Stet Hellas Appoints Roberto Rovera Managing Director; Succeeds Giacinto Cicchese

Stet Hellas Appoints Roberto Rovera Managing Director;
Succeeds Giacinto Cicchese

March 29, 1999

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.