Outcome of Offer

Vodafone Group Plc
26 January 2004



26 January 2004

For Immediate Release

                OUTCOME OF VODAFONE'S OFFER FOR VODAFONE-PANAFON
         VODAFONE INCREASES SHAREHOLDING IN VODAFONE-PANAFON TO 98.228%

Vodafone Group Plc ('Vodafone') today announces the outcome of its public offer
for the outstanding shares which it did not already own directly or indirectly
as at 1 December 2003 (the 'Shares') in Vodafone-Panafon Hellenic
Telecommunications Company S.A. ('Panafon') (the 'Offer'). The acceptance period
for the Offer ended on 22 January 2004.

• On 1 December 2003, the day on which Vodafone announced its decision to
  launch the Offer, Vodafone owned directly and indirectly approximately 406
  million shares in Panafon, representing 74.795% of Panafon's share and voting
  capital.

• Vodafone has purchased 87,094,515 Shares in the market since 3 December
  2003. These market purchases, which represent 16.030% of Panafon's share and
  voting capital, were effected at a price per Share of EUR6.18 or below, for a
  total consideration of approximately EUR538 million.

• Following payment on 30 January 2004 of the Offer price of EUR6.18 per
  Share in respect of the Shares validly tendered in the acceptance period
  Vodafone will have acquired 40,220,500 Shares in the Offer, representing
  7.403% of Panafon's share and voting capital, for a total consideration of
  approximately EUR249 million.

• After acquiring the Shares validly tendered in the acceptance period,
  Vodafone will own directly and indirectly a total of 533,684,215 Panafon
  shares, representing 98.228% of Panafon's share and voting capital.

                                    - ends -

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]

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.




                      This information is provided by RNS
            The company news service from the London Stock Exchange