HELLENIC TELECOM. ORG.

The OTE Group sold its total participation in the share capital of LOFOS PALLINI SA

Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, announces that on July 31, 2008, the OTE Group sold its total 33.0% participation in the share capital of Lofos Pallini SA, a real estate development, to REDS SA for a total consideration of euro 18.45 million.