ATHENS, Greece - October 30, 2003 - Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, hereby announces the launch on October 29, 2003 of a Euro 250 million floating rate note issue due 2006 by its wholly owned subsidiary OTE PLC under its Euro 1,500,000,000 Global Medium Term Note programme guaranteed by OTE.

The issue price of the notes will be 99.971 per cent. and they will bear interest from the closing date at a margin of 0.45 per cent. above the offered rate for three month deposits in the euro zone inter bank market (EURIBOR). The net proceeds of the issue of notes will be used to refinance existing debt of OTE.