COSMOTE MOBILE TELECOMMUNICATIONS S.A., the leading provider of mobile telecommunications services in Greece, held today, June 16th 2005, its eighth Annual General Meeting of Shareholders during which the annual Financial Statements regarding Fiscal Year 2004 and the payment of remaining annual dividend for 2004 amounting to 57 eurocents per share were approved.

During 2004, COSMOTE continued to lead the way in technological innovation, as evident from the exclusive offering of i-mode, the world's most popular mobile Internet service, to the Greek mobile market. COSMOTE, through its partnership with the Japanese leading mobile operator NTT DoCoMo, participates in a strong international alliance comprising of 14 leading mobile operators. In addition, during 2004, COSMOTE launched commercially its 3G services while it sustained the leading position in the Greek mobile market and maintained its position among the fastest growing mobile operators in Europe.

"2004 was a very successful year for COSMOTE during which it met all challenges, enhancing its strong financial performance and strengthening OTE Group's financial results and growth. COSMOTE fulfilled once more the strategic goals it had set. Τhe Company's expansion in Bulgaria and F.Y.R.O.M. which was approved today by the General Meeting provide further opportunities for an even more successful course in the future." commented the Company's Chairman, Mr. Panagis Vourloumis.

During his presentation, the Chief Executive Officer, Mr. Evangelos Martigopoulos, focused on the ATHENS 2004 Olympic Games during which COSMOTE played a key role for their success. Another significant development of the past year has been the agreement to acquire OTE's subsidiaries Globul in Bulgaria and COSMOFON in F.Y.R.O.M. This development is part of COSMOTE's strategic planning for geographical expansion in South East Europe, and particularly in markets with significant growth potential. As part of this strategy, COSMOTE intends to extend its footprint in the Romanian mobile market with the acquisition of 70% of COSMOROM's capital and relaunching the company's operations. Through this new initiative, COSMOTE's addressable population will exceed 45 million people in total, becoming the leading mobile operator in South East Europe. These agreements provide new value-enhancing opportunities and strengthen COSMOTE's long-term growth profile.
Concerning the post-Olympic era, Mr. Martigopoulos reiterated that the standards for 2005 are set even higher aiming at sustaining COSMOTE's leadership in all fronts, quality of services, innovation, successful expansion in the Balkans, high profitability and enhanced value creation for its shareholders.

The Annual General Meeting of Shareholders approved, inter alia, the Financial Statements for the year ended December 31st, 2004, the respective Management Report of the Board of Directors and the Audit Reports of the Chartered Auditors, the compensation, remuneration and expenses of the Members of the Board of Directors and the Managing Director for the Fiscal Year 2004 and their determination for Fiscal Year 2005, the amendment of the contract of the Managing Director concerning the annual bonus, the acquisition by COSMOTE of OTE's subsidiaries GloBul in Bulgaria and COSMOFON in F.Y.R.O.M. for a consideration of 400 million euro for GloBul and 90 million euro for COSMOFON and the issuance by COSMOTE, within the next two years, of one or more ordinary Bonds to be subscribed by OTE's subsidiary OTE Plc, up to an aggregate amount of one billion euro.
The Annual General Meeting of Shareholders approved also the distribution of the remaining annual dividend for the fiscal year 2004 of euro 189,511,605.00 (euro 0.57 per share). Shareholders entitled to this dividend, are all the registered holders of the Company's shares as at the date of the Annual General Meeting (i.e. 16th June 2005, inclusive). Shares will be trading ex-dividend from June 17th 2005, while dividend payment will commence on July 12th 2005.