STET Hellas Rebrands to TIMSTET Hellas Rebrands to TIM

ATHENS, Greece -- STET Hellas Telecommunications SA (NASDAQ: STHLY)(AEX: STHLS) today announced the change of its brand name "TELESTET" to "TIM", introducing to the Greek market a well-established and internationally-recognized brand name.

The company's re-branding to "TIM", is a joint strategic initiative between STET Hellas' and Telecom Italia Mobile's (TIM) managements, aimed at strengthening the company's image by leveraging on TIM's brand awareness as well as on the advanced technical know-how and innovation associated with the TIM group. This re-branding will not only lead to an improved product & service offering to all of STET Hellas' customers, but also enable the company to further reap the financial benefits of increased synergies and economies of scale with TIM-- STET Hellas' majority shareholder and the leading European mobile operator in number of lines.

Moreover, the company will be better-positioned within a wider European market context, as the company's re-branding will highlight its membership in the greater mobile alliance, established last summer between Orange SA (UK), Telefonica Moviles (Spain), TIM (Italy), and T-Mobile (Germany) aiming towards the joint development of roaming, voice, data and mobile Internet services, the rollout of joint multinational marketing offers and the development of handsets.

As Greece's representative of this seamless global mobile alliance-- that reaches over 170 million existing customers, across 15 countries, and creates one of the world's largest mobile communities, STET Hellas re-positions itself in a global light, taking advantage of all related strategic opportunities to offer its customers world-class services, thereby securing the company's continuous long-term growth.

Furthermore, today's re-branding will provide STET Hellas with a competitive advantage for this summer's Olympic Games, facilitating the full exploitation of roaming revenues, through preferential agreements, both during the Olympic Games and throughout the extended holiday period.

The company's legal name continues to be STET Hellas Telecommunications S.A., under which it will continue to be listed on the Nasdaq National Market (STHLY) and the Amsterdam Stock Exchange (STHLS).

"Today's re-branding announcement enables STET Hellas to take its rightful place within the European mobile landscape, and is one more step that will secure the company's continuous prosperity in a changing market environment and interdependent global community," noted Mr. Nikolaos Varsakis, Managing Director and Chief Executive Officer of STET Hellas. "In this new stage of the mobile telecommunications industry, whereby partnerships are essential in driving the communications industry forward, we will capitalize on TIM's global reach, as well as on the international footprint of the greater mobile alliance, to continue to grow our company and its value."

STET Hellas Telecommunications SA