VodafoneThree Investor Briefing

VODAFONETHREE MERGER ⫶ CLEAR RATIONALE FOR MERGER CASE Deliver significant cost savings… Clear line of sight to £0.7bn annual cost & capex target (by FY30) plus additional revenue synergies We have a detailed integration and restructuring plan that will…

A

… support network investment …

£11bn investment programme over 10 years

99.96% 5G standalone population coverage by 2034 2.5x more network capacity

… deliver a leading UK 5G standalone network …

…and enable improved returns & long-term value creation

Free cash flow accretive by FY29 & delivering returns >cost of capital by FY32

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