The Shareholders of the Hellenic Telecommunications Organization SA -Registration Number 347/06/B/86/10- Are Hereby Invited to the Fifty-Second -52nd- Ordinary General Assembly - Fiscal Year 1/1/2003 to 31/12/2003

Business Wire, May 25, 2004

Business Editors/High-Tech Writers

ATHENS, Greece--(BUSINESS WIRE)--May 25, 2004

Hellenic Telecommunications Organization SA (OTE SA) (NYSE:OTE)(ASE:HTO):

Pursuant to the Law and the Articles of Association and following the resolution of the Board of Directors, which convened on May 24, 2004, the Shareholders of the Hellenic Telecommunications Organization SA are hereby invited to the fifty-second (52nd) Ordinary General Assembly, to be held on Thursday, June 17th 2004, at 11:00 hours, at the company's Headquarters, (99, Kifissias Ave - Marousi), in order to discuss and decide upon the following:

1. Approval of the election of the new members of the Board of Directors in replacement of the members who resigned, according to article 10, paragraph 4 of the Company's Articles of Association

2. Cancellation of 12,794,900 own shares, as more than three years have elapsed since their acquisition, and pursuant to article 16, paragraph 12, of Codified Law 2190/1920, they have to be cancelled.

3. Modification of articles 5,8,9,10,11,13,14 and 32 of the Company's Articles of Association

4. Presentation of the Management Report, the Financing and Procurement Reports, and the Audit Reports prepared by Certified Auditors and an Auditor of international reputation, on the annual financial statements for fiscal year 2003, including the consolidated financial statements of OTE Group of companies prepared in accordance with the International Accounting Standards (IAS)

5. Approval of the financial statements and relevant reports for the fiscal year 2003

6. Approval of the distribution of profits

7. Exemption of the members of the Board of Directors and the Auditors of any liability for fiscal year 2003, pursuant to article 35 of Codified Law 2190/1920

8. Appointment of Certified Auditors and an Auditor of international reputation for fiscal year 2004 and determination of their respective fees

9. Approval of the basic terms of agreement with individuals of articles 23a and 24 of Codified Law 2190/1920 and granting of a proxy for signing the relevant the particular agreement

10. Approval of the remuneration paid to the members of the Board of Directors for fiscal year 2003 and determination of their remuneration for 2004

11. Approval of the remuneration paid in 2003 to the Chairman of the Board of Directors / Managing Director as well as the remuneration of the Executive Vice Chairman, and determination of their remuneration for 2004

12. Approval of termination of the contracts between OTE and the ex-Chairman of the Board of Directors / ex-Managing Director and the ex-Executive Vice Chairman

13. Amendments of the Articles of Association including the number of the members of the Board of Directors

14. Miscellaneous announcements

In order to participate, in person or by proxy, in the said Ordinary General Assembly,

Shareholders must:

-- If they have converted their shares into book entry form, but

the said shares are not in their Depository Account,

Shareholders must obtain from their Depository Participant

certification evidencing ownership of shares (which will not

be tradable until conclusion of this General Assembly) and

deposit such certification with the OTE Share Registration

Office (1st floor, 15, Stadiou Street - Athens) at least five

(5) full days prior to the date of the General Assembly

-- If they have converted their shares into book entry form, and

the said shares are in their Depository Account, Shareholders

must obtain from the Central Securities Depository Office SA

certification evidencing ownership of shares (which will not

be tradable until conclusion of this General Assembly) and

deposit such certification as well as a duly authorized proxy

form, with the OTE Share Registration Office (1st floor, 15,

Stadiou Street - Athens) at least five (5) full days prior to

the date of the General Assembly

-- If they have not converted their shares into book entry form,

they must deposit their share certificates with any bank in

Greece or abroad, or the Consignations and Loans Fund, or

OTE's Treasury (99, Kifissias Ave. - Maroussi), or OTE Share

Registration Office (1st floor, 15, Stadiou Street - Athens)

at least five (5) full days prior to the date of the Ordinary

General Assembly. By the same deadline, Shareholders must also

have deposited their Share Depository Receipts as well as the

proxy form with the OTE Share Registration Office, at 15,

Stadiou Street - Athens.

ATHENS MAY 24, 2004

By authorization of the Board of Directors

P. VOURLOUMIS

CHAIRMAN OF THE BOARD - MANAGING DIRECTOR

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.