COSMOTE Board of Directors approved today the issuance of one or more bonds until September 2006, of total value up to Euro 50 million to be fully subscribed by COSMOTE's subsidiary Albanian Mobile Communications Sh.a, (AMC) The first bond of a value of up to Euro 35 million is expected to be issued within October 2005.

The proceeds will be used for COSMOTE working capital requirements. It is reminded that in July 2005 COSMOTE issued two bonds of total value Euro 490 million, fully subscribed by OTE's subsidiary OTE Plc, while a third bond of Euro 500 million, to be subscribed by OTE Plc as well, is expected to be issued within September 2005.