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Vodafone-Panafon (VPHD)

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Thursday 25 September, 2003

Vodafone-Panafon

Tariff Changes

Vodafone-Panafon Hellenic Tel Co SA
25 September 2003




25 September 2003

       New significant price reductions of up to 27.6% on fixed to mobile
             interconnection charges, effective from 5 October 2003

             Vodafone-Panafon total fixed to mobile interconnection
                   charges reduced by up to 54.2% 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 5 October 2003. This initiative is
indicative of the customer-oriented commercial strategy that Vodafone-Panafon
has pursued since it began operations in the Greek market.

This price reduction is the third reduction in fixed to mobile termination
charges that Vodafone-Panafon has initiated during the last eighteen months,
showing that Vodafone offers services and products at the best possible prices.
In particular, fixed to mobile termination charges will be reduced from €0.190
per minute to €0.175 per minute. In parallel, the minimum charging period will
be reduced from 42 seconds to 33 seconds.

The new price reductions provide escalating benefits that begin at 7.9% and
increase to 27.6% for phone calls up to 33 seconds.

Total price reductions during the year 2003 amounted to 54.2%, reflecting the
considerable value offered to Vodafone customers.

These improved reduced prices are expected to further increase usage on
Vodafone's network. Additionally, they confirm the commitment of the company to
provide excellent services 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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