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Panafon Hellenic Tel (PFHD)

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Thursday 17 May, 2001

Panafon Hellenic Tel

Merger Update

Panafon Hellenic Telecom Co S.A.
17 May 2001

TO:  COMPANY ANNOUNCEMENTS OFFICE

This is to inform you that on Thursday May 10th 2001 the Board of Directors of
the Athens Stock Exchange approved the merger of Panafon S.A. and Unifon S.A.
On Friday May 11th 2001 the merger was further approved by the Minister of
Development (approval umber K2-5088/11-5-2001).

Following the merger approvals we inform you that Panafon's share capital
increased as follows:  Share capital from GRD51,250,000,000 before the merger to
GRD59,020,966,758 after the merger, divided into 534,126,396 (from 512,500,000
before the merger) common registered shares with GRD110.5 par value each.  The
new Panafon shares will start trading at the Athens stock exchange on Monday
21st May 2001.

Major shareholdings are formed as follows:

Before the merger                         Number of shares     Percentage

VODAFONE INTERNATIONAL HOLDINGS B.V          230.625.000          45.0%
DATA HOLDINGS S.A.                            51.250.000          10.0%
FRANCE TELECOM SA (1)                         58.948.830          11.5%
INTRACOM S.A                                  46.400.000           9.1%
FREE FLOAT                                   125.276.170          24.4%
                              TOTAL SHARES   512.250.000          100%

After the merger:
VODAFONE INTERNATIONAL HOLDINGS B.V          230.625.000          43.2%
DATA HOLDINGS S.A.                            51.250.000           9.6%
FRANCE TELECOM SA (1)                         58.948.830          11.0%
INTRACOM S.A                                  46.400.000           8.7%
FREE FLOAT                                   146.902.566          27.5%
                              TOTAL SHARES   534.126.396          100%


(1)  France Telecoms holds 3% of Panafon's share capital the rest 8.5% is a
France Telecom exchangeable bond, exchanged to Panafon shares.  Here we quote
France Telecom with the whole number as at the 4.4.2001 the date of the
extraordinary general meeting the approved the merger no exchange to Panafon
shares had taken place so the total number of France Telecom voting rights
represented 11.5%.

At Panafon's Extraordinary General Meeting held on 4 April 2001, a new Board of
Directors was elected for a five-year period.

The new Board of Directors is comprised of:

1.  Sokrates Kokkalis     -     Chairman
2.  Tryfon Koutalidis     -     Deputy Chairman
3.  George Koronias       -     Chief Executive Officer
4.  Vittorio Colao        -     Member
5.  Hans antony Kuropatwa -     Member
6.  Emmanuel Tournon      -     Member
7.  Paolo Huscher         -     Member


                                                                                
                      

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