ATHENS, Greece - November 13, 2002 - Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, today issued the following statement:

Following erroneous interpretations by financial analysts and the media regarding the valuation of RomTelecom used as a basis for the series of transactions announced yesterday, OTE wishes to clarify the issue.

For the purpose of these transactions, the parties retained a valuation of RomTelecom's equity, prior to the $243 million capital increase, of $750 million. Following the capital increase, OTE's interest in RomTelecom will increase to approximately 51% of the expanded equity base, as OTE will be the sole subscriber to the capital increase, which will be carried out through issuance of new shares. The equity value of RomTelecom following the capital increase will therefore amount to $993 million. Based on the same price per share, OTE will acquire an additional interest of approximately 3% for a consideration of $31 million from the Romanian government. Following these transactions, OTE's interest in RomTelecom will thereby amount to 54% of the expanded share capital.