VODACOM GROUP LIMITED - Update on the fairness opinion relating to the acquisition of a further 20% interest in Safaricom Plc

Update on the fairness opinion relating to the acquisition of a further 20% interest in Safaricom Plc

Vodacom Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/005461/06)
Share code VOD          ISIN ZAE000132577
ADR code VDMCY ISIN US9258D2009
("Vodacom Group")

UPDATE ON THE FAIRNESS OPINION RELATING TO THE ACQUISITION OF A FURTHER 20% INTEREST IN SAFARICOM PLC

Shareholders are referred to the announcement released on the Stock Exchange News Service on
4 December 2025 regarding, inter alia, the acquisition of an effective 20% interest in the issued share
capital of Safaricom PLC ("Safaricom") for an aggregate consideration of US$2.1 billion (R36.0 billion),
equivalent to KES34 per Safaricom share (the "Announcement").

Capitalised words and phrases in this announcement shall, unless the context indicates otherwise,
bear the same meanings ascribed thereto in the Announcement.

As mentioned in the Announcement, the Vodafone Kenya Acquisition constitutes a small related party
in terms of the JSE Listings Requirements and is accordingly conditional on the appointed independent
expert, Deloitte, furnishing Vodacom with a fairness opinion confirming that the purchase
consideration for the Vodafone Kenya Acquisition is fair to Vodacom shareholders.

Shareholders are advised that the fairness opinion has been reviewed and approved by the JSE and is
available for inspection at Vodacom's registered office, 082 Vodacom Boulevard, for a period of 28
calendar days from the date of this announcement.


Midrand
05 December 2025

Sponsor
Investec Bank Limited

Date: 05-12-2025 02:23:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.