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

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

US $120 million signals confidence in Greek wireless provider

February 18, 1998

Media contacts:

Stet Hellas

Deppie Tzimea-Houliarakis


Bell Atlantic International Wireless

Steve Fleischer


PHILADELPHIA -- 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

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

"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.