(Audited consolidated financial results according to the Greek Generally Accepted Accounting Principles for the year 01/04/2003 - 31/03/2004 (1)) Vodafone-Panafon announces strong financial results and Key Performance Indicators (KPIs), for the year ended 31 March 2004 (according to the Greek Generally Accepted Accounting Principles). Specifically, revenues for the period under review reached 1,473.7 million euros compared to 1,256.8 million euros for the previous year, representing a 17.3% increase.

The increase was due to the customer base increase and the impressive usage increase. EBITDA (earnings before interest, tax, depreciation and amortisation) reached 577.3 million euros compared to 471.5 million euros in the comparative period, representing a 22.4% increase. EBITDA margin increased to 39.2% from 37.5% in the previous year. This increase was the result of the above mentioned revenues increase, economies of scale that resulted from the recent mergers and acquisitions and the reduction in subsidies. Income before taxes increased 42.3% to 366.9 million euros compared to 257.9 million euros, reflecting the exceptional write down of investments that took place last year. Net income rose to 235.4 million euros compared to 152.7 million euros for the previous year - a rise of 54.2% - whereas net income margin increased 4 percentage points to 16%. ARPU and AMOU rose significantly during the year under review. Specifically, blended ARPU for the year increased 4% to 31.5 euros from 30.3 euros in the comparative period, while blended AMOU increased by 18 minutes versus the comparative period, reaching 114 minutes.

This increase is attributed to contract customer usage, which reached 278 minutes, compared to 233 minutes in the previous period. Prepaid customer usage remained stable at 45 minutes. Accordingly, contract customer ARPU increased to 62.97 euros while prepa id customer ARPU for the period under review was 17.75 euros. The total customer base for the year ended 31 March 2004, was 3,678,208. Net additions for the year were 295,443 customers(2) , out of which 187,416 were contract customers net additions representing the majority of contract customer net additions in the Greek market. Vodafone live!TM customers for the year ended 31 March 2004 reached 273,911, increasing total customer base penetration to 7.45%. Regarding customer base activity, Vodafone-Panafon's active customer base(3) for the last quarter (Jan. - Mar. 04) increased significantly to 82.8% from 78% (Jul. - Sep. 03).

The increase was partly attributed to the clearance of the customer base from inactive customers (due to the recent change in the disconnection policy for prepaid customers from (12+6) to (12+1) months) and partly due to the increase in the contract customer base to 77.3%. Prepaid customers activity remained at the healthy levels of 95%. The above-mentioned results constitute evidence of the successful customer-centric commercial policy followed by the Company. By focusing on products and services of high value for our customers aligning tariffs specifically to their needs and concentrating on customer retention, Vodafone-Panafon has been successful in keeping customers of high value, leading to increased usage. Additionally, the excellent communication network of the company constitutes a further advantage of the company vis-a-vis its competitors. Vodafone Albania: The Vodafone (Albania) total customer base for the year ended 31 March 2004, reached 528,296 customers with the majority of it being prepaid.

Vodafone-Panafon 's CFO, Mr. Babis Mazarakis, stated: 'The financial results for the period under review reflect the company's successful strategic decisions that led to strong ARPU and usage trends followed by an increase in the customer base. High quality network coverage in conjunction with the extended retail chain network of Vodafone Shops have contributed significantly towards this success. Additionally, the introduction of a wide variety of innovative products and services such as Vodafone live!TM and Vodafone Mobile Connect Card, have added to increases in all major KPIs we are announcing today.'

(1)Financial year for Vodafone - Panafon S.A. begins on 1st April, ending on 31st March. (2)It should be noted that from 1st October 2003 the company changed its disconnection policy for prepay customers from (12+6) to (12+1) months. (3)Active are considered these customers that have either initiated or received a chargeable call during the last 3 months.