Vodafone Egypt Acquisition and Growth Strategy

Vodafone Egypt | Consistent track record of growth and strong FCF generation Total mobile customers (m) Sim card levy introduced Strong revenue growth 6.3% 3.4% -7.6% 17.7% 20.3% 14.3% 15.0% 7.6% 17.3%* 2.9% 3.6% 6.4% 40.9 42.3 39.1 40.2 41.7 43.0 16,652 20,025 22,891 26,333 28,341 32,186 FY17 FY18 FY19 FY20 FY21 FY1H22 FY17 FY18 FY19 FY20 FY21 FY1H22 annualised YoY Revenue (EGPM) YoY Mobile customers (m) Maintaining EBITDA margin above 40% Accelerating cash flow generation 23.0%# 19.6% -0.1% 28.9%* 41.3%# 15.0% 4.2% 43.6% 45.3% 42.1% 43.7% 62.2% 59.8% 62.4% 9,975 11,929 11,922 14,054 FY19 FY20 EBITDA (EGPM) YOY FY21 Margin % FY1H22 annualised * FY22 growth rate based on 1H22 vs 1H21. FY22 absolute number based on FY1H22 annualised. #Growth based on management accounts 6,206 FY19 7,136 7,434 FY20 FY21 Operating free cash flow (EGPM) YOY Cash conversion Operating free cash flow = EBITDA less capex & lease payments +/- working capital Further together 15

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