News Release

Stet Hellas Appoints Roberto Rovera Managing Director; Succeeds Giacinto Cicchese

March 28, 1999

Media Relations:
Deppie Tzimea-Houliarakis
+301 618-6160

Investor Relations:
George Rallis
+301 618 6585

ATHENS — The Board of Directors of Stet Hellas today announced the appointment of Mr. Roberto Rovera as managing director and chief executive officer, succeeding Mr. Giacinto Cicchese.

Mr. Rovera assumes the company's top leadership position following seven months as general manager and chief operating officer. Mr. Cicchese has assumed board-level responsibility for Telecom Italia Mobile operations in Brazil.

Mr. Stelios Argiros, chairman of the Stet Hellas Board of Directors, said: "Mr. Rovera is an excellent choice to take the helm at Stet Hellas at this time. He is a top-level manager with the breadth and depth of knowledge and experience to guide our company and our Telestet brand into the 21st Century. He is a team player and has a vision for launching Stet Hellas into the ranks of leading European companies."

"Mr. Cicchese was the right man, in the right place at the right time," said Mr. Argiros. "He transformed the mobile phone into a consumer product 'for all' and made the Telestet brand stand out in our market place through technological leadership and innovative services. His crowning achievement was taking the company public in one of the largest public offerings of a Greek private company in history "

Speaking of his successor, Mr. Cicchese said: "Mr. Rovera is the one to take Greek mobile telephony and Stet Hellas into the 21st Century. He knows the challenge will be further acceleration and enhancement of the mobile consumer market. He understands the challenges and great rewards that will come from incorporation of multiple technological platforms in our increasingly dynamic, competitive and liberalised Greek and European environments."

"In six short years, the Greek mobile telephony market has grown from ground zero into a one trillion drachma per annum economic engine that did not previously exist," Mr. Rovera said. "The global contribution of this sector to the national economy is immense and will continue to evolve. Stet Hellas is well positioned to lead this evolution.

"Our vision in this new world is one of continuous regulatory reform in which government and industry work in a partnership that will enable our customers, partners and shareholders to benefit from this global revolution in communications. Our goal is to enable our Telestet brand to lead the way to the future by ensuring that our customers get there first."

Since September 1998, Mr. Rovera has served as chief operating officer and general manager of Stet Hellas. He is chairman of the board of Telepolis, a subsidiary of Stet Hellas. In addition, he chairs the Planning Committee of the Worldwide Association of Financial Executives Institute.

Prior to joining Stet Hellas, Mr. Rovera was executive vice president of European and International Affairs for Telecom Italia in Brussels. Telecom Italia is majority owner of Stet Hellas. Mr. Rovera began his telecommunications career in 1969 and has held a variety of positions of increasing responsibility in strategy, planning and control, international affairs and operations.

Mr. Rovera, a native of Turin, Italy, is a graduate of the University of Turin and studied for his MBA in Fontenaibleau, France. He is fluent in Italian, French and English. He is married and is a permanent resident of Athens, Greece.

Stet Hellas Telecommunications S.A. is at the forefront of the mobile communications industry in Europe. To its growing base of more than 688,000 customers in Greece, the company's Telestet brand stands for innovative services and the latest in communications technology. The company's shareholders include Stet Mobile Holdings NV, Bell Atlantic and the Interamerican Group. Its stock is publicly traded on the NASDAQ (STHLY) and Amsterdam (STHLS) exchanges. Internet users: For more information, visit the Stet Hellas web site at www.telestet.gr.

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