Vodafone - Panafon announces the resignation of Mr Sokrates Kokkalis from the position of Chairman of the company's Board of Directors, a position he has held since 4/4/2001 and the appointment of his successor, Mr Emanuele Tournon. Mr Sokrates Kokkalis has secured his place in the 12-year history of Vodafone-Panafon.

With his active support in the creation of Panafon in the early 90's, he was essentially the inspiration behind the advent of mobile telephony is Greece. With his contribution he helped Panafon to become one of the most successful corporate growth stories in the history of the Greek economy. Furthermore, he was a driving force behind the strengthening of Panafon's bonds with the Vodafone family.

Mr Sokrates Kokkalis active involvement in Vodafone - Panafon started on 11/05/1992 when he was appointed Chaiman of the Company's Board of Directors until 1/10/1992. On 4/4/2001 he once again was elected Chairman of the Board. Following Mr Sokrates Kokkalis resignation, Mr Emanuele Tournon has been appointed as the new Chairman of the Board of Directors. In addition, the Board of Directors has also accepted the resignation of Mr Iain Craig from his position as a non- executive member. Furthermore, Mr Socrates Kominakis and Mr Charalambos Mazarakis were elected as new executive members.

Based on the above changes, the new Board of Directors is comprised of:

1. Emmanuele Tournon - Chairman, non executive member

2. George Koronias - Deputy Chairman and Chef Executive, executive member

3. Vittorio Colao - non executive member

4. Pietro Guindani - non executive member

5. Timothy James Harrabin - non executive member

6. Socrates Kominakis - executive member

7. Charalambos Mazarakis - executive member

8. Emmanouil Protonotarios - independent non executive member

9. Dimitris Hatzigrigoriadis - independent non executive member

Vodafone - Panafon Board of Directors thanks Mr Sokrates Kokkalis for his valuable contribution to the creation, establishment and development of Vodafone - Panafon S.A