PANAFON CONTINUES TO DELIVER PROFITABLE GROWTH

At the Annual General Meeting of Panafon held in Athens today, Thursday, 28th September 2000, the company presented to shareholders its achievements and financial results for the twelve month period ended 31st March 2000.During this period Panafon further enhanced its financial position in the Greek Telecommunications Market. Additionally, Panafon presented its strategy for maintaining high profitability. For the financial period which ended 31st March 2000, Panafon's revenues reached 270 GRD billion with EBITDA of 116 GRD billion, sustaining Panafon's leadership in the Greek Market. As George Koronias, Chief Executive Officer of Panafon S.A., commented: ?the increase in profits for our Shareholders proves Panafon's efficiency which is the primary goal of the Board?.Focusing on the first quarter of the current fiscal year (April · June 2000, reported according to the Greek GAAP), Panafon's pre-tax margin reached 27.6% compared to 24.3% for the similar period last year. Moreover, profit before tax reached 19.7 GRD billion, an increase of 19.6% for the comparative quarter.Based on the strength of its financial results, Panafon aims to reinforce its leading position in the Greek Mobile Telephony Market, expanding its customer base which had reached 2 million customers by the end of August 2000.Panafon's main strategic objectives are: -to grow its high value customer base, -to take advantage of the opportunities arising from the fixed market liberalization, -to develop its strong presence in the area of Internet and Datacomms,Panafon plans to invest approximately 75 GRD billion in the current financial year which will be self-financed.Vodafone Group, the leading mobile Telecommunications Company worldwide, with a presence in 25 countries and over 59 million customers, plays a major role in Panafon's successful development.Panafon plays a significant role as a member of the Vodafone Group of Companies. This is made evident by the presence of Panafon's CEO, Mr. George Koronias on Vodafone's European Board. Mr. Koronias is also a member of the Board of Directors of Telecel, the Portuguese mobile telephony company. Moreover, at a recent meeting of the Board of Panafon, the Chief Executive Officers of Omnitel in Italy and Telecel in Portugal were appointed to Panafon's Board.Addressing the Shareholders today, Mr Koronias referred to Panafon's strategic positioning with regard to the Internet with its ISP, Panafonet and its portal www.pan.gr. Mr Koronias stated: ?Mobile data communications and mobile Internet are the development opportunity of the decade. We possess the technological expertise to offer ?One-Stop-Shop? solutions both to corporate and retail customers. Our know-how has established pan.gr as the only Greek internet portal offering personalized services to all WAP users through ?myPAN?.The Annual General Meeting approved the Company's Annual Financial Statements for the financial year ended 31st March 2000. In addition, it elected a new Board of Directors for a five year term and approved the payment of a dividend amounting to 37 GRD per share for the year. Finally the AGM approved and extended the share option scheme to cover a significant number of Panafon employees.

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