OTE Group Reports 2008 Third Quarter Results

ATHENS, Greece — Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, today announced unaudited consolidated results (prepared under IFRS) for the quarter and nine months ended September 30, 2008.

OTE Fixed-Line

The soft launch of OTE’s IP TV (conn-x TV) offering took place on schedule in September, with full commercial launch expected to follow in early 2009. Despite the limited content available during the testing phase, initial customer response was highly encouraging.

RomTelecom (Dolce)

OTE, through its wholly owned subsidiary OTE International Investments Ltd, holds a 54.01% interest in RomTelecom S.A., the incumbent telecommunications operator in Romania.

A combination of attractive pricing and innovative marketing led to solid growth in direct-to-home (DTH) TV service subscribers. As of September 30, 2008, the total number of DTH customers amounted to 559K, an increase of 268K compared to the year-earlier level. As in prior quarters, the sharp growth in data services and DTH TV customer base triggered a significant increase (+39%) in Sales of merchandises (CPE).

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