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Panafon Hellenic Tel (PFHD)

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Friday 15 October, 1999

Panafon Hellenic Tel

Share Capital, etc

PANAFON HELLENIC TELECOMMUNICATIONS COMPANY SA
15 October 1999

SHARE CAPITAL INCREASE AND 1 FOR 1 SHARE BONUS ISSUE

Following the Annual General Meeting approval on September 29th 1999, Panafon is
announcing a share capital increase of GRD 25.625.000.000 by capitalization of
its Retained Earnings and issue of 256.250.000 new shares and distribution of
one (1) new share for every (1) old share.  The new shares will be entitled
dividend for the current accounting period.  (1/4/99 - 31/3/2000).

Entitled to this share capital increase will be all those shareholders that have
had Panafon shares up to and 21/10/99.  Starting from 22/10/99 Panafon shares
will trade ex-bonus rights.

The new shares will be in a dematerialised form and will be credited to the
shareholders account in the dematerialised system.  The exact date that the new
shares will be credited and that shareholders will be able to trade their new
shares will be announced following the National Central securities Depository
approval.

Therefore, we invite all shareholders or their authorised attorneys that hold
Panafon shares to deposit their shares, either to their custodian banks or the
securities companies or the company's premises in order to dematirialize them.

  

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