these are adopted by the Company. The Board dedicated time during the year to thoroughly consider the independence and time commitment of all Directors, the arrangements in place to monitor conflicts of interest, as well as evaluating the effectiveness of the Board and each of the Directors. All Directors have access to the advice of the Company Secretary, who is responsible for advising the Board on all governance matters. Read about our governance structure and roles and responsibilities on pages 69 to 70 Governance Strategic report Governance Financials Other information 66 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Extensive and diverse skills, knowledge and experience Our business is led by our Board of Directors. Biographical details of the Directors and senior management as at 23 June 2021 are provided. External appointments listed are only those required to be disclosed pursuant to Listing Rule 9.6. Jean-François van Boxmeer Chairman – Independent on appointment Tenure: <1 year Skills and experience: Jean-François brings to the Vodafone Board his extensive international experience in driving growth through both business-to-business and business-to-consumer business models and in-depth knowledge of the countries in which Vodafone operates. Jean-François is highly-regarded as having been one of the longest standing and most successful CEOs in Europe. He was the Chief Executive of Heineken for 15 years, having been with the company for 36 years. Jean-François held a number of senior roles in Africa and Europe before joining Heineken’s Executive Board in 2001 with worldwide responsibility for supply chain and technical services, as well as regional responsibility for the operating businesses in North-West Europe, Central and Eastern Europe and Sub-Saharan Africa. External appointments: – – Mondelez International, Inc., non-executive lead director – – Heineken Holding N.V. , non-executive director Nick Read Chief Executive – Executive Director Tenure: 2 years (as Chief Executive) Skills and experience: As Chief Executive, Nick combines strong commercial and operational leadership with a detailed understanding of the telecoms sector and its opportunities and challenges. Prior to becoming Chief Executive in October 2018, Nick served as Group Chief Financial Officer from April 2014, and held a variety of senior roles including Chief Executive for Africa, Middle East and Asia-Pacific for five years and Chief Executive of Vodafone UK. Prior to joining Vodafone, he held senior global finance positions with United Business Media Plc and Federal Express Worldwide. External appointments: – – Booking Holdings Inc., non-executive director and member of nominating and corporate governance committee Margherita Della Valle Chief Financial Officer – Executive Director Tenure: 2 years Skills and experience: Margherita brings considerable corporate finance and accounting experience to the Board. She was Deputy Chief Financial Officer from 2015 to 2018, Group Financial Controller from 2010 to 2015, Chief Financial Officer of Vodafone’s European region from 2007 to 2010 and Chief Financial Officer of Vodafone Italy from 2004 to 2007. Margherita joined Omnitel Pronto Italia in Italy in 1994 and held various consumer marketing positions in business analytics and customer base management before moving to finance. Omnitel was acquired by Vodafone in 2000. External appointments: – – Reckitt Benckiser Group plc, non-executive director and member of audit committee Valerie Gooding CBE Senior Independent Director and Workforce Engagement Lead Tenure: 7 years Skills and experience: Valerie brings a wealth of international business experience obtained at companies with high levels of customer service including British Airways and as chief executive of BUPA which, together with her focus on leadership and talent, is valuable to Board discussions. Sanjiv Ahuja Non-Executive Director Tenure: 2 years Skills and experience: Sanjiv is the founder and chairman of Tillman Global Holdings, which provides telecommunications and renewable energy project development services. He has broad telecoms expertise, having led mobile, broadband and infrastructure companies, such as Telcordia (formerly Bellcore), Orange SA, Bell Communications Research and Lightsquared, as well as considerable international experience from operating in Europe, the United States, Africa and Asia. His comprehensive knowledge of the telecoms sector is valuable to Board discussions. Sir Crispin Davis Non-Executive Director Tenure: 6 years Skills and experience: Sir Crispin has broad-ranging experience as a business leader within international content and technology markets from his roles as chief executive of RELX Group (formerly Reed Elsevier) and the digital agency, Aegis Group plc, and group managing director of Guinness PLC (now Diageo plc). He was knighted in 2004 for services to publishing and information. He brings a strong commercial perspective to Board discussions. External appointments: – – Hasbro Inc., non-executive director and member of compensation committee and nominating, governance & social responsibility committee Committee key Audit and Risk Committee Remuneration Committee Nominations and Governance Committee Solid background signifies Committee Chair A N R 67 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Committee key Audit and Risk Committee Remuneration Committee Nominations and Governance Committee Solid background signifies Committee Chair Michel Demaré Non-Executive Director Tenure: 3 years Skills and experience: Michel brings extensive international finance, strategy and M&A experience to the Board, gained during his 18-year career at Dow Chemical as CFO-Global Polyolefins & Elastomers Division, as CFO of Baxter International (Europe), and as CFO and head of global markets of ABB Group. He was the non-executive chairman of Syngenta until the company was sold to ChemChina in 2017 and was the vice chairman of UBS Group AG for 10 years. External appointments: – – AstraZeneca PLC, non‑executive director and chair of the remuneration committee and member of the nomination and governance committee and the audit committee Dame Clara Furse DBE Non-Executive Director Tenure: 6 years Skills and experience: Dame Clara brings to the Board a deep understanding of international capital markets, regulation, service industries and business transformation developed from her previous roles as chief executive officer of the London Stock Exchange Group plc and Credit Lyonnais Rouse Ltd. Her financial proficiency is highly valued. In 2008 she was appointed Dame Commander of the Order of the British Empire. External appointments: – – Amadeus IT Group SA, non‑executive director and chair of nominations and remuneration committee Renee James Non-Executive Director Tenure: 10 years Skills and experience: Renee brings comprehensive knowledge of the high technology sector developed from her long career at Intel Corporation where she was president. She is currently the chairman and CEO of Ampere Computing. Her extensive experience of international management, technology and the development and implementation of corporate strategy is an asset to the Board and the Committees of which she is a member. External appointments: – – Oracle Corporation, non-executive director – – Citigroup Inc., non-executive director and member of risk management committee and operations & technology committee Governance (continued) A N R Amparo Moraleda Non-Executive Director Tenure: 3 years Skills and experience: Amparo brings strong international technology experience to the Board from her previous role as chief executive officer of the international division of Iberdola and a career spanning 20 years at IBM, where she held a number of positions across a range of global locations. External appointments: – – Airbus Group, senior independent director, chair of nominations and governance committee and remuneration committee and member of ethics & compliance committee – – CaixaBank, non-executive director and chair of remuneration committee – – A.P. Moller - Maersk, non-executive director and member of the audit committee, remuneration committee and technology and innovation committee David Nish Non-Executive Director Tenure: 5 years Skills and experience: David has wide-ranging operational and strategic experience as a senior leader and has a strong understanding of financial and capital markets through his previous directorships which include chief executive officer and chief financial officer of Standard Life plc and chief financial officer of Scottish Power plc. External appointments: – – HSBC Holdings plc, senior independent director, chair of the audit committee and member of the risk committee and nomination & corporate governance committee New Non-Executive Director On 11 February 2021, it was announced that Olaf Swantee would stand for election by shareholders at the 2021 AGM. His biographical details can be found below: Olaf Swantee Prospective Non-Executive Director Skills and experience: Olaf brings a wealth of communications expertise, has a strong track record of value creation and has presided over a number of Europe’s leading telecoms businesses. He is also passionate about technology and its potential to change society for the better. Olaf was CEO of Sunrise Communications between 2016-2020 and transformed the company’s brand, network and services to establish it as the quality challenger in the Swiss market. Prior to that he was CEO of EE, where he successfully merged Orange UK and T-Mobile. External appointments: – – Mobile Zone, Chairman Strategic report Governance Financials Other information 68 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Roles and responsibilities of the Board Audit and Risk Committee Reviews the adequacy of the Group’s system of internal control, including the risk management framework and related compliance activities. Monitors the integrity of financial statements, reviews significant financial reporting judgements, advises the Board on fair, balanced and understandable reporting and the long-term viability statement. Nominations and Governance Committee Evaluates Board composition and ensures Board diversity and a balance of skills. Reviews Board and Executive Committee succession plans to maintain continuity of skilled resource. Oversees matters relating to corporate governance. Remuneration Committee Sets, reviews and recommends the policy on remuneration of the Chairman, executives and senior management team. Monitors the implementation of the Remuneration Policy. Oversees general pay practices across the Group. The Board’s role is to provide entrepreneurial leadership of Vodafone within a framework of effective controls which enables risks to be assessed and managed. The Board establishes the Company’s purpose and values, approves strategy, and satisfies itself that these and its culture are aligned. It is responsible for ensuring the necessary resources are in place for the Company to meet its objectives and for measuring performance against them. The Board is accountable for promoting the long-term sustainable success of the Company, generating value for shareholders and contributing to wider society. Operation of the Board and its Committees The Board currently comprises the Non-Executive Chairman, two Executive Directors and eight Non-Executive Directors. Our Non-Executive Directors bring independent judgement, and wide and varied commercial and financial experience to the Board and Committees. A summary of each role can be found below. The Matters Reserved for the Board and Committee terms of reference were last reviewed in March 2021. Board meetings are structured to allow open discussions. At each meeting the Directors are made aware of the key discussions and decisions of the principal Committees by the respective Committee Chairs. Minutes of Board and Committee meetings are circulated to all Directors after each meeting. Details of the Board’s activities during the year can be found on pages 71 and 72. Chairman – – Leads the Board, sets each meeting agenda and ensures the Board receives accurate, timely and clear information in order to monitor, challenge, guide and take sound decisions; – – Promotes a culture of open debate between Executive and Non- Executive Directors and holds meetings with the Non-Executive Directors, without the Executive Directors present; – – Regularly meets with the Chief Executive and other senior management to stay informed; – – Ensures effective communication with shareholders and other stakeholders; – – Promotes high standards of corporate governance and ensures Directors understand the views of the Company’s shareholders and other key stakeholders, and the section 172 Companies Act 2006 duties; – – Promotes and safeguards the interests and reputation of the Company; and – – Represents the Company to customers, suppliers, governments, shareholders, financial institutions, the media, the community and the public. Senior Independent Director – – Provides a sounding board for the Chairman and acts as a trusted intermediary for the Directors as required; – – Meets with the Non-Executive Directors (without the Chairman present) when necessary and at least once a year to appraise the Chairman’s performance and communicates the results to the Chairman; and – – Together with the Nominations and Governance Committee, leads an orderly succession process for the Chairman. Non-Executive Directors – – Monitor and challenge the performance of management; – – Assist in development, approval and review of strategy; – – Review Group financial information and provide advice to management; – – Engage with stakeholders and provide insight as to their views, including in relation to workforce and the culture of Vodafone; and – – As part of the Nominations and Governance Committee, review the succession plans for the Board and key members of senior management. Workforce Engagement Lead – – Engages with the workforce in key regions where we operate, answers direct questions from workforce-elected representatives, and provides the Board with feedback on the content and outcome of those discussions. The Board Responsible for the overall conduct of the Group’s business including our long-term success; setting our purpose; monitoring culture and values; standards and strategic objectives; reviewing our performance; and maintaining positive dialogue with our stakeholders. ESG Committee * Oversees the ESG programme, purpose (Inclusion for All, Planet and Digital Society) and the social contract. Monitors progress against key performance indicators and external ESG index results. Oversees progress on ESG commitments and targets. Note: * * The Board approved the establishment of an ESG Committee on 11 May 2021. 69 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Governance (continued) Executive management Chief Executive – – Provides leadership of the Company, including representing the Company to customers, suppliers, governments, shareholders, financial institutions, employees, the media, the community and the public and enhances the Group’s reputation; – – Leads the Executive Directors and senior management team in running the Group’s business, including chairing the Executive Committee; – – Develops and implements Group objectives and strategy having regard to shareholders and other stakeholders; – – Recommends remuneration, terms of employment and succession planning for the senior executive team; – – Manages the Group’s risk profile and ensures appropriate internal controls are in place; – – Ensures compliance with legal, regulatory, corporate governance, social, ethical and environmental requirements and best practice; and – – Ensures there are effective processes for engaging with, communicating with, and listening to, employees and others working for the Company. Chief Financial Officer – – Supports the Chief Executive in developing and implementing the Group strategy; – – Leads the global finance function and develops key finance talent; – – Ensures effective financial reporting, processes and controls are in place; – – Recommends the annual budget and long-term strategic and financial plan; and – – Oversees Vodafone’s relationships with the investment community. Company Secretary – – Ensures compliance with Board procedures and provides support to the Chairman, to ensure Board effectiveness; – – Assists the Chairman by organising induction and training programmes and ensures that all Directors have full and timely access to all relevant information; – – Ensures the Board has high-quality information, adequate time and appropriate resources in order to function effectively and efficiently; and – – Provides advice and keeps the Board updated on corporate governance developments. The Executive Committee is comprised of Nick Read, Chief Executive, Margherita Della Valle, Chief Financial Officer, a number of senior executives responsible for global commercial operations, human resources, technology, external affairs and legal, as well as the Chief Executive Officers of our largest operating companies in Germany, the UK, Italy, Spain, Europe Cluster and Vodacom Group. Executive Committee Each year, the Executive Committee conducts a strategy review to identify key strategic issues facing Vodafone to be presented to the Board. The agreed strategy is then used as a basis for developing the upcoming budget and three-year operating plans. The Committee met 10 times during the year to consider the items noted below. In addition, in response to the COVID-19 pandemic, additional meetings were held weekly in the first part of FY21 to assess our response to the critical needs of our business, people and communities throughout the Group. – – Purpose and strategy; – – Updates on the Group’s financial performance; – – Commercial and business performance updates; – – Sustainable business strategy and social contract; – – Developments in our business and portfolio; – – Brexit and COVID-19; – – Talent and succession plan updates; and – – Updates and reports on health and safety matters. A new Executive sub-committee, the Global Products Board, was established during the year. This is led by Nick Read and is dedicated to overseeing our global product strategy, helping to coordinate commercial programmes by strategically evaluating capital allocation opportunities and identifying those capable of achieving scale across the Group. Chief Executive Global Products Board Supports the Executive Committee by providing visibility of global product strategy and life-cycle and identifies capital allocation opportunities. Reputation and Policy Steering Committee Advises the Executive Committee on reputational risks and policy matters. Risk and Compliance Committee Assists the Executive Committee in fulfilling its accountabilities with regard to risk management and policy compliance. Executive Committee Focuses on strategy implementation, financial and competitive performance, commercial and technological developments, succession planning and organisational development. Disclosure Committee Oversees the accuracy and timeliness of Group disclosures and approves controls and procedures in relation to the public disclosure of financial information. Chief Financial Officer Strategic report Governance Financials Other information 70 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Board activities and principal decisions Board activities were structured to oversee the first phase of the Group’s strategy and develop the next phase, to oversee our purpose and values, to review financial performance and to oversee the management of risks and internal controls. The key topics discussed are set out below. Additional information on principal decisions taken by the Board, assessed as those decisions which are material to the Group’s strategy, and a summary of the interests of key stakeholders and likely impact of decisions are shown in boxes. Details of Vodafone’s key stakeholders and how the Board engaged with them during the year is available on pages 12 and 13. Deeper customer engagement Improved quality and experience of service for our customers Net Promoter Score Targeted network capital allocation focused on the drivers of satisfaction for consumer and business customers. Customer churn and net additions Understanding the response of customers to our revised commercial offerings, which vary across markets, is crucial to developing the Board’s understanding of performance against KPIs and the overall success of strategic initiatives. Understanding customers’ evolving needs In addition to the above, the Board regularly received information from Executive Committee members and senior managers to understand in greater depth the evolving needs of consumers and business customers . Network sharing The Board reviewed a number of network sharing arrangements across our major European markets. Accelerating digital transformation Strengthened digital channel capabilities Digitalisation and transformation of sales and service The Board considered Digital First sales channels and its implications for the retail footprint, remote working arrangements and customer journeys. Digital First: agile and culture The Board received dedicated updates on the strategy for, and pace of, change within the business as we digitalise our processes and promote a culture that is passionate about Digital Society. Improving asset utilisation Improving the Group’s return on capital Vantage Towers During 2021, the Board regularly reviewed progress on the creation of Vantage Towers, one of Europe’s largest tower companies. In March 2021, the Board took a decision to sell 18.3% of the Group’s interest in Vantage Towers AG on the Frankfurt stock exchange, enabling the realisation of €2.3 billion value whilst retaining a majority interest and management control. Key stakeholder interests considered: – – Investors: executing on our strategy to improve asset utilisation and focus on lowering debt – – Suppliers: building stronger and broader relationships – – People: encouraging talent and diversity Decision-making: Different options to monetise the newly created Vantage Towers were presented to the Board. The Board acknowledged the interest expressed by investors in the proposed IPO, since the sale would realise value with the opportunity of reducing overall debt for the Vodafone Group. The Frankfurt market was considered well-suited for the European business. It was considered desirable to retain management control in the near term in order to progress the strategy for the newly created Vantage Towers group. Optimising the portfolio Focus on two scale platforms in Europe and Africa Integration of Liberty Global’s assets The Board considered the key integration outcomes of the acquisition, including synergies and stand-alone benefits and the commercial performance of the local markets in Germany, the Czech Republic, Hungary and Romania. Vodafone Egypt The Board agreed to sign a non-binding Memorandum of Understanding with Saudi Telecom Company (‘stc’) regarding the sale of Vodafone’s 55% shareholding in Vodafone Egypt. Discussions with stc have since been terminated. Merger of Indus Towers with Bharti Infratel The Board was kept informed on the regulatory clearance for the merger of our Indus Towers assets with Bharti Infratel in India in November 2020. TPG Telecom The Board agreed the merger of Vodafone Hutchison Australia with TPG Telecom, which completed in July 2020 and resulted in Vodafone owning a 25.05% economic interest in the Australian listed company. 71 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Our people Investing in our talent and skills Employee voice – Spirit Progress with our newly launched cultural programme, ‘The Spirit of Vodafone’, was reported to, and monitored by, the Board. It was important for the Board to capture the sentiment of the workforce and measure the success of the programme. Health and safety The Board received reports on health and safety initiatives, considering the wellbeing of the people working for and with us throughout the Group. For incidents resulting in the death of an employee, the Board requests detailed reports on the ongoing work being undertaken to eliminate the risk of fatalities and work-related safety incidents. Modern slavery The Board monitors our compliance with the requirements of the UK Modern Slavery Act 2015. Financial strength Revenue, cost, free cash flow and balance sheet US bonds As part of its oversight of our business’s long-term funding requirements, the Board receives annual updates on activity related to our two bond programmes; the US shelf programme listed on NASDAQ and the Euro Medium Term Note programme listed in both London and Dublin, to ensure cost efficient and dependable financial resources are available to the business. The first tranche of mandatory convertible bond matured in March 2021 and the Company issued a series of notes due between November 2021 and January 2024. Governance (continued) Other System of internal control Details of the operation of our internal risk and compliance processes informed the Board’s discussions on cultural change and operational matters. Risk tolerance and risk management The Board reviewed management’s identification and assessment of the top 10 principal risks and their impact on strategy and commercial initiatives. Regulatory landscape Executives provided regular and detailed updates on various regulatory matters, including the classification of the telecommunications sector as an ‘essential service’ during COVID-19, restrictions on our key suppliers, and spectrum auction structures. COVID-19 The COVID-19 global pandemic has created an unprecedented challenge for the global economy. The Board was provided with comprehensive updates on the financial and business impact on Vodafone and the changes to the regulatory environment. The Board endorsed management’s five-point plan which was launched in Spring 2020 to contribute to public efforts to respond to the COVID-19 pandemic. The Board kept under review the action taken by management to protect the health and safety of our people and continue to provide critical services to our customers, the emergency services and wider society. Brexit The Board considered the likelihood and potential impact of a no-deal Brexit on the Company and its stakeholders, with particular focus on Vodafone UK and Business. Following the withdrawal of the United Kingdom from the European Union on 31 January 2021, the Board continued to monitor any potential impact on our business. ESG Committee On 11 May 2021, the Board formally approved the establishment of a new Committee of the Board, the ESG Committee. The objectives of the ESG Committee include the oversight of Vodafone’s ESG programme: Purpose (Inclusion for All; Planet; and Digital Society), sustainability and responsible business practices, as well as Vodafone’s contribution to the societies we operate in under the social contract. The Committee also monitors progress against key performance indicators and external ESG index results. Key stakeholder interests considered: – – Investors: strong ESG governance has become a key requirement of an ESG programme. – – Governments and regulators: ensure compliance with local and international legal and regulatory obligations. – – Local Communities and NGOs: ESG matters affect the day-to-day lives of the people in our local communities. – – Suppliers and customers: seek high ethical standards to be upheld end-to-end in the supply chain. – – Employees: seek protection from health and safety risks, but also take pride in being part of our commitment to ESG matters. Decision-making: The Board believed that the ESG Committee will promote the long-term success of Vodafone, for the benefit of its members as a whole and our key stakeholders, by providing the Board with enhanced oversight of ESG matters. The establishment of a new ESG Committee is a strong signal to all our key stakeholders, and wider society, of the strength of Vodafone’s commitment to its ESG programme and goals, and enhances the commitments made in the social contract. Dividend To support each dividend approved by the Board, detailed updates are received from Group Investor Relations and Group Finance relating to financial resilience, performance outlook and external views and the Board has an opportunity to discuss those and other relevant considerations. Key stakeholder interests considered: – – Investors: whilst reliable cash returns are generally positive for shareholders and attractive to prospective investors, the COVID-19 pandemic caused a divergence in views amongst institutional investors. Some were supportive of businesses retaining cash to protect themselves from the prolonged period of uncertainty, whilst others preferred that cash returns be maintained where appropriate. – – Governments and regulators: during COVID-19, the UK government expressed concerns over the long-term viability of businesses and encouraged businesses to consider retaining cash to ‘weather the storm’. Decision-making: The concerns of our key stakeholders were considered by the Board. The Board’s decision was supported by a robust assessment of the position, performance and viability of the business carried out by management. The Board was mindful that the Directors had continued to adopt the going concern basis in preparing the annual report and accounts and was also cognisant of available reserves to support the dividend. On 16 November 2020, we announced a dividend of 4.5 eurocents per share and have recommended a dividend of 4.5 eurocents per share to be paid on 6 August 2021. This was consistent with dividends declared during FY20 and the expectations of our shareholders. Strategic report Governance Financials Other information 72 Vodafone Group Plc  Annual Report on Form 20-F 2021

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The Board recognises that it needs to continually monitor and improve its performance. This is achieved through the annual performance evaluation, full induction of new Board members and ongoing Board development. The conclusions of this year’s review have been positive and confirmed that the Board remains effective. Process undertaken for our Board evaluation Since the appointment of a new Chairman of the Board in 2020, the Board decided to have an externally facilitated review of its effectiveness early in the new Chairman’s tenure. Therefore it appointed Consilium Limited, an independent board review firm, to conduct the 2021 Board evaluation. Consilium had conducted the last externally facilitated review in 2019. The Board asked Consilium to assess whether the recommendations it had made in its 2019 review had been implemented and to make a new assessment of the Board’s current effectiveness. Consilium is considered fully independent as it does not have a relationship with the Board or any Director. Consilium took input from the Chairman, Senior Independent Director, Chief Executive and Company Secretary on the design of the review process and the areas to be covered by the questionnaire that was used to gather input to enable a rigorous review of the Board as a whole, its Committees and individual Directors’ contributions to Board discussions and decision-making. The objectives of the review were to provide an assessment of Vodafone Group’s Board effectiveness and governance. A tailored Board questionnaire was compiled to gather and distil feedback. Consilium collated the responses from Directors, held interviews with selected Directors and the Company Secretary, made an independent assessment of the effectiveness of the Board and presented a report on its findings and recommendations to the Board which was considered at Board and Committee meetings in March 2021. The evaluation was designed in part to evaluate the progress made on the four actions identified by the 2020 evaluation. Those were: – – Developing the Board’s understanding of relevant regulatory authorities and further attention on customers. – – The effective induction of Jean-François van Boxmeer and seamless transfer of the Chairman role. – – A better understanding of customer insights and the development of its understanding and oversight of Vodafone Business. – – Enhancing the Board’s Strategy meeting. Summary of findings Progress against 2020 actions The evaluation determined that Jean-François’ succession to the Chairman role had been successfully completed and the comprehensive induction could be improved only with personal visits to Vodafone’s main operating locations once travel restrictions are eased. Presentations to the Board on regulatory developments and consumer behaviours had enhanced the Board’s understanding of emerging risks and opportunities for Vodafone. The Board’s Strategy meeting could not be held in person because of the COVID-19 pandemic but was successfully held via video conference and the Board benefited from receiving a range of presentations from senior managers. Actions for the FY22 financial year The 2021 Board review reported that virtual working had somewhat blunted the liveliness of discussions and the Directors, recognising the need to continue to improve the quality of conversations, agreed with Consilium’s recommendations for: – – more and different forms of engagement between Directors, with and without the Executive Directors; – – refreshing the Board’s composition and reviewing the mix of skills and experience on the Board in light of the next phase of strategy; – – continuing to ensure Board agendas concentrate on the specifics of organic improvement and growth and their underlying drivers; and – – understanding closely the organisation’s capacity, capabilities and cultural change and monitoring progress on new proposition developments, ESG and culture change. Details of the next Board evaluation and progress made on the above actions will be reported in the 2022 Governance Report. Effective use of our skills and experience and improving our performance 73 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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The Nominations and Governance Committee (‘the Committee’) continues to focus on evaluating the composition of the Board. The Committee ensures that the Board is comprised with an appropriate balance of skills, knowledge, experience and diversity so that it is effective in discharging its responsibilities and in having oversight of all matters relating to corporate governance. Chairman Jean-François van Boxmeer Members Sir Crispin Davis Valerie Gooding Renee James Key Responsibilities – – Assessing the composition, structure and size of the Board and its Committees and leading the process for appointments to the Board; – – Succession planning for the Board and Executive Committee, taking into account diversity and the need for an orderly succession; – – Overseeing the performance evaluation of the Board, its Committees and individual Directors; and – – Monitoring developments in all matters relating to corporate governance, bringing any issues to the attention of the Board. The Committee is comprised solely of independent Non-Executive Directors. The Committee had four scheduled meetings during the year which were fully attended by all members. Due to the COVID-19 pandemic, Committee meetings were attended virtually by Committee members with other individuals and external advisers invited to attend all or part of the meetings as appropriate. The Committee’s key areas for its focus in the coming year are set out below. Key focus for the year The key areas of focus for the next year: – – The completion of Jean-François van Boxmeer’s induction; – – Subject to shareholder approval, the onboarding and induction of Olaf Swantee; – – Board and Executive Committee succession planning in order to maintain their necessary balance of skills, knowledge and experience to remain effective; – – Continuing to review Board independence and ensuring Directors have sufficient time to fulfil their Board responsibilities; – – Continuing to monitor compliance with the Code and future regulatory updates. Letter from Committee Chairman On behalf of the Board, I am pleased to present my first Nominations and Governance Committee Report for the year ended 31 March 2021. This past year, the main focus of the Committee has been Board and Executive Committee composition, succession planning and corporate governance matters, with a continued focus on the appointment of Non-Executive Directors with telecoms and technology expertise. I joined the Board on 28 July 2020 and was appointed Chair of the Board and joined the Committee with effect from 3 November 2020. As Chairman of the Committee, I take an active role in overseeing the progress made towards improving diversity on the Board and the Executive Committee. Succession planning and the appointment process are key in promoting diversity in a way that is consistent with the long-term strategy of the Group. The Committee ensures we have sufficiently diverse, deep and broad expertise on the Board. Our commitment to diversity and technology skills extends beyond the Board and Executive Committee. The Committee reviews initiatives which aim to develop the talent pipeline. Further details of our programmes to manage talent can be found on page 22 Changes to the Board and Executive Committee On 27 July 2020, David Thodey stepped down from the Board. Following the AGM and effective from 28 July 2020, I joined the Board as a Non-Executive Director, becoming Chairman on 3 November 2020 following Gerard Kleisterlee’s resignation after 10 years of service. I am pleased that shareholders will have the opportunity to appoint Olaf Swantee as a new Non-Executive Director at the AGM on 27 July 2021. Olaf has extensive experience of the telecommunications sector and a consistent record of creating shareholder value. Renee James will not be standing for re-election at the AGM on 27 July 2021. Over her 10-year tenure, Renee has provided invaluable expertise and contribution to the Board and as a Committee member. On behalf of the Board I would like to extend my gratitude and thanks to Renee. The Committee is regularly informed on succession planning and changes on the membership of the Executive Committee. During the year the following changes were made: – – On 1 November 2020 Colman Deegan was appointed as CEO Vodafone Spain and a member of the Executive Committee replacing Antonio Coimbra. – – Effective 15 February 2021 Nick Jeffery resigned as CEO of Vodafone UK and a member of the Executive Committee. On the same date, Ahmed Essam became CEO of Vodafone UK, retaining his place on the Executive Committee, and Alex Froment-Curtil became Group Chief Commercial Officer and joined the Executive Committee. Assessment of the independence of the Non-Executive Directors All Non-Executive Directors have submitted themselves for re-election at the 2021 AGM, other than Renee James who will retire from the Board at the 2021 AGM. In accordance with the Code, the independence of all the Non-Executive Directors was considered by the Committee, including the circumstances for Gerard Kleisterlee and Renee James’ tenures exceeding nine years to support succession planning and maintain diversity on the Board. All Non-Executive Directors are considered independent and they continue to make independent contributions and effectively challenge management. The Executive Directors’ service contracts and Non-Executive Directors’ appointment letters are available for inspection at our registered office and will be available on display at the 2021 AGM. Nominations and Governance Committee Governance (continued) Strategic report Governance Financials Other information 74 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Management of conflicts of interest The Companies Act 2006 provides that directors have a duty to avoid a situation in which they have or may have a direct or indirect interest that conflicts or might conflict with the interests of the Company. This duty is in addition to the existing duty owed to the Company to disclose to the Board any interest in a transaction or arrangement under consideration by the Company. Our Directors must report any changes to their commitments to the Board, immediately notify the Company of actual or potential conflicts or a change in circumstances relating to an existing authorisation and complete an annual conflicts questionnaire. Any conflicts or potential conflicts identified are considered and, as appropriate, authorised by the Board in accordance with the Company’s Articles of Association. A register of authorised conflicts is also reviewed periodically. The Committee and the Board are satisfied that the external commitments of the Non-Executive Directors and of me, your Chairman, do not conflict with our duties and commitments as Directors of the Company, and that each Non-Executive Director is able to dedicate sufficient time to the Company’s affairs. During the financial year, the Board noted that Sanjiv Ahuja, who is the Chairman of Tillman Global Holdings (‘Tillman’) which provides tower/fibre constructions ownership and maintenance, has a potential conflict of interest which has arisen as a result of Tillman operating in Europe where Vantage Towers also operates. The conflict of interest has been, and will continue to be, monitored and managed by Mr Ahuja not receiving materials or taking part in decisions relating to the Company’s interest in Vantage Towers or towers matters generally. The Committee is comfortable that it has adequate measures in place to manage and mitigate any actual or potential conflicts of interests that may arise in the future. Board evaluation In accordance with the Code, Vodafone conducts an annual evaluation of the performance of Board and Board Committee, which every Director engages in. This year an external evaluation took place; the outcome of the evaluation and the actions to be addressed during the financial year ending 31 March 2021 can be found on page 73. Time commitment In accordance with the Code, the Committee actively reviews the time commitments of the Board. All Directors are engaged in providing their external commitments to establish that they have sufficient time to meet their Board responsibilities. The Committee is satisfied that the Board does meet this requirement and all Directors provide constructive challenge, strategic guidance and hold the management to account. Succession planning An overview of my search and induction process can be found on page 63. The search and appointment process for your new Chairman began in 2019 via a sub-committee of the Committee, led by our Senior Independent Director, Valerie Gooding. Two external search consultancies were engaged to support, MWM Consulting and Spencer Stuart (both have no other connections with Vodafone or our Directors). The sub-committee recommended to the Board that I be appointed because it had concluded that I enhanced the mix of diversity, skills and experience for the Board, due to my extensive international experience, particularly across Europe and Africa, and for my expertise at Heineken for managing transformation and creating shareholder value. The Committee monitors the length of tenure and the skills and experience of the Non-Executive Directors to assist in succession planning. Details of the length of tenure of each Director and summary of the skills and experience of the Non-Executives can be found on pages 67 and 68. The Committee is confident that the Board has the necessary mix of skills and experience to contribute to the Company’s strategic objectives. Diversity In line with Vodafone’s Board Diversity Policy, the Committee is firmly committed to supporting diversity and inclusion in the boardroom in compliance with the Code and acknowledges the importance of diversity and inclusion to the effective functioning of the Board. As set out in our Board Diversity Policy, Vodafone’s long-term ambition is to increase diversity on our Board in all its forms. The Committee annually reviews and agrees the Board Diversity Policy and monitors the progress made at Board and senior management levels during the financial year. For the technology sector to reach its full social and economic potential it needs to more fairly reflect the world in which we operate. Diversity at Vodafone extends beyond the Board to the global workforce. The Committee has been and continues to monitor Vodafone’s compliance with targets and best practice recommendations set for gender diversity by the Hampton-Alexander Review and for ethnic diversity by the Parker Review. The Hampton-Alexander Review recommended that by 2020 there would be at least 33% female representation at the Board, Executive Committee positions and direct reports of the Executive Committee (the ‘Senior Leadership Team’). We are pleased to report that as at 31 March 2021, five women and six men served on the Board, which meant that 45.5% of our Board were female. Our Executive Committee has four positions held by women (28.6%). In the Senior Leadership Team, 50 roles are held by women (30.7%), which is an increase from 2020 (28.9%). We are confident that the initiatives detailed on page 37 will support us to reach the Hampton-Alexander Review target and to achieve our ambition to have 40% of women holding management and leadership roles by 2030. The Committee is mindful of the recommendation of the Parker Review Report to have at least one Director from a non-white ethnic minority by 2021 and is satisfied that our Board currently meets this recommendation, with 9.1% of the Board being ethnically diverse. Vodafone has implemented a self-declaration process on diversity characteristics including ethnicity on our people system to improve visibility in this area and inform decisions on actions required to support ethnic diversity within the organisation. Read more about how we build a diverse and inclusive organisation on pages 34 to 37 Read more about our recognition in diversity indexes on pages 37 Governance The Committee continues to review action taken to comply with the Code and other legal and regulatory obligations during the year. The Committee received regular governance updates and is satisfied that Vodafone has complied with the Code in full during the year. The Matters Reserved for the Board and the terms of reference of the Nominations and Governance Committee, the Audit and Risk Committee and the Remuneration Committee were reviewed in March 2021. /s/ Jean-François van Boxmeer Jean-François van Boxmeer On behalf of the Nominations and Governance Committee 23 June 2021 75 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Governance (continued) The Committee plays a key role in the governance of the Group’s financial reporting, risk management, internal control and assurance processes and the external audit. Cyber threat and information security remained a key focus for the Committee along with the impact of COVID-19 and the IPO readiness of Vantage Towers prior to its listing on 18 March 2021. Chairman and financial expert David Nish Members Sanjiv Ahuja Michel Demaré Amparo Moraleda I am pleased to present our report to you as Chair of the Audit and Risk Committee. This report provides an overview of how the Committee operates, an insight into the Committee’s activities and its role in ensuring the integrity of the Group’s published financial information and the effectiveness of its risk management, controls and related processes. The membership of the Committee changed during the year. Sir Crispin Davis stepped down to become a member of the Remuneration Committee. I would like to thank Sir Crispin for his significant contribution to the work of the Committee. This year, the Committee focused on the following areas: – – Cyber threat and information security. External threats in this area continue to grow. The Committee met with the cyber security leadership team twice during the year to challenge the cyber security operating model and to ensure the security risks across the IT landscape are assessed and managed; – – Monitored progress before the initial public offering (‘IPO’) of Vantage Towers A.G. on 18 March 2021; – – The ongoing impacts of COVID-19 on Group risk management, cash flow and funding, accounting, disclosure and financial controls; – – Ongoing assessment of the risk and control environments at selected business units; and – – Deep-dive reviews with management on a range of topics related to the Committee’s accountabilities and which are summarised in this report on page 81. The Committee met seven times during the year, five times as part of its regular schedule of meetings and two supplementary meetings in December and February to review the IPO readiness of Vantage Towers. The attendance by members at Committee meetings can be seen on page 62. The external auditor is invited to each meeting. Each regular meeting included reviews of risk and compliance related matters, although these areas received particular focus at the January meeting. At the September and March meetings we considered the anticipated matters impacting the Group’s half-year and year-end reporting and approved the principal and emerging risks. In November and May, we concluded our risk assessment and advised the Board of the outcome prior to the release of the Group’s half-year and year-end financial results. Our external auditor, Ernst & Young LLP (‘EY’), completed its second annual audit. EY continues to provide robust challenge to management and provides its independent view to the Committee on specific financial reporting judgements and the control environment. Every three years the Board appoints an external organisation to perform an independent review of the Committee to evaluate its performance. The last review was performed in March 2019 and concluded that the Board members considered the Committee to be thorough and fully effective in meeting its objectives. A finding of the Board effectiveness review conducted by Consilium in March 2021 was that the Committee was operating effectively. /s/ David Nish David Nish On behalf of the Audit and Risk Committee Audit and Risk Committee Objective The Committee’s objective is the provision of effective governance over the appropriateness of financial reporting of the Group, including the adequacy of related disclosures, the performance of both the Internal Audit function and the external auditor and oversight of the Group’s systems of internal control, business risks and related compliance activities. Key responsibilities The responsibilities of the Committee are to: – – Monitor the integrity of the financial statements, including the review of significant financial reporting judgements; – – Provide advice to the Board on whether the Annual Report is fair, balanced and understandable and on the appropriateness of the long-term viability statement; – – Review and monitor the external auditor’s independence and objectivity and the effectiveness of the external audit; – – Review the system of internal financial control and compliance with section 404 of the US Sarbanes-Oxley Act; – – Review and provide advice to the Board on the approval of the Group’s US annual report on Form 20-F; – – Monitor the activities and review the effectiveness of the Internal Audit function; and – – Monitor the Group’s risk management system, review of the principal risks and the management of those risks. Committee governance Committee meetings normally take place the day before Board meetings. The Chair reports to the Board, as a separate agenda item, on the activity of the Committee and matters of particular relevance. The Board has access to the Committee’s papers and receives copies of the Committee minutes. The Committee regularly meets separately with the external auditor, the Chief Financial Officer and the Group Audit Director without others being present. The Chair also meets regularly with the external lead audit partner throughout the year outside of the formal Committee process. Strategic report Governance Financials Other information 76 Vodafone Group Plc  Annual Report on Form 20-F 2021

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The Chair is designated as the financial expert on the Committee for the purposes of the US Sarbanes-Oxley Act and the UK Corporate Governance Code. The Committee continues to have competence relevant to the sector in which the Group operates. The skills and experience of Committee members is detailed on pages 67 and 68. COVID-19 The COVID-19 pandemic continues to have a range of implications on risk management and corporate reporting in the year. The key considerations are summarised below. Principal and emerging risks The impact of COVID-19 has been accounted for in the assessment of the Group’s principal and emerging risks and uncertainties. Corporate governance The financial close process and external audit As restrictions regarding social distancing and travel remained mostly in place during the year, the Group’s employees involved in the preparation of ongoing management information, financial reporting and supporting the external audit continue to work from home, as do the external auditor teams. Our second year-end close process under restrictions benefited from the increase in our capabilities and the efficiencies we have developed over the year, working away from our offices. Internal controls systems The controls we implemented last year to support remote working remain in place. Financial reporting The impact of COVID-19 on current trading conditions has been factored into significant financial reporting judgements, notably our business plans used in impairment testing and amounts provided against receivables and contract assets for expected credit losses. See significant reporting judgements on page 78. Long-term viability statement and going concern assessment The Committee provides advice to the Board on the form and basis of conclusion underlying the long-term viability statement as set out on page 61 and the going concern assessment on page 109. The Committee challenged management on its financial risk assessment as part of its consideration of the long-term viability statement. This included scrutiny of forecast liquidity, balance sheet stress tests, the availability of cash and cash equivalents through new or existing financing facilities and a review of counter-party risk to assess the likelihood of third parties not being able to meet contractual obligations. Certain elements of this exercise supplemented the normal annual process and assessment of the Group’s prospects made by management, and included consideration of: – – The review period and alignment with the Group’s internal long- term forecasts; – – The assessment of the capacity of the Group to remain viable after consideration of future cash flows, expected debt service requirements, undrawn facilities and access to capital markets; – – The modelling of the financial impact of certain of the Group’s principal risks materialising using severe but plausible scenarios; – – Ensuring clear and enhanced disclosures in the Annual Report as to why the assessment period selected was appropriate to the Group, what qualifications and assumptions were made and how the underlying analysis was performed, consistent with FRC pronouncements: and – – Comprehensive disclosure in relation to the Group’s liquidity provided in the consolidated financial statements. See note 22 “Capital and financial risk management”. Financial reporting The Committee’s primary responsibility in relation to the Group’s financial reporting is to review, with management and the external auditors, the appropriateness of the half-year and annual consolidated financial statements. The Committee focuses on: – – The quality and acceptability of accounting policies and practices; – – Material areas in which significant judgements have been applied or where significant issues have been discussed with the external auditor; – – An assessment of whether the Annual Report, taken as a whole, is fair, balanced and understandable and whether our US annual report on Form 20-F complies with relevant US regulations; – – The clarity of the disclosures and compliance with financial reporting standards and relevant financial and governance reporting requirements; – – Providing advice to the Board on the form and basis underlying the long-term viability statement; and – – Any correspondence from regulators in relation to our financial reporting. Accounting policies and practices The Committee received reports from management in relation to: – – The identification of critical accounting judgements and key sources of estimation uncertainty; – – Significant accounting policies; and – – Proposed disclosures of these in the 2021 Annual Report. Following discussions with management and the external auditor, the Committee approved the disclosures of the accounting policies and practices set out in note 1 “Basis of preparation” and within other notes to the consolidated financial statements. Fair, balanced and understandable The Committee assessed whether the Annual Report, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s position and performance, business model and strategy. The Committee reviewed the processes and controls that underpin its preparation, ensuring that all contributors, the core reporting team and senior management are fully aware of the requirements and their responsibilities. This included the financial reporting responsibilities of the Directors under section 172 of the Companies Act 2006 to promote the success of the Company for the benefit of its members as well as considering the interests of other stakeholders which will have an impact on the Company’s long-term success of the entity. The Committee reviewed a draft of the Annual Report to enable input and comment. The Committee also reviewed the results announcements, supported by the work of the Group’s Disclosure Committee, which also reviews and assesses the Annual Report and investor communications. This work enabled the Committee to provide positive assurance to the Board to assist them in making the statement required by the 2018 UK Corporate Governance Code. 77 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Significant financial reporting judgements The areas considered and actions taken by the Committee in relation to the 2021 Annual Report are outlined below. For each area, the Committee was satisfied with the accounting and disclosures in the financial statements. Area of focus Actions taken Revenue recognition Revenue is a risk area given the inherent complexity of IFRS 15 accounting requirements and the underlying billing and related IT systems. See note 1 “Basis of preparation”. The accounting policy for, and related disclosure requirements of IFRS 15 that have been presented in the Annual Report, were reviewed in March and May 2021. The Committee challenged EY on the scope of their revenue audit processes as part of the agreement of the audit plan. M&A transactions There have been a range of transactions in the year requiring accounting consideration. These include: – – Vantage Towers related matters, focused mostly around lease accounting and goodwill allocation; – – The buy-out offer to KDG minority shareholders; – – The combination of the Group’s interest in Indus Towers with Bharti Infratel; – – The merger of Vodafone Hutchison Australia with TPG Telecom; – – The sale of a portion of the Group’s interest in INWIT; – – The combination of the tower infrastructure assets of Vodafone Greece with Wind Hellas Telecommunications SA; and – – Reversal of held for sale accounting for Vodafone Egypt. The Committee reviewed and discussed the accounting of these transactions with management at the September 2020, March 2021 and May 2021 meetings. The Committee also received detailed reporting from the external auditor on its assessment on the accounting judgements and disclosures made by management in both the half-year and annual consolidated financial statements. Vodafone Idea The disclosure and accounting judgements in relation to the impacts of Vodafone Idea Limited’s (‘VIL’) adjusted gross revenue (‘AGR’) judgement debt on the Group’s conditional and capped obligations to make certain payments to VIL under a payment mechanism agreed at the time of the merger between Vodafone India and Idea Cellular in 2017. See note 29 “Contingent liabilities and legal proceedings”. The Committee reviewed the appropriateness of the Group’s provisioning in relation to potential liabilities under the payment mechanism agreed with VIL considering VIL’s ability to make any further material payments of its AGR judgement debt. These reviews occurred at the September 2020, March 2021 and May 2021 Committee meetings. Indus Towers The valuation of the security package provided by the Group to Indus Towers (‘Indus’) in respect of commitments of VIL to Indus. The classification of the investment in Indus as held for sale. See note 29 ”Contingent liabilities and legal proceedings”. The Committee reviewed the classification of Indus as held for sale during the May 2021 Committee meeting considering (i) VIL’s commitments to Indus and its ability to settle its obligations, (ii) the terms of the pledges contained within the security package, and (iii) the Group’s obligations with respect to the loan secured against the Group’s interests in VIL and Indus. Liability provisioning The Group is subject to a range of claims and legal actions from a number of sources, including competitors, regulators, customers, suppliers and, on occasion, fellow shareholders in Group subsidiaries. See note 16 “Provisions” and note 29 “Contingent liabilities and legal proceedings”. The Committee met with the Director of Litigation in November 2020 and May 2021 in advance of the half-year and year-end reporting, respectively. The Committee reviewed and challenged management’s assessment of the current status of the most significant claims, together with relevant legal advice received by the Group, to form a view on the level of provisioning and disclosure in the financial statements. Impairments Judgements in relation to impairment testing relate primarily to the assumptions underlying the calculation of the value in use of the Group’s businesses, being the achievability of the long-term business plans and the macroeconomic and related modelling assumptions underlying the valuation process. See note 4 “Impairment losses”. The Committee reviewed and discussed detailed reporting with management and challenged the appropriateness of the assumptions made, including: – – The consistent application of management’s methodology; – – The achievability of the business plans; – – Assumptions in relation to terminal growth in the businesses at the end of the plan period; and – – Discount rates. The ongoing impact of COVID-19 has been factored into the latest business plans. The Group Head of Planning presented the output of the impairment exercise at the May meeting. During the year, the Group recorded no impairments in respect of its investments. Taxation The Group is subject to a range of tax claims and related legal actions in a number of jurisdictions where it operates. Further, the Group has extensive accumulated tax losses and a key management judgement is whether a deferred tax asset should be recognised in respect of those losses. See note 6 “Taxation” and note 29 “Contingent liabilities and legal proceedings”. The Committee met with the Group Tax Director in November 2020 and May 2021 in advance of the half-year and year-end reporting, respectively. The Committee challenged the judgements underpinning both the provisioning and disclosures adopted for the most significant components of contingent taxation liabilities and the underlying assumptions for the recognition of deferred tax assets, principally the assessment of the amount of tax losses and the availability of future taxable profits in Luxembourg. The Group tax charge includes a €2.8 billion charge from the utilisation of deferred tax assets in Luxembourg as a result of a reduction in tax losses arising from an increase in the valuation of investments in local GAAP accounts. Governance (continued) Strategic report Governance Financials Other information 78 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Regulators and our financial reporting The FRC publishes thematic reviews to help companies improve the quality of corporate reporting around new accounting standards and also provides guidance and reviews the quality of reporting across public companies. The Group routinely reviews FRC publications, the most relevant publications for the 2021 financial close process being: – – Year-end advice to Audit Committee Chairs, CEOs and CFOs; – – Thematic review on existing disclosure requirements for IFRS 15 and IFRS 16; and – – Consolidated COVID-19 disclosure requirements issued in December 2020 which superseded previous publications on this topic. The Group already complied with the majority of the recommendations and the 2021 Annual Report has been updated to adopt best practice where applicable. In March 2021, the Corporate Reporting Review department of the Financial Reporting Council (‘FRC’) advised that our Annual Report for the year ended 31 March 2020 had been subject to their review and explanations were requested on certain accounting and disclosure matters. Our responses were accepted by the FRC and their review was closed in May 2021. This review resulted in enhancements to our disclosures which are reflected within this Annual Report. Also in March 2021, the US Securities and Exchange Commission raised a number of matters in relation to disclosures within our Form 20-F for the year ended 31 March 2020. We submitted our written responses to the SEC which were accepted and their review was closed in May 2021. This review resulted in enhancements to our disclosures which are reflected within this Annual Report on Form 20-F for the year ended 31 March 2021. Internal control and risk management The Committee has the primary responsibility for the oversight of the Group’s system of internal control, including the risk management framework, the compliance framework and the work of the Internal Audit function. Internal Audit The Internal Audit function provides independent and objective assurance over the design and operating effectiveness of the system of internal control, through a risk based approach. The function reports into the Committee and, administratively, to the Group Chief Financial Officer. The function is composed of teams across Group functions and local markets. This enables access to specialist skills through centres of excellence and ensures local knowledge and experience. Cooperation with professional bodies and an information technology research firm has ensured access to additional specialist skills and an advanced knowledge base. Internal Audit activities are based on a robust methodology and the internal quality assurance improvement programme ensures compliance with the Standards of the Institute of Internal Auditors. The function has invested in several initiatives to improve its effectiveness, particularly in the adoption of new technologies. The increased use of data analytics has provided broader and deeper audit testing and driven increased insights. The Committee has a standing agenda item to cover Internal Audit related topics. Prior to the start of each financial year, the Committee reviews and approves the annual audit plan, assesses the adequacy of the budget and resources and reviews the operational initiatives for the continuous improvement of the function’s effectiveness. The audit plan was revisited in April 2020 to reflect the risks from the COVID-19 pandemic. The Committee reviews the progress against the approved audit plan and the results of audit activities, with a focus on unsatisfactory audit results and “cross-entity audits” which are audits that are performed across multiple markets with the same scope. Audit results are analysed by process and geography to highlight changes in the control environment and areas that require attention. During the year, Internal Audit coverage focused on principal risks, which included: Global economic disruption, Cyber threat and information security, Legal and regulatory compliance and Technology failure. Relevant audit results are reported at the same time as the Committee’s in-depth review with the risk owner, which allows the Committee to have an integrated view on the way the risk is managed. Assurance was also provided across a range of areas, including data loss prevention and phishing, data privacy, network change management, sourcing, tariff and discounts management, credit vetting and collection, Vodafone Business solution delivery and M-Pesa. The activities performed by the shared service organisation also received attention due to their significant bearing on the effectiveness of global processes. Management is responsible for ensuring that issues raised by Internal Audit are addressed within an agreed timetable, and the Committee reviews their timely completion. Assessment of Group’s system of internal control, including the risk management framework The Group’s risk assessment process and the way in which significant business risks are managed is an area of focus for the Committee. The Committee’s activity here was led primarily, but not solely, by the Group’s assessment of its principal and emerging risks and uncertainties, as set out on pages 53 to 58 and a range of mitigations for risks as set out on pages 110 to 113. In particular, Cyber threat and information security remains a major focus for the Committee given the ongoing risks in this area. The Group has an internal control environment designed to protect the business from the material risks which have been identified. Management is responsible for establishing and maintaining adequate internal controls and the Committee has responsibility for ensuring the effectiveness of those controls. The Committee reviewed the process by which Group management assessed the control environment, in accordance with the requirements of the Guidance on Risk Management, Internal Control and related Financial and Business Reporting published by the FRC. Activity here was driven by reports from the Group Audit Director, the Director of Risk and a range of functional specialists covering areas such as anti-money laundering and policy compliance on the effectiveness of internal controls. Although not relevant in the financial period, this would include any identified incident of fraud, including those involving management or employees with a significant role in internal controls. The Committee has completed its review of the effectiveness of the Group’s system of internal control, including risk management, during the year and up to the date of this Annual Report. The review covered all material controls including financial, operating and compliance controls. The Committee confirms that the system of internal control operated effectively for the 2021 financial year. Where specific areas for improvement were identified, mitigating alternative controls and processes were in place. This allows us to provide positive assurance to the Board to help fulfil its obligations under the 2018 UK Corporate Governance Code. Compliance with section 404 of the US Sarbanes-Oxley Act Oversight of the Group’s compliance activities in relation to section 404 of the US Sarbanes-Oxley Act and policy compliance reviews also falls within the Committee’s remit. Management is responsible for establishing and maintaining adequate internal controls over financial reporting and we have responsibility for ensuring the effectiveness of these controls. The Committee received updates on the Group’s work in relation to section 404 compliance and the Group’s broader financial control environment during the year. As 79 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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the Group continues to centralise processes and controls into shared service centres, we continue to challenge management on ensuring the nature and scope of control activities change to ensure key risks continue to be adequately mitigated. The deeper use of automated controls embedded within our systems is part of this ongoing evolution in the control environment. The Committee also took an active role in monitoring the Group’s compliance activities, including receiving reports from management in the year covering programme-level changes, the scope of compliance work performed and the results of controls testing. The external auditor also reports the status of its work in relation to controls in its reports to the Committee. External audit The Committee has primary responsibility for overseeing the relationship with the external auditor, Ernst & Young LLP (‘EY’). This includes making the recommendation on the appointment, reappointment and removal of the external auditor, assessing their independence on an ongoing basis and approving the statutory audit fee, the scope of the statutory audit and the appointment of the lead audit engagement partner. Alison Duncan has held this role since the appointment of EY in the prior financial year. EY presented to the Committee its detailed audit plan for the 2021 financial year, which outlined its audit scope, planning materiality and its assessment of key audit risks. The identification of key audit risks is critical in the overall effectiveness of the external audit process. The Committee also received reports from EY on its assessment of the accounting and disclosures in the financial statements and financial controls. The Committee will continue to review the auditor appointment and anticipates that the audit will be put out to tender at least every 10 years. The Company has complied with the Statutory Audit Services Order 2014 for the financial year under review. The last external audit tender took place in 2019 which resulted in the appointment of EY. Independence and objectivity In its assessment of the independence of the auditor, and in accordance with the US Public Company Accounting Oversight Board’s (‘PCAOB’) standard on independence, the Committee received details of all relationships between the Company and EY that may have a bearing on their independence and received confirmation from EY that it is independent of the Company in accordance with US federal securities law and the applicable rules and regulations of the Securities and Exchange Commission (‘SEC’) and the PCAOB. Effectiveness of the external audit process The Committee reviewed the quality of the external audit throughout the year and considered the performance of EY, taking into account the Committee’s own assessment, feedback, and the results of a detailed survey of senior finance personnel across the Group. Based on these reviews, the Committee concluded that there had been appropriate focus and challenge by EY on the primary areas of the audit and that EY had applied robust challenge and scepticism throughout the audit. In January 2021, the FRC notified the Group that an audit quality review was completed in respect of the EY audit of the Group for the year ended 31 March 2020. The FRC’s findings were reviewed by the Committee with EY. No issues were identified in the report and certain areas of good practice were noted. EY audit and non-audit fees Total fees payable to EY for audit and non-audit services in the year ended 31 March 2021 amounted to €28 million (2020: €29 million). This included fees of €9 million which were incurred as part of the IPO of Vantage Towers A.G. This comprised fees of €1 million for financial statement audit services and non-audit fees of €8 million for IPO services and Reporting Accountant procedures. Audit fees The Committee reviewed and discussed the fee proposal, was engaged in agreeing audit scope changes and, following the receipt of formal assurance that their fees were appropriate for the scope of the work required, agreed an audit fee of €20 million for statutory audit services in the year (2020: €22 million). Non-audit fees To protect the independence and objectivity of the external auditor, the Committee has a policy for the engagement of the external auditor to provide non-audit services. The policy prohibits EY from playing any part in management or decision-making, providing certain services such as valuation work and the provision of accounting services. The Group’s non-audit services policy incorporates the requirements of the FRC’s Ethical Standard, including a ‘whitelist’ of permitted non-audit services which mirrors the FRC’s Ethical Standard. The Committee has pre-approved that EY can be engaged by management, subject to the policies set out above, and subject to: – – A €60,000 fee limit for individual engagements; – – A €500,000 total fee limit for services where there is no legal alternative; and – – A €500,000 total fee limit for services where there is no practical alternative supplier. For those permitted services that exceed these specified fee limits, the Committee Chair pre-approves the service. Non-audit fees were €8 million (2020: €7 million) and represented 40% of audit fees for the 2021 financial year (2020: 32%). See note 3 “Operating profit/(loss)” for further details. Governance (continued) Strategic report Governance Financials Other information 80 Vodafone Group Plc  Annual Report on Form 20-F 2021

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In-depth reviews The Committee requested management to provide in-depth reviews as part of the meeting agendas. These reviews are summarised below, together with the Group’s principal risk to which the review relates. Subject of in-depth review Principal risk (see pages 54 to 57) Principal risk deep-dive with the Group External Affairs Director, the Global Supply Chain Director and the Group Corporate Security Director. Geo-political risk in supply chain Business risk impact of COVID-19 which considered risks around supply chain management and the impact of the pandemic on the Group’s principal risks. This was undertaken with the Group Strategy Director, the Global Supply Chain Director and the Group Head of Risk. Global economic disruption Review of the Long Term Viability Statement and the going concern assessment including the financial risk impact of COVID-19. This was undertaken with the Group Financial Controller, the Group Treasury Director, the Group Corporate Finance Director and the Group Head of FP&A. Global economic disruption Principal risk deep-dive and mitigating measures that are being taken. Global economic disruption. Cyber security briefings provided by the Group CTO and the Cyber Security Director. This included a threat assessment on the implications of remote working and details of oversight activities. Cyber threat and information security Principal risk deep-dive with a focus on the Italian market, from the Group CTO, the Group Cyber Security Director and the CEO of Vodafone Italy. This was in response to the reported data breach at Ho Mobile, a brand in Italy owned by the Group. Cyber threat and information security Principal risk deep-dive with the Group CTO and the Director of Strategy, R&D and Assurance. Technology failure Pre-IPO readiness assessments of Vantage Towers, including (i) status of preparations for it to become an effective listed company, (ii) the risk and control environment and (iii) a review of the financial statements including basis of preparation and accounting judgements. Input was provided by the Group General Counsel, the Group M&A Director, the Vantage Towers CFO and external legal counsel. Strategic transformation Deep-dive into the risk and control environment of the procurement company in Luxembourg from the Global Supply Chain Director. Geo-political risk in supply chain Legal and regulatory compliance Deep-dive into the risk, compliance and governance at Vodafone Business from the Vodafone Business CEO and CFO. Disintermediation and failure to innovate Legal and regulatory compliance Deep-dive into the risk, compliance and governance at Vodacom, including M-Pesa, from the Vodacom Group CEO, South Africa CFO and team. Strategic transformation Legal and regulatory compliance Deep-dive into the risk, compliance and governance at Vodafone Germany from the market CEO and CFO. Strategic transformation Legal and regulatory compliance Deep-dive into the risk and control environment at Vodafone UK, together with an overview of compliance with FCA obligations and preparations for Brexit. This was provided by the market CEO, CFO, CTO, General Counsel and External Affairs Director. Technology failure Legal and regulatory compliance Details of (i) year-end accounting and reporting matters and (ii) s404 compliance status from the Group Financial Controlling and Operations Director. Legal and regulatory compliance Details of legal contingencies and key investigations from the Group Litigation Director. Legal and regulatory compliance Tax update from the Group Tax Director. Legal and regulatory compliance Reports from the Group Audit Director on (i) Internal Audit activities and results, (ii) the Annual Report on market-level Audit and Risk Committee activities and (iii) the Internal Audit plan for FY22. Legal and regulatory compliance Update from the ‘Speak Up’ channel that enables employees to raise concerns about possible irregularities in financial reporting or other issues and the outputs of any resulting investigations. Legal and regulatory compliance Briefings from the Group Head of Risk who provided a mid-year update and an overview of the principal risks for FY22. All principal risks 81 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Letter from the Remuneration Committee Chairman Remuneration Committee On behalf of the Board, I present our 2021 Directors’ Remuneration Report. This report includes both our Policy Report (as approved by shareholders at the 2020 AGM), and our 2021 Annual Report on Remuneration, which sets out how our policy was implemented during the year under review, and how it will be applied for the year ahead. Response to COVID-19 The last year has been a challenging period for our colleagues, customers, and the societies in which we operate. During this period our business has shown a high degree of resilience and has continued to provide vital services at a time when communication and connectivity is proving to be more important than ever both in our personal and professional lives. This resilience is illustrated through how our operations have continued to function without needing to take the type of decisions that have been necessary in other industries and businesses. For example, we have not furloughed any of our employees and have continued our all-employee global reward review in both 2020 and 2021, including the delivery of performance related pay in line with our normal approach. We have also continued to pay a dividend throughout this period. Such actions formed part of the Committee’s consideration when determining a number of matters in the year including executive salaries, incentive outcomes, and package structures for the year ahead. The Committee has also continued to work within the spirit of its principles which aim to ensure our pay arrangements drive the behaviours critical to the delivery of our strategy, are aligned with performance, encourage shareholder alignment, and support our Fair Pay principles. Further details of the Committee’s principles can be found online as part of our new digital content using the link on this page. The remainder of this letter and report provides further information on the nature of and reasons for such decisions. Stakeholder engagement during the year As set out in last year’s letter, we launched our remuneration policy consultation with our largest shareholders in November 2019 and the Committee would like to thank all shareholders who took the time to provide feedback during the period leading up to the shareholder vote at our 2020 AGM. Our Policy Report was approved by over 96% of shareholders, reflecting the importance and effectiveness of genuine two-way dialogue during such consultations. The intention continues to be for the current Policy Report to remain in place for its full three-year regulatory life-cycle. In terms of engaging the employee voice, whilst COVID-19 prevented our European and South African employee forums from meeting face-to-face, both were able to take place online. As Senior Independent Director I attended one meeting with each forum, with feedback from the meetings subsequently reported back directly to the Board. The key topics raised by employee representatives this year focused on our response to COVID-19 including matters of remote working, employee well-being and communication during the period. I would like to thank the representatives from both forums for inviting me and demonstrating enthusiasm and diligence in our discussions. When looking at the feedback from these forums and our other channels of engagement (including senior leader ‘town hall’ webinars/ Q&A sessions, regular pulse surveys, and engagement through our digital collaboration platforms) it is clear that our colleagues valued the open and regular updates the business had given throughout the year in respect of our response to COVID-19. Colleagues have also expressed their pride in working for Vodafone during a period when our services have proved critical to so many areas of society. Further details on our stakeholder engagement activities can be found on pages 12 and 13 of this Annual Report. Arrangements for 2022 Base salary and pension arrangements Neither the Chief Executive nor the Chief Financial Officer have received a salary increase since their appointment to their current roles in 2018. In light of their strong performance and growing experience in role, the Committee agreed an increase would be justified. However, in line with the restraint on salary increases for the wider leadership team, the Committee felt that salaries for both Executive Directors should remain unchanged for the year ahead. The Committee acknowledges the importance of our arrangements remaining fair and competitive and will review this situation again next year. Pension arrangements for both Executive Directors will continue to remain aligned with the wider UK workforce at 10% of base salary. Annual bonus (‘GSTIP’) Given the importance of growth to our strategy, the Committee agreed it was appropriate to re-introduce service revenue as a performance measure for the 2022 short-term incentive. As set out in last year’s report this measure had been removed from the 2021 plan due to the difficulty in setting an appropriate target given the uncertainty caused by COVID-19 at the time. In light of the evolving external circumstances and our renewed confidence in being able to set a robust target for 2022 it was agreed this measure should be restored in the 2022 plan with a weighting of 25%. The remaining measures of free cash flow, EBIT, and customer appreciation KPIs which have been retained from the 2021 structure, will also be equally weighted at 25% for the 2022 plan. Global long-term incentive (‘GLTI’) Following the approval of the Policy Report at our 2020 AGM, the first grant under our new GLTI structure which incorporates an ESG measure was made in November 2020. For 2022 the intention is to keep the same structure in line with our agreed normal policy. The intention is for such awards to be made in August 2021 with the Committee reviewing both internal and external considerations prior to formally approving the awards at the July 2021 meeting. Further details can be found on pages 101 and 102. Strategic report Governance Financials Other information 82 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Performance outcomes during 2021 GSTIP performance (1 April 2020 – 31 March 2021) Annual bonus performance during the year was measured against both financial and strategic measures. Due to the difficulty in setting a service revenue target in light of the uncertainty created by COVID-19 at the start of the financial year the financial measures were adjusted free cash flow and adjusted EBIT whilst the strategic measure was assessed against customer appreciation KPIs. All three measures were equally weighted at 1/3 of total bonus opportunity. Performance under both of the financial measures and the strategic measure was above the mid-point of the target range. The combined performance resulted in an overall bonus payout of 62.0% of maximum. Further details on performance can be found on pages 91 and 92. GLTI performance (1 April 2018 – 31 March 2021) The 2019 GLTI award (granted June 2018) was subject to free cash flow (2/3 of total award) and relative TSR (1/3 of total award) performance. Both performance conditions were measured over the three-year period ending 31 March 2021. Final FCF performance finished below the mid-point of the target range resulting in 33.6% of the FCF element vesting. TSR performance was below the median of the peer group resulting in no vesting under this element. This resulted in an overall vesting percentage of 22.4% of maximum. Further details of this vesting calculation can be found on pages 92 and 93. Consideration of discretion The Committee reviewed the outcomes of both the annual bonus and long-term incentive plan and considered the results both against the relevant performance targets and the wider internal and external context. As set out at the start of this letter, it was noted that the business had remained resilient during the pandemic and that the bonus outcome for the year reflected this. The Committee also agreed that the outcome under the long-term incentive was appropriate given performance against the three-year targets, particularly noting that the TSR element would lapse in full. The Committee therefore concluded discretion was not required. Further details can be found on page 91. Looking forward Renee James will be stepping down from the Board at the 2021 AGM. I would like to take this opportunity to thank Renee for her service to both this Committee and the wider Board. This year has once again been one of disruption and adaptation as our colleagues, customers and societies have dealt with the developing COVID-19 pandemic. Our people and business alike have shown resilience and strength in the face of these challenges and it is this dedication and commitment which will enable the next stage of our transformation towards becoming the new generation connectivity and digital services provider for Europe and Africa. The rest of this report sets out both our Policy Report, as approved at the 2020 AGM, and our Annual Report on Remuneration which sets out the decisions and outcomes summarised in this letter in further detail. /s/ Valerie Gooding Valerie Gooding Chairman of the Remuneration Committee 23 June 2021 Remuneration at a glance Component 2021 (year ending 31 March 2021) 2022 (year ending 31 March 2022) Fixed pay Base salary Effective 1 July 2020: Chief Executive: £1,050,000 (no increase). Chief Financial Officer: £700,000 (no increase). Effective 1 July 2021: Chief Executive: £1,050,000 (no increase). Chief Financial Officer: £700,000 (no increase). Benefits Travel related benefits and private medical cover. Travel related benefits and private medical cover. Pension Pension contribution of 10% of salary for all Executive Directors. Pension contribution of 10% of salary for all Executive Directors. Annual bonus GSTIP Opportunity (% of salary): Target: 100%/Maximum: 200% Measures: .Adjusted EBIT (1/3), adjusted FCF (1/3), and customer appreciation KPIs (1/3). Opportunity (% of salary): Target: 100%/Maximum: 200% Measures: Service revenue (25%), adjusted EBIT (25%), adjusted FCF (25%), and customer appreciation KPIs (25%). Long-term incentive GLTI Opportunity (% of salary – maximum): Chief Executive: 500%/Other Executive Directors: 450% Measures: Adjusted free cash flow (60%) , relative TSR (30%), and ESG (10%). Performance/holding periods: Three-year performance + two-year holding period. Opportunity (% of salary – maximum): Chief Executive: 500%/Other Executive Directors: 450% Measures: Adjusted free cash flow (60%) , relative TSR (30%), and ESG (10%). Performance/holding periods: Three-year performance + two-year holding period. 83 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Remuneration Policy Remuneration Policy – notes to reader No changes have been made to our policy since its approval at the 2020 Annual General Meeting which was held on 28 July 2020. Our approved Policy Report is available on our website at vodafone.com, and has been reproduced below in the shaded boxes exactly as it was set out in the 2020 Annual Report. As such, some of the policy wording is now out of date; this includes references to the 2020 Annual General Meeting and page number references. Remuneration Policy In this forward-looking section we describe our Remuneration Policy for the Board. This includes our considerations when determining policy, a description of the elements of the reward package, including an indication of the potential future value of this package for each of the Executive Directors, and the policy applied to the Chairman and Non-Executive Directors. We will be seeking shareholder approval for our Remuneration Policy at the 2020 AGM and we intend to implement it at that point. A summary and explanation of the proposed changes to the current Remuneration Policy is provided on page 100. Subject to approval, we will review our policy each year to ensure that it continues to support our company strategy and if it is necessary to make a change to our policy within the next three years, we will seek shareholder approval. Considerations when determining our Remuneration Policy Our remuneration principles which are outlined on page 97 guide the Remuneration Committee when making decisions on our policy and its implementation. A critical consideration for the Remuneration Committee when determining our Remuneration Policy is to ensure that it supports our company purpose, strategy, and business objectives. A variety of stakeholder views are taken into account when determining executive pay, including those of our shareholders, colleagues, and external bodies. Further details on how we engage with, and consider the views of, each of these stakeholders are set out on page 115. In advance of submitting our policy for shareholder approval we ran a thorough consultation exercise with our major shareholders. We invited our top 20 shareholders and a number of key governance stakeholders to comment on remuneration at Vodafone and to provide feedback on the proposed changes to the current policy which was approved at the 2017 AGM. A number of meetings between shareholders and the Remuneration Committee Chairman took place during this consultation period. Further details of this consultation are provided on pages 97 and 98 whilst a summary of the proposed changes to our current policy, which are incorporated in this revised Remuneration Policy report, is provided on page 100. Listening to and consulting with our employees is very important and the Committee is supportive of the growing focus on engaging the employee voice, which has accompanied recent changes to the UK Corporate Governance Code. Our engagement with colleagues can take different forms in different markets but includes a variety of channels and approaches including our annual people survey which attracts very high levels of participation and engagement, regular business leader Q&A sessions, and a number of internal digital communication platforms. Our Senior Independent Director also undertakes an annual attendance at our European employee forum, and a similar body in South Africa, with any questions or concerns raised by the employee representatives fed back directly to the Board for consideration and discussion. We do not formally consult directly with employees on the executive Remuneration Policy nor is any fixed remuneration comparison measurement used. However, when determining the policy for Executive Directors, the Remuneration Committee is briefed on pay and employment conditions of employees in Vodafone Group as a whole, with particular reference to the market in which the executive is based. Further information on our approach to remuneration for other employees is given on page 105. Performance measures and targets Our Company strategy and business objectives are the primary consideration when we are selecting performance measures for our incentive plans. The targets within our incentive plans that are related to internal financial measures (such as revenue, profit and cash flow) are typically determined based on our budgets. Targets for strategic and external measures (such as customer appreciation KPIs, ESG measures, and total shareholder return (‘TSR’)) are set based on company objectives and in light of the competitive marketplace. The threshold and maximum levels of performance are set to reflect minimum acceptable levels at threshold and very stretching levels at maximum. As in previous Remuneration Reports we will disclose the details of our performance targets for our short and long-term incentive plans. However, our annual bonus targets are commercially sensitive and therefore we will only disclose our targets in the Remuneration Report following the completion of the financial year. We will normally disclose the targets for each long-term award in the Remuneration Report for the financial year preceding the start of the performance period – where this is not possible, such targets will be disclosed at the time of grant and published in the next Remuneration Report. At the end of each performance period we review performance against the targets, using judgement to account for items such as (but not limited to) mergers, acquisitions, disposals, foreign exchange rate movements, changes in accounting treatment, material one-off tax settlements etc. The application of judgement is important to ensure that the final assessments of performance are fair and appropriate. Strategic report Governance Financials Other information 84 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Malus and clawback In addition, the Remuneration Committee reviews the incentive plan results before any payments are made to executives or any shares vest and has full discretion to adjust the final payment or vesting downwards if they believe circumstances warrant it. In particular, the Committee has the discretion to use either malus or clawback as it sees appropriate. In the case of malus, the award may lapse wholly or in part, may vest to a lesser extent than it would otherwise have vested or vesting may be delayed. In the case of clawback, the Committee may recover bonus amounts that have been paid up to three years after the relevant payment date, or recover share awards that have vested up to five years after the relevant grant date. The key trigger events for the use of the clawback arrangements include material misstatement of performance, material miscalculation of performance condition outcomes, gross misconduct, and reputational damage. Subject to approval of this Remuneration Policy, these arrangements will be applicable to all bonus amounts paid, or share awards granted, following the 2020 AGM. The current clawback arrangements, which are set out in the Remuneration Policy approved by shareholders at the 2017 AGM, have been applicable to all bonus amounts paid, or share awards granted, since the 2017 AGM. The Remuneration Policy table The table below summarises the main components of the reward package for Executive Directors. Fixed pay: Base salary Purpose and link to strategy To attract and retain the best talent Operation Salaries are usually reviewed annually and fixed for 12 months commencing 1 July. Decision is influenced by: – – level of skill, experience and scope of responsibilities of individual; – – business performance, scarcity of talent, economic climate and market conditions; – – increases elsewhere within the Group; and – – external comparator groups (which are used for reference purposes only) made up of companies of similar size and complexity to Vodafone. Opportunity Average salary increases for existing Executive Committee members (including Executive Directors) will not normally exceed average increases for employees in other appropriate parts of the Group. Increases above this level may be made in specific situations. These situations could include (but are not limited to) internal promotions, changes to role, material changes to the business and exceptional company performance. Performance metrics None. Fixed pay: Pension Purpose and link to strategy To remain competitive within the marketplace Operation – – Executive Directors may choose to participate in the defined contribution pension scheme or to receive a cash allowance in lieu of pension. Opportunity – – The pension contribution or cash payment is equal to the maximum employer contribution available to our UK employees under our Defined Contribution scheme (currently 10% of annual gross salary). Performance metrics None. Fixed pay: Benefits Purpose and link to strategy To aid retention and remain competitive within the marketplace Operation – – Travel related benefits. This may include (but is not limited to) company car or cash allowance, fuel and access to a driver where appropriate. – – Private medical, death and disability insurance and annual health checks. – – In the event that we ask an individual to relocate we would offer them support in line with Vodafone’s relocation or international assignment policies. This may cover (but is not limited to) relocation, cost of living allowance, housing, home leave, education support, tax equalisation and advice. – – Legal fees if appropriate. – – Other benefits are also offered in line with the benefits offered to other employees, for example, our all-employee share plan, mobile phone discounts, maternity/paternity benefits, sick leave, paid holiday, etc. Opportunity – – Benefits will be provided in line with appropriate levels indicated by local market practice in the country of employment. – – We expect to maintain benefits at the current level but the value of benefit may fluctuate depending on, amongst other things, personal situation, insurance premiums and other external factors. Performance metrics None. 85 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Remuneration Policy (continued) Annual bonus – Global Short-Term Incentive Plan (‘GSTIP’) Purpose and link to strategy To drive behaviour and communicate the key priorities for the year. To motivate employees and incentivise delivery of performance over the one year operating cycle. The financial metrics drive our growth strategies whilst also focusing on improving operating efficiencies. The strategic measures aim to ensure a great customer experience remains at the heart of what we do. Operation – – Bonus levels and the appropriateness of measures and weightings are reviewed annually to ensure they continue to support our strategy. – – Performance over the financial year is measured against stretching financial and non-financial performance targets set at the start of the financial year. – – The annual bonus is usually paid in cash in June each year for performance over the previous year. A mandatory deferral of 25% of post-tax bonus earned into shares for two years will normally apply except where an executive has met or exceeded their share ownership requirement. Opportunity – – Bonuses can range from 0–200% of base salary, with 100% paid for on-target performance. Maximum is only paid out for exceptional performance. Performance metrics – – Performance over each financial year is measured against stretching targets set at the beginning of the year. – – The performance measures normally comprise a mix of financial and strategic measures. Financial measures may include (but are not limited to) profit, revenue and cash flow with a weighting of no less than 50%. Strategic measures may include (but are not limited to) customer appreciation KPIs such as churn, revenue market share, and NPS. Long-term incentive – Global Long-Term Incentive Plan (‘GLTI’) Purpose and link to strategy To motivate and incentivise delivery of sustained performance over the long term. To support and encourage greater shareholder alignment through a high level of personal share ownership. The use of free cash flow as the principal performance measure ensures we apply prudent cash management and rigorous capital discipline to our investment decisions. The use of TSR along with a performance period of not less than three years means that we are focused on the long-term interests of our shareholders. Operation – – Award levels and the framework for determining vesting are reviewed annually. – – Long-term incentive awards consist of shares subject to performance conditions which are granted each year. – – Awards will normally vest not less than three years after the respective award grant date based on Group performance against the performance metrics set out below. In exceptional circumstances, such as but not limited to where a delay to the grant date is required, the Committee may set a vesting period of less than three years, although awards will continue to be subject to a performance period of at least three years. – – All post-tax shares are subject to a mandatory two year holding from the date of vest prior to release. – – Dividend equivalents are paid in cash after the vesting date. Opportunity – – Maximum long-term incentive face value at award of 500% of base salary for the Chief Executive and 450% for other Executive Directors. – – Threshold long-term incentive face value at award is 20% of maximum opportunity. Minimum vesting is 0% of maximum opportunity. Awards vest on a straight-line basis between threshold and maximum. – – The Committee has the discretion to reduce long-term incentive grant levels for Directors who have neither met their shareholding guideline nor increased their shareholding by 100% of salary during the year. – – The awards that vest accrue cash dividend equivalents over the three year vesting period. – – Awards vest to the extent performance conditions are satisfied. Performance metrics – – Performance is measured against stretching targets set at the time of grant. – – Vesting is determined based on the following measures: adjusted free cash flow as our operational performance measure, relative TSR against a peer group of companies as our external performance measure, ESG as a measure of our external impact and commitment to our purpose. – – Weightings will be determined each year and will normally constitute 60% on adjusted free cash flow, 30% on relative total shareholder return, and 10% on ESG. The Committee will determine the actual weighting of an award prior to grant, taking into account all relevant information. Strategic report Governance Financials Other information 86 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Notes to the Remuneration Policy table Existing arrangements We will honour existing awards, incentives, benefits and contractual arrangements made to individuals prior to their promotion to the Board and/or prior to the approval and implementation of this policy. For the avoidance of doubt this includes payments in respect of any award granted under any previous Remuneration Policy. This will last until the existing incentives vest (or lapse) or the benefits or contractual arrangements no longer apply. Long-term incentive (‘GLTI’) When referring to our long-term incentive awards we use the financial year end in which the award was made. For example, the “2020 award” was made in the financial year ending 31 March 2020. The awards are usually made in the first half of the financial year. The extent to which awards vest depends on three performance conditions: – – underlying operational performance as measured by adjusted free cash flow; – – relative Total Shareholder Return (‘TSR’) against a peer group median; and – – performance against our Environmental, Social, and Governance (‘ESG’) targets. Adjusted free cash flow The free cash flow performance is based on the cumulative adjusted free cash flow figure over the performance period. The detailed targets and the definition of adjusted free cash flow are determined each year as appropriate. The target adjusted free cash flow level is set by reference to our long-range plan and market expectations. We consider the targets to be critical to the Company’s long-term success and its ability to maximise shareholder value, and to be in line with the strategic goals of the Company. The Remuneration Committee sets these targets to be sufficiently demanding with significant stretch where only outstanding performance will be rewarded with a maximum payout. The cumulative adjusted free cash flow vesting levels as a percentage of the award subject to this performance element are shown in the table below (with linear interpolation between points): Performance Vesting percentage (% of FCF element) Below threshold 0% Threshold 20% Maximum 100% TSR outperformance of a peer group median We have a limited number of appropriate peers and this makes the measurement of a relative ranking system volatile. As such, the outperformance of the median of a peer group is felt to be the most appropriate TSR measure. The peer group for the performance condition is reviewed each year and amended as appropriate. The TSR vesting levels as a percentage of the award subject to this performance element are shown in the table below (with linear interpolation between points): Vesting percentage (% of TSR element) Below median 0% Median 20% Percentage outperformance of the peer group median equivalent to 80th percentile 100% In order to determine the percentages for the equivalent outperformance levels above median, the Remuneration Committee seeks independent external advice. ESG performance Our ESG targets will be set on an annual basis (as per the approach for our other performance measures), and will be aligned to our externally communicated ambitions in this area. Where performance is below the agreed ambition, the Committee will use its discretion to assess vesting based on performance against the stated ambition and any other relevant information. Remuneration policy for other employees While our remuneration policy follows the same fundamental principles across the Group, packages offered to employees reflect differences in market practice in the different countries, role and seniority. For example, the remuneration package elements for our Executive Committee are essentially the same as for the Executive Directors with some minor differences, for example smaller levels of share awards and local variances where appropriate. The remuneration for the next level of management, our senior leadership team, again follows the same principles with local and individual performance aspects in the annual bonus targets and performance share awards. They also receive lower levels of share awards which are partly delivered in conditional share awards without performance conditions. 87 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Remuneration Policy (continued) Estimates of total future potential remuneration from 2021 pay packages The tables below provide estimates of the potential future remuneration for each of the Executive Directors based on the remuneration opportunity to be granted in the 2021 financial year. Potential outcomes based on different performance scenarios are provided for each Executive Director. The assumptions underlying each scenario are described below1. Fixed Consists of base salary, benefits and pension. Base salary is at 1 July 2020. Benefits are valued using the figures in the total remuneration for the 2020 financial year table on page 109 (of the 2020 report). Pensions are valued by applying cash allowance rate of 10% of base salary at 1 July 2020. Base (£’000) Benefits (£’000) Pension (£’000) Total fixed (£’000) Chief Executive 1,050 42 105 1,197 Chief Financial Officer 700 22 70 792 Mid-point Based on what a Director would receive if performance was in line with plan. The opportunity for the annual bonus (‘GSTIP’) is 100% of base salary under this scenario. The opportunity for the long-term incentive (‘GLTI’) reflects assumed achievement mid-way between threshold and maximum performance. Maximum The maximum award opportunity for the GSTIP is 200% of base salary. The maximum GLTI opportunity reflects full vesting based on the maximum award levels set out in this Remuneration Policy (i.e. 500% of base salary for the Chief Executive and 450% of base salary for the Chief Financial Officer). All scenarios Long-term incentives consist of share awards only which are measured at face value i.e. no assumption for cash dividend equivalents payable. 22 22 14 14 11 11 70 70 58 58 61 61 id-point aximum aximum (assuming 50 share price growth) Fixed Salary, Benefits, and Pension Annual Bonus Long-Term Incentive 19 19 25 25 20 20 ic ea Chief Executive £’000 23 23 15 15 12 12 68 68 59 59 56 56 id-point aximum aximum (assuming 50 share price growth) Fixed Salary, Benefits, and Pension Annual Bonus Long-Term Incentive 20 20 26 26 21 21 argherita ella alle Chief Financial Officer £’000 Note: 1. In line with UK reporting requirements, the fourth bar in each chart reflects the same assumptions as per the Maximum scenario but with an assumed share price increase of 50% (which subsequently increases the hypothetical value of the long-term incentive under this scenario by the same percentage). Recruitment remuneration Our approach to recruitment remuneration is to pay no more than is necessary and appropriate to attract the right talent to the role. The Remuneration Policy table (pages 103 and 104) sets out the various components which would be considered for inclusion in the remuneration package for the appointment of an Executive Director. Any new Director’s remuneration package would include the same elements, and be subject to the same constraints, as those of the existing Directors performing similar roles. This means a potential maximum bonus opportunity of 200% of base salary and long-term incentive maximum face value of opportunity at award of 500% of base salary. When considering the remuneration arrangements of individuals recruited from external roles to the Board, we will take into account the remuneration package of that individual in their prior role. We only provide additional compensation to individuals for awards foregone. If necessary we will seek to replicate, as far as practicable, the level and timing of such remuneration, taking into account also any remaining performance requirements applying to it. This will be achieved by granting awards of cash or shares that vest over a timeframe similar to those forfeited and if appropriate based on performance conditions. A commensurate reduction in quantum will be applied where it is determined that the new awards are either not subject to performance conditions or subject to performance conditions that are not as stretching as those of the awards forfeited. Service contracts of Executive Directors Executive Directors’ contracts have rolling terms and are terminable on no more than 12 months’ notice. The key elements of the service contract for executives relate to remuneration, payments on loss of office (see below), and restrictions during active employment (and for 12 months thereafter). These restrictions include non-competition, non-solicitation of customers and employees etc. Strategic report Governance Financials Other information 88 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Treatment of corporate events All of the Company’s share plans contain provisions relating to a change of control. Outstanding awards and options would normally vest and become exercisable on a change of control to the extent that any performance condition has been satisfied and pro-rated to reflect the acceleration of vesting, unless the Committee determines otherwise. In the event of a demerger, distribution (other than an ordinary dividend) or other transaction which would affect the current or future value of any award, the Committee may allow awards to vest on the same basis as for a change of control described above. Alternatively, an adjustment may be made to the number of shares if considered appropriate. Payments for departing Executive Directors In the table below we summarise the key elements of our policy on payment for loss of office. We will of course, always comply both with the relevant plan rules and local employment legislation. Provision Policy Notice period and compensation for loss of office in service contracts – – 12 months’ notice from the Company to the Executive Director. – – Up to 12 months’ base salary (in line with the notice period). Notice period payments will either be made as normal (if the executive continues to work during the notice period or is on gardening leave) or they will be made as monthly payments in lieu of notice (subject to mitigation if alternative employment is obtained). Treatment of annual bonus (‘GSTIP’) on termination under plan rules – – The annual bonus will be pro-rated for the period of service during the financial year and will reflect the extent to which Company performance has been achieved. – – The Remuneration Committee has discretion to reduce the entitlement to an annual bonus to reflect the individual’s performance and the circumstances of the termination. Treatment of unvested long-term incentive awards (‘GLTI’) on termination under plan rules – – An Executive Director’s award will vest in accordance with the terms of the plan and satisfaction of performance conditions measured at the normal completion of the performance period, with the award pro-rated for the proportion of the vesting period that had elapsed at the date of cessation of employment. – – The Remuneration Committee has discretion to vary the level of vesting as deemed appropriate, and in particular to determine that awards should not vest for reasons which may include, at their absolute discretion, departure in case of poor performance, departure without the agreement of the Board, or detrimental competitive activity. Pension and benefits – – Generally pension and benefit provisions will continue to apply until the termination date. – – Where appropriate other benefits may be receivable, such as (but not limited to) payments in lieu of accrued holiday and legal fees or tax advice costs in relation to the termination. – – Benefits of relative small value may continue after termination where appropriate, such as (but not limited to) mobile phone provision. In exceptional circumstances, an arrangement may be established specifically to facilitate the exit of a particular individual albeit that any such arrangement would be made within the context of minimising the cost to the Group. We will only take such a course of action in exceptional circumstances and where it is considered to be in the best interests of shareholders. Chairman and Non-Executive Directors’ remuneration Our policy is for the Chairman to review the remuneration of Non-Executive Directors annually following consultation with the Remuneration Committee Chairman. Fees for the Chairman are set by the Remuneration Committee. Element Policy Fees – – We aim to pay competitively for the role including consideration of the time commitment required. We benchmark the fees against an appropriate external comparator group. We pay a fee to our Chairman which includes fees for chairmanship of any committees. We pay a fee to each of our other Non-Executive Directors and they receive an additional fee if they chair a committee and/or hold the position of Senior Independent Director. Non-executive fee levels are set within the maximum level as approved by shareholders as part of our Articles of Association. We review the structure of fees from time to time and may, as appropriate, make changes to the manner in which total fees are structured, including but not limited to any additional chair or membership fees. Allowances – – Under a legacy arrangement, an allowance is payable each time certain non-Europe-based Non-Executive Directors are required to travel to attend Board and committee meetings to reflect the additional time commitment involved. Incentives – – Non-Executive Directors do not participate in any incentive plans. Benefits – – Non-Executive Directors do not participate in any benefit plans. The Company does not provide any contribution to their pension arrangements. The Chairman is entitled to the use of a car and a driver whenever and wherever he is providing his services to or representing the Company. We have been advised that for Non-Executive Directors, certain travel and accommodation expenses in relation to attending Board meetings should be treated as a taxable benefit therefore we also cover the tax liability for these expenses. Non-Executive Director letters of appointment Non-Executive Directors are engaged on letters of appointment that set out their duties and responsibilities. The appointment of Non-Executive Directors may be terminated without compensation. Non-Executive Directors are generally not expected to serve for a period exceeding nine years. For further information refer to the Nominations and Governance Committee section of the Annual Report. 89 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Remuneration Committee In this section we give details of the composition of the Remuneration Committee and activities undertaken during the 2021 financial year. The Committee’s function is to exercise independent judgement and consists only of the following independent Non-Executive Directors: Chairman: Valerie Gooding Committee members: Michel Demaré, Dame Clara Furse and Renee James The Committee regularly consults with Nick Read, the Chief Executive, and Leanne Wood, the Chief Human Resources Officer, on various matters relating to the appropriateness of awards for Executive Directors and senior executives, though they are not present when their own compensation is discussed. In addition, Adrian Jackson, the Group Reward and Policy Director, provides a perspective on information provided to the Committee, and requests information and analysis from external advisers as required. Rosemary Martin, the Group General Counsel and Company Secretary, advises the Committee on corporate governance guidelines and is Secretary to the Committee. External advisers The Remuneration Committee seeks and considers advice from independent remuneration advisers where appropriate. The appointed advisers, Willis Towers Watson, were selected following a thorough process led by the Chairman of the Remuneration Committee at the time and were appointed by the Committee in 2007. The Chairman of the Remuneration Committee has direct access to the advisers as and when required, and the Committee determines the protocols by which the advisers interact with management in support of the Committee. The advice and recommendations of the external advisers are used as a guide, but do not serve as a substitute for thorough consideration of the issues by each Committee member. Advisers attend Committee meetings occasionally, as and when required by the Committee. Willis Towers Watson is a member of the Remuneration Consultants’ Group and, as such, voluntarily operates under the Remuneration Consultants’ Group Code of Conduct in relation to executive remuneration consulting in the UK. This is based upon principles of transparency, integrity, objectivity, competence, due care and confidentiality by executive remuneration consultants. Willis Towers Watson has confirmed that it adheres to that Code of Conduct throughout the year for all remuneration services provided to Vodafone and therefore the Committee is satisfied that it is independent and objective. The Remuneration Consultants’ Group Code of Conduct is available at remunerationconsultantsgroup.com. Adviser Appointed by Services provided to the Committee Fees for services provided to the Committee £’0001 Other services provided to the Company Willis Towers Watson Remuneration Committee in 2007 Advice on market practice; governance; provision of market data on executive reward; reward consultancy; advice specific to remuneration matters in the context of COVID-19; and performance analysis. £158 Reward and benefits consultancy; provision of benchmark data; outsourced pension administration; and insurance consultancy services. Note: 1. Fees are determined on a time spent basis. 2020 Annual General Meeting – Remuneration Policy voting results At the 2020 Annual General Meeting there was a binding vote on our Remuneration Policy. Details of the voting outcomes are provided in the table below. Votes for % Votes against % Total votes Withheld Remuneration Policy 17,195,227,349 96.41 639,935,461 3.59 17,835,162,810 185,334,870 2020 Annual General Meeting – Remuneration Report voting results At the 2020 Annual General Meeting there was an advisory vote on our Remuneration Report. Details of the voting outcomes are provided in the table below. Votes for % Votes against % Total votes Withheld Remuneration Report 17,153,884,741 95.50 807,934,531 4.50 17,961,819,272 58,861,777 Meetings The Remuneration Committee had five formal meetings during the year. In addition, informal conference calls can also take place. The principal agenda items at the formal meetings were as follows: Meeting Agenda items May 2020 – – 2020 annual bonus achievement and 2021 targets/ranges – – 2018 long-term incentive award vesting and 2021 targets/ranges – – External market update – – 2020 Directors’ Remuneration Report July 2020 – – 2020 AGM update – – Vantage Towers update November 2020 – – 2021 long-term incentive award grant – – Share plan update January 2021 – – Share plan update – – Gender Pay Gap reporting March 2021 – – Risk assessment of incentive plans – – 2022 short-term incentive structure – – Remuneration arrangements across Vodafone – – Committee’s terms of reference – – Chairman and Non-Executive Director fee levels – – 2022 reward packages for the Executive Committee – – Remuneration Committee performance review – – 2021 Directors’ Remuneration Report Annual Report on Remuneration Strategic report Governance Financials Other information 90 Vodafone Group Plc  Annual Report on Form 20-F 2021

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2021 remuneration In this section we summarise the pay packages awarded to our Executive Directors for performance in the 2021 financial year versus 2020. Specifically we have provided a table that shows all remuneration that was earned by each individual during the year and computed a single total remuneration figure for the year. The value of the annual bonus (‘GSTIP’) reflects what was earned in respect of the year but will be paid out in cash in the following year. Similarly the value of the long-term incentive (‘GLTI’) reflects the share awards which will vest in June 2021 as a result of the performance through the three-year period ended at the completion of our financial year on 31 March 2021. Consideration of the use of discretion The Remuneration Committee reviews all incentive awards prior to payment and uses judgement to ensure that the final assessments of performance are fair and appropriate. If circumstances warrant it, the Committee may adjust the final payment or vesting downwards. The Committee reviewed incentive outcomes at the May 2021 meeting and determined them to be appropriate in light of business performance across the relevant performance periods. The Committee agreed that the business had remained resilient during the COVID-19 pandemic, noting how the business had responded in an agile and effective manner during the year under review. In particular the Committee noted that no employees had been furloughed (either in the year under review, or the prior year), the business was continuing to maintain a dividend, and wider employee pay reviews, including the delivery of performance-related pay, had been carried out in both years of the pandemic. It was subsequently agreed that no adjustments were required to either the short-term or long-term incentive outcomes this year. 2021 annual bonus (‘GSTIP’) payout In the table below we disclose our achievement against each of the performance measures and targets in our annual bonus (‘GSTIP’) and the resulting total annual bonus payout level for the year ended 31 March 2021 of 62.0% of maximum. This is applied to the maximum bonus level of 200% of base salary for each executive. Commentary on our performance against each measure is provided below the table. Performance measure Payout at maximum performance (% of salary) Actual payout (% of salary) Actual payout (% of overall bonus maximum) Threshold performance level €bn Target performance level €bn Maximum performance level €bn Actual performance level1 €bn Adjusted EBIT 66.6% 40.9% 20.5% 3.3 4.2 5.1 4.4 Adjusted free cash flow 66.6% 42.8% 21.4% 4.2 5.0 5.9 5.3 Customer appreciation KPIs 66.6% 40.2% 20.1% See overleaf for further details Total annual bonus payout level 200.0% 123.9% 62.0% Note: 1. These figures are adjusted for the impact of M&A, foreign exchange movements and any changes in accounting treatment. Total remuneration for the 2021 financial year Nick Read Margherita Della Valle 2021 £’000 2020 £’000 2021 £’000 2020 £’000 Salary/fees 1,050 1,050 700 700 Taxable benefits1 32 42 21 22 Annual bonus: GSTIP (see below for further detail) 1,301 1,090 867 727 Total long-term incentive2: 1,126 1,241 686 257 GLTI awards 3 952 995 580 218 GLTI dividends 4 174 246 106 39 Pension/cash in lieu of pension 105 105 70 70 Other5 1 1 – – Total 3,615 3,529 2,344 1,776 Total Fixed Remuneration 1,188 1,198 791 792 Total Variable Remuneration 2,427 2,331 1,553 984 Notes: 1. Taxable benefits include amounts in respect of: – Private healthcare (2021: Nick Read £2,683, Margherita Della Valle £2,153; 2020: £2,583 for both Executive Directors); – Cash car allowance £19,200 p.a.; and – Travel (2021: Nick Read £10,114, Margherita Della Valle £nil; 2020: Nick Read £19,759, Margherita Della Valle £325). 2. The share prices used for both the 2021 and 2020 values, as set out in note 3 below, are lower than the grant prices for both respective awards. As such, no amount of the values shown in either column are attributable to share price appreciation during the performance or vesting periods. 3. The value shown in the 2020 column is the award which vested on 4 August 2020 in respect of Nick Read and 26 June 2020 in respect of Margherita Della Valle, and is valued using the respective execution share prices on 4 August 2020 of 118.02 pence and on 26 June 2020 of 127.28 pence. The value shown in the 2020 column for Margherita Della Valle reflects the vesting of a share award granted in June 2017 prior to her appointment to the Board. The value shown in the 2021 column is the award which vests on 26 June 2021 and is valued using an average closing share price over the last quarter of the 2021 financial year of 129.73 pence. 4. Nick Read and Margherita Della Valle receive a cash award equivalent in value to the dividends that would have been paid during the vesting period on any shares that vest. The dividend value shown in 2021 relates to awards vesting on 26 June 2021. The value in the 2020 column for Margherita Della Vale reflects the value of dividend equivalent shares accrued during the performance period in respect of the award which vested on 26 June 2020 (which was granted prior to her appointment to the Board). 5. Reflects the value of the SAYE benefit which is calculated as £375 x 12 months x 20% to reflect the discount applied based on savings made during the year. 91 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Annual Report on Remuneration (continued) Financial metrics As set out in the table above, free cash flow and EBIT finished above the midpoints of the respective target ranges reflecting strong performance in markets including Germany, Spain, Turkey and South Africa. Customer appreciation KPIs An assessment of performance under the customer appreciation KPIs measure was conducted on a market by market basis. Each market was assessed against a number of different metrics which included: – – Churn is defined as total gross customer disconnections in the period divided by the average total customers in the period. – – Revenue market share is based on our total service revenue and that of our competitors in the markets we operate in. – – Net Promoter Score (‘NPS’) for both Consumer and Vodafone Business – defined as the extent to which our customers would recommend us. All measures utilise data from our local markets which is collected and validated for quality and consistency by independent third-party agencies where possible. Our overall customer appreciation KPI outcome reflects good performance during the year including in a number of our largest markets (most notably Germany and the UK). Further details on performance against each key metric are set out below. The Committee agreed that a final payout slightly above the mid-point of the target range was appropriate for this measure. In respect of churn, the business recorded very strong Group results with year-on-year underlying performance also showing an improvement. Such improvement was primarily driven by strong performance in Germany and the UK. Italy and Spain also finished the year off well despite increased competition in these markets. Revenue market share in our four largest European markets improved slightly during the year with the increases recorded in Germany and the UK offset by less favourable performance in Spain and Italy. The gap to the market leader reduced in all four of these markets, with the UK also improving its position to joint second. Our market position in Germany and Spain remained stable whilst our position in Italy fell. Elsewhere in the business performance was mixed with a number of markets gaining market share and reducing the gap to the leader (with Portugal improving in both of these areas) albeit a number of others, including Turkey, recording a fall in market share and a widening in the gap to the market leader. Market position across these operations remained stable with the exception of Romania where we improved our position to second. Consumer NPS performance during the year saw us becoming the new market leader or co-leader in Germany and Italy, with the UK also moving into second place in the market for the first time. In Turkey we closed the gap to our competitors (albeit in the context of declining NPS scores across all local competitors) whilst in South Africa increased pressure saw us move from outright leader to co-leader in this market. Business NPS performance remained strong during the year and we continue to hold leadership or co-leadership positions in the large majority of our markets including Italy, Spain and South Africa. In Spain we became the market leader for the first time in four years following a significant improvement against our competition, whilst in Germany and Turkey we retained second place whilst also reducing the gap to our competitors. During the year the UK lost its co-leadership position in what is an extremely close and competitive market. It is within this context that overall performance against our customer appreciation KPIs metrics during the year was judged to be above the mid-point of the target range. The aggregated performance for the Group is calculated on a revenue-weighted average to give an overall achievement. The overall Group achievement for the year was 60.4% which reflects consistently good performance across our largest markets in both Europe and Africa. Overall outcome 2021 annual bonus (‘GSTIP’) amounts Base salary £’000 Maximum bonus % of base salary 2021 payout % of maximum Actual payment £’000 Nick Read 1,050 200% 62.0% 1,301 Margherita Della Valle 700 200% 62.0% 867 In line with our shareholder approved Remuneration Policy, as Margherita Della Valle is still building towards her shareholding requirement 25% of her post-tax bonus will be deferred into shares for two years. Further details on shareholding requirements can be found on pages 94 and 95. Long-term incentive (‘GLTI’) award vesting in June 2021 Vesting outcome The 2019 long-term incentive (‘GLTI’) awards which were made to executives in June 2018 will vest at 22.4% of maximum in June 2021. The performance conditions for the three-year period ending in the 2021 financial year are as follows: Adjusted FCF performance – 2/3 of total award (€bn) TSR outperformance – 1/3 of total award TSR peer group Below threshold <15.15 Below threshold Below median Bharti Orange Threshold 15.15 Threshold Median BT Group Royal KPN Maximum 18.85 Maximum 10.0% p.a. Deutsche Telekom Telecom Italia Liberty Global Telefónica MTN Strategic report Governance Financials Other information 92 Vodafone Group Plc  Annual Report on Form 20-F 2021

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100 88 94 70 88 98 66 80 94 73 75 93 59 65 86 68 72 98 03/18 09/20 03/20 09/19 03/19 09/18 03/21 Vodafone Group edian of peer group 50 60 70 80 90 100 110 120 G aar S performance Growth in the value of a hypothetical US$100 holding over the performance period, six month averaging Outperformance of median 10 p.a. 2019 GLTI share awards subject to performance conditions vesting in June 2021 Maximum number of shares Adjusted free cash flow performance payout % of maximum Relative TSR performance payout % of maximum Weighted performance payout % of maximum Number of shares vesting Value of shares vesting (’000) Nick Read 3,278,043 33.6% 0.0% 22.4% 733,953 £952 Margherita Della Valle 1,995,330 33.6% 0.0% 22.4% 446,754 £580 Specified procedures are performed by our internal audit team over the adjusted free cash flow to assist with the Committee’s assessment of performance. The performance assessment in respect of the TSR measure is undertaken by Willis Towers Watson. Details of how the plan works can be found in the Remuneration Policy. Long-term incentive (‘GLTI’) awarded during the year As set out in last year’s Directors’ Remuneration Report, due to the exceptional market conditions created by COVID-19, the Committee agreed to delay the grant of the 2021 award, including any decision on the exact weightings of the performance measures, until November 2020. The Committee met shortly prior to the grant to agree the details of the November 2020 award. During its discussion the Committee agreed that the business had continued to show resilience despite COVID-19 as illustrated through how no employees had been furloughed, the business had continued to pay a dividend and the share price was stable. The Committee therefore agreed it was appropriate to grant the 2021 award in line with what had been communicated as the normal policy approach and approved by shareholders as part of the Policy Report at the July 2020 AGM. This included balancing the performance conditions in line with the expected normal weightings (as set out below), granting awards in line with the newly reduced maximum opportunity levels for both Executive Directors, and calculating awards using the closing share price of the day immediately prior to grant, as per the Committee’s normal approach. The independent performance conditions for the 2021 long-term incentive awards made in November 2020, and subject to a three-year performance period ending 31 March 2023, are adjusted free cash flow (60% of total award), relative TSR (30% of total award) and ESG (10% of total award) performance as follows: Adjusted FCF performance (60% of total award) Adjusted FCF performance (€bn) Vesting percentage (% of FCF element) Below threshold <14.70 0% Threshold 14.70 20% Maximum 16.70 100% TSR performance (30% of total award) TSR outperformance Vesting percentage (% of TSR element) Below threshold Below median 0% Threshold Median 20% Maximum 8.50% p.a. (80th percentile equivalent) 100% TSR peer group BT Group Deutsche Telekom Liberty Global MTN Orange Royal KPN Telecom Italia Telefónica Telefónica Deutschland The adjusted free cash flow for the three-year period ended on 31 March 2021 was €16.5 billion and equates to vesting under the FCF element of 33.6% of maximum. The chart to the right shows that our TSR performance over the three-year period ended on 31 March 2021 was below that of the median of our comparator group resulting in no vesting under the TSR element. When the weighting of each condition is applied to the respective performance outcomes, this results in a calculated payout of 22.4% of overall maximum. The vesting impact of this outcome when applied to the number of shares granted is set out in the table below. 93 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Annual Report on Remuneration (continued) Purpose pillar ESG metric for 2021 GLTI Overall ambition Baseline position for 2021 GLTI Ambition for 2021 GLTI (10% of total award) Planet Greenhouse gas reduction 50% reduction from FY17 baseline by 2025 11% reduction from FY17 baseline at 31 March 2020 40% reduction from FY17 baseline by 31 March 2023 Inclusion for All Women in management 40% representation of women in management by 2030 31% representation of women in management at 31 March 2020 34% representation of women in management by 31 March 2023 Digital Society M-Pesa connections Connect >50m people and their families to mobile money by 2025 40.5m connections at 31 March 2020 56m connections by 31 March 2023 The table below sets out the conditional awards of shares made to the Executive Directors in November 2020. 2021 GLTI performance share awards made in November 2020 Maximum vesting level (number of shares) Maximum vesting level (face value1) Proportion of maximum award vesting at minimum performance Performance period end Nick Read 4,203,362 £5,249,999 1/5th 31 Mar 2023 Margherita Della Valle 2,522,017 £3,149,999 1/5th 31 Mar 2023 Note: 1. Face value calculated based on the closing share price on 29 November 2020 (day immediately preceding the date of grant) of 124.9 pence. Dividend equivalents on the shares that vest are paid in cash after the vesting date. Outstanding awards The structure for awards made in June 2019 (vesting June 2022) and November 2020 (vesting August 2023) is set out on the previous page. Further details on the structure of these awards, and relevant targets, can be found in the Annual Report on Remuneration of the relevant year. All-employee share plans During the year the Executive Directors were eligible to participate in the Vodafone Group Sharesave Plan which is open to all UK employees. The Vodafone Sharesave Plan is an HM Revenue & Customs (‘HMRC’) approved scheme open to all staff permanently employed by a Vodafone company in the UK as of the eligibility date. Options under the plan are granted at up to a 20% discount to market value. Executive Directors’ participation is included in the option table on page 96. Pensions During the 2021 financial year Nick Read received a cash allowance of 10% of base salary. Margherita Della Valle accrued benefits under the defined contribution pension plan of £3,999.96 with the remainder of her 10% of base salary pension benefit for the year delivered as a cash allowance. Nick Read is a deferred member of the Vodafone Group Pension Scheme which closed to future accrual in 2010 before he was an Executive Director. Margherita Della Valle has not participated in a Vodafone sponsored defined benefit scheme during her employment. The Executive Directors are provided benefits in the event of death in service. In the event of ill health, an entitlement to benefit of 2/3 of base salary, up to a maximum benefit determined by the insurer, may be provided up until State Pension Age. In respect of the Executive Committee members, the Group has made aggregate contributions of £194,955 (2020: £273,771) into defined contribution pension schemes. Alignment to shareholder interests Current levels of ownership by the Executive Directors, and the date by which the goal should be or should have been achieved, are shown below. Based on a share price of 129.73 pence, Nick Read is currently above, and Margherita Della Valle currently below, the respective shareholding requirement. As shown in the charts below, both Executive Directors increased their shareholding levels during the year. Margherita Della Valle joined the Board on 27 July 2018 and will continue to work towards achieving her goal prior to July 2023. At 31 March 2021 Requirement as a % of salary Current % of salary held % of requirement achieved Number of shares owned Value of shareholding Date for requirement to be achieved Nick Read 500% 545% 109% 4,409,649 £5.7m July 2023 Margherita Della Valle 400% 275% 69% 1,484,621 £1.9m July 2023 increase 31/03 2020 Goal ctal Illustrative 20 SP increase Illustrative 20 SP decrease Actual 31/03 2020 Goal Deadline: uly 2023 ic ea Actual holding (number of shares) Holding scenario (% of salary) 4.4m 4.4m 3.5m 3.5m 500 500 545 545 495 495 436 436 654 654 increase argherita ella alle Actual holding (number of shares) Goal Deadline: uly 2023 Holding scenario (% of salary) 31/03 2020 Goal ctal Illustrative 20% SP increase Illustrative 20% SP decrease Actual 31/03 2020 1.5m 1.0m 400 275 219 220 220 330 330 Strategic report Governance Financials Other information 94 Vodafone Group Plc  Annual Report on Form 20-F 2021

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The shareholding requirements include a post employment condition whereby the Executive Directors will need to continue to hold shares equivalent to the value of their requirement at the date of departure (or actual holding on departure if the requirement has not been reached during employment) for a further two years post employment. The Committee has a number of processes in place to ensure this condition is met, including executives agreeing to these terms prior to receiving an award, executives holding the majority of their shares (and at least up to the value of their requirement) in a nominee rather than a personal account, and the Committee having the ability to lapse any unvested GLTI awards if the condition is not met. Collectively the Executive Committee including the Executive Directors owned 24,478,674 Vodafone shares at 31 March 2021, with a value of over £31.7 million. None of the Executive Committee members’ shareholdings amounts to more than 1% of the issued shares in that class of share, excluding treasury shares. Directors’ interests in the shares of the Company A summary of interests in shares and scheme interests of the Directors who served during the year is given below. More details of the outstanding shares subject to award and options are set out in the table below and on page 96. Share options At 31 March 2021 Total number of interests in shares (at maximum)1 Unvested with performance conditions (at target) Unvested with performance conditions (at maximum) SAYE (unvested without performance conditions) Executive Directors Nick Read 15,791,982 5,388,288 11,369,041 13,292 Margherita Della Valle 8,368,355 3,257,896 6,883,734 – Total 24,160,337 8,646,184 18,252,775 13,292 Note: 1. This includes both owned shares and the maximum number of unvested share awards. The total number of interests in shares includes interests of connected persons, unvested share awards and share options. During the year the Committee was informed that Vittorio Colao (who retired from the Board on 30 September 2018) had been appointed as Minister for Technological Innovation and Digital Transition within the Italian government. In order to avoid any conflicts of interest, Mr Colao was required to sell his shareholding in Vodafone Group Plc. This included 122,075 vested shares due to be released on 1 July 2021 and a further 141,799 vested shares due to be released on 4 August 2022. In light of the circumstances, the Committee agreed to release these shares from their respective holding periods early in order to allow Mr Colao to meet the compliance requirements of his new role. At 31 March 2021 Total number of interests in shares Non-Executive Directors Sanjiv Ahuja 14,000 (ADRs)1 Sir Crispin Davis 34,500 Michel Demaré 100,000 Dame Clara Furse 75,000 Valerie Gooding 28,970 Renee James 27,272 Gerard Kleisterlee (position at retirement) 220,000 Maria Amparo Moraleda Martinez 30,000 David Nish 107,018 David Thodey (position at retirement) 303,653 Jean-François van Boxmeer2 – Notes: 1. One ADR is equivalent to 10 ordinary shares. 2. On 18 May 2021 Jean-François van Boxmeer acquired an interest in 305,000 shares resulting in a total interest in 305,000 shares as at 18 May 2021. At 21 June 2021, and during the period from 1 April 2021 to 21 June 2021, no Director had any interest in the shares of any subsidiary company. Other than those individuals included in the tables above who were Board members at 31 March 2021, members of the Group’s Executive Committee at 31 March 2021 had an aggregate beneficial interest in 18,584,404 ordinary shares of the Company. At 21 June 2021, the Directors had an aggregate beneficial interest in 6,742,030 ordinary shares of the Company and the Executive Committee members had an aggregate beneficial interest in 18,584,404 ordinary shares of the Company. None of the Directors or the Executive Committee members had an individual beneficial interest amounting to greater than 1% of the Company’s ordinary shares. With the exception of the acquisition of an interest in 305,000 shares by Jean-François van Boxmeer as outlined above, the Directors’ total number of interests in shares did not change during the period from 1 April 2021 to 21 June 2021. Performance share awards The maximum number of shares subject to outstanding awards that have been granted to Directors under the long-term incentive (‘GLTI’) plan are currently as follows: GLTI performance share awards 2019 award Awarded: June 2018 Performance period ending: March 2021 Vesting date: June 2021 Share price at grant: 184.2 pence 2020 award1 Awarded: June 2019 Performance period ending: March 2022 Vesting date: June 2022 Share price at grant: 124.2 pence 2021 award Awarded: November 2020 Performance period ending: March 2023 Vesting date: August 2023 Share price at grant: 124.9 pence Nick Read 3,278,043 3,887,636 4,203,362 Margherita Della Valle 1,995,330 2,366,387 2,522,017 Note: 1. Reflects shares subject to outstanding awards following voluntary reduction as set out in the 2020 Annual Report on Remuneration. 95 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Annual Report on Remuneration (continued) Details of the performance conditions for the awards can be found on pages 92 to 94 or in the Remuneration Report from the relevant year. Share options The following information summarises the Executive Directors’ options under the HMRC approved Vodafone Group 2008 Sharesave Plan (‘SAYE’). No other Directors have options under any schemes and, other than under the SAYE, no options have been granted since 2007. Options under the SAYE were granted at a discount of 20% to the market value of the shares at the time of the grant. No other options may be granted at a discount. Grant date At 1 April 2020 or date of appointment Options granted during the 2021 financial year Options exercised during the 2021 financial year Options lapsed during the 2021 financial year Options held at 31 March 2021 Option price Date from which exercisable Expiry date Market price on exercise Gain on exercise Number of shares Number of shares Number of shares Number of shares Number of shares Pence1 Pence Nick Read SAYE Mar 2017 4,854 – – – 4,854 154.51 Apr 2022 Sep 2022 – – SAYE Jul 2017 8,438 – – – 8,438 177.75 Sep 2022 Feb 2023 – – Total 13,292 – – – 13,292 – – Note: 1. The closing trade share price on 31 March 2021 was 131.88 pence. The highest trade share price during the year was 141.12 pence and the lowest price was 101.70 pence. At 21 June 2021 there had been no change to the Directors’ interests in share options from 31 March 2021. Other than those individuals included in the table above, at 21 June 2021 members of the Group’s Executive Committee held options for 25,241 ordinary shares at prices ranging from 102.6 pence to 111.7 pence per ordinary share, with a weighted average exercise price of 107.0 pence per ordinary share exercisable at dates ranging from 1 September 2022 to 1 September 2023. Margherita Della Valle, Hannes Ametsreiter, Aldo Bisio, Colman Deegan, Ahmed Essam, Alexandre Froment-Curtil, Shameel Joosub, Vinod Kumar, Rosemary Martin, Serpil Timuray, and Johan Wibergh held no options at 21 June 2021. Loss of office payments Other than amounts already disclosed in prior year reports, no loss of office payments were made during the year. Payments to past Directors During the 2021 financial year Lord MacLaurin received benefit payments in respect of security costs as per his contractual arrangements. These costs exceeded our de minimis threshold of £5,000 p.a. and, including the tax paid, were £23,513 (2020: £23,513). Fees retained for external non-executive directorships Executive Directors may hold positions in other companies as non-executive directors and retain the fees. During the year ended 31 March 2021 Nick Read served as a non-executive director on the board of Booking Holdings Inc. where he retained fees of US$277,389 (2020: US$294,424). Margherita Della Valle served as a non-executive director on the board of Reckitt Benckiser Group plc (effective 1 July 2020) where she retained fees of £112,000 (2020: £11,270 in respect of services to Centrica plc until 12 May 2019). 2021 remuneration for the Chairman and Non-Executive Directors Salary/fees Benefits1 Total 2021 £’000 2020 £’000 2021 £’000 2020 £’000 2021 £’000 2020 £’000 Chairman Jean-François van Boxmeer (appointed 28 July 20202) 297 – – – 297 – Senior Independent Director Valerie Gooding 165 165 – 5 165 170 Non-Executive Directors Sanjiv Ahuja 115 115 1 3 116 118 Sir Crispin Davis 115 115 1 23 116 138 Michel Demaré 115 115 – 11 115 126 Dame Clara Furse 115 115 – 3 115 118 Renee James3 115 133 – 11 115 144 Maria Amparo Moraleda Martinez 115 115 – 14 115 129 David Nish 140 140 1 31 141 171 Former Non-Executive Directors David Thodey (stepped down 27 July 2020) 38 67 – 19 38 86 Gerard Kleisterlee (stepped down 3 November 2020) 385 650 4 53 389 703 Total 1,715 1,730 7 173 1,722 1,903 Notes: 1. We have been advised that for Non-Executive Directors, certain travel and accommodation expenses in relation to attending Board meetings should be treated as a taxable benefit. The table above includes these travel expenses and the corresponding tax contribution. 2. Jean-François van Boxmeer was appointed to the Board as a Non-Executive Director on 28 July 2020 and subsequently became Chairman on 3 November 2020. 3. Salary/fees for 2020 include an additional allowance of £6,000 per meeting for Directors based outside of Europe. Strategic report Governance Financials Other information 96 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Pay in the wider context Fair pay at Vodafone As part of its review of executive remuneration arrangements, the Committee takes account of the pay policies in place across the wider business. This includes considering the structure of remuneration offerings at each level of the business to ensure there is a strong rationale for how packages evolve across the different levels of the organisation. During the year the Committee was updated on how a revised remuneration structure had been implemented across the business to ensure arrangements fully aligned with our strategy, supported our purpose, and celebrated our spirit. The update also set out the growing use of our digital recognition tools across the business including our peer to peer ‘Thank You’ awards and instant ‘Vodafone Star’ cash awards – the latter of which are primarily focused on rewarding our non-management colleagues. The Committee was also updated on the results of the latest annual fair pay review, including where the key focus areas were and what actions had been agreed locally to implement any required adjustments. In addition to being a core principle of the Committee, there is a clear culture in our business of ensuring we offer competitive and fair pay to all employees. Our approach, across our business, is guided by the following six principles: 1. Market competitive The pay of our people is reflective of their skills, role and function and the external market. We annually review the pay of each employee and actively manage any who fall below the market competitive range. 2. Free from discrimination Our pay should not be affected by gender, age, disability, gender identity and expression, sexual orientation, race, ethnicity, cultural heritage or belief. We annually compare the average position of our men and women against their market benchmark, grade and function to identify and understand any differences, and take action if necessary. 3. Ensure a good standard of living We work with the independent organisation, the Fair Wage Network, to assess how our pay compares to the “living wage” in each of our markets because we are committed to providing a good standard of living for our people and their family. 4. Share in our successes All our people should have the opportunity to share in our success by being eligible to receive some form of performance related pay, e.g. a bonus, shares or sales incentive. 5. Provide benefits for all Our global standard is to offer all our people life insurance, parental leave and access to either Company or state provided healthcare and pension provision. 6. Open and transparent We ensure that our people understand their pay. We do this through a series of user-friendly guides, webpages and an annual reward statement, which help explain our peoples’ pay and outline the value of their core reward package. In addition, they also receive monthly or weekly payslips and a payment schedule. Stakeholder engagement The Committee considers all stakeholder groups when setting executive pay including: Colleagues The Committee is fully briefed on pay arrangements across the business to ensure any decisions on executive pay are made within our wider business context. We engage with our employees through a variety of means including employee forums, town hall meetings (including with our executives), global Spirit Beat surveys and digital platforms – all of which give our people the chance to voice their opinion on any area of interest – including executive pay. Shareholders The Committee values the active participation of our shareholders during our consultations and fully considers all feedback as part of the review process. Last year we started our consultation in November 2019 (for the July 2020 AGM) to ensure all parties had adequate time for engagement. Government The Committee actively engages with external professional bodies/government departments when they issue consultations on proposed changes to legislation/reporting guidelines. Wider society The Committee is fully aware that society has grown increasingly concerned about executive pay in the wider market. The Committee believes that through transparent reporting and active engagement in explaining both the operation of, and rationale for, executive pay decisions, trust in this area can be rebuilt. 97 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Annual Report on Remuneration (continued) UK Gender Pay Gap reporting Each year we publish our UK Gender Pay Gap in line with the statutory UK methodology. The nature of the statutory calculation means the gap will fluctuate year on year, influenced by changes in our business structure, Company performance and the percentage of men and women at all levels and positions. The existence of a UK gender pay gap in our business is primarily a consequence of more men than women holding senior or specialist, and therefore higher-paid, roles. With our commitment to embed an inclusive culture, we continue our work to reduce the gap and have made good progress since the publication of the first report in 2017. Our global programmes aim to support all women across different roles, areas, and geographies of our business and will, over time, reduce our specific UK Gender Pay Gap (which this year was calculated as 12.0% – a slight increase from our 2019 figure of 10.9% but below our 2018 figure of 16.1%). While we have made progress, we are committed to doing more. Relative spend on pay The chart below shows both the dividends distributed in the year and the total cost of remuneration in the Group. For more details on dividends and expenditure on remuneration for all employees, please see pages 152 and 184 respectively. 5,462 5,462 2,317 2,317 Distributed by way of dividends Overall expenditure on remuneration for all employees 2020 2020 m CEO pay ratio The following table sets out our CEO pay ratio figures in respect of 2021, 2020 and 2019: Year CEO single figure Method 25th percentile pay ratio Median pay ratio 75th percentile pay ratio 2021 £3,615k Option B 108:1 88:1 42:1 2020 £3,529k Option B 113.1 69.1 45.1 20191 £4,359k Option B 154:1 107:1 56:1 Note: 1. The CEO single figure used in the calculation of the 2019 ratios reflects a blended figure for Vittorio Colao and Nick Read, recognising the change in incumbency for the role during this year. The pay ratio figures in the above table are calculated using the following total pay and benefits information: Year Supporting information 25th percentile pay ratio Median pay ratio 75th percentile pay ratio 2021 Salary £30.0k £37.1k £71.2k Total pay and benefits £33.5k £41.0k £85.3k 2020 Salary £28.0k £42.8k £65.0k Total pay and benefits £31.3k £51.1k £78.6k 2019 Salary £23.1k £36.4k £65.0k Total pay and benefits £28.3k £40.8k £78.2k The calculation methodology used reflects Option B as defined under the relevant regulations. In line with the relevant regulations this utilises the most recently collected and disclosed data analysed within our Gender Pay Gap report, with employees at the three quartiles identified from this analysis and their respective single figure values calculated. To ensure this data accurately reflects individuals at such quartiles, the single figure values for individuals immediately above and below the identified employee at each quartile within the Gender Pay Gap analysis were also reviewed. This year our ratios have remained relatively stable when viewed on a year-on-year basis. This reflects how the single figures for both the Chief Executive and employees at the quartile positions have remained consistent when viewed over the period set out in the table above. We expect the ratios to be primarily driven by the valuation of the long-term incentive that is included in the Chief Executive’s single figure for the year. Strategic report Governance Financials Other information 98 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Change in remuneration for Directors and all employees between 2020 and 2021 In line with the new regulatory requirements, the table below calculates the percentage change in Directors’ remuneration (salary, taxable benefits and annual bonus payment) between the 2020 and 2021 financial years compared to the average remuneration for other Vodafone Group employees who are measured on comparable business objectives and who have been employed in the UK since 2021 (per capita). Vodafone has employees based all around the world and some of these individuals work in countries with very high inflation; therefore a comparison to Vodafone’s UK-based Group employees is deemed the most appropriate employee group for this comparison. Percentage change from 2020 to 2021 Base salary / fee Taxable benefits Annual bonus Executive Directors Nick Read 0.0% -23.8% 19.4% Margherita Della Valle 0.0% -4.5% 19.3% Non-Executive Directors Jean-François van Boxmeer (appointed 28 July 2020) – – – Valerie Gooding 0.0% -100.0% – Sanjiv Ahuja 0.0% -66.7% – Sir Crispin Davis 0.0% -95.7% – Michel Demaré 0.0% -100.0% – Dame Clara Furse 0.0% -100.0% – Renee James -13.5% -100.0% – Maria Amparo Moraleda Martinez 0.0% -100.0% – David Nish 0.0% -96.8% – Former Non-Executive Directors David Thodey (stepped down 27 July 2020) -43.3% -100.0% – Gerard Kleisterlee (stepped down 3 November 2020) -40.8% -92.5% – Other Vodafone Group employees employed in the UK 3.8% 0.2% 30.2% 99 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Annual Report on Remuneration (continued) Assessing pay and performance In the table below we summarise the Chief Executive’s single figure remuneration over the past 10 years, as well as how our variable pay plans have paid out in relation to the maximum opportunity. This can be compared with the historic TSR performance over the same period. The chart below shows the performance of the Company relative to the STOXX Europe 600 Index over a 10-year period. The STOXX Europe 600 Index was selected as this is a broad-based index that includes many of our closest competitors. It should be noted that the TSR element of the 2019 GLTI is based on the TSR performance shown in the chart on page 93 and not this chart. 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 10–year historical TSR performance Growth in the value of a hypothetical €100 holding over 10 years 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Financial year remuneration for Chief Executive Single figure of total remuneration £’000 15,767 11,099 8,014 2,810 5,224 6,332 7,389 2,7401 /1,6192 3,529 3,615 Annual bonus (actual award versus max opportunity) 47% 33% 44% 56% 58% 47% 64% 44% 52% 62% Long-term incentive (vesting versus max opportunity) 100% 57% 37% 0% 23% 44% 67% 40% 50% 22% Notes: 1. Reflects the single figure in respect of Vittorio Colao for the period to 30 September 2018. 2. Reflects the single figure in respect of Nick Read for the period from 1 October 2018. 90 110 130 150 170 190 210 230 250 Vodafone Group STO Europe 600 index 181 159 218 100 112 127 157 190 99 115 135 166 146 168 162 128 106 137 182 171 171 0 10 20 30 40 50 60 70 80 90 100 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Annual Bonus average 51 LTI average 44 Strategic report Governance Financials Other information 100 Vodafone Group Plc  Annual Report on Form 20-F 2021

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2022 remuneration Details of how the Remuneration Policy will be implemented for the 2022 financial year are set out below. Prior to reviewing executive remuneration arrangements the Committee was fully briefed on remuneration arrangements elsewhere in the business. This included a detailed discussion on the structure of remuneration offerings at each level of the business and how pay at these levels is determined. The Committee also considered the wider external context in light of the developing COVID-19 situation, and the commitments made to our wider employee population. The cumulative effect of these discussions was that the Committee was able to make decisions in respect of executive remuneration within the context of how, and appreciating the rationale for why, remuneration arrangements evolve across the different levels within the organisation.2021 2022 Base salaries In March 2021 the Committee reviewed executive remuneration arrangements against the following comparator groups: 1. A EuroTop peer group constituting the top 50 European companies (excluding financial services companies) and a few other select companies relevant to the telco sector; and 2. The FTSE 30 (excluding financial services companies). As set out on page 82 in the Letter from the Remuneration Committee Chairman, neither the Chief Executive nor the Chief Financial Officer have received a salary increase since their appointment to their current roles in 2018. In the light of their strong performance and growing experience in role the Committee agreed an increase would be justified. However, in line with the restraint on salary increases for the wider leadership team, the Committee felt that salaries for both Executive Directors should remain unchanged for the year ahead at the current levels of: – – Chief Executive: Nick Read £1,050,000; and – – Chief Financial Officer: Margherita Della Valle £700,000. The Committee acknowledges the importance of our arrangements remaining fair and competitive and will review this situation again next year. The Committee further determined that salaries for Executive Committee members will also remain unchanged. Pension Pension arrangements for both the Chief Executive and the Chief Financial Officer will remain unchanged at 10% of salary, in line with the maximum employer contribution level for the wider UK population. 2022 Annual Bonus (‘GSTIP’) In light of the uncertainty caused by COVID-19 and the subsequent difficulty to set an accurate one-year service revenue target for the 2021 financial year, the decision was taken to remove the service revenue condition from the 2021 plan and retain the remaining three measures. As set out on page 82 of the Letter from the Remuneration Committee Chairman, for the 2022 plan the Committee has agreed to re-introduce service revenue given the strategic importance of growth to our business and our ability to now accurately forecast an appropriate target. The performance measures and weightings for 2022, are outlined below: – – service revenue (25%); – – adjusted EBIT (25%); – – adjusted free cash flow (25%); and – – customer appreciation KPIs (25%). This includes an assessment of churn, revenue market share and Net Promoter Score1 (‘NPS’). Note: 1. The assessment of NPS utilises data collected in our local markets which is validated for quality and consistency by independent third party agencies. Due to the potential impact on our commercial interests, annual bonus targets are considered commercially sensitive and therefore will be disclosed in the 2022 Remuneration Report following the completion of the financial year. Long-term incentive (‘GLTI’) awards for 2022 Awards for 2022 will be made in line with the arrangements described in our policy on pages 86 and 87. Vesting of the 2022 award will be subject to adjusted free cash flow (60% of total award), relative TSR (30% of total award), and ESG (10% of total award) performance. Performance will be measured over the three financial years ending 31 March 2024, and any net vested shares will be subject to an additional two-year holding period (i.e. the ‘3+2’ model). It is anticipated that the final awards will be reviewed by the Committee at the July 2021 meeting and, subject to the Committee’s approval, will be granted shortly after in August 2021. 101 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Annual Report on Remuneration (continued) Further details for the 2022 award targets are provided below. Adjusted free cash flow (60% of total award) Details of the three-year adjusted FCF target for the 2022 award are set out in the table below. Adjusted FCF performance (60% of total award) Adjusted FCF performance (€bn) Vesting percentage (% of FCF element) (% of FCF element) Below threshold <15.00 0% Threshold 15.00 20% Maximum 17.00 100% Relative TSR (30% of total award) Following the annual review of the performance measures which included a review of analysis provided by the Committee’s external advisers, the Committee determined that the TSR outperformance range for the 2022 award should continue to be set at the 80th percentile equivalent for maximum performance. For the 2022 award, this equates to outperformance of 8.50% p.a. at maximum. The Committee further determined that the TSR peer group should remain unchanged for the 2022 award. Further details are set out in the tables below. Relative TSR (30% of total award) TSR outperformance Vesting (% of relative TSR element) Below threshold Below median 0.0% Threshold Median 20.0% Maximum 8.50% p.a. (80th percentile equivalent) 100.0% TSR peer group BT Group Deutsche Telekom Liberty Global MTN Orange Royal KPN Telecom Italia Telefónica Telefónica Deutschland Linear interpolation (i.e. straight-line vesting) occurs for performance between threshold and maximum. ESG (10% of total award) The table below sets out how performance under the ESG measure for the 2022 award will be assessed against three quantitative ambitions: Purpose pillar Metric for 2022 GLTI Overall ambition Baseline position for 2022 GLTI Ambition for 2022 GLTI (10% of total award) Planet Greenhouse gas reduction 50% reduction from FY17 baseline by 2025 37% reduction from FY17 baseline at 31 March 2021 60% reduction from FY17 baseline by 31 March 2024 Inclusion for All Female representation in management 40% representation of women in management by 2030 32% representation of women in management at 31 March 2021 35% representation of women in management by 31 March 2024 Digital Society / Inclusion for All M-Pesa connections Connect >50m people and their families to mobile  money by 2025 48.3m connections at 31 March 2021 68.2m connections by 31 March 2024 Each ambition for the 2022 award has been set by considering both our externally communicated targets and our internal progress as at 31 March 2021. Where we are ahead of our originally communicated external ambition we have set our target recognising this so as to ensure all ambitions remain stretching against actual current performance. At the end of the performance period the Committee will assess achievement across the three metrics against the stated ambitions and determine vesting under this element. Full disclosure of the rationale for the final vesting decision will be provided in the relevant Directors’ Remuneration Report. Strategic report Governance Financials Other information 102 Vodafone Group Plc  Annual Report on Form 20-F 2021

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2022 remuneration for the Chairman and Non-Executive Directors Fees for our Chairman and Non-Executive Directors have been benchmarked against the FTSE 30 (excluding financial services companies). Following this year’s review it was agreed that no changes will be made to the current fee levels which are set out in the table below. Position/role Fee payable £’000 Chairman1 650 Non-Executive Director 115 Additional combined fee for Senior Independent Director and Chairman of the Remuneration Committee 50 Additional fee for Chairmanship of Audit and Risk Committee 25 Note: 1. The Chairman’s fee also includes the fee for the Chairmanship of the Nominations and Governance Committee. For 2022 the allowance payable each time a non-Europe-based Non-Executive Director eligible for this legacy arrangement is required to travel to attend Board and Committee meetings to reflect the additional time commitment involved is £6,000. Further remuneration information Dilution All awards are made under plans that incorporate dilution limits as set out in the guidelines for share incentive schemes published by the Investment Association. The current estimated dilution from subsisting executive awards is approximately 2.6% of the Company’s share capital at 31 March 2021 (2.6% at 31 March 2020), whilst from all-employee share awards it is approximately 0.3% (0.3% at 31 March 2020). This gives a total dilution of 2.9% (2.9% at 31 March 2020). Service contracts The terms and conditions of appointment of our Directors are available for inspection at the Company’s registered office during normal business hours and at the Annual General Meeting (for 15 minutes prior to the meeting and during the meeting). The Executive Directors have notice periods in their service contracts of 12 months. The Non-Executive Directors’ letters of appointment do not contain provision for notice periods or for compensation if their appointments are terminated. This report on remuneration has been approved by the Board of Directors and signed on its behalf by: /s/ Valerie Gooding Valerie Gooding Chairman of the Remuneration Committee 23 June 2021 103 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Our US listing requirements As Vodafone’s American depositary shares are listed on NASDAQ Stock Market LLC (‘NASDAQ’), we are required to disclose a summary of any material differences between the corporate governance practices we follow and those of US companies listed on NASDAQ. Vodafone’s corporate governance practices are primarily based on UK requirements but substantially conform to those required of US companies listed on NASDAQ. The material differences are set out in the following table: Board member independence Different tests of independence for Board members are applied under the 2018 UK Corporate Governance Code (the ‘Code’) and the NASDAQ listing rules. The Board is not required to take into consideration NASDAQ’s detailed definitions of independence as set out in the NASDAQ listing rules. The Board has carried out an assessment based on the independence requirements of the Code and has determined that, in its judgement, each of Vodafone’s Non-Executive Directors is independent within the meaning of those requirements. Committees The NASDAQ listing rules require US companies to have a nominations committee, an audit committee and a compensation committee, each composed entirely of independent directors, with the nominations committee and the audit committee each required to have a written charter which addresses the committee’s purpose and responsibilities, and the compensation committee having sole authority and adequate funding to engage compensation consultants, independent legal counsel and other compensation advisers. – – Our Nominations and Governance Committee is chaired by the Chairman of the Board and its other members are independent Non-Executive Directors. – – Our Remuneration Committee is composed entirely of independent Non-Executive Directors. – – Our Audit and Risk Committee is composed entirely of Non-Executive Directors, each of whom (i) the Board has determined to be independent based on the independence requirements of the Code and (ii) meets the independence requirements of the Securities Exchange Act of 1934. – – We have terms of reference for our Nominations and Governance Committee, Audit and Risk Committee and Remuneration Committee, each of which comply with the requirements of the Code and are available for inspection on our website at vodafone.com/governance – – These terms of reference are generally responsive to the relevant NASDAQ listing rules, but may not address all aspects of these rules. Code of Ethics and Code of Conduct Under the NASDAQ listing rules, US companies must adopt a Code of Conduct applicable to all directors, officers and employees that complies with the definition of a “code of ethics” set out in section 406 of the Sarbanes-Oxley Act. – – We have adopted a Code of Ethics that complies with section 406 of the Sarbanes-Oxley Act which is applicable only to the senior financial and principal executive officers, and which is available on our website at vodafone.com/governance. – – We have also adopted a separate Code of Conduct which applies to all employees. Quorum The quorum required for shareholder meetings, in accordance with our Articles of Association, is two shareholders, regardless of the level of their aggregate share ownership, while US companies listed on NASDAQ are required by the NASDAQ listing rules to have a minimum quorum of 33.33% of the shareholders of ordinary shares for shareholder meetings. Related party transactions In lieu of obtaining an independent review of related party transactions for conflicts of interests in accordance with the NASDAQ listing rules, we seek shareholder approval for related party transactions that (i) meet certain financial thresholds or (ii) have unusual features in accordance with the Listing Rules issued by the FCA in the UK (the ‘Listing Rules’), the Companies Act 2006 and our Articles of Association. Further, we use the definition of a transaction with a related party as set out in the Listing Rules, which differs in certain respects from the definition of related party transaction in the NASDAQ listing rules. Shareholder approval When determining whether shareholder approval is required for a proposed transaction, we comply with both the NASDAQ listing rules and the Listing Rules. Under the NASDAQ listing rules, whether shareholder approval is required for a transaction depends on, among other things, the percentage of shares to be issued or sold in connection with the transaction. Under the Listing Rules, whether shareholder approval is required for a transaction depends on, among other things, whether the size of a transaction exceeds a certain percentage of the size of the listed company undertaking the transaction. Strategic report Governance Financials Other information 104 Vodafone Group Plc  Annual Report on Form 20-F 2021

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The Directors of the Company present their report together with the audited consolidated financial statements for the year ended 31 March 2021. This report has been prepared in accordance with requirements outlined within The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 and forms part of the management report as required under Disclosure Guidance and Transparency Rule (‘DTR’) 4. Certain information that fulfils the requirements of the Directors’ report can be found elsewhere in this document and is referred to below. This information is incorporated into this Directors’ report by reference. Responsibility statement As required under the DTRs, a statement made by the Board regarding the preparation of the financial statements is set out on pages 108 and 109 which also provides details regarding the disclosure of information to the Company’s auditor and management’s report on internal control over financial information. Going concern The going concern statement required by the Listing Rules and the UK Corporate Governance Code (the ‘Code’) is set out in the “Directors’ statement of responsibility” on page 109. System of risk management and internal control The Board is responsible for maintaining a risk management and internal control system and for managing principal risks faced by the Group. Such a system is designed to manage rather than eliminate business risks and can only provide reasonable and not absolute assurance against material mistreatment or loss. This is described in more detail in the Audit and Risk Committee Report on pages 76 to 81. The Board has implemented in full the FRC “Guidance on Risk Management, Internal Control and related Financial and Business Reporting” for the year and to the date of this Annual Report. The resulting procedures, which are subject to regular monitoring and review, provide an ongoing process for identifying, evaluating and managing the Company’s principal risks (which can be found on pages 53 to 61). Corporate Governance Statement The Corporate Governance Statement setting out how the Company complies with the Code and which includes a description of the main features of our internal control and risk management arrangements in relation to the financial reporting process is set out on page 65. The information required by DTR 7.2.6R can be found in the “Shareholder information” section on pages 227 to 232. A description of the composition and operation of the Board and its Committees including the Board Diversity Policy is set out on page 69, pages 74 to 81 and page 90. The Code can be viewed in full at frc.org.uk. Strategic Report The Strategic Report is set out on pages 1 to 61 and is incorporated into this Directors’ report by reference. Directors and their interests The Directors of the Company who served during the financial year ended 31 March 2021 and up to the date of signing the financial statements are as follows: Jean-François van Boxmeer (appointed on 28 July 2020), Nick Read, Margherita Della Valle, Sanjiv Ahuja, Sir Crispin Davis, Michel Demaré, Dame Clara Furse, Valerie Gooding, Renee James, Maria Amparo Moraleda Martinez, David Nish, David Thodey (stepped down on 27 July 2020) and Gerard Kleisterlee (stepped down on 3 November 2020). A summary of the rules related to the appointment and replacement of Directors and Directors’ powers can be found on page 229. Details of Directors’ interests in the Company’s ordinary shares, options held over ordinary shares, interests in share options and long-term incentive plans are set out on pages 82 to 103. Directors’ conflicts of interest Established within the Company is a procedure for managing and monitoring conflicts of interest for Directors. Details of this procedure are set out on page 75. Directors’ indemnities In accordance with our Articles of Association and to the extent permitted by law, Directors are granted an indemnity from the Company in respect of liability incurred as a result of their office. In addition, we maintained a Directors’ and officers’ liability insurance policy throughout the year. Neither our indemnity nor the insurance provides cover in the event that a Director is proven to have acted dishonestly or fraudulently. Disclosures required under Listing Rule 9.8.4 The information on the amount of interest capitalised and the treatment of tax relief can be found in notes 5 and 6 to the consolidated financial statements respectively. The remaining disclosures required by Listing Rule 9.8.4 are not applicable to Vodafone. Capital structure and rights attaching to shares Ordinary shares of Vodafone Group Plc are traded on the London Stock Exchange and in the form of ADSs on NASDAQ. ADSs, each representing 10 ordinary shares, are traded on NASDAQ under the symbol “VOD”. The ADSs are evidenced by ADRs issued by Deutsche Bank, as depositary, under a deposit agreement, dated 27 February 2017 between the Company, the depositary and the holders from time to time of ADRs issued thereunder. ADS holders are not shareholders in the Company but may instruct Deutsche Bank on the exercise of voting rights relative to the number of ordinary shares represented by their ADSs. See “Articles of Association and applicable English law” and “Rights attaching to the Company’s shares – Voting rights” on page 229. Directors’ report 105 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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All information relating to the Company’s capital structure, rights attaching to shares, dividends, the policy to repurchase the Company’s own shares, details of Company share repurchases and details of other shareholder information is contained on page 31 and pages 227 to 232. Change of control Details of change of control provisions in the Company’s revolving credit facilities are set out in note 22 “Capital and financial risk management”. Information on agreements between the Company and its Directors providing for compensation for loss of office of employment (including details of change of control provisions in share schemes) is set out on pages 88 and 89. Subject to that, there are no agreements between the Company and its employees providing for compensation for loss of office or employment that occurs because of a takeover bid. Dividends Full details of the Company’s dividend policy and proposed final dividend payment for the year ended 31 March 2021 are set out on page 23 and note 9 to the consolidated financial statements. Sustainability Information about the Company’s approach to sustainability risks and opportunities is set out on pages 32 to 52. Also included on these pages are details of our greenhouse gas emissions. Political donations No political donations or contributions to political parties under the Companies Act 2006 have been made during the financial year. The Group policy is that no political donations be made or political expenditure incurred. Financial risk management objectives and policies Disclosures relating to financial risk management objectives and policies, including our policy for hedging are set out in note 22 to the consolidated financial statements and disclosures relating to exposure to credit risk, liquidity risk and market risk are outlined in note 22. Important events since the end of the financial year There were no important events affecting the Company which have occurred since the end of the financial year. Future developments within the Group The Strategic Report contains details of likely future developments within the Group. Group policy compliance Each Group policy is owned by a member of the Executive Committee so that there is clear accountability and authority for ensuring the associated business risk is adequately managed. Regional Chief Executives and the Senior Leadership Team member responsible for each Group function have primary accountability for ensuring compliance with all Group policies by all our markets and entities. Our Group compliance team and policy champions support the policy owners and local markets in implementing policies and monitoring compliance. All of the key Group policies have been consolidated into the Vodafone Code of Conduct which applies to all employees and those who work for or on behalf of Vodafone. It sets out the standards of behaviour expected in relation to areas such as insider dealing, bribery and raising concerns through the whistle blowing process (known internally as Speak Up). Branches The Group, through various subsidiaries, has branches in a number of different jurisdictions in which the business operates. Further details are included in note 31. Employee disclosures Vodafone is an inclusive employer and diversity is important to us. We give full and fair consideration to applications for employment by disabled persons and the continued employment of anyone incurring a disability while employed by us. Training, career development and promotion opportunities are equally applied for all our employees, regardless of disability. Our disclosures relating to the employment of women in senior management roles, diversity, employee engagement and policies are set out on pages 12 and 13, page 37, page 72 and page 75. By order of the Board /s/ Rosemary Martin Rosemary Martin Group General Counsel and Company Secretary 23 June 2021 Directors’ report (continued) Strategic report Governance Financials Other information 106 Vodafone Group Plc  Annual Report on Form 20-F 2021

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108 Directors’ statement of responsibility 110 Risk management 116 Reports of independent registered public accounting firms 121 Consolidated financial statements 121 Consolidated income statement 121 Consolidated statement of comprehensive income 122 Consolidated statement of financial position 123 Consolidated statement of changes in equity 124 Consolidated statement of cash flows 125 Notes to the consolidated financial statements 125 1. Basis of preparation Income statement 131 2. Revenue disaggregation and segmental analysis 135 3. Operating profit / (loss) 136 4. Impairment losses 144 5. Investment income and financing costs 145 6. Taxation 150 7. Discontinued operations and assets and liabilities held for sale 152 8. Earnings per share 152 9. Equity dividends Financial position 153 10. Intangible assets 155 11. Property, plant and equipment 157 12. Investments in associates and joint arrangements 163 13. Other investments 164 14. Trade and other receivables 165 15. Trade and other payables 166 16. Provisions 167 17. Called up share capital Cash flows 168 18. Reconciliation of net cash flow from operating activities 168 19. Cash and cash equivalents 169 20. Leases 172 21. Borrowings 174 22. Capital and financial risk management Employee remuneration 183 23. Directors and key management compensation 184 24. Employees 185 25. Post employment benefits 189 26. Share-based payments Additional disclosures 191 27. Acquisitions and disposals 194 28. Commitments 194 29. Contingent liabilities and legal proceedings 198 30. Related party transactions 199 31. Related undertakings 208 32. Subsidiaries exempt from audit 208 33. Subsequent events 209 These pages are intentionally left blank 209 These pages are intentionally left blank 210 These pages are intentionally left blank 211 These pages are intentionally left blank 211 These pages are intentionally left blank 213 These pages are intentionally left blank 214 These pages are intentionally left blank 214 These pages are intentionally left blank 214 These pages are intentionally left blank 215 These pages are intentionally left blank 215 These pages are intentionally left blank 215 These pages are intentionally left blank 216 These pages are intentionally left blank 216 These pages are intentionally left blank 216 These pages are intentionally left blank 217 Non-GAAP measures (unaudited information) 226 Additional information (unaudited information) Reporting on our financial performance Index 107 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Directors’ statement of responsibility The Directors are responsible for preparing the financial statements in accordance with applicable law and regulations and keeping proper accounting records. Detailed below are statements made by the Directors in relation to their responsibilities, disclosure of information to the Company’s auditor, going concern and management’s report on internal control over financial reporting. Financial statements and accounting records Company law of England and Wales requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the Group at the end of the financial year and of the profit or loss of the Group for that period. In preparing those financial statements the Directors are required to: – – select suitable accounting policies and apply them consistently; – – make judgements and estimates that are reasonable and prudent; – – present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; – – state whether the consolidated financial statements have been prepared in accordance with International Accounting Standards in conformity with the requirements of the UK Companies Act 2006, International Financial Reporting Standards (‘IFRS’) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union and IFRS as issued by the International Accounting Standards Board (‘IASB’). The Directors also ensure that the consolidated financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (‘IASB’); – – state for the Company’s financial statements whether applicable UK accounting standards have been followed; and – – prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company and the Group will continue in business. The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and of the Group and enable them to ensure that the financial statements are prepared in accordance with International Accounting Standards in conformity with the requirements of the UK Companies Act 2006 adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. They are also responsible for the system of internal control, for safeguarding the assets of the Company and the Group and, hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Directors’ responsibility statement Each of the Directors, whose names and functions are listed on pages 67 and 68, confirms that, to the best of his or her knowledge: – – the consolidated financial statements, prepared in accordance with International Accounting Standards in conformity with the requirements of the UK Companies Act 2006, International Financial Reporting Standards (‘IFRS’) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union and IFRS as issued by the International Accounting Standards Board (‘IASB’), give a true and fair view of the assets, liabilities, financial position and profit of the Group; and – – the Strategic Report includes a fair review of the development and performance of the business and the position of the Group, together with a description and robust assessment of the principal risks and uncertainties that it faces. The Directors are also responsible under section 172 of the Companies Act 2006 to promote the success of the Company for the benefit of its members as a whole and in doing so have regard for the needs of wider society and stakeholders, including customers, consistent with the Group’s core and sustainable business objectives. Having taken advice from the Audit and Risk Committee, the Board considers the Annual Report, taken as a whole, is fair, balanced and understandable and that it provides the information necessary for shareholders to assess the Company’s position and performance, business model and strategy. Neither the Company nor the Directors accepts any liability to any person in relation to the Annual Report except to the extent that such liability could arise under English law. Accordingly, any liability to a person who has demonstrated reliance on any untrue or misleading statement or omission shall be determined in accordance with section 90A and schedule 10A of the Financial Services and Markets Act 2000. Disclosure of information to the auditors Having made the requisite enquiries, so far as the Directors are aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the Company’s auditor is unaware and the Directors have taken all the steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the Company’s auditor is aware of that information. Going concern The Group’s business activities, performance, position, principal risks and uncertainties and the Directors’ assessment of its long term viability are set out on page 61. A range of mitigations for risks faced by the Group are included on pages 110 to 113. In addition, the funding position of the Group is included in “Borrowings” and “Capital and financial risk management” in notes 21 and 22, respectively, to the consolidated financial statements. Notes 21 and 22 include disclosure in relation to the Group’s objectives, policies and processes for managing as well as details regarding its capital, its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to credit risk and liquidity risk. As noted on page 176, the Group has access to substantial cash and financing facilities. The Group also believes it adequately manages or mitigates its solvency and liquidity risks through two primary processes, described below. Strategic report Governance Financials Other information 108 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Business planning process and performance management The Group’s forecasting and planning cycle consists of three in-year forecasts, a budget and a long-range plan. These generate income statement, cash flow and borrowings projections for assessment by Group management and the Board. Each forecast is compared with prior forecasts and actual results so as to identify variances and understand the drivers of the changes and their future impact so as to allow management to take action where appropriate. Additional analysis is undertaken to review and sense check the key assumptions underpinning the forecasts. Cash flow and liquidity reviews The business planning process provides outputs for detailed cash flow and liquidity reviews, to ensure that the Group maintains adequate liquidity throughout the forecast periods. The prime output is a liquidity forecast which is prepared and updated at least on a monthly basis which highlights the extent of the Group’s liquidity based on controlled cash flows and the headroom under the Group’s undrawn revolving credit facility. The key inputs into this forecast are: – – free cash flow forecasts with information taken from the business planning process; – – bond and other debt maturities; and – – expectations for shareholder returns, spectrum auctions and M&A activity. The liquidity forecast is reviewed by the Group Chief Financial Officer and included in each of her reports to the Board. In addition, the Group continues to manage its foreign exchange and interest rate risks within the framework of policies and guidelines authorised and reviewed by the Board, with oversight provided by the Treasury Risk Committee. The Group’s financial performance has been resilient during the COVID-19 pandemic and the ongoing impact has been considered as part of the business planning process and reflected in the Group’s cash flow forecasts. The Directors have also considered sensitivities in respect of potential downside scenarios in concluding that the Group is able to continue in operation for the period to 30 June 2022 from the date of approving the consolidated financial statements. Those sensitivities include the non-refinancing of debt maturities in the assessment period and the repayment of the EIB loans which have covenants. A reverse stress test was also reviewed to understand how severe conditions would have to be to breach liquidity including the required reduction in EBITDA. In addition to the liquidity forecasts, downside scenarios and reverse stress test prepared, the Director’s considered the availability of the Group’s €7.4 billion revolving credit facilities, undrawn as at 31 March 2021. In reaching their conclusion on the going concern assessment, the Directors also considered the findings of the work performed to support the statement on the long-term viability of the Group. As noted on page 61, this included key changes to relevant principal risks in light of global economic and political uncertainty, sensitivity analysis, scenario assessments, and combinations thereof, including that of a longer-term global recession post the COVID-19 pandemic over the viability assessment period. Conclusion Based on the review, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing the Annual Report and accounts. Controls over financial reporting Disclosure controls and procedures The Directors, the Chief Executive and the Chief Financial Officer have evaluated the effectiveness of the disclosure controls and procedures, including those defined in the United States Securities Exchange Act of 1934, Rule 13a–15(e), and, based on that evaluation, have concluded that the disclosure controls and procedures were effective at the end of the period covered by this report. Management’s report on internal control over financial reporting As required by section 404 of the US Sarbanes-Oxley Act, management is responsible for establishing and maintaining adequate internal control over financial reporting for the Group. The Group’s internal control over financial reporting includes policies and procedures that: – – pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets; – – are designed to provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with International Accounting Standards in conformity with the requirements of the UK Companies Act 2006, IFRS adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union and IFRS as issued by the IASB, and that receipts and expenditures are being made only in accordance with authorisation of management and the Directors of the Company; and – – provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the Group’s assets that could have a material effect on the financial statements. Any internal control framework, no matter how well designed, has inherent limitations including the possibility of human error and the circumvention or overriding of the controls and procedures, and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or because the degree of compliance with the policies or procedures may deteriorate. Management has assessed the effectiveness of the internal control over financial reporting at 31 March 2021 based on the updated Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (‘COSO’) in 2013. Based on management’s assessment, management has concluded that internal control over financial reporting was effective at 31 March 2021. During the period covered by this document, there were no changes in the Group’s internal control over financial reporting that have materially affected or are reasonably likely to materially affect the effectiveness of the internal controls over financial reporting. The Group’s internal control over financial reporting at 31 March 2021 has been audited by Ernst & Young LLP, an independent registered public accounting firm who also audit the Group’s consolidated financial statements. Their audit report on internal control over financial reporting is on page 120. By Order of the Board /s/ Rosemary Martin Rosemary Martin Group General Counsel and Company Secretary 23 June 2021 109 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Managing our risks During the risk evaluation phase, we assign each of our risks to a category (strategic, technological, operational or financial – see next page) and identify the source of the threat (internal or external). This approach enables a better understanding of how we should treat the risk and ensure the right level of oversight and assurance is provided. The assigned executive risk owners are accountable for confirming adequate controls are in place and that the necessary treatment plans are implemented to bring the risk within an acceptable tolerance. We continue to monitor the status of risk treatment strategies across the year and hold in-depth reviews of our risks. For each of the principal risks, we also develop severe but plausible scenarios which provide additional insights into possible threats and enable a better risk treatment strategy. Scenarios are also used for the purpose of assessing our viability. Read more about our viability statement on page 61 Mitigation activities We have a risk-based approach to managing cyber security. We actively identify risks and threats, design layers of control and implement controls across all parts of the Company. The approach balances controls that prevent the majority of attacks, detect events and respond quickly to reduce harm. Target tolerance Security underpins our company purpose to enable connectivity in society and maintain our customers’ trust. A breach with material adverse customer, reputation, financial or regulatory impact is outside our risk tolerance. We will never be fully immune to cyber-attacks, however, layers of effective controls will reduce the likelihood and impact. Cyber threat and information security Description An external cyber-attack, insider threat or supplier breach could cause service interruption or the loss of confidential data. Cyber threats could lead to major customer, financial, reputational and regulatory impacts. Change in risk profile Risk owner Group Technology Officer Strengthening our framework Over the course of the year, we have: – – Continued to improve our process for the identification and assessment of emerging risks; – – Further enhanced the process of collecting key risk indicators and monitoring early-warning signals in both the internal and external environment; – – Continued to align with the TCFD recommendations for climate- related risks and opportunities; and – – Defined a more dynamic approach to risk identification, assessment and escalation. Risk mitigation Risk profile change Increasing Decreasing Stable Strategic report Governance Financials Other information 110 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Mitigation activities Partial mitigation can be achieved through close monitoring of the political situation around key suppliers, engagement with governments, experts and equipment vendors. This enables Vodafone to respond accordingly and to ensure compliance with the latest regulations, economic sanctions and trade rulings. Broader issues of international politics which strongly influence the level of risk are, and will remain, outside Vodafone’s control. Target tolerance The existence of a broader range of scale suppliers of key equipment. A multi-vendor strategy in place across our markets to mitigate against supply chain disruption. Geo-political risk in supply chain Description Our operation is dependent on a wide range of global suppliers. Disruption to our supply chain could mean that we are unable to execute our strategic plans, resulting in increased cost, reduced choice and network quality. Description Adverse political and regulatory measures impacting our strategy could result in increased costs, create a competitive disadvantage or have negative impact on our return on capital employed. Change in risk profile Risk owner Group External Affairs Director Mitigation activities We actively address issues openly with policy makers and regulatory authorities to find mutually acceptable ways forward. As a last resort we uphold our rights through legal means. Target tolerance To have strategies that are based on common objectives with political, policy and regulatory stakeholders to reduce the risk that our business could be undermined by unpredictable and disproportionate political and regulatory environments and interventions. Adverse political and regulatory measures Change in risk profile Risk owner Group External Affairs Director and Chief Financial Officer Mitigation activities We have specialist teams executing and monitoring our organisational transformation and portfolio activities. We also have robust governance structures in place to protect the Group’s interests. Target tolerance We are executing our programmes effectively to maximise synergies/benefits realisation; optimising cost and increasing speed of delivery, while ensuring our core organisation and cultural values remains safeguarded throughout. Strategic transformation Description Failure to execute our strategy as described on pages 18 to 20 including on organisational transformation and portfolio activity (such as integrations, mergers or separations) could result in loss of business value and additional cost. Change in risk profile Risk owner Group Technology Officer and Group Chief Commercial Officer 111 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Mitigation activities We have a relatively resilient business model. Our offers are competitive in the markets in which we operate. We are supporting our business customers’ efficiencies through our innovative products. We have a long average life of debt which minimises refinancing requirements, and the vast majority of our interest costs are fixed. Target tolerance Conservative management of the balance sheet to avoid potential consequences of unstable economic conditions. Access to sufficient liquidity at favourable terms. Mitigation activities Unique recovery targets are set for critical assets to limit the impact of service outages. A global policy supports these targets with requisite controls to provide effective resilience. Target tolerance Our customer promise is based on reliable availability of our network; therefore, the recovery of key mobile, fixed, IT services and platforms must be fast and robust. Global economic disruption Technology failures Market disruption Description New telecoms entering the market could lead to significant price competition and lower margins. Description A global economic crisis could result in reduced telco spend from businesses and consumers, as well as limit our access to financial markets and availability of liquidity, increasing our cost of capital and limiting debt financing options. Description Network, system or platform outages resulting from internal or external events could lead to reduced customer satisfaction, reputational damage and/or regulatory penalties. Change in risk profile Risk owner Group Chief Commercial Officer Change in risk profile Risk owner Chief Financial Officer Change in risk profile Risk owner Group Technology Officer Mitigation activities We closely monitor the competitive environment in all markets and react appropriately to both consumer and business needs. We have launched ‘second’ brands in a number of markets to compete more effectively and efficiently in the value segment. Alongside our speed-tiered, unlimited data plans, we are now competing effectively across all segments of the markets in which we operate. Additionally, we evolve our offers and adopt agile commercial models to mitigate competitive risks using simple, targeted offers, smart pricing models and differentiated customer experience. Target tolerance Our tolerance focus is on the loss of market value or market share or margin resulting from competitor pricing or new market entrants. Risk mitigation (continued) Risk profile change Increasing Decreasing Stable Strategic report Governance Financials Other information 112 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Disintermediation and failure to innovate Legal and regulatory compliance Description Failure in product innovation or ineffective response to threats from emerging technology or disruptive business models could lead to a loss of customer relevance, market share and new/existing revenue streams. Description Failure to comply with laws and regulations could lead to a loss of trust, financial penalties and/or suspension of our licence to operate. Change in risk profile Risk owner Group Chief Commercial Officer Change in risk profile Risk owner Group General Counsel and Company Secretary Mitigation activities We continually strive to introduce innovative propositions and services, which enable us to deepen customer engagement. We are focused on simplifying our product portfolio, improving our operating model and processes, and accelerating our digital transformation, in order to offer the best customer experience. Target tolerance Offer a superior customer experience and continually improve our offering through a wide range of innovative products and services. We also develop innovative new products and explore new growth areas to continue to meet our customers’ needs. Mitigation activities We have subject matter experts and a robust policy and control compliance framework. We train our employees in ‘Doing What’s Right’. These training and awareness programmes set out our ethical culture across the organisation and assist employees to understand their role in ensuring compliance. Target tolerance We seek to comply with all applicable laws and regulations in all our markets. Mitigation activities Through the assessment of the design and operating effectiveness of the controls, we identify the relevant risks for the IT programmes to determine whether they are being effectively mitigated. Where gaps are identified, recommendations for mitigation are raised and followed up to make sure programmes are effectively de-risked. Target tolerance Deliver IT transformation programmes with the correct mix of efficient systems, relevant skills and digital expertise in alignment with the original planned spend, timelines and business benefits. IT transformation Description Failure to design and execute IT transformation of our legacy estate could lead to business loss, customer dissatisfaction or reputational exposure. Change in risk profile Risk owner Group Technology Officer 113 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Report of Independent Registered Public Accounting Firm To the Board of Directors and Shareholders of Vodafone Group Plc Opinion on the Financial Statements We have audited the Consolidated income statement, Consolidated statement of comprehensive income, the Consolidated statement of changes in equity and the Consolidated statement of cash flows of Vodafone Group Plc and its subsidiaries (the “Company”) for the year ended 31 March 2019, including the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the results of operations and cash flows of the Company for the year ended 31 March 2019 in accordance with International Accounting Standards in conformity with the requirements of the UK Companies Act 2006, as prepared in accordance with International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union, and as prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion. PricewaterhouseCoopers LLP London, United Kingdom 7 June 2019 We served as the Company’s auditor from 2014 to 2019. Strategic report Governance Financials Other information 116 Vodafone Group Plc  Annual Report on Form 20-F 2021

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To the Shareholders and the Board of Directors of Vodafone Group Plc Opinion on the Financial Statements We have audited the accompanying consolidated statements of financial position of Vodafone Group Plc (the Group) as of 31 March 2021 and 2020, the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the two years in the period ended 31 March 2021, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group at 31 March 2021 and 2020, and the results of its operations and its cash flows for each of the two years in the period ended 31 March 2021, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Group’s internal control over financial reporting as of 31 March 2021, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organisations of the Treadway Commission (2013 framework) and our report dated 23 June 2021 expressed an unqualified opinion thereon. Adoption of New Accounting Standard As discussed in Note 20 to the consolidated financial statements, the Group changed its method of accounting for leases in 2019 due to the adoption of IFRS 16, Leases. Basis for Opinion These financial statements are the responsibility of the Group’s management. Our responsibility is to express an opinion on the Group’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgements. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. Carrying value of goodwill Description of the matter As more fully described in Note 4 to the consolidated financial statements, in accordance with IAS 36 Impairment of Assets the Group calculates the value in use (‘VIU’) for cash generating units (‘CGUs’) to determine whether an adjustment to the carrying value of the CGU, and therefore, goodwill, is required. As of 31 March 2021, the Group has recorded €31,731 million of goodwill, and recognised no impairment losses for the year then ended. The Group’s assessment of the VIU of its CGUs involves estimation and judgement about the future performance of the local market businesses. In particular, the determination of the VIUs was sensitive to the significant assumptions of projected adjusted EBITDA growth, long-term growth rates, and discount rates. Auditing the Group’s annual impairment test was complex and involved significant auditor judgement, given the estimation uncertainty related to the significant assumptions described above used in the VIU models and the sensitivity of certain VIU models to fluctuations in those assumptions. In addition, as part of the carve out of the Vantage Towers during the year, the Group allocated goodwill on a relative values basis to the Vantage Towers CGUs. How we addressed the matter in our audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Group’s goodwill impairment review process. This included testing management’s controls over the significant assumptions, including projected adjusted EBITDA growth, long-term growth rates, and discount rates, as well as controls over the allocation of goodwill to the newly created Vantage Tower CGUs. To test the determination of the VIU of the Group’s CGUs, we performed audit procedures that included, among others, evaluating the CGUs identified and testing the allocation of assets and liabilities against the carrying value of each CGU. Report of Independent Registered Public Accounting Firm 117 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Report of Independent Registered Public Accounting Firm (continued) How we addressed the matter in our audit continued To test the goodwill allocated to the newly created Vantage Towers CGUs, our procedures included, among others, assessing the goodwill balances identified and their relevance to the tower assets included in the new Vantage Towers CGUs. With the support of valuation specialists, we tested the methodology and inputs utilised to perform the allocation exercise on a relative basis, for consistency with the requirements of IAS 36. For the annual impairment assessment as at 31 March 2021 we also tested, with the help of a valuation specialist, the methodology applied in the VIU models, as compared to the requirements of IAS 36, including the mathematical accuracy of management’s VIU models. We performed procedures to test the significant assumptions used in the VIU models, which included evaluating projected adjusted EBITDA growth, by comparing underlying assumptions to external data such as economic and industry forecasts for the relevant markets and for consistency with findings from other areas of our audit. With the assistance of a valuation specialist, we compared long-term growth rates and discount rates against EY independently determined ranges and performed sensitivity analyses on certain assumptions in the VIU models, to evaluate the parameters that, should they arise, would cause an impairment of the CGU or would indicate additional disclosures were appropriate. For each CGU we also compared the cash flow projections used in the VIU models to the information approved by the Group’s Board of Directors and evaluated the historical accuracy of management’s business plans, comparing prior year forecasts to actual results in the current period, which underpin the VIU models. We also assessed the adequacy of the related disclosures provided in Note 4 of the consolidated financial statements against the requirements of IAS 36. Revenue Recognition Description of the matter As more fully described in Note 2, Note 14 and Note 15 to the consolidated financial statements, the Group reported revenue of €43,809 million, contract assets of €3,566 million and contract liabilities of €2,490 million as at, and for the year ended, 31 March 2021. Management records revenue according to the principles of IFRS 15, Revenue from Contracts with Customers, including following the 5-step model therein. Under IFRS 15, management must determine if there are separate performance obligations for the services and goods it provides to customers and assign values thereto, based on the selling prices of goods or services in separate transactions under similar conditions to similar customers (the “stand-alone selling price”). Determining the stand-alone selling price and therefore the allocation of revenue to the different performance obligations, which impacts timing of the related revenue recognition, is complex and judgemental, particularly on new product offerings and non-standard enterprise contracts. In addition, auditing the revenue recorded by the Group is complex due to the multiple IT systems and tools utilised in the initiation, processing and recording of transactions, which includes a high volume of individually low monetary value transactions. Furthermore, judgement was required to determine the audit approach to evaluate the relevant data that was captured and aggregated, and to assess the sufficiency of the audit evidence obtained. Complex auditor judgment and IT professionals were utilised in the design of the audit approach and testing of IT systems and automated processes to recognise revenue in accordance with IFRS 15. How we addressed the matter in our audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Group’s revenue recognition process, which includes management’s review of contracts, their identification of performance obligations, the estimation of the relative standalone selling price for each performance obligation, and the determination of the timing of revenue recorded. We also evaluated the design and tested the operating effectiveness of controls over the processing of billing data, assisted by our IT professionals. We evaluated management’s accounting policies and the methodology used by management to determine the standalone selling price, where relevant. We corroborated the standalone selling price allocated to individual elements of bundled contracts, including to observable market pricing, where available. In addition, our audit procedures included, on a sample basis, reperforming billing data to general ledger end-to-end reconciliations, which included validating the accuracy of the data inputs to underlying source documentation including contractual agreements, where relevant; testing the mathematical accuracy and completeness of the reconciliations and any material reconciling items, including significant revenue postings outside of the billing systems; and recalculating the revenue recognised to evaluate that the processing of the revenue recognition by the Company’s IT systems and automated processes was materially correct. We also assessed the adequacy of the Group’s disclosures in relation to the accounting policies on revenue recognition and IFRS 15. Strategic report Governance Financials Other information 118 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Deferred Tax Asset Description of the matter As more fully described in Note 6 to the consolidated financial statements, the Group recognises deferred tax assets in accordance with IAS 12, Income Taxes, based on their estimated recoverability and whether management judges that it is probable that there will be sufficient and suitable taxable profits in the relevant legal entity or tax group against which to utilise the assets in the future. Deferred tax assets in Luxembourg of €17,394 million have been recognised in respect of losses, as management concluded it is probable that the Luxembourg entities will continue to generate taxable profits in the future against which they can utilise these assets. Management estimates that the losses will be utilised over a period of between 59 - 62 years. Auditing the Group’s recognition and recoverability of deferred tax assets in Luxembourg involves judgements and estimation uncertainty in relation to both the availability of future taxable profits and the period of time over which these assets will be utilised. How we addressed the matter in our audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of management’s controls around the recognition of deferred tax assets in Luxembourg, including the calculation of the gross amount of deferred tax assets recorded, the preparation of the prospective financial information used to determine the Luxembourg entities’ future taxable income, the future reversal of any existing taxable temporary differences, and management’s identification and use of available commercial strategies. To test the realisability of the deferred tax assets in Luxembourg, with the support of tax professionals, our audit procedures included, among others, validating the existence of available losses, including the impact of current year taxable profits resulting from procurement, roaming and finance income and from the reversal of previously recognised impairments within the local statutory financial statements. Our procedures also included evaluating management’s position on the recoverability of the losses with respect to local tax law and tax planning strategies adopted. We tested the reasonableness of the forecasted procurement and roaming taxable profits utilised in management’s realisability assessment by comparing to historical actual profits and with evidence obtained from other areas of our audit. To evaluate the forecast finance income our procedures included comparing future interest rates utilised in the forecasts to relevant external benchmarks and the assumed reductions in intergroup debt for consistency with our understanding of relevant guidance in respect of transfer pricing of financial transactions. We assessed whether evidence exists that is contrary to management’s stated intention that the financing structures will remain in place or that indicates it is not probable that sufficient future taxable profits will exist. We also assessed the adequacy of the disclosures in Note 6 of the consolidated financial statements, in respect of the Luxembourg deferred tax assets, against the requirements of IAS 12. /s/ Ernst & Young LLP We have served as the Group’s auditor since 2019. London, United Kingdom 23 June 2021 119 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Vodafone Group Plc Opinion on Internal Control Over Financial Reporting We have audited Vodafone Group Plc’s (the Group) internal control over financial reporting as of 31 March 2021, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Vodafone Group Plc maintained, in all material respects, effective internal control over financial reporting as of 31 March 2021, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Group as of 31 March 2021 and 2020, the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the two years in the period ended 31 March 2021 and the related notes and our report dated 23 June 2021, expressed an unqualified opinion thereon. Basis for Opinion The Group’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in Management’s report on Internal control over financial reporting on page 109. Our responsibility is to express an opinion on the Group’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Ernst & Young LLP London, United Kingdom 23 June 2021 Strategic report Governance Financials Other information 120 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Consolidated income statement for the years ended 31 March 2021 2020 2019 Note €m €m €m Revenue 2 43,809 44,974 43,666 Cost of sales (30,086) (30,682) (30,160) Gross profit 13,723 14,292 13,506 Selling and distribution expenses (3,522) (3,814) (3,891) Administrative expenses (5,350) (5,810) (5,410) Net credit losses on financial assets 22 (664) (660) (575) Share of results of equity accounted associates and joint ventures 12 342 (2,505) (908) Impairment loss 4 – (1,685) (3,525) Other income/(expense) 3 568 4,281 (148) Operating profit/(loss) 3 5,097 4,099 (951) Non-operating expense – (3) (7) Investment income 5 330 248 433 Financing costs 5 (1,027) (3,549) (2,088) Profit/(loss) before taxation 4,400 795 (2,613) Income tax expense 6 (3,864) (1,250) (1,496) Profit/(loss) for the financial year from continuing operations 536 (455) (4,109) Loss for the financial year from discontinued operations 7 – – (3,535) Profit/(loss) for the financial year 536 (455) (7,644) Attributable to: – Owners of the parent 112 (920) (8,020) – Non-controlling interests 424 465 376 Profit/(loss) for the financial year 536 (455) (7,644) Earnings/(loss) per share From continuing operations: – Basic 8 0.38c (3.13)c (16.25)c – Diluted 8 0.38c (3.13)c (16.25)c Total Group: – Basic 8 0.38c (3.13)c (29.05)c – Diluted 8 0.38c (3.13)c (29.05)c Consolidated statement of comprehensive income for the years ended 31 March 2021 2020 2019 Note €m €m €m Profit/(loss) for the financial year: 536 (455) (7,644) Other comprehensive income/(expense): Items that may be reclassified to the income statement in subsequent years: Foreign exchange translation differences, net of tax 133 (982) (533) Foreign exchange translation differences transferred to the income statement (17) (36) 2,079 Other, net of tax1 (3,743) 3,066 243 Total items that may be reclassified to the income statement in subsequent years (3,627) 2,048 1,789 Items that will not be reclassified to the income statement in subsequent years: Net actuarial (losses)/gains on defined benefit pension schemes, net of tax 25 (555) 526 (33) Total items that will not be reclassified to the income statement in subsequent years (555) 526 (33) Other comprehensive (expense)/income (4,182) 2,574 1,756 Total comprehensive (expense)/income for the financial year (3,646) 2,119 (5,888) Attributable to: – Owners of the parent (4,069) 1,696 (6,333) – Non-controlling interests 423 423 445 (3,646) 2,119 (5,888) Note: 1 Principally includes the impact of the Group’s cash flow hedges deferred to other comprehensive income during the year. Further details on items in the Consolidated statement of comprehensive income can be found in the consolidated statement of changes in equity on page 123. 121 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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m r r prs o €m €m Goo r sss ropr p upm sms ssos o urs r sms rr sss os mpom s r or rs or o ror r or rs r sms s s us sss or s up sr p o p p rsur srs umu osss umu or omprs om ooro rss orros rr s os mpom s rosos r or ps orros s ur pu opo rrms o s rosos r or ps o u por or r r Group’s rs oo p s prs sss s or s oo oum o ur Group s mmorum o urs o s s rs o u om mr Group ou s sussos u om mmorum o urs rm osu s s r rprs o r oo p s o or or s r s o mp o o sss o u s ou r ssos s s p o oso sms o ps o r ppro or o rors uors or ssu o 23 June r s o s u r /s/ Nick Read /s/ Margherita Della Valle Strategic report Governance Financials Other information 122 Vodafone Group Plc  Annual Report on Form 20-F 2021

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m r r prs o €m €m Goo r sss ropr p upm sms ssos o urs r sms rr sss os mpom s r or rs or o ror r or rs r sms s s us sss or s up sr p o p p rsur srs umu osss umu or omprs om ooro rss orros rr s os mpom s rosos r or ps orros s ur pu opo rrms o s rosos r or ps o u por or r r Group’s rs oo p s prs sss s or s oo oum o ur Group s mmorum o urs o s s rs o u om mr Group ou s sussos u om mmorum o urs rm osu s s r rprs o r oo p s o or or s r s o mp o o sss o u s ou r ssos s s p o oso sms o ps o r ppro or o rors uors or ssu o 23 June r s o s u r m or rs r o umu or omprs om u o r p rsur umu urr sos uo ru oro o p p srs osss rsr rsr surpus r o ors rss u €m €m €m €m €m €m €m €m €m €m €m ssu or rssu o srs – – – – – – rs pms – – – – – – – ssu o mor or os – – – – – – – – rsos o oro rss susrs – – – – – – – s – – – – – – – omprs psom – – – – osspro – – – – – – – r omprs om or – – – – – s – – – – – – rsr o om sm – – – – – – – – urs o rsur srs – – – – – – – – opo o – – – – – – – ssu or rssu o srs – – – – – rs pms – – – – – – – rsos susrs – – – – – – – s – – – – – – – omprs psom – – – – osspro – – – – – – – or – – – – – s – – – – – rsr o om sm – – – – – – – ssu or rssu o srs – – – – – – rs pms – – – – – – – rsos susrs – – – – – – – s – – – – – – – omprs omps – – – – ro – – – – – – – or – – – – – – s – – – – – rsr o om sm – – – – – – – urs o rsur srs – – – – – – – – os o “Called up sr capital”. us sr prmum p rsr p rmpo rsr mrr rsr srs pm rsr mrr rsr s r rom usos m pror o r susu o o o p p o opo o urr rsr s us o ror umu rso rs o sss s o or opros umu rso rs r r o om sm o spos o or opro ruo surpus rs rom usos o susrs m or Group’s opo o s o pr omprss mous rs rom ros Group’s pr s u rs ur susr r u rp us mp o Group’s s o s €5,89 mo oss rr o or omprs om ur r €4,113 mo €1, mo €1,226 mo oss €408 mo €1,279 mo r o om sm s s prmr r o or posur o orros or o om s r mp om sm pro u rs s os u o om sm or o s up o o “Capital rs management” or urr s oms u rssu o mo srs (€1,742 mo rur o ss so r o or or o ssu rur rssu o mo srs (€1,944 mo r o ss rs r o or or o ssu r us u ompo o suor mor or os r ompou srums ssu r r prss rro osror sr u prormm ou o ur mp o opo o o pr rp rs o o ors G s o or s prss rro osror sr u prormm ou o r 123 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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m or te ears ended 31 arc 2020 2019 ote €m €m €m m 18 m urcase o interests in susidiaries, net o cas acuired 27 (136 (10,295 (87 urcase o interests in associates and oint entures 12 (13 (1,424 – urcase o intangile assets (3,227 (2,423 (3,098 urcase o propert, plant and euipment (5,413 (5,182 (5,053 urcase o inestments 13 (3,726 (1,832 (3,629 isposal o interests in susidiaries, net o cas disposed 27 157 4,427 (412 isposal o interests in associates and oint entures 420 – – isposal o propert, plant and euipment and intangile assets 43 61 45 isposal o inestments 1,704 7,792 2,269 iidends receied rom associates and oint entures 628 417 498 nterest receied 301 371 622 Cas los rom discontinued operations – – (372 m m roceeds rom issue o longterm orroings 4,359 9,933 14,681 epament o orroings (12,237 (16,028 (6,180 et moement in sortterm orroings (2,791 2,488 (497 et moement in deriaties 279 98 (44 nterest paid1 (2,152 (2,284 (1,297 aments or settlement o ritten put options2 (1,482 – – urcase o treasur sares (62 (821 (475 ssue o ordinar sare capital and reissue o treasur sares 17 5 7 7 ssue o suordinated mandator conertile onds3 – – 3,848 uit diidends paid 9 (2,427 (2,296 (4,064 iidends paid to noncontrolling sareolders in susidiaries (391 (348 (584 ter transactions it noncontrolling sareolders in susidiaries 27 1,663 (160 (221 ter moements it associates and oint entures 40 59 42 Cas los rom discontinued operations – – (779 m Cas and cas euialents at eginning o te inancial ear 19 13,288 13,605 5,394 cange (lossgain on cas and cas euialents (255 (256 11 19 otes 1 mount or 2021 includes €9 million (2020 €273 million outlo 2019 €131 million outlo o cas inlo on deriatie inancial instruments or te sare uac related to maturing trances o mandator conertile onds. 2 elects te settlement o a tender oer made to oter sareolders o ael eutscland olding G. 3 ee note 21 “Borrowings” or urter details. Strategic report Governance Financials Other information 124 Vodafone Group Plc  Annual Report on Form 20-F 2021

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os o onsoi inni smns is sion sris rii oning gmns n sims mngmn s inii s ing oni mri im on Group’s onsoi inni smns n ss o or signiin oning oiis r o inni smns s wo r n oning oi is gnr i o sii no o inni smns oi is sri wiin no so i ow nw oning rononmns w wi o in r rs n or rrn iw o im wi on or inni roring onsoi inni smns r rr in orn wi nrnion oning nrs in onormi wi rirmns o omnis 2 (‘the Act’), nrnion inni oring nrs (“IFRS”) o rsn o gion o 122 s i is in ron nion n s iss nrnion oning nrs Bor B onsoi inni smns r rr on going onrn sis s g 19 oon ro is inoror n omii in ngn n s rgisrion nmr 13379 rgisr rss o omn is oon os onnion wr Brsir 1 2 ngn rirs irors o o oning oiis r mos rori o Group’s irmsns s n i onsisn o rs rsn nss orwis s n rmining n ing oning oiis irors n mngmn r rir o m gmns n sims in rs o ims wr oi o sii oi oning gmn sim or ssmion o oow o mri Group’s ror inni osiion rss or s ows n isosr o oningn sss or iiiis ring roring rio i m r rmin irn oi m n mor rori Group’s rii oning gmns n sors o simion nrin r i ow ooms o ir rom os sims sims n nring ssmions r riw on n ongoing sis isions o oning sims r rognis in rio in wi sim is ris i rision s on rio r rognis in rio o rision n r rios i rision s o rrn n r rios ngmn rgr riws n riss s nssr oning gmns signiin im mons rognis in inni smns n sims r onsir o “critical estimates” o ir oni o gi ris o mri smns in Group’s inni smns in r o 31 r 222 s 31 r 221 mngmn s inii rii gmns in rs o rn rogniion s oning ing sss n iiiis ir in sinss ominions oning or iss in ni ssiiion o oin rrngmns n wr o rognis roisions or o isos oningn iiiis n iion mngmn s inii rii oning sims in rion o ror o rr sss os momn nis n imirmns sims so n inii r no onsir o rii in rs o oion o rn o goos n sris s onomi is o ini i inngis n ror n n imn mori o Group’s roisions r ir ongrm in nr s s ss rirmn oigions or r o sorrrm iiiis s s os ring o rsrring n ror wr r is no onsir o signiin ris o mri smn in n inni r rii gmns ris in rs o iss in ni in ss ring o or isiion o ison ssr imi oon ni s rii oning gmns sims n r isosrs n isss wi Group’s i n is ommi m m n rogniion nr 1 nssis oion n rossing o r rg mons o n s o mngmn gmns n sims o ro inni inormion mos signiin oning gmns n sor o simion nrin r isos ow ross rss n rsnion ro s onro o goos or sris wn r ir o somr n ro is rini in s o somr orwis ro is ing s n gn r ro is onsir o rini or n gn in rnsion ns on nsis mngmn o o g orm n ssn o grmn wn ro n is sinss rnrs s gmns im mon o ror rn n oring nss s no 2 “Revenue isggrgion n sgmn analysis”) o no im ror sss iiiis or s ows nrios riring gmn o rmin wr ro is rini or n gn in or m os wr ro irs irr rn sris s s rmim msi or onn o somrs m or te ears ended 31 arc 2020 2019 ote €m €m €m m 18 m urcase o interests in susidiaries, net o cas acuired 27 (136 (10,295 (87 urcase o interests in associates and oint entures 12 (13 (1,424 – urcase o intangile assets (3,227 (2,423 (3,098 urcase o propert, plant and euipment (5,413 (5,182 (5,053 urcase o inestments 13 (3,726 (1,832 (3,629 isposal o interests in susidiaries, net o cas disposed 27 157 4,427 (412 isposal o interests in associates and oint entures 420 – – isposal o propert, plant and euipment and intangile assets 43 61 45 isposal o inestments 1,704 7,792 2,269 iidends receied rom associates and oint entures 628 417 498 nterest receied 301 371 622 Cas los rom discontinued operations – – (372 m m roceeds rom issue o longterm orroings 4,359 9,933 14,681 epament o orroings (12,237 (16,028 (6,180 et moement in sortterm orroings (2,791 2,488 (497 et moement in deriaties 279 98 (44 nterest paid1 (2,152 (2,284 (1,297 aments or settlement o ritten put options2 (1,482 – – urcase o treasur sares (62 (821 (475 ssue o ordinar sare capital and reissue o treasur sares 17 5 7 7 ssue o suordinated mandator conertile onds3 – – 3,848 uit diidends paid 9 (2,427 (2,296 (4,064 iidends paid to noncontrolling sareolders in susidiaries (391 (348 (584 ter transactions it noncontrolling sareolders in susidiaries 27 1,663 (160 (221 ter moements it associates and oint entures 40 59 42 Cas los rom discontinued operations – – (779 m Cas and cas euialents at eginning o te inancial ear 19 13,288 13,605 5,394 cange (lossgain on cas and cas euialents (255 (256 11 19 otes 1 mount or 2021 includes €9 million (2020 €273 million outlo 2019 €131 million outlo o cas inlo on deriatie inancial instruments or te sare uac related to maturing trances o mandator conertile onds. 2 elects te settlement o a tender oer made to oter sareolders o ael eutscland olding G. 3 ee note 21 “Borrowings” or urter details. Notes to the consolidated financial statements 125 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

GRAPHIC

otes to the consoliate inancial statements (continue) Allocation o revenue to oos an services provie to customers Revenue is reconise hen oos an services are elivere to customers (see note “Revenue isareation an semental analysis”). Goos an services may e elivere to a customer at ierent times uner the same contract, hence it is necessary to allocate the amount payale y the customer eteen oos an services on a ‘relative stanalone sellin price basis’; this reuires the ientiication o perormance oliations (‘obligations’) an the etermination o stanalone sellin prices or the ientiie oliations he etermination o oliations is, or the primary oos an services sol y the Group, not consiere to e a critical accountin uement the Group’s policy on ientiyin oliations is isclose in note “Revenue isareation an semental analysis”. he etermination o stanalone sellin prices or ientiie oliations is iscusse elo It is necessary to estimate the stanalone price hen the Group oes not sell euivalent oos or services in similar circumstances on a stanalone asis hen estimatin the stanalone price the Group maimises the use o eternal inputs methos or estimatin stanalone prices inclue eterminin the stanalone price o similar oos an services sol y the Group, oservin the stanalone prices or similar oos an services hen sol y thir parties or usin a costplus reasonale marin approach (hich is sometimes the case or evices an other euipment) here it is not possile to relialy estimate stanalone prices ue to a lac o oservale stanalone sales or hihly variale pricin, hich is sometimes the case or services, the stanalone price o an oliation may e etermine as the transaction price less the stanalone prices o other oliations in the contract he stanalone price etermine or oliations materially impacts the allocation o revenue eteen oliations an impacts the timin o revenue hen oliations are provie to customers at ierent times – or eample, the allocation o revenue eteen evices, hich are usually elivere upront, an services hich are typically elivere over the contract perio oever, there is not consiere to e a siniicant ris o material austment to the carryin value o contractrelate assets or liailities in the months ater the alance sheet ate i these estimates ere revise ease accountin uner IFRS is comple an necessitates the collation an processin o very lare amounts o ata an the increase use o manaement uements an estimates to prouce inancial inormation he most siniicant accountin uements are isclose elo ease ientiication hether the arranement is consiere a lease or a service contract epens on the analysis y manaement o oth the leal orm an sustance o the arranement eteen the Group an the counterparty to etermine i control o an ientiie asset has een passe eteen the parties i not, the arranement is a service arranement ontrol eists i the Group otains sustantially all o the economic eneit rom the use o the asset, an has the aility to irect its use, or a perio o time An ientiie asset eists here an areement eplicitly or implicitly ientiies an asset or a physically istinct portion o an asset hich the lessor has no sustantive riht to sustitute he scenarios reuirin the reatest uement inclue those here the arranement is or the use o ire or other ie telecommunication lines Generally, here the Group has eclusive use o a physical line it is etermine that the Group can also irect the use o the line an thereore leases ill e reconise here the Group provies access to ire or other ie telecommunication lines to another operator on a holesale asis the arranement ill enerally e ientiie as a lease, hereas hen the Group provies ie line services to an enuser, enerally control over such lines is not passe to the enuser an a lease is not ientiie he impact o eterminin hether an areement is a lease or a service epens on hether the Group is a potential lessee or lessor in the arranement an, here the Group is a lessor, hether the arranement is classiie as an operatin or inance lease he impacts or each scenario are escrie elo here the Group is potentially A lessee he uement impacts the nature an timin o oth costs an reporte assets an liailities A lease results in an asset an a liaility ein reporte an epreciation an interest ein reconise the interest chare ill ecrease over the lie o the lease A service contract results in operatin epenses ein reconise evenly over the lie o the contract an no assets or liailities ein recore (other than trae payales, prepayments an accruals) An operatin lessor he uement impacts the nature o income reconise An operatin lease results in lease income ein reconise hilst a service contract results in service revenue oth are reconise evenly over the lie o the contract A inance lessor he uement impacts the nature an timin o oth income an reporte assets A inance lease results in the lease income ein reconise at commencement o the lease an an asset (the net investment in the lease) ein recore ease term here leases inclue aitional optional perios ater an initial lease term, siniicant uement is reuire in eterminin hether these optional perios shoul e inclue hen eterminin the lease term he impact o this uement is siniicantly reater here the Group is a lessee As a lessee, optional perios are inclue in the lease term i the Group is reasonaly certain it ill eercise an etension option or ill not eercise a termination option this epens on an analysis y manaement o all relevant acts an circumstances incluin the lease asset’s nature an purpose, the economic an practical potential or replacin the asset an any plans that the Group has in place or the uture use o the asset here a lease asset is hihly customise (either hen initially provie or as a result o leasehol improvements) or it is impractical or uneconomic to replace then the Group is more liely to ue that lease etension options are reasonaly certain to e eercise he value o the rihtouse asset an lease liaility ill e reater hen etension options are inclue in the lease term he normal approach aopte or lease term y asset class is escrie elo Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 126 Vodafone Group Plc  Annual Report on Form 20-F 2021

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e lease ters an vary signiiantly by type an use o asset an geograpy. n aition te eat lease ter is subet to te nonanellable perio an rigts an options in ea ontrat. Generally lease ters are uge to be te longer o te iniu lease ter an eteen an years or lan an builings (eluing retail) it ters at te top en o tis range i te lease relates to assets tat are onsiere to be iiult to eit sooner or eonoi pratial or reputational reasons; o te net ontratual lease brea ate or retail preises (eluing breas itin te net onts); ere leases are use to provie internal onnetivity te lease ter or te onnetivity is aligne to te lease ter or useul eonoi lie o te assets onnete; e ustoer servie agreeent lengt or leases o loal loop onnetions or oter assets reuire to provie ie line servies to iniviual ustoers; an ere tere are ontratual agreeents to provie servies using lease assets te lease ter or tese assets is generally set in aorane it te above priniples or or te lease ter reuire to provie te servies or te agree servie perio i longer. n ost instanes te Group as options to rene or eten leases or aitional perios ater te en o te lease ter i are assesse using te riteria above. ease ters are reassesse i a signiiant event or ange in irustanes ours relating to te lease assets tat is itin te ontrol o te Group; su anges usually relate to oerial agreeents entere into by te Group or business eisions ae by te Group. ere su anges ange te Group’s assessent o eter it is reasonably ertain to eerise options to eten or not terinate leases ten te lease ter is reassesse an te lease liability is reeasure i in ost ases ill inrease te lease liability. e Group’s ta arge on orinary ativities is te su o te total urrent an eerre ta arges. e alulation o te Group’s total ta arge involves estiation an ugeent in respet o ertain atters being prinipally Reognition o eerre ta assets igniiant ites on i te Group as eerise aounting estiation an ugeent inlue te reognition o eerre ta assets in respet o losses in uebourg Gerany an pain as ell as apital alloanes in te nite ingo. e reognition o eerre ta assets partiularly in respet o ta losses is base upon eter anageent uge tat it is probable tat tere ill be suiient an suitable taable proits in te relevant legal entity or ta group against i to utilise te assets in te uture. e Group assesses te availability o uture taable proits using te sae unisounte ive year oreasts or te Group’s operations as are use in te Group’s value in use alulations (see note “Impairment losses”). ere ta losses are oreast to be reovere beyon te ive year perio te availability o taable proits is assesse using te as los an longter grot rates use or te value in use alulations. e estiate as los inerent in tese oreasts inlue te unsysteati riss o operating in te teleouniations business inluing te potential ipats o anges in te aret struture trens in ustoer priing te osts assoiate it te auisition an retention o ustoers uture tenologial evolutions an potential regulatory anges su as our ability to auire anor rene spetru lienes. anges in te estiates i unerpin te Group’s oreasts oul ave an ipat on te aount o uture taable proits an oul ave a signiiant ipat on te perio over i te eerre ta asset oul be reovere. e Group only onsiers substantively enate ta las en assessing te aount an availability o ta losses to oset against te uture taable proits. ee note “Taxation” to te onsoliate inanial stateents. nertain ta positions e ta ipat o a transation or ite an be unertain until a onlusion is reae it te relevant ta autority or troug a legal proess. e Group uses inouse ta eperts en assessing unertain ta positions an sees te avie o eternal proessional avisors ere appropriate. e ost signiiant ugeent in tis area relates to te Group’s ta isputes in nia inluing te ases relating to te Group’s auisition o utison ssar iite (oaone nia) an te ipat o te uropean Commission’s allenge to te UK’s ontrolle oreign opany rules. urter etails o te ta isputes in nia are inlue in note “Contingent liabilities an legal proceedings” an urter inoration on te uropean Commission’s allenge are inlue in note “Taxation” to te onsoliate inanial stateents. m en te Group opletes a business obination te air values o te ientiiable assets an liabilities auire inluing intangible assets are reognise. e eterination o te air values o auire assets an liabilities is base to a onsierable etent on management’s ugeent. te purase onsieration eees te air value o te net assets auire ten te inreental aount pai is reognise as gooill. te purase prie onsieration is loer tan te air value o te assets auire ten te ierene is reore as a gain in te inoe stateent. lloation o te purase prie beteen inite live assets (isusse belo) an ineinite live assets su as gooill aets te subseuent results o te Group as inite live intangible assets are aortise ereas ineinite live intangible assets inluing gooill are not aortise. ee note “Acquisitions an disposals” to te onsoliate inanial stateents or urter etails. otes to the consoliate inancial statements (continue) Allocation o revenue to oos an services provie to customers Revenue is reconise hen oos an services are elivere to customers (see note “Revenue isareation an semental analysis”). Goos an services may e elivere to a customer at ierent times uner the same contract, hence it is necessary to allocate the amount payale y the customer eteen oos an services on a ‘relative stanalone sellin price basis’; this reuires the ientiication o perormance oliations (‘obligations’) an the etermination o stanalone sellin prices or the ientiie oliations he etermination o oliations is, or the primary oos an services sol y the Group, not consiere to e a critical accountin uement the Group’s policy on ientiyin oliations is isclose in note “Revenue isareation an semental analysis”. he etermination o stanalone sellin prices or ientiie oliations is iscusse elo It is necessary to estimate the stanalone price hen the Group oes not sell euivalent oos or services in similar circumstances on a stanalone asis hen estimatin the stanalone price the Group maimises the use o eternal inputs methos or estimatin stanalone prices inclue eterminin the stanalone price o similar oos an services sol y the Group, oservin the stanalone prices or similar oos an services hen sol y thir parties or usin a costplus reasonale marin approach (hich is sometimes the case or evices an other euipment) here it is not possile to relialy estimate stanalone prices ue to a lac o oservale stanalone sales or hihly variale pricin, hich is sometimes the case or services, the stanalone price o an oliation may e etermine as the transaction price less the stanalone prices o other oliations in the contract he stanalone price etermine or oliations materially impacts the allocation o revenue eteen oliations an impacts the timin o revenue hen oliations are provie to customers at ierent times – or eample, the allocation o revenue eteen evices, hich are usually elivere upront, an services hich are typically elivere over the contract perio oever, there is not consiere to e a siniicant ris o material austment to the carryin value o contractrelate assets or liailities in the months ater the alance sheet ate i these estimates ere revise ease accountin uner IFRS is comple an necessitates the collation an processin o very lare amounts o ata an the increase use o manaement uements an estimates to prouce inancial inormation he most siniicant accountin uements are isclose elo ease ientiication hether the arranement is consiere a lease or a service contract epens on the analysis y manaement o oth the leal orm an sustance o the arranement eteen the Group an the counterparty to etermine i control o an ientiie asset has een passe eteen the parties i not, the arranement is a service arranement ontrol eists i the Group otains sustantially all o the economic eneit rom the use o the asset, an has the aility to irect its use, or a perio o time An ientiie asset eists here an areement eplicitly or implicitly ientiies an asset or a physically istinct portion o an asset hich the lessor has no sustantive riht to sustitute he scenarios reuirin the reatest uement inclue those here the arranement is or the use o ire or other ie telecommunication lines Generally, here the Group has eclusive use o a physical line it is etermine that the Group can also irect the use o the line an thereore leases ill e reconise here the Group provies access to ire or other ie telecommunication lines to another operator on a holesale asis the arranement ill enerally e ientiie as a lease, hereas hen the Group provies ie line services to an enuser, enerally control over such lines is not passe to the enuser an a lease is not ientiie he impact o eterminin hether an areement is a lease or a service epens on hether the Group is a potential lessee or lessor in the arranement an, here the Group is a lessor, hether the arranement is classiie as an operatin or inance lease he impacts or each scenario are escrie elo here the Group is potentially A lessee he uement impacts the nature an timin o oth costs an reporte assets an liailities A lease results in an asset an a liaility ein reporte an epreciation an interest ein reconise the interest chare ill ecrease over the lie o the lease A service contract results in operatin epenses ein reconise evenly over the lie o the contract an no assets or liailities ein recore (other than trae payales, prepayments an accruals) An operatin lessor he uement impacts the nature o income reconise An operatin lease results in lease income ein reconise hilst a service contract results in service revenue oth are reconise evenly over the lie o the contract A inance lessor he uement impacts the nature an timin o oth income an reporte assets A inance lease results in the lease income ein reconise at commencement o the lease an an asset (the net investment in the lease) ein recore ease term here leases inclue aitional optional perios ater an initial lease term, siniicant uement is reuire in eterminin hether these optional perios shoul e inclue hen eterminin the lease term he impact o this uement is siniicantly reater here the Group is a lessee As a lessee, optional perios are inclue in the lease term i the Group is reasonaly certain it ill eercise an etension option or ill not eercise a termination option this epens on an analysis y manaement o all relevant acts an circumstances incluin the lease asset’s nature an purpose, the economic an practical potential or replacin the asset an any plans that the Group has in place or the uture use o the asset here a lease asset is hihly customise (either hen initially provie or as a result o leasehol improvements) or it is impractical or uneconomic to replace then the Group is more liely to ue that lease etension options are reasonaly certain to e eercise he value o the rihtouse asset an lease liaility ill e reater hen etension options are inclue in the lease term he normal approach aopte or lease term y asset class is escrie elo 127 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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otes to te consolidated inancial statements continued) m Te Group participates in a numer o oint arrangements ere control o te arrangement is sared it one or more oter parties. udgement is required to classi oint arrangements in a separate legal entit as eiter a oint operation or as a oint enture ic depends on management’s assessment o te legal orm and sustance o te arrangement taing into account releant acts and circumstances suc as eter te oners ae rigts to sustantiall all te economic outputs and in sustance settle te liailities o te entit. Te classiication can ae a material impact on te consolidated inancial statements. Te Group’s sare o assets liailities reenue expenses and cas los o oint operations are included in te consolidated inancial statements on a lineline asis ereas te Group’s inestment and sare o results o oint entures are son itin single line items in te consolidated statement o inancial position and consolidated income statement respectiel. ee note “Investments in associates and oint arrangements” to te consolidated inancial statements. ter intangile assets include amounts spent te Group acquiring licences and spectrum customer ases and te costs o purcasing and deeloping computer sotare. ere intangile assets are acquired troug usiness cominations and no actie maret or te assets exists te air alue o tese assets is determined discounting estimated uture net cas los generated te asset. stimates relating to te uture cas los and discount rates used ma ae a material eect on te reported amounts o inite lied intangile assets. stimation o useul lie Te useul lie oer ic intangile assets are amortised depends on management’s estimate o te period oer ic economic eneit ill e deried rom te asset. Useul lies are periodicall reieed to ensure tat te remain appropriate. Management’s estimates o useul lie ae a material impact on te amount o amortisation recorded in te ear ut tere is not considered to e a signiicant ris o material adustment to te carring alues o intangile assets in te ear to arc i tese estimates ere reised. Te asis or determining te useul lie or te most signiicant categories o intangile assets are discussed elo. Customer ases Te estimated useul lie principall relects management’s ie o te aerage economic lie o te customer ase and is assessed reerence to customer curn rates. An increase in curn rates ma lead to a reduction in te estimated useul lie and an increase in te amortisation carge. Capitalised sotare or computer sotare te estimated useul lie is ased on management’s ie considering istorical experience it similar products as ell as anticipation o uture eents ic ma impact teir lie suc as canges in tecnolog. Te useul lie ill not exceed te duration o a licence. m ropert plant and equipment represents . o te Group’s total assets . represented rom . to relect tat odaone gpt is no longer eld or sale see note “Discontinued operations and assets and liailities eld or sale”). stimates and assumptions made ma ae a material impact on teir carring alue and related depreciation carge. ee note “Propert plant and equipment” to te consolidated inancial statements or urter details. stimation o useul lie Te depreciation carge or an asset is deried using estimates o its expected useul lie and expected residual alue ic are reieed annuall. Management’s estimates o useul lie ae a material impact on te amount o depreciation recorded in te ear ut tere is not considered to e a signiicant ris o material adustment to te carring alues o propert plant and equipment in te ear to arc i tese estimates ere reised. anagement determines te useul lies and residual alues or assets en te are acquired ased on experience it similar assets and taing into account oter releant actors suc as an expected canges in tecnolog. mm anagement uses estimates en determining te Group’s liailities and expenses arising or deined eneit pension scemes. anagement is required to estimate te uture rates o inlation salar increases discount rates and longeit o memers eac o ic ma ae a material impact on te deined eneit oligations tat are recorded. urter details including a sensitiit analsis are included in note “Post emploment benefits” to te consolidated inancial statements. Te Group exercises udgement to determine eter to recognise proisions and te exposures to contingent liailities related to pending litigations or oter outstanding claims suect to negotiated settlement mediation aritration or goernment regulation as ell as oter contingent liailities see note “Contingent liailities and legal proceedings” to te consolidated inancial statements). udgement is necessar to assess te lieliood tat a pending claim ill succeed or a liailit ill arise. Notes to the consolidated financial statements (continued) Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 128 Vodafone Group Plc  Annual Report on Form 20-F 2021

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mm I requires management to perform impairment tests annuall for indefinite lived assets for finite lived assets and for equit accounted investments if events or canges in circumstances indicate tat teir carring amounts ma not be recoverable. Impairment testing requires management to udge eter te carring value of assets can be supported b te net present value of future cas flos tat te generate. Calculating te net present value of te future cas flos requires estimates to be made in respect of igl uncertain matters including management’s epectations of − grot in adusted ID calculated as adusted operating profit before depreciation and amortisation − timing and amount of future capital ependiture licence and spectrum paments − longterm grot rates and − appropriate discount rates to reflect te riss involved. lac of observable maret data on fair values for equivalent assets means tat te Group’s valuation approac for impairment testing focuses primaril on value in use. or a number of reasons transaction values agreed as part of an business acquisition or disposal ma be iger tan te assessed value in use. ere te Group as interests in listed entities maret data suc as sare price is used to assess te fair value of tose interests. Management prepares formal five ear forecasts for te Group’s operations ic are used to estimate teir value in use a longterm grot rate into perpetuit as been determined as te loer of − te nominal GDP grot rates for te countr of operation and − te longterm compound annual grot rate in adusted ID in ears si to ten as estimated b management. Management continues to revie te impact of CID and te impairment revie is based on epected cas flos tat include management’s best estimate of potential CID impacts. Canging te assumptions selected b management in particular te adusted ID and grot rate assumptions used in te cas flo proections could significantl affect te Group’s impairment evaluation and ence reported assets and profits or losses. urter details including a sensitivit analsis are included in note “Impairment losses” to te consolidated financial statements. or operations tat are classified as eld for sale management is required to determine eter te carring value of te discontinued operation can be supported b te fair value less costs to sell. ere not observable in a quoted maret management as determined fair value less costs to sell b reference to te outcomes from te application of a number of potential valuation tecniques determined from inputs oter tan quoted prices tat are observable for te asset or liabilit eiter directl or indirectl. m e consolidated financial statements are prepared on a istorical cost basis ecept for certain financial and equit instruments tat ave been measured at fair value. e consolidated financial statements incorporate te financial statements of te Compan subsidiaries controlled b te Compan see note “Related undertakings” to te consolidated financial statements) oint operations tat are subect to oint control and te results of oint ventures and associates see note “Investments in associates and oint arrangements” to te consolidated financial statements). e consolidated financial statements are presented in euro ic is also te Company’s functional currenc. ac entit in te Group determines its on functional currenc and items included in te financial statements of eac entit are measured using tat functional currenc. ransactions in foreign currencies are initiall recorded at te functional currenc rate prevailing at te date of te transaction. Monetar assets and liabilities denominated in foreign currencies are retranslated into te respective functional currenc of te entit at te rates prevailing on te reporting period date. onmonetar items carried at fair value tat are denominated in foreign currencies are retranslated at te rates prevailing on te initial transaction dates. onmonetar items measured in terms of istorical cost in a foreign currenc are not retranslated. Canges in te fair value of monetar securities denominated in foreign currenc are analsed beteen translation differences and oter canges in te carring amount of te securit. ranslation differences are recognised in te consolidated income statement and oter canges in carring amount are recognised in te consolidated statement of compreensive income. ranslation differences on nonmonetar financial assets suc as investments in equit securities classified at fair value troug oter compreensive income are reported as part of te fair value gain or loss and are included in te consolidated statement of compreensive income. are capital sare premium and oter capital reserves are initiall recorded at te functional currenc rate prevailing at te date of te transaction and are not retranslated. or te purpose of presenting consolidated financial statements te assets and liabilities of entities it a functional currenc oter tan euro are epressed in euro using ecange rates prevailing at te reporting period date. otes to te consolidated inancial statements continued) m Te Group participates in a numer o oint arrangements ere control o te arrangement is sared it one or more oter parties. udgement is required to classi oint arrangements in a separate legal entit as eiter a oint operation or as a oint enture ic depends on management’s assessment o te legal orm and sustance o te arrangement taing into account releant acts and circumstances suc as eter te oners ae rigts to sustantiall all te economic outputs and in sustance settle te liailities o te entit. Te classiication can ae a material impact on te consolidated inancial statements. Te Group’s sare o assets liailities reenue expenses and cas los o oint operations are included in te consolidated inancial statements on a lineline asis ereas te Group’s inestment and sare o results o oint entures are son itin single line items in te consolidated statement o inancial position and consolidated income statement respectiel. ee note “Investments in associates and oint arrangements” to te consolidated inancial statements. ter intangile assets include amounts spent te Group acquiring licences and spectrum customer ases and te costs o purcasing and deeloping computer sotare. ere intangile assets are acquired troug usiness cominations and no actie maret or te assets exists te air alue o tese assets is determined discounting estimated uture net cas los generated te asset. stimates relating to te uture cas los and discount rates used ma ae a material eect on te reported amounts o inite lied intangile assets. stimation o useul lie Te useul lie oer ic intangile assets are amortised depends on management’s estimate o te period oer ic economic eneit ill e deried rom te asset. Useul lies are periodicall reieed to ensure tat te remain appropriate. Management’s estimates o useul lie ae a material impact on te amount o amortisation recorded in te ear ut tere is not considered to e a signiicant ris o material adustment to te carring alues o intangile assets in te ear to arc i tese estimates ere reised. Te asis or determining te useul lie or te most signiicant categories o intangile assets are discussed elo. Customer ases Te estimated useul lie principall relects management’s ie o te aerage economic lie o te customer ase and is assessed reerence to customer curn rates. An increase in curn rates ma lead to a reduction in te estimated useul lie and an increase in te amortisation carge. Capitalised sotare or computer sotare te estimated useul lie is ased on management’s ie considering istorical experience it similar products as ell as anticipation o uture eents ic ma impact teir lie suc as canges in tecnolog. Te useul lie ill not exceed te duration o a licence. m ropert plant and equipment represents . o te Group’s total assets . represented rom . to relect tat odaone gpt is no longer eld or sale see note “Discontinued operations and assets and liailities eld or sale”). stimates and assumptions made ma ae a material impact on teir carring alue and related depreciation carge. ee note “Propert plant and equipment” to te consolidated inancial statements or urter details. stimation o useul lie Te depreciation carge or an asset is deried using estimates o its expected useul lie and expected residual alue ic are reieed annuall. Management’s estimates o useul lie ae a material impact on te amount o depreciation recorded in te ear ut tere is not considered to e a signiicant ris o material adustment to te carring alues o propert plant and equipment in te ear to arc i tese estimates ere reised. anagement determines te useul lies and residual alues or assets en te are acquired ased on experience it similar assets and taing into account oter releant actors suc as an expected canges in tecnolog. mm anagement uses estimates en determining te Group’s liailities and expenses arising or deined eneit pension scemes. anagement is required to estimate te uture rates o inlation salar increases discount rates and longeit o memers eac o ic ma ae a material impact on te deined eneit oligations tat are recorded. urter details including a sensitiit analsis are included in note “Post emploment benefits” to te consolidated inancial statements. Te Group exercises udgement to determine eter to recognise proisions and te exposures to contingent liailities related to pending litigations or oter outstanding claims suect to negotiated settlement mediation aritration or goernment regulation as ell as oter contingent liailities see note “Contingent liailities and legal proceedings” to te consolidated inancial statements). udgement is necessar to assess te lieliood tat a pending claim ill succeed or a liailit ill arise. 129 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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otes to te onsolidated inanial statements ontinued Inome and epense items and as los are translated at te average eange rates or ea mont and eange dierenes arising are reognised diretly in oter ompreensive inome n disposal o a oreign entity te umulative amount previously reognised in te onsolidated statement o ompreensive inome relating to tat partiular oreign operation is reognised in proit or loss in te onsolidated inome statement Goodill and air value adustments arising on te auisition o a oreign operation are treated as assets and liailities o te oreign operation and translated aordingly e net oreign eange loss reognised in te onsolidated inome statement or te year ended ar is €13 million ar €146 million loss €2,277 million loss e net gains and net losses are reorded itin operating proit €1 million arge €24 million redit €1 million arge nonoperating epense €4 million redit €37 million redit €nil), investment inome €23 million arge €205 million arge €190 million arge inome ta epense €7 million redit €2 million arge €7 million arge and loss or te inanial year rom disontinued operations €nil, €nil, €2,079 million arge e oreign eange gains and losses inluded itin oter inome and epense and nonoperating epense arise on te disposal o susidiaries interests in oint ventures assoiates and investments rom te reyling o oreign eange gains and losses previously reognised in te onsolidated statement o ompreensive inome ssets are lassiied as urrent in te onsolidated statement o inanial position ere reovery is epeted itin monts o te reporting date ll assets ere reovery is epeted more tan monts rom te reporting date and all deerred ta assets goodill and intangile assets property plant and euipment and investments in assoiates and oint ventures are reported as nonurrent iailities are lassiied as urrent unless te Group as an unonditional rigt to deer settlement o te liaility or at least monts ater te reporting date or provisions ere te timing o settlement is unertain amounts are lassiied as nonurrent ere settlement is epeted more tan monts rom te reporting date In addition deerred ta liailities and postemployment eneits are reported as nonurrent Inventory is stated at te loer o ost and net realisale value Cost is determined on te asis o eigted average osts and omprises diret materials and ere appliale diret laour osts and tose overeads tat ave een inurred in ringing te inventories to teir present loation and ondition m e Group adopted te olloing ne aounting poliies on pril to omply it amendments to IR e aounting pronounements none o i ad a material impat on te Group’s inanial reporting on adoption are − mendments to IR “Definition o a Business”; − mendments to I and I “Definition o Material”; and − mendments to IR I and IR “Interest Rate enmark Reform”. m e I as issued te olloing pronounements or annual periods eginning on or ater anuary − mendments to IR “CovidRelated Rent Concessions” and “CovidRelated Rent Conessions eyond une 2021”; − mendments to IR “Extension o te emporary emption rom pplying IR 9”; and − mendments to IR I IR IR and IR “Interest Rate enmark Reorm – ase 2”. ese amendments ave eiter een endorsed y te eore eemer or y te ndorsement oard tereater e Group’s inanial reporting ill e presented in aordane it te aove ne standards rom pril e anges are not epeted to ave a material impat on te onsolidated inome statement onsolidated statement o inanial position or onsolidated as lo statement m e olloing narrosope amendments ave een issued y te I and are eetive or annual periods eginning on or ater anuary tey ere not endorsed y te at eemer and ave not yet een endorsed y te ndorsement oard − nnual improvements to IR tandards − mendments to I “Property, lant and uipment roeeds eore Intended Use”; − mendments to I “Onerous Contrats Cost o ulilling a Contract”; and − mendment to IR “Reference to te Coneptual Framework”. e olloing ne standards ave also een issued y te I and are eetive or periods eginning on or ater anuary tey ere not endorsed y te at eemer and ave not yet een endorsed y te ndorsement oard − IR “Insurance Contracts” and mendments to IR “Insurance Contracts”; − mendments to I “Classification o iailities as Current or onCurrent” inluding deerral o its eetive date − mendments to I “Disclosure o ounting Policies” and mendments to I “Definition o ounting stimates”; and − mendment to I “Deferred a related to ssets and iailities arising rom a ingle Transaction”. e Group is assessing te impat o tese ne standards and te Group’s inanial reporting and ill e presented in aordane it tese standards rom pril or pril as appliale Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 130 Vodafone Group Plc  Annual Report on Form 20-F 2021

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m Te Group’s usinesses are manaed on a eorapical asis. elected financial data is presented on tis asis elow. Revenue en te Group enters into an areement wit a customer, oods and services deliverale under te contract are identified as separate performance oliations (‘obligations’) to te extent tat te customer can enefit from te oods or services on teir own and tat te separate oods and services are considered distinct from oter oods and services in te areement. ere individual oods and services do not meet te criteria to e identified as separate oliations tey are areated wit oter oods andor services in te areement until a separate oliation is identified. Te oliations identified will depend on te nature of individual customer contracts, ut mit typically e separately identified for moile andsets, oter euipment suc as settop oxes and routers provided to customers and services provided to customers suc as moile and fixed line communication services. ere oods and services ave a functional dependency for example, a fixed line router can only e used wit te Group’s services) tis does not, in isolation, prevent tose oods or services from ein assessed as separate oliations. ctivities relatin to connectin customers to te Group’s network for te future provision of services are not considered to meet te criteria to e reconised as performance oliations except to te extent tat te control of related euipment passes to customers. Te Group determines te transaction price to wic it expects to e entitled in return for providin te promised oliations to te customer ased on te committed contractual amounts, net of sales taxes and discounts. ere indirect cannel dealers, suc as retailers, acuire customer contracts on ealf of te Group and receive commission, any commissions tat te dealer is compelled to use to fund discounts or oter incentives to te customer are treated as payments to te customer wen determinin te transaction price and conseuently are not included in contract acuisition costs. Te transaction price is allocated etween te identified oliations accordin to te relative standalone sellin prices of te oliations. Te standalone sellin price of eac oliation deliverale in te contract is determined accordin to te prices tat te Group would acieve y sellin te same oods andor services included in te oliation to a similar customer on a standalone asis; were standalone sellin prices are not directly oservale, estimation tecniues are used maximisin te use of external inputs. ee “Critical accountin udements and key sources of estimation uncertainty” in note 1 for details. Revenue is reconised wen te respective oliations in te contract are delivered to te customer and cas collection is considered proale. Revenue for te provision of services, suc as moile airtime and fixed line roadand, is reconised wen te Group provides te related service durin te areed service period. Revenue for device sales to end customers is enerally reconised wen te device is delivered to te end customer. For device sales made to intermediaries suc as indirect cannel dealers, revenue is reconised if control of te device as transferred to te intermediary and te intermediary as no rit to return te device to receive a refund; oterwise revenue reconition is deferred until sale of te device to an end customer y te intermediary or te expiry of any rit of return. ere refunds are issued to customers tey are deducted from revenue in te relevant service period. en te Group as control of oods or services prior to delivery to a customer, ten te Group is te principal in te sale to te customer. s a principal, receipts from, and payments to, suppliers are reported on a ross asis in revenue and operatin costs. If anoter party as control of oods or services prior to transfer to a customer, ten te Group is actin as an aent for te oter party and revenue in respect of te relevant oliations is reconised net of any related payments to te supplier and reconised revenue represents te marin earned y te Group. ee “Critical accountin udements and key sources of estimation uncertainty” in note 1 for details. Customers typically pay in advance for prepay moile services and montly for oter communication services. Customers typically pay for andsets and oter euipment eiter upfront at te time of sale or over te term of te related service areement. en revenue reconised in respect of a customer contract exceeds amounts received or receivale from a customer at tat time a contract asset is reconised; contract assets will typically e reconised for andsets or oter euipment provided to customers were payment is recovered y te Group via future service fees. If amounts received or receivale from a customer exceed revenue reconised for a contract, for example if te Group receives an advance payment from a customer, a contract liaility is reconised. en contract assets or liailities are reconised, a financin component may exist in te contract; tis is typically te case wen a andset or oter euipment is provided to a customer upfront ut payment is received over te term of te related service areement, in wic case te customer is deemed to ave received financin. If a sinificant financin component is provided to te customer, te transaction price is reduced and interest revenue is reconised over te customer’s payment period usin an interest rate reflectin te relevant central ank rates and customer credit risk. Contractrelated costs en costs directly relatin to a specific contract are incurred prior to reconisin revenue for a related oliation, and tose costs enance te aility of te Group to deliver an oliation and are expected to e recovered, ten tose costs are reconised on te statement of financial position as fulfilment costs and are reconised as expenses in line wit te reconition of revenue wen te related oliation is delivered. Te direct and incremental costs of acuirin a contract includin, for example, certain commissions payale to staff or aents for acuirin customers on ealf of te Group, are reconised as contract acuisition cost assets in te statement of financial position wen te related payment oliation is recorded. Costs are reconised as an expense in line wit te reconition of te related revenue tat is expected to e earned y te Group; typically tis is over te customer contract period as new commissions are payale on contract renewal. Certain amounts payale to aents are deducted from revenue reconised see aove). otes to te onsolidated inanial statements ontinued Inome and epense items and as los are translated at te average eange rates or ea mont and eange dierenes arising are reognised diretly in oter ompreensive inome n disposal o a oreign entity te umulative amount previously reognised in te onsolidated statement o ompreensive inome relating to tat partiular oreign operation is reognised in proit or loss in te onsolidated inome statement Goodill and air value adustments arising on te auisition o a oreign operation are treated as assets and liailities o te oreign operation and translated aordingly e net oreign eange loss reognised in te onsolidated inome statement or te year ended ar is €13 million ar €146 million loss €2,277 million loss e net gains and net losses are reorded itin operating proit €1 million arge €24 million redit €1 million arge nonoperating epense €4 million redit €37 million redit €nil), investment inome €23 million arge €205 million arge €190 million arge inome ta epense €7 million redit €2 million arge €7 million arge and loss or te inanial year rom disontinued operations €nil, €nil, €2,079 million arge e oreign eange gains and losses inluded itin oter inome and epense and nonoperating epense arise on te disposal o susidiaries interests in oint ventures assoiates and investments rom te reyling o oreign eange gains and losses previously reognised in te onsolidated statement o ompreensive inome ssets are lassiied as urrent in te onsolidated statement o inanial position ere reovery is epeted itin monts o te reporting date ll assets ere reovery is epeted more tan monts rom te reporting date and all deerred ta assets goodill and intangile assets property plant and euipment and investments in assoiates and oint ventures are reported as nonurrent iailities are lassiied as urrent unless te Group as an unonditional rigt to deer settlement o te liaility or at least monts ater te reporting date or provisions ere te timing o settlement is unertain amounts are lassiied as nonurrent ere settlement is epeted more tan monts rom te reporting date In addition deerred ta liailities and postemployment eneits are reported as nonurrent Inventory is stated at te loer o ost and net realisale value Cost is determined on te asis o eigted average osts and omprises diret materials and ere appliale diret laour osts and tose overeads tat ave een inurred in ringing te inventories to teir present loation and ondition m e Group adopted te olloing ne aounting poliies on pril to omply it amendments to IR e aounting pronounements none o i ad a material impat on te Group’s inanial reporting on adoption are − mendments to IR “Definition o a Business”; − mendments to I and I “Definition o Material”; and − mendments to IR I and IR “Interest Rate enmark Reform”. m e I as issued te olloing pronounements or annual periods eginning on or ater anuary − mendments to IR “CovidRelated Rent Concessions” and “CovidRelated Rent Conessions eyond une 2021”; − mendments to IR “Extension o te emporary emption rom pplying IR 9”; and − mendments to IR I IR IR and IR “Interest Rate enmark Reorm – ase 2”. ese amendments ave eiter een endorsed y te eore eemer or y te ndorsement oard tereater e Group’s inanial reporting ill e presented in aordane it te aove ne standards rom pril e anges are not epeted to ave a material impat on te onsolidated inome statement onsolidated statement o inanial position or onsolidated as lo statement m e olloing narrosope amendments ave een issued y te I and are eetive or annual periods eginning on or ater anuary tey ere not endorsed y te at eemer and ave not yet een endorsed y te ndorsement oard − nnual improvements to IR tandards − mendments to I “Property, lant and uipment roeeds eore Intended Use”; − mendments to I “Onerous Contrats Cost o ulilling a Contract”; and − mendment to IR “Reference to te Coneptual Framework”. e olloing ne standards ave also een issued y te I and are eetive or periods eginning on or ater anuary tey ere not endorsed y te at eemer and ave not yet een endorsed y te ndorsement oard − IR “Insurance Contracts” and mendments to IR “Insurance Contracts”; − mendments to I “Classification o iailities as Current or onCurrent” inluding deerral o its eetive date − mendments to I “Disclosure o ounting Policies” and mendments to I “Definition o ounting stimates”; and − mendment to I “Deferred a related to ssets and iailities arising rom a ingle Transaction”. e Group is assessing te impat o tese ne standards and te Group’s inanial reporting and ill e presented in aordane it tese standards rom pril or pril as appliale 131 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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otes to te consoliate inancial statements (continue) m eenue reporte or te year inclues reenue rom contracts it customers comprising serice an euipment reenue as ell as oter reenue items incluing reenue rom leases an interest reenue arising rom transactions it a signiicant inancing component e table belo isaggregates te Group’s reenue by reporting segment eenue rom otal erice uipment contracts it ter nterest segment uste reenue reenue customers reenue reenue reenue €m €m €m €m €m €m €m Germany taly pain ter urope oacom ter arets – Common unctions – () liminations () () () () – () – eenue rom otal erice uipment contracts it ter nterest segment uste reenue reenue customers reenue reenue reenue €m €m €m €m €m €m €m Germany taly pain ter urope oacom ter arets Common unctions – liminations () () () () – () – eenue rom otal erice uipment contracts it ter nterest segment uste reenue reenue customers reenue reenue reenue €m €m €m €m €m €m €m Germany taly pain ter urope oacom ter arets Common unctions – liminations () () () () – () – otes ter reenue inclues lease reenue recognise uner “Leases” or te years ene arc an arc an uner or te year ene arc (see note “Leases”). Comprises central teams an business unctions e total uture reenue rom te Group’s contracts it customers it perormance obligations not satisie at arc is € million ( € million €18,447 million) o ic € million ( €13,456 million €12,566 million) is epecte to be recognise itin te net year an te maority o te remaining amount in te olloing monts Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 132 Vodafone Group Plc  Annual Report on Form 20-F 2021

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m e Group’s opera semes are esase o e ass o ose ompoes o e Group a are eauae reuar e e opera eso maer e o o aoae resoures a assess perormae. e Group as eerme e e opera eso maer o e s e eue er. e Group as a se roup o smar seres a prous, e e supp o ommuaos seres a reae prous. eeue s arue o a our ase o e oao o e Group ompa repor e reeue. rasaos eee opera semes are are a arm’se pres. e eepo o oaom, s a ea e eompass ou ra a era oer smaer ra mares, seme ormao s prmar proe o e ass o eorap areas, e e ass o e Group maaes s ore eress. e opera semes or Germa, a, , pa, a oaom are ua maera or e Group a are ea repor semes or era aa ormao s proe. e areao o smaer opera semes o e er urope a er ares repor semes rees, e opo o maaeme, e smar oa mare eoom araerss a reuaor eromes or ea o ose opera semes as e as e smar prous a seres so a omparae asses o usomers. e ase o e er urope reo s are rees memersp or a ose assoao e uropea o, e e er ares seme are ues eeop eoomes ess sae eoom or reuaor eromes. ommo uos s a separae repor seme a omprses aes are uerae prmar era Group ees a o o mee e rera or areao oer repor semes. reoao o ause , e Group’s measure o seme pro, o e Group’s pro or oss eore aao or e aa ear s so eo. 22 21 €m €m €m esruur oss 356) 65) 46) eres o ease aes 374 33 – Loss o sposa o oe asses 3) 54) 33) epreao a amorsao o oe asses1 1,187) 1,454) ,75) are o resus eu aoue assoaes a o eures 342 2,55) 8) mparme osses – 1,685) 3,525) er omeepese) 568 4,281 148) oopera epese – 3) 7) esme ome 33 248 433 Finance costs 1,27) 3,54) 2,88) oe 1 omparae ure or 21 ues €59 mo epreao o asses e uer ae eases uer 17, pror o e aopo o 16 ‘Leases.’. otes to te consoliate inancial statements (continue) m eenue reporte or te year inclues reenue rom contracts it customers comprising serice an euipment reenue as ell as oter reenue items incluing reenue rom leases an interest reenue arising rom transactions it a signiicant inancing component e table belo isaggregates te Group’s reenue by reporting segment eenue rom otal erice uipment contracts it ter nterest segment uste reenue reenue customers reenue reenue reenue €m €m €m €m €m €m €m Germany taly pain ter urope oacom ter arets – Common unctions – () liminations () () () () – () – eenue rom otal erice uipment contracts it ter nterest segment uste reenue reenue customers reenue reenue reenue €m €m €m €m €m €m €m Germany taly pain ter urope oacom ter arets Common unctions – liminations () () () () – () – eenue rom otal erice uipment contracts it ter nterest segment uste reenue reenue customers reenue reenue reenue €m €m €m €m €m €m €m Germany taly pain ter urope oacom ter arets Common unctions – liminations () () () () – () – otes ter reenue inclues lease reenue recognise uner “Leases” or te years ene arc an arc an uner or te year ene arc (see note “Leases”). Comprises central teams an business unctions e total uture reenue rom te Group’s contracts it customers it perormance obligations not satisie at arc is € million ( € million €18,447 million) o ic € million ( €13,456 million €12,566 million) is epecte to be recognise itin te net year an te maority o te remaining amount in te olloing monts 133 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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oes o e osoae aa saemes oue m m ourre apa ouse er aos o epreao a asses aos asse aos ae asses amorsao mparme oss €m €m €m €m €m €m Germa 5 – a 5 5 5 – 9 – – pa 9 59 – er urope 9 9 – oaom 59 – – er ares 9 5 9 – ommo uos 5 9 – 9 – – Germa 9 5 – a 9 9 5 95 – 9 5 – – pa 9 – er urope 9 9 9 oaom 5 55 99 – er ares 9 5 9 55 – ommo uos 55 – 5 4 Germa 59 – – a – 9 – 5 – – pa – 9 er urope 9 5 – oaom 55 – 9 5 – er ares 9 – 55 ommo uos 9 99 – – – oes omprses oo oer ae asses a proper pa a eupme. ues aos o proper pa a eupme eu rouse asses ompuer soare a eeopme oss repore ae asses. ues aos o ees a sperum a usomer ase ausos. omparae ures or e ear ee ar ae ee represee o ree a p s o oer e or sae. ee oe ‘Discontinued operaos a asses a aes e or sale’. Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 134 Vodafone Group Plc  Annual Report on Form 20-F 2021

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€m €m €m motisation o intanile assets note Deeciation o oet lant and euiment note ned assets eased assets maiment o oodill in susidiaies associates and oint aanements note – ta costs note mounts elated to inento included in cost o sales eatin lease entals aale – – n costs caitalised attiutale to te constuction o acuisition o oet lant and euiment et ain on omation o elecom note – – et ain on omation o ndus oes imited note – – lede aanements in esect o ndus oes imited note – – ettlement o tende oe to D saeoldes – – et ain on disosal o odaone e ealand note – – et ain on disosal o toe inastuctue in tal note – – et ain on disosal o odaone alta note – – ote ncluded in te income and eense in te onsolidated income statement. e total emuneation o te Group’s audito nst oun and ote meme ims o nst oun loal imited o seices oided to te ou duin te ea ended ac is analsed elo. nst oun as aointed as te Group’s audito o te ea ended ac . ccodinl comaatie iues in te tale elo o te ea ended ac ae in esect o emuneation aid to te Group’s eious audito iceateouseooes and ote meme ims o iceateouseooes ntenational. eesented €m €m €m aent coman usidiaies usidiaies antae oes – – usidiaies ne accountin standads – 4 antae oes – uditelated – ooate inance – – otes udit ees o te ea ended ac ae inceased €2 million comaed to te amount eiousl eoted. is is to include ees aeed duin te ea ended ac ut ic elated to te ea ended ac . ees incued in eaations o te o antae oes .. Duin te ea ended ac ees o €1 million elated to inancial statement audit seices and ees o €8 million elated to seices and eotin ccountant ocedues. ees in elation to te imlementation o ne accountin standads notal “Revenue om ontacts it ustomes” and “Leases” ic ee eectie o te ist time o te eas ended ac and ac esectiel. ncludes ees in connection it te inteim eie elimina announcement and contols audit euied unde ection o te aanes le ct. n total tis amounted to €1 million in eac ea o te eas ended ac and ac . ees o statuto and eulato ilins duin te ea. ees ee less tan €1 million duin te eas ended ac and ac . t te time o te oad decision to ecommend nst oun as te statuto audito o te ea ended ac in eua nst oun ee oidin a ane o seices to te ou. ll seices tat ee oiited te inancial eotin ouncil (‘FRC’) o ecuities and cane ommission (‘SEC’) o a statuto audito to oide ceased ac . ll enaements tat ee not oiited te o ut ee not in accodance it te Group’s on intenal aoal olic o nonaudit seices ceased eal in te inancial ea ended ac to enale a smoot tansition to altenatie sulies ee euied. oes o e osoae aa saemes oue m m ourre apa ouse er aos o epreao a asses aos asse aos ae asses amorsao mparme oss €m €m €m €m €m €m Germa 5 – a 5 5 5 – 9 – – pa 9 59 – er urope 9 9 – oaom 59 – – er ares 9 5 9 – ommo uos 5 9 – 9 – – Germa 9 5 – a 9 9 5 95 – 9 5 – – pa 9 – er urope 9 9 9 oaom 5 55 99 – er ares 9 5 9 55 – ommo uos 55 – 5 4 Germa 59 – – a – 9 – 5 – – pa – 9 er urope 9 5 – oaom 55 – 9 5 – er ares 9 – 55 ommo uos 9 99 – – – oes omprses oo oer ae asses a proper pa a eupme. ues aos o proper pa a eupme eu rouse asses ompuer soare a eeopme oss repore ae asses. ues aos o ees a sperum a usomer ase ausos. omparae ures or e ear ee ar ae ee represee o ree a p s o oer e or sae. ee oe ‘Discontinued operaos a asses a aes e or sale’. 135 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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oes o e onsoae nana saemens (onnue) mm mparmen ours en e arrn vaue o asses s reaer an e presen vaue o e ne as os e are epee o enerae e reve e arrn vaue o asses or ea ounr n e operae a eas annua For urer eas o our mparmen reve proess see “Critical aounn uemens an e soures o esmaon uncertainty” n noe 1 “Basis o preparation” o e onsoae nana saemens Goo Goo s no sue o amorsaon u s ese or mparmen annua or enever ere s an naon a e asse ma e mpare For e purpose o mparmen esn asses are roupe a e oes eves or ere are separae enae as os non as aseneran uns e eermnaon o e Group’s aseneran uns s prmar ase on e eorap area ere e Group suppes ommunaons serves an prous as os rom asses n one urson are are nepenen o e as os rom oer asses n a same urson an manaemen monors perormane separae mupe aseneran uns are ene n a eorap area e reoverae amoun o e aseneran un s ess an e arrn amoun o e un e mparmen oss s aoae rs o reue e arrn amoun o an oo aoae o e un an en o e oer asses o e un proraa on e ass o e arrn amoun o ea asse n e un mparmen osses reonse or oo are no reverse n suseuen peros e reoverae amoun s e er o ar vaue ess oss o sposa an vaue n use n assessn vaue n use e esmae uure as os are soune o er presen vaue usn a prea soun rae a rees urren mare assessmens o e me vaue o mone an e rss spe o e asse or e esmaes o uure as os ave no een ause anaemen prepares orma ve ear pans or e Group’s aseneran uns are e ass or e vaue n use auaons roper pan an eupmen ne ve nane asses an eu aoune nvesmens ea reporn pero ae e Group reves e arrn amouns o s proper pan an eupmen ne ve nane asses an euaoune nvesmens o eermne eer ere s an naon a ose asses ave suere an mparmen oss an su naon ess e reoverae amoun o e asse s esmae n orer o eermne e een an o e mparmen oss ere s no posse o esmae e reoverae amoun o an nvua asse e Group esmaes e reoverae amoun o e aseneran un o e asse eons e reoverae amoun o an asse or aseneran un s esmae o e ess an s arrn amoun e arrn amoun o e asse or aseneran un s reue o s reoverae amoun an an mparmen oss s reonse mmeae n e nome saemen ere ere as een a ane n e esmaes use o eermne reoverae amoun an an mparmen oss suseuen reverses e arrn amoun o e asse or aseneran un s nrease o e revse esmae o s reoverae amoun no o eee e arrn amoun a ou ave een eermne a no mparmen oss een reonse or e asse or aseneran un n pror ears an an mparmen oss reversa s reonse mmeae n e nome saemen mm Foon our annua mparmen reve e mparmen ares reonse n e onsoae nome saemen n operan pro are sae eo Furer ea on e evens an rumsanes a e o e reonon o e mparmen ares s nue eo 22 21 Caseneran un Reporae semen €m €m €m Span Span – 8 2 rean er Europe – – Romana er Europe – 11 1 oaone uomove Common Funons – 1 oaone ea er ares – – 2 – For e ear ene 1 ar 21 e Group reore a oss on sposa o oaone na o €3,420 mon nun a oss on sposa o €1,276 mon an a oren eane oss o €2,079 mon s nue n sonnue operaons See noe 2 “Acquisitions an disposals” or urer eas Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 136 Vodafone Group Plc  Annual Report on Form 20-F 2021

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e remainin carryin alue o oodill at 31 arc as as ollos 2020 epresented1 €m €m odaone Germany 20,33 22,900 antae oers Germany 2,6 – taly 2,41 2,40 ter 6,30 5,998 31,378 ote 1 Comparatie iures or te year ended 31 arc 2020 ae een represented to relect tat odaone ypt is no loner eld or sale ee note 7 ‘Discontinued operations and assets and liailities eld or sale’. m e ey assumptions used in determinin te alue in use are Assumption o determined roected adusted BA roected adusted BA as een ased on past eperience adusted or te olloin n urope, moile reenue is epected to eneit rom increased usae as customers transition to ier data undles, and ne products and serices are introduced ied reenue is epected to continue to ro as penetration is increased and more products and serices are sold to customers utside o urope, reenue is epected to continue to ro as te penetration o aster dataenaled deices rises alon it ier data undle attacment rates, and ne products and serices are introduced e ter arets sement is also epected to eneit rom increased usae and penetration o esa in Arica and arins are epected to e impacted y neatie actors suc as te cost o acquirin and retainin customers in increasinly competitie marets and y positie actors suc as te eiciencies epected rom te implementation o Group initiaties roected capital ependiture e cas lo orecasts or capital ependiture are ased on past eperience and include te onoin capital ependiture required to maintain our netors, proide products and serices in line it customer epectations, includin o ier data olumes and speeds, and to meet te population coerae requirements of certain of the Group’s licences n urope, capital ependiture is required to roll out capacityuildin net eneration G and iait netors utside o urope, capital ependiture ill e required or te continued rollout o current and net eneration moile netors in emerin marets Capital ependiture includes cas outlos or te purcase o property, plant and equipment and computer sotare roected licence and spectrum payments o enale te continued proision o products and serices, te cas lo orecasts or licence and spectrum payments or eac releant caseneratin unit include amounts or epected reneals and nely aailale spectrum Beyond te ie year orecast period, a lonrun cost o spectrum is assumed onterm rot rate or the purposes of the Group’s value in use calculations, a lon ‑ term rot rate into perpetuity is applied immediately at te end o te ie year orecast period and is ased on te loer o te nominal G rot rate orecasts or te country o operation and te lonterm compound annual rot rate in adusted BA as estimated y manaement onterm compound annual rot rates determined y manaement may e loer tan orecast nominal G rot rates due to te olloin maretspeciic actors competitie intensity leels, maturity o usiness, reulatory enironment or sectorspeciic inlation epectations reta ris adusted discount rate The discount rate applied to the cash flows of each of the Group’s casheneratin units is enerally ased on te ris ree rate or ten year onds issued y te oernment in te respectie maret ere oernment ond rates contain a material component o credit ris, iquality local corporate ond rates may e used ese rates are adusted or a ris premium to relect ot te increased ris o inestin in equities and te systematic ris o te speciic caseneratin unit n main tis adustment, inputs required are te equity maret ris premium tat is te required return oer and aoe a ris ree rate y an inestor o is inestin in te maret as a ole and te ris adustment, eta, applied to relect te ris o te speciic caseneratin unit relatie to te maret as a ole n determinin te ris adusted discount rate, manaement as applied an adustment or te systematic ris to each of the Group’s casheneratin companies determined usin an aerae o te etas o comparale listed telecommunications companies and, ere aailale and appropriate, across a speciic territory anaement as used a orardlooin equity maret ris premium tat taes into consideration ot studies y independent economists, te lonterm aerae equity maret ris premium and te maret ris premiums typically used y aluations practitioners e ris adusted discount rate is also ased on typical leerae ratios o telecommunications companies in eac caseneratin units respectie maret or reion oes o e onsoae nana saemens (onnue) mm mparmen ours en e arrn vaue o asses s reaer an e presen vaue o e ne as os e are epee o enerae e reve e arrn vaue o asses or ea ounr n e operae a eas annua For urer eas o our mparmen reve proess see “Critical aounn uemens an e soures o esmaon uncertainty” n noe 1 “Basis o preparation” o e onsoae nana saemens Goo Goo s no sue o amorsaon u s ese or mparmen annua or enever ere s an naon a e asse ma e mpare For e purpose o mparmen esn asses are roupe a e oes eves or ere are separae enae as os non as aseneran uns e eermnaon o e Group’s aseneran uns s prmar ase on e eorap area ere e Group suppes ommunaons serves an prous as os rom asses n one urson are are nepenen o e as os rom oer asses n a same urson an manaemen monors perormane separae mupe aseneran uns are ene n a eorap area e reoverae amoun o e aseneran un s ess an e arrn amoun o e un e mparmen oss s aoae rs o reue e arrn amoun o an oo aoae o e un an en o e oer asses o e un proraa on e ass o e arrn amoun o ea asse n e un mparmen osses reonse or oo are no reverse n suseuen peros e reoverae amoun s e er o ar vaue ess oss o sposa an vaue n use n assessn vaue n use e esmae uure as os are soune o er presen vaue usn a prea soun rae a rees urren mare assessmens o e me vaue o mone an e rss spe o e asse or e esmaes o uure as os ave no een ause anaemen prepares orma ve ear pans or e Group’s aseneran uns are e ass or e vaue n use auaons roper pan an eupmen ne ve nane asses an eu aoune nvesmens ea reporn pero ae e Group reves e arrn amouns o s proper pan an eupmen ne ve nane asses an euaoune nvesmens o eermne eer ere s an naon a ose asses ave suere an mparmen oss an su naon ess e reoverae amoun o e asse s esmae n orer o eermne e een an o e mparmen oss ere s no posse o esmae e reoverae amoun o an nvua asse e Group esmaes e reoverae amoun o e aseneran un o e asse eons e reoverae amoun o an asse or aseneran un s esmae o e ess an s arrn amoun e arrn amoun o e asse or aseneran un s reue o s reoverae amoun an an mparmen oss s reonse mmeae n e nome saemen ere ere as een a ane n e esmaes use o eermne reoverae amoun an an mparmen oss suseuen reverses e arrn amoun o e asse or aseneran un s nrease o e revse esmae o s reoverae amoun no o eee e arrn amoun a ou ave een eermne a no mparmen oss een reonse or e asse or aseneran un n pror ears an an mparmen oss reversa s reonse mmeae n e nome saemen mm Foon our annua mparmen reve e mparmen ares reonse n e onsoae nome saemen n operan pro are sae eo Furer ea on e evens an rumsanes a e o e reonon o e mparmen ares s nue eo 22 21 Caseneran un Reporae semen €m €m €m Span Span – 8 2 rean er Europe – – Romana er Europe – 11 1 oaone uomove Common Funons – 1 oaone ea er ares – – 2 – For e ear ene 1 ar 21 e Group reore a oss on sposa o oaone na o €3,420 mon nun a oss on sposa o €1,276 mon an a oren eane oss o €2,079 mon s nue n sonnue operaons See noe 2 “Acquisitions an disposals” or urer eas 137 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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otes to the consolidated financial statements continued mm ollowin the carveout of Vodafone’s tower infrastructure to antae Towers .G. (‘Vantage Towers’) durin the ear in German, pain, ortual, reland, Greece, omania, ech epulic and unar and the acuisitions antae Towers of odafone UK’s shareholdin in ornerstone Telecommunications nfrastructure imited (‘CTIL’) and the remainin shareholdin in the antae Towers Greece, manaement considers Vodafone’s operatin companies and antae Tower’s operatin companies in the affected eoraphical areas to represent two casheneratin units for the purpose of impairment testin as at arch . Vodafone’s investment in nfrastructure ireless taliane .p.. (‘INWIT’) was also transferred to antae Towers durin the ear. Goodwill has een allocated on a relative values asis to the antae Towers casheneratin units, where applicale, as part of the tower usiness carve out from Vodafone’s operations. The casheneratin units descried elow relate to odafone’s moile and fied line tradin usinesses, unless otherwise indicated as ein part of antae Towers. m The tale elow shows e assumptions used in the value in use calculations. ssumptions used in value in use calculation German tal pain reland omania antae Towers German reta ris adusted discount rate . . . . . . onterm rowth rate . . . . . . roected adusted TD . . . . . . roected capital ependiture .. .. .. .. .. .. The estimated recoverale amounts of the Group’s operations in German, tal, pain, reland, omania and antae Towers German eceed their carrin values €7. illion, €0. illion, €0. illion, €0. illion, €0.1 illion and €3. illion, respectivel. f the assumptions used in the impairment review were chaned to a reater etent than as presented in the followin tale, the chanes would, in isolation, lead to an impairment loss ein reconised for the ear ended arch . hane reuired for carrin value to eual recoverale amount German tal pain reland omania antae Towers German pps pps pps pps pps pps reta ris adusted discount rate . . . . . . onterm rowth rate . . . . . . roected adusted TD . . . . . . roected capital ependiture . . . . . . Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 138 Vodafone Group Plc  Annual Report on Form 20-F 2021

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anageent onsdered te foowng reasona posse anges n e assuptons for proeted adusted IT1 and ongter growt rate eang a oter assuptons unanged. Consstent wt te pror ear and due to te unertant of future CVI1 pats management’s range of reasona posse anges n proeted adusted IT s pus or nus perentage ponts (00 perentage ponts). Te senstt anass presented s prepared on te ass tat te reasona posse ange n ea e assupton woud not ae a onseuenta pat on oter assuptons used n te parent reew. Te assoated pat on te parent assessent s presented n te tae eow. anageent eees tat no reasona posse or foreseeae ange n te preta adusted dsount rate or proeted apta ependture woud ause te dfferene etween te arrng aue and reoerae aount for an asgeneratng unt to e atera dfferent fro te ase ase dsosed eow. eoerae aount ess arrng aue Geran Ita pan Ireand oana Vantage Towers Geran €n €n €n €n €n €n ase ase as at 31 ar 01 7. 0. 0.3 0.1 0.1 3. Cange n proeted adusted IT1 erease pps (1.) (1.3) (0.) (0.) (0.1) . Inrease pps 1. . 1. 0. 0.3 .0 Cange n ongter growt rate erease 1pps 1. (0.1) (0.3) – – . Inrease 1pps 1.0 1. 1.0 0.3 0. .1 Te arrng aues for Vodafone UK ortuga Ce epu and ungar nude goodw arsng fro austons andor te purase of operatng enes or spetru rgts. Te reoerae aounts for tese operatng opanes are aso not atera greater tan ter arrng aues and aordng are dsosed eow. If te assuptons used n te parent reew were anged to a greater etent tan as presented n te foowng tae te anges woud n soaton ead to an parent oss eng reognsed n te ear ended 31 ar 01. Cange reured for arrng aue to eua reoerae aount UK ortuga Ce epu ungar pps pps pps pps reta rs adusted dsount rate 0. 0. 1. 0.3 Longter growt rate (0.) (1.0) (1.3) (0.) roeted adusted IT1 (1.7) (.) (3.0) (0.7) roeted apta ependture . 3.7 7. 1. Notes 1 roeted adusted IT s epressed as te opound annua growt rates n te nta fe ears for a asgeneratng unts of te pans used for parent testng. prorata adustent as een ade to true up 31 ar 01 adusted IT to a fu ear were te towers usness areout ourred durng te ear. roeted apta ependture w eudes enes and spetru s epressed as apta ependture as a perentage of reenue n te nta fe ears for a asgeneratng unts of te pans used for parent testng. otes to the consolidated financial statements continued mm ollowin the carveout of Vodafone’s tower infrastructure to antae Towers .G. (‘Vantage Towers’) durin the ear in German, pain, ortual, reland, Greece, omania, ech epulic and unar and the acuisitions antae Towers of odafone UK’s shareholdin in ornerstone Telecommunications nfrastructure imited (‘CTIL’) and the remainin shareholdin in the antae Towers Greece, manaement considers Vodafone’s operatin companies and antae Tower’s operatin companies in the affected eoraphical areas to represent two casheneratin units for the purpose of impairment testin as at arch . Vodafone’s investment in nfrastructure ireless taliane .p.. (‘INWIT’) was also transferred to antae Towers durin the ear. Goodwill has een allocated on a relative values asis to the antae Towers casheneratin units, where applicale, as part of the tower usiness carve out from Vodafone’s operations. The casheneratin units descried elow relate to odafone’s moile and fied line tradin usinesses, unless otherwise indicated as ein part of antae Towers. m The tale elow shows e assumptions used in the value in use calculations. ssumptions used in value in use calculation German tal pain reland omania antae Towers German reta ris adusted discount rate . . . . . . onterm rowth rate . . . . . . roected adusted TD . . . . . . roected capital ependiture .. .. .. .. .. .. The estimated recoverale amounts of the Group’s operations in German, tal, pain, reland, omania and antae Towers German eceed their carrin values €7. illion, €0. illion, €0. illion, €0. illion, €0.1 illion and €3. illion, respectivel. f the assumptions used in the impairment review were chaned to a reater etent than as presented in the followin tale, the chanes would, in isolation, lead to an impairment loss ein reconised for the ear ended arch . hane reuired for carrin value to eual recoverale amount German tal pain reland omania antae Towers German pps pps pps pps pps pps reta ris adusted discount rate . . . . . . onterm rowth rate . . . . . . roected adusted TD . . . . . . roected capital ependiture . . . . . . 139 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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tes t te nsate nana statements ntne mm e sses e te ea ene a ae as es sse n te a nna et te ea ene a te ee mament ages €0.8 n €0. n €0.1 n an €0.1 n t eset t te Group’s nestments n an ean mana an ane tmte esete e mament ages eate se t g an ae egnse n te nsate nme statement tn eatng tss e eeae amnts an ean mana an ane tmte ae €5.6 n €1.2 n €0.9 n an €0.0 n esete an ase n ae n se aatns e tea eee a n ea an ntes ae ee snesses t mt ssen eatns an memente tae esttns an aantne meases e meases taen t ntan te s ae aese aete enm att an ste man snesses s te tea ntnes t gess an ee t s eteme aengng t et te etent an atn ts mat n Vodafone’s snesses an te ntes ee ane eates ase n nmatn aaae as at a management mae atna astments t te e ea sness ans se n te Group’s mament testng n e t eet te estmate mat e mament ages egnse an ssse mmeate e ee ase n eete as s ate ang tese astments aengng tang an enm ntns n an matease n te nana ea an management egnse an mament age ng a etn n ete as s ng te ea ene a tee as an seae estnng tas st ans an mette ntenst tn te mtane maet as eete t eman eeate n te mem tem ese ats e t management etng e as s an egnsng an mament age t eset t te Group’s nestment n an e mament age egnse t eset t ean as atttae t nease mettn an te aementne nease enm netant s a nseene gt an s ee eete t e e anagement eete tese assmtns n eete as s e mament ages egnse t eset t mana an ane tmte eet management’s atest assessment e tang an enm ntns n te e ea sness an Management’s e te ngtem tenta n tese maets emans nange e ean et a assets ae n see nte ‘Acquisitins an disposals’) ee ssme tn estng as geneatng nts n eman e e nga an mana e ma easn ang te snesses as t eate a nege natna e gta nastte n eman tgete t eatng nege mmnatns eats n te e e nga an mana ng te ntegatn te ae snesses management nsee te as s tn tese asgeneatng nts t e age nteeenent an mnts emane n a ntee ass n a te mege ts asse te nastte n ta t see nte ‘Acquisitions an disposals’) n te ate te mege management mnte emane ts eatns n ta n a nte ass an nsee ane ta nng ts asse te nastte t e ne asgeneatng nt te se mament testng as at a mament n eatn t ane ta e neessa mament testng as eme n a stmege ass at a m e tae e ss e assmtns se n te ae n se aatns ssmtns se n ae n se aatn eman ta an ean mana ane tmte eta s aste snt ate ngtem gt ate ete aste ete ata eente e estmate eeae amnt te Group’s eatns n eman an ta eee te ang aes €6.6 n an €1.8 n esete te assmtns se n te mament ee ee ange t a geate etent tan as esente n te ng tae te anges n satn ea t an mament ss eng egnse te ea ene a ange ee ang ae t ea eeae amnt eman ta s s eta s aste snt ate ngtem gt ate ete aste ete ata eente Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 140 Vodafone Group Plc  Annual Report on Form 20-F 2021

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Management considered te folloing reasonal possile canges in te e adusted A1 and longterm grot rate assumptions leaing all oter assumptions uncanged. ue to increased uncertaint folloing te V19 outrea management as idened te range of reasonal possile canges in te e adusted A grot rate assumption to plus or minus 5 percentage points 2019 2 percentage points). e sensitiit analsis presented is prepared on te asis tat te reasonal possile cange in eac e assumption ould not ae a consequential impact on oter assumptions used in te impairment reie. e associated impact on te impairment assessment is presented in te tale elo it te eception of Vodafone Automotie ere no reasonal possile cange in te e assumptions ould materiall cange te impairment carge recognised. Management eliees tat no reasonal possile or foreseeale cange in te preta adusted discount rate or proected capital ependiture2 ould cause te difference eteen te carring alue and recoerale amount for an casgenerating unit to e materiall different to te ase case disclosed elo. ecoerale amount less carring alue prior to recognition of impairment carges) German tal pain reland omania €n €n €n €n €n ase case as at 1 Marc 2020 6.6 1.8 0.8) 0.6) 0.1) ange in proected adusted A1 ecrease 5pps .) 1.0) 2.) 1.1) 0.) ncrease 5pps 18. 5.1 0.9 – 0.1 ange in longterm grot rate ecrease 1pps 0.2 0.8 1.5) 0.8) 0.2) ncrease 1pps 15.8 .0 – 0.) – e carring alues for Vodafone ortugal ec epulic and ungar include goodill arising from acquisitions andor te purcase of operating licences or spectrum rigts. ile te recoerale amounts for tese operating companies are not materiall greater tan teir carring alue eac as a loer ris of giing rise to an impairment tat ould e material to te Group gien teir relatie sie or te composition of teir carring alue. f te assumptions used in te impairment reie ere canged to a greater etent tan as presented in te folloing tale te canges ould in isolation lead to an impairment loss eing recognised in te ear ended 1 Marc 2020. ange required for carring alue to equal recoerale amount ortugal ec epulic ungar pps pps pps pps reta ris adusted discount rate 1.1 1.5 1. 1.9 ongterm grot rate 1.) 1.6) 1.8) 2.2) roected adusted A1 2.) .) .0) .9) roected capital ependiture2 .5 .1 12.5 9.1 otes 1 roected adusted A is epressed as te compound annual grot rates in te initial fie ears for all casgenerating units of te plans used for impairment testing. 2 roected capital ependiture ic ecludes licences and spectrum is epressed as capital ependiture as a percentage of reenue in te initial fie ears for all casgenerating units of te plans used for impairment testing. e recoerale amount for Vodafoneiggo is not materiall greater tan its carring alue. f aderse impacts of economic competitie regulator or oter factors ere to cause significant deterioration in te operations of Vodafoneiggo and te entity’s epected future cas flos tis ma lead to an impairment loss eing recognised. tes t te nsate nana statements ntne mm e sses e te ea ene a ae as es sse n te a nna et te ea ene a te ee mament ages €0.8 n €0. n €0.1 n an €0.1 n t eset t te Group’s nestments n an ean mana an ane tmte esete e mament ages eate se t g an ae egnse n te nsate nme statement tn eatng tss e eeae amnts an ean mana an ane tmte ae €5.6 n €1.2 n €0.9 n an €0.0 n esete an ase n ae n se aatns e tea eee a n ea an ntes ae ee snesses t mt ssen eatns an memente tae esttns an aantne meases e meases taen t ntan te s ae aese aete enm att an ste man snesses s te tea ntnes t gess an ee t s eteme aengng t et te etent an atn ts mat n Vodafone’s snesses an te ntes ee ane eates ase n nmatn aaae as at a management mae atna astments t te e ea sness ans se n te Group’s mament testng n e t eet te estmate mat e mament ages egnse an ssse mmeate e ee ase n eete as s ate ang tese astments aengng tang an enm ntns n an matease n te nana ea an management egnse an mament age ng a etn n ete as s ng te ea ene a tee as an seae estnng tas st ans an mette ntenst tn te mtane maet as eete t eman eeate n te mem tem ese ats e t management etng e as s an egnsng an mament age t eset t te Group’s nestment n an e mament age egnse t eset t ean as atttae t nease mettn an te aementne nease enm netant s a nseene gt an s ee eete t e e anagement eete tese assmtns n eete as s e mament ages egnse t eset t mana an ane tmte eet management’s atest assessment e tang an enm ntns n te e ea sness an Management’s e te ngtem tenta n tese maets emans nange e ean et a assets ae n see nte ‘Acquisitins an disposals’) ee ssme tn estng as geneatng nts n eman e e nga an mana e ma easn ang te snesses as t eate a nege natna e gta nastte n eman tgete t eatng nege mmnatns eats n te e e nga an mana ng te ntegatn te ae snesses management nsee te as s tn tese asgeneatng nts t e age nteeenent an mnts emane n a ntee ass n a te mege ts asse te nastte n ta t see nte ‘Acquisitions an disposals’) n te ate te mege management mnte emane ts eatns n ta n a nte ass an nsee ane ta nng ts asse te nastte t e ne asgeneatng nt te se mament testng as at a mament n eatn t ane ta e neessa mament testng as eme n a stmege ass at a m e tae e ss e assmtns se n te ae n se aatns ssmtns se n ae n se aatn eman ta an ean mana ane tmte eta s aste snt ate ngtem gt ate ete aste ete ata eente e estmate eeae amnt te Group’s eatns n eman an ta eee te ang aes €6.6 n an €1.8 n esete te assmtns se n te mament ee ee ange t a geate etent tan as esente n te ng tae te anges n satn ea t an mament ss eng egnse te ea ene a ange ee ang ae t ea eeae amnt eman ta s s eta s aste snt ate ngtem gt ate ete aste ete ata eente 141 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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tes t te nsite inni stteents ntine mm e isses e te ye ene e s eisy isse in te n nn ets te ye ene te ee iient es €2.9 iin €0.3 iin n €0.3 iin in eset te Group’s inestents in in ni n ne e esetiey e iient es it eset t in n ni ete sey t i n te iient e it eset t ne e etes t te int entre’s yin e iient es e enise in te nsite ine stteent itin etin ssit e eee nts in n ni e €7.1 iin n €0.7 iin esetiey n e se n e in se tins e eee nt te Group’s ste in ne e is €1.6 iin n is se n its i e ess sts iss in enin ent tin n eni nitins neent essesse te eete te siness ene in in in tis essessent ete s s e e n tis e t n iient e it eset t te Group’s inestent in in e iient e it eset t te Group’s inestent in ni s ien y n inese in te yie n nin enent ns i inese te isnt te n management’s essessent te nte t te ie eyn te ie ye siness n ne e iite e Group’s inestent in ne e s teste iient t in ne it ie ient testin s nsiee ite s est et nitins n eines in te te se ie te ny in te ei e et eninent in ni eine iy enin it siniint iin esse i e t insty nsitin t siniinty e ee itiity n ete esse n innin neent ntines t nsie it esne t sse n e et n iin eey ee te tiin n nite eins iy netin iny tee e ie ne tenti tes in eiin ent ie te siness ene s s n et innin eieents e in se ses neent ne tt te i e ess sts iss se n n see se ie is te ite sis t eteine te eee nt te Group’s inestent in ne e te se iient testin te ye ene ee te eee nt is ess tn te investment’s yin nt te yin nt is ee t te eee nt n n iient is enise e inestent in ne e s s teste iient s t etee e se ie iie eee nt iin (€1.8 iin i s e tn te yin e te inestent t te se te n iient e €0.3 iin s enise t ee te yin e te int ente in te Group’s nsite stteent inni sitin in te nnneent te tes ne Idea’s its isse n te ne e se ie ent ‘ex ihts’ n n se t se n intin ie t neent n te eee nt te Group’s inestent in ne e s eteine se n ey sstins etin t te ne ne ses t i neent intene t ssie iin n te ssite st ne te tes te its isse e se te tin int nt tese ey sstins n te te se ie te eee nt te Group’s inteest in ne e s eteine t e iin (€1.6 iin s t ne Idea’s se ie is see in te et n is nsiee ee int ne te i e iey s neent s nsiee te see n nte ints ete t te ne n st te ne ses t e isse ne te its isse te eee nt te e is nsiee t e ee tin ne te i e iey e eee nt is €0.2 iin ie tn te yin e te inestent s t n n te nes t te yin e iient e enise in etee e eie e yin e ne e tt s teste iient s eenent n ie ne sstins inin te ee et iin n te eistin ntiite eeete etin eenses n it eenite syneies ny te sstins nt teiise in e in t tese i it te entity’s eete te s s n y est in te iient e yin e is s eenent n te iity te entity t einne its iiities s tey e tis nt e iee tis i it te iiity ne e n i est in te iient in e in t te Group’s inestent se sey n te sin se ie ne e n y te eee nt te Group’s inteest e €0.6 iin e tn te eee nt s t stent s e t te yin e te ne e int ente s tis s nsiee nnstin eent m e te e ss ey sstins se in te e in se tins sstins se in e in se tin eny ty in ni et ste isnt te nte t te ete ste ete it eenite – – – – tes ete ste is eesse s te n nn t tes in te initi ie yes senetin nits te ns se iient testin ete it eenite i ees ienes n set is eesse s it eenite s eente eene in te initi ie yes senetin nits te ns se iient testin Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 142 Vodafone Group Plc  Annual Report on Form 20-F 2021

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he estimated reoverae amount o the Group’s operations in Germany Itay pain and omania exeed their arrying vaues y €7.4 iion €2.7 iion €0.5 iion and €0.1 iion respetivey. I the assumptions used in the impairment revie ere hanged to a greater extent than as presented in the ooing tae the hanges oud in isoation ead to an impairment oss eing reognised or the year ended 31 arh 2019. hange reuired or arrying vaue to eua reoverae amount Germany Itay pain omania pps pps pps pps retax adusted disount rate 2.1 2. 0. 1.2 ongterm groth rate (2.2 (2.9 (0.7 (1. roeted adusted I1 (.9 (.6 (1.3 (2.0 roeted apita expenditure2 1. 11.2 2.7 3.3 otes 1 roeted adusted I is expressed as the ompound annua groth rates in the initia ive years or a ashgenerating units o the pans used or impairment testing. 2 roeted apita expenditure hih exudes ienes and spetrum is expressed as apita expenditure as a perentage o revenue in the initia ive years or a ashgenerating units o the pans used or impairment testing. anagement onsidered the ooing reasonay possie hanges in the ey I1 assumption hie eaving a other assumptions unhanged. he assoiated impat on the impairment assessment is presented in the tae eo. anagement eieves that no reasonay possie or oreseeae hange in any o the other assumptions inuded in the tae aove oud ause the arrying vaue o any ashgenerating unit to materiay exeed its reoverae amount. eoverae amount ess arrying vaue erease y 2pps ase ase Inrease y 2pps €bn €bn €bn Germany .2 7. 10.8 Itay 1. 2.7 .1 pain (0.3 0. 1. omania – 0.1 0.2 ote 1 roeted adusted I is expressed as the ompound annua groth rates in the initia ive years or a ashgenerating units o the pans used or impairment testing. he arrying vaues or odaone ortuga and Ireand inude goodi arising rom their auisition y the Group andor the purhase o operating ienes or spetrum rights. hie the reoverae amounts or these operating ompanies are not materiay greater than their arrying vaue eah has a oer ris o giving rise to impairment that oud e materia to the Group given their reative sie or the omposition o their arrying vaue. he hanges in the ooing tae to assumptions used in the impairment revie oud have in isoation ed to an impairment oss eing reognised in the year ended 31 arh 2019. hange reuired or arrying vaue to eua reoverae amount Ireand ortuga pps pps pps retax ris adusted disount rate 0.7 1.2 0.7 ongterm groth rate (0.9 (1. (0.7 roeted adusted I1 (1.9 (2.7 (1. roeted apita expenditure2 3.3 8. 3. otes 1 roeted adusted I is expressed as the ompound annua groth rates in the initia ive years or a ashgenerating units o the pans used or impairment testing. 2 roeted apita expenditure hih exudes ienes and spetrum is expressed as apita expenditure as a perentage o revenue in the initia ive years or a ashgenerating units o the pans used or impairment testing. ooing the merger the reoverae amount or odaoneiggo is not materiay greater than its arrying vaue. I adverse impats o eonomi ompetitive reguatory or other ators ere to ause signiiant deterioration in the operations o odaoneiggo and the entity’s expeted uture ash os this may ead to an impairment oss eing reognised. tes t te nsite inni stteents ntine mm e isses e te ye ene e s eisy isse in te n nn ets te ye ene te ee iient es €2.9 iin €0.3 iin n €0.3 iin in eset te Group’s inestents in in ni n ne e esetiey e iient es it eset t in n ni ete sey t i n te iient e it eset t ne e etes t te int entre’s yin e iient es e enise in te nsite ine stteent itin etin ssit e eee nts in n ni e €7.1 iin n €0.7 iin esetiey n e se n e in se tins e eee nt te Group’s ste in ne e is €1.6 iin n is se n its i e ess sts iss in enin ent tin n eni nitins neent essesse te eete te siness ene in in in tis essessent ete s s e e n tis e t n iient e it eset t te Group’s inestent in in e iient e it eset t te Group’s inestent in ni s ien y n inese in te yie n nin enent ns i inese te isnt te n management’s essessent te nte t te ie eyn te ie ye siness n ne e iite e Group’s inestent in ne e s teste iient t in ne it ie ient testin s nsiee ite s est et nitins n eines in te te se ie te ny in te ei e et eninent in ni eine iy enin it siniint iin esse i e t insty nsitin t siniinty e ee itiity n ete esse n innin neent ntines t nsie it esne t sse n e et n iin eey ee te tiin n nite eins iy netin iny tee e ie ne tenti tes in eiin ent ie te siness ene s s n et innin eieents e in se ses neent ne tt te i e ess sts iss se n n see se ie is te ite sis t eteine te eee nt te Group’s inestent in ne e te se iient testin te ye ene ee te eee nt is ess tn te investment’s yin nt te yin nt is ee t te eee nt n n iient is enise e inestent in ne e s s teste iient s t etee e se ie iie eee nt iin (€1.8 iin i s e tn te yin e te inestent t te se te n iient e €0.3 iin s enise t ee te yin e te int ente in te Group’s nsite stteent inni sitin in te nnneent te tes ne Idea’s its isse n te ne e se ie ent ‘ex ihts’ n n se t se n intin ie t neent n te eee nt te Group’s inestent in ne e s eteine se n ey sstins etin t te ne ne ses t i neent intene t ssie iin n te ssite st ne te tes te its isse e se te tin int nt tese ey sstins n te te se ie te eee nt te Group’s inteest in ne e s eteine t e iin (€1.6 iin s t ne Idea’s se ie is see in te et n is nsiee ee int ne te i e iey s neent s nsiee te see n nte ints ete t te ne n st te ne ses t e isse ne te its isse te eee nt te e is nsiee t e ee tin ne te i e iey e eee nt is €0.2 iin ie tn te yin e te inestent s t n n te nes t te yin e iient e enise in etee e eie e yin e ne e tt s teste iient s eenent n ie ne sstins inin te ee et iin n te eistin ntiite eeete etin eenses n it eenite syneies ny te sstins nt teiise in e in t tese i it te entity’s eete te s s n y est in te iient e yin e is s eenent n te iity te entity t einne its iiities s tey e tis nt e iee tis i it te iiity ne e n i est in te iient in e in t te Group’s inestent se sey n te sin se ie ne e n y te eee nt te Group’s inteest e €0.6 iin e tn te eee nt s t stent s e t te yin e te ne e int ente s tis s nsiee nnstin eent m e te e ss ey sstins se in te e in se tins sstins se in e in se tin eny ty in ni et ste isnt te nte t te ete ste ete it eenite – – – – tes ete ste is eesse s te n nn t tes in te initi ie yes senetin nits te ns se iient testin ete it eenite i ees ienes n set is eesse s it eenite s eente eene in te initi ie yes senetin nits te ns se iient testin 143 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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otes to te onsoite inni stteents ontinue m m nestent inoe oprises interest reeie ro sortter inestents n oter reeibes. innin osts iny rise ro interest ue on bons n oeri pper issue bn ons n te resuts o ein trnstions use to ne orein ene n interest rte oeents. 2020 201 €m €m €m m m inni ssets esure t ortise ost 0 157 2 inni ssets esure t ir ue trou proit n oss 24 1 147 330 248 433 inni ibiities esure t ortise ost ons 1722 150 114 ese ibiities 74 0 – n ons n oter ibiities2 4 2 41 nterest on erities 45 54 1 rtoret on erities 1070 112 424 orein ene 2 205 10 1,027 3,549 2,088 697 3,301 1,655 otes 1 oponents o innin osts or 2020 n 201 e been represente to in it te 2021 presenttion pririy obinin interest osts on erities tt ere preiousy son s ites itin ein retionsips n oter ibiities. ere is no ipt on tot innin osts. 2 nterest pitise or te yer ene 1 r 2021 s €17 iion 2020 €25 iion 201 €nil) Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 144 Vodafone Group Plc  Annual Report on Form 20-F 2021

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i n lin i in n l i inmin n n l i i n n l m in nm n n m n n n l l i n l i l i i m i in inm mn m im inm n l il in in m n l il Group’s liili n i ll in n l n n nil n in i ni iin nin iin n n liin l n n mnmn i i l ill l nmi ni m l liin nin iin n m n n i i i iin iiin i in management’s im m lil m i in l i n il m ni in n l i innin n n nli i lil inm n i l l in iin m m in n in mn n liilii in innil mn n nin in min l i i n in mn innil iin liili m liilii nll ni ll l m in n ni n i i l m in l i ill ill in i il m in n ili n liilii n ni i m in i m iniil niin n in in minin) n liilii in nin ni l i n nin i liilii n ni n i m iniil niin nn il ill liilii ni l m in iin n inmn in iii n i n in in in nmn i l nl l m in n i i l m in ill n in l in mn i i in i n l n in Group’s mn iin l i ill ill ll ll i ll l in i n liili i l li n n n nil n in i n liilii n i lll nl i n in n liilii n n i l inm li m in i n i m l ni n in l nii i inn l n n liilii n n i i i inm mn n i l im i mni inm il i in i i ni in mni inm in i m 22 21 €m €m €m ni inm in ni) n 2 2 21 mn in i ) ) n ni) n 72 1 mn in i ) ) n iinin n l m in ni inm ) 1) 22) 552 m in i m n lln il inmn in n n m l nin in inlin iin m €10.7 illin m mn nmn in 2 21 n 21 otes to te onsoite inni stteents ontinue m m nestent inoe oprises interest reeie ro sortter inestents n oter reeibes. innin osts iny rise ro interest ue on bons n oeri pper issue bn ons n te resuts o ein trnstions use to ne orein ene n interest rte oeents. 2020 201 €m €m €m m m inni ssets esure t ortise ost 0 157 2 inni ssets esure t ir ue trou proit n oss 24 1 147 330 248 433 inni ibiities esure t ortise ost ons 1722 150 114 ese ibiities 74 0 – n ons n oter ibiities2 4 2 41 nterest on erities 45 54 1 rtoret on erities 1070 112 424 orein ene 2 205 10 1,027 3,549 2,088 697 3,301 1,655 otes 1 oponents o innin osts or 2020 n 201 e been represente to in it te 2021 presenttion pririy obinin interest osts on erities tt ere preiousy son s ites itin ein retionsips n oter ibiities. ere is no ipt on tot innin osts. 2 nterest pitise or te yer ene 1 r 2021 s €17 iion 2020 €25 iion 201 €nil) 145 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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otes to te onsoate nana statements ontnue 00 01 €m €m €m m – – m m 00 01 €m €m €m urrent ta 17 eerre ta 100 0 m m 00 01 €m €m €m eerre ta – – The table below explains the differences between the expected tax expense, being the aggregate of the Group’s geographical spt o profits multiplied by the relevant local tax rates and the Group’s total tax expense for each year. 00 01 €m €m €m m m ggregate epete nome ta epenseret 11 7 mparment osses t no ta eet – 07 sposa o Group nestments1 111 – et o taaton o assoates an ont entures reporte tn prot eore ta 7 eogntonereognton o eerre ta assets or osses n uemourg an pan – – 11 eerre ta oong reauaton o nestments n uemourg 1 reous unreognse temporar erenes e epet to use n te uture 1 – urrent ear temporar erenes nung osses tat e urrent o not epet to use 170 7 ustments n respet o pror ear ta ates 10 mpat o ta rets an rreoerae taes 0 7 eerre ta on oerseas earnngs – et o urrent ear anges n statutor ta rates on eerre ta aanes 77 nanng osts not eute or ta purposes 17 7 penses not eute or ta purposes 17 7 m otes 1 01 nues te ta ta eempt gans reatng to te G eeom mte merger n ustraa an nus oers mte n na. 00 reates to ta eempt sposa gans o e eaan ata an merger o our taan oers t ee note eo regarng eerre ta asset reognton n uemourg an pan on pages 1 an 1. 00 nues te mpat o a oer orporate ta rate n uemourg an te mpat o te retenton o te 1 orporate ta rate n te Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 146 Vodafone Group Plc  Annual Report on Form 20-F 2021

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nalysis of movements in the net deferred tax balance during the year €m pril , oreign exchange movements harged to the income statement continuing operations , harged directly to , harged directly to euity rising on acuisitions and disposals 2 eferred tax assets and liabilities, before offset of balances within countries, are as follows m m m m €m €m €m €m €m ccelerated tax depreciation , , ntangible assets , , Tax losses , , – , , Treasury related items Temporary differences relating to revenue recognition – Temporary differences relating to leases – ther temporary differences , 2 nalysed in the balance sheet, after offset of balances within countries, as €m eferred tax asset , eferred tax liability , 2 t arch , deferred tax assets and liabilities, before offset of balances within countries, were as follows mount et credited recognised expensed Gross Gross ess deferred tax in income deferred deferred tax amounts liability statement tax asset liability unrecognised asset €m €m €m €m €m ccelerated tax depreciation , , ntangible assets , , Tax losses , – , , Treasury related items Temporary differences relating to revenue recognition – Temporary differences relating to leases – ther temporary differences , 1,2 t arch , analysed in the balance sheet, after offset of balances within countries, as €m eferred tax asset eferred tax liability 1,2 otes omparatives for the year ended arch have been represented to reflect that odafone gypt is no longer held for sale. ee note iscontinued operations and assets and liabilities held for sale. The Group does not discount its deferred tax assets. This is in accordance with the reuirements of . otes to te onsoate nana statements ontnue 00 01 €m €m €m m – – m m 00 01 €m €m €m urrent ta 17 eerre ta 100 0 m m 00 01 €m €m €m eerre ta – – The table below explains the differences between the expected tax expense, being the aggregate of the Group’s geographical spt o profits multiplied by the relevant local tax rates and the Group’s total tax expense for each year. 00 01 €m €m €m m m ggregate epete nome ta epenseret 11 7 mparment osses t no ta eet – 07 sposa o Group nestments1 111 – et o taaton o assoates an ont entures reporte tn prot eore ta 7 eogntonereognton o eerre ta assets or osses n uemourg an pan – – 11 eerre ta oong reauaton o nestments n uemourg 1 reous unreognse temporar erenes e epet to use n te uture 1 – urrent ear temporar erenes nung osses tat e urrent o not epet to use 170 7 ustments n respet o pror ear ta ates 10 mpat o ta rets an rreoerae taes 0 7 eerre ta on oerseas earnngs – et o urrent ear anges n statutor ta rates on eerre ta aanes 77 nanng osts not eute or ta purposes 17 7 penses not eute or ta purposes 17 7 m otes 1 01 nues te ta ta eempt gans reatng to te G eeom mte merger n ustraa an nus oers mte n na. 00 reates to ta eempt sposa gans o e eaan ata an merger o our taan oers t ee note eo regarng eerre ta asset reognton n uemourg an pan on pages 1 an 1. 00 nues te mpat o a oer orporate ta rate n uemourg an te mpat o te retenton o te 1 orporate ta rate n te 147 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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Notes to the consolidated financial statements (continued) Notes to the consolidated financial statements (continued) 148 Vodafone Group Plc Annual Report 2021 2020 C2 General 6. Taxation (continued) Factors affecting the tax charge in future years The Group’s future tax charge, and effective tax rate, could be affected by several factors including: tax reform in countries around the world, including any arising from the OECD’s or European Commission’s work on the taxation of the digital economy and European Commission initiatives such as the proposed tax and financial reporting directive or as a consequence of state aid investigations, future corporate acquisitions and disposals, any restructuring of our businesses and the resolution of open tax issues (see below). On 25 April 2019, the European Commission published its full decision in relation to its investigation into the ‘group financing exemption’ (GFE) in the UK’s controlled foreign company rules and whether the GFE constituted unlawful State Aid. It concluded the GFE does not constitute unlawful state aid when the managing of the financing activities is outside the UK. We consider that the Group’s Luxembourg financing activities are properly established and operate in accordance with EU and local law as well as the OECD’s transfer pricing guidelines and on 27 May 2021 the UK tax authorities confirmed they reached the view that Vodafone was not in receipt of any state aid relating to the GFE. The European Commission has indicated that it agrees with this conclusion. In March 2021, the UK government announced its intention to increase the corporation tax rate from 19% to 25% effective from 1 April 2023. The increased rate was substantively enacted on 24 May 2021 and if our deferred tax assets at 31 March 2021 were remeasured using this rate, their value would increase by approximately €350 million. The Group is routinely subject to audit by tax authorities in the territories in which it operates. The Group considers each issue on its merits and, where appropriate, holds provisions in respect of the potential tax liability that may arise. As at 31 March 2021, the Group holds provisions for such potential liabilities of €606 million (2020: €638 million). These provisions relate to multiple issues, across the jurisdictions in which the Group operates. As the tax impact of a transaction can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process, the amount ultimately paid may differ materially from the amount accrued and could therefore affect the Group's overall profitability and cash flows in future periods. See note 29 "Contingent liabilities and legal proceedings" to the consolidated financial statements. At 31 March 2021, the gross amount and expiry dates of losses available for carry forward are as follows: Expiring Expiring within beyond 5 years 6 years Unlimited Total €m €m €m €m Losses for which a deferred tax asset is recognised 63 222 86,623 86,908 Losses for which no deferred tax is recognised 245 13,217 23,479 36,941 308 13,439 110,102 123,849 At 31 March 2020, the gross amount and expiry dates of losses available for carry forward were as follows: Expiring Expiring within beyond 5 years 6 years Unlimited Total €m €m €m €m Losses for which a deferred tax asset is recognised 531 143 99,828 100,502 Losses for which no deferred tax is recognised 759 9,404 22,772 32,935 1,290 9,547 122,600 133,437 Deferred tax assets on losses in Luxembourg Included in the table above are losses of €69,742 million (2019: €82,372 million) that have arisen in Luxembourg companies. A deferred tax asset of €17,394 million (2020: €20,544 million) has been recognised in respect of these losses, as we conclude it is probable that the Luxembourg entities will continue to generate taxable profits in the future against which we can utilise these losses. These tax losses principally arose from historical impairments, primarily following the acquisition of the Mannesmann Group in 2000. These losses arose prior to the 2017 tax reform in Luxembourg and are available to carry forward indefinitely. The Luxembourg companies hold investments in the Group’s operating companies which are assessed for impairment for local GAAP financial statements using the Group’s value in use calculations (see note 4 “Impairment losses”). Impairments and reversals of impairments are recorded in the local GAAP financial statements and therefore carrying values and valuation methodology differs from the goodwill assessment for the Group’s consolidated financial statements. This assessment can give rise to tax deductible impairments or taxable reversals of previous impairments. Following the 2017 tax reform in Luxembourg, tax losses expire after 17 years and are only used after any pre-existing losses. In the years ended 31 March 2019 and 31 March 2020 the Luxembourg companies had tax deductible impairments resulting in additional tax losses. No deferred tax asset is recognised for these losses on the basis that they are not forecast to be used prior to the expiry of their 17 year life. In a period where pre-existing tax losses are not utilised due to impairments arising the forecast utilisation timeframe extends by one year. The reversal of impairments can result in a significant reduction to our deferred tax assets and the period over which these assets can be utilised. In the year ended 31 March 2021 a reversal of previous impairments of €12 billion has arisen in Luxembourg. This represents taxable income against which the brought forward losses can be used. This is the main driver of the reduction in the losses, and the associated deferred tax asset, compared to the prior period. Strategic report Governance Financials Other information 148 Vodafone Group Plc  Annual Report on Form 20-F 2021

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m companies’ m Group’s m m €1bn m m m m m m m m m m mm mm m mm m Group’s m Group’s m m €2,881 m €4,891 m m m m m m m m m m m m m m m m m m m m €12,975 m €9,242 m Group’s m m €9,136 m €9,136 m m m m m € m €17, m m m m m € m €2, m m m m mm m m m m € m € m m m € m €7, m m m € m € m m m m €7,522 m €7,130 m m m m m m m Notes to the consolidated financial statements (continued) 148 Vodafone Group Plc Annual Report 2021 2020 C2 General 6. Taxation (continued) Factors affecting the tax charge in future years The Group’s future tax charge, and effective tax rate, could be affected by several factors including: tax reform in countries around the world, including any arising from the OECD’s or European Commission’s work on the taxation of the digital economy and European Commission initiatives such as the proposed tax and financial reporting directive or as a consequence of state aid investigations, future corporate acquisitions and disposals, any restructuring of our businesses and the resolution of open tax issues (see below). On 25 April 2019, the European Commission published its full decision in relation to its investigation into the ‘group financing exemption’ (GFE) in the UK’s controlled foreign company rules and whether the GFE constituted unlawful State Aid. It concluded the GFE does not constitute unlawful state aid when the managing of the financing activities is outside the UK. We consider that the Group’s Luxembourg financing activities are properly established and operate in accordance with EU and local law as well as the OECD’s transfer pricing guidelines and on 27 May 2021 the UK tax authorities confirmed they reached the view that Vodafone was not in receipt of any state aid relating to the GFE. The European Commission has indicated that it agrees with this conclusion. In March 2021, the UK government announced its intention to increase the corporation tax rate from 19% to 25% effective from 1 April 2023. The increased rate was substantively enacted on 24 May 2021 and if our deferred tax assets at 31 March 2021 were remeasured using this rate, their value would increase by approximately €350 million. The Group is routinely subject to audit by tax authorities in the territories in which it operates. The Group considers each issue on its merits and, where appropriate, holds provisions in respect of the potential tax liability that may arise. As at 31 March 2021, the Group holds provisions for such potential liabilities of €606 million (2020: €638 million). These provisions relate to multiple issues, across the jurisdictions in which the Group operates. As the tax impact of a transaction can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process, the amount ultimately paid may differ materially from the amount accrued and could therefore affect the Group's overall profitability and cash flows in future periods. See note 29 "Contingent liabilities and legal proceedings" to the consolidated financial statements. At 31 March 2021, the gross amount and expiry dates of losses available for carry forward are as follows: Expiring Expiring within beyond 5 years 6 years Unlimited Total €m €m €m €m Losses for which a deferred tax asset is recognised 63 222 86,623 86,908 Losses for which no deferred tax is recognised 245 13,217 23,479 36,941 308 13,439 110,102 123,849 At 31 March 2020, the gross amount and expiry dates of losses available for carry forward were as follows: Expiring Expiring within beyond 5 years 6 years Unlimited Total €m €m €m €m Losses for which a deferred tax asset is recognised 531 143 99,828 100,502 Losses for which no deferred tax is recognised 759 9,404 22,772 32,935 1,290 9,547 122,600 133,437 Deferred tax assets on losses in Luxembourg Included in the table above are losses of €69,742 million (2019: €82,372 million) that have arisen in Luxembourg companies. A deferred tax asset of €17,394 million (2020: €20,544 million) has been recognised in respect of these losses, as we conclude it is probable that the Luxembourg entities will continue to generate taxable profits in the future against which we can utilise these losses. These tax losses principally arose from historical impairments, primarily following the acquisition of the Mannesmann Group in 2000. These losses arose prior to the 2017 tax reform in Luxembourg and are available to carry forward indefinitely. The Luxembourg companies hold investments in the Group’s operating companies which are assessed for impairment for local GAAP financial statements using the Group’s value in use calculations (see note 4 “Impairment losses”). Impairments and reversals of impairments are recorded in the local GAAP financial statements and therefore carrying values and valuation methodology differs from the goodwill assessment for the Group’s consolidated financial statements. This assessment can give rise to tax deductible impairments or taxable reversals of previous impairments. Following the 2017 tax reform in Luxembourg, tax losses expire after 17 years and are only used after any pre-existing losses. In the years ended 31 March 2019 and 31 March 2020 the Luxembourg companies had tax deductible impairments resulting in additional tax losses. No deferred tax asset is recognised for these losses on the basis that they are not forecast to be used prior to the expiry of their 17 year life. In a period where pre-existing tax losses are not utilised due to impairments arising the forecast utilisation timeframe extends by one year. The reversal of impairments can result in a significant reduction to our deferred tax assets and the period over which these assets can be utilised. In the year ended 31 March 2021 a reversal of previous impairments of €12 billion has arisen in Luxembourg. This represents taxable income against which the brought forward losses can be used. This is the main driver of the reduction in the losses, and the associated deferred tax asset, compared to the prior period. 149 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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oes o e consoiae inancia saemens coninue e Group cassiies cerain o is asses a i epecs o ispose as eier isconinue operaions or as e or sae e Group cassiies noncurren asses an asses an iabiiies iin isposa roups (‘assets’) as e or sae i e asses are aaiabe immeiae or sae in eir presen coniion, manaemen is commie o a pan o se e asses uner usua erms, i is i probabe a eir carrin amouns i be recoere principa rou a sae ransacion raer an rou coninuin use an e sae is epece o be compee iin one ear rom e ae o e iniia cassiicaion sses an iabiiies cassiie as e or sae are presene separae as curren iems in e consoiae saemen o inancia posiion an are measure a e oer o eir carrin amoun an air aue ess coss o se roper, pan an euipmen an inanibe asses are no epreciae or amorise once cassiie as e or sae is aso appies in respec o asses e b eui accoune associaes an oin enures ere operaions consiue a separae reporabe semen see noe 2 “Revenue isareaion an semena analysis”) an ae been ispose o, or are cassiie as e or sae, e Group cassiies suc operaions as isconinue isconinue operaions are ecue rom e resus o coninuin operaions an are presene as a sine amoun as proi or oss aer a rom isconinue operaions in e Group consoiae income saemen isconinue operaions are aso ecue rom semen reporin oer noes o e inancia saemens incue amouns or coninuin operaions, uness inicae oerise n 20 arc 2017, oaone announce e areemen o combine is subsiiar, oaone nia imie ecuin is 42 sae in nus oers imie, i ea euar in nia onseuen, oaone nia imie as been accoune or as a isconinue operaion or e perio up o 31 uus 2018, e ae e ransacion compee, e resus o ic are eaie beo m m m 2020 20191 €m €m €m – – os o saes – – 1,185 – – ein an isribuion epenses – – 92 minisraie epenses – – 134 – – inancin coss – – 321 – – ncome a crei – – 56 – – – – m – – m 2020 2019 eurocens eurocens – asic – – 1280c – iue – – 1280c m m 2020 2019 €m €m €m – – oe 1 esus or e ie mons ene 31 uus 2018 en e ransacion compee Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 150 Vodafone Group Plc  Annual Report on Form 20-F 2021

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ssets an liailities el sale at a mise te Group’s inteest in nus es e Group’s inteest in nus es as een vie as seuity aainst t etain an ins (see nte “Borrowings”) an atly t te lees vie t te ne nus es entity une te tems te mee eteen estile nus es an ati natel (see nte “Contingent liailities an leal proceedings”). ssets an liailities el sale at a mise a inteest in ane utisn ustalia ty imite (‘VHA’) an te Group’s inteest in ane yt n une an elem imite mlete tei mee (see nte “Investments in assiates an int arrangements” ute etails) n eeme te u annune tat its isussins it aui elem many a ene nseuently te i yea maatives in te nsliate statement inanial sitin ave een eesente t elet tat ane yt is n lne el sale ee is n net imat n eite tal assets tal euity an liailities altu etain line items ave een eesente as etaile el m e tale el islses te imate line items nly e nsliate statement inanial sitin is n ae an as nt een eue el in its entiety m €m €m €m €m ill – () – te intanile assets – () – ety lant an euiment – () – nvestments in assiates an int ventues () – () ae an te eeivales – () – nventy – () – aatin eveale – () – ae an te eeivales – () – as an as euivalents – () – – – ins – () – eee ta liailities – () – visins – () – – – ins – () – aatin liailities – () – visins – () – ae an te ayales – () – – – – – oes o e consoiae inancia saemens coninue e Group cassiies cerain o is asses a i epecs o ispose as eier isconinue operaions or as e or sae e Group cassiies noncurren asses an asses an iabiiies iin isposa roups (‘assets’) as e or sae i e asses are aaiabe immeiae or sae in eir presen coniion, manaemen is commie o a pan o se e asses uner usua erms, i is i probabe a eir carrin amouns i be recoere principa rou a sae ransacion raer an rou coninuin use an e sae is epece o be compee iin one ear rom e ae o e iniia cassiicaion sses an iabiiies cassiie as e or sae are presene separae as curren iems in e consoiae saemen o inancia posiion an are measure a e oer o eir carrin amoun an air aue ess coss o se roper, pan an euipmen an inanibe asses are no epreciae or amorise once cassiie as e or sae is aso appies in respec o asses e b eui accoune associaes an oin enures ere operaions consiue a separae reporabe semen see noe 2 “Revenue isareaion an semena analysis”) an ae been ispose o, or are cassiie as e or sae, e Group cassiies suc operaions as isconinue isconinue operaions are ecue rom e resus o coninuin operaions an are presene as a sine amoun as proi or oss aer a rom isconinue operaions in e Group consoiae income saemen isconinue operaions are aso ecue rom semen reporin oer noes o e inancia saemens incue amouns or coninuin operaions, uness inicae oerise n 20 arc 2017, oaone announce e areemen o combine is subsiiar, oaone nia imie ecuin is 42 sae in nus oers imie, i ea euar in nia onseuen, oaone nia imie as been accoune or as a isconinue operaion or e perio up o 31 uus 2018, e ae e ransacion compee, e resus o ic are eaie beo m m m 2020 20191 €m €m €m – – os o saes – – 1,185 – – ein an isribuion epenses – – 92 minisraie epenses – – 134 – – inancin coss – – 321 – – ncome a crei – – 56 – – – – m – – m 2020 2019 eurocens eurocens – asic – – 1280c – iue – – 1280c m m 2020 2019 €m €m €m – – oe 1 esus or e ie mons ene 31 uus 2018 en e ransacion compee 151 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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otes to te consoidated inancia statements (continued) Basic earnings per sare is te amount o proit generated or te inancia ear attriutae to euit sareoders divided te weigted average numer o sares in issue during te ear. iions iions eigted average numer o sares or asic earnings per sare ect o diutive potentia sares restricted sares and sare options – – m 2020 €m €m roit(oss) or earnings per sare rom continuing operations () () oss or earnings per sare rom discontinued operations – – () eurocents eurocents Basic earnings(oss) per sare rom continuing operations .c (.)c (.)c oss per sare rom discontinued operations – – (.)c eurocents eurocents iuted earnings(oss) per sare rom continuing operations .c (.)c (.)c iuted oss per sare rom discontinued operations – – (.)c ividends are one tpe o sareoder return istorica paid to our sareoders in eruar and August. €m €m €m ina dividend or te ear ended arc . eurocents per sare ( . eurocents per sare . eurocents per sare) Interim dividend or te ear ended arc . eurocents per sare ( . eurocents per sare . eurocents per sare) ina dividend or te ear ended arc . eurocents per sare ( . eurocents per sare . eurocents per sare) €m Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 152 Vodafone Group Plc  Annual Report on Form 20-F 2021

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m m m m m m mm m m “Critical m m uncertainty” m m m m m m management’s m Group’s m m mm m mm m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m mmm m m m m m m m m m m m m m m m m m m m m m m m m m Group’s m m m m m m m m m m m m – m – m – – m otes to te consoidated inancia statements (continued) Basic earnings per sare is te amount o proit generated or te inancia ear attriutae to euit sareoders divided te weigted average numer o sares in issue during te ear. iions iions eigted average numer o sares or asic earnings per sare ect o diutive potentia sares restricted sares and sare options – – m 2020 €m €m roit(oss) or earnings per sare rom continuing operations () () oss or earnings per sare rom discontinued operations – – () eurocents eurocents Basic earnings(oss) per sare rom continuing operations .c (.)c (.)c oss per sare rom discontinued operations – – (.)c eurocents eurocents iuted earnings(oss) per sare rom continuing operations .c (.)c (.)c iuted oss per sare rom discontinued operations – – (.)c ividends are one tpe o sareoder return istorica paid to our sareoders in eruar and August. €m €m €m ina dividend or te ear ended arc . eurocents per sare ( . eurocents per sare . eurocents per sare) Interim dividend or te ear ended arc . eurocents per sare ( . eurocents per sare . eurocents per sare) ina dividend or te ear ended arc . eurocents per sare ( . eurocents per sare . eurocents per sare) €m 153 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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otes to te consoliate inancial statements continue icence an Computer Customer Gooill spectrum ees sotare ases ter otal €m €m €m €m €m €m cange moements rising on acuisition – isposal o susiiaries itions – – isposals – – ter – – – – 2 cange moements rising on acuisition – – – itions – isposals – ter – – – m mm m cange moements mpairments – – – – isposal o susiiaries – mortisation carge or te year – isposals – – ter – – – – 2 cange moements mortisation carge or te year – isposals – – ter – – – 2 otes Customer ases an ter elements o intangile assets ae een presente separately or te current reporting perio an te comparatie perio as een represente on te same asis e comparatie alances as at arc ae een represente to relect tat oaone gypt is no longer el or sale ee note “Discontinued operations an assets an liailities el or sale”. e impact o te representation is to increase te net oo alue o Gooill y €107 million licence an spectrum ees y €324 million Computer sotare y €57 million an ecrease ter y €2 million compare to amounts preiously reporte or licences an spectrum an oter intangile assets amortisation is inclue itin te cost o sales line itin te consoliate income statement e net oo alue an epiry ates o te most signiicant licences are as ollos piry ates €m €m Germany taly e remaining amortisation perio or eac o te licences in te tale aoe correspons to te epiry ate o te respectie licence summary o te Group’s most signiicant spectrum licences can e oun on pages an Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 154 Vodafone Group Plc  Annual Report on Form 20-F 2021

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m e Group maes siniicant inestments in netor euipment and inrastructure – te ase stations and tecnolo reuired to operate our netors – tat orm te maorit o our tanile assets. ll assets are depreciated oer teir useul economic lies. or urter details on te estimation o useul economic lies see “Critical accountin udements and e sources o estimation uncertainty” in note 1 to te consolidated inancial statements. and and uildins eld or use are stated in te statement o inancial position at teir cost less an accumulated depreciation and an accumulated impairment losses. mounts or euipment itures and ittins ic includes netor inrastructure assets are stated at cost less accumulated depreciation and an accumulated impairment losses. ssets in te course o construction are carried at cost less an reconised impairment losses. Depreciation o tese assets commences en te assets are read or teir intended use. e cost o propert plant and euipment includes directl attriutale incremental costs incurred in teir acuisition and installation. Depreciation is cared so as to rite o te cost o assets oter tan land usin te straitline metod oer teir estimated useul lies as ollos Land and buildings – reeold uildins 25 50 ears – easeold premises te term o te lease Equipment, fixtures and fittings – etor inrastructure and oter 1 35 ears Depreciation is not proided on reeold land. itouse assets arisin rom te Group’s lease arranements are depreciated oer teir reasonal certain lease term as determined under te Group’s leases polic see note 20 “Leases” and “Critical accountin udements and e sources o estimation uncertainty” in note 1 or details. e ain or loss arisin on te disposal retirement or rantin o a inance lease on an item o propert plant and euipment is determined as te dierence eteen an proceeds rom sale or receiales arisin on a lease and te carrin amount o te asset and is reconised in te income statement. otes to te consoliate inancial statements continue icence an Computer Customer Gooill spectrum ees sotare ases ter otal €m €m €m €m €m €m cange moements rising on acuisition – isposal o susiiaries itions – – isposals – – ter – – – – 2 cange moements rising on acuisition – – – itions – isposals – ter – – – m mm m cange moements mpairments – – – – isposal o susiiaries – mortisation carge or te year – isposals – – ter – – – – 2 cange moements mortisation carge or te year – isposals – – ter – – – 2 otes Customer ases an ter elements o intangile assets ae een presente separately or te current reporting perio an te comparatie perio as een represente on te same asis e comparatie alances as at arc ae een represente to relect tat oaone gypt is no longer el or sale ee note “Discontinued operations an assets an liailities el or sale”. e impact o te representation is to increase te net oo alue o Gooill y €107 million licence an spectrum ees y €324 million Computer sotare y €57 million an ecrease ter y €2 million compare to amounts preiously reporte or licences an spectrum an oter intangile assets amortisation is inclue itin te cost o sales line itin te consoliate income statement e net oo alue an epiry ates o te most signiicant licences are as ollos piry ates €m €m Germany taly e remaining amortisation perio or eac o te licences in te tale aoe correspons to te epiry ate o te respectie licence summary o te Group’s most signiicant spectrum licences can e oun on pages an 155 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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otes to te consoliate inancial stateents continue m uipent Lan an itures uilins an ittins otal €m €m €m cane oeents risin on acuisition itions isposals isposals o susiiaries ter 1 cane oeents risin on acuisition itions isposals ter m mm cane oeents Care or te year isposals isposals o susiiaries ter 1 cane oeents Care or te year isposals ter 1 ote e coparatie alances as at arc ae een represente to relect tat oaone ypt is no loner el or sale ee note “Discontinued operations an assets an liailities el or sale”. e ipact o te representation is to increase te net oo alue o one assets incluin Lan an uilins y € illion an uipent itures an ittins y €818 illion copare to aounts preiously reporte nclue in te net oo alue o lan an uilins an euipent itures an ittins are assets in te course o construction ic are not epreciate it a cost o €15 illion €34 illion an €2,243 illion €1,914 illion respectiely lso inclue in te oo alue o euipent itures an ittins are assets lease out y te Group uner operatin leases it a cost o € illion €2,966 illion accuulate epreciation o €1,828 illion €1,678 illion an net oo alue o €1,102 illion €1,288 illion itouse assets arisin ro te Group’s lease arraneents are recore itin property plant an euipent €m €m roperty plant an euipent one assets itouse assets ote itions o €5,306 illion €4,593 illion an a epreciation care o €3,914 illion €3,720 illion ere recore in respect o ritouse assets urin te year to arc e prior year coparaties ae een represente to relect tat oaone ypt is no loner el or sale ee ote “Discontinued operations an assets an liailities el or sale”. e ipact o te representation is to increase te net oo alue o ritouse assets y €61 illion copare to aounts preiously reporte Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 156 Vodafone Group Plc  Annual Report on Form 20-F 2021

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m m e Group olds interests in associates in ena and in ndia, ere e ae siniicant inluence, as ell as in a numer o oint arranements in te , tal, te eterlands, ndia and ustralia, ere e sare control it one or more tird parties. or urter details see “Critical accountin udements and e sources o estimation uncertainty” in note 1 to te consolidated inancial statements. nterests in oint arranements oint arranement is a contractual arranement ere te Group and oter parties undertae an economic actiit tat is suect to oint control tat is, en te releant actiities tat siniicantl aect te inestee’s returns reuire te unanimous consent o te parties sarin control. oint arranements are eiter oint operations or oint entures. Gains or losses resultin rom te contriution or sale o a susidiar as part o te ormation o a oint arranement are reconised in respect o te Group’s entire euit oldin in te susidiar. oint operations oint operation is a oint arranement ere te parties tat ae oint control ae te rits to te assets, and oliations or te liailities, relatin to te arranement or tat oter acts and circumstances indicate tat tis is te case. e Group’s sare o assets, liailities, reenue, epenses and cas los are comined it te euialent items in te inancial statements on a lineline asis. n oodill arisin on te acuisition o te Group’s interest in a oint operation is accounted or in accordance it te Group’s accountin polic or oodill arisin on te acuisition o a susidiar. oint entures oint enture is a oint arranement ere te parties tat ae oint control ae te rits to te net assets o te arranement. t te date o acuisition, an ecess o te cost o acuisition oer te Group’s sare o te net air alue o te identiiale assets, liailities and continent liailities o te oint enture is reconised as oodill. e oodill is included itin te carrin amount o te inestment. e results and assets and liailities o oint entures, oter tan tose oint entures or part tereo tat are eld or sale see note 7 “Discontinued operations and assets and liailities eld or sale”), are incorporated in te consolidated inancial statements usin te euit metod o accountin. nder te euit metod, inestments in oint entures are carried in te consolidated statement o inancial position at cost adusted or postacuisition canes in te Group’s sare o te net assets o te oint enture, less an impairment in te alue o te inestment. e Group’s sare o postta proits or losses are reconised in te consolidated income statement. osses o a oint enture in ecess o te Group’s interest in tat oint enture are reconised onl to te etent tat te Group as incurred leal or constructie oliations or made paments on eal o te oint enture. ssociates n associate is an entit oer ic te Group as siniicant inluence and tat is neiter a susidiar nor an interest in a oint arranement. iniicant inluence is te poer to participate in te inancial and operatin polic decisions o te inestee ut ere te Group does not ae control or oint control oer tose policies. t te date o acuisition, an ecess o te cost o acuisition oer te Group’s sare o te net air alue o te identiiale assets, liailities and continent liailities o te associate is reconised as oodill. e oodill is included itin te carrin amount o te inestment. e results and assets and liailities o associates are incorporated in te consolidated inancial statements usin te same euit metod o accountin used or oint entures, descried aoe. e Company’s principal oint operation as sare capital consistin solel o ordinar sares and is indirectl eld, and principall operates in te . e inancial and operatin actiities o te operation are ointl controlled te participatin sareolders and are primaril desined or all ut an insiniicant amount o te output to e consumed te sareolders. ountr o incorporation or reistration ercentae sareoldins1 ercentae sareoldins1 rincipal actiit 2021 2020 ornerstone elecommunications nrastructure imited etor inrastructure 50.0 50.0 ote 1 ectie onersip percentaes o odaone Group lc rounded to te nearest tent o one percent. ame o oint operation otes to te consoliate inancial stateents continue m uipent Lan an itures uilins an ittins otal €m €m €m cane oeents risin on acuisition itions isposals isposals o susiiaries ter 1 cane oeents risin on acuisition itions isposals ter m mm cane oeents Care or te year isposals isposals o susiiaries ter 1 cane oeents Care or te year isposals ter 1 ote e coparatie alances as at arc ae een represente to relect tat oaone ypt is no loner el or sale ee note “Discontinued operations an assets an liailities el or sale”. e ipact o te representation is to increase te net oo alue o one assets incluin Lan an uilins y € illion an uipent itures an ittins y €818 illion copare to aounts preiously reporte nclue in te net oo alue o lan an uilins an euipent itures an ittins are assets in te course o construction ic are not epreciate it a cost o €15 illion €34 illion an €2,243 illion €1,914 illion respectiely lso inclue in te oo alue o euipent itures an ittins are assets lease out y te Group uner operatin leases it a cost o € illion €2,966 illion accuulate epreciation o €1,828 illion €1,678 illion an net oo alue o €1,102 illion €1,288 illion itouse assets arisin ro te Group’s lease arraneents are recore itin property plant an euipent €m €m roperty plant an euipent one assets itouse assets ote itions o €5,306 illion €4,593 illion an a epreciation care o €3,914 illion €3,720 illion ere recore in respect o ritouse assets urin te year to arc e prior year coparaties ae een represente to relect tat oaone ypt is no loner el or sale ee ote “Discontinued operations an assets an liailities el or sale”. e ipact o te representation is to increase te net oo alue o ritouse assets y €61 illion copare to aounts preiously reporte 157 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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otes to te consolidated inancial statements continued) m m €m €m nestment in oint entures , , nestment in associates e inancial and operatin actiities o te Group’s oint entures are ointly controlled y te participatin sareolders e participatin sareolders ae rits to te net assets o te oint entures trou teir euity sareoldins nless oterise stated, te Company’s principal oint entures all ae sare capital consistin solely o ordinary sares and are all indirectly eld e country o incorporation or reistration o all oint entures is also teir principal place o operation n oemer , te Group announced te completion o te merer eteen ndus oers imited and arti nratel imited toeter ‘Indus oers Limited’), an entity listed on te ational toc cane o ndia and te omay toc cane odaone olds a sareoldin in ndus oers imited, an associate o te Group and so is included in te associates section o tis note rior to tis transaction, odaone eld a sareoldin in ndus oers imited, a oint enture o te Group up to te merer date ame o oint enture Country o incorporation or reistration ercentae sareoldins ercentae sareoldins rincipal actiity odaone dea imited etor operator ndia odaoneio Group oldin etor operator eterlands nrastructture ireless taliane ) p etor inrastructure taly G elecom imited etor operator ustralia ndus oers imited etor inrastructure ndia – otes ectie onersip percentaes o odaone Group lc rounded to te nearest tent o one percent t arc te air alue o te Group’s interest in odaone dea imited as illion (€1,373 million) illion (€476 million)) ased on te uoted sare price on te ational toc cane o ndia t arc te air alue o te Group’s interest in pas €3,026 million €3,345 million) ased on te uoted sare price on te ilan toc cane n une , odaone utcison ustralia ty imited and G elecom imited completed teir merer e mered entity as admitted to te ustralian ecurities cane (‘ASX’) on une and is non as G elecom imited t arc te air alue o te Group’s interest in G elecom imited as D , million (€1,911 million), ased on te uoted sare price on m e Group’s carryin alue in odaone dea imited (‘VIL’) reduced to €nil at eptemer e Group’s sare o VIL’s losses not reconised at arc is €3,562 million arc €1,804 million) iniicant uncertainties eist in relation to VIL’s aility to enerate te cas lo it reuires to settle or its aility to reinance its liailities and uarantees as tey all due, includin tose relatin to te G udement see note “Contingent liailities and leal proceedings”) e alue o te Group’s sareoldin in ndus oers imited is, in part, dependent on te income enerated y ndus oers imited rom toer rentals to maor customers, includin ny inaility o tese maor customers to pay suc amounts in te uture may result in an impairment in te carryin alue arc €1.3 illion) o te Group’s inestment in ndus oers imited m m m n une , odaone utcison ustralia ty imited (‘VHA’) and G elecom imited (‘TPG’) completed teir merer to estalis a ully interated telecommunications operator in ustralia e mered entity as admitted to te ustralian ecurities cane (‘ASX’) on une and is non as G elecom imited odaone and utcison elecommunications ustralia) imited eac on an economic interest o in te mered unit, it te remainin listed as ree loat on te e Group recorded a ain o €1,043 million in relation to te merer, ic is reported in ter incomeepense) itin te Consolidated income statement e inancial inormation presented in te tales elo includes det eld itin te structure tat olds te Group’s interest in G e olloin tale proides areated inancial inormation or te Group’s oint entures as it relates to te amounts reconised in te income statement, statement o compreensie income and statement o inancial position m m €m €m €m €m €m odaone dea imited – – – ,) ) odaoneio Group oldin , , ) ) ) p , , – – G elecom imited ) ) ) ndus oers imited – – ter ) ) ) otes mounts presented relect odaone utcison ustralia ty imited results only until te date o te merer it G elecom imited on une , suseuent o ic te comined results are presented otal ter compreensie epense)income is not materially dierent to loss)proit rom continuin operations Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 158 Vodafone Group Plc  Annual Report on Form 20-F 2021

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otes to te consolidated inancial statements continued) m m €m €m nestment in oint entures , , nestment in associates e inancial and operatin actiities o te Group’s oint entures are ointly controlled y te participatin sareolders e participatin sareolders ae rits to te net assets o te oint entures trou teir euity sareoldins nless oterise stated, te Company’s principal oint entures all ae sare capital consistin solely o ordinary sares and are all indirectly eld e country o incorporation or reistration o all oint entures is also teir principal place o operation n oemer , te Group announced te completion o te merer eteen ndus oers imited and arti nratel imited toeter ‘Indus oers Limited’), an entity listed on te ational toc cane o ndia and te omay toc cane odaone olds a sareoldin in ndus oers imited, an associate o te Group and so is included in te associates section o tis note rior to tis transaction, odaone eld a sareoldin in ndus oers imited, a oint enture o te Group up to te merer date ame o oint enture Country o incorporation or reistration ercentae sareoldins ercentae sareoldins rincipal actiity odaone dea imited etor operator ndia odaoneio Group oldin etor operator eterlands nrastructture ireless taliane ) p etor inrastructure taly G elecom imited etor operator ustralia ndus oers imited etor inrastructure ndia – otes ectie onersip percentaes o odaone Group lc rounded to te nearest tent o one percent t arc te air alue o te Group’s interest in odaone dea imited as illion (€1,373 million) illion (€476 million)) ased on te uoted sare price on te ational toc cane o ndia t arc te air alue o te Group’s interest in pas €3,026 million €3,345 million) ased on te uoted sare price on te ilan toc cane n une , odaone utcison ustralia ty imited and G elecom imited completed teir merer e mered entity as admitted to te ustralian ecurities cane (‘ASX’) on une and is non as G elecom imited t arc te air alue o te Group’s interest in G elecom imited as D , million (€1,911 million), ased on te uoted sare price on m e Group’s carryin alue in odaone dea imited (‘VIL’) reduced to €nil at eptemer e Group’s sare o VIL’s losses not reconised at arc is €3,562 million arc €1,804 million) iniicant uncertainties eist in relation to VIL’s aility to enerate te cas lo it reuires to settle or its aility to reinance its liailities and uarantees as tey all due, includin tose relatin to te G udement see note “Contingent liailities and leal proceedings”) e alue o te Group’s sareoldin in ndus oers imited is, in part, dependent on te income enerated y ndus oers imited rom toer rentals to maor customers, includin ny inaility o tese maor customers to pay suc amounts in te uture may result in an impairment in te carryin alue arc €1.3 illion) o te Group’s inestment in ndus oers imited m m m n une , odaone utcison ustralia ty imited (‘VHA’) and G elecom imited (‘TPG’) completed teir merer to estalis a ully interated telecommunications operator in ustralia e mered entity as admitted to te ustralian ecurities cane (‘ASX’) on une and is non as G elecom imited odaone and utcison elecommunications ustralia) imited eac on an economic interest o in te mered unit, it te remainin listed as ree loat on te e Group recorded a ain o €1,043 million in relation to te merer, ic is reported in ter incomeepense) itin te Consolidated income statement e inancial inormation presented in te tales elo includes det eld itin te structure tat olds te Group’s interest in G e olloin tale proides areated inancial inormation or te Group’s oint entures as it relates to te amounts reconised in te income statement, statement o compreensie income and statement o inancial position m m €m €m €m €m €m odaone dea imited – – – ,) ) odaoneio Group oldin , , ) ) ) p , , – – G elecom imited ) ) ) ndus oers imited – – ter ) ) ) otes mounts presented relect odaone utcison ustralia ty imited results only until te date o te merer it G elecom imited on une , suseuent o ic te comined results are presented otal ter compreensie epense)income is not materially dierent to loss)proit rom continuin operations Summarised financial information Summarised financial information for each of the Group’s material joint ventures on a 100% ownership basis is set out below. Financial information is presented for Vodafone Idea Limited (‘VIL’) for the six month period to, and as at 30 September 2020 on the basis that full-year information in relation to VIL has not been released at the date of approval of these financial statements and as such is market sensitive for VIL. As disclosed above, the Group’s investment in VIL was reduced to €nil in the prior financial year and the Group has not recorded any profit or loss in respect of its share of VIL’s results since that date. INWIT S.p.A. VodafoneZiggo Group Holding B.V. TPG Telecom Limited 2021 2020 2021 2020 2019 2021 2020 2019 €m €m €m €m €m €m €m €m Income statement Revenue 562 – 4,010 3,948 3,868 3,010 2,108 2,290 Operating expenses (46) – (2,058) (2,163) (2,169) (2,096) (1,489) (1,634) Depreciation and amortisation (398) – (1,658) (1,528) (2,012) (769) (508) (494) Other income – – 25 – – – – – Operating profit/(loss) 118 – 319 257 (313) 145 111 162 Interest income – – – – – 1 4 3 Interest expense (101) – (658) (343) (602) (201) (256) (240) Profit/(loss) before tax 17 – (339) (86) (915) (55) (141) (75) Income tax (7) – (125) (42) 437 495 – – Profit/(loss) from continuing operations1 10 – (464) (128) (478) 440 (141) (75) Vodafone Idea Limited 2021 2020 2019 €m €m €m Income statement Revenue 2,515 5,704 3,379 Operating expenses (1,689) (4,938) (2,999) Depreciation and amortisation (1,255) (2,426) (1,364) Other expense (1,079) (6,627) (253) Operating loss (1,508) (8,287) (1,237) Interest income 24 147 56 Interest expense (870) (1,740) (817) Loss before tax (2,354) (9,880) (1,998) Income tax – – 1 Loss from continuing operations1 (2,354) (9,880) (1,997) Note: 1 Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations. 159 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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otes to te consolidated inancial statements (continued) m m m m 2020 2020 €m €m €m €m €m m oncurrent assets 14,422 14,517 16,978 17,745 10,272 2,965 Current assets 256 288 911 752 679 767 Total assets 14,678 14,805 17,889 18,497 10,951 3,732 Equity shareholders’ funds 8,801 8,917 2,380 3,260 3,121 (2,047) oncurrent liailities 5,536 4,907 13,025 12,974 6,884 5,146 Current liailities 341 981 2,484 2,263 946 633 Cas and cas euialents itin current assets 120 40 330 116 268 196 oncurrent liailities ecluding trade and oter payales and proisions 5,314 4,684 12,466 12,550 6,825 5,137 Current liailities ecluding trade and oter payales and proisions 185 218 1,154 1,108 83 124 m 2020 €m €m m oncurrent assets 19,387 21,240 Current assets 2,548 3,235 Total assets 21,935 24,475 Equity shareholders’ funds (5,615) (3,475) oncurrent liailities 21,749 15,835 Current liailities 5,801 12,115 Cas and cas euialents itin current assets 200 320 oncurrent liailities ecluding trade and oter payales and proisions 14,992 15,790 Current liailities ecluding trade and oter payales and proisions 2,917 2,979 otes 1 Includes certain amounts suect to an adustment mecanism agreed as part o te ormation o Vodaone Idea Limited. See note 29 “Contingent liailities and legal proceedings” or more detail. Te Group receied diidends in te year ended 31 arc 2021 rom Vodaoneiggo Group Holding .V. o €209 million (2020 €148 million, 2019 €200 million) and rom IIT S.p.A o €42 million (2020 €nil). €m 2020 Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 160 Vodafone Group Plc  Annual Report on Form 20-F 2021

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mm m he reconciliation of summarised financial information presented to the carrying amount of our interest in oint entures is set out elo m m 2020 2020 2019 2020 2019 €m €m €m €m €m €m €m Equity shareholders’ nterest in oint entures1 2920 4 1190 10 0 1024) mpairment – – – – – – oodill – – – – 4 94 ransferred to assets held for sale – – – – – 412 nestment proportion not recognised – – – – – 2 rofitloss) from continuing operations 10 – 44) 128) 48) 440 141) ) hare of profitloss)1 – 22) 4) 29) 98 0) 8) rofitloss) proportion not recognised – – – – – – 1 – m 2020 2019 €m Equity shareholders’ nterest in oint entures1 249) 14) mpairment 20) 21) oodill – – ransferred to assets held for sale – – nestment proportion not recognised 24 1804 – – oss)profit from continuing operations 24) 9880) 199) hare of loss)profit1 104) 48) 90) oss)profit proportion not recognised 104 1840 – – ote 1 he Group’s effectie onership percentages of odafone dea imited odafoneiggo roup olding .. nit .p.. and elecom imited are 44.4 0.0 .2 and 2.1 respectiely rounded to the nearest tenth of one percent. nless otherise stated the Company’s principal associates all hae share capital consisting solely of ordinary shares and are all indirectly held. he country of incorporation or registration of all associates is also their principal place of operation. inancial information for ndus oers imited including comparatie periods preiously reported in the oint enture section of this note is disclosed here folloing the completion of the merger descried on page 18. Country of ercentage ercentage incorporation or shareholding1 shareholding1 ame of associate rincipal actiity registration 2021 2020 ndus oers imited2 etor infrastructure ndia 28.1 – afaricom imited etor operator enya 40.0 40.0 otes 1 Effectie onership percentages of odafone roup lc rounded to the nearest tenth of one percent. 2 t 1 arch 2021 the fair alue of the Group’s interest in ndus oers imited as 18 illion (€2,161 million) ased on the closing quoted share price on the ational toc Echange of ndia. t 1 arch 2021 the fair alue of the Group’s interest in afaricom imited as E 80 illion (€4,513 million) 2020 E 42 illion (€3,672 million)) ased on the closing quoted share price on the airoi toc Echange. he roup also holds to nonoting shares. €m €m €m otes to te consolidated inancial statements (continued) m m m m 2020 2020 €m €m €m €m €m m oncurrent assets 14,422 14,517 16,978 17,745 10,272 2,965 Current assets 256 288 911 752 679 767 Total assets 14,678 14,805 17,889 18,497 10,951 3,732 Equity shareholders’ funds 8,801 8,917 2,380 3,260 3,121 (2,047) oncurrent liailities 5,536 4,907 13,025 12,974 6,884 5,146 Current liailities 341 981 2,484 2,263 946 633 Cas and cas euialents itin current assets 120 40 330 116 268 196 oncurrent liailities ecluding trade and oter payales and proisions 5,314 4,684 12,466 12,550 6,825 5,137 Current liailities ecluding trade and oter payales and proisions 185 218 1,154 1,108 83 124 m 2020 €m €m m oncurrent assets 19,387 21,240 Current assets 2,548 3,235 Total assets 21,935 24,475 Equity shareholders’ funds (5,615) (3,475) oncurrent liailities 21,749 15,835 Current liailities 5,801 12,115 Cas and cas euialents itin current assets 200 320 oncurrent liailities ecluding trade and oter payales and proisions 14,992 15,790 Current liailities ecluding trade and oter payales and proisions 2,917 2,979 otes 1 Includes certain amounts suect to an adustment mecanism agreed as part o te ormation o Vodaone Idea Limited. See note 29 “Contingent liailities and legal proceedings” or more detail. Te Group receied diidends in te year ended 31 arc 2021 rom Vodaoneiggo Group Holding .V. o €209 million (2020 €148 million, 2019 €200 million) and rom IIT S.p.A o €42 million (2020 €nil). €m 2020 161 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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os o onsoa nana samns (onnu estmets i assoiates ad oit arraemets otiued oon a pros ara nana normaon or Group’s assoas as ras o amouns rons n nom samn, samn o omprns nom an onsoa samn o nana poson estmet i assoiates roit rom otiui oeratios 22 22 21 €m €m €m €m €m aarom m 421 4 217 247 214 nus ors m1 – – 274 – – r – 2 (3 (1 2 otal o 1 Group’s nrs n nus ors m as ass as or sa a 31 ar 221 no 7 “Discontinued opraons an asss an as or sale”. aariom imited dus oers imited 22 21 22 21 €m €m €m €m €m €m ome statemet eeue pran pnss (1,3 (1,122 (1,7 (1,247 (1,336 (1,43 praon an amorsaon (2 (25 (31 (477 (26 (35 r nom(pns – – – 412 (52 – erati roit nrs nom 12 26 2 61 32 11 nrs pns (27 (1 (1 (14 (16 (7 roit eore ta 73 76 nom a (17 (22 (245 (16 3 (23 roit rom otiui oeratios ad total omrehesie iome tatemet o iaial ositio onurrn asss 1,333 1,3 5,271 2,44 Currn asss 43 424 1,1 562 oa asss 1,771 1,22 6,46 3,1 uy sarors uns 1,45 1,212 3,3 566 onurrn as 131 11 1,36 1,327 Currn as 55 41 1,45 1,117 Cas an as uans n urrn asss 2 234 23 16 onurrn as un ra an or payas an prosons 3 11 1,656 1,5 Currn as un ra an or payas an prosons 14 6 65 ronaon o summars nana normaon prsn o arryn amoun o our nrs n assoa s s ou o Equity shareholders uds nrs n on nurs 41 45 67 23 mparmn – – – – Goo 3 3 342 52 ransrr o asss or sa – – (1,257 – nsmn proporon no rons – – 4 – arryi alue – ro rom onnun opraons 542 61 535 44 17 ar o pro 217 247 214 36 1 75 (osspro proporon no rons – – – (32 – (2 hare o lossroit Group r a n rom nus ors m o €201 mon (22 €nil, 21 €141 mon n yar n 31 ar 221 an a n rom aarom m o €171m (22 €261m). Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 162 Vodafone Group Plc  Annual Report on Form 20-F 2021

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m e Group olds a numer o oter listed and unlisted inestments, mainl comprisin manaed unds, deposits and oernment onds. ter inestments comprisin det and euit instruments are reconised and dereconised on a trade date ere a purcase or sale o an inestment is under a contract ose terms reuire delier o te inestment itin te timerame estalised te maret concerned, and are initiall measured at air alue, includin transaction costs. Det securities tat are eld or collection o contractual cas los ere tose cas los represent solel paments o principal and interest are measured at amortised cost usin te eectie interest metod, less an impairment. Det securities tat do not meet te criteria or amortised cost are measured at air alue trou proit and loss. uit securities are classiied and measured at air alue trou oter compreensie income, tere is no suseuent reclassiication o air alue ains and losses to proit or loss olloin dereconition o te inestment. 2020 €m €m uit securities1 12 77 Det securities2 77 71 Det securities include €0.8 illion 2020 €0.7 illion) o loan notes issued odaoneio oldin .. urrent oter inestments comprise te olloin 2020 €m €m ortterm inestments onds and det securities,4 1,0 1,61 anaed inestment unds1 2,4 2,41 ollateral assets4 ,107 1,11 ter inestments 2,04 1,42 otes 1 tems are measured at air alue and te aluation asis is leel 2 classiication, ic comprises items ere air alue is determined rom inputs oter tan uoted prices tat are oserale or te asset or liailit, eiter directl or indirectl. 2 tems are measured at amortised cost and te carrin amount approimates air alue. tems are measured at air alue and te aluation asis is leel 1 classiication, ic comprises inancial instruments ere air alue is determined unadusted uoted prices in actie marets or identical assets or liailities. 4 ollateral assets are measured at amortised cost and ere preiousl presented as part o sortterm inestments itin onds and det securities. €1,07 million 2020 €1,017 million) is measured at air alue and te aluation asis is leel 1. e remainin items are measured at amortised cost and te carrin amount approimates air alue. e Group inests surplus cas positions across a portolio o sortterm inestments to manae liuidit and credit ris ilst aciein suitale returns. ollateral arranements on deriatie inancial instruments result in cas ein paideld), repaale en te deriaties are settled. ese assets do not meet te deinition o cas and cas euialents ut are included in te Group’s net det ased on teir liuidit. onds and det securities includes €nil 2020 €14 million) o il liuid apanese €499 million 2020 €nil) German and €554 million 2020 €nil) renc oernment securities €nil 2020 €1,016 million) o German oernment aced securities and €nil 2020 €471 million) o oernment onds. anaed inestment unds o €2,4 million 2020 €2,451 million) are in unds it liuidit o up to 0 das. ollateral assets o €3,107 million 2020 €1,115 million) represents collateral paid on deriatie inancial instruments. ter inestments are ecluded rom net det ased on teir liuidit and primaril consist o restricted det securities includin amounts eld in ualiin assets Group insurance companies to meet reulator reuirements. os o onsoa nana samns (onnu estmets i assoiates ad oit arraemets otiued oon a pros ara nana normaon or Group’s assoas as ras o amouns rons n nom samn, samn o omprns nom an onsoa samn o nana poson estmet i assoiates roit rom otiui oeratios 22 22 21 €m €m €m €m €m aarom m 421 4 217 247 214 nus ors m1 – – 274 – – r – 2 (3 (1 2 otal o 1 Group’s nrs n nus ors m as ass as or sa a 31 ar 221 no 7 “Discontinued opraons an asss an as or sale”. aariom imited dus oers imited 22 21 22 21 €m €m €m €m €m €m ome statemet eeue pran pnss (1,3 (1,122 (1,7 (1,247 (1,336 (1,43 praon an amorsaon (2 (25 (31 (477 (26 (35 r nom(pns – – – 412 (52 – erati roit nrs nom 12 26 2 61 32 11 nrs pns (27 (1 (1 (14 (16 (7 roit eore ta 73 76 nom a (17 (22 (245 (16 3 (23 roit rom otiui oeratios ad total omrehesie iome tatemet o iaial ositio onurrn asss 1,333 1,3 5,271 2,44 Currn asss 43 424 1,1 562 oa asss 1,771 1,22 6,46 3,1 uy sarors uns 1,45 1,212 3,3 566 onurrn as 131 11 1,36 1,327 Currn as 55 41 1,45 1,117 Cas an as uans n urrn asss 2 234 23 16 onurrn as un ra an or payas an prosons 3 11 1,656 1,5 Currn as un ra an or payas an prosons 14 6 65 ronaon o summars nana normaon prsn o arryn amoun o our nrs n assoa s s ou o Equity shareholders uds nrs n on nurs 41 45 67 23 mparmn – – – – Goo 3 3 342 52 ransrr o asss or sa – – (1,257 – nsmn proporon no rons – – 4 – arryi alue – ro rom onnun opraons 542 61 535 44 17 ar o pro 217 247 214 36 1 75 (osspro proporon no rons – – – (32 – (2 hare o lossroit Group r a n rom nus ors m o €201 mon (22 €nil, 21 €141 mon n yar n 31 ar 221 an a n rom aarom m o €171m (22 €261m). 163 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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os o onsoli innil smns oninu) r n or rils minl onsis o mouns o o us usomrs n mouns p o our supplirs in n. rii innil insrumns i posii mr lu r rpor iin is no s r onr sss, i rprsn n ss or ru rnu in rsp o oos or sris lir o usomrs or i r ril os no is, n inn ls rils ronis r Group s s lssor. no 20 “Leases” or mor inormion on Group’s lsin iiis. r rils rprsn mouns o usomrs r ri o ri pmn is oniionl onl on pss o im. r rils r ror in inslmns rom usomrs or n n prio r isoun mr rs n inrs rnu is r or p rpmn prio. r r rils o no rr n inrs n r s ir nominl lu. n Group sliss pri o sllin porolios o rils rom im o im s porolios r ror ir lu rou or omprnsi inom ll or r rils r ror moris os. rrin lu o ll r rils, onr sss n inn ls rils ror moris os is ru llons or liim sim ri losss. sim uur ri losss r irs ror on iniil roniion o ril n r s on in o ril lns, isoril prin n orr looin onsirions. niiul lns r rin o n mnmn ms m no o ollil. 2020 prsn1 €m €m r rils 52 8 r rils l ir lu rou or omprnsi inom 278 21 insmn in lss 104 118 onr sss 528 583 onrrl oss 580 28 r rils 7 84 rpmns 247 227 rii innil insrumns2 2,912 8,424 r rils 3,25 3,848 r rils l ir lu rou or omprnsi inom 4 55 insmn in lss 3 32 onr sss 3,038 3,012 onrrl oss 1,34 1,293 mouns o ssois n oin nurs 184 32 r rils 889 91 rpmns 1,082 953 rii innil insrumns2 239 752 os 1 prior r ompris n rprsn o rl oon p is no lonr l or sl. no 7 “Discontinued oprions n sss n liiliis l or sale”. imp o rprsnion is o inrs r n or rils iin nonurrn sss n iin urrn sss €15 million n €313 million, rspil. 2 ms r msur ir lu n luion sis is ll 2 lssiiion, i ompriss ims r ir lu is rmin rom inpus or n uo pris r osrl or ss or liili, ir irl or inirl. Group’s r rils n onr sss r lssii moris os unlss s oris n r msur r llons or uur p ri losss, s no 22 “Capital n innil ris management” or mor inormion on ri ris. rrin mouns o r n or rils, i r msur moris os, pproim ir ir lu n r prominnl noninrs rin. Group’s onrrl oss ompris €1,883 million 2020 €1,855 million) rlin o oss inurr o oin usomr onrs n €61 million 2020 €66 million) rlin o oss inurr o ulil usomr onrs n morision n impirmn pns o €1,497 million 2020 €1,475 million) s ronis in oprin proi urin r. n rur 2020 €357m o r rils r rlssii rom moris os o ir lu rou or omprnsi inom s lns m no sol o ir pr. ir lus o rii innil insrumns r lul isounin uur s los o n prsn lus usin ppropri mr inrs rs n orin urrn rs prilin 31 r. Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 164 Vodafone Group Plc  Annual Report on Form 20-F 2021

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rade and oter paales mainl consist o amounts oed to suppliers tat ae een inoiced or are accrued and contract liailities relating to consideration receied rom customers in adance. e also include taes and social securit amounts due in relation to te Group’s role as an emploer. Deriatie inancial instruments it a negatie maret alue are reported itin tis note. rade paales are not interestearing and are stated at teir nominal alue. epresented1 €m €m ter paales 44 34 ccruals 47 6 Contract liailities 519 61 Deriatie inancial instruments 3,919 4,177 rade paales 6,739 6,696 mounts oed to associates and oint entures 36 51 ter taes and social securit paale 1,196 1,185 ter paales ,349 ,4 ccruals3 5,688 5,77 Contract liailities 1,971 ,81 Deriatie inancial instruments 91 589 otes 1 e prior ear comparaties ae een represented to relect tat odaone gpt is no longer eld or sale. ee note 7 “Discontinued operations and assets and liailities eld or sale”. e impact o te representation is to increase rade and oter paales included itin current liailities €634 million compared to te amount preiousl reported. tems are measured at air alue and te aluation asis is leel classiication, ic comprises items ere air alue is determined rom inputs oter tan uoted prices tat are oserale or te asset or liailit, eiter directl or indirectl. 3 ncludes €339 million €nil) paale in relation to te irreocale and nondiscretionar sare uac programme announced in arc 1. e carring amounts o trade and oter paales approimate teir air alue. ateriall all o te €2,081 million recorded as current contract liailities at 1 pril as recognised as reenue during te ear. ter paales included itin noncurrent liailities include €383 million €294 million in respect o te reinsurance o a tird part annuit polic related to te odaone and C ections o te odaone Group ension ceme. e air alues o te deriatie inancial instruments are calculated discounting te uture cas los to net present alues using appropriate maret interest rates and oreign currenc rates preailing at 31 arc. os o onsoli innil smns oninu) r n or rils minl onsis o mouns o o us usomrs n mouns p o our supplirs in n. rii innil insrumns i posii mr lu r rpor iin is no s r onr sss, i rprsn n ss or ru rnu in rsp o oos or sris lir o usomrs or i r ril os no is, n inn ls rils ronis r Group s s lssor. no 20 “Leases” or mor inormion on Group’s lsin iiis. r rils rprsn mouns o usomrs r ri o ri pmn is oniionl onl on pss o im. r rils r ror in inslmns rom usomrs or n n prio r isoun mr rs n inrs rnu is r or p rpmn prio. r r rils o no rr n inrs n r s ir nominl lu. n Group sliss pri o sllin porolios o rils rom im o im s porolios r ror ir lu rou or omprnsi inom ll or r rils r ror moris os. rrin lu o ll r rils, onr sss n inn ls rils ror moris os is ru llons or liim sim ri losss. sim uur ri losss r irs ror on iniil roniion o ril n r s on in o ril lns, isoril prin n orr looin onsirions. niiul lns r rin o n mnmn ms m no o ollil. 2020 prsn1 €m €m r rils 52 8 r rils l ir lu rou or omprnsi inom 278 21 insmn in lss 104 118 onr sss 528 583 onrrl oss 580 28 r rils 7 84 rpmns 247 227 rii innil insrumns2 2,912 8,424 r rils 3,25 3,848 r rils l ir lu rou or omprnsi inom 4 55 insmn in lss 3 32 onr sss 3,038 3,012 onrrl oss 1,34 1,293 mouns o ssois n oin nurs 184 32 r rils 889 91 rpmns 1,082 953 rii innil insrumns2 239 752 os 1 prior r ompris n rprsn o rl oon p is no lonr l or sl. no 7 “Discontinued oprions n sss n liiliis l or sale”. imp o rprsnion is o inrs r n or rils iin nonurrn sss n iin urrn sss €15 million n €313 million, rspil. 2 ms r msur ir lu n luion sis is ll 2 lssiiion, i ompriss ims r ir lu is rmin rom inpus or n uo pris r osrl or ss or liili, ir irl or inirl. Group’s r rils n onr sss r lssii moris os unlss s oris n r msur r llons or uur p ri losss, s no 22 “Capital n innil ris management” or mor inormion on ri ris. rrin mouns o r n or rils, i r msur moris os, pproim ir ir lu n r prominnl noninrs rin. Group’s onrrl oss ompris €1,883 million 2020 €1,855 million) rlin o oss inurr o oin usomr onrs n €61 million 2020 €66 million) rlin o oss inurr o ulil usomr onrs n morision n impirmn pns o €1,497 million 2020 €1,475 million) s ronis in oprin proi urin r. n rur 2020 €357m o r rils r rlssii rom moris os o ir lu rou or omprnsi inom s lns m no sol o ir pr. ir lus o rii innil insrumns r lul isounin uur s los o n prsn lus usin ppropri mr inrs rs n orin urrn rs prilin 31 r. 165 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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otes to te consolidated inancial statements continued) proision is a liailit recorded in te statement o inancial position, ere tere is uncertaint oer te timin or amount tat ill e paid, and is tereore oten estimated. e main proisions e old are in relation to asset retirement oliations, ic include te cost o returnin netor inrastructure sites to teir oriinal condition at te end o te lease and claims or leal and reulator matters. roisions are reconised en te Group as a present oliation leal or constructie) as a result o a past eent, it is proale tat te Group ill e reuired to settle tat oliation and a reliale estimate can e made o te amount o te oliation. roisions are measured at te Directors’ est estimate o te ependiture reuired to settle te oliation at te reportin date and are discounted to present alue ere te eect is material. ere te timin o settlement is uncertain amounts are classiied as noncurrent ere settlement is epected more tan 12 monts rom te reportin date. sset retirement oliations n te course o te Group’s actiities, a numer o sites and oter assets are utilised ic are epected to ae costs associated it decommissionin. e associated cas outlos are sustantiall epected to occur at te dates o decommissionin o te assets to ic te relate, and are lon term in nature. eal and reulator e Group is inoled in a numer o leal and oter disputes, includin ere te Group as receied notiications o possile claims. e Directors o te ompan, ater tain leal adice, ae estalised proisions considerin te acts o eac case. or a discussion o certain leal issues potentiall aectin te Group see note 29 “Contingent liailities and leal proceedings” to te consolidated inancial statements. ter proisions ter proisions comprise arious amounts includin tose or restructurin costs. e associated cas outlos or restructurin costs are primaril less tan one ear. sset retirement eal and oliations reulator estructurin ter otal €m €m €m €m €m 31 arc 2019 0 434 619 2,31 cane moements 16) 2) 2) 1) cuisition o susidiaries 6 18 33 1 18 Disposal o susidiaries 69) – 4) 2) ) mounts capitalised in te ear 20 – – – 20 mounts cared to te income statement – 122 49 163 834 tilised in te ear paments 34) 98) 42) 12) 11) mounts released to te income statement 9) 4) 13) 199) 266) cane moements 6 11) 4 6 cuisition o susidiaries 6 – – – 6 mounts capitalised in te ear 294 – – – 294 mounts cared to te income statement – 138 13 16 48 tilised in te ear paments 32) 4) 243) 1) 04) mounts released to te income statement ) 4) 33) 66) 13) ote 1 e comparatie alances as at 31 arc 2020 ae een represented to relect tat odaone pt is no loner eld or sale. ee ote “Discontinued operations and assets and liailities eld or sale”. e impact o te representation is to increase noncurrent proisions €5 million and current proisions €29 million, respectiel, compared to amounts preiousl reported. Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 166 Vodafone Group Plc  Annual Report on Form 20-F 2021

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roisions ae een analsed eteen current and noncurrent as ollos m €m €m €m €m €m Current liailities 2 5 22 92 oncurrent liailities 9 255 2 sset retirement egal and oligations regulator estructuring ter otal €m €m €m €m €m Current liailities 2 9 5 29 5 oncurrent liailities 92 2 9 Called up sare capital is te numer o sares in issue at teir par alue. numer o sares ere allotted during te ear in relation to emploee sare scemes. uit instruments issued te Group are recorded at te amount o te proceeds receied net o direct issuance costs. 22 m €m umer €m ⁄ 1, 2, 3 pril 2599 9 2525 9 llotted during te ear 92 – 5 otes t arc 22 tere ere 5 22 5 cumulatie ied rate sares o eac in issue. 2 t arc 22 te Group eld 59229 22 25 treasur sares it a nominal alue o €99 million 22 €340 million. e maret alue o sares eld as €9 million 22 €2,610 million. During te ear 22 9295 treasur sares ere reissued under Group sare scemes. n 5 arc 29 te Group announced te placing o suordinated mandator conertile onds totalling .2 illion it a 2 ear maturit date in 22 and .2 illion it a ear maturit date due in 222. During te ear 29 treasur sares ere issued in settlement o trance o te maturing suordinated mandator conertile ond. e remaining onds are conertile into a total o 292 ordinar sares it a conersion price o .255 per sare. or urter details see note 2 “Borrowings”. otes to te consolidated inancial statements continued) proision is a liailit recorded in te statement o inancial position, ere tere is uncertaint oer te timin or amount tat ill e paid, and is tereore oten estimated. e main proisions e old are in relation to asset retirement oliations, ic include te cost o returnin netor inrastructure sites to teir oriinal condition at te end o te lease and claims or leal and reulator matters. roisions are reconised en te Group as a present oliation leal or constructie) as a result o a past eent, it is proale tat te Group ill e reuired to settle tat oliation and a reliale estimate can e made o te amount o te oliation. roisions are measured at te Directors’ est estimate o te ependiture reuired to settle te oliation at te reportin date and are discounted to present alue ere te eect is material. ere te timin o settlement is uncertain amounts are classiied as noncurrent ere settlement is epected more tan 12 monts rom te reportin date. sset retirement oliations n te course o te Group’s actiities, a numer o sites and oter assets are utilised ic are epected to ae costs associated it decommissionin. e associated cas outlos are sustantiall epected to occur at te dates o decommissionin o te assets to ic te relate, and are lon term in nature. eal and reulator e Group is inoled in a numer o leal and oter disputes, includin ere te Group as receied notiications o possile claims. e Directors o te ompan, ater tain leal adice, ae estalised proisions considerin te acts o eac case. or a discussion o certain leal issues potentiall aectin te Group see note 29 “Contingent liailities and leal proceedings” to te consolidated inancial statements. ter proisions ter proisions comprise arious amounts includin tose or restructurin costs. e associated cas outlos or restructurin costs are primaril less tan one ear. sset retirement eal and oliations reulator estructurin ter otal €m €m €m €m €m 31 arc 2019 0 434 619 2,31 cane moements 16) 2) 2) 1) cuisition o susidiaries 6 18 33 1 18 Disposal o susidiaries 69) – 4) 2) ) mounts capitalised in te ear 20 – – – 20 mounts cared to te income statement – 122 49 163 834 tilised in te ear paments 34) 98) 42) 12) 11) mounts released to te income statement 9) 4) 13) 199) 266) cane moements 6 11) 4 6 cuisition o susidiaries 6 – – – 6 mounts capitalised in te ear 294 – – – 294 mounts cared to te income statement – 138 13 16 48 tilised in te ear paments 32) 4) 243) 1) 04) mounts released to te income statement ) 4) 33) 66) 13) ote 1 e comparatie alances as at 31 arc 2020 ae een represented to relect tat odaone pt is no loner eld or sale. ee ote “Discontinued operations and assets and liailities eld or sale”. e impact o te representation is to increase noncurrent proisions €5 million and current proisions €29 million, respectiel, compared to amounts preiousl reported. 167 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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os o onsoi inni smns onin m ow sows ow or roioss or r rom onining orions rnss ino s ows gnr rom or oring iiis. 2020 201 os €m €m €m oss or inni r rom isonin orions – – 3,3 m onoring ns – 3 nsmn inom 330 24 433 inning oss 1,02 3,4 2,0 nom ns 6 3,64 1,20 1,46 smns or rs mns n or nons rgs 146 146 14 riion n morision 10, 11 14,101 14,14 , oss on isos o ror, n n imn n inngi sss 1 1 33 r o rs o i on ssois n oin nrs 12 342 2,0 0 mirmn osss 4 – 1,6 3,2 r inomns 6 4,21 14 nrsrs in innor 6 6 131 rsnrs in r n or ris 14 2 3 31 rsinrs in r n or s 1 30 100 3 i 1,020 30 1,131 s ows rom isonin orions – – 1 m mori o Group’s s is in n osis or mon mr ns wi mri o r mons or ss rom isiion o n s o m or sorrm iii rirmns. s n s ins omris s in n n osis, n or sorrm ig ii insmns r ri onri o nown mon o s n r s o n insigniin ris o ngs in . sss in mon mr ns, wos onr s ows o no rrsn so mns o inrs n rini, r msr ir wi gins n osss rising rom ngs in ir in in n roi or oss or rio. or s n s ins r msr moris os. 2020 rsn1 €m €m s n n in n 2,0 2,220 rs grmns n n osis – 2,202 on mr ns2 3,116 ,13 m 1 Bn orrs 31 26 m os 1 rior r omris n rrsn o r oon g is no ongr or s. o “Discontinued orions n sss n iiiis or sale”. im o rrsnion is o inrs s n s ins s rsn in smn o inni osiion €273 miion. 2 ms r msr ir n ion sis is 1 ssiiion, wi omriss inni insrmns wr ir is rmin ns o ris in i mrs. rring mon o ns moris os roims ir ir . s n s ins o €1,741 miion 2020 €1,460 miion r in onris wi rsriions on rmins wr ns o s o r subsidiaries’ ir r iiiis. n iion, os ns o so s o r €8 miion 2020 €8 miion o inromn iiiis s 31 r 2021. Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 168 Vodafone Group Plc  Annual Report on Form 20-F 2021

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e Group leases assets rom oter parties te Group is a lessee and also leases assets to oter parties te Group is a lessor. is note describes o te Group accounts or leases and proides details about its lease arranements. s a lessee en te Group leases an asset, a ‘rightouse asset’ is reconised or te leased item and a lease liabilit is reconised or an lease paments to be paid oer te lease term at te lease commencement date. e ritouse asset is initiall measured at cost, bein te present alue o te lease paments paid or paable, plus an initial direct costs incurred in enterin te lease and less an lease incenties receied. itouse assets are depreciated on a straitline basis rom te commencement date to te earlier o te end o te asset’s useul lie or te end o te lease term. e lease term is te noncancellable period o te lease plus an periods or ic te Group is ‘reasonably certain’ to eercise an etension options see belo. e useul lie o te asset is determined in a manner consistent to tat or oned propert, plant and euipment as described in note 11. ritouse assets are considered to be impaired, te carrin alue is reduced accordinl. ease liabilities are initiall measured at te alue o te lease paments oer te lease term tat are not paid at te commencement date and are usuall discounted usin te incremental borroin rates o te applicable Group entit te rate implicit in te lease is used i it is readil determinable. ease paments included in te lease liabilit include bot ied paments and insubstance ied paments durin te term o te lease. ter initial reconition, te lease liabilit is recorded at amortised cost usin te eectie interest metod. t is remeasured en tere is a cane in uture lease paments arisin rom a cane in an inde or rate e.. an inlation related increase or i te Group’s assessment o te lease term canes an canes in te lease liabilit as a result o tese canes also results in a correspondin cane in te recorded rit ouse asset. s a lessor ere te Group is a lessor, it determines at inception eter te lease is a inance or an operatin lease. en a lease transers substantiall all te riss and reards o onersip o te underlin asset ten te lease is a inance lease oterise te lease is an operatin lease. ere te Group is an intermediate lessor, te interests in te ead lease and te sublease are accounted or separatel and te lease classiication o a sublease is determined b reerence to te ritouse asset arisin rom te ead lease. ncome rom operatin leases is reconised on a straitline basis oer te lease term. ncome rom inance leases is reconised at lease commencement it interest income reconised oer te lease term. ease income is reconised as reenue or transactions tat are part o te Group’s ordinar actiities primaril leases o andsets or oter euipment to customers, leases o olesale access to te Group’s ibre and cable netors. e Group uses 1 principles to allocate te consideration in contracts beteen an lease and nonlease components. e Group adopted 16 on 1 pril 201 usin te modiied retrospectie approac and comparatie inormation as not restated. inancial inormation or te ear ended 31 arc 201 is reported in accordance it 17 and 4, as described belo. s a lessee eases ere classiied as inance leases eneer te terms o te lease transerred substantiall all te riss and reards o onersip o te asset to te lessee all oter leases ere classiied as operatin leases. ssets eld under inance leases ere reconised as assets o te Group at teir air alue at te inception o te lease or, i loer, at te present alue o te minimum lease paments as determined at te inception o te lease. e correspondin liabilit to te lessor as included in te statement o inancial position as a inance lease obliation. ease paments ere apportioned beteen inance cares and reduction o te lease obliation so as to aciee a constant rate o interest on te remainin balance o te liabilit. Depreciation and inance cares ere reconised in te income statement. entals paable under operatin leases ere cared, and lease incenties receied, ere credited to te income statement on a straitline basis oer te term o te releant lease. s a lessor essor accountin applied or te ear ended 31 arc 201 as consistent it tat described or 16 aboe, ecept or te lease classiication, as a inance or operatin lease, o a sublease ic as determined b reerence to te underlin asset. os o onsoi inni smns onin m ow sows ow or roioss or r rom onining orions rnss ino s ows gnr rom or oring iiis. 2020 201 os €m €m €m oss or inni r rom isonin orions – – 3,3 m onoring ns – 3 nsmn inom 330 24 433 inning oss 1,02 3,4 2,0 nom ns 6 3,64 1,20 1,46 smns or rs mns n or nons rgs 146 146 14 riion n morision 10, 11 14,101 14,14 , oss on isos o ror, n n imn n inngi sss 1 1 33 r o rs o i on ssois n oin nrs 12 342 2,0 0 mirmn osss 4 – 1,6 3,2 r inomns 6 4,21 14 nrsrs in innor 6 6 131 rsnrs in r n or ris 14 2 3 31 rsinrs in r n or s 1 30 100 3 i 1,020 30 1,131 s ows rom isonin orions – – 1 m mori o Group’s s is in n osis or mon mr ns wi mri o r mons or ss rom isiion o n s o m or sorrm iii rirmns. s n s ins omris s in n n osis, n or sorrm ig ii insmns r ri onri o nown mon o s n r s o n insigniin ris o ngs in . sss in mon mr ns, wos onr s ows o no rrsn so mns o inrs n rini, r msr ir wi gins n osss rising rom ngs in ir in in n roi or oss or rio. or s n s ins r msr moris os. 2020 rsn1 €m €m s n n in n 2,0 2,220 rs grmns n n osis – 2,202 on mr ns2 3,116 ,13 m 1 Bn orrs 31 26 m os 1 rior r omris n rrsn o r oon g is no ongr or s. o “Discontinued orions n sss n iiiis or sale”. im o rrsnion is o inrs s n s ins s rsn in smn o inni osiion €273 miion. 2 ms r msr ir n ion sis is 1 ssiiion, wi omriss inni insrmns wr ir is rmin ns o ris in i mrs. rring mon o ns moris os roims ir ir . s n s ins o €1,741 miion 2020 €1,460 miion r in onris wi rsriions on rmins wr ns o s o r subsidiaries’ ir r iiiis. n iion, os ns o so s o r €8 miion 2020 €8 miion o inromn iiiis s 31 r 2021. 169 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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m m m Ritouse assets Te carrin alue o te Group’s ritouse assets, depreciation care or te ear and additions durin te ear are disclosed in note 11 “Property, plant and equipment”. ease liailities Te Group’s lease liailities are disclosed in note 21 “Borrowings”. Te aturit proile o te Group’s lease liailities is as ollos 2020 Represented1 €m Witin one ear 3,419 3,198 In ore tan one ear ut less tan to ears 2,142 2,018 In ore tan to ears ut less tan tree ears 1,1 1,542 In ore tan tree ears ut less tan our ears 1,457 1,337 In ore tan our ears ut less tan ie ears 1,31 1,128 In ore tan ie ears 4,9 4,443 ect o discountin (1,59) (1,548) ease liailit (note 21 orroins) Note 1 Te prior ear coparaties ae een represented to relect tat odaone pt is no loner eld or sale ee Note 7 “Discontinued operations and assets and liailities eld or sale”. Te ipact o te representation is to increase total undiscounted lease liailities €75 illion and total discounted lease liailities €55 illion, respectiel, copared to te aount preiousl reported At 31 arc 2021 te Group as entered into lease contracts it paent oliations it an undiscounted alue o €82 illion (2020 €67 illion) tat ad not coenced at 31 arc 2021 Interest epense on lease liailities or te ear is disclosed in note 5 “Investment incoe and inancin costs”. Te Group as no aterial liailities under residual alue uarantees and aes no aterial paents or ariale paents not included in te lease liailit Te Group does not appl eiter te sort ter or lo alue epedient options in IR 1 Te Group as a ide rane o lessor actiities it consuer and enterprise custoers, oter telecounication copanies and oter copanies Wit consuer and enterprise custoers, te Group enerates lease incoe ro te proision o andsets, routers and oter counications equipent Te Group proides olesale access to te Group’s ire and cale netors and leases out space on te Group’s oned oile ase stations to oter telecounication copanies In addition, te Group suleases retail stores to rancise partners in certain arets and leases out surplus assets (e acant oices and retail stores) to oter copanies essor transactions are classiied as operatin or inance leases ased on eter te lease transers sustantiall all o te riss and reards incidental to onersip o te asset eases are indiiduall assessed, ut enerall, te Group’s lessor transactions are classiied as peratin leases ere te Group is lessor o space on oned oile ase stations, proides olesale access to its ire and cale netors or proides routers or siilar equipent to ied custoers and inance leases ere te Group is sulessor o andsets or siilar ites in actoac arraneents or ere surplus assets are sulet out or all or sustantiall all o te reainin ead lease ter Te Group’s incoe as a lessor in te ear is as ollos 2020 €m ease reenue (note 2 Reenue disareation and seental analsis) 559 502 Incoe ro leases not reconised as reenue 180 203 Te Group’s net inestents in leases are disclosed in note 14 “Trade and oter receivables”. Te coitted aounts to e receied ro te Group’s operatin leases are as ollos aturit Witin one ear In one to to ears In to to tree ears In tree to our ears In our to ie ears In ore tan ie ears €m €m €m €m €m €m €m mm m 510 21 175 134 115 395 mm m 442 211 114 53 44 223 Te Group as no aterial lease incoe arisin ro ariale lease paents €m €m otes to te consolidated inancial statements continued Group’s s a lessee Te Group leases buildings or its retail stores, oices and data centres, land on wic to construct mobile base stations, space on mobile base stations to place active equipment and networ space primarily rac space or duct space. In addition, te Group leases ibre and oter ied connectivity to provide internal connectivity or te Group’s operations and on a wolesale basis rom oter operators to provide ied connectivity services to te Group’s customers. Te Group’s general approac to determining lease term by class o asset is described in note under critical accounting udgements and ey sources o estimation uncertainty. ost o te Group’s leases include uture price increases troug ied percentage increases, indeation to inlation measures on a periodic basis or rent review clauses. ter tan ied percentage increases te lease liability does not relect te impact o tese uture increases unless te measurement date as passed. Te Group’s leases contain no material variable payments clauses oter tan tose related to te number o operators saring space on tird party mobile base stations. Te Group subleases ecess retail and oice properties under bot operating and inance leases see disclosure on te Group’s leasing activities as a lessor below. perational lease periods ere practicable te Group sees to include etension or brea options in leases to provide operational leibility, tereore many o te Group’s lease contracts contain optional periods. Te Group’s policy on assessing and reassessing weter it is reasonably certain tat te optional period will be included in te lease term is described in note under critical accounting udgements and ey sources o estimation uncertainty. ter initial recognition o a lease, te Group only reassesses te lease term wen tere is a signiicant event or a signiicant cange in circumstances, wic was not anticipated at te time o te previous assessment. igniicant events or signiicant canges in circumstances could include merger and acquisition or similar activity, signiicant ependiture on te leased asset not anticipated in te previous assessment, or detailed management plans indicating a dierent conclusion on optional periods to te previous assessment. ere a signiicant event or signiicant cange in circumstances does not occur, te lease term and tereore lease liability and rigtouse asset value, will decline over time. Te Group’s cas outlow or leases in te year ended arc 22 was €4,234 million 22 €3,902 million and, absent signiicant uture canges in te volume o te Group’s activities or strategic canges to use more or ewer owned assets tis level o cas outlow rom leases would be epected to continue or uture periods, subect to contractual price increases. Te uture cas outlows included witin lease liabilities are sown in te maturity analysis below on page 7. Te maturity analysis only includes te reasonably certain payments to be made cas outlows in tese uture periods will liely eceed tese amounts as payments will be made on optional periods not considered reasonably certain at present and on new leases entered into in uture periods. Te Group’s leases or customer connectivity are normally eiter under regulated access or networ saring or similar preerential access arrangements and as a result te Group normally as signiicant leibility over te term it can lease suc connections or generally te notice period required to cancel te lease is less tan te notice period included in te service contract wit te end customer. s a result, te Group does not ave any signiicant cas eposure to optional periods on customer connectivity as te Group can cancel te lease wen te service agreement ends. In some circumstances te Group is committed to minimum spend amounts or connectivity leases, wic are included witin reported lease liabilities. ale and leasebac In te year ended arc 22, te Group sold its Italian mobile base station assets to Inrastrutture ireless Italiane .p.. (‘INWIT’) see note 27 “Acquisitions and disposals” or additional details, and entered into an agreement to lease bac space on tese and oter IIT mobile base station towers to locate networ equipment or 8 years see note “Related party transactions”. Te Group derecognised assets related to te mobile base stations wit a net boo value o €548 million. total gain on disposal o €4,100 million was realised as a result o te disposal €744 million o tis gain, relecting te gain on te proportion o sold towers tat as been retained troug te leasebac, was recorded in te year ended arc 22 as a reduction in te value o te rigtouse asset recognised or te leasebac o tower space and will be realised as a reduction in depreciation over te lease term. ter sale and leasebac transactions entered into by te Group were not material, individually or in aggregate. Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 170 Vodafone Group Plc  Annual Report on Form 20-F 2021

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m m m Ritouse assets Te carrin alue o te Group’s ritouse assets, depreciation care or te ear and additions durin te ear are disclosed in note 11 “Property, plant and equipment”. ease liailities Te Group’s lease liailities are disclosed in note 21 “Borrowings”. Te aturit proile o te Group’s lease liailities is as ollos 2020 Represented1 €m Witin one ear 3,419 3,198 In ore tan one ear ut less tan to ears 2,142 2,018 In ore tan to ears ut less tan tree ears 1,1 1,542 In ore tan tree ears ut less tan our ears 1,457 1,337 In ore tan our ears ut less tan ie ears 1,31 1,128 In ore tan ie ears 4,9 4,443 ect o discountin (1,59) (1,548) ease liailit (note 21 orroins) Note 1 Te prior ear coparaties ae een represented to relect tat odaone pt is no loner eld or sale ee Note 7 “Discontinued operations and assets and liailities eld or sale”. Te ipact o te representation is to increase total undiscounted lease liailities €75 illion and total discounted lease liailities €55 illion, respectiel, copared to te aount preiousl reported At 31 arc 2021 te Group as entered into lease contracts it paent oliations it an undiscounted alue o €82 illion (2020 €67 illion) tat ad not coenced at 31 arc 2021 Interest epense on lease liailities or te ear is disclosed in note 5 “Investment incoe and inancin costs”. Te Group as no aterial liailities under residual alue uarantees and aes no aterial paents or ariale paents not included in te lease liailit Te Group does not appl eiter te sort ter or lo alue epedient options in IR 1 Te Group as a ide rane o lessor actiities it consuer and enterprise custoers, oter telecounication copanies and oter copanies Wit consuer and enterprise custoers, te Group enerates lease incoe ro te proision o andsets, routers and oter counications equipent Te Group proides olesale access to te Group’s ire and cale netors and leases out space on te Group’s oned oile ase stations to oter telecounication copanies In addition, te Group suleases retail stores to rancise partners in certain arets and leases out surplus assets (e acant oices and retail stores) to oter copanies essor transactions are classiied as operatin or inance leases ased on eter te lease transers sustantiall all o te riss and reards incidental to onersip o te asset eases are indiiduall assessed, ut enerall, te Group’s lessor transactions are classiied as peratin leases ere te Group is lessor o space on oned oile ase stations, proides olesale access to its ire and cale netors or proides routers or siilar equipent to ied custoers and inance leases ere te Group is sulessor o andsets or siilar ites in actoac arraneents or ere surplus assets are sulet out or all or sustantiall all o te reainin ead lease ter Te Group’s incoe as a lessor in te ear is as ollos 2020 €m ease reenue (note 2 Reenue disareation and seental analsis) 559 502 Incoe ro leases not reconised as reenue 180 203 Te Group’s net inestents in leases are disclosed in note 14 “Trade and oter receivables”. Te coitted aounts to e receied ro te Group’s operatin leases are as ollos aturit Witin one ear In one to to ears In to to tree ears In tree to our ears In our to ie ears In ore tan ie ears €m €m €m €m €m €m €m mm m 510 21 175 134 115 395 mm m 442 211 114 53 44 223 Te Group as no aterial lease incoe arisin ro ariale lease paents €m €m otes to te consolidated inancial statements continued Group’s s a lessee Te Group leases buildings or its retail stores, oices and data centres, land on wic to construct mobile base stations, space on mobile base stations to place active equipment and networ space primarily rac space or duct space. In addition, te Group leases ibre and oter ied connectivity to provide internal connectivity or te Group’s operations and on a wolesale basis rom oter operators to provide ied connectivity services to te Group’s customers. Te Group’s general approac to determining lease term by class o asset is described in note under critical accounting udgements and ey sources o estimation uncertainty. ost o te Group’s leases include uture price increases troug ied percentage increases, indeation to inlation measures on a periodic basis or rent review clauses. ter tan ied percentage increases te lease liability does not relect te impact o tese uture increases unless te measurement date as passed. Te Group’s leases contain no material variable payments clauses oter tan tose related to te number o operators saring space on tird party mobile base stations. Te Group subleases ecess retail and oice properties under bot operating and inance leases see disclosure on te Group’s leasing activities as a lessor below. perational lease periods ere practicable te Group sees to include etension or brea options in leases to provide operational leibility, tereore many o te Group’s lease contracts contain optional periods. Te Group’s policy on assessing and reassessing weter it is reasonably certain tat te optional period will be included in te lease term is described in note under critical accounting udgements and ey sources o estimation uncertainty. ter initial recognition o a lease, te Group only reassesses te lease term wen tere is a signiicant event or a signiicant cange in circumstances, wic was not anticipated at te time o te previous assessment. igniicant events or signiicant canges in circumstances could include merger and acquisition or similar activity, signiicant ependiture on te leased asset not anticipated in te previous assessment, or detailed management plans indicating a dierent conclusion on optional periods to te previous assessment. ere a signiicant event or signiicant cange in circumstances does not occur, te lease term and tereore lease liability and rigtouse asset value, will decline over time. Te Group’s cas outlow or leases in te year ended arc 22 was €4,234 million 22 €3,902 million and, absent signiicant uture canges in te volume o te Group’s activities or strategic canges to use more or ewer owned assets tis level o cas outlow rom leases would be epected to continue or uture periods, subect to contractual price increases. Te uture cas outlows included witin lease liabilities are sown in te maturity analysis below on page 7. Te maturity analysis only includes te reasonably certain payments to be made cas outlows in tese uture periods will liely eceed tese amounts as payments will be made on optional periods not considered reasonably certain at present and on new leases entered into in uture periods. Te Group’s leases or customer connectivity are normally eiter under regulated access or networ saring or similar preerential access arrangements and as a result te Group normally as signiicant leibility over te term it can lease suc connections or generally te notice period required to cancel te lease is less tan te notice period included in te service contract wit te end customer. s a result, te Group does not ave any signiicant cas eposure to optional periods on customer connectivity as te Group can cancel te lease wen te service agreement ends. In some circumstances te Group is committed to minimum spend amounts or connectivity leases, wic are included witin reported lease liabilities. ale and leasebac In te year ended arc 22, te Group sold its Italian mobile base station assets to Inrastrutture ireless Italiane .p.. (‘INWIT’) see note 27 “Acquisitions and disposals” or additional details, and entered into an agreement to lease bac space on tese and oter IIT mobile base station towers to locate networ equipment or 8 years see note “Related party transactions”. Te Group derecognised assets related to te mobile base stations wit a net boo value o €548 million. total gain on disposal o €4,100 million was realised as a result o te disposal €744 million o tis gain, relecting te gain on te proportion o sold towers tat as been retained troug te leasebac, was recorded in te year ended arc 22 as a reduction in te value o te rigtouse asset recognised or te leasebac o tower space and will be realised as a reduction in depreciation over te lease term. ter sale and leasebac transactions entered into by te Group were not material, individually or in aggregate. 171 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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otes to te consolidated inancial statements continued Te Group’s sources o borrowing or unding and liquidity purposes come rom a range o committed ban acilities and troug sortterm and longterm issuances in te capital marets including bond and commercial paper issues and ban loans. iabilities arising rom te Group’s lease arrangements are also reported in borrowings see note 2 “Leases”. e manage te basis on wic we incur interest on debt between ied interest rates and loating interest rates depending on maret conditions using interest rate derivatives. Te Group enters into oreign ecange contracts to mitigate te impact o ecange rate movements on certain monetary items. Interestbearing loans and overdrats are initially measured at air value wic is equal to cost at inception, and are subsequently measured at amortised cost, using te eective interest rate metod. ere tey are identiied as a edged item in a designated air value edge relationsip, air value adustments are recognised in accordance wit our policy see note 22 “Capital and inancial ris management”). ny dierence between te proceeds net o transaction costs and te amount due on settlement or redemption o borrowings is recognised over te term o te borrowing. ere bonds issued wit certain conversion rigts are identiied as compound instruments tey are initially measured at air value wit te nominal amounts recognised as a component in equity and te air value o uture coupons included in borrowings. Tese are subsequently measured at amortised cost using te eective interest rate metod. 22 epresented €m €m Bonds ,6 7,5 Ban loans 76 ,5 ease liabilities note 2 , , Ban borrowings secured against Indian assets 85 ,6 ter borrowings2 ,58 ,6 Bonds 2,25 ,2 Ban loans 658 ,8 ease liabilities note 2 ,2 2,8 ollateral liabilities 62 5,22 Ban borrowings secured against Indian assets 862 – ter borrowings 62 8 otes Te prior year comparatives ave been represented to relect tat odaone gypt is no longer eld or sale. ee ote 7 “Discontinued operations and assets and liabilities eld or sale”. Te impact o te representation is to increase current borrowings and noncurrent borrowings by €150 million and €57 million, respectively, compared to amounts previously reported. 2 Includes €3,312 million 22 €3,215 million o spectrum licence payables. Te air value o te Group’s inancial assets and inancial liabilities eld at amortised cost approimate to air value wit te eception o long term bonds wit a carrying value o €44,634 million 22 €47,500 million wic ave a air value o €48,630 million 22 €48,26 million. air value is based on level o te air value ierarcy using quoted maret prices. Te Group’s borrowings include certain bonds wic ave been designated in edge relationsips, wic are carried at €1.4 billion iger tan teir euro equivalent redemption value. In addition, were bonds are issued in currencies oter tan euros, te Group as entered into oreign currency swaps to i te euro cas outlows on redemption. Te impact o tese swaps are not relected in borrowings and would decrease te euro equivalent redemption value o te bonds by €0.1 billion. ommercial paper programmes e currently ave and euro commercial paper programmes o 5 billion and €8 billion respectively wic are available to be used to meet sortterm liquidity requirements. t arc 22 €nil 22 €nil) was drawn under te euro commercial paper programme. Te commercial paper programme remained undrawn. Te commercial paper acilities were supported by . billion (€3.4 billion and €4.0 billion o syndicated committed ban acilities. o amounts ad been drawn under tese acilities. Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 172 Vodafone Group Plc  Annual Report on Form 20-F 2021

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onds e ae a €30 illion euro mediumterm note programme and a sel programme ic are used to meet medium to longterm unding reuirements. t 31 arc 2021 te total amounts in issue under tese programmes split currenc ere D22. illion, €18.4 illion, 3 illion, D1.2 illion, D2.1 illion, 2.2 illion, C0.7 illion and 10 illion. t 31 arc 2021 te Group ad onds outstanding it a nominal alue euialent to €45.4 illion. During te ear ended 31 arc 2021, onds it a nominal alue o €2 illion ere issued under standalone documentation and onds it a nominal alue €2.2 illion ere issued antage oers .G. under teir on €5 illion det issuance programme. n arc 2021, te Group also repurcased its on onds it a nominal alue o €1.5 illion and D2.1 illion. onds mature eteen 2021 and 205 (2020 2020 and 205) and ae interest rates eteen 0.0 and 7.875 (2020 0.0 and 7.875). andator conertile onds n 12 arc 201 te Group issued 3.4 illion o suordinated mandator conertile onds (‘MCBs’) split into to eual trances o 1.7 illion, te irst trance matured on 12 arc 2021 and te second trance matures on 12 arc 2022 it coupons o 1.2 and 1.5 respectiel. ese ere recognised as compound instruments it nominal alues o 3.4 illion (€3.8 illion) recognised as a component o shareholders’ unds in euit and te air alue o uture coupons 0.1 illion (€0.1billion) recognised as a inancial liailit in orroings. t 31 arc 2021, te conersion price o te onds as 1.2055 per sare. e Group’s strateg is to edge te euit ris associated it te C issuance to an uture moement in its sare price an option strateg designed to edge te economic impact o sare price moements during te term o te onds. ould te Group decide to u ac ordinar sares to mitigate dilution resulting rom te conersion te edging strateg ill proide a edge or te repurcase price. reasur sares e Group eld a maimum o 2,043,732,147 (2020 2,01,84,61) o its on sares during te ear ic represented 7.1 (2020 7.3) o issued sare capital at tat time. otes to te consolidated inancial statements continued Te Group’s sources o borrowing or unding and liquidity purposes come rom a range o committed ban acilities and troug sortterm and longterm issuances in te capital marets including bond and commercial paper issues and ban loans. iabilities arising rom te Group’s lease arrangements are also reported in borrowings see note 2 “Leases”. e manage te basis on wic we incur interest on debt between ied interest rates and loating interest rates depending on maret conditions using interest rate derivatives. Te Group enters into oreign ecange contracts to mitigate te impact o ecange rate movements on certain monetary items. Interestbearing loans and overdrats are initially measured at air value wic is equal to cost at inception, and are subsequently measured at amortised cost, using te eective interest rate metod. ere tey are identiied as a edged item in a designated air value edge relationsip, air value adustments are recognised in accordance wit our policy see note 22 “Capital and inancial ris management”). ny dierence between te proceeds net o transaction costs and te amount due on settlement or redemption o borrowings is recognised over te term o te borrowing. ere bonds issued wit certain conversion rigts are identiied as compound instruments tey are initially measured at air value wit te nominal amounts recognised as a component in equity and te air value o uture coupons included in borrowings. Tese are subsequently measured at amortised cost using te eective interest rate metod. 22 epresented €m €m Bonds ,6 7,5 Ban loans 76 ,5 ease liabilities note 2 , , Ban borrowings secured against Indian assets 85 ,6 ter borrowings2 ,58 ,6 Bonds 2,25 ,2 Ban loans 658 ,8 ease liabilities note 2 ,2 2,8 ollateral liabilities 62 5,22 Ban borrowings secured against Indian assets 862 – ter borrowings 62 8 otes Te prior year comparatives ave been represented to relect tat odaone gypt is no longer eld or sale. ee ote 7 “Discontinued operations and assets and liabilities eld or sale”. Te impact o te representation is to increase current borrowings and noncurrent borrowings by €150 million and €57 million, respectively, compared to amounts previously reported. 2 Includes €3,312 million 22 €3,215 million o spectrum licence payables. Te air value o te Group’s inancial assets and inancial liabilities eld at amortised cost approimate to air value wit te eception o long term bonds wit a carrying value o €44,634 million 22 €47,500 million wic ave a air value o €48,630 million 22 €48,26 million. air value is based on level o te air value ierarcy using quoted maret prices. Te Group’s borrowings include certain bonds wic ave been designated in edge relationsips, wic are carried at €1.4 billion iger tan teir euro equivalent redemption value. In addition, were bonds are issued in currencies oter tan euros, te Group as entered into oreign currency swaps to i te euro cas outlows on redemption. Te impact o tese swaps are not relected in borrowings and would decrease te euro equivalent redemption value o te bonds by €0.1 billion. ommercial paper programmes e currently ave and euro commercial paper programmes o 5 billion and €8 billion respectively wic are available to be used to meet sortterm liquidity requirements. t arc 22 €nil 22 €nil) was drawn under te euro commercial paper programme. Te commercial paper programme remained undrawn. Te commercial paper acilities were supported by . billion (€3.4 billion and €4.0 billion o syndicated committed ban acilities. o amounts ad been drawn under tese acilities. 173 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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oes o he onsolidaed inanial saeens (oninued) mm his noe deails he reasur anaeen and inanial ris anaeen obeies and poliies as ell as he eposure and sensiii o he Group o redi liuidi ineres and orein ehane ris and he poliies in plae o onior and anae hese riss. inanial insruens inanial asses and inanial liabiliies in respe o inanial insruens are reonised on he Group’s onsolidaed saeen o inanial posiion hen he Group beoes a par o he onraual proisions o he insruen. inanial liabiliies and eui insruens inanial liabiliies and eui insruens issued b he Group are lassiied aordin o he subsane o he onraual arraneens enered ino and he deiniions o a inanial liabili and an eui insruen. n eui insruen is an onra ha proides a residual ineres in he asses o he Group aer deduin all o is liabiliies and inludes no obliaion o delier ash or oher inanial asses. he aounin poliies adoped or speii inanial liabiliies and eui insruens are se ou belo. inanial liabiliies under pu opion arraneens he Group has an obliaion o pa a ied rae o reurn o inori eui shareholders in he Group’s subsidiar abel eushland G under he ers o a ouriposed doinaion and proi and loss ranser areeen. his areeen also proides he inori shareholders he opion o pu heir shareholdin o odaone a a ied prie per share. he obliaion o purhase he shares has been reonised as a inanial liabili and no nononrollin ineress are reonised in respe o inori shareholders. neres oss are arued a he areed rae o reurn and reonised in inanin oss. eriaie inanial insruens and hede aounin he Group’s aiiies epose i o he inanial riss o hanes in orein ehane raes and ineres raes hih i anaes usin deriaie inanial insruens. he use o inanial deriaies is oerned b he Group’s poliies approed b he Board o ireors hih proide rien priniples on he use o inanial deriaies onsisen ih he Group’s ris anaeen srae. he Group does no use deriaie inanial insruens or speulaie purposes. he Group desinaes erain deriaies as − hedes o he hane in air alue o reonised asses and liabiliies (‘fair alue hedges’); − hedes o hihl probable oreas ransaions or hedes o orein urren or ineres rae riss o ir oiens (‘cash lo hedges’); or − hedes o ne inesens in orein operaions. eriaie inanial insruens are iniiall easured a air alue on he onra dae and are subseuenl reeasured o air alue a eah reporin dae. Chanes in alues o all deriaies o a inanin naure are inluded ihin inesen inoe and inanin oss in he inoe saeen unless desinaed in an eeie ash lo hede relaionship or a hede o a ne inesen in orein operaions hen he eeie porion o hanes in alue are deerred o oher oprehensie inoe. ede eeieness is deerined a he inepion o he hede relaionship and hrouh periodi prospeie eeieness assessens o ensure ha an eonoi relaionship eiss beeen he heded ie and hedin insruen. or air alue hedes he arrin alue o he heded ie is also adused or hanes in air alue or he heded ris ih ains and losses reonised in he inoe saeen or he period. ede aounin is disoninued hen he hedin insruen epires or is sold erinaed eerised or no loner ualiies or hede aounin. hen hede aounin is disoninued an ain or loss reonised in oher oprehensie inoe a ha ie reains in eui and is reonised in he inoe saeen hen he heded ransaion is uliael reonised in he inoe saeen. or ash lo hedes hen he heded ie is reonised in he inoe saeen aouns preiousl reonised in oher oprehensie inoe and auulaed in eui or he hedin insruen are relassiied o he inoe saeen. oeer hen he heded ransaion resuls in he reoniion o a noninanial asse or a noninanial liabili he ains and losses preiousl reonised in oher oprehensie inoe and auulaed in eui are ranserred ro eui and inluded in he iniial easureen o he os o he noninanial asse or non Ǧ inanial liabili. a oreas ransaion is no loner epeed o our he ain or loss auulaed in eui is reonised iediael in he inoe saeen. or ne inesen hedes ains and losses auulaed in oher oprehensie inoe are inluded in he inoe saeen hen he orein operaion is disposed o. Notes to the consolidated financial statements (continued) Strategic report Governance Financials Other information 174 Vodafone Group Plc  Annual Report on Form 20-F 2021

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mm he fooig ae suarises he capia of he Group a arch epreseed €m €m orroigs (oe ) ash ad cash euiaes (oe ) () () eriaie fiacia isrues icuded i rade ad oher receiaes (oe ) () () eriaie fiacia isrues icuded i rade ad oher paaes (oe ) horer ieses (oe ) () () oaera asses (oe ) () () iacia iaiiies uder pu opio arragees ui oe he prior ear coparaies hae ee represeed o refec ha odafoe gp is o oger hed for sae as ouied i he oes refereced aoe he Group’s poic is o orro cera usig a iure of oger ad shorer capia are issues ad orroig faciiies o ee aicipaed fudig reuirees hese orroigs ogeher ih cash geeraed fro operaios are oaed iera or coriued as eui o cerai susidiaries m iideds fro our associaes are geera paid a he discreio of he oard of irecors or sharehoders of he idiidua operaig ad hodig copaies ad e hae o righs o receie diideds ecep here specified ihi cerai of he Group’s shareholders’ agreees iiar oher ha ogoig diided oigaios o he ae euschad G iori sharehoders shoud he coiue o hod heir iori sae e do o hae eisig oigaios uder shareholders’ agreees o pa diideds o ocoroig ieres parers of our susidiaries or oi eures he aou of diideds receied ad paid i he ear are discosed i he cosoidaed saee of cash fos m m m m u opios issued as par of he hedgig sraeg for he s peri he hoders o eercise agais he Group a auri of he opio if here is a decrease i our share price der he ers of he opios seee us e ade i cash hich i euae o he reduced aue of shares fro he iiia coersio price adused for diideds decared o iio shares urig he ear he Group sod cerai rade receiaes o a uer of fiacia isiuios his here are o repurchase oigaios i respec of hese receiaes he Group proided credi guaraees hich oud o ecoe paae if defau raes ere sigifica higher ha hisorica raes he credi guaraee is o cosidered susaie ad susaia a riss ad reards associaed ih he receiaes passed o he purchaser a he dae of sae herefore he receiaes ere derecogised he aiu paae uder he guaraees a arch as €1,503 iio ( €1,283 iio) o proisio has ee ade i respec of hese guaraees as he ieihood of a cash oufo has ee assessed as reoe m he Group offers suppiers he opporui o use supp chai fiacig (‘SCF’). aos suppiers ha decide o use i o receie fudig earier ha he ioice due dae arch he fiacia isiuios ha ru he prograes had purchased €2.3 iio ( €2.4 iio) of suppier ioices pricipa fro arger suppiers he Group does o proide a fiacia guaraees o he fiacia isiuios uder his prograe ad coiues o cash see suppier paaes i accordace ih heir coracua ers s such he prograe does o chage he Group’s e de rade paae aaces or cash fos he Group eauaes suppier arragees agais a uer of idicaors o assess if he paae coiues o hod he characerisics of a rade paae or shoud e cassified as orroigs; hese idicaors icude heher he pae ers eceed he shorer of cusoar pae ers i he idusr or das arch oe of he paaes suec o suppier fiacig arragees e he crieria o e recassified as orroigs mm he Group’s reasur fucio cera aages he Group’s fudig reuiree e foreig echage eposure ieres rae aagee eposures ad couerpar ris arisig fro ieses ad deriaies reasur operaios are coduced ihi a fraeor of poicies ad guideies auhorised ad reieed he oard os rece i a reasur ris coiee coprisig of he Group’s hief iacia fficer Group Geera ouse ad opa ecrear Group iacia oroer Group orporae iace irecor Group reasur irecor ad Group irecor of iacia oroig ad peraios ees hree ies a ear o reie reasur aciiies ad is eers receie aagee iforaio reaig o reasur aciiies o a uarer asis he Group’s accouig fucio hich does o repor o he Group reasur irecor proides reguar updae repors of reasur acii o he oard he Group’s era udior reies he iera coro eiroe reguar o ods issued he Group or he eoig redi aciiies are suec o fiacia coea raios pproiae €35 iio of issued ods hae a chage of coro cause €350 iio of oas hae a fiacia coea reuiree hich road euaes o a e de o cacuaio s a arch odafoe as copia ih his fiacia coea he Group uses a uer of deriaie isrues for currec ad ieres rae ris aagee purposes o ha are rasaced speciais reasur persoe he Group iigaes aig secor credi ris he use of coaera suppor agreees oes o he onsolidaed inanial saeens (oninued) mm his noe deails he reasur anaeen and inanial ris anaeen obeies and poliies as ell as he eposure and sensiii o he Group o redi liuidi ineres and orein ehane ris and he poliies in plae o onior and anae hese riss. inanial insruens inanial asses and inanial liabiliies in respe o inanial insruens are reonised on he Group’s onsolidaed saeen o inanial posiion hen he Group beoes a par o he onraual proisions o he insruen. inanial liabiliies and eui insruens inanial liabiliies and eui insruens issued b he Group are lassiied aordin o he subsane o he onraual arraneens enered ino and he deiniions o a inanial liabili and an eui insruen. n eui insruen is an onra ha proides a residual ineres in he asses o he Group aer deduin all o is liabiliies and inludes no obliaion o delier ash or oher inanial asses. he aounin poliies adoped or speii inanial liabiliies and eui insruens are se ou belo. inanial liabiliies under pu opion arraneens he Group has an obliaion o pa a ied rae o reurn o inori eui shareholders in he Group’s subsidiar abel eushland G under he ers o a ouriposed doinaion and proi and loss ranser areeen. his areeen also proides he inori shareholders he opion o pu heir shareholdin o odaone a a ied prie per share. he obliaion o purhase he shares has been reonised as a inanial liabili and no nononrollin ineress are reonised in respe o inori shareholders. neres oss are arued a he areed rae o reurn and reonised in inanin oss. eriaie inanial insruens and hede aounin he Group’s aiiies epose i o he inanial riss o hanes in orein ehane raes and ineres raes hih i anaes usin deriaie inanial insruens. he use o inanial deriaies is oerned b he Group’s poliies approed b he Board o ireors hih proide rien priniples on he use o inanial deriaies onsisen ih he Group’s ris anaeen srae. he Group does no use deriaie inanial insruens or speulaie purposes. he Group desinaes erain deriaies as − hedes o he hane in air alue o reonised asses and liabiliies (‘fair alue hedges’); − hedes o hihl probable oreas ransaions or hedes o orein urren or ineres rae riss o ir oiens (‘cash lo hedges’); or − hedes o ne inesens in orein operaions. eriaie inanial insruens are iniiall easured a air alue on he onra dae and are subseuenl reeasured o air alue a eah reporin dae. Chanes in alues o all deriaies o a inanin naure are inluded ihin inesen inoe and inanin oss in he inoe saeen unless desinaed in an eeie ash lo hede relaionship or a hede o a ne inesen in orein operaions hen he eeie porion o hanes in alue are deerred o oher oprehensie inoe. ede eeieness is deerined a he inepion o he hede relaionship and hrouh periodi prospeie eeieness assessens o ensure ha an eonoi relaionship eiss beeen he heded ie and hedin insruen. or air alue hedes he arrin alue o he heded ie is also adused or hanes in air alue or he heded ris ih ains and losses reonised in he inoe saeen or he period. ede aounin is disoninued hen he hedin insruen epires or is sold erinaed eerised or no loner ualiies or hede aounin. hen hede aounin is disoninued an ain or loss reonised in oher oprehensie inoe a ha ie reains in eui and is reonised in he inoe saeen hen he heded ransaion is uliael reonised in he inoe saeen. or ash lo hedes hen he heded ie is reonised in he inoe saeen aouns preiousl reonised in oher oprehensie inoe and auulaed in eui or he hedin insruen are relassiied o he inoe saeen. oeer hen he heded ransaion resuls in he reoniion o a noninanial asse or a noninanial liabili he ains and losses preiousl reonised in oher oprehensie inoe and auulaed in eui are ranserred ro eui and inluded in he iniial easureen o he os o he noninanial asse or non Ǧ inanial liabili. a oreas ransaion is no loner epeed o our he ain or loss auulaed in eui is reonised iediael in he inoe saeen. or ne inesen hedes ains and losses auulaed in oher oprehensie inoe are inluded in he inoe saeen hen he orein operaion is disposed o. 175 Vodafone Group Plc  Annual Report on Form 20-F 2021 Strategic report Governance Financials Other information

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oes o he osoldaed aal saemes (oued) mm he Group dd o eperee a sa ssues as a resul o dsrupo o aal mares as a resul o C F21. he oo maro eoom mpa appears o e redu, u remas uera. he Group’s aal rs maaeme poles see o redue he Group’s eposure o a uure dsrupo o aal mares, lud a uure mpas rom C. he Group has omed ash ad ash euale ad shorerm esmes o €9.8 llo, prod sa headroom oer shorerm lud reuremes. ddoall he Group maas udra reol red ales o €7.4 llo euro euale. s a 31 arh 2021 ad aer hed, susaall all he Group’s orros are held o a ed eres ass, ma eposure o eres rae rs. he Group has o sa urre eposures oher ha posos eoom hed relaoshps. he Group’s red rs uder a aes s spread ar