OTE, announces that from July the 2nd of year 2001 till September the 30th of the same year, will proceed with the implementation of a share buy back program. According to this program, OTE will purchase up to 12.5 million shares, approximately 2.5% of its share capital.

The share buy back program will be financed from the company's available cash.

This program is within the framework that was approved by last year's AGM (as of June 29th of year 2000), of up to 10% of outstanding shares at a maximum price of ? 41.08 (14,000 Drs) per share. Up to now, OTE has purchased approximately 13 million shares.