Αthens, February 28, 2008 Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, today announces that it has reached an agreement with the unions regarding an employee exit program. Under this program, employees who have one to five remaining years of service until normal retirement will respectively get exit bonuses that range from Euro 5,000 to 40,000, in order to depart during 2008.

Approximately 200 OTE employees are eligible for this employee exit program. OTE will ask eligible employees to tender irrevocable applications during a submission period that will run from March 3 until March 21, 2008. Departures will start on April 11, 2008 and all employees participating in the program will leave the company until the end of 2008.

It should be noted that OTE has been implementing similar employee exit programs with financial incentives since 1996.