Amendment of AOI

Athens, May 22, 2015 - The Hellenic Telecommunications Organization SA (OTE SA or Company), announces  that, in accordance with §2 art. 19 of Law 3556/2007 and in view of the 63rd Ordinary General Meeting of Shareholders, which will take place on Friday, June 12, 2015 at 15:00, at the Company's headquarters (Kifisias 99, Marousi), it intends to amend articles 2 (Object) and 14 (Non Competition) of the current Company's Articles of Incorporation, as follows:

1. Amendment of item (m) of paragraph 1 of the article 2, as follows:

Article 2

Object

1. The object of the Company is the exercise of the following activities:

m) The purchase, sale, distribution and, in general, trading (wholesale and retail) in Greece or abroadof any kind of batteries, electric, electronic and telecommunication goods and their peripherals (indicatively computers, cameras, wire line and wireless devices, memory cards, videogames etc), expendables, technology products, software products and telephony equipment via Internet, goods of any related technology, entertainment products, digital and printed books, and any other product, related with the above, through the Company's telecommunications network, its stores, its sales network or through its products and services.

2. Amendment of paragraph 1 and delete of paragraph 3 of the article 14, as follows:

Article 14

Non Competition

1. The members of the Board of Directors and their relatives up to the second degree, the top management and their relatives up to the second degree as well as the personnel of the Company, are prohibited from effecting, either on separate occasions or on a professional basis, any commercial activities similar to the objects of the Company, for their own account or on behalf of third parties, or from being members of the board of directors, senior managers, employees or agents of companies having objects similar to those pursued by the Company, as well as from participating in the capacity of partner or to hold a substantial interest in the share capital of another company having similar objects to that of the Company, without the consent of the General Assembly of the Company. The aforementioned prohibitions do not apply to participations in the Company's affiliated companies.

2. In the event that the aforementioned provision is breached, the Company retains the right to request compensation.

The draft amendment of the Articles of Incorporation is available at: https://www.ote.gr/web/guest/corporate/ir

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