Ote Ads Regulatory News (OTES)

OTE ANNOUNCES GREEK FIXED-LINE VOLUNTARY EXIT SCHEME

ATHENS, Greece - November 9, 2012 - Hellenic Telecommunications Organization SA (ASE: HTO, OTC MARKET: HLTOY), the Greek full-service telecommunications provider, announces the launch of a Voluntary Exit Scheme offered to certain employees of its Greek fixed-line activities.

According to the Scheme, approximately 1,600 employees, that meet the prerequisites for retirement within the coming 3-year period (2013-2015), will be offered exit incentives. In addition, the Scheme offers incentives to other employees with 15 years of service in OTE.

Eligible employees accepting the offer are expected to leave the Company until December 31st, 2012.

The cost of the Voluntary Exit Scheme will be borne entirely by OTE without any funding from the Greek State.

OTE estimates that around 1,200 employees will participate in the above mentioned schemes. The total cost will reach approximately €153mn, €93mn of which will be charged in Q4 2012 results, while the rest have already been charged in past periods (through SRI provisions). The average cost per departing employee is estimated to reach €127,000.

OTE Group is Greece's leading telecommunications organization and one of the pre-eminent players in Southeastern Europe, providing top-quality products and services to its customers.

Apart from serving as a full service telecommunications group in the Greek telecoms market, OTE Group has also expanded during the last decade its geographical footprint throughout South East Europe, having acquired a stake in the incumbent telecommunications company of Romania and establishing mobile operations in Albania, Bulgaria and Romania. At present, companies in which OTE Group has an equity interest employ more than 29,000 people in four countries, and our portfolio of solutions ranges from fixed and mobile telephony to Internet applications, satellite, maritime communications and consultancy services.

Listed on the Athens Stock Exchange, the company trades under the ticker HTO. Following OTE's delisting from NYSE, OTE ADSs (American Depositary Shares) trade in the OTC (Over The Counter) market under the ticker HLTOY.

Additional Information is also available on: http://www.ote.gr/portal/page/portal/InvestorRelation/InvestorRelation

Contacts:

OTE: Dimitris Tzelepis - Head of Investor Relations

Tel: +30 210 611 1574, Email: dtzelepis@ote.gr 

Maria Kountouri - Assistant to the Head of Investor Relations

Tel: +30 210 611 5381, Email: mkountouri@ote.gr 

Kostas Maselis - Senior Financial Analyst, Investor Relations

Tel: +30 210 611 7593, Email: kmaselis@ote.gr

Sofia Ziavra - Financial Analyst, Investor Relations

Tel: +30 210 611 8190, Email: sziavra@ote.gr

Christina Hadjigeorgiou - Financial Analyst, Investor Relations

Tel: +30 210 611 1428, Email: cchatzigeo@ote.gr

Daria Kozanoglou - Senior Communications & Regulatory Affairs Officer,

Investor Relations

Tel: +30 210 611 1121, Email: nkozanoglou@ote.gr

Eftychia Tourna - Communications & Regulatory Affairs Officer, Investor Relations

Tel: +30 210 611 7236, Email:etourna@ote.gr Eleni Agoglossaki - Communications & Regulatory Affairs Officer, Investor RelationsTel: +30 210 611 7880, Email: eagoglossak@ote.gr