ATHENS, Greece - December 3, 2003 - Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, announced that at the EGM of Inmarsat shareholders, called on December 1, 2003 to vote on the offer by Grapeclose Limited for all the issued share capital of Inmarsat Ventures plc, shareholders representing approximately 97% of the shares voted at the meetings approved the resolutions required to accept the offer. OTE participated in the meetings and voted in favor of the resolutions.

Grapeclose Limited is a company formed at the direction of funds advised by Apax Partners and Permira. The offer was made by way of a Scheme of Arrangement under Section 425 of the Companies Act 1985 and Court approval for the Scheme will be sought on December 16. The Scheme is expected to become effective on Wednesday, December 17, 2003.

Assuming the Scheme becomes effective, OTE will receive cash consideration of US$15.00 per share for its stake of 4,672,690 shares, representing 4.65% of the issued share capital of Inmarsat Ventures plc.