GERMANOS SA informs the investment community that its subsidiary company GERMANOS TELECOM ROMANIA denounced the business contract it had signed with the company VODAFONE ROMANIA, in the Romanian market. GERMANOS TELECOM ROMANIA denounced the contract with effective date as of 18th October 2006, following an embezzling request of VODAFONE ROMANIA concerning the termination of the co-operation between GERMANOS TELECOM ROMANIA and COSMOTE ROMANIA. With regard to any financial effect following the termination of co-operation between GERMANOS TELECOM ROMANIA and VODAFONE ROMANIA, the management believes that any loss in revenues will be offset by the strategic partnership with COSMOTE ROMANIA, which demonstrates rapid growth in the emerging telecom market of Bulgaria.