Vodafone

Vodafone Group Plc
Annual Report For the year ended 31 March 2008

Our goal is to be the communications leader in an increasingly connected world

Executive Summary*
1 2 4 8 10 12 Highlights Chairman’s Statement Chief Executive’s Review Performance at a Glance Operating Environment and Strategy Group at a Glance

Business*
14 16 20 22 24 Business Overview Technology and Resources People Brand and Distribution Products and Services

Performance*
30 32 51 52 54 59 Key Performance Indicators Operating Results Outlook Principal Risk Factors and Uncertainties Financial Position and Resources Corporate Responsibility

Governance*
62 Board of Directors and Group Management 65 Corporate Governance 71 Directors’ Remuneration

Financials
82 Contents 83 Directors’ Statement of Responsibility * 84 Audit Report on Internal Controls 85 Critical Accounting Estimates 88 Consolidated Financial Statements 132 Audit Report on the Consolidated Financial Statements 133 Audit Report on the Company Financial Statements 134 Company Financial Statements

Additional information
140 Shareholder Information* 146 History and Development * 147 Regulation* 150 Non-GAAP Information* 152 Form 20-F Cross Reference Guide 154 Cautionary Statement Regarding Forward-Looking Statements* 155 Definition of Terms 156 Financial Highlights

* These sections make up the Directors’ Report.

This constitutes the Annual Report of Vodafone Group Plc (the “Company”) for the year ended 31 March 2008 and is dated 27 May 2008. This document includes information that is required by the United States (“US”) Securities and Exchange Commission (the “SEC”) for the Company’s US filing of its Annual Report on Form 20-F. The information in this document may be updated or supplemented at the time of filing with the SEC or later amended if necessary. The content of the Group’s website (www.vodafone.com) should not be considered to form part of this Annual Report or the Company’s Annual Report on Form... [continues]

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