Panafon Hellenic Telecom Co S.A.
6 April 2000


                    PANAFON ANNOUNCES
              CUSTOMER NUMBERS FOR Q1 2000


PANAFON   Hellenic   Telecommunications   Company    S.A.
('PANAFON'),    the    leading   provider    of    mobile
telecommunications in Greece, announces  that  its  total
customer base had increased to 1,773,000 customers as  of
31st  March 2000, a 49% increase compared to the  end  of
March  1999. Net additions totalled 109,665 in the  first
quarter of 2000.

Growth  in the customer base during the first quarter  of
2000  was  driven predominantly by pre-pay, in line  with
the  general  trend within the European  market.  Pre-pay
customers  totalled almost 1,100,000 and represented  62%
of Panafon's total subscriber base.

These  first  quarter  subscriber  numbers  reflect   the
Company's  policy to keep the level of subsidies  offered
to new contract customers at low levels while at the same
time  directing low usage contract customers towards  the
pre-pay product.

During  this quarter, new initiatives have been  launched
linking the level of subsidies with the respective  usage
patterns  (of each customer). These measures  reward  new
customers that will use the network extensively and  will
therefore be paying higher monthly access fees  with  the
opportunity to purchase high end handsets.

Furthermore, during this first quarter of 2000,  in  line
with  its  commercial  strategy to  profitably  grow  the
market, increase loyalty and stimulate usage, Panafon has
completed  the migration of its remaining customers  from
the historical tariff plans, to new simplified ones*.

In   addition,  the  Company  has  introduced  a  loyalty
program, which increases free airtime by 25% in  all  the
'P'  tariff  plans**. This is offered  to  all  customers
that  have been connected in Panafon's network (in a  'P'
tariff plan) for over a year.

Panafon now offers new e-banking services, as all  'a  la
Carte'  customers (pre-pay base) have the ability to  buy
airtime  (minutes of use) through the  429 ATMs of  Alpha
Credit Bank.

Panafon  has also introduced a new service for  corporate
clients, called 'Panafon Fleet Manager'. This service  is
an  integrated logistics package that offers solutions in
managing corporate vehicle fleets through the use of GSM,
GPS and WAP technologies.

The  most  important development in Q1 2000, that  proves
Panafon's  leadership position, was the  announcement  of
the   Company's  Internet  initiative.   This   will   be
commercially launched during  April 2000.

Panafon's main goal is to sustain profitable growth.  The
effectiveness  of  the Company's commercial  policies  is
reflected  in  its solid financial performance.   Revenue
growth   reached  25%  (during  the  9-month  period   to
31/12/99) while EBITDA increased by 27%. Panafon's EBITDA
margin  has  stabilised at around 40% and  is  among  the
highest of the European mobile operators.

Panafon aims to stimulate the growth of its customer base
and  remains  focused on profitable growth  on  a  highly
competitive environment.

*  New  tariff  plans include lower monthly charges,  per
   second billing and tiered pricing.

** 'P' tariff plans include PANAFON-20, PANAFON-60,
   PANAFON-120, PANAFON-240, PANAFON-500 and PANAFON-1000.


Contact:
George Stefanopoulos
Panafon Investor Relations Executive
Tel: +301 6160061
Eleana Giabana
Media & Public Relations Manager
Tel: +301 6160011

Lulu Bridges
Tavistock Communications
Tel:  +44 (0)20 7600 2288

Nicolas Bornozis
Capital Link
Tel: +1 (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 began trading on Monday 7 December
  1998.
2.Panafon has 256,250,000 shares in issue.

3.Panafon is a shareholder in:
   Panafon Emporiki (previously Panavox)  100.00 per cent
   Panafon Services                       100.00 per cent
   Radio Korassidis Telecom                26.11 per cent
   Unifon                                  19.01 per cent
   Mobitel                                 25.01 per cent
                                         (following
                                         completion of all
                                        legal procedures)
     
4.Panafon  was  awarded a licence 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 shareholding structure is as follows:
  Vodafone AirTouch plc         55 per cent
  France Telecom                3  per cent
  Intracom S.A.                 10 per cent
  Free float                    32 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:  FTSE/ASE  20, FTASE, 3.267%. Bloomberg  Europe,
BE500, .140%.
BBG  Eur  Telecom,  BETELES,  1.190%.  BBG  Europ  Techn,
BETECH, 1.237%.