Disclaimer

This annual report contains statements about Vodacom that are or may be forward looking statements. All statements, other than statements of historical facts included in this annual report may be forward looking statements. Any statements preceded or followed by, or that include the words "forecasts", "believes", "expects", "intends", "plans", "prediction", "will", "may", "should", "could", "anticipates", "estimates", "seeks", "continues", or similar expression or the negative thereof, are forward looking statements.

Forward looking statements include, among others, statements relating to the following:

• future capital expenditures, acquisitions, divestitures, expenses, revenues, economic performance, financial conditions, dividend policy, losses and future prospects;
• business and management strategies relating to the expansion and growth of Vodacom;
• the effects of regulation of Vodacom’s businesses by governments in the countries in which the Group operates, including the SA Government;
• Vodacom’s expectations as to the launch and roll out dates of products, services or technologies offered by Vodacom;
• expectations regarding the operating environment and market conditions;
• revenue and growth expected from Vodacom’s total communications strategy;
• growth in customers and usage;
• the expected contribution to the Group’s revenue of voice services, messaging services, data services, broadband services, fixed location pricing,
  internet services and mobile advertising;
• the rate of dividend growth by the Group or its existing investments;
• possible future acquisitions, including increases in ownership in existing investments, the timely completion of pending acquisition transactions and pending offers for investments, including licence acquisitions, and the expected funding required to complete such acquisitions or investments;
• mobile penetration and coverage rates and Vodacom’s ability to acquire spectrum;
• the impact of regulatory and legal proceedings involving Vodacom and of scheduled or potential regulatory changes;
• overall market trends and other trend projections;
• the effect of the current economic crisis on Vodacom’s operations;
• the ability of Vodacom to continue to obtain financing on commercially reasonable terms;
• the effect of competition on Vodacom;
• the effect of expansion on Vodacom’s management, financial and technical systems;
• the ability of Vodacom to attract and retain key personnel; and
• exchange control restrictions in the jurisdictions in which Vodacom operates.

By their nature, forward looking statements are inherently predictive, speculative and, because they relate to events and depend on circumstances that will occur in the future, involve known and unknown risks, uncertainties and other facts or factors which may cause the actual results, performance or achievements of the Group, or its industry, to be materially different from any results, performance or achievements expressed or implied by such forward looking statements. These forward looking statements are not guarantees of future performance and are based on numerous assumptions regarding Vodacom Group’s present and future business strategies and the environments in which it will operate in the future. All subsequent oral or written forward looking statements attributable to the Group or any member thereof or any persons acting on their behalf are expressly qualified in their entirety by the cautionary statements above and below. Vodacom expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained herein or to reflect any change in their expectations with regard thereto or any change in events, conditions or circumstances on which any such forward looking statement is based.

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