ATHENS, Greece · June 13, 2002 · Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, today announced that its major shareholder, the Hellenic Republic, will further reduce its stake by up to 8% bringing it down to 33.7%.

The shares will be offered to institutional investors in an accelerated bookbuilt placement. Deutsche Bank and Morgan Stanley are acting as Joint Bookrunners for the placement and EFG Telesis is acting as Joint Lead Manager.

Mr. Lefteris Antonacopoulos Chairman and CEO noted, ?We welcome this development and especially the fact that this placement will remove the overhang in OTE shares.?