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Panafon Hellenic Tel (PFHD)

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Thursday 28 September, 2000

Panafon Hellenic Tel

AGM Statement

Panafon Hellenic Telecom Co S.A.
28 September 2000

                            
              PANAFON CONTINUES TO DELIVER
                    PROFITABLE GROWTH
                            
At  the Annual General Meeting of Panafon held in Athens
today,   Thursday,  28th  September  2000,  the  company
presented to shareholders its achievements and financial
results  for  the twelve month period ended  31st  March
2000.

During   this   period  Panafon  further  enhanced   its
financial   position  in  the  Greek  Telecommunications
Market. Additionally, Panafon presented its strategy for
maintaining high profitability.

For  the  financial period which ended 31st March  2000,
Panafon's  revenues reached 270 GRD billion with  EBITDA
of  116 GRD billion, sustaining Panafon's leadership  in
the  Greek  Market. As George Koronias, Chief  Executive
Officer  of  Panafon S.A., commented: 'the  increase  in
profits for our Shareholders proves Panafon's efficiency
which is the primary goal of the Board'.

Focusing on the first quarter of the current fiscal year
(April  -  June 2000, reported according  to  the  Greek
GAAP),  Panafon's pre-tax margin reached 27.6%  compared
to  24.3%  for  the similar period last year.  Moreover,
profit  before tax reached 19.7 GRD billion, an increase
of 19.6% for the comparative quarter.

Based  on the strength of its financial results, Panafon
aims  to  reinforce its leading position  in  the  Greek
Mobile  Telephony  Market, expanding its  customer  base
which  had  reached 2 million customers by  the  end  of
August 2000.

Panafon's main strategic objectives are:

*    to grow its high value customer base,

*    to take advantage of the opportunities arising from
     the fixed market liberalization,

*    to  develop  its  strong presence in  the  area  of
     Internet and Datacomms,

Panafon plans to invest approximately 75 GRD billion  in
the current financial year which will be self-financed.

Vodafone  Group,  the leading mobile  Telecommunications
Company  worldwide, with a presence in 25 countries  and
over  59  million  customers,  plays  a  major  role  in
Panafon's successful development.

Panafon  plays  a significant role as a  member  of  the
Vodafone Group of Companies. This is made evident by the
presence  of  Panafon's  CEO,  Mr.  George  Koronias  on
Vodafone's European Board. Mr. Koronias is also a member
of  the  Board  of Directors of Telecel, the  Portuguese
mobile  telephony company. Moreover, at a recent meeting
of the Board of Panafon, the Chief Executive Officers of
Omnitel  in Italy and Telecel in Portugal were appointed
to Panafon's Board.

Addressing the Shareholders today, Mr Koronias  referred
to  Panafon's strategic positioning with regard  to  the
Internet   with  its  ISP,  Panafonet  and  its   portal
www.pan.gr.    Mr   Koronias   stated:   'Mobile    data
communications  and mobile Internet are the  development
opportunity  of the decade. We possess the technological
expertise  to  offer 'One-Stop-Shop' solutions  both  to
corporate   and  retail  customers.  Our  know-how   has
established  pan.gr  as the only Greek  internet  portal
offering personalized services to all WAP users  through
'myPAN'.

The Annual General Meeting approved the Company's Annual
Financial  Statements for the financial year ended  31st
March  2000.  In  addition, it elected a  new  Board  of
Directors for a five year term and approved the  payment
of  a  dividend  amounting to 37 GRD per share  for  the
year.  Finally the AGM approved and extended  the  share
option  scheme to cover a significant number of  Panafon
employees.



Panafon  Group Investor Relations Executive,  Tel:  +301 6160406,

Maria Kaini,
Panafon Investor Relations Analyst, Tel: + 3 01 6160692,
[email protected], website www.panafon.gr

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

Nicolas Bornozis ,
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
     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 Group Plc            55 per cent
     France Telecom                3 per cent
     Intracom S.A.                 10 per cent
     Free float                    32 per cent




                                                                                
                                                                                
                                            

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