Panafon Hellenic Telecommunications Company S.A. (?Panafon-Vodafone?) announces reductions of up to 22% on its call tariffs. The new tariffs will be effective from Monday 23 July 2001 for both new and old contract customers.

As a result of these reductions, per second charges now start from 0.5 drachmas per second (Euro 0.09/min) while SMS is charged at 27 drachmas (Euro 0.08). Monthly charges now start at 2,700 drachmas (Euro 7.92). This new policy makes Panafon- Vodafone's charges the most competitive and comprehensive in the Greek market.

This new policy is evidence that Vodafone's presence in the Greek market focuses on delivering effective service to customers at affordable prices. Panafon-Vodafone customers continue to enjoy new and important privileges as members of a global mobile telecommunications company.

George Koronias, CEO of Panafon-Vodafone said, ?This business decision is an indication of the commercial strategy that is going to be implemented after the company's acquisition of a 3G licence and additional 2G spectrum. Through this comprehensive tariffing policy, Panafon-Vodafone confirms once again its continuous focus on a premium quality of services offered at competitive market prices, while maintaining its strategy for sustaining profitable growth.?