Panafon Hellenic Tel

GSM License in Albania

Panafon Hellenic Telecom Co S.A.
9 February 2001

9 February 2001

                    PANAFON awarded GSM license in Albania

Panafon, the leading mobile operator in Greece, announces that it has been
awarded Albania's second GSM license in the recently concluded international

Bidding in partnership with Vodafone Group via the joint venture Vodafone
International Holdings BV, Panafon was the highest bidder at USD38 million.

The successful tender represents a further step in Panafon's strategy of
expanding its international presence in the Balkans, a mobile
telecommunications market that offers great growth potential.

International Business Director of Panafon, Mr. Nikos Avgerinos said, 
'Acquiring a license in Albania creates great opportunities for expansion in
the Balkans. Our vision is to build a dynamic company that will create value
for shareholders and provide innovative products and services for customers,
utilising the experience and expertise of both companies''.


* Subject to the approval of the Albanian Authorities

For Further Information Contact:

Dimitris Tsorbatzoglou

Panafon Head of Investor Relations  Tel: +301 6160019

[email protected], website

Lulu Bridges

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

Nicolas Bornozis,
Capital Link, Tel: + (212) 661 7566

                           Notes to Editors:

1.      Panafon's 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 has 512,500,000 shares in issue.

3.      Panafon is a shareholder in:

Panafon Emporiki (previously   100.00 per cent
Panafon Services               100.00 per cent
Panafon Multimedia             100.00 per cent
Next Net                       26.11 per cent
Unifon                         19.56 per cent
Mobitel                        25.01 per cent
Citicom                        11.518 per cent
Ideal Telecom                  51.00 per cent (following completion of all
                               legal procedures)

4.      Panafon 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

5.      Panafon's shareholding structure is as follows:

Vodafone Group Plc                            55 per cent
France Telecom                                3  per cent
Intracom S.A.                                 9.1 per cent
Free float                                    32.9 per cent

PANAFON 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: Greece ASE composite (ASE): 6.539%, Greece ASE industrial (ASEIND):
16.254%, FTSE/ASE 20: 2.827%, Bloomberg Europe (BE500): 0.059%, BE500 TELECOM
0.240, FTSE EUROTOP 300 (E300): 0.016%, FTSE E300 TELECO (E3TELE): 0.135%, BBG