New significant price reductions of up to 27.6% on fixed to mobile interconnection charges, effective from 5 October 2003

Vodafone-Panafon total fixed to mobile interconnection charges reduced by up to 54.2% during 2003

Vodafone-Panafon announces today further reductions in termination charges for phone calls originating from fixed networks and terminating on the Vodafone - Panafon network, with effect from 5 October 2003. This initiative is indicative of the customer - oriented commercial strategy that Vodafone - Panafon has pursued since it began operations in the Greek market.

This price reduction is the third reduction in fixed to mobile termination charges that Vodafone-Panafon has initiated during the last eighteen months, showing that Vodafone offers services and products at the best possible prices. In particular, fixed to mobile termination charges will be reduced from euro 0.190 per minute to euro 0.175 per minute. In parallel, the minimum charging period will be reduced from 42 seconds to 33 seconds.

The new price reductions provide escalating benefits that begin at 7.9% and increase to 27.6% for phone calls up to 33 seconds. Total price reductions during the year 2003 reach up to 54.2%, reflecting the considerable value offered to Vodafone customers.

These improved reduced prices are expected to further increase usage on Vodafone's network. Additionally, they confirm the commitment of the company to provide excellent services at the best possible prices.