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Panafon Hellenic Tel (PFHD)

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Monday 10 January, 2000

Panafon Hellenic Tel

4th Quarter Customer Base

Panafon Hellenic Telecom Co S.A.
10 January 2000


NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA
                          OR JAPAN
                              
                              
                              
      PANAFON CUSTOMER BASE REACHES 1,663,209 FOR 1999


PANAFON    Hellenic    Telecommunications    Company    S.A.
('PANAFON'),    the    leading    provider     of     mobile
telecommunications  in  Greece,  announces  that  its  total
customer  base as of 31 December 1999, had reached 1,663,209
customers, an increase of 55.6% compared to 1998. Panafon is
the  first mobile telephony operator in Greece to have  more
than   1.5   million  customers,  evidence  of  the   public
preference and trust in the Company.

Market penetration is estimated to have reached 36 % for the
calendar  year  1999.  Panafon's  penetration  rate  is  now
approximately 16% of the Greek population compared to around
10% in 1998.  Panafon is the first choice provider of mobile
telecommunications in Greece.

Net additions totalled 174,913 in the fourth quarter of 1999
(October  -  December)  which represents  a  46.4%  increase
relative to the same period in 1998. Total net additions  in
the  year 1999 reached 594,577 compared to 521,930  for  the
previous  calendar year. This was achieved under intensified
competition  and underlines the Company's ability  to  react
effectively in a continually evolving market environment.

Pre-paid customers ('Panafon a La Carte'), now represent 57%
of  Panafon's  total subscriber base and accounted  for  the
majority  of net new additions in this last quarter  of  the
year.

These fourth quarter subscriber numbers are in line with the
Company's strategic objective to sustain profitable  growth.
During   the  first  half  of  the  year  high   levels   of
subsidisation  prevailed  in the Greek  market.  During  the
second  half  of  the  year, Panafon  significantly  reduced
subsidisation  levels,  thereby  re-focusing  the  Company's
subscriber  base  on  more valuable and  quality  customers.
These  initiatives are consistent with the Company's aim  of
sustaining healthy ARPU ('average revenue per user') levels.

The  continuing strong preference for Panafon's services  is
the  result  of  the Company's premium quality  network  and
customer  service, as well as its innovative  products,  its
investments   in   leading  edge  technology   and   network
infrastructure. The new innovative tariff plans, as well  as
the  recently introduced loyalty schemes were fully accepted
by  the market, which is evidence is shown by the continuous
increase of its customer base.


Contact: George Stefanopoulos
Panafon S.A., Tel: +301 6160061

Lulu Bridges
Tavistock Communications, Tel:  +(44) 171 600 2288

Nicholas Bornozis
Capital Link, Tel: + (212) 661 7566


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OR JAPAN
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