Successful completion of OTE's Voluntary Exit Scheme

Αthens, January 7, 2013 – The Hellenic Telecommunications Organization SA (OTE SA), in accordance with Law 3556/2007, 1/434/03.07.2007 Decision of the Hellenic Capital Market Commission, article 13 of Law 3340/2005 and 3/347/12.07.2005 Decision of the Hellenic Capital Market Commission, announces that:

Its two-tranche Voluntary Exit Scheme, launched in November2012 inthe context of the company's transformation process through socially responsible solutions, was successfully concluded. The Scheme's initial target was significantly exceeded, as 1,516 employees accepted the incentives offered by the company, mainly from the tranche that met the prerequisites for retirement within the period 2013-2015.

OTE estimates the net annual cost savings from downsizing to about €80 million. It is noted that the Voluntary Exit Schemes entail no burden for Greek state pension funds, as OTE incurs the entire cost.

The successful completion of the Voluntary Exit Schemes allows OTE to significantly reduce its operating expenses, enhance its competitiveness and proceed with the company's transformation.

In the context of enhancing the customers' experience and strengthening its technical and commercial service quality, OTE is proceeding with selective hiring of new employees, with expertise in new technologies, in the areas of technical support, as well as in the OTE shops.