Board of Directors' Decision

27 Dec 2007 09:10

Hellenic Telecomms Organization S A27 December 2007 Announcement Athens, December 21, 2007 - The Hellenic Telecommunications Organization SA (OTESA), announces that, following discussions between the management of OTE andrepresentatives of Marfin Investment Group (MIG), it was agreed that it is inthe best interest of the company, its shareholders and its employees, to refrainfrom convening the Extraordinary General Meeting requested by MIG. OTE's Board of Directors decided to set-up a committee consisting of three ofits members, mssrs I. Georganas, P. Tambourlos and T. Veniamis, that willoversee the negotiations for the terms of the long term financing relating tothe Cosmote minorities buyout. The Chairman of the Board of OTE stated that logic and common sense haveprevailed, since OTE needs to focus undisturbed on its objective, the continuousimprovement of the company to the benefit of all shareholders. INVESTOR RELATIONS Oel. +0030 210-611-1574/7593/1121E-mail: dtzelepis@ote.grFax: +0030 210-6111030 This information is provided by RNS The company news service from the London Stock Exchange