Business Writing

Hellenic Telecommunications Organization SA (ASE: HTO, NYSE:OTE), the Greek full-service telecommunications provider, today announced that an Extraordinary General Meeting held today has approved a one-year extension of its share buyback program, which had been authorized by shareholders on October 17, 2002, and had expired on October 16, 2003. Under the expired program, OTE has purchased 432,490 shares at an average price of EUR9.25 per share. Under all previous share buy back programs up to the present, OTE has purchased a total of 13,903,810 shares or 2.75% of all shares outstanding, at an average price of EUR19.92 per share. (Pursuant to Law 2190/1920, OTE has the right to buy up to 10% of its authorized capital, or 50,405,419 shares.) Under the new program, which becomes effective December 2, 2003 and expires on December 1, 2004, OTE is authorized to purchase up to 30,000,000 shares, or approximately 6.1% of all shares outstanding, for a price per share ranging between EUR5 and EU...