According to the relevant decision of the Annual General Meeting dated September 30 2003, the dividend per share for the period (1/4/2002 - 31/3/2003) will be 0.11 euros. This amount is free of all taxes or other payments of similar nature imposed by law 2065/92.

All shareholders having acquired Vodafone-Panafon shares until 30/9/2003 are entitled to the above dividend.

Starting from 01/10/2003 Vodafone-Panafon shares will trade ex-dividend rights. The dividend will be distributed to the shareholders by mailing Alpha Bank cheques . The distribution will be held on 30/10/2003.

For more information please contact the Investor Relations Department. Tel: +30 210 6160330/ +30 210 6160061.