OTE Announces New Fixed-Line Tariff Plans Submitted to Greek Regulator.

Business Editors

ATHENS, Greece--(BUSINESS WIRE)--Dec. 9, 2003

Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, today announced that it has submitted new fixed-line tariff plans to NTPC, the Greek telecommunications regulator. The main characteristics of the new tariff plans are the introduction of per-second charging, replacing pulse charging, together with the introduction of a minimum charge. OTE will also be introducing four distinct charging periods (Peak, Off-peak, Saturday and Sunday), leading to significant savings for OTE customers. The "OTEoptions" and "OTEbusiness" discount packages, tailored to specific residential and corporate customer needs, will now encompass additional usage-based discounts. Finally, the monthly PSTN line rental fee will be increased by EUR0.38 to EUR10.36, while ISDN-BRA line rental will increase by EUR0.79 to EUR13.99 per month. After the implementation of those new tariffs the average monthly bill is expected to be reduced by about 6.3%.

In addition, starting December 18, ADSL line prices will be further reduced, by approximately 10% to 15% depending on bandwidth, while the ADSL line activation fee will be cut by 30%.

Commenting on the proposed tariffs, Ms. Soula Evans, Head of Business and Residential Customers, noted: "The new tariffs we are planning to introduce in the coming weeks will enable us to compete effectively in the Greek fixed-line market. For OTE customers, business and residential alike, this will mean enjoying all the benefits of a full-service, state-of-the-art voice and data network at highly competitive prices."

About OTE

OTE is a provider of public, fixed switch domestic and international telephony services in Greece. With local, long distance and international communications services in addition to mobile telephony, Internet services, and high-speed data communications, OTE provides consumers and businesses the ability to communicate globally through its extensive network infrastructure. In addition, OTE has a number of International investments in the South East European region and addresses a potential customer base of 60 million people.

Listed on the Athens Stock Exchange, the company trades under the ticker HTO as well as on the New York Stock Exchange under the ticker OTE. In the U.S., OTE's American Depository Receipts (ADR's) represents 1/2 ordinary share.

Additional Information is also available on http://www.ote.gr.

Forward-looking statement

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect the Company's future financial results are discussed more fully in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 20-F for 2002 filed with the SEC on June 30, 2003. OTE assumes no obligation to update information in this release.