ATHENS, Greece - June 21, 2004 - Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, today announced that its Cosmo Bulgaria Mobile EAD subsidiary - which offers mobile telephony services in Bulgaria under the brand name Globul - filed an appeal to the Supreme Administrative Court against the decision of the telecommunications regulator (CRC) to grant a third mobile telephony license to BTC, the Bulgarian incumbent operator, within the framework of its privatization.

Previously, in a letter sent in March 2004, Globul had asked the regulator to ensure that BTC did not benefit from any preferential treatment during the license-granting process.

Globul is a 100%-owned OTE subsidiary, managed by Cosmote, the leading mobile telecommunications company in Greece, operating a GSM 900 / 1800 mobile telephony license in Bulgaria. Operating revenues for the first quarter of 2004 amounted to euros 32.9 million, compared to euros 16.6 million for the comparable quarter of 2003, an increase of 98.2%, while operating income before depreciation and amortization in the first quarter of 2004 was ? 8 million, a 268% increase compared to the respective quarter of 2003.

Its customer base grew by 104% year-on-year, reaching a total of 1,148,484 customers by March 31, 2004. Territorial coverage increased to 80% vs. 49% at the end of Q1 2003, while population coverage increased to 97% vs. 80%. The number of active roaming agreements reached 222 operators in 112 countries.