Panafon Hellenic Tel

Customer Numbers

Panafon Hellenic Telecom Co S.A.
17 October 2001

17 October 2001

          Panafon-Vodafone total customer base reaches 2.7million at

                            End of September 2001

             An increase of 30.9% compared to 30 September 2000.

leading provider of mobile telecommunications in Greece, announces its total
registered customer base reached 2,696,120 customers at the end of September
2001, a 30.9% increase compared to 30 September 2000.

In the period 1 April 2001 to 30 September 2001 churn was 6.9%, a decrease of
6.4 percentage points compared to the six month period ended 30 September
2000, reflecting the increasing loyalty of Panafon-Vodafone customers and the
company's commitment to maintain an active customer base. Churn reduction is
expected to positively affect the company's results in terms of usage and

Out of Panafon-Vodafone's total customer base of 2,696,120, pre-pay customers
totaled 1,927,841 and represented 71.5% of the total customer base. These
numbers are in line with similar trends in other European markets. The
increase in prepay customers is also impressive. Specifically prepay customers
increased 44.3% compared to 30 September 2000, with CU representing the
majority of these new net additions (65%).

These results were achieved in a highly competitive environment in the prepay
segment, with direct competitive products launched in the market with
aggressive marketing campaigns. The impressive increases in customer numbers
demonstrate both the loyalty of Panafon-Vodafone's existing customer base and
the attractiveness of the service offering to potential customers.
Panafon-Vodafone's pre-pay package CU has established its position in the
prepay market as a preferred product less than a year after its commercial

During the last period, Panafon-Vodafone made a series of important strategic
moves to reinforce its position and enrich its product and service offering to
its customer base:

*         Panafon-Vodafone was granted a licence to provide third generation
services (in the spectral range of 2 x 20 MHz FDD and 5 MHz TDD) at a cost of 
Euro 176.4 m (GRD 60.1 bn). Panafon-Vodafone has the highest spectrum of 
frequencies among all companies which participated in the 3G licence contest in 

*         Panafon-Vodafone acquired additional 2G spectrum allocation, giving
the company new spectrum in the 1800 MHz band of 2X15 MHz and increasing
Panafon-Vodafone's available total capacity to 2X15 MHz in the 900 MHz band.
The company now has the highest spectrum of frequencies among national
operators in Europe.

*         Panafon-Vodafone announced the launch of the Vodafone Albania, the
youngest company in Vodafone's network. Panafon-Vodafone participates with 49%
of the share capital in Vodafone Albania, while Vodafone International
Holdings BV has 51%. Vodafone Albania offers a wide network coverage and a
variety of competitive products. Vodafone Albania commenced its operations
less than 6 months after the licence was awarded which makes this GSM rollout
one of the world's fastest.

*         Panafon-Vodafone announced the opening of the Vodafone Shops chain
in Greece. Panafon-Vodafone management believe the Vodafone Shops chain will
bring unique services to the Greek mobile telephony retail market. Vodafone
Shops will offer integrated solutions to customers, unique know-how,
competitive prices and exclusive offers. The aim is to open 230 Vodafone Shops
by March 2002.

*         Panafon-Vodafone announced the launch of Vizzavi Greece, a joint
venture between Panafon-Vodafone and Vizzavi Europe Limited. Vizzavi Greece
will offer advanced multimedia Internet and wireless services. Vizzavi Greece
will benefit from the strategic co-operation of Vodafone and Vivendi Universal
in Vizzavi Europe.

*         Panafon-Vodafone was the first mobile telephony company in Greece to
announce that it has initiated the commercial distribution of 'GPRS Wireless
Internet' services for its retail and corporate customers and one of the three
companies within the Vodafone Group to offer GPRS services in Europe. GPRS
services will enable customers to enjoy services at much higher data transfer
speeds gradually expected to exceed 100 Kbps compared to 9.6 Kbps offered by WAP
over GSM today.


For Further Information Contact:

Dimitris Tsorbatzoglou

Panafon-Vodafone Head of Investor Relations

Tel: +301 6160019

[email protected],


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 (49% through E-motion Cyprous)

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 (includes Exchangeable bond echanged to
                     Panafon shares

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): 4.663%, ASE Telecom Index
(ASEDTL): 24.156%, FTSE/ASE 20 INDEX ( FTASE) : 3,401%, DJ EUROPE ST TEL
(SXKP): 0.0.152%, BE500 Bloomberg Europe: 0.042%, DJ EUROPE STOXX (SXXP):
0.013%, DJ EUROPE ST TEL (SXKE): 0.354%, DJ EURO STOXX P (SXXE) : 0.029%, BBG