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Panafon Hellenic Tel (PFHD)


Friday 01 March, 2002

Panafon Hellenic Tel

CommercialCo-operation Change

Panafon Hellenic Telecom Co S.A.
1 March 2002

PANAFON S.A. (VODAFONE) and VIAFON S.A.(1) evaluating the new telecom market
conditions in Greece, and their strategic choices announce a change in the type
of their commercial co-operation, aiming at improved customer service.

The change will be effective from March 1st 2002. From then on and after the
signature of a new agreement VIAFON and its network will act as a Master Dealer
and Master franchisee of VODAFONE in Greece, continuing thus the strong and long
co-operation of the two companies.

After the conclusion of this business initiative VODAFONE will have direct
access to almost 85% of its customer base, strengthening further more its
commercial position in the Greek market and achieving additional synergies.

For further information contact:

Dimitris Tsorbatzoglou Head of Investor Relations Tel: +301 6160019
[email protected], website

(1) Viafon was one of Panafon S.A. Service Providers

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