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Panafon Hellenic Tel (PFHD)

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Friday 15 October, 1999

Panafon Hellenic Tel

Frthr International Expansion

PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A.
15 October 1999

                            
       FURTHER INTERNATIONAL EXPANSION FOR PANAFON


PANAFON   Hellenic  Telecommunications   Company   S.A.
('PANAFON'),   the   leading   provider    of    mobile
telecommunications in Greece, has, together with  other
partners,  undertaken  a   project  to  provide  Bureau
Services  for  the Billing  and Customer Care needs  of
Primatel, the Hungarian mobile Telephony company.

Primatel, a 50.1% owned subsidiary of Vodafone AirTouch
Plc,  is the new entrant in mobile telephony market  in
Hungary, and is expected to launch services by the  end
of this year

The  solution   provided  to  Primatel  is  based  upon
Panafon's Billing and Customer Care  systems.

Primatel  will initially be connected, to the  Customer
Care  and  Billing  Systems, through 50  terminals  via
terrestrial  and  satellite  telecommunications  lines.
The systems will be located and operated from Panafon's
data  processing centre in Athens for an initial period
of 12 months starting from 1st November 1999.

The   award   of  this  project  confirms,  once  more,
Panafon's  quality  technical  and   service  expertise
enjoyed  by  its  subscribers which can now be  readily
available   for use by  other mobile network  operators
also.


Notes to Editors:

1.Panafon's  shares are quoted on  the  Athens  Stock
  Exchange  and  its GDSs 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                     100.0      per cent
  Radio Korassidis Telecom     30.0      per cent
  Unifon                       18.8      per cent

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%.


Contact: George Stefanopoulos
Panafon S.A
Tel: +301 6160061

Lulu Bridges
Tavistock Communications
Tel:  0171 600 2288

Nicolas Bornozis
Capital Link
Tel: + 212 661 7566



                                                                                                                                                                                                                   

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