Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, today unveiled its 2006-2008 Business Plan. Highlights of the Plan were presented at a meeting with the financial community held in London, during which the Group's 2005 results were also reviewed.

OTE's three-year Business Plan focuses on returning the Group?s fixed-line operations to healthy financial performance through initiatives aimed at containing revenue erosion, boosting customer-loyalty and retention, and accelerating cost-cutting actions. While revenues of the Greek fixed-line activities are expected to decline by about 1.5% to 2.5% per year over the plan period, payroll and benefits should also drop by about 7% to 8% per year, and total operating expenses by about 5% to 7% per year over the plan period. As a result, Greek fixed-line Operating Income before Depreciation and Amortization margin (Under IFRS) should improve from mid-twenties levels (excluding VRP costs) in 2005, to mid-thirties levels in 2008. OTE's Business Plan also confirmed the outlook of Cosmote and Romtelecom, its two leading business units, and announced the development of initiatives aimed at strengthening Group values across its organization. Panagis Vourloumis, OTE Chairman and CEO noted: "For the first time, we have developed a forward-looking framework for our Greek fixed-line activities that will enable all of us to measure our performance and chart our progress. This comes at a time when the entire telecoms industry is being revolutionized by new technologies making it particularly important to stay ahead of competition and to tighten our cost base. Our Business Plan will enable us to maintain a strict discipline in these areas over the next three years".

The presentation documents in Greek and English, as well as a replay of the presentation are available on OTE's IR website at www.ote.gr/engish/investorrelations and www.ote.gr/greek/investorrelations