Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, announced today that it had commenced on Friday May 30, 2003 the Solicitation of certain waivers and consents from holders of its euro 1.1 billion 6.125% Guaranteed Notes due 2007 (issued by its subsidiary OTE PLC and guaranteed by OTE). The purpose of the Solicitation is to seek waivers relating to the default of its indirect subsidiary, CosmoRom SA and amendments of certain terms of the Events of Default and Negative Pledge provisions of the Notes to limit their applicability to OTE, OTE PLC and OTE's Significant Subsidiaries (other than RomTelecom S.A. and OTE Estate S.A) and to permit non-recourse financing by certain operating subsidiaries in Southeastern Europe. OTE had previously announced its intention to obtain appropriate waivers from noteholders and from the syndicate of financial institutions participating in its USD1.0billion senior loan facility on May 27, 2003.
Noteholders who consent to the waivers and proposed amendments by 2pm (London time) on June 16, 2003 will be eligible to receive a Consent Payment of euro 2.50 for each euro 1,000 note for which their consents are received and not revoked. Noteholders who consent after 2pm on June 16, 2003 but before 2pm on June 27, 2003 will only be eligible to receive euro 1.50 for each euro 1,000 note. Noteholders who do not consent to the proposed amendments will not be eligible to receive the Consent Payment. Noteholders may revoke their consent until the earlier of 2pm on June 16, 2003, June 27, 2003 (as appropriate) or the date on which OTE announces, via press release, that it has received the requisite consents necessary to have the proposed amendments adopted at a noteholders' meeting. Thereafter, consents are irrevocable. The Consent Payment will only be payable to consenting holders if the proposed amendments are adopted at the noteholders' meeting.

The solicitation will expire at 2pm on June 27, 2003 and will be followed by the noteholders' meeting, scheduled for 11am (London time) on June 30, 2003.

Morgan Stanley is acting as exclusive Solicitation Agent. Questions should be directed to Amy Linton Smyth or Dan Cohen at +44 207 677 5750 or +44 207 677 5145. Requests for copies of the Solicitation Statement should be directed to Dan Cohen at +44 207 677 5145.

Questions regarding consent procedures should be directed to Trevor Blewer at The Bank of New York on +44 207 964 7298.
Contacts:
OTE: George Rallis - Investor Relations Officer, Tel: +30 210 611 5888; email: grallis@ote.gr
Kostas Bratsikas - Investor Relations, Tel: +30 210 611 1428; email: brakon@ote.gr

Taylor Rafferty: London: +44 20 7936 0400, New York: +1 212-889-4350; email: ote@taylor-rafferty.com