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Panafon Hellenic Tel (PFHD)


Monday 21 January, 2002

Panafon Hellenic Tel


Panafon Hellenic Telecom Co S.A.
21 January 2002

                                 PRESS RELEASE

                                21 January 2002


                 A new era for mobile communications in Greece

Panafon-Vodafone, the leading provider of mobile telecommunications in Greece,
announces it will change its brand name to Vodafone effective from today. The
change in brand name to Vodafone signals a new era for the company which has
played a leading role in every aspect of the development of mobile
telecommunications services in Greece since the beginning of its operations.

This change in brand name to Vodafone is taking place one year after the
adoption of the double brand name, Panafon-Vodafone, from the original name
Panafon. However the legal name for the time being still remains Panafon S.A.
and is the name under which Panafon shares will continue to be listed on the
Stock Exchanges.

The re-branding to Panafon-Vodafone gradually introduced the Vodafone brand into
both the Greek market and consumer's conscience, and is in line with Vodafone
Group's world-wide strategy to bring controlled subsidiaries under the Vodafone
brand umbrella. Vodafone Group aims to make Vodafone one of the world's most
recognisable brands.

Surveys carried out indicate the recognition and acceptance of the Vodafone
brand in Greece currently stands at more than 81%, a fact that has contributed
to the re-branding of Panafon-Vodafone to Vodafone at this point in time.

Vodafone Group has a presence in 28 countries and provides mobile services to
more than 95.6 million customers. Vodafone Group's mission as a company is
governed by its vision to 'be the world's mobile communications leader -
enriching customers' lives, helping individuals, businesses and communities to
be more connected in a mobile world.' The Vodafone vision is augmented with four
principles: passion for customers, passion for employees, passion for results
and passion for the world around us.

Panafon was Vodafone Group's first major investment outside the United Kingdom.
Since the beginning of its operations, Panafon has participated actively in the
formation of Vodafone Group's global strategy.

Panafon-Vodafone's customers have already benefited significantly from the
participation in the Vodafone Group family from global products offering
(Eurocall, VHS),  as well as high quality of services, offered through the '
Vodafone shops'.

Speaking about the change in the brand name of Panafon-Vodafone to Vodafone, Mr.
George Koronias, CEO of Vodafone (in Greece), said: 'This is the beginning of a
new era for the company. Our active participation in a major global mobile
telecommunication's company provides Vodafone in Greece the opportunity to
become even more competitive and to continue to play the leading role in
developments within Greek mobile telecommunications market. The Greek mobile
telecommunications market still has great growth potential and we plan to stay
at the forefront of these developments.'

Mr Koronias continued, 'As we move towards the new generation of technologies
that connect mobile phones to the Internet, the presence of Vodafone in our
country will be even more evident. The change of brand name to Vodafone taking
place today constitutes a token of the unambiguous success of our strategic
moves and choices so far and at the same time marks a new beginning for the
business. I feel proud of the achievements to date and I am confident we will
continue to lead mobile telecommunications in Greece.'


For Further Information Contact:

Dimitris Tsorbatzoglou , Head of Investor Relations Tel: +301 0 6160019

[email protected], website www.

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

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 (49% through E-motion Cyprous)

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 (includes Exchangeable bond exchanged
                                     to Panafon shares)
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): 4.86%, ASE Telecom Index (ASEDTL):
24.156%, FTSE/ASE 20 INDEX ( FTASE) : 3,401%, DJ EUROPE ST TEL (SXKP): 0.0.152%,
BE500 Bloomberg Europe: 0.042%, DJ EUROPE STOXX (SXXP): 0.013%, DJ EUROPE ST TEL
(SXKE): 0.354%, DJ EURO STOXX P (SXXE) : 0.029%, BBG EUROPE TECHN  MSCI 3,52%.

                      This information is provided by RNS
            The company news service from the London Stock Exchange


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