Financial Results for the quarter (April-June 2003)(1)

AMOU quarter on quarter increased by 15%

ARPU quarter on quarter increased by 5%

Revenues: +21.9%

EBITDA: +12.6%

(Unaudited financial results according to the Greek Generally Accepted Accounting Principles)

Vodafone-Panafon announces a significant increase in usage, revenues and EBITDA for the quarter ended 30 June 2003.

Specifically for the quarter (April - June 2003), usage increased by 14 minutes to 108 minutes compared to the previous quarter (January - March 2003) while ARPU increased by 5% to euro 29.84 compared to the previous quarter.

For comparative purposes in the results outlined below compare the period under review with the consolidated financial results of the previous comparative period (April- June 2002). (2)

Revenues for the quarter under review increased by 21.9% to euro 347.9 million compared to the same period last year.

EBITDA reached euro 129.1 million compared to the same period last year, an increase of 12.6%. EBITDA margin was 37.1% or 3 percentage points lower than the previous comparative period, due to the introduction of mobile to mobile (M2M) termination charges. Excluding the M2M effect, EBITDA increased by 13.4% while the EBITDA margin was maintained at the same levels of 42%.

Earnings before tax (EBT) increased by 19% to ?70.4 million, reflecting the reduction in financial expenses.

Vodafone-Panafon's CFO, Mr. Babis Mazarakis, commenting on the first quarter results stated:

'The financial results of the first quarter constitute a clear example of both the Company's dynamics and the successful strategic choices that we have made. The positive trends that we have seen in the last quarters have been maintained and continue to produce strong results for the Company. We believe that our commitment to Vodafone Group's four values, including 'Passion for results' is exemplified in these figures and it is because of this commitment that we are able to continue to offer value to our shareholders, customers and employees alike.'

(1) Vodafone - Panafon S.A financial year: April - March

(2) The company did not compose consolidated financial statements due to the merger of its subsidiaries: Panafon Services S.A, Ideal Telecom S.A and Vizzavi (Hellas) S.A

In the financials for the period under review we have consolidated all subsidiaries stated above, so the figures published in the Greek press are not directly comparable.