Regarding the potential additional financial burden of the Pension Funds, incurred as a result of OTE?s 2005-2006 voluntary retirement programs, an issue of which had been raised in the past by the Ministry of Labor and Social Insurance, the Hellenic Telecommunications Organization SA (OTE SA) announces that:
On 28-1-2011, the Ministry of Labor and Social Insurance notified OTE of the results of actuarial studies, which had taken place pursuant to article 3 of the Ministerial Decision 10051/27177/2174/24-03-2010, with the purpose of estimating the additional financial burden of the Pension Funds, incurred as a result of OTE?s voluntary retirement programs implemented under the terms of Law 3371/2005.
The additional financial burden to the pension funds, which has to be covered by OTE was set, according to these actuarial studies, at Euro 129.8 million. Following the requirements of the International Financial Reporting Standards, this amount will be charged in the OTE income statements of the year 2010.
OTE was also informed that further studies will be conducted for the estimation of any additional financial burden to the Pension Funds, incurred as a result of OTE?s voluntary retirement programs implemented under the terms of Law 3762/2009.
It should be noted that OTE has already filed since May 2010 an appeal for the annulment of the abovementioned article of the Ministerial Decision and the procedure is pending before the competent administrative courts.
At this point, the company evaluates the new data, without prejudice to exercising any legal right in order to defend its interests.