Αthens, July 1, 2009 - The Greek full-service telecommunications provider OTE SA announces that its subsidiary Cosmote signed in Bucharest yesterday a share purchase agreement for the acquisition of Telemobil S.A. (Zapp) in Romania.

The consideration for the shares of Zapp is estimated at approximately euro 61 mn (equity value), while Cosmote will also assume the debt and other liabilities of Zapp, mainly concerning 3G and CDMA network roll out, estimated at approximately euro 146 mn. Citigroup Global Markets Limited (CITI) and N M Rothschild and Sons Limited acted as Cosmote's financial advisors for the transaction. The acquisition is subject, among other conditions, to the approval of relevant Romanian authorities.

About Zapp

Zapp was the first mobile operator of the Romanian market. The company launched commercial operations in 1993. Today, it holds a CDMA license in the 450 MHz band and a 3G license at 2100 MHz. Its 3G network currently covers 23 Romanian cities. In 2008 Zapp's revenues amounted to euro 61 mn, while its customer base exceeded 374 thousand post paid customers.