Panafon Hellenic Tel

Merger Update

Panafon Hellenic Telecom Co S.A.
19 February 2002

PRESS RELEASE



19 February 2002



Merger of Panafon - Vodafone and NextNet Approved





Panafon Hellenic Telecommunications S.A ('Panafon - Vodafone') announce that the
Ministry of Development in Greece has approved the merger of Panafon - Vodafone
and NextNet S.A. (approval number K2 - 1548/18-2-2002).



The approval of the Ministry of Development follows the approval of the merger
by the Board of Directors of the Athens Stock Exchange on Friday 1 February
2002.



Following the merger approvals Panafon's share capital has increased to GRD
61,094,301,015 (from GRD 59,020,966,758), divided into 543,314,000 (from
534,126,396) common registered shares with euro 0.33 (GRD 112.44) par value
each. The new Panafon - Vodafone shares are expected to start trading on the
Athens stock within a week (a separate announcement with the exact date will be
made).



Major shareholders in Panafon - Vodafone are as follows:


Before the merger:                       Number of shares        (Percentage)
VODAFONE INTERNATIONAL HOLDINGS B.V           230,625,000            (43.2%)
DATA HOLDINGS S.A                              51,250,000             (9.6%)
FRANCE TELECOM SA                              58,948,830            (11.0%)
INTRACOM S.A                                   51,250,000             (9.6%)
FREE FLOAT                                    146,902,566            (27.5%)
Total Shares                                  534,126,396             (100%)




After the merger:                         Number of shares        (Percentage)
VODAFONE INTERNATIONAL HOLDINGS B.V           230,625,000             (42.45%)
DATA HOLDINGS S.A                              51,250,000              (9.43%)
FRANCE TELECOM SA                              58,948,830             (10.85% *)
INTRACOM S.A                                   51,250,000              (9.43%)
FREE FLOAT                                    151,240,170             (27.84%)
Total Shares                                  543,314,000             (100%)



* France Telecom percentage includes 8.02% exchangeable notes exchanged to
Panafon shares





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