OTE to receive €397mn including dividend for 2011

Athens, December 30, 2011 – A Share Purchase Agreement was signed today in OTE’s headquarters in Athens between OTE and Telecom Serbia for the sale of OTE’s 20% entire stake of the Serbian company. The Agreement was signed by Mr. Michael Tsamaz, OTE Chairman and CEO, and Mr. Branko Radujko, Telecom Serbia Director General.

The Agreement consideration amounts to €380 million while OTE will additionally receive a minimum dividend of €17 million for fiscal year 2011.

OTE Chairman and CEO, Michael Tsamaz, stated: “Today we signed a mutually beneficial agreement. I would like to thank Telecom Serbia’s management and employees for the company’s accomplishments to date as well as the good cooperation with the OTE Group. The sale of Telecom Serbia will have a positive impact on our cash flow and is part of our strategy to reduce OTE’s net debt. ”

Telecom Serbia General Manager, Mr. B. Radujko said: “I would like to thank Mr Tsamaz and his colleagues on OTE's investment and contribution to the success and growth of Telekom Srbija, and wish them good luck and best of success in their future endeavours. As for Telekom Srbija, a new era lies upon us."

The transaction is expected to be completed by the end of Q1 2012 and is subject to fulfilment of agreed conditions precedent.

INFORMATION:

MEDIA OFFICE - OTE CORPORATE COMMUNICATION DEPARTMENT

Tel: +30210-6117434

Fax: +30210-6115825

E-mail: media-office@ote.gr