The Hellenic Telecommunications Organization SA (OTE SA), in response to HCMC's (Hellenic Capital Market Commission) question, relating to press articles citing OTE's entry in the real estate market, announces that:

OTE SA's subsidiary, OTE Estate, has filed a request with the HCMC, on 10/4/2008, asking for a license for the operation of a Real Estate Investment Company. This initiative is part of OTE Group's strategy for the crystallization of the value of OTE Estate's real estate portfolio. OTE SA has been communicating this strategic objective to the investment community, via press releases and corporate presentations, for over a year. The value of the real estate assets that will be subscribed to the Real Estate Investment Company, as mentioned in the relevant press articles, will be no less than 250 million.