Panafon Hellenic Telecom Co S.A.
6 December 2000


                  Panafon Acquires Fixed Wireless License

PANAFON Hellenic Telecommunications Company S.A. ('PANAFON'), the leading
provider of mobile telecommunications in Greece, announce today the acquisition
of a fixed wireless license. The fixed wireless license spectrum will enhance
Panafon's ability to provide advanced telecommunications services to customers.

Panafon's license is for the 2x56 MHz frequency block in the 25GHz band and will
allow the installation and exploitation of point to multi-point fixed wireless
service (Local Multi-point Distribution System - LMDS). Panafon acquired the
license through an auction process for GRD 2.77bn.

LMDS will provide connection capabilities to all customers demanding high speeds
in voice, data and video transmission.

The license spectrum covers Panafon's long-term requirements for the development
of integrated telecommunication services and solutions. The acquisition of the
fixed wireless licence and the opportunities it will offer is in line with
Panafon's strategy to become an One Stop Shop for corporate customers.


George Stefanopoulos

Panafon Group Investor Relations Executive,   Tel +301 6160406
[email protected], website  www.panafon.gr

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

Nicolas Bomozis,
Capital Link, Tel:  +(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 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
        Panafon Multimedia                       100.00 per cent
        Radio Korassidis Telecom                  26.11 per cent       
        Unifon                                    19.56 per cent
        Mobitel                                   25.01 per cent
        Citicom                                   11.518 per cent
        Ideal Telecom                             51.00 per cent (following
                                                        completion of all
                                                        legal procedures)

4.  Panafon 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 shareholding structure is as follows:
        Vodafone Group 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: ASE, FTSE/ASE 20, FTASE, 3.267%. Bloomberg Europe, BE500,. 140%
BBG Eur Telecom, BETELES, 1.190%. BBG Europ Techn, BETECH, 1.237%.