EBITDA: +13.6%

Earnings before taxes: +24.9%

ARPU at 31.48 euros

AMOU at 113 minutes

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

Vodafone-Panafon announces strong financial results and Key Performance Indicators (KPIs), for the nine-month period ended 31 December 2003 (according to the Greek Generally Accepted Accounting Principles).

Specifically, revenues for the period under review reached 1,092.4 million euros compared to 947.5 million euros for the 9 months ended 31 December 2002, representing a 15.3% increase year on year.

EBITDA (earnings before interest, tax, depreciation and amortisation) reached 420.2 million euros, a 13.6% increase compared to 369.8 million euros for the previous comparative period. EBITDA margin was 38.5% or 0.5 percentage points lower, diluted by the increase in merchandise sales.

Earnings before taxes increased significantly by 24.9% to 262 million euros, reflecting the cleaning of the balance sheet from major write offs that took place in the previous comparative period.

Regarding KPI performance, gross blended ARPU for the period under review reached 31.48 euros increasing 1% year on year and AMOU reached 113 minutes, an increase of 16% year on year. The above results reflect the increasing usage patterns of the customer base following the continuous launch of innovative products and services and the tariff reductions that have taken place in all areas.

Vodafone-Panafon's CFO, Mr. Babis Mazarakis, stated: ''The financial results for the period under review reflect the company's successful strategic decisions and the introduction of a wide variety of innovative products and services such as Vodafone live! and Vodafone Mobile Connect Card, that have lead to increases in all major KPI?s, which in turn have lead to strong financial results.''

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