ATHENS, Greece ? June 19, 2003 ? Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, today announced that the Board of Directors of its 54% owned subsidiary, RomTelecom, at a meeting on Monday, June 16, 2003, approved the 2002 statutory financial statements of RomTelecom and its fully owned Cosmorom subsidiary. The statutory financial statements for RomTelecom for 2002 reflect a net impairment charge on a consolidated basis of Euro 76 million relating to Cosmorom. OTE?s share (35%) of RomTelecom?s consolidated results for 2002 was included in its unaudited preliminary results that were announced on February 27, 2003.

NOTE: OTE held 35% of the share capital of RomTelecom at December 31, 2002 and as a result RomTelecom was accounted for under the equity method in the unaudited preliminary results for 2002. From March 1, 2003, RomTelecom results are fully consolidated with those of OTE.

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 ½ ordinary share.

Additional Information is also available on http://www.ote.gr.