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Contents

08 Where we operate

09 What we offer

10 What we do

11 How we create value

12 How we sustain value

14 Our operating environment

16 Our key relationships

20 Our material risks

Our business

ifc Who we are

ifc About this report

01 How we performed

02 Chairman’s statement

04 CEO’s statement

Overview

56 Who governs us

57 Who leads us

58 Abridged corporate governance report

64 Remuneration report

Governance review

76 Independent assurance report

79 Corporate information

80 Share information

82 Disclaimer

83 Glossary

84 Notice of annual general meeting

91 Form of proxy

Administration

23 Our strategic performance

40 CFO’s review

48 Our divisional performance

Our performance

How to get the most out of our

integrated report:

This icon tells you where you can

find related information in our report.

This icon tells you where you

can find more information

on

www.vodacom.com

vodacom

This icon tells you where you can

find more information on our parent

Vodafone Group Plc’s website at

www.vodafone.com

vodafone

Understanding value creation at Vodacom:

How to read our report

This report has been developed to enable Vodacom stakeholders

to make an informed assessment about our ability to create

value over time. To facilitate such an assessment, we have

structured the report with a clear narrative structure:

Providing a strategic and operational summary in the

opening Chairman and CEO statements.

Introducing the company and explaining how we create

value, outlining where we operate, what we do, how we

make money, and reflecting on the activities and impacts

across our value chain.

These are all available at

www.vodacom.com

Identifying the material matters that impact on value

creation in terms of our operating environment, the

interests of our key stakeholders and the identified

priority risks facing the company.

Reflecting on our strategic response aimed at creating

value, and reviewing our performance against our

strategy, across our operations and on our key financial

indicators.

Reviewing our leadership team and governance and

remuneration practices.

Other reports

Regulatory report

Public finances report

Technology report

Corporate governance statement

Value added statement

Code of governance principles (King III)

GRI content index

Other sources of information available online

Consolidated annual

financial statements

AFS

Sustainability

report

SR

VodacomGroupLimited

Consolidatedannual financialstatements

for theyearended31March2016

Consolidated

annual financial

statements

Vodacom

for the yearended31March2016

Sustainability

Report2016

Constituting theannual reportof

theVodacomSocialandEthics

Committee