PANAFON HELLENIC TELECOMUNICATIONS COMPANY S.A.
23 July 1999

                              
   PANAFON IS CERTIFIED FOR ITS QUALITY, HEALTH & SAFETY,
           ENVIRONMENTAL AND DATA SECURITY SYSTEMS

PANAFON emerges as the first and only company in Greece, and
one  of  the  very  few  companies in the  world,  which  is
simultaneously  certified, for the Integrated Administration
and  Management  Systems  it  implements,  by  the  Hellenic
Organisation  for  Standardisation (ELOT)  and  the  British
National  Quality Assurance (NQA) with four  internationally
acknowledged standards. These standards concern the:
*    Quality System based on ISO 9001
*    Environmental Management System based on ISO 14001
*    Health & Safety System based on BS 8800
*    Data Security System based on BS 7799

More analytically:
Quality System based on ISO 9001
Re-certification of the Quality System by ELOT according to
the ISO 9001 standard, a certification already possessed
since 1996. This certification concerns various operations
of the company, ranging from the design of new services to
the support of customers after their introduction to the
network.

Environmental Management System based on ISO 14001
Certification of the Environmental Management by ELOT,
according to the ISO 14001 standard. This standard certifies
the systematic management of the company's operations
affecting the environment.

Health & Safety System based on BS 8800
A Labour Health & Safety certificate provided by ELOT,
according to the BS 8800 standard. This certificate refers
to PANAFON's efforts to ensure a healthy and safe working
environment for all its employees.

Data Security System based on BS 7799
Certification of the Data Security System by the NQA (an
Independent British Certification Organisation), according
to the BS 7799 standard. This certificate refers to the
procedures implemented by PANAFON in order to ensure the
secrecy of all data and information.

This  certification comes as a reward to an effort  of  many
years, which started in 1996, when PANAFOM became the  first
and only telecommunication company in Greece to be certified
according to the ISO-9001 standard.

The  Integrated  Management System implemented  by  PANAFON,
constitutes a strategic choice of the company, aiming to the
provision  of  top quality telecommunication  services.  The
development  of this system was based on certain procedures,
as  the  adoption of pioneering technology, the training  of
the   company's  personnel  and  the  internal   inspections
performed  by the Quality Department, which was  responsible
for the overall co-ordination of the project.

This   success   is  an  important  element  for   PANAFON's
diversification  within the competitive environment  of  the
telecommunications   sector,   stresses    its    pioneering
character,  provides  tangible  reassurance  concerning  the
company's  respect towards the environment,  its  customers,
its  employees,  its  associates and its  shareholders,  and
states  the its commitment to the continuous improvement  of
the provided services and the company's business processes.

Notes to Editors:

1.   Panafons'  shares  are  quoted  on  the  Athens  Stock
     Exchange  and  its  GDRs are quoted on  the  London  Stock
     Exchange.   The shares began trading on Monday 7  December
     1998.

2.   Panafon has 256,250,000 shares in issue.

3.   Panafon is a shareholder in:
     Panavox                     100      per cent
     Radio Korassidis Telecom    30       per cent
     Unifon                      25.075   per  cent  prior   to
                                 listing  (18.8 per cent  after
                                 share  capital  increase   and
                                 listing).
    
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           20 per cent
     Intracom S.A.            10 per cent
     Free float               15 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:  FTSE/ASE  20,  FTASE,  3.267%.  Bloomberg  Europe,
BE500, .140%.
BBG  Eur  Telecom, BETELES, 1.190%. BBG Europ Techn, BETECH,
1.237%.


For further information

George Stefanopoulos,            Lulu Bridges /  Peter Willetts
Panafon S.A                      Tavistock Communications
Tel: +301 6160061                Tel: 0171 600 2228