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Vodafone-Panafon (VPHD)

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Tuesday 30 December, 2003

Vodafone-Panafon

Re: Further Reductions

Vodafone-Panafon Hellenic Tel Co SA
30 December 2003



                                  Press Release

                                   30/12/2003

              New significant price reductions on fixed to mobile
             interconnection charges, effective from 1 January 2004

Vodafone-Panafon total fixed to mobile interconnection charges reduced by up to
                               59.5% during 2003

Vodafone-Panafon announces today further reductions in termination charges for
phone calls originating from fixed networks and terminating on the Vodafone -
Panafon network, with effect from 1 January 2004. This initiative is indicative
of the customer oriented strategy that Vodafone - Panafon has pursued since it
began operations in the Greek market.

In particular, fixed to mobile termination charges will be reduced from €0.175
per minute to €0.170 per minute. In parallel, the minimum charging period will
be reduced from 33 seconds to 30 seconds. The new price reductions provide
escalating benefits up to 12 % for phone calls up to 30 seconds.

Total price reductions during the year 2003 reach up to 59.5%, reflecting the
considerable value offered to Vodafone customers.

This price reduction is the third reduction in fixed to mobile termination
charges that Vodafone-Panafon has initiated during the last twenty months,
showing that Vodafone offers services and products at the best possible prices.


                                      -Ends-

For Further Information Contact:
Maria Kaini Investor Relations Officer Tel: +30 210 6160692
[email protected], website www.Vodafone.gr



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