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Panafon Hellenic Tel (PFHD)


Wednesday 18 July, 2001

Panafon Hellenic Tel

Spectrum Allocation

Panafon Hellenic Telecom Co S.A.
18 July 2001

Press Release

18 July 2001

                    PANAFON-VODAFONE announces successful

  completion of the 3G auction and 2G auction for extra spectrum allocation

Panafon Hellenic Telecommunications Company S.A. ('Panafon-Vodafone'),
announce that their participation in the auction for additional 2G spectrum
allocation was a success. Panafon-Vodafone acquired extra spectrum of 2X5 MHz
in the 900MHz band and 2X15MHz in the 1800MHz band at a cost of Euro 115
million (GRD39.19 billion).

This outcome gives Panafon-Vodafone available total capacity of 2X15MHz in the
900MHz band and new spectrum in the 1800MHz band of 2X15MHz. This capacity,
paired with the 3G spectrum that Panafon-Vodafone was awarded at the recently
concluded 3G auctions, means Panafon-Vodafone now has one of the highest
spectrum of frequencies among national operators in Europe.

The extra capacity will allow Panafon-Vodafone to further improve the quality
of services offered to customers and to improve the quality of the network.
Panafon-Vodafone aims to offer a wide variety of services, taking full
advantage of current technological developments and capitalising on its
position as a member of the Vodafone group. Panafon-Vodafone will continue to
develop future services that will exploit to the full capabilities offered by
the new spectrum allocation.

Panafon-Vodafone's strategy in the auction underlines the company's faith in
the future of the Greek telecommunications market.

The extra spectrum will enable Panafon-Vodafone to offer better network
deployment in densely populated areas, along with increased spectrum
utilisation in all areas of activities.


For Further Information Contact:

Dimitris Tsorbatzoglou Panafon Head of Investor Relations Tel: +301 6160019

[email protected], website

Lulu Bridges or Stuart Carson,

Tavistock Communications, Tel:  +(44) 20 7600 2288

Nicolas Bornozis ,

Capital Link, Tel: + (212) 661 7566

Notes to Editors:

1. Panafon - Vodafone shares are quoted on the Athens Stock Exchange and its
GDSs are quoted on the London Stock Exchange.  The shares and GDS's began
trading on Monday 7 December 1998 in ASE and LSE respectively.

2. Panafon - Vodafone had 512,500,000 shares in issue (prior to completion of
the merger) and 534,126,396 (after the completion of the merger with Panafon
Emporiki and Unifon on May 11th 2001).

3. Panafon - Vodafone is a shareholder in:

Panafon Services                                                100.00 per cent

Panafon Multimedia                                              100.00 per cent

Next Net                                                         20.10 per cent

Mobitel                                                          25.01 per cent

Ideal Telecom                                                    51.00 per cent

Panafon International Holdings                                  100.00 per cent

BE- Business Exchanges                                           30.00 per cent

Vodafone Bulgaria                                                20.00 per cent

I.N.A                                                           10.555 per cent

CBS                                                              24.00 per cent

E-Motion                                                        100.00 per cent

ACOM                                                             16.00 per cent

Tetoma Com                                                      100.00 per cent

E-Unifon                                                         50.00 per cent

E-Motion Albania                                                 51.00 per cent

E-Motion Cyprus                                                 100.00 per cent

E-Kinitron                                                        2.00 per cent

4. Panafon - Vodafone was awarded a license to operate a GSM network in Greece
for a period of 20 years in August 1992.  The network commenced operations on
1 July 1993.

5. Panafon - Vodafone shareholding structure is as follows:

Vodafone Group Plc                                                52.8 per cent
France Telecom                                                    11.0 per cent
Intracom S.A                                                       8.7 per cent
Free float                                                        27.5 per cent

Panafon - Vodafone listings:

Shares: Athens SE, Reuters PANr.AT. Bloomberg PANF GA. Nominal value GRD 100.
ISIN GRS 307 333 005. SEDOL 556 0349.

GDRs: LSE . Reuters PANq.L. Bloomberg PFH GR, PFHD LI. ISIN US 6981 132 060.
SEDOL 556 0361.

Rule 144A: Bloomberg Nasdaq 2250Q US. ISIN US 6981 131 070. SEDOL 230 2629

Indices: ASE General Index composite (ASE): 4.838%, ASE MAIN GENERAL (ASEAGD):
4.837%,  ASE Telecom Index (ASEDTL): 24.156%, DJ EUROPE ST TEL (SXKP): 0.221%,
(SXXE) : 0.041%, BBG EUROPE TECHN (BETECH): 0.422%., MSCI 3,52%.


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