EGM Statement

extraordinary general meeting of shareholders

ATHENS, Greece -March 22, 2012 - Hellenic Telecommunications Organization SA (ASE: HTO, OTC MARKET: HLTOY), the Greek full-service telecommunications provider, today held its Extraordinary General Meeting of Shareholders, in accordance with the invitation that had been published on 1/3/2012 and in line with the provisions of the Law and OTE's Articles of Incorporation.

During the meeting, where 65.18% of its shareholders were present (in person or by proxy), the majority of shareholders approved thegranting by the General Shareholders' Meeting special permission, pursuant to article 23a of C.L.2190/1920, for the conclusion of service agreements between Deutsche Telekom AG (DTAG) on the one hand and OTE S.A (OTE) and certain of its subsidiaries (COSMOTE GREECE, AMC, GLOBUL, COSMOTE ROMANIA, ROMTELECOM) on the other hand, for the provision of specific services ("Service Arrangements"), the Basic Terms of the said Service Arrangements and the assignment of the relevant powers.

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, acquiring stakes in the incumbent telecommunications companies of Romania and establishing mobile operations in Albania, Bulgaria and Romania. At present, companies in which OTE Group has an equity interest employ about 28.474 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: [email protected] 

Maria Kountouri - Assistant to the Head of Investor Relations

Tel: +30 210 611 5381, Email: [email protected] 

Kostas Maselis - Senior Financial Analyst, Investor Relations

Tel: +30 210 611 7593, Email: [email protected]

Sofia Ziavra - Financial Analyst, Investor Relations

Tel: +30 210 611 8190, Email: [email protected]

Daria Kozanoglou - Senior Communications & Regulatory Affairs Officer,

Investor Relations

Tel: +30 210 611 1121, Email: [email protected]

Eftychia Tourna - Communications & Regulatory Affairs Officer, Investor Relations

Tel: +30 210 611 7236, Email:[email protected]

Eleni Agoglossaki - Communications & Regulatory Affairs Officer, Investor Relations Tel: +30 210 611 7880, Email: [email protected]