COSMOTE MOBILE TELECOMMUNICATIONS S.A., the operator with the biggest presence in South East Europe, announces consolidated financial results for the nine months ended September 30th, 2005 under IFRS . For the first time, COSMOTE is consolidating the operations of GLOBUL in Bulgaria (since 1 August 2005), COSMOFON in FYROM (since 12 August 2005) and COSMOTE in Romania (since 7 July 2005), in addition to those in Albania and Greece. In all operating markets, COSMOTE achieved record profitability margins, resulting in a consolidated EBITDA margin of over 44% for the nine months to September 2005. The strong performance in the Balkan operations in terms of subscribers, revenues and profitability, combined with rising profitability in Greece, is driving financial results to record levels. Group operating revenues during the nine months of 2005 amounted to ? 1,292 million, up by 7.5% y-o-y. Turnover growth was driven by the consolidation of GLOBUL and COSMOFON for 2 and 1.5 months respectively (adding approximately 5%) and the ongoing growth in Albania (up by 15.8%), despite the one-off base effect of the lack of Olympics-related revenues in Greece. It is notable that international assets account for over 24% of revenues on a pro-forma quarterly basis. COSMOTE Group EBITDA increased by 10.6% y-o-y, with EBITDA margin exceeding 44%, up by 1.2 percentage points since 9 months 2004. Profitability has improved in all operating group units reflecting management targets of continuous effort to enhance margins. The quarterly results show that all new units are on track to achieve the targeted performance, with GLOBUL achieving 56.9% revenue growth and EBITDA margin at 41.9%, COSMOFON continuing its fast upward path, with EBITDA margin reaching 27.3% and COSMOTE Romania, expected to re-launch operations by the end of 2005. At the same time, AMC in Albania continued its exceptional performance maintaining strong growth and operating profitability, while COSMOTE in Greece reached record EBITDA margin at 44.7%, despite the anticipated revenue slowdown during Q3. Similarly to revenues, international assets, account for over 24% of Group EBITDA on a pro-forma quarterly basis despite the negative EBITDA of COSMOTE Romania. Group Net Income increased by 9% y-o-y to ? 255.3 million, registering a 19.8% margin. This performance, combined with several new initiatives enhancing growth and exploiting synergies throughout the Group, planned for the coming months, reinforces the management's belief that the company has entered a period of accelerated growth.

GREECE-COSMOTE: ENHANCING PROFITABILITY
COSMOTE in Greece maintained its market leading position, achieving record profitability levels. While the Greek market is clearly mature in terms of penetration, there is considerable room for continuing usage growth. Revenues in Greece amounted to ? 1,138.6 million, a 2% increase relative to the 9 months of 2004. The revenue slowdown since H1 reflects primarily the "base effect" compared to Q3 2004, due to the c. ? 25 million revenues related to the 2004 Olympic Games appearing once-off in the Q3 2004. The growth in Greek core service revenues (monthly fees, airtime, SMS & data, roaming revenue) continues, up by 5.8% in the nine months and 3% in Q3. As in H1, bundled packages continue to be the most attractive market proposition, reflected in the 32% increase in monthly fees in 9-month 2005. Traffic volumes during the nine months ended September 30, 2005 increased by 14.5% y-o-y, as a result of higher usage, new subscribers and the sustained positive momentum in the take up of bundled packages. New bundles introduced during the summer and other commercial offerings continue to drive increasing usage, a trend anticipated to continue over time. Data revenues (which include SMS, MMS, i-mode? and other "soft data" revenues from Value Added Services) represent 11% of total domestic telecommunication revenues. During Q3 COSMOTE introduced i-mode over 3G, supported by its 3G network, the widest in Greece. COSMOTE is scheduling new data offerings gradually, in response to market and subscriber demand. Roaming revenues grew y-o-y by 1%, accounting for 3.1% of total Greek revenues. At the end of Q3-05 the Company had signed 391 roaming agreements in 182 countries . In addition, the Company has signed 82 GPRS roaming agreements in 43 countries.The competitive environment in Greece remains, as ever, very challenging and dynamic. In this context and with the aim to continue enhancing subscriber usage COSMOTE has undertaken several commercial initiatives within the past few weeks, including new attractive family tariff packages, prepaid offerings, new data tariffs, and other targeted offerings, but most importantly revamping its corporate logo, all reaffirming the company's status as the price leader and the number one mobile operator in Greece. EBITDA in Greece increased by 5.6%, reaching ? 490.6 million while the EBITDA margin continued its upward trend reaching 43.1%, up by 1.4pp y-o-y. On a quarterly basis, the EBITDA reached a record level of 44.7%. The EBITDA margin increase is the result of ongoing efforts for improved overall cost management and the drop-out of the Olympics related expenses. While the seasonality favours Q3 margins, there is a sustainable improvement throughout the nine month period. COSMOTE Greece net Earnings amounted to ? 237.9 million, up 10.7% y-o-y with the Net Income margin reaching 20.9%, positively affected by the reduction of the corporate tax rate. Blended AMOU during 9m-05 increased by 6% (y-o-y) to 139 min. This is driven by the continuous growth in contract AMOU that at the end of 9m-05 was 20 minutes higher compared to a year ago (8% increase). Τhe positive trend evident on a sustainable long term basis, continued in Q3-05, underlining the fact that voice usage still represents the key growth driver in the Greek mobile market, as AMOU continues to lag the European average.
COSMOTE blended ARPU for the period under review (at euro 30.1) was 6.2% lower compared to a year ago, reflecting the interconnection rates cuts and lower SMS revenues.
During the third quarter of 2005 COSMOTE added 14,974 net new contract additions and 114,302 net new prepaid additions in Greece bringing the total number of customers at the end of 9m-05 to 4.5 million, 10.2% higher than a year ago, while it held an estimated market share of approximately 37.5% reaffirming its leading position in the Greek mobile market. The total contract customers at the end of September 2005 reached 1,707,267, while prepaid customers during the same period amounted to 2,801,526. COSMOTE's annualized churn rate for 9m-05 was 22%.