OTE's Board of Directors in the last meeting approved the fixed line network and IT investment program for year 2002.

According to OTE's Investment Program in year 2002, OTE plans to invest approximately Drs. 120 billion (?352 million) for its fixed line telecommunication activities. This represents a reduction of 55% related to the amount scheduled for year 2001.

The above mentioned amount is the result of a reduction from the original investment plan of Drs. 186 billion (?546 million) that was initially forecasted. This development marks the company's intention of optimizing its investments and therefore delivering considerable returns to its shareholders.

OTE is investing, for its fixed line activities in years 2000 and 2001, Drs. 170 billion (?499 million) and Drs. 251 billion (?737 million) respectively. Year 2001 is the last year of an intensive network modernization plan that started 5 years ago. This year, as the last year of this plan, brings our network infrastructure at a stage comparable to that of any modern European Telecommunications company. After this plan, and in year 2002, our fixed line network investment needs are lower than in the past and mainly represent capacity improvement and operation, maintenance and network management investments.