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Panafon Hellenic Tel (PFHD)

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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.


                                   --ends--

For Further Information Contact:

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

[email protected], website www.panafon.gr/en/ir



Lulu Bridges or Stuart Carson,

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



                                                                                
                                                                   

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