SUCCESSFUL COMPLETION OF OTE'S VES

Successful completion of OTE's Voluntary Exit Scheme

ATHENS, Greece - January 7, 2013 - Hellenic Telecommunications Organization SA (ASE: HTO, OTC MARKET: HLTOY), the Greek full-service telecommunications provider, announces that its two-tranche Voluntary Exit Scheme, launched in November 2012 in the context of the company's transformation process through socially responsible solutions, was successfully concluded. The Scheme's initial target was significantly exceeded, as 1,516 employees accepted the incentives offered by the company, mainly from the tranche that met the prerequisites for retirement within the period 2013-2015.

OTE estimates the net annual cost savings from downsizing to about €80 million. It is noted that the Voluntary Exit Schemes entail no burden for Greek state pension funds, as OTE incurs the entire cost.

The successful completion of the Voluntary Exit Schemes allows OTE to significantly reduce its operating expenses, enhance its competitiveness and proceed with the company's transformation.

In the context of enhancing the customers' experience and strengthening its technical and commercial service quality, OTE is proceeding with selective hiring of new employees, with expertise in new technologies, in the areas of technical support, as well as in the OTE shops.

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, having acquired a stake in the incumbent telecommunications company of Romania and establishing mobile operations in Albania, Bulgaria and Romania. At present, companies in which OTE Group has an equity interest employ more than 29,000 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.

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]

Christina Hadjigeorgiou - Financial Analyst, Investor Relations

Tel: +30 210 611 1428, 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]