COSMOTE MOBILE TELECOMMUNICATIONS S.A., the leading provider of mobile telecommunications services in Greece, announces that its total customer base at the end of March 2003 reached a total of 3,641,463 active subscribers (+18.4% y-o-y).

During the first quarter of 2003 COSMOTE added 135,125 new net additions. Of these 121,276 (or 89.7% of total) were new prepaid customers and 13,849 (or 10.3% of total) were contract, all of which were subscriptions to the Company's new bundled packages.

Active contract customers at the end of March 2003 reached 1,565,290 increasing by 5.2% compared to one year ago. The Company has sustained the majority of total contract customers in the Greek market since March 2000.
Active prepaid customers during the same period amounted 2,076,173, 30.8% more than in March 2002. It is noted that active ‘what's up?' customers (included in the total prepaid base) at the end of the first quarter of 2003 have exceeded 510,000. The overall split between COSMOTE's contract and prepaid customers at the end of Q1-03 was 43.0% - 57.0%, gradually increasing in favor of prepaid, sustaining the existing trend.

Based on Q1-03 figures, churn rate for year 2003 stands at around 23.8% (COSMOTE Greece) with the majority of this being due to contract churn towards the newly introduced bundled packages as well as internal prepaid churn to the ‘what's up?' product. It is reminded that subscriber acquisition costs (SACs) for contract customers, during Q1-03 have remained almost unchanged and stand at euro 110 . Prepaid SACs have been eliminated entirely since the beginning of 2001.

In addition, during the first quarter of 2003 our subsidiary in Albania, AMC, added 36,636 new customers. As a result, the total number of AMC customers at the end of March 2003 reached 537,783 representing a 77.8% yearly increase (compared to the end of Q1-2002). Of these 524,932 (or 97.6% of total) are prepaid customers while 12,851 are contract customers.

COSMOTE's CEO, Evangelos Martigopoulos, commented: ?Our subscriber results for the first quarter of 2003 reinforce our leading market position in the Greek mobile market. As evident from 2002 customer data, penetration has reached high maturity levels and therefore, from 2003 onwards, is not expected to remain the main growth driver of mobile telephony in Greece. Τhe Company believes that strong financial performance and profitability, that remain management's key focus for the years to come, will be achieved through operational efficiencies and continuing increase of voice and services usage."