The Shareholders of the Hellenic Telecommunications Organization SA - Registration Number 347/06/B/86/10 - are Hereby Invited to an Extraordinary General Assembly.

Business Editors

ATHENS, Greece--(BUSINESS WIRE)--Sept. 24, 2002

Hellenic Telecommunications Organization SA (OTE SA)

Pursuant to the Law and the Articles of Association and following resolution of the Board of Directors, adopted during its meeting no 2664, dated September 20th 2002 (agenda item 3), the Shareholders of the Hellenic Telecommunications Organization SA are hereby invited to an Extraordinary General Assembly, to be held on October 17th 2002, Thursday, at 16:00 hours, at the company's Headquarters, (99, Kifissias Ave - Marousi), in order to discuss and decide upon the following:

1. Increase of share capital following capitalization of reserves that have resulted from re-evaluation of buildings, plots and land (C.L. 2065/92).

2. Modification of article 5 of the company's Articles of Association by virtue of the above-mentioned share capital increase.

3. Renewal of own shares buy-back option on the ASE (Article 16, paragraphs 5-14, C.L. 2190/1920).

4. Definition of capacities of the members of the Board of Directors as per provisions of L. 3016/02 (executive, non executive and independent non executive members).

5. Approval of remuneration and other facilities of and fundamental contractual terms with persons provided for in articles 23a and 24 of C.L. 2190/1920 and authorization of a person for the conclusion of the said contracts

6. Miscellaneous announcements

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 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.


                      ATHENS, SEPTEMBER 23rd, 2002

                        Lefteris 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. Email: [e-mail]

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 2001 filed with the SEC on July 15, 2002.