x regulation + mobile, Vodafone is growing MSR at 2% --MSR ex regulation O4 15 O2 16 Source: Deutsche Bank. Vodafone MSR ex regulation/handsets 0rrutsche Bank Research. European Equity Focus —January 21:18 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL 37 DB-SDNY-0086822 SDNY_GM_00233006 EFTA013