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Vodafone Qatar Q.S.C.

Q3 Results FY10 9 months ending 31 December 2009. Vodafone Qatar Q.S.C. Disclaimer.

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Vodafone Qatar Q.S.C.

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  1. Q3 Results FY10 9 months ending 31 December 2009 Vodafone Qatar Q.S.C.

  2. Disclaimer • The following presentation is made only to, and is directed only at, persons to whom such a presentation may lawfully be communicated (“relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. • This presentation contains forward-looking statements that are subject to risks and uncertainties, including statements about Vodafone Qatar’s beliefs and expectations. • These forward-looking statements are based on assumptions that Vodafone Qatar has made in light of its experience in the industry in which it operates, as well as its perceptions of historical trends, current conditions, expected future developments and other factors which Vodafone Qatar believes are appropriate under the circumstances. Prospective investors should understand that these statements are not guarantees of future performance or results. • The presentation also contains certain non-GAAP financial information. Vodafone Qatar’s management believes these measures provide valuable additional information in understanding the performance of the Vodafone Qatar because they provide measures used by the management to assess performance. Although these measures are important in the management of the business, they should not be viewed as replacements for, but rather as complementary to, the comparable GAAP measures • Due to these factors, Vodafone Qatar cautions that prospective investors should not place undue reliance on any forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise from time-to-time, and it is impossible to predict these events or how they may affect Vodafone Qatar. • Vodafone, the Vodafone logo and Vodafone Money Transfer are trademarks of the Vodafone Group.

  3. 3 Agenda • Key Highlights • Customer Growth • Financial Highlights • Revenue • EBITDA • EBIT • Capitalised Fixed Asset Additions • Debt • Dividends • Shareholding Structure • Q4 FY10 Outlook • Condensed Statement of Income & Cash Flows • Condensed Statement of Financial Position • Long-Term Forecast

  4. Key Highlights in FY10 (1st April 2009 to 31st March 2010) • Largest IPO in the world at time of closing • Fully subscribed; US$950m raised IPO • 353,580 Customers at 31 December 2009 • Customers more than doubled in last quarter • Total customers 84% ahead of plan • Freedom plans launched 7 July 2009 • Prepay plans launched 9 September 2009 • Implemented 2G & 3G network • 100% geographic coverage of 2G by 28 December 09 Launch • Online shop – 3rd most successful online retailer in Qatar • 9 VF retail stores & 2 mobile truck stores • 500 outlets to join at & 1,500 where you can recharge Distribution Customer Numbers • 22% Population share at 31 December • Estimated 14% customer market share at 31 December Market Share • Total Revenue 46% ahead of plan • Total Mobile ARPU for quarter ending 31 December 09 of QR171 Revenue & ARPU

  5. IPO Prospectus Forecasts for FY12 & FY18 Customer GrowthQuarterly Growth in Customers & Market Share

  6. Financial Highlights (1) EBIT includes licence cost of QR 7.7bn amortised over 20 years from 1 May 09

  7. IPO Prospectus Forecasts for FY12 & FY18 RevenueQuarterly Revenue with Forecasts for FY12 & FY18

  8. IPO Prospectus Forecasts for FY12 & FY18 EBITDA Quarterly EBITDA with Forecasts for FY12 & FY18 • Q3 FY10 EBITDA in-line with management forecasts and IPO prospectus business plan. • Expected to turn cumulatively EBITDA positive in mid 2011. • Expectation that current high EBITDA % in the Qatar market will decline as a result of competition.

  9. IPO Prospectus Forecasts for FY12 & FY18 9 EBIT Quarterly EBIT • Q3 FY10 EBIT in-line with management forecasts and IPO prospectus business plan.

  10. Capitalised Fixed Asset Additions Management estimate • Long-term capital expenditure expected to stabilise at 8% of revenue from FY13 onwards

  11. Net Debt Borrowings less Term Deposits • Minimal requirement to raise debt from capital markets based on the current business model; assumes no regional expansion or fixed line direct ownership

  12. Dividend Expectations • As outlined in our IPO prospectus, subject to the Articles, any decision to pay dividends to Shareholders and the amount of such dividends will be at the discretion and upon recommendation of the Board. • The amount of dividends may vary from year to year. • The declaration of dividends will be subject to any limitations enshrined in the Articles and applicable laws, and may be influenced by a number of factors, including Vodafone Qatar’s prospects, current and anticipated cash requirements, plans for expansion, financial performance, covenants restricting the payment of dividends in agreements entered into by the Vodafone Qatar, the condition of the markets in which Vodafone Qatar operates and the general economic climate. • Based on the Business Plan, in particular the Company’s projected cash flow and profit before amortisation, the Company does not anticipate that it will declare a dividend before the financial results for the year ended 31 March 2013.

  13. Vodafone Qatar Shareholder Structure Global Telecommunications leader Private institution of public Utility founded by HH Sheikh Hamad Bin Khalifa Al-Thani 51% 49% Founding Qatari Governmental Institutional Investors Vodafone and Qatar Foundation LLC Free float on Qatar Exchange 15% 45% 40% Vodafone Qatar QSC • Authorized Share Capital: 845,400,000 (Shares) • Paid Up Capital: QAR 8,454,000,000 Founding Government Institutions Free Float (40%) • Qatar Foundation: 5.0% • Military Staff Loans Fund: 3.4% • Military Pension Fund: 3.3% • Health & Education Endowment: 3.3% • Number of shares: 338,160,000 shares • No foreign ownership restrictions • Free Float ownership split at 31 December: • Institutional Investors: 47% • Individual Investors: 53%

  14. Outlook Q4 FY10 • Focus on customer acquisition • Launch BlackBerry® and data products • Continue expansion of distribution footprint • Development of innovative solutions for the market • Vodafone Money Transfer • Complete network build • Indoor coverage • Convert temporary sites to permanent

  15. Condensed Statement of Income – 9 months ended 31 Dec 09 (1) Includes license amortization and depreciation of QR 294.7m for the nine month period to 31 December 2009 and nil for the period to 31 December 2008

  16. Condensed Statement of Financial Position – as at 31 Dec 09

  17. Vodafone Qatar Long-Term Forecast *At QR 10 per share

  18. Contact Details Rachael Mayo-Smith Investor Relations Manager Tel: +974 777 5642 Email: rachael.mayo-smith@vodafone.com Address: Vodafone Qatar PO BOX 27727 Doha Qatar Website: www.vodafone.com.qa John Tombleson Chief Financial Officer +974 777 5835 john.tombleson@vodafone.com

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