News Release

Stet Hellas Discount Program Rewards Valued Customers

"It Pays To Stay With Telestet"

August 24, 1999

Media Relations:
Deppie Tzimea-Houliarakis
00 301 618 6160

Investor Relations:
George Rallis
00 301 618 6585

ATHENS — Stet Hellas Telecommunications S.A. announced today that Telestet contract customers who have been on its network 12 months or more will receive a discount in appreciation for their loyal patronage.

Starting September 1, the company will reduce qualified customers' monthly fees by 20 percent. The discount also will be given to other contract customers once they reach their 12-month anniversary on the network.

"This new program is a significant gesture to our loyal customers," said Dimitris Lolis, Director of Marketing and Sales. "We want to keep those valued customers on the Telestet network by providing them with even better choices and pricing."

One example of the program's benefits is that a 12-month customer can now get a Telestet Professional 1 contract with 1 hour of free airtime for the low price of 8,800 Dr.

Customers can save the most with the Telestet Professional plans. The greatest savings is 6,000 Dr. for the subscriber to Telestet Professional 5, with a monthly fee of 30,000 Dr. and 5 hours of free airtime. With the discount, this customer pays 24,000 Dr.-- less than the non-discount fee for the regularly priced Telestet Professional 4 plan with 4 free hours.

The program covers all 12 Telestet subscription plans, including Telestet ForAll, Telestet City Lines and Telestet Weekend. Telestet applies the discount automatically to the accounts of customers who have subscribed to one or more Telestet plans for 12 months. The company informs customers in advance by mail once they become eligible.

"We expect our customers will be excited and pleased. Plus, in the coming months, they can look forward to new services, products and offers," said Mr. Lolis. "Clearly, it pays to stay with Telestet."

Stet Hellas Telecommunications S.A. is at the forefront of the mobile communications industry in Europe. To its growing base of more than 928,000 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, and its stock is publicly traded on the NASDAQ (STHLY) and Amsterdam (STHLS) exchanges. Internet users: Visit our web site at www.telestet.gr.

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