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Vodafone-Panafon (VPHD)

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Monday 08 September, 2003

Vodafone-Panafon

Re: Share Capital Increase

Vodafone-Panafon Hellenic Tel Co SA
08 September 2003



                                VODAFONE-PANAFON
                      HELLENIC TELECOMMUNICATIONS COMPANY
                 Company 's Registration Number 26089/06/B/92/01

Announcement

The shareholders Extraordinary General Meeting on 11/06/2003 approved the merger
by absorption of VIZZAVI (HELLAS) S.A. by VODAFONE-PANAFON S.A. and the share
capital increase as follows:

a)       by the amount of the difference between the contributed share capital
of the Absorbed company of Euro 14,404,434.40 deducted the participation value
of the Absorbed company by the Absorbing, which appears to the books of the
Absorbing company, amounting to Euro 3,627,305.14 i.e. by the total amount of
Euro 13,777,129.26 and therefore the share capital amounts to 543,314,000 common
registered shares. This amount will be covered with alteration of the nominal
value of the shares of the Absorbing company from Euro 0.33 to Euro 0.35536 per
share.

b)       by the amount of Euro 25,109.32 due to the escalation of the value of
the fixed assets of the Absorbed company, according to the L.2386/96 and will
amount to Euro 193,095,858.58 divided into 543,314,000 common registered shares.
This amount will be covered with alteration of the nominal value of the shares
of the Absorbed company from Euro 0.35536 to Euro 0.35540 per share.

c)       by the amount of Euro 2,497,181.42 with capitalization of the
respective amount from the retained earnings of the Absorbing company of the
accounting period from 1/4/2000-31/3/2001, for the rounding up of the par value
of its shares from Euro 0.35540 per share to Euro 0.36 per share.

This decision was further approved by the Ministry of Development (decision
K2-7650) on 27/06//2003. After the above share capital increase, the company's
share capital amounts to Euro 195,593,040 divided into 543,314,000 common
registered shares of a par value Euro 0,36 per share.

The BoD of the Athens Stock Exchange on its session on 04/09/2003 was informed
of the above share capital increase. After that, as of 9 September 2003 the
company's shares will be trading with the nominal value of Euro 0,36.
For more information please contact the Investor Relations Department.
Tel: 0030 2106160330/ 0030 2106160691.

                              Maroussi, 05/09/2003
                             The Board of Directors



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