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Panafon Hellenic Tel (PFHD)

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Friday 21 January, 2000

Panafon Hellenic Tel

Agreements,etc

Panafon Hellenic Telecom Co S.A.
21 January 2000

                              
    PANAFON ANNOUNCES POSITIVE DEVELOPMENTS IN THE GREEK
                   INTERCONNECTION REGIME


PANAFON    Hellenic    Telecommunications    Company    S.A.
('PANAFON'),    the    leading    provider     of     mobile
telecommunications in Greece, announces that it has  reached
an   agreement   with   OTE   (Hellenic   Telecommunications
Organisation) on interconnection and other important  issues
that have been pending resolution for a number of years. The
discussions  that  took place have been initiated  following
PANAFON's proposals to the NTPC (National Telecommunications
& Post Committee) and the final agreement refers to the next
topics:

* Amendment  of  the  present Interconnection  Agreement  to
  reduce  mobile  call charges (cost of  incoming  calls  to
  mobile networks) to 110 GRD/min from 120 GRD/min, while at
  the  same time 'fixed to mobile' interconnection fees  are
  set  at  18  GRD/min * and 'mobile to fixed' interconnection
  fees will be reduced to 9.725 GRD/min from 10.54 GRD/min.

* Agreement  on a number of topics including the  colocation
  of  base stations (on both OTE and Panafon buildings), the
  use  of  common  infrastructure and the  increase  of  the
  number  of interconnection points between OTE and  Panafon
  networks

The  discussions continue to reach a final decision on other
points  in  PANAFON's  proposal,  namely  the  reduction  of
international interconnection fees and also the reduction in
the  cost  of leased lines for interconnection. The  overall
impact on the Company's margins and profitability is well in
line  with  PANAFON's  business plans  and  is  regarded  as
neutral. Furthermore the implementation of the proposal will
benefit  the  Company  in  the  effective  rollout  of   its
investment   plans,   the  smooth  development   of   mobile
communications in Greece and the efficient evolution of  the
telecommunications sector as a whole.

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

*  by  simultaneously abolishing the 4%  administration  fee
   charged by OTE.


NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA
OR JAPAN
This  press-related material does not constitute or  contain
an  offer or solicitation of an offer of securities  in  the
United  States or elsewhere.  The securities are  not  being
registered  under the Securities Act and may not be  offered
or  sold  in  the  United States absent registration  or  an
exemption from registration.
This  document  may only be issued or passed in  the  United
Kingdom  to  a person who is of a kind described in  Article
11(3)   of  the  Financial  Services  Act  1986  (Investment
Advertisements) (Exemptions) Order 1996 (as amended) or is a
person to whom the document may otherwise lawfully be issued
or passed on.
          


                                                                                                                                                                                                                                   

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