Following the decision of the BoD of the ATHEX on 26.1.2004 concerning the transfer of the shares of the company VODAFONE-PANAFON S.A. in Market B (Low Liquidity), the erasure of the specific shares from every Index it participates is provided.

The above share participated in the ATHEX Composite Share Price Index, ATHEX Total Return General Index, ATHEX Telecommunications Price index, FTSE/ASE 20 Index and FTSE/ASE All 140 Index from where it is erased as of 27.1.2004

According to the Ground Rules for the Management & Calculation of the Price Indices of the Shares? Market, the above share is instantly replaced by the first runner-up, according to the classification criteria of the corresponding index during the most recent ordinary revision.

More specifically, the following changes will take place:

• The share of VODAFONE-PANAFON S.A. is replaced by the share of the company STRINTZIS LINES S.A. in the ATHEX Composite Share Price Index and in ATHEX Total Return General Index.

• The share of VODAFONE-PANAFON S.A. is replaced by the share of the company LAN-NET S.A. in the ATHEX Telecommunications Price index.

• The share of VODAFONE-PANAFON S.A. is replaced by the share of the company HYATT REGENCY HOTELS & TOURISM (THESSALONIKI) S.A. in the FTSE/ASE 20 Index.

• The share of VODAFONE-PNAFON S.A. is replaced by the share of the company ALCO HELLAS S.A. S.A. in the FTSE/ASE All 140, weighted by 40%.

• The share of HYATT REGENCY HOTELS & TOURISM (THESSALONIKI) S.A. due to its classification in FTSE/ASE 20 Index is replaced by the share of the company GENERAL CONSTRUCTION CO in the FTSE/ASE MiD 40 Index.

• The share of the company GENERAL CONSTRUCTION CO. due to its classification in FTSE/ASE Mid 40 Index is replaced by the share of the company ALCO HELLAS S.A. in the FTSE/ASE SmallCap 80 Index, weighted by 40%

The replacement will take place after the end of the trading session of 26.1.2004.