A depositary receipt (DR) is a physical, negotiable certificate that represents ownership of shares in an overseas company that is held in custody in the issuer's home market. The structure of a depositary receipt includes a ratio, which correlates the amount of underlying shares to the receipt, as well as other general terms and conditions applicable to holders. A depositary receipt can be cancelled for its underlying shares at any time. An American Depositary Receipt ("ADR") references DRs that are available in the US. The terms ADR and ADS (or DR and DS) are often used interchangeably.

US investors often prefer to purchase ADRs rather than ordinary shares in the issuer’s home market because ADRs trade, clear and settle according to US market conventions. One of the main advantages is the facilitation of diversification into foreign securities. ADRs allow easy comparison to securities of similar companies, as well as access to price and trading information. ADR holders also appreciate dollar dividend payments and receiving corporate action notifications.

For dividend and corporate action information, please visit www.adr.com .
Search for Vodacom and then select the Dividends or the Corporate Actions tab under Program Activity.

Dividends are paid in U.S. dollars and are generally taxable, just like dividends on U.S. shares. In addition, taxes may be withheld by the ADR company's local government. Depending on individual circumstances, foreign taxes withheld might be applied as a credit against U.S. taxes, or tax reclaim opportunities may be offered.

A registered holder is one whose name appears on the books of the depositary bank, as registrar; the registered holder is considered the owner of record. A beneficial holder is one whose holdings are held in another name, such as a broker, bank or nominee.