COSMOTE MOBILE TELECOMMUNICATIONS S.A. announces that pursuant to the decisions of the general meetings of its shareholders held on 31.7.2000, 12.6.2001 and 21.2.2002 regarding the establishment of a management incentive plan and the provision of share options to the senior management of COSMOTE, as these have been described in the Offering Circular issued during the Company's Initial Public Offering as well as in COSMOTE's Annual Report for year 2003, the Board of Directors has decided (meeting # 186/23rd Dec. 2004) to increase the Company's share capital, through a cash payment according to art. 13, par. 9 of C.L. 2190/1920, by issuing 1,288,250 new shares with a nominal value of EURO 0.47 each.

The issue price for 53,490 of the aforesaid shares is EURO 8.24 each, for 999,500 of them is EURO 9.78 each, for 144,610 of them is EURO 8.96 each, and for 90,650 of them is EURO 10.228 each. Following this increase, COSMOTE's share capital will amount EURO 156,263,955.00 divided into 332,476,500 registered shares of nominal value EURO 0.47 each.