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Panafon Hellenic Tel (PFHD)

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Wednesday 04 October, 2000

Panafon Hellenic Tel

Q3 Subscriber Numbers

Panafon Hellenic Telecom Co S.A.
4 October 2000

                                
                   STRONG GROWTH FROM PANAFON
                IN QUARTER ENDING SEPTEMBER, 2000

Panafon Hellenic Telecommunications Company S.A. ('Panafon'), the
leading   provider  of  mobile  telecommunications   in   Greece,
announces strong growth in its total customer base which  reached
2,060,000 as at 30th September 2000, a 38.4% increase compared to
the end of September 1999.

Net  customer additions for this quarter totalled 158,000, a 22.5%
increase  over  the  previous quarter.  Of these  net  additions,
110,000  were  pre-pay  customers,  who  now  represent  65%   of
Panafon's  total customer base. The growth in contract  customers
(48,000 net additions for the quarter) is significantly ahead  of
the previous quarter and has been facilitated by the introduction
of new tariffs in June and despite Panafon's continuing policy of
controlling  subsidies.  Churn  levels  have  been  significantly
reduced when compared to the previous quarter.

Panafon,   continuing  the  deployment  of  its   strategy,   has
introduced additional value added services. Panafon with its ISP,
Panafonet  and  its  portal www.pan.gr,  is  well  positioned  to
exploit the full range of opportunities that will arise from  the
internet  mobile  convergence, with its 'One-Stop-Shop'  solution
offered  to  both  corporate  and  retail  customers.   Panafon's
portal,  www.pan.gr,  is  the only Greek  Internet  portal  which
offers personalised services to all WAP users through 'myPAN'  as
well  as  the  first  search facility for WAP cellular  users  in
Greece.

During  this quarter, Panafon has also launched its MVPN  (Mobile
Virtual Private Network) services to its corporate customers.

The  Boards  of  Panafon  Emporiki  S.A.  and  Unifon  S.A.  have
previously  announced  their  intention  to  merge,  subject   to
shareholder  approval.  Under the proposed  merger,  Unifon  will
acquire  the  whole  of  the  issued  share  capital  of  Panafon
Emporiki,  whereby  the  merged  company  will  become  Panafon's
largest  mobile  communications  Service  Provider,  as  well  as
offering  a  full  range  of  Panafon's  internet  products   and
services.

Panafon  Services,  Panafon's new wholly  owned  subsidiary,  has
entered into a co-operation agreement with BYTE, Greece's leading
provider of integrated IT and networking solutions, to provide  a
full  range of services for Data Warehousing and Data  Mining  to
the Greek market.

Panafon  will remain focused on expanding its customer  base  and
the overall profitable growth of its operations in what remains a
highly competitive market.
                                

George Stefanopoulos
Panafon Group Investor Relations Executive, Tel: +301 6160406,

Maria Kaini,
Panafon Investor Relations Analyst, Tel: +301 6160692,
[email protected], website www.panafon.gr

Lulu Bridges / Stuart Carson
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
     began trading on Monday 7 December 1998.

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

3.   Panafon is a shareholder in:
     Panafon Emporiki (previously Panavox) 100.00 per cent
     Panafon Services                      100.00 per cent
     Radio Korassidis Telecom              26.11 per cent
     Unifon                                19.01 per cent
     Mobitel                               25.01 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.                 10 per cent
     Free float                    32 per cent



                          

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