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Vodafone-Panafon (VPHD)

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Monday 27 January, 2003

Vodafone-Panafon

Re: Termination Charges

Vodafone-Panafon Hellenic Tel Co SA
27 January 2003


Press Release

27 January 2003


Vodafone-Panafon further reduces fixed to mobile termination charges from € 0.21
/min to € 0.19/min

Vodafone-Panafon announces further reductions in fixed to mobile termination
charges effective from 1 February 2003.

Fixed to mobile termination charges will be reduced from €0.21 per minute to
€0.19 per minute. This is the second reduction in seven months raising the
overall reduction in fixed to mobile termination charges (for the period 30 June
2002 to date) to 30%. Additionally, minimum charges will be reduced by 30% from
60 seconds to 42 seconds.

The benefits from the above-mentioned reductions range from 9.5% to 36.7% for
calls up to 42 seconds.

Vodafone-Panafon expects that these reductions in interconnection charges will
increase usage in its network and fully reflect the company's commitment to
competitive tariffs that will benefit customers.

In addition to these reductions, Vodafone-Panafon matches termination charges
from mobile networks to the above-mentioned tariffs, fully complying with the
NTPC guidelines.


                                    --Ends--



For Further Information Contact:

Dimitris Tsorbatzoglou Head of Investor Relations Tel: +321 0 6160019

[email protected], website www.Vodafone.gr



Lulu Bridges or Justin Griffiths,

Tavistock Communications, Tel:  +(44) 20 7600 2288

Nicolas Bornozis ,

Capital Link, Tel: + (212) 661 7566


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