Panafon Hellenic Telecom Co S.A.
20 July 2001


                                Press Release

                                 20 July 2001


                               NEW PRICING POLICY

Panafon Hellenic Telecommunications Company S.A. ('Panafon-Vodafone')
announces reductions of up to 22% on its call tariffs. The new tariffs will be
effective from Monday 23 July 2001 for both new and old contract customers.

As a result of these reductions, per second charges now start from 0.5
drachmas per second (Euro 0.09/min) while SMS is charged at 27 drachmas (Euro
0.08). Monthly charges now start at 2,700 drachmas (Euro 7.92). This new
policy makes Panafon- Vodafone's charges the most competitive and
comprehensive in the Greek market.

This new policy is evidence that Vodafone's presence in the Greek market
focuses on delivering effective service to customers at affordable prices.
Panafon-Vodafone customers continue to enjoy new and important privileges as
members of a global mobile telecommunications company.

George Koronias, CEO of Panafon-Vodafone said, 'This business decision is an
indication of the commercial strategy that is going to be implemented after
the company's acquisition of a 3G licence and additional 2G spectrum. Through
this comprehensive tariffing policy, Panafon-Vodafone confirms once again its
continuous focus on a premium quality of services offered at competitive
market prices, while maintaining its strategy for sustaining profitable
growth.'


                                   --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


Nicolas Bornozis ,

Capital Link, Tel: + (212) 661 7566


Notes to Editors:

1.      Panafon - Vodafone shares are quoted on the Athens Stock Exchange and
its GDSs are quoted on the London Stock Exchange.  The shares and GDS's began
trading on Monday 7 December 1998 in ASE and LSE respectively.

2.      Panafon - Vodafone had 512,500,000 shares in issue (prior to
completion of the merger) and 534,126,396 (after the completion of the merger
with Panafon Emporiki and Unifon on May 11th 2001).

3.      Panafon - Vodafone is a shareholder in:

Panafon Services                                                100.00 per cent

Panafon Multimedia                                              100.00 per cent

Next Net                                                         20.10 per cent

Mobitel                                                          25.01 per cent

Ideal Telecom                                                    51.00 per cent

Panafon International Holdings                                  100.00 per cent

BE- Business Exchanges                                           30.00 per cent

Vodafone Bulgaria                                                20.00 per cent

I.N.A                                                           10.555 per cent

CBS                                                              24.00 per cent

E-Motion                                                        100.00 per cent

ACOM                                                             16.00 per cent

Tetoma Com                                                      100.00 per cent

E-Unifon                                                         50.00 per cent

E-Motion Albania                                                 51.00 per cent

E-Motion Cyprus                                                 100.00 per cent

E-Kinitron                                                        2.00 per cent


4.      Panafon - Vodafone was awarded a license 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 - Vodafone shareholding structure is as follows:

Vodafone Group Plc                                  52.8 per cent
France Telecom                                      11.0 per cent
Intracom S.A                                         8.7 per cent
Free float                                          27.5 per cent



Panafon - Vodafone 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: ASE General Index composite (ASE): 4.838%, ASE MAIN GENERAL (ASEAGD):
4.837%,  ASE Telecom Index (ASEDTL): 24.156%, DJ EUROPE ST TEL (SXKP): 0.221%,
BE500 TELECOM SE (BETELES): 0.456%, DJ EUROPE STOXX (SXXP): 0.020%, DJ EUROPE
ST TEL (SXKE): 0.511%, FTSE/ASE 20 INDEX ( FTASE) : 3,77%, DJ EURO STOXX P
(SXXE) : 0.041%, BBG EUROPE TECHN (BETECH): 0.422%., MSCI 3,52%.