Vodafone-Panafon Hellenic Telecommunications Company SA announces that it has come to an agreement today with Vizzavi Europe Holdings BV to acquire the remaining 80% of Vizzavi Hellas SA share capital. After the completion of the transaction, Vodafone-Panafon will own 100% of the share capital of Vizzavi Hellas SA. Vizzavi Europe Holding BV is a 100% subsidiary of Vodafone Group Plc.

Also today the Board of Directors of Vodafone-Panafon and Vizzavi Hellas have decided to merge the two companies through the absorption of Vizzavi Hellas by Vodafone - Panafon. The transformation balance sheet date has been set at 31 January 2003. The merger is subject to all relevant authority approvals.

Vizzavi country operations will be integrated into Vodafone-Panafon and will be known as Content Services Unit (CSU). CSU will be accountable for content ARPU and will contribute to generating significant revenue opportunities for content in the Greek market and will support Vodafone live!.