COSMOTE Board of Directors approved yesterday the issuance of three bonds, of total value Euro 1.0 billion, in accordance with the recent AGM decision, to be fully subscribed by OTE Plc. The bonds are expected to be issued within July and August 2005.

The terms are likely to be significantly better than COSMOTE's previous funding arrangements therefore keeping COSMOTE's financing costs at low levels. The proceeds will be used to finance COSMOTE's recent international investment initiatives, the refinancing of the existing credit facility and other funding requirements.