Profitable growth

1
Panafon - Vodafone year end results 1/4/00 -
31/3/01
Profitable growth Innovative products Strong data
positioning
2
Looking Ahead
Profitable growth through
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
3
Profitable Growth Strengthened
EBITDA growth at 13.9 EBITDA margin at 45.9
792.6
844.9
340.7
387.9
164.8
175.3
31.3.00
31.3.01
Revenues
EBITDA
Net Income
6.6
13.9
6.4
Note Audited International Accounting Standards
(IAS), for 12 months ended 31st March 2001 Euro
exchange rate 340.75
4
Leading the Market in Margins and Market Share
Market share
Customer Mix (000)
Panafon - Vodafone is aiming at a healthy growth
of its customer base through maintaining and
acquiring conscious and service oriented
customers.
2,340
2,226
1,663
1,069
547
EBITDA margin 45.9 Net Income margin 20.7
It is estimated that mobile penetration in Greece
will exceed 75 by the year 2003, and has
already exceeded fixed line penetration.
Note Based on announced results, Panafon 12m
to 31.3.01, Cosmote, Stet 12m to 31.12.2000
5
Revenue Analysis
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)
1.6
2.2
Note Audited International Accounting Standards
(IAS), for 12 months ended 31st March 2001 Euro
exchange rate 340.75
6
Churn Rates Reducing by 6.1pp
The ability to continuously reduce churn in a
highly competitive environment reflects the
effectiveness of the companys commercial policy
Year to March 00
Year to March 01
Drivers of reduction lower subsidies, Retention
programs, VAS
7
Commercial Strategy
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 Vodafones 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

8
Distribution Strategy Rebranding
Panafon - Vodafones process of rebranding aims
at raising consciousness of a strong global
family of companies that will offer common
products and seamless services to all customers

• 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

9
Offering New and Innovative Products
We are investing in profitable innovative global
products which provide solutions, value and
effectively meet the needs of our customers
10
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

11
Direct Access (LMDS)

• 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

• LMDS Characteristics
• Operating Frequency 25GHz
• Coverage Range 2 Km
• Maximum Throughput
  
  32Mbps/sector
• Line of sight link
• Multiple customer interfaces

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.
The aim is to create stickiness through
corporate bundling
12
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

13
Network - Excellence
Investing in capacity, autonomy, quality

• 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

The largest private telecommunications network in
Greece, constitutes for Panafon-Vodafone an
important competitive advantage in the Greek
market providing the company with business
autonomy and flexibility
Currency Euro/Grd.340.750
14
UMTS

• Summary of terms of the auction and dates from
  the Information 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 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

1) According to the National Telecommunications
and Post Commission (NTPC)
15
International Expansion the first step Albania
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 Panafons strategy to play a key role in
the Balkans region in partnership with Vodafone
Group.

• Demographics 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

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

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

Data as December 2000
16
Financial Results for the year ended March
2001 According to IAS
17
Summary Income Statement
Change
31.3.00
31.3.01
31.3.01 GRD
in million / GRD billion
792.6 340.7 43.0 64.0 256.8 164.8
6.6 13.9 2.9pp 38.6 8.8 6.4
287.9 132.2 45.9 30.2 95.2 59.7
844.9 387.9 45.9 88.6 279.3 175.3
Revenues EBITDA Margin Total Depreciation
Amortisation EBT Net Income
Continued profitable growth, margin improvement
Note Audited International Accounting Standards
(IAS), for 12 months ended 31st March 2001 Euro
exchange rate 340.75
18
Balance Sheet (IAS)
in million / GRD billion
31.3.01
31.3.00
31.3.01 GRD
143.3 723.2 66.9 933.4 518.8 187.1 227.5 414.6
933.4 0.60x
151.2 536.4 51.3 738.9 439.4 187.1 112.4 299.5
738.9 0.62x
48.8 246.4 22.8 318.0 176.7 63.8 77.5 141.3
318.0 0.60x
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/Equity
Note Audited International Accounting Standards
(IAS), for 12 months ended 31st March 2001 Euro
exchange rate 340.75
19
Cash Flow Statement (IAS)

31.3.01
in million / GRD billion
31.3.01 GRD
286.4 (268.4) (27.5)
(55.4) 64.1 0.8
97.6 (91.4) ( 9.4)
(18.9) 21.8 0.3

• 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
20
Cumulative Capex
One of the biggest private investments in Greece
Capex for 01/02 approx. 205m
898.0m
651.5m
484.2m
Note Euro exchange rate 340.75
21
Gross ARPU and Usage
Total ARPU Usage Euro per month
ARPU contract
ARPU Prepay
69.8
62.1
22.0
19.4
44.9
151 min.
137 min.
43 min.
51 min.
34.1
31.3.00
31.3.01
93 min.
31.3.01
31.3.00
80 min.
Data ARPU
66
31.3.01
31.3.00
SMS 36 per month per customer
3
1.8
31.3.00
31.3.01
Note Based on year end results
22
Total Subscriber Acquisition Trends
Leading the market to lower subsidies
Total handset subsidy costs 8 of total Revenues
( 193.7)
( 186.5)
( 160.5)
( 127.2)
( 112.6)
Average handset subsidy 00-01 155.1
Note Audited International Accounting Standards
(IAS), for 12 months ended 31st March 2001 Euro
exchange rate 340.75
23
Continuous Profitable Growth
Our business strategy aims at sustaining
profitable growth, utilising
Vodafones synergies and capitalising on
Vodafones strong global
brand and footprint. This will be achieved
through our

• Robust commercial policy
• International expansion initiatives
• Competitive positioning in data and mobile
  internet
• Management quality and delivery record supported
  by Vodafones international management structures
• Cost synergies through Vodafones global
  purchasing power and technological advantage

Focused on delivering shareholder value
24
Panafon - Vodafone year end results 1/4/00 -
31/3/01
Profitable growth Innovative products Strong data
positioning