Press Release

New Voluntary Exit Schemes for employees

-     No burden on state pension funds

-     Creation of job opportunities for young people

Athens, 22 June 2016

OTE Group announces the implementation of Voluntary Exit Schemes, primarily addressed to OTE employees near retirement, in the context of the Company's initiatives towards enhancing its competitiveness, renewing its workforce and creating job opportunities for young people.

With approximately 350 employees expected to participate, total implementation costs are expected to reach approximately €54 million. It is reminded that OTE's Voluntary Exit Schemes do not burden state pension funds, as the company incurs the entire cost.

The new Voluntary Exit Schemes are beneficial to employees, enabling them to leave the company under the best possible terms, given the difficult macroeconomic environment.

The announcement is issued as Regulated Information, according to the provisions of the law 3556/2007, the Law 3340/2005 and the related Decisions of the Hellenic Capital Market Commission.