PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A.
20 July 1999

             PANAFON ANNOUNCES LOYALTY TARIFF PLAN
                     'PANAFON VALUE PLUS'
                               
  FOR ALL PANAFON CUSTOMERS WHO HAVE HAD A CONTRACT FOR MORE
                          THAN A YEAR


PANAFON  Hellenic Telecommunications Company S.A. ('PANAFON'),
the  leading provider of mobile telecommunications  in  Greece
today  announces the introduction of an exclusive  new  tariff
plan  'PANAFON  VALUE  PLUS'  which  is  designed  to  enhance
customer  satisfaction, increase usage  and  promote  customer
loyalty.

The  new  tariff  plan is in line with Panafon's  strategy  to
profitably  grow  the market, increase loyalty  and  stimulate
usage.  It is designed for all PANAFON contract customers  who
have had a contract for more than a year.
The combined monthly charge of GRD 3,000 and per second charge
of  as  low  as  GRD 0.9 is the lowest in the  Greek  cellular
market.


Other, 'PANAFON VALUE PLUS' characteristics include:

*    Higher usage leading to lower per second charge
*    Same charge for peak and off-peak hours
*    Universal  low  charge  for all calls  (from  Panafon  to
     Panafon, Telestet, Cosmote or fixed line)
*    Per second billing charge


'PANAFON VALUE PLUS' rates are as follows:

                  Usage                   Charge
     (minutes per month)              (GRD / sec)
                0 - 120                      1.8
              121 - 360                      1.6
              361 - 500                      1.4
                  501 +                      0.9


*    VAT  18% is not included
*    Fixed charge per call: GRD 25


Enrolment in this loyalty plan can take place any time after
the completion of one year subscription.


Notes to Editors:

1.    Panafons' shares are quoted on the Athens Stock Exchange
      and  its GDRs 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      per cent
      Radio Korassidis Telecom    30       per cent
      Unifon                      25.075   per cent prior to listing
                                  (18.8   per  cent  after   share
                                  capital increase and listing).
    
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                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%.


For further information:

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

Peter Willetts / William Cooper
Tavistock Communications
Tel:  0171 600 2288