News Release

Stet Hellas Secures Largest Financing Ever in Greece by European Investment Bank

US $120 million signals confidence in Greek wireless provider

February 17, 1998

Stet Hellas
Deppie Tzimea-Houliarakis
011-302-618-6160

Bell Atlantic International Wireless
Steve Fleischer
215-963-6822

Stet Hellas today announced it signed a US $120 million financing with BEI (European Investment Bank), an official institution of the European Union which provides structural funds for investments of interest to the European Community. The deal is the largest single financing ever by BEI for any company operating in Greece.

Major shareholders in Stet Hellas, a leading national wireless provider in Greece, include Bell Atlantic and Telecom Italia.

BEI noted present financial stability and future growth potential it uncovered in analyst reports as the two critical factors for its confidence.

"This deal, the biggest ever concluded by BEI in favor of a company operating in Greece, represents an achievement for both Stet Hellas and Greece," said Managing Director of Stet Hellas Giacinto Cicchese. "The operational efficiency and extraordinary performance of Stet Hellas coupled with the credibility of our major shareholders represent the best guarantee for BEI."

Cicchese was joined by Panaiotis Gennimatas, vice president of BEI, at the signing in Luxembourg. Also in attendance were Gino Scaramastra and Massimo Degano of Telecom Italia.

Bell Atlantic - formed through the merger of Bell Atlantic and NYNEX - is at the forefront of the new communications and information industry. With 40.5 million telephone access lines and six million wireless customers worldwide, Bell Atlantic companies are premier providers of advanced wireline voice and data services, market leaders in wireless services and the world's largest publishers of directory information. Bell Atlantic companies are also among the world's largest investors in high-growth global communications markets, with operations and investments in 21 countries.

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