Vodafone·Panafon announces a significant increase in ARPU, revenues and EBITDA for the first quarter of the fiscal year 2002 ·2003.

For the period under review (April · June 2002), AMOU (?Average Minutes Of Use?) reached 92 minutes per customer per month, a 10-minute increase compared to the previous quarter (January · March 2002).

Based on the above, ARPU rose to ?29.31, an 11.1% increase compared to the previous quarter (January · March 2002). Excluding roaming revenues the increase was 8.3%.

Revenues for the quarter under review increased 20.6% to ?285.4 million compared to the same period last year, reflecting the successful commercial policy of the Company. These results reflect our bundled minutes tariff plans, which have been marketed efficiently throughout Vodafone Shops.

EBITDA rose to ?114.7 million, a 15% increase compared to the same period in the previous fiscal year, while EBITDA margin reached 40.2%, 1.9 percentage points lower than last year, mainly due to the introduction of mobile to mobile termination charges in January 2002. Excluding the effect of mobile to mobile termination charges, the increase in revenues for the quarter was 14.1%, EBITDA grew by 14%, while EBITDA margin remained at 42.1% (compared to the comparative period of last fiscal year).

Earnings before tax (EBT) were ?59.2 million, a 9.4% decline in comparison to the previous period. This is mainly due to higher amortisation charges for the additional 2G spectrum purchased in 2001 and 3G as well as an expected extraordinary write off related to our participation in other companies which amounted at EUR 6.1 million.

Vodafone-Panafon's CFO, Mr. Babis Mazarakis, commenting on this first quarter results stated: ?The consistent improvement in our financial results constitute a strong indication that we are succeeding in delivering year on year sustainable profitable growth. The fact that we are achieving this justifies our strategic choices, particularly as the markets are experiencing a lot of pressure. In this context, companies must demonstrate that they are not only able to deliver an excellent service, but that they are also able to maximise shareholder value, a challenge that we continue to meet.?