ATHENS, Greece - May 12, 2004 - The Board of Directors of Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, announced that at a meeting held today the Board has appointed Mr. Iakovos Georganas, a member of the Board, as Executive Vice-President in replacement of Mr. George Skarpelis.

The Board has also approved the appointment of Mr. Nicholas Stefanou as its new member, in replacement of Mr. George Skarpelis, who has tendered his resignation.

Mr Stefanou was born in 1962 in Piraeus and is an economist. He has served as an advisor to the Ministry of Finance and as a Vice-Chairman of the Mortgages and Consignments Fund. Since March 2004 he serves as the Secretary General of the Ministry of Development.