Panafon Hellenic Telecom Co S.A.
22 November 1999


  NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES,
                     CANADA OR JAPAN
      
                      
                  
        SALE OF PANAFON SHARES BY FRANCE TELECOM
  GLOBAL EQUITY AND EXCHANGEABLE NOTE OFFERINGS PRICED


Panafon Global Equity Offering priced

Over 2 times subscribed
The  Global Equity Offering of Panafon shares  by  France
Telecom  was  priced today at GRD 3,660  per  share,  the
closing  price of the shares on the Athens Stock Exchange
on 19th November, and US$ 11.46 per GDS. Each Panafon GDS
represents one Panafon share.

Approximately  37.5 million shares were  offered  in  the
Global  Equity  Offering representing an  offer  size  of
approximately  US$430 million equivalent.  In  the  event
that  the 15% over-allotment option is exercised in full,
the   Global   Equity   Offering   would   increase    to
approximately 43.1 million shares (representing  8.4%  of
Panafon's  outstanding share capital). A further  472,100
shares  will  be sold to employees of Panafon  through  a
private placement as part of the employee offering.

The  Global  Equity  Offering was in excess  of  2  times
subscribed.  The participation of Western European  funds
was significant.


Exchangeable Notes Priced

Over 4 times subscribed
The  Offering  of Euro 541 million of 5 year Exchangeable
Notes, which was 4.6 times subscribed, has been priced at
a  coupon  of  4.125% and an exchange premium  of  28.4%,
corresponding  to  an exchange price  of  GRD  4,700  per
share.

In  the  event  that  the  15% over-allotment  option  is
exercised,  the  size of the Exchangeable  Note  Offering
would  increase to Euro 622.7 million (representing  8.5%
of Panafon's outstanding share capital).

Following these Offerings, France Telecom will  retain  a
3%  shareholding in Panafon for a period of  at  least  9
months,  assuming exercise in full of both over-allotment
options and conversion of the Exchangeable Notes.

The  Global Co-ordinator and sole Bookrunner of both  the
Global Equity Offering and the Exchangeable Note Offering
was Credit Suisse First Boston.


Contacts: Estelle Rozine
          Eric Bouvier
          France Telecom                 +33 14 444 9393

          George Stefanopoulos
          Panafon  S.A                    +30 1 616 0061
          
          Charles Kirwan-Taylor
          Credit Suisse First Boston       0171 888 6502
          
          Lulu Bridges / William Cooper
          Tavistock Communications         0171 600 2288