Dividend Declaration

Vodafone-Panafon Hellenic Tel Co SA
30 September 2003


                 Company's Registration Number 26089/06//92/01

                         DIVIDEND PAYMENT ANNOUNCEMENT
                    FOR THE FISCAL YEAR 1/4/2002 - 31/3/2003

According to the relevant decision of the Annual General Meeting dated September
30 2003, the dividend per share for the period (1/4/2002 - 31/3/2003) will be
0.11 euros. This amount is free of all taxes or other payments of similar nature
imposed by law 2065/92. All shareholders having acquired Vodafone-Panafon shares
until 30/9/2003 are entitled to the above dividend.

Starting from 01/10/2003 Vodafone-Panafon shares will trade ex-dividend rights.

The dividend will be distributed to the shareholders by mailing Alpha Bank
cheques. The distribution will be held on 30/10/2003.

For more information please contact the Investor Relations Department.
Tel: +30 210 6160330/ +30 210 6160061.

                              Maroussi, 30/09/2003
                             The Board of Directors

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