OTE ANNOUNCES GREEK FIXED-LINE VOLUNTARY EXIT SCHEME

Αthens, November 9, 2012 – 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:

The launch of a Voluntary Exit Scheme offered to certain employees of its Greek fixed-line activities.

According to the Scheme, approximately 1,600 employees, that meet the prerequisites for retirement within the coming 3-year period (2013-2015), will be offered exit incentives. In addition, the Scheme offers incentives to other employees with 15 years of service in OTE.

Eligible employees accepting the offer are expected to leave the Company until December 31st, 2012.

The cost of the Voluntary Exit Scheme will be borne entirely by OTE without any funding from theGreekState.

OTE estimates that around 1,200 employees will participate in the above mentioned schemes. The total cost will reach approximately  €153mn, €93mn of which will be charged in Q4 2012 results, while the rest have already been charged in past periods (through SRI provisions). The average cost per departing employee is estimated to reach €127,000.