ATHENS, Greece - November 12, 2002 - Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, today announced that OTE's Board of Directors has decided to increase the funding in HellasSat, contributing $30 million to the company's share capital.

HellasSat is a company responsible for the launch and commercial use of a satellite that will be positioned at 39o East and have a wide coverage. The satellite will have two deployable antennas through which it will provide Pan European coverage, while the two available steerable beams can be moved to cover South Africa and Middle East. The satellite is expected to be operational in time for coverage of the 2004 Athens Olympic Games.

Previously OTE had contributed $12.5 million in HellasSat's share capital. Through the current injection of capital OTE will temporarily hold a large majority of the company's share capital; however, as there is interest from other investors to participate in this venture, OTE's interest is expected to decrease over time.