STET Hellas Signs Commercial Agreement to 
Offer Fixed Broadband Wireless Access Services

    STET Hellas Telecommunications SA (NASDAQ: STHLY; Amsterdam: STHLS) today announced that it signed a commercial agreement with EUROPROM Telecommunications S.A. to lease EUROPROM's Fixed Wireless Access (FWA) license in the 25 GHz frequency band.

    This agreement enables STET Hellas to bundle mobile and FWA service elements creating a one-stop-shop solution to the business market segment, thus exploring new revenue streams through combined fixed and mobile voice & data offerings. STET Hellas' commercial proposition will be launched in early 2003.

    "Consistent with our strategy to further penetrate the high-end, high-yielding business market segment, we strengthen our value proposition by offering integrated telecommunication solutions to our existing and prospective customers," stated STET Hellas' Chief Executive Officer, Mr. Nikolaos Varsakis. "STET Hellas will continue to exploit the new opportunities presented in the liberalized Greek Telecom environment, to secure further growth and enhanced revenue streams".

    STET Hellas Telecommunications SA (Nasdaq: STHLY; Amsterdam: STHLS) is at the forefront of mobile communications in Europe. To its growing base of more than 2.3 million customers in Greece, the company's Telestet brand stands for innovative products and services. The company's majority shareholder is TIM International NV of the Telecom Italia Group (NYSE: TI), and its stock is publicly traded on the Nasdaq and Amsterdam exchanges.

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             CONTACT: 
             STET Hellas
             Investor Relations                
             Rania Bilalaki, +30 210 615 8585  
             ir@telestet.gr                    
             www.telestet.gr/en/ir.cfm