Profitable growthProfitable growthInnovative productsInnovative products

Strong data positioningStrong data positioning

Panafon - Vodafone year end resultsPanafon - Vodafone year end results1/4/00 - 31/3/011/4/00 - 31/3/01

Looking Ahead

Robust commercial policy

Emphasis on innovative products

Strong data positioning

Benefits related to Panafon-Vodafone active participation in the Vodafone Group

International expansion

Our vision: To be the leading wireless

communications and information provider in Greece,

bringing value to our shareholders, customers and

the community

Profitable growth through:

Profitable Growth Strengthened

31.3.00

Revenues EBITDA Net Income

31.3.01

€ 844.9

€ 387.9

€ 175.3

€ 792.6

€ 340.7

€ 164.8

Note : Audited International Accounting Standards (IAS), for 12 months ended 31st March 2001 Euro exchange rate: 340.75

+ 6.6% + 13.9% + 6.4%

EBITDA growth at 13.9%

EBITDA margin at 45.9%

Leading the Market in Margins and Market Share

Note : Based on announced results, Panafon 12m to 31.3.01, Cosmote, Stet 12m to 31.12.2000

67.3%

54.0%

42.8%36.6%

fiscal year 2000

Net Income EBITDARevenues Customers

EBITDA margin: 45.9%Net Income margin : 20.7%

% Market share% Market share

320 499

48687

382

714

949

740

1486

741

1599

96 97 98 99 OO Q1 01

Contract Pre-paid

547

1,069

1,663

2,226 2,340

Customer Mix (‘000)Customer Mix (‘000)

Panafon - Vodafone is aiming at a healthy growth of its customer

base through maintaining and acquiring conscious and service

oriented customers..

It is estimated that mobile penetration in Greece will exceed 75% by the year 2003,

and has already exceeded fixed line penetration.

Revenue Analysis

11.7%17.2%4.7%

8.4% 8.6%4.0%

72.8%68.8%

31.3.00 31.3.01

+ 130% Data

+ 42.7% Other

- 40.5% Merchandise Sales

- 27.3% Monthly Access1.6%

2.2%

Note : Audited International Accounting Standards (IAS), for 12 months ended 31st March 2001 Euro exchange rate: 340.75

Data revenues increase (+130%) accounting for more than 8.6% of total revenues or 9.3% of service revenues

Airtime and data increase: +19.2%

(EBITDA Positive)

Churn Rates Reducing by 6.1pp

7.9%

5.6%4.8% 4.7%

Apr-Jun 00 Jul-Sep 00 Oct-Dec 00 Jan-Mar 01

Drivers of reduction: lower subsidies, Retention programs, VAS

The ability to continuously reduce churn in a highly competitive environment reflects the effectiveness of

the company’s commercial policy

28.8%

22.7%

Year to March 00Year to March 01

Commercial Strategy

Objective - To further reinforce leading position through:Objective - To further reinforce leading position through: Restructuring the commercial costs by consolidating Service Providers

& building the largest owned retail network Standardising Customer Relations Management (CRM) in order to

increase loyalty & facilitate sales of new services and products through an individual customer oriented approach instead of product oriented approach

Focusing on retention plans

One stop shop solutions for corporate customers

Leading the prepay market with new and innovative products: CU

Leading the market to lower subsidies

Maintaining existing and acquiring new quality customers

Value Added Mobile Services (VAMS) and Datacoms to stimulate usage and increase revenues, exploiting Vodafone’s Global Products Roadmap as well as Panafon - Vodafone Roadmap (Local Market Needs)

Dual branding process which increases customer recognition of a global family that offers seamless services and wider range of products

The merging strategy of the Distribution Network aims at:

Improving the quality of services (pre and post sale) Increasing flexibility and speed in introducing new products Providing one point of reference for customers Reducing commercial policy costs & achieving economies of scale More efficiently controlling the customer base (CRM) “Vodafone shops” attracting the majority of new additions

Distribution Strategy & Rebranding

Panafon - Vodafone’s process of Panafon - Vodafone’s process of rebranding aims at raising rebranding aims at raising

consciousness of a strong global family consciousness of a strong global family of companies that will offer common of companies that will offer common products and seamless services to all products and seamless services to all

customerscustomers

Offering New and Innovative Offering New and Innovative ProductsProducts

We are investing in profitable innovative global products which

provide solutions, value and effectively meet the needs of our

customers

CU Prepaid Communication

System

CU was designed to meet specific market needs. CU is a worldwide innovation and presents an

excellent example of successful product positioning.

Its unique success is reflected by its contribution to significantly higher usage and ARPU patterns..

•CU which was launched in October 2000 and already

accounts for more than 50% of new prepay additions

•Contributes 35% higher overall ARPU while outgoing ARPU is 55% higher

•Has 4 times higher SMS traffic than “a la Carte” which is

the other Panafon-Vodafone brand in the prepay market

•Minutes of Use are 20% higher

PANAFONLMDS

Hub

SMEs

Major

Direct Access (LMDS)

The Vehicle for LMDS services will be who will offer a bundle

of services to corporate customers (voice & data) and will act as a one

stop shop solution. Going forward, Panafon Partner will expand by

creating additional corporate services catering for individual customer

needs and will further grow the customer base.

LMDS Characteristics

• Operating Frequency: 25GHz

• Coverage Range: 2 Km

• Maximum Throughput: 32Mbps/sector

• Line of sight link

• Multiple customer interfaces

• Commercial launch is estimated in summer 2001 (License cost € 8.1 million- in December 2000)

• Panafon - Vodafone will be the first to provide full commercial coverage of the Athens business area

• Roll out plan: Athens, Thessaloniki, Patras and then according to market demand

The aim is to create “stickiness” through corporate

bundling

GPRS: the Next Step“Always on” technology: a high data speed technology which will

accelerate the evolution of data services towards the mobile-internet (presently at 40kbps, eventually at 115kbps)

Panafon-Vodafone :

Already announced availability of GPRS Services to both retail &

corporate customers (March 2001)

GPRS offering to corporate customers will enable them to have access

to a corporate intranet environment and the internet and enable fast

file transfer capabilities

GPRS offer for retail customers includes Wap over GPRS with handsets

currently available in the Greek market: Motorola T260S

Panafon -Vodafone has undertaken initiatives to create a full range of

data services, providing GPRS content for users and exploiting the

synergies with Vizzavi

Vodafone Group GPRS strategy and international agreements will

enable quick introduction of cost effective new services

Network - Excellence

Our Network: GSM Coverage over 97.8% € 237.1 million investment for

the year ended 2001 An overall investment of € 898

million by the end of March 2001 (excluding the GSM license)

3800 Km of Backbone Microwave Network, forms our most significant asset

Now enhanced by fiber optic links, (1st area of deployment: Athens), it will be over 1000 Km within 3-4 years

Currency Euro/Grd.=340.750

Investing in capacity, autonomy, quality

The largest private telecommunications network in The largest private telecommunications network in Greece, constitutes for Panafon-Vodafone an important Greece, constitutes for Panafon-Vodafone an important

competitive advantage in the Greek market providing the competitive advantage in the Greek market providing the company with business autonomy and flexibility company with business autonomy and flexibility

UMTS

1) According to the National Telecommunications and Post Commission (NTPC)

Summary of terms of the auction and dates from the Summary of terms of the auction and dates from the Information Memorandum of the NTPCInformation Memorandum of the NTPC

• 1 June 2001 Publication of the Invitation to Tender• 11 July 2001 starting date of the 3G licensing process• Number of licenses : 4 in 3G and 4 in 2G (GSM 900 / DCS1800)

• Duration : 3G - 20 years & 2G - 15 years• € 146.7 million minimum price (60% can be paid after 2005) +

2% of 3G revenues from year 2005

Panafon - Vodafone EstimatesPanafon - Vodafone Estimates

• 2007-2008 UMTS revenues will be 50% of total revenues

• Expected launch: First half of 2003

• Estimated base stations for 3G over a 15 year period : 2,200

International Expansion: the first step: Albania

StrategyStrategy

• Fast penetration• High quality of network • Quality and variety of services• Building a strong brand name

Demographics and other informationDemographics and other information

• Population 3.4m, largest city is Tirana - pop: 480,000• Total number of cellular customers (April 2001): 107,000

with prepay representing 78%. First prepaid product launched in December 2000 by AMC

• Year end 2000 penetration 3%• Very low fixed line penetration

Data as December 2000

ForecastsForecasts

• Planned investment for the next 5 years: € 250-300 million

In February 2001 Panafon, in a joint venture with Vodafone, was awarded the

second GSM license in Albania for € 41.5m. This represents a further step in

Panafon’s strategy to play a key role in the Balkans region in partnership with

Vodafone Group.

Financial Results for the Financial Results for the year year

ended March 2001ended March 2001According to IASAccording to IAS

€ in million / GRD billion€ in million / GRD billion

Revenues

EBITDA

% Margin

Total Depreciation & Amortisation

EBT

Net Income

Revenues

EBITDA

% Margin

Total Depreciation & Amortisation

EBT

Net Income

% Change

% Change

31.3.00 €31.3.00 €

Summary Income Statement

Continued profitable growth, margin improvementContinued profitable growth, margin improvement

Note : Audited International Accounting Standards (IAS), for 12 months ended 31st March 2001 Euro exchange rate: 340.75

844.9

387.9

45.9

88.6

279.3

175.3

844.9

387.9

45.9

88.6

279.3

175.3

31.3.01 €

31.3.01 €

792.6

340.7

43.0

64.0

256.8

164.8

792.6

340.7

43.0

64.0

256.8

164.8

+6.6%

+13.9%

2.9pp

+38.6%

+8.8%

+6.4%

+6.6%

+13.9%

2.9pp

+38.6%

+8.8%

+6.4%

287.9

132.2

45.9

30.2

95.2

59.7

287.9

132.2

45.9

30.2

95.2

59.7

31.3.01 GRD

31.3.01 GRD

€ in million / GRD billion€ in million / GRD billion

Current Assets

Fixed Assets - license

Investments - Goodwill

Total Assets

Total Liabilities

Share Capital and Reserves

Retained Earnings

Shareholders’ Equity

Total Liabilities & Shareholders’ Equity

Net Debt/EquityNet Debt/Equity

Current Assets

Fixed Assets - license

Investments - Goodwill

Total Assets

Total Liabilities

Share Capital and Reserves

Retained Earnings

Shareholders’ Equity

Total Liabilities & Shareholders’ Equity

Net Debt/EquityNet Debt/Equity

Balance Sheet (IAS)31.3.01

€31.3.01

€31.3.00

€31.3.00

€

Note : Audited International Accounting Standards (IAS), for 12 months ended 31st March 2001 Euro exchange rate: 340.75

143.3

723.2

66.9

933.4

518.8

187.1

227.5

414.6

933.4

0.600.60xx

143.3

723.2

66.9

933.4

518.8

187.1

227.5

414.6

933.4

0.600.60xx

151.2

536.4

51.3

738.9

439.4

187.1

112.4

299.5

738.9

0.62x0.62x

151.2

536.4

51.3

738.9

439.4

187.1

112.4

299.5

738.9

0.62x0.62x

48.8

246.4

22.8

318.0

176.763.8

77.5

141.3

318.0

0.60x0.60x

48.8

246.4

22.8

318.0

176.763.8

77.5

141.3

318.0

0.60x0.60x

31.3.01 GRD31.3.01 GRD

€ in million / GRD billion€ in million / GRD billion

Cash Flow Statement (IAS)

Cash Flow from Operations

financing:

Capital Expenditure

Investments

Dividend (proposed)

Increase in loans

Decrease in cash at bank /in hand

Cash Flow from Operations

financing:

Capital Expenditure

Investments

Dividend (proposed)

Increase in loans

Decrease in cash at bank /in hand

Note : Audited International Accounting Standards (IAS), for 12 months ended 31st March 2001 Euro exchange rate: 340.75

31.3.01 €31.3.01 €

286.4

(268.4)

(27.5)

(55.4)

64.1

0.8

286.4

(268.4)

(27.5)

(55.4)

64.1

0.8

97.6

(91.4)

( 9.4)

(18.9)

21.8

0.3

97.6

(91.4)

( 9.4)

(18.9)

21.8

0.3

31.3.01 GRD

31.3.01 GRD

Note : Euro exchange rate: 340.75

March '99 March '00 March '01

€ 651.5m

€ 484.2m

€ 898.0m

Cumulative CapexOne of the biggest private investments in One of the biggest private investments in

GreeceGreece

Capex for 01/02 approx. € 205m

Gross ARPU and Usage

Note : Based on year end results

Total ARPU & Usage

Euro per month

Total ARPU & Usage

Euro per monthARPU contractARPU contract ARPU PrepayARPU Prepay

Data ARPUData ARPU

+ 66%

31.3.00 31.3.01

93min.

SMS 36 per month

per customer

31.3.0131.3.00

€ 44.9

€ 34.1

80min.

151min.

137min.

31.3.0131.3.0031.3.00 31.3.01

43min.

51min.

€ 62.1€ 19.4€ 22.0

€ 69.8

€ 1.8€ 3

Total Subscriber Acquisition Trends

Leading the market to lower subsidiesLeading the market to lower subsidies

Mar 00 Jun 00 Sep 00 Dec 00 Mar 01

(€ 186.5)

(€ 160.5)

(€ 127.2)(€ 112.6)

Total handset subsidy costs

8% of total Revenues

Average handset subsidy 00-01 € 155.1

(€ 193.7)

Note : Audited International Accounting Standards (IAS), for 12 months ended 31st March 2001 Euro exchange rate: 340.75

Continuous Profitable Growth

Our business strategy aims at sustaining profitable growth, utilising Vodafone’s synergies and capitalising on Vodafone’s strong global

brand and footprint. This will be achieved through our:

Focused on delivering shareholder value

• Robust commercial policy

• International expansion initiatives

• Competitive positioning in data and mobile internet

• Management quality and delivery record supported by Vodafone’s international management structures

• Cost synergies through Vodafone’s global purchasing power and technological advantage

Profitable growthProfitable growthInnovative productsInnovative products

Strong data positioningStrong data positioning

Panafon - Vodafone year end resultsPanafon - Vodafone year end results1/4/00 - 31/3/011/4/00 - 31/3/01