Panafon Hellenic Tel

Sale of Fractional Rights

Panafon Hellenic Telecom Co S.A.
26 July 2001


LETTER TO COMPANY ANNOUNCEMENTS OFFICE

We inform you that the fractional rights of the shares which derived from the
merger with absorption between PANAFON SA and UNIFON SA amount to 9,858 common
registered shares of 21,455 beneficiaries and owners of the shares of UNIFON
S.A. on the 11/5/2001, were sold through A.S.E. (Athens Stock Exchange).
The net revenues which derived from the aforementioned sale will be deposited to
the company's treasury, according to the shareholdings of the beneficiaries.

The net revenues from the sale, will be deposited to the Company's Treasury, and
will be allocated to the beneficiaries through cheques.

LETTER FROM PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A.