Offer for Vodafone-Panafon

Vodafone Group Plc
26 February 2004


26 February 2004

For Immediate Release - Not for release or distribution in the United States of
America, Canada, Australia or Japan


         VODAFONE INCREASES SHAREHOLDING IN VODAFONE-PANAFON TO 99.323%

Further to the announcement of Vodafone Group Plc ('Vodafone') on 2 February
2004 relating to the settlement of its public offer for the remaining
outstanding shares which it did not already own directly or indirectly as at 1
December 2003 in Vodafone-Panafon Hellenic Telecommunications Company S.A.
('Panafon') (the 'Offer'), Vodafone today announces that it has further
increased its direct and indirect holding in Panafon from 98.228 per cent. as at
2 February 2004 to 99.323 per cent. as at 26 February 2004. The increase in
shareholding was effected through market purchases at a price per Panafon share
of EUR 6.18 for an aggregate consideration of approximately EUR 35.6 million.

Vodafone intends to make market purchases at a price per Panafon share of EUR
6.18 until 26 March 2004.

At the request of Vodafone, Panafon has invited its shareholders to attend an
Extraordinary General Meeting on 18 March 2004 at which Panafon will seek
approval for the submission to the Capital Markets Commission of an application
to de-list the shares of Panafon from the Athens Exchange.

For further information:

Vodafone Group
Tim Brown, Group Corporate Affairs Director
Tel: [phone]

Investor Relations
Melissa Stimpson
Darren Jones
Tel: [phone]

Media Relations
Bobby Leach
Ben Padovan
Tel: [phone]

Goldman Sachs International
Simon Dingemans
Tel: [phone]

The Offer was not made, directly or indirectly, in or into the United States,
Canada, Australia or Japan (each an 'Excluded Territory'), and copies of the
information circular, this announcement and any related materials thereto were
not and may not be sent or otherwise distributed in or into any Excluded
Territory or sent by any means or instrumentality of interstate or foreign
commerce of any Excluded Territory and the Offer was not accepted by any such
use, means or instrumentality, in or from within any Excluded Territory.

Goldman Sachs International acted as financial adviser for Vodafone Group Plc
and no one else in connection with the Offer and will not be responsible to 
anyone other than Vodafone Group Plc for providing the protections afforded to 
clients of Goldman Sachs International or for providing advice in relation to 
the Offer.

This announcement has been issued by Vodafone Group Plc and is the sole 
responsibility of Vodafone Group Plc and has been approved solely for the 
purposes of Section 21 of the Financial Services and Markets Act 2000 by 
Goldman Sachs International.




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