Hellenic Republic announces that the sale by the Hellenic Republic of a block of 40,320,000 common shares of the Organization, which represents approximately 8% of its share capital was completed successfully.

An order has already been given by the Hellenic Republic to the Central Securities Depository to proceed to the transfer of shares through an over the counter transaction to the mediating banks, the clearing of which will be completed on 19.06.2002.

The Accelerating Procedure of the Book of Orders was applied for the distribution of the shares, which constitutes a usual and successful practice internationally, and which was completed in one day.

Despite the adverse conditions that prevail in the international capital markets and especially in the sector of telecommunications, intense interest was expressed by approximately 200 institutional investors that participated to the procedure by bidding for the acquisition of shares.

The sale price of the shares that resulted from the above procedure amounted to Euro 16.50 per share. 85% of the shares were finally distributed to foreign institutional investors and 15% to domestic institutional investors. Following the disposal of 8% of the shares, the Hellenic Republic holds approximately 34% of the shares of the HELLENIC TELECOM. ORGANIZATION S.A.

The role of the coordinating main underwriter and manager of the Book of Orders regarding the placement was jointly undertaken by DEUTSCHE BANK and MORGAN STANLEY, while EFG TELESIS FINANCE, the subsidiary company of EFG EUROBANK ERGASIAS S.A. activating in the sector of investments, was the main underwriter.

The investors that will acquire the shares through this procedure are eligible to receive the dividend that will be approved by the General Meeting of the company's shareholders that has been called for 19.06.2002.

The Hellenic Republic has been committed not to proceed to trading of shares of the HELLENIC TELECOM. ORGANIZATION S.A. that it holds for a period of 180 days.