To increase stake in Greece

Vodafone Group Plc
26 November 2003


26 November 2003

                 VODAFONE TO INCREASE STAKE IN Vodafone-Panafon

Vodafone Group Plc ('Vodafone') announces today that it has entered into an
agreement to acquire from Intracom S.A ('Intracom') 51,250,000 shares in
Vodafone-Panafon Hellenic Telecommunications Company S.A. ('Panafon'). The
shares to be acquired represent 9.433% of the outstanding shares of Panafon. The
consideration will be €6.18 per share in cash, representing a total
consideration of €316.725 million and will be satisfied from existing cash
resources.

As a result of this transaction, Vodafone's effective shareholding in Panafon
will increase from 65.362% to 74.795%. The transaction will be executed as a
block trade in accordance with the rules and regulations of the Athens Exchange.
Panafon and Intracom expect to continue their cooperation in the Greek market.

This transaction is consistent with Vodafone's stated strategy of selectively
increasing its stakes in existing operations, where opportunities arise for the
creation of enhanced shareholder value.

                                    - ends -

For further information:

Vodafone Group
Tim Brown, Group Corporate Affairs Director
Tel: [phone]

Investor Relations
Melissa Stimpson
Darren Jones
Tel: [phone]

Media Relations
Bobby Leach
Ben Padovan
Tel: [phone]




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