OTE PROPERTIES' s DISSOLUTION

Áthens, February 9, 2011- Hellenic Telecommunications Organization SA (ASE: HTO, OTC MARKET: HLTOY), the Greek full-service telecommunications provider announces that, following the decision of OTE Estate's Board of Directors, the Extraordinary General Meeting of Shareholders of its subsidiary OTE Properties REIC has decided to proceed with the dissolution and liquidation of OTE Properties REIC.

OTE Properties REIC, the real estate investment company of the OTE Group, had received in June 2008 an operation license from the Hellenic Capital Markets Commission with a final deadline to be listed on the Athens Stock Exchange by October 7, 2011.

The current economic and financial environment, characterized by lack of liquidity and oversupply of commercial real estate is not favorable for the development of real estate investment companies. This is also evidenced by the steep fall in the index of listed real estate companies during the previous year. Given these developments, a listing of the real estate investment company on the Athens Stock Exchange would not constitute the optimal move from a strategic point, in the context of a value release from the Group's substantial real estate assets.

The dissolution of OTE Properties REIC does not affect in any way the broader strategy of OTE to extract value from its significant real estate assets, a strategy implemented by its subsidiary OTE Estate.

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 Serbia, and establishing mobile operations in Albania, Bulgaria and Romania. At present, companies in which OTE Group has an equity interest employ about 32,000 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. OTE continues to report to SEC.

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

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] 

Christina Hadjigeorgiou - Financial Analyst, Investor Relations

Tel: +30 210 611 1428, Email: [email protected]

Dimitris Tsatsanis - Financial Analyst, Investor Relations

Tel: +30 210 611 6071, 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]

Forward-looking statement