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FISH21049

01/09/14 5:56 PM

#45 RE: weemac #44

weemac: So if we use values from 1-09-14 closing prices:

1 VOD = $38.85 market value
1 VZ = $47.50 market value

4 VOD = ($155.40 market value)
1 VZ = ($ 47.50 market value)
CASH = ($107.90) [difference between market values in exchange of 4 shares of VOD for 1 share of VZ)

NOW, unless there is other considerations (IE: other marketable shares in the 'NEW' Vodafone or other 'shares' with value of $107.90 or more) this could be a real losing deal for VODAFONE shareholders.

Can you add anything more to clarify this?

TIA