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Panafon Hellenic Tel (PFHD)

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Monday 18 October, 1999

Panafon Hellenic Tel

Intra-group Trnsfer of Shares

PANAFON HELLENIC TELECOMMUNICA COMPANY SA
18 October 1999



      NOT FOR DISTRIBUTION IN, OR INTO THE UNITED STATES,
                     CANADA OR JAPAN
                            
                            
                            
   FRANCE TELECOM CARRIES OUT INTRA-GROUP TRANSFER OF
                     PANAFON SHARES



On  18th  October France Telecom completed an intra-group
transfer of the 51.25 million shares it holds in Panafon,
from  France  Telecom  Mobiles  International  to  France
Telecom  S.A.  The transaction, carried out in  agreement
with  Panafon, will facilitate the combined  offering  of
Panafon  shares  and convertible bonds to  be  issued  by
France  Telecom, as announced on 20th September   and  it
does not constitute a change in ownership of Panafon.



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

Contact: Estelle Rozine
France Telecom S.A
Tel: +331 44449393

Lulu Bridges
Tavistock Communications
Tel:  0171 600 2288



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 S.A            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%.



                                                                                                                                                                                                             

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