Panafon Hellenic Telecom Co S.A.
7 February 2001

                     6 February 2001
                            
             Panafon organisational changes
                            
                            
Panafon  announces today that Mr. Charalambos  Mazarakis,
who has been the Acting Group Financial Manager since  11
September   2000,  has  been  appointed  Chief  Financial
Officer (CFO).

Mr   Panagiotis  Arvanitis  has  been  appointed  to  the
position of Internal Auditor.

Mr  Efthimios  Sassalos has been appointed  as  Corporate
Affairs   Executive   and   will   head   the   Corporate
Communications Department.

Mr  Dimitris  Tsorbatzoglou has been  appointed  Head  of
Investor  Relations, replacing George  Stefanopoulos  who
has been appointed Director of Multi-Media.


All changes are effective immediately.



For Further Information Contact:


Dimitris Tsorbatzoglou
Panafon Head of Investor Relations, Tel: +301 6160019
[email protected], website www.panafon.gr/en/ir

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

Nicolas Bornozis ,
Capital Link, Tel: + (212) 661 7566

                            
                    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 and GDS's began trading on Monday 7
      December 1998 in ASE and LSE respectively.

2.   Panafon has 512,500,000 shares in issue.

3.   Panafon is a shareholder in:

Panafon Emporiki (previously   100.00 per cent
Panavox)
Panafon Services               100.00 per cent
Panafon Multimedia             100.00 per cent
Next Net                       26.11 per cent
Unifon                         19.56 per cent
Mobitel                        25.01 per cent
Citicom                        11.518 per cent
Ideal Telecom                  51.00 per cent (following
                               completion of
                               all legal procedures)

4.    Panafon  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's shareholding structure is as follows:

Vodafone Group Plc           55 per cent
France Telecom               3  per cent
Intracom S.A.                9.1 per cent
Free float                   32.9 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:  Greece ASE composite (ASE): 6.539%, Greece  ASE
industrial   (ASEIND):  16.254%,  FTSE/ASE  20:   2.827%,
Bloomberg   Europe   (BE500):   0.059%,   BE500   TELECOM
(BETELES):  0.459,  DJ EUROPE STOXX  (SXXP):  0.025%,  DJ
EUROPE  ST  TEL (SXKP): 0.240, FTSE EUROTOP  300  (E300):
0.016%,  FTSE  E300 TELECO (E3TELE): 0.135%,  BBG  EUROPE
TECHN (BETECH): 0.387.