At the Annual General Meeting of Vodafone·Panafon that was held in Athens today, the management of the company presented to shareholders its achievements and fiscal results for the year ended 31 March 2002.

The period under review was marked by the change of the company's brand name from Panafon-Vodafone to Vodafone, along with the adoption of the overall commercial identity of the Vodafone Group. It has to be noted that Vodafone-Panafon's commercial policy, which turned the Vodafone brand into one of the most recognisable ones in the Greek market, was very successful and enabled the company to change its brand name faster than initially estimated.

The financial stability of the company was underlined during the Annual General Meeting. The company's turnover amounted to ?990 million, an increase of 17.2% compared to the previous year, while EBITDA increased from ?387.9 million to ?427.5 million, representing a 10.2% increase.

Apart from the encouraging financial results, Vodafone-Panafon has a constantly growing customer base, consisting of almost 3,000,000 customers (March 2002), of which 27% are contract customers, while the remaining 73% are prepaid customers. It is worth noting that Vodafone-Panafon holds a 45% share of the Greek corporate customer market.

?The company's customer base is growing very fast and there is a continuous effort to upgrade both the services offered to the customers of Vodafone-Panafon, as well as the network capacity and quality. Indeed, ?Passion for our Customers? is one of the Values governing the entire Vodafone Group that contributes to the implementation of the company's vision. Within this context, the company proceeded to make new important investments during the past fiscal year?, commented Mr. Koronias, CEO of the company.

Mr. Koronias added: ?All the above strategic steps have one main objective: the provision of the best services, the optimisation of technology supporting them and the most extensive network coverage, in order to continue satisfying our customers. It is our commitment at Vodafone-Panafon to proceed with taking all steps necessary to achieve this, in order to be in a position to cover our customers' growing needs, in accordance with current demands, and to provide maximum value to our shareholders.?

Another fact worth mentioning, is the formation and establishment of Vodafone Albania, through the active participation of Vodafone-Panafon. Vodafone Albania, launched in August 2001 and considered to be the springboard for new investment activities in the Balkans and South Eastern European markets, has been very successful to date. Vodafone Albania has 216,993 customers and a market share of 37,6% (end of June 2002).

The Annual General Meeting of the company's shareholders approved the annual financial statements for the period ended 31 March 2002 and approved a dividend payment of ?0.11 per share. Payment of dividends will begin on 29 October 2002. Moreover, the Annual General Meeting approved the financial statements of the merged company NEXTNET. (NEXTNET was previously one of Vodafone·Panafon's service providers).

Finally, two new members were added to the existing Board of Directors in compliance with the law for corporate governance. The new Board of Directors was elected for a five-year period. The new Board of Directors is comprised of:

Sokrates Kokkalis · Chairman, non executive member
George Koronias · Vice President and Chief Executive Officer, executive member
Vittorio Colao - non executive member
Emmanuel Tournon - non executive member
Pietro Guindani - non executive member
Paolo Huscher - non executive member
Roberto Larocca - non executive member
Emmanouil Protonotarios - independent non executive member (Professor in telecommunications in the National Technical University of Athens and Columbia University of New York) · new member
Dimitris Hatzigrigoriadis - independent non-executive member (lawyer) · new member