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Panafon Hellenic Tel (PFHD)

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Monday 28 January, 2002

Panafon Hellenic Tel

Customer Base

Panafon Hellenic Telecom Co S.A.
28 January 2002

PRESS RELEASE



                                28 January 2002


Vodafone (Greece) announces total customer base 2.9 million end of December 2001
                  29.6% increase compared to December 2000


Vodafone (Greece) announces its total registered customer base reached 2,884,872
customers at the end of December 2001, a 29.6% increase compared to December
2000. In the quarter ended December 2001, net additions totaled 188,752
representing 35.1% of total net additions in Greece. Contract net additions for
the last quarter reached 41,919, reflecting the success of the commercial policy
and the positive impact of Vodafone shops. Vodafone shops accounted for 57% of
gross connections for the period.



Out of 2,884,872 total customer base, pre-paid customers totaled 2,074,674,
representing 71.9% of total customers. Pre-paid customers for the quarter ended
December 2001 increased 39.6% compared to the quarter ended December 2000, with
CU once again representing the majority of net additions (61%). Contract
customers for the quarter ended December 2001 increased 9.4% compared to the
previous period.



Blended Churn for the nine months ended December 2001 decreased to 11.3%, a 6.7
percentage points decrease compared to the previous 9 month period reflecting
the success of the commercial policy and the retention programs.



Vodafone (Greece), in line with Vodafone Group Plc's disclosure standards,
announces that its total active customer base reached 77% at the end of December
2001. Active customers, in accordance with Vodafone Group's definition, are
defined as those who have made a chargeable call in the last 3 months.



Vodafone (Albania), the youngest subsidiary of the Vodafone Group Plc, announced
a total customer base of 118,567 at the end of December 2001, only 5 months
after the launch of commercial operations. Out of 118,567 customers 117,548 were
pre-paid customers. Vodafone (Greece) holds 49% of the share capital of Vodafone
(Albania), while Vodafone International Holdings BV has 51%.



Commenting on the results, Mr. Koronias, CEO of Vodafone (Greece) stated:

'Only a few days after the inauguration of a new era for the company, by the
change of its brand name, the increase of our customer base is a solid
indication of the success both of the commercial policy we have been following
and the presence of our chain of shops branded Vodafone.



Our active participation in the world's mobile communications leader, which last
week announced it had reached 100 million proportionate customers, will provide
us with the opportunity to offer  Greek customers high quality products and
services at the most affordable prices.'


                                    -Ends--


For Further Information Contact:



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



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



Nicolas Bornozis ,
Capital Link, Tel: + (212) 661 7566



Notes to Editors:



1.     Panafon S.A shares are quoted on the Athens Stock Exchange and its GDSs
are quoted on the London Stock Exchange.  The shares and GDS's began trading on
Monday 7 December 1998 in ASE and LSE respectively.  Despite the company
adoptiing the Vodafone brand name on 21 January 2002, the company's shares
remain listed under the company's legal name of Panafon S.A.



2.     As of 21 January 2002, the Panafon S.A. brand name changed from
Panafon-Vodafone to Vodafone



3.     Panafon S.A has 534,126,396 shares in issue (after the completion of the
merger with Panafon Emporiki and Unifon on May 11th 2001).



4.     Panafon S.A is a shareholder in:


Panafon Services                         100.00 per cent

Panafon Multimedia                       100.00 per cent

Next Net                                 20.10 per cent (is in the process 
                                         of merger with Panafon S.A)

Mobitel                                  25.01 per cent

Ideal Telecom                            51.00 per cent

Panafon International Holdings           100.00 per cent

BE- Business Exchanges                   30.00 per cent

Vodafone Bulgaria                        20.00 per cent

I.N.A                                    10.555 per cent

CBS                                      24.00 per cent

E-Motion                                 100.00 per cent

ACOM                                     16.00 per cent

Tetoma Com                               100.00 per cent (merger completed January 2002)

E-Unifon                                 50.00 per cent

E-Motion Albania                         51.00 per cent

E-Motion Cyprus                          100.00 per cent

E-Kinitron                               2.00 per cent (49% through E-motion Cyprous)






5.     Panafon S.A 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.



6.     Panafon S.A shareholding structure is as follows:



Vodafone Group Plc     52.8 per cent

France Telecom         11.0 per cent (includes 8.12% exchangeable bond 
                                      exchanged to Panafon shares)
Intracom S.A           9.6 per cent (after the completion of the merger  
                                      Intracom - Intrasoft)
Free float             26.6 per cent





Panafon S.A 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 General Index composite (ASE): 4.663%, ASE Telecom Index (ASEDTL):
24.156%, FTSE/ASE 20 INDEX ( FTASE) : 3,401%, DJ EUROPE ST TEL (SXKP): 0.0.152%,
BE500 Bloomberg Europe: 0.042%, DJ EUROPE STOXX (SXXP): 0.013%, DJ EUROPE ST TEL
(SXKE): 0.354%, DJ EURO STOXX P (SXXE) : 0.029%, BBG EUROPE TECHN  MSCI 3,52%.





                      This information is provided by RNS
            The company news service from the London Stock Exchange


                                                                                
                                                                                
                              

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