Αthens, November 8, 2005- Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, today announced that its 100% owned subsidiary, OTE Plc has successfully completed the Exchange Offer launched on 25 October 2005. OTE Plc had offered to exchange its Euro 1,100,000,000 6.125% Guaranteed Notes due 2007 (the "Existing Notes") into new Euro denominated Fixed Rate Guaranteed Notes (the ?New Notes?) maturing 11 November 2011. The purpose of the Exchange Offer was to give OTE greater financing flexibility by extending its debt maturity profile. Euro 608,366,000 in principal amount of Existing Notes was submitted by bondholders into the Exchange Offer. Given the Exchange Ratio of 1.0455, Euro 636,056,000 in principal amount of New Notes will be issued via the Exchange Offer. The New Notes were priced to yield 3.829% and will pay an annual coupon of 3.750%. OTE will issue a further Euro 13,944,000 of Additional Notes to create a total new issue size of Euro 650,000,000. The New Notes will be issued by OTE plc and will be fully and unconditionally guaranteed by Hellenic Telecommunications Organization S.A. under its Euro 3,500,000,000 Global Medium Term Note Programme. An application has been made for the New Notes to be listed on the Luxembourg Stock Exchange. Settlement is expected to occur on 11 November 2005. Credit Suisse First Boston (Europe) Limited and Deutsche Bank AG, London Branch acted as Dealer Managers for this transaction. Alpha Bank AE, EFG Eurobank Ergasias and NBG International were Co-Dealer Managers. The Bank of New York acted as Exchange Agent and The Bank of New York Luxembourg S.A. as Luxembourg Exchange Agent.