Use information provided in Exhibit 2 to outline three relevant questions you would ask the CFO of Vodafone Group regarding Vodafones future recurring profitability. Clearly and briefly indicate why you would ask each question you propose.

Consolidated income statement for the years ended 31 March 2011 Note 3 14 10 Revenue Cost of sales Gross profit Selling and distribution expenses Administrative expenses Share of result in associates Impairment losses Other income and expense Operating profit Non-operating income and expense Investment income Financing costs Profit before taxation Income tax expense Profit for the financial year 2012 Em 46,417 (31,546) 14,871 (3,227) (5,075) 4963 (4,050) 3,705 11,187 (162) 456 (1,932) 9,549 (2,546) 7,003 Em 45,884 (30,814) 15,070 (3,067) (5,300) 5,059 6,150) (16) 5,596 3,022 1,309 (429) 9,498 (1,628) 7,870 2010 Em 44,472 (29,439) 15,033 (2,981) (5,328) 4,742 (2,100) 114 9,480 (10) 716 (1,512) 8,674 (56) 8,618 26 4 15 5 5 6 Attributable to: -Equity shareholders - Non-controlling interests 6,957 46 7,003 7,968 (98) 7,870 8,645 (27) 8,618 Basic earnings per share 8 13.74p 15.20p 16.44p Diluted earnings per share 8 13.65p 15.11p 16.36p Consolidated statement of comprehensive income for the years ended 31 March 2010 2012 Em Em (17) (3,673) (272) 2011 Em 310 (2,132) 136 (681) (Losses) gains on revaluation of available-for-sale investments, net of tax Foreign exchange translation differences, net of tax Net actuarial (losses) gains on defined benefit pension schemes, net of tax Revaluation gain Foreign exchange gains transferred to the income statement Fair value (gains)/losses transferred to the income statement Other, net of tax Other comprehensive loss Profit for the financial year Total comprehensive income for the year 206 (1,021) (104) 860 (84) 3 67 (73) 8,618 8,545 (630) (2,192) 19 (4,489) 7,870 3,381 (10) (4,653) 7,003 2,350 Attributable to: -Equity shareholders - Non-controlling interests 2,383 (33) 2,350 3,567 (186) 3,381 8,312 233 8,545