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Panafon Hellenic Tel (PFHD)


Thursday 06 July, 2000

Panafon Hellenic Tel

2nd Quarter Customer Base,etc

Panafon Hellenic Telecom Co S.A.
6 July 2000

                CUSTOMER BASE FOR Q2 2000

PANAFON   Hellenic   Telecommunications   Company    S.A.
('Panafon'),    the    leading   provider    of    mobile
telecommunications in Greece, announces  that  its  total
customer   base  reached  1,901,945,  a  36.2%   increase
compared  to the end of June 1999. Net additions totalled
129,071 in the second quarter of 2000.

Growth in the customer base during the second quarter  of
2000 has continued to be driven predominantly by pre-pay,
in  line  with the Company's strategy to profitably  grow
the  market  and  direct  low  usage  contract  customers
towards  the pre-pay product. Pre-pay customers  totalled
1,225,822  and  represented  64.4%  of  Panafon's   total
subscriber base.

These  second  quarter  subscriber  numbers  reflect  the
Company's  policy  to  keep  handset  subsidies  for  new
contract  customers at low levels, leading to an  overall
gradual reduction of subsidies.

During this quarter, Panafon consolidated its first mover
advantage  in  the  Internet  by  announcing   the   full
commercial  launch  of  its  Internet  Service  Provider,
Panafonet  that  is  now  available  in  eight  different
connection  packs* at very competitive prices,  throughout
Panafon's    extensive   distribution   network.    These
initiatives  are  in line with Panafon's  ONE  STOP  SHOP
strategy,  focusing  on offering the  most  comprehensive
range  of  datacomms  and internet related  products  and
services to all its corporate customers.

Towards  this aim, Panafon also launched VPN services  to
all  its  corporate  customers. VPN's  provide  corporate
customers  with full mobile and mobile to  PABX  (private
automatic   branch  exchange)  integrated  services   and
billing**.    Additionally,   VPN   services    integrate
corporate  cellular  phones of an  enterprise,  with  its
fixed  internal  phones, allowing smooth  and  unhindered
communication  between  company executives  with  obvious
benefits for the company itself.

To  complement  its long term internet strategy,  Panafon
announced  during this quarter, its plans  to  launch  an
Internet  Service Provider (ISP) and internet  portal  in
the  Republic of Cyprus: Panafon Cyprus. The ISP will  be
positioned  to  capture Cyprus's growing internet  market
while the portal will offer content of high a caliber.

Furthermore  Panafon,  in  line  with  it's  strategy  to
position  the  Company  to  exploit  the  full  range  of
opportunities  arising  from  the  convergence   of   the
Internet  and the mobile phone, was the first Company  to
offer  WAP services in Greece. The Company's WAP service,
PANAFON  GO  WAP,  offers  to  all  its  customers  (both
contract and prepay) immediate access to information  and
services   available  at  Panafon's  Internet
portal,  directly  through their mobile handsets  without
the  intervention  of a computer or any other  electronic

During the same period the Company has also introduced 
e-business  to  its internet offering with the  launch of
Panafon  Emporiki's  e-shop at:  
E-shop visitors, using their computers, can now access the
e-shop  any  time of the day and view the full  range  of
Panafon  services and directly purchase a wide  range  of
telecommunications equipment.

Moreover,  during this second quarter of  2000,  in  line
with  its  commercial  strategy to  profitably  grow  the
market and stimulate usage, Panafon has launched five new
tariffs plans: Panafon 1 & Panafon 2 are addressed to the
contract  mass  market  and offer Panafon  customers  the
freedom to choose between the two most competitive tariff
plans  in the Greek cellular market. P-180, P-300,  P-500
are  bundled  tariffs addressed to high usage  customers,
offering  free  minutes and competitive  monthly  access,
with very low churn.

Additionally,   'Panafon  a  la  Carte',  the  leader  in
prepaid  services in the Greek cellular market (over  44%
market  share), now offers the most comprehensive  choice
in  prepaid telephony with new competitive tariffs of GRD
2,3/sec***,  bundled  with the most  extensive  range  of
services, including exclusive integrated roaming services
in 91 countries around the world.

Panafon's main goal is to sustain profitable growth.  The
effectiveness  of  the Company's commercial  policies  is
reflected  in its robust financial performance.  For  the
twelve  month period to March 2000, revenues grew by  22%
to reach GRD 270 bn, while EBITDA grew by 31%, reflecting
the  significant decrease of subscriber acquisition cost,
to  reach  GRD  116 bn, posting a higher than  last  year
EBITDA  margin, of 43% which is among the highest between
European mobile operators.

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

*    The  8  connection  packs depend on  the  connection
     period  (for 3, 6 and 12 months) and the  connection
     type (ISDN or PSTN line).

**   VPN services offer full call-cost control as call
     calculation will be adjusted according to its type
     (different charges will be set for personal,
     business related, international calls, e.t.c.).

***  New prepay tariffs include per second biiling, a
     minimum charge for the first 20 seconds and 
     no peak / off-peak charges.


George  Stefanopoulos, Panafon Group  Investor  Relations
Executive, Tel: +301 6160061,

Myrella  Ioannidou,  Panafon  Senior  Investor  Relations
Officer, [email protected], website
Eleana Giabana, Panafon Media & Public Relations Manager,
Tel: +301 6160011

Lulu Bridges
Tavistock Communications
Tel:  +(44) 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

2.   Panafon has 512, 500,000 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
     Ideal Telecom               51.00 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  5560349.
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%


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