Panafon Hellenic Tel

Acquisition

Panafon Hellenic Telecom Co S.A.
12 March 2002

PRESS RELEASE



                                 12 March 2002



           Vodafone (Greece) increases its participation in Mobitel 1



Vodafone (Greece) announces it has increased its shareholding in Mobitel by
acquiring an extra 10% of Mobitel's issued share capital. Following the
purchase, Vodafone (Greece) now holds 35.01% of Mobitel's issued share capital.



The increase in share ownership is in line with Vodafone's (Greece) strategy to
invest in its Service Providers, which will facilitate better customer
satisfaction through more productive business structures. Vodafone's (Greece)
strategy to invest in its Service Providers also promotes network productivity
and creates important synergies and cost savings for customer acquisition and
customer retention.



Regarding the recent announcement with regard to the merger of Vodafone (Greece)
with its 100% subsidiary Panafon Services, the two companies' Board of Directors
announce that they have accepted the management proposals and have set 31 March
2002 as the balance sheet transformation date.





                                    --Ends--



1 Mobitel is a Vodafone (in Greece) Service Provider



For Further Information Contact:


Dimitris Tsorbatzoglou Head of Investor Relations Tel: +301 6160019
[email protected], website www.Vodafone.gr


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 S.A 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.  Despite the company
adoptiing the Vodafone brand name on 21 January 2002, the company's shares
remain listed under the company's legal name of Panafon S.A.





2.     Panafon S.A has 543,314,000 shares in issue (after the completion of the
merger with NextNet SA on February 18th  2002).



3.     Panafon S.A is a shareholder in:


Panafon Services                           100.00 per cent(is in the process of 
                                           merger with Panafon S.A)

Mobite                                     35.01 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

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 Cyprus)



Mergers

Panafon Multimedia                        100.00 per cent (merger completed January 2002)

Next Net                                  20.10 per cent (the merger completed February 2002)

Tetoma Com                                100.00 per cent (merger completed January 2002






4.      Panafon S.A 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 S.A shareholding structure is as follows:


Vodafone Group Plc   51.88 per cent (includes 9.43% of its 100% subsidiary: Data Holdings)

France Telecom       10.85 per cent (includes 8.02% exchangeable bond exchanged to Panafon shares)

Intracom S.A         9.43 per cent (after the completion of the merger  Intracom - Intrasoft)

Free float           27.84 per cent








Panafon S.A 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 EUROPE TECHN  MSCI 3,52%.



                      This information is provided by RNS
            The company news service from the London Stock Exchange