ATHENS, Greece –December 27, 2013 –Hellenic Telecommunications Organization SA(OTE S.A. or Company) (ASE: HTO, OTC MARKET:HLTOY), the Greek full-service telecommunications provider, informs its shareholders, in accordance with art. 17 and §2 of art. 19 of Law 3556/2007 and in view of the Extraordinary General Meeting of Shareholders, which will take place on Monday, December 30 2013 at 16:00, at the Company's headquarters (99, KifisiasAvenue, Marousi), that the Company's Board of Directors has decided (decision no 2943/27.12.2013) to submit to the above General Shareholders' Meeting a proposal regarding Items 6^th and 7^th of the Agenda, namely for the capitalization of tax-free reservesfrom non-taxable profits of previous years, by increasing the nominal value of the Company's share and for the amendment of Article 5 (Share Capital) of the Company's Articles of Incorporation, respectively, as follows:

(a)  6^th item: To approve, according to L.4172/2013, the capitalization of reserves amounting to €215,666,171.16 (out of tax-free reserves of previous years amounting to €253,724,907.25 following the deduction of corresponding tax which amounts to €38,058,736.09), by increasing the nominal value of OTE S.A. share by €0.44, and

(b)  7^th item: To approve the amendment of par. 1 of article 5 (Share Capital) of the Company's Articles of Incorporation as well as the addition of sub-paragraph (h) to par. 2 of said article 5 of the Company's Articles of Incorporation, as follows:

Draft of the Amendment of Article 5:

“Article 5

Share Capital

1.       The share capital of the Company amounts to one billion three hundred eighty seven million one hundred twenty five thousand six hundred Euros and eighty seven cents (€1,387,125,600.87) and is divided into four hundred ninety million, one hundred fifty thousand three hundred eighty-nine (490,150,389) ordinary registered shares of a nominal value of two Euros and eighty three cents (€2.83) each.

2.       The Share capital was determined as follows:

(a)      ……………..

(b)     ……………..

(c)      ……………...

(d)      ………………..

(e)      ………………….

(f)      …………….

(g)      ……………... 

(h) Pursuant to a resolution dated 30.12.2013 of the Extraordinary General Assembly of the Shareholders, the nominal value of each share was increased at the amount of forty-four cents (€ 0.44) due to capitalization of tax-free reserves from non-taxable profits of previous years, according to L.4172/2013. Following the above increase of the nominal value of the share, the Company's share capital amounts to one billion three hundred eighty seven million one hundred twenty five thousand six hundred Euros and eighty seven cents (€1,387,125,600.87) and is divided into four hundred ninety million, one hundred fifty thousand three hundred eighty-nine (490,150,389) ordinary registered shares of a nominal value of two Euros and eighty three cents (€2.83) each.”