To our investors and other interested stakeholders

If you’re interested in Vodacom’s ability to generate sustained financial returns, if you wish to assess how we’ve performed in the past year and to understand what our strategic plans are for long-term growth and value creation, then this report is for you.

We know that many investors and analysts don’t merely rely on a company’s financial statements to make their assessment of the company’s current and future performance. While the financials are critically important, we would suggest that you read this report together with the financials to make an informed assessment of a company’s capacity to deliver long-term growth.

To appreciate Vodacom’s ability to generate long-term value, it is important not only to look back at our past performance, but also to look forward – to reflect on how we see the future operating context, and to assess how we are positioning the Company to ensure its success in a rapidly changing business environment. Recognising that our ability to deliver value is ultimately dependent on the quality of our relationships, and on the health of the societies and economies in which we operate, it is also essential to understand how we are managing these relationships, and what we are doing to deliver social value. This Integrated report seeks to answer these questions by providing the information needed to make an informed assessment of our ability to create value over time.

Prepared in accordance with the IIRC’s International Framework, our Integrated report provides a concise, material and frank assessment of our strategic path for achieving strong financial performance and for delivering on our core purpose: connecting everybody to live a better today and build a better tomorrow. This report describes our business model, identifies those issues that have a material impact on how we create value, assesses our performance (our achievements and disappointments) over the past year, and describes our strategic framework for long-term growth, reviewing how we propose to deliver financial and societal value in an increasingly dynamic business sector.

As a Board, we have applied our collective mind to the preparation and presentation of the information in this report. We believe that the report addresses all material matters, and presents a balanced and fair account of the Group’s performance for the financial year 1 April 2017 to 31 March 2018, as well as an accurate reflection of our core strategic commitments for the short, medium and long term. We have applied our judgement regarding the disclosure of Vodacom’s strategic plans, and have ensured that these disclosures do not place Vodacom at a competitive disadvantage. On the recommendation of the Audit, Risk and Compliance Committee, the Board approved the Integrated report and the consolidated annual financial statements on 1 June 2018.

We encourage our stakeholders to read this report and to share any feedback on our disclosure, our performance and our strategic roadmap for delivering value.

Jabu Moleketi

Shameel Joosub

Vivek Badrinath

David Brown

Michael Joseph

Priscillah Mabelane

Saki Macozoma

Thoko Mokgosi-Mwantembe

John Otty

Marten Pieters

Ronald Schellekens

Till Streichert