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Panafon Hellenic Tel (PFHD)


Tuesday 09 January, 2001

Panafon Hellenic Tel

Subscriber Numbers

Panafon Hellenic Telecom Co S.A.
9 January 2001

  Panafon announces 2,226,000 total customers for the 2000
                          Year End

the leading provider of mobile telecommunications in Greece,
announces  further  continued growth with  the  addition  of
166,000  new customers during the quarter ended 31  December
2000, resulting in a total customer base of 2,226,000, a 34%
increase compared to 31 December 1999.

Pre-pay now represents 67% of Panafon's total customer base.
Pre-pay   net  additions  were  further  strengthened   this
quarter, driven by the elimination of contract subsidies and
the success of the pre-pay product 'CU'.

During  this  period Panafon initiated the restructuring  of
its commercial distribution network by:

*   Merging  Service Providers and creating  a  fully  owned
Panafon-Vodafone retail chain.

*   Creating  an  independent retail chain branded  Panafon-

This  restructuring will create great opportunities in terms
of economies of scale, management synergies and reduction of
distribution network costs.

During the quarter ended 31 December 2000 Panafon took  some
important  strategic  decisions to enrich  its  product  and
service offering:

*   Panafon  introduced  a  new innovative  pre-pay  product
branded  'CU', the first product in the market that directly
links  GSM and Internet. 'CU' customers accounted for almost
50%  of  pre-pay net additions for the period,  setting  the
base for further penetration in this market.

*  Panafon changed its brand name to 'Panafon-Vodafone'. The
change of name to 'Panafon-Vodafone' marks a new era for its
customers,  who will benefit from being part of the  biggest
worldwide   telecommunications  family  and   enjoy   common
innovative  products and global services  together  with  78
million customers around the world.

*  Panafon was granted a fixed wireless license in the 25GHz
band  after participating in the recent Greek LMDS  auction.
The    license   allows   Panafon   to   offer    integrated
telecommunication  services  to  its  corporate   customers,
through   its  one-stop-shop  concept,  utilising  all   the
advantages of the liberated Greek telecommunications market.

*   Panafon continued the upgrading of quality services  and
expanded  its  network coverage to the  Metro  stations  and
subways  in Athens. Panafon is the first operator  to  offer
this service.

*  Panafon announced its intention to acquire a 30% stake in
'Business Exchanges', an under incorporation B2B company, to
be  established  in co-operation with EFG EUROBANK  ERGASIAS
S.A.,  one of the leading Greek Banks and HELLAS ON LINE,  a
major  Greek Internet Service Provider. 'Business Exchanges'
aims  to offer a wide range of products and services in  the
field  of e-commerce and become Greece's largest B2B service
provider.  The  formation of the new company is  subject  to
approval from all legal competent authorities.

*  Panafon, in co-operation with Alpha-Securities (a leading
brokerage firm, Alpha Banks subsidiary) launched an  e-trade
service  through  a  cellular phone using  IVR  (Interactive
Voice Response) technology.

*   The  announced merger of Unifon and Panafon Emporiki  is
progressing according to the timetable and the draft of  the
merger contract has been announced and approved by the Greek
Ministry  of  Development.  This merger  will  give  Panafon
direct  control  of  an  extensive nation-wide  distribution
network  of  retail outlets serving more  than  66%  of  its
customers,  offering significant synergies and economies  of
scale. The merger will further add to Panafon's strong  cash
flow structure and generate shareholder value.
The  merger  is  subject to approval from  the  shareholders
general  assembly  as well as clearance from  all  competent
legal authorities.

*   Panafon  is  in  the final stages of  testing  its  GPRS
network  and  launching of related services in  Greece  will
soon  follow. Panafon is among the first European  operators
within the Vodafone Group to offer these services.

Disclosure note:
Panafon announces the change from quarterly customer numbers
announcements  to  semi-annual.  Customer  numbers  will  be
reported with half and full year IAS financial results.

For Further information:

George Stefanopoulos
Panafon Group Investor Relations Executive
Tel: +301 6160406
[email protected], website

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

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


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