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Press Release OTE raises €700 million from international markets

A vote of confidence to Greece and OTE - high demand for the new bond issue

Coupon of 3.5% - heavy oversubscription

Athens, July 7th 2014

OTE has successfully concluded the bookbuilding process for the issue of a Euro 700 million six- year fixed-rate bond.

The coupon was set at an attractive rate of 3.5% p.a., demonstrating the support of capital markets in OTE's strategy and the prospects of the Greek economy. The issue was heavily oversubscribed with the total demand exceeding Euro 2.5 billion.

Out of the total bond size of Euro 700 million, an amount of approx. Euro 500 million was raised by bondholders who expressed intention to tender bonds maturing in February 2015 and May 2016 in order to subscribe to the new bond.

This bond issue is part of the multi-layered refinancing strategic plan, which OTE has been successfully implementing over the past few years. With the completion of this liability management exercise, OTE will achieve a further reduction of its cost of debt, extension and smoothening of its debt maturity profile. This significant success contributes to the implementation of OTE's strategy that entails substantial investments to the benefit of its customers and the country.

OTE Group Chairman and CEO, Mr. Michael Tsamaz stated: "It is a vote of confidence of the international capital markets to both Greece and OTE. The demand for the new bonds that we will issue is an acknowledgement of our strategy as well as of the prospects of the recovering Greek economy."

This new bond will be issued by OTE plc and guaranteed by ΟΤΕ SA, under its existing Global Medium Term Note Programme. The bond will be listed on the Luxembourg Stock Exchange. Settlement is expected on July 10, 2014.

Deutsche Bank and Morgan Stanley acted as joint bookrunners of the issue, with Alpha Bank, National Bank of Greece, Eurobank Ergasias and Piraeus Bank acting as Co-Managers.

INFORMATION

OTE INVESTOR RELATIONS DEPARTMENT Tel.: +30 210-6111574
Fax. +30 210-6111030
Ε-mail: dtzelepis@ote.gr
OTE Media Office-Corporate Communications
Department
Tel. + 30 210-6117434
Fax. +30 210-6115825
E-mail: media-office@ote.gr
NOTE: This announcement is published in accordance with the provisions of Law 3556/2007 [article 3, paragraph 1 (ist), (bb), and article 21)]; the 1/434/03.07.2007 Decision of the Hellenic Capital Market; article 13 of Law 3340/2005 and the 3/347/12.07.2005 Decision of the Hellenic Capital Market.
This communication is not an offer of securities for sale in the United States or any other jurisdiction where to do so would be unlawful. The bonds have not been and will not be registered in any jurisdiction and neither OTE SA nor OTE PLC intends to conduct a public offering of securities in any of these jurisdictions. In particular, no securities of OTE SA or OTE PLC have been or will be registered under the U.S. Securities Act of 1933, as amended (the Securities Act), and the bonds may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable state securities laws.
The new issuance is not being made, directly or indirectly, to the public in the Hellenic Republic (Greece). None of this announcement and any other documents or materials relating to the new issuance constitute a "public offer" (dimossia prosfora), within the meaning of Greek Law 3401/2005, for the purchase, sale or exchange of, or otherwise for an investment in, securities in the territory of Greece. Accordingly, neither this announcement nor any other documents or materials relating to the new issuance have or will be submitted to the Hellenic Capital Market Commission for approval pursuant to such laws. Any documents or materials relating to the new issuance may only be distributed, delivered or otherwise made available in the Greek territory to "qualified investors" (eidikoi ependytes), as defined in article 2 of Greek Law 3401/2005 acting on their own account or on the account of their clients who are themselves qualified investors.

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