NEW EMPLOYEE EXIT

28 Feb 2008 10:26

Hellenic Telecomms Organization S A28 February 2008 HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. Announcement Athens, February 28, 2008 - Hellenic Telecommunications Organization SA (ASE:HTO, NYSE: OTE), the Greek full-service telecommunications provider, todayannounces that it has reached an agreement with the unions regarding an employeeexit program. Under this program, employees who have one to five remaining yearsof service until normal retirement will respectively get exit bonuses that rangefrom Euro 5,000 to 40,000, in order to depart during 2008. Approximately 200 OTE employees are eligible for this employee exit program. OTEwill ask eligible employees to tender irrevocable applications during asubmission period that will run from March 3 until March 21, 2008. Departureswill start on April 11, 2008 and all employees participating in the program willleave the company until the end of 2008. It should be noted that OTE has been implementing similar employee exit programswith financial incentives since 1996. About OTE OTE Group is Greece's leading telecommunications organization and one of thepre-eminent players in South-eastern Europe, providing top-quality products andservices to its customers. Apart from serving as a full service telecommunications group in the Greektelecoms market, OTE Group has also expanded during the last decade itsgeographical footprint throughout South East Europe, acquiring stakes in theincumbent telecommunications companies of Romania and Serbia, and establishingmobile operations in Albania, Bulgaria, the Former Yugoslav Republic ofMacedonia and Romania. At present, companies in which OTE Group has an equityinterest employ over 30,000 people in six countries, and our portfolio ofsolutions 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 aswell as on the New York Stock Exchange under the ticker OTE. In the U.S., OTE'sAmerican Depository Receipts (ADR's) represents 1/2 ordinary share. Additional Information is also available on http://www.ote.gr. Contacts: OTE: Dimitris Tzelepis - Head of Investor Relations Tel: +30 210 611 1574, Email: dtzelepis@ote.gr Nektarios Papagiannakopoulos-Senior Financial Analyst, Investor Relations Tel: +30 210 611 7593, Email: npapagiannakopoulos@ote.gr Daria Kozanoglou - Communications Officer, Investor Relations Tel: +30 210 611 1121, Email: nkozanoglou@ote.gr Marilee Diamanti - IR Coordinator Tel: +30 210 611 5070, Email: mdiamant@ote.gr Christina Hadjigeorgiou - Financial Analyst Tel: +30 210 611 1428, Email: cchatzigeo@ote.gr Forward-looking statement Any statements contained in this document that are not historical facts areforward-looking statements as defined in the U.S. Private Securities LitigationReform Act of 1995. All forward-looking statements are subject to various risksand uncertainties that could cause actual results to differ materially fromexpectations. The factors that could affect the Company's future financialresults are discussed more fully in the Company's filings with the U.S.Securities and Exchange Commission (the "SEC"), including the Company's AnnualReport on Form 20-F for 2006 filed with the SEC on June 28, 2007. OTE assumes noobligation to update information in this release. This information is provided by RNS The company news service from the London Stock Exchange