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Panafon Hellenic Tel (PFHD)


Friday 13 July, 2001

Panafon Hellenic Tel

Greek 3G Auctions

Panafon Hellenic Telecom Co S.A.
13 July 2001

Press Release

13 July 2001

                    PANAFON-VODAFONE Announces successful

                         completion of the 3G auction

Panafon-Vodafone announces that its participation in the recently conducted
Greek 3G auctions has been successfully completed. In addition, Panafon -
Vodafone participated in the auxiliary auction for additional spectrum and was
awarded 2x20+5 MHz of continuous spectrum at the price of 176,376,199 euros,
an average price of 8.8 euros per MHz (paired spectrum). The price paid was
only 0.17% higher than the minimum price set by the National
Telecommunications and Post Committee.

Panafon-Vodafone now holds wider spectrum than any other of the auction
participants and paid a smaller price on a per Mhz basis. This gives
Panafon-Vodafone a leading position for the development of advanced third
generation services.

Once more Panafon - Vodafone has proven its commitment to making significant
investments in Greece. This demonstrates its commitment to developing
innovative services including video streaming.

Panafon-Vodafone management believes the successful outcome of these auctions
will enable it to continue to lead the Greek market as it has done from the
beginning of its operations.


For Further Information Contact:

Dimitris Tsorbatzoglou Panafon Head of Investor Relations Tel: +301 6160019

[email protected], website

Lulu Bridges or Stuart Carson,

Tavistock Communications, Tel:  +(44) 20 7600 2288


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