OTE EGM Statement.

Business Editors

ATHENS, Greece--(BUSINESS WIRE)--Nov. 14, 2003

Hellenic Telecommunications Organization SA (OTE SA) the

Shareholders of the Hellenic Telecommunications Organization SA

(Registration Number 347/06/B/86/10) Are Hereby Invited to an

Extraordinary General Assembly

Pursuant to the Law and the Articles of Association and following resolution of the Board of Directors, adopted during their meeting number 2690 on November 4th (subject 2), the Shareholders of the Hellenic Telecommunications Organization SA are hereby invited to an Extraordinary General Assembly, to be held on December 1st, 2003, Monday, at 16.00 hours, at the company's Headquarters (99, Kifissias Ave.), in order to discuss and decide upon the exclusive issue of the renewal of own shares buy - back option on the ASE (art.16, paragraphs 5-14 C.L.2190/1920).

In order to participate, in person or by proxy, in the said Extraordinary General Assembly, Shareholders:

-- If they have converted their OTE shares into book entry form,

but the said shares are not on their Depository Account,

Shareholders must obtain from their Depository Participant 

certification evidencing ownership of shares (which will not

be tradable until conclusion of this General Assembly) and

deposit such certification with the OTE Share Registration

Office (1st floor, 15, Stadiou Street - Athens) at least five

(5) full days prior to the appointed date and time of the

General Assembly

-- If they have converted their OTE shares into book entry form,

and the said shares are on their Depository Account,

Shareholders must obtain from the Central Securities

Depository Office SA certification evidencing ownership of

shares (which will not be tradable until conclusion of this

General Assembly) and deposit such certification as well as a

duly authorized proxy form, with the OTE Share Registration

Office (1st floor, 15, Stadiou Street - Athens) at least five

(5) full days prior to the appointed date and time of the

General Assembly

-- If they have not converted their shares into book entry form,

they must deposit their share certificates with any bank in

Greece or abroad, or the Consignations and Loans Fund, or

OTE's Treasury (99, Kifissias Ave. - Maroussi), or OTE Share

Registration Office (1st floor, 15, Stadiou Street - Athens)

at least five (5) full days prior to the appointed date and

time for the Ordinary General Assembly. By the same deadline,

Shareholders must also have deposited their Share Depository

Receipts as well as the proxy form with the OTE Share

Registration Office, at 15, Stadiou Street - Athens.

MAROUSSI, November 7th 2003

By authorization of the Board of Directors

L. ANTONAKOPOULOS

CHAIRMAN OF THE BOARD - MANAGING DIRECTOR

- ### -

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.