Vodafone appoints Law Debenture as trustee for convertible bond

26 November 2015

Vodafone Group plc

£600,000,000 Zero Coupon Equity Linked Bonds due 2020

We have been appointed by Vodafone as trustee for a new zero coupon convertible bond. The bond is categorised as an equity linked issue as converting bondholders will receive the cash equivalent of the underlying Vodafone shares rather than the shares themselves. As conversion rights in respect of the bonds will be cash settled, the issue and conversion of the bonds will not result in the issuance of any new shares of Vodafone or of any other company in the group.

Concurrently with the bond issuance, Vodafone purchased call options on Vodafone’s ordinary shares from Morgan Stanley & Co. International plc and its affiliates to hedge its exposure to pay cash amounts under the bonds upon any exercise of conversion rights.

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