PRESS RELEASE HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.

OTE announces the formation of Hellas Sat Consortium Limited, which as of, August the 23rd 2001, formed its first Board Meeting.

The Board Members of Hellas Sat Consortium Limited are: Mr. N. Manasis as Chairman, Mr. C. Protopapas as CEO, Mr G. Skarpelis as Vice Chairman and Mrs. A.Siamma, G. Ioannidi, G. Gioulo and Boisvert Larry as members.

OTE holds 25% from Hellas Sat Consortium Limited; a company formed in Cyprus. Other shareholders are: AVACOM NET SERVICES with 43,4%, Cyprus Bank of Development with 19,6%, HAI (Hellenic Aerospace Industries) with 10% and TeleSAT with 2% Company's scope is to exploit satellite geostatic orbit of 39 degrees east, and other relative frequencies that will place Greece among countries with direct access to a satellite and strengthen OTE's position as a telecommunications operator.

Hellas Sat's satellite use will provide telecom services such as, Digital T.V., fast Internet, VSAT services, Telephone Traffic and in general interactive services. Also the company aims to cover the biggest part of 2004 Olympic Games TV Broadcasting needs.


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