Press Releases: Greece

HELLENIC TELECOM S.A.
Hellenic Telecommunications Organization SA announced that it received a total of 10 non-binding offers for its 90% stake in ArmenTel
June 22, 2006 Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, announced that it received a total of 10 non-binding offers for its 90% stake in ArmenTel, the incumbent telecommunications operator in Armenia. After reviewing the bids, the following parties have been invited to participate in the next phase of the sale process: a) AO Vimpelcom b) Mobile Telesystems (MTS) OJSC c) The consortium, Emirates Telecommunications Corporation (ETISALAT) / Istithmar PJSC / Emergent Telecom Ventures (ETV) d) The consortium, VTEL Holdings / Knightsbridge Associates
For further information, please contact: Mr. Dimitris Tzelepis, Head of Investor Relations, Tel: +30 210 611 1574, Fax: +30 210 6111030. Distributed by Capital Link Inc. in New York at (212) 661-7566. (Nicolas Bornozis, President) This information can be also accessed on Hellenic Telecommunication Organization's website at www.ote.gr or on Capital Link website at www.capitallink.com with historical company news.