ANNUAL SHAREHOLDERS? MEETING OF GERMANOS SA Athens, 24, June 2005. The Annual Shareholders? Meeting of Germanos SA took place as of today, 24 June 2005, at the Company?s headquarters, in Agios Stephanos.

The Meeting decided upon all issues of the daily agenda, such as the following:

a) Approval of euros 0.45 dividend per share. Shareholders, as of the trading session of 24 June 2005, are entitled to receive the above dividend. Monday, 27 of June 2005, will be the ex dividend date. The payment date has been set for the 19th August 2005.

b) Approval of share capital increase, through capitalization of share premium reserves and issuance of new (bonus) shares at a ratio 1 new share for every 1 old share.

c) Approval of stock option plan to senior and upper level officials of the Group. The plan has a 3-year duration, which has been approved by the Shareholders? Meeting. The maximum number of shares issued by the Company in the context of the plan, for the total number of options, settles at 1,214,625 shares or 3% of share capital. The offering price per share was determined according to the plan at ? 18, or euros 9 after the share capital increase at a ratio of one (1) new share for every one (1) old share.

d) Replacement of BOD member. The Shareholders? Meeting approved the election of Mr. Aggelos Plakopitas, replacing Mr. Alexandros Kitsopanos, who had resigned.

Commenting on the Group?s financial results, Mr. Ioannis Karagiannis, Chief Executive Officer, made the following statement: ? GERMANOS Group of Companies, achieved all targets set at the beginning of 2004, enjoying another successful year. Our dynamic participation in the market of mobile telephony services in Greece, along with our stronger presence in the promising Central and Eastern European markets resulted into dynamic sales and profit growth for the Group. We are optimistic that by continuing our strategy on consistent basis, our strong financial performance will remain intact.

With regard to our expectations for the financial year 2005, we remain committed to the statements made to our shareholders, as we foresee especially positive prospects due to our investments abroad. Our strategy has been successfully oriented to countries with significant growth potential in the mobile telephony market, which is already reflected in Group?s financial statements for 2004. We believe that the above countries will generate dynamic growth in 2005 as well.

With regard to the financial results, consolidated sales for 2004 reached euros 859.8 million, posting a growth of 21.6% as compared to the previous year, whereas profit after taxes settled at ? 53.9 million, higher by 19.4% y-o-y.

The Management made a statement about the financial targets during the current year, forecasting that total sales will rise to euros 980 ? euros 1,000 million approximately, whereas earnings per share will post a growth rate of 15%.

For more information, shareholders are kindly requested to contact Investor Relations Department (Mr. K. Karafotakis ? tel. 30 210 62 42 412, and Ms. T. Fafaliou ? tel. 30 210 62 42 469).