HELLENIC COMPANY OF TELECOMMUNICATIONS & TELEMATIC APPLICATIONS (Forthnet) S.A. ("Forthnet") announces that one of its main shareholders, namely "Novator Equities Ltd" (the "Selling Shareholder"), notified Forthnet of its intention to sell up to 4,163,383 existing shares held by it and issued by Forthnet, representing approximately 10.80% of the company''s share capital, through an accelerated global tender to international and domestic "qualified investors" (within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) and Greek Law 3401/2005) via a private placement outside the US, under the Reg S exemption (the "Placement"). The exact number of shares that will be sold in the Placement will be determined on the basis of the demand. All the shares to be placed are listed on the Athens Exchange.
The Selling Shareholder also informed Forthnet that the Placement is made following the prior written consent of Merrill Lynch International, whereby its commitment to Merrill Lynch International that it will not dispose of additional shares in Forthnet until 17 May 2007 has been waived. Furthermore, the Selling Shareholder has committed to Merrill Lynch International that it will not dispose of additional shares in Forthnet for a period ending on the date which is 180 days after the settlement of the Pla cement.
Merrill Lynch International is acting as the Sole Bookrunner, with Alpha Finance acting as Co-lead Manager for the Placement.
Merrill Lynch International is acting for the Selling Shareholder and no one else in connection with the Placement. Merrill Lynch International will not regard any other person (whether or not a recipient of this communication) as its client in relation to the Placement and will not be responsible to anyone other than the Selling Shareholder for providing the protections afforded to its clients nor for giving advice in relation to the Placement or the contents of this communication or any transaction or arrangement referred to in this communication.
THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION.
THIS ANNOUNCEMENT IS BEING DISTRIBUTED IN THE UNITED KINGDOM ONLY TO, AND IS DIRECTED AT (A) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS WHO FALL WITHIN ARTICLE 19(1) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE "ORDER") OR (B) HIGH NET WORTH ENTITIES, AND OTHER PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED, FALLING WITHIN ARTICLE 49(1) OF THE ORDER (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). THE SE CURITIES TO WHICH THIS ANNOUNCEMENT RELATES ARE AVAILABLE ONLY TO, AND ANY INVITATION, OFFER OR AGREEMENT TO SUBSCRIBE, PURCHASE OR OTHERWISE ACQUIRE SUCH SECURITIES WILL BE AVAILABLE ONLY TO OR WILL BE ENGAGED IN ONLY WITH, RELEVANT PERSONS. ANY PERSON WHO IS NOT A RELEVANT PERSON SHOULD NOT ACT OR RELY ON THIS ANNOUNCEMENT OR ANY OF ITS CONTENTS. PERSONS DISTRIBUTING THIS ANNOUNCEMENT MUST SATISFY THEMSELVES THAT IT IS LAWFUL TO DO SO.
ANY OFFER OF SECURITIES TO THE PUBLIC THAT MAY BE DEEMED TO BE MADE PURSUANT TO THIS COMMUNICATION IN ANY EEA MEMBER STATE THAT HAS IMPLEMENTED EU DIRECTIVE 2003/71/EC (TOGETHER WITH ANY APPLICABLE IMPLEMENTING MEASURES IN ANY MEMBER STATE, THE "PROSPECTUS DIRECTIVE") IS ADDRESSED SOLELY TO QUALIFIED INVESTORS (WITHIN THE MEANING OF THE PROSPECTUS DIRECTIVE) IN THAT MEMBER STATE.

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