OTE concludes Globul sale to Telenor

ANNOUNCEMENT

ATHENS, Greece - July 31, 2013 - Hellenic Telecommunications Organization SA (ASE: OTE, OTC MARKET: HLTOY), the Greek full-service telecommunications provider, announces that

the transfer of 100% of Cosmo Bulgaria Mobile EAD (Globul) and Germanos Telecom Bulgaria to the Norwegian Group Telenor has been successfully completed today, following the approval of the transaction by the competent authorities.

The sale price amounted to €717 million, which is Globul's enterprise value and reflects a 6x 2013E EBITDA multiple.

Commenting on the sale, OTE Group Chief Financial Officer, Mr. Babis Mazarakis, stated: "The successful completion of Globul's sale at an optimum price is a significant step in pursuing OTE's refinancing strategy, adding to the Group's value. At the same time, it ensures the continued positive performance of Globul in Bulgaria's telecommunications market, as a member of the Telenor group, a strong and reliable telecommunications provider, to the benefit of customers and employees alike. With the completion of this transaction OTE reduces its net debt to less than €2 billion or by more than 50% since the beginning of 2011. We remain focused on generating strong cash flows to secure the achievement of the Group's business goals".

About OTE

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.

Consisting of the parent company OTE S.A. and its subsidiaries, the Group offers fixed-line (voice, broadband, data and leased lines) TV and mobile telephony services in Greece and Romania, as well as mobile telephony services in Albania. The Group is also involved in a range of activities in Greece, notably in real-estate and professional training.

OTE is listed on the Athens Stock Exchange and the London Stock Exchange. Following OTE's delisting from the NYSE, OTE's ADSs (American Depositary Shares) trade in the OTC (Over the Counter) market under the ticker HLTOY through the Level I ADSs program.

Additional Information is also available on https://www.ote.gr.

Manousos Apostolakis - Communications & Regulatory Affairs Officer, Investor Relations

Tel: +30 210 611 6418, Email: mapostolakis@ote.gr