The Hellenic Republic today announced its intention to sell 40,320,000 ordinary shares of Hellenic Telecommunications Organization (OTE) in an accelerated book-building placement. The sale represents approximately 8% of the outstanding ordinary shares of OTE. Deutsche Bank and Morgan Stanley are acting as Joint Book-runners for the placement and EFG Telesis Finance is acting as Joint Lead Manager.

Investors purchasing the shares in the placement will be entitled to the dividend to be approved in the shareholders Meeting of OTE on June 19, 2002. The Hellenic Republic has agreed to a lock-up of 180 days on subsequent sales of its remaining OTE shares.