News Release

2Q99 Telestet Customer Growth Double 2Q98

928,034 now choose Telestet for mobile telephony

July 6, 1999

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

Investor Relations:
George Rallis
+301-618-6585

Athens, Greece — Stet Hellas Telecommunications, S.A. announced today that more than twice as many customers chose Telestet for mobile telephony in Greece in the second quarter of 1999 than in the same period last year.

Customer net additions in the second quarter of 1999 totaled 130,733, compared to 59,791 in the second quarter of 1998, growth of 118.6%.

For the first six months of 1999, the company reports its base increased by 34.8%, bringing the total number of Telestet mobile telephony customers to 928,034 as of June 30, 1999. For the 12-month period ending June 30, the total number of customers grew by 84.2%. Telestet reported 504,035 customers at the end of the second quarter of 1998.

The most rapid growth has been in the company's prepaid service, B Free by Telestet. By the end of the second quarter, 49.4% (458,157) chose B Free, and 50.6% (469,877) were contract customers. Since the introduction of B Free by Telestet in 1997, prepaid service has become the fastest growing segment of the Greek mobile telephony market.

# # #

Stet Hellas Telecommunications S.A. is at the forefront of the mobile communications industry in Europe. To its growing base of 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. The company's stock is publicly traded on the NASDAQ (STHLY) and the Amsterdam (STHLS) exchanges. Internet users: Visit our new web site at www.teletset.gr.

####