Business Wire (press release), CA
June 28 2004

Hellenic Telecomms UK Regulatory Announcement: Statement Re Joint
Press Announcement by the Government of the Republic of Armenia,
Hellenic Telecommunications Organization and Armenia Telephone
Company – ARMENTEL

ATHENS, Greece–(BUSINESS WIRE)–

The Government of the Republic of Armenia, Hellenic
Telecommunications
Organization SA (NYSE:OTE) (ASE:HTO) and Armenia Telephone Company
(ARMENTEL), jointly announce the commencement of negotiations with a
view to settling all outstanding disputes between the parties. The
Government of the Republic of Armenia has made a decision to suspend
the amendment of License No. 60 issued to Armentel, until 21
September
2004 to facilitate the conduct of the negotiations.

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.

Listed on the Athens Stock Exchange, the company trades under the
ticker HTO as well as on the New York Stock Exchange under the ticker
OTE. In the U.S., OTE’s American Depository Receipts (ADR’s)
represents 1/2 ordinary share.

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