Hellenic Telecommunications Organization S.A. 99, Kifissias Ave., Maroussi, Athens, Greece

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1 ANNUAL REPORT 2012

2 This document has been printed on environmentally friendly, high - quality paper with the following composition: 40% recycled paper, 55% FSC - certified paper pulp (certificate of sustainable forest management) and 5% cotton fibres to improve paper texture and appearance. It is eco label - compliant, adhering to all environmental management ISO standards as well as the relevant ISO standard for reduced carbon dioxide (CO 2 ) generation and emissions during manufacturing. It features neutral ph; it is free of heavy metals and is non-chlorinated to avoid contamination of water, the ground water table and the sea. It is durable but also fully self degradable and recyclable. Hellenic Telecommunications Organization S.A. 99, Kifissias Ave., Maroussi, Athens, Greece

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4 Who we are ANNUAL REPORT ORGANIZATIONAL STRUCTURE ΟΤΕ ΑΕ Greece COSMOTE Greece 100% 54% RomTelecom Romania 100% OTE GLOBE Greece AMC Albania 97% 100% Globul* Bulgaria 94% OTESat - Maritel Greece Zapp Romania 100% 70% COSMOTE Romania 30% 100% OTE estate Greece 100% Germanos* S.E. Europe 100% OTE Plus Greece 100% OTE Academy Greece Fixed-line Telephony Mobile Telephony Other Operations 62% CosmoONE Greece * In April 26, 2013 OTE announced the signing of an agreement to sell its 100% stake in Cosmo Bulgaria Mobile EAD (Globe) and Germanos Telecom Bulgariα (Germanos).

5 What we do 5 GREECE Fixed-line and Mobile Telephony Fixed-line subscribers: 3,126,272 Broadband subscribers: 1,204,980 TV subscribers (OTE TV through Satellite and through Conn-x): 119,771 Mobile telephony subscribers: 7,697,322 ROMANIA Fixed-line and Mobile Telephony Fixed-line subscribers: 2,329,042 Broadband subscribers: 1,196,561 TV subscribers: 1,265,325 Mobile telephony subscribers: 6,285,830 BULGARIA Mobile Telephony Mobile telephony subscribers: 4,518,191 ALBANIA Mobile Telephony Mobile telephony subscribers: 1,874,221

6 Where w e d o it 6 ΟΤΕ GROUP Greece Αlbania Romania Bulgaria ANNUAL REPORT 2012

7 How we are doing ProForma EBITDA* ( mn) 1, , , *Excluding impact of Voluntary Retirement Programmes and Restructuring Plans 02. Earnings per Share ( ) Net Operating Cash Flow* ( mn) 1, , , *Excluding Voluntary Exit Programmes and/or Spectrum payments 04. Adjusted Free Cash Flow * ( mn) *Excluding Voluntary Exit Programmes and/or Spectrum payments

8 How we are doing ANNUAL REPORT Total CAPEX as % of Revenues 13.7% 14.2% 0.2% 2.0% 13.5% 12.3% 11.8% 1.3% 10.6% Spectrum Payments as % of Revenues Adjusted CAPEX* as % of Revenues *Excluding Spectrum Payments 06. OTE GROUP Net Debt ( mn ) Dec 31, 2012 Dec 31, /- % Short Term : - Bank loans % Medium & Long - term: - Bonds 3, , % - Bank loans 1, , % Total Indebteness 4, , % Cash and Cash equiv. 1, % Net Dept 2, , % Other financial assets % Underlying Net Dept 2, , % 07. Underlying Net Debt ( mn ) 4, , , Adjusted Net Debt to Pro forma EBITDA 2.2x 2.2x 1.7x

9 9 09. Geographical Distribution of Revenues 2012 (Before Eliminations) Other Countries 29,6% 10. Pro forma EBITDA 2012 Geographical Distribution* (Before Eliminations) Other Countries 27,1% Greece 70,4% Greece 72,9% *Excluding impact of Voluntary Retirement Programmes and Restructuring Plans 11. Revenues Breakdown Pro forma EBITDA Breakdown 2012* (Before Eliminations) OTE 33.8% OTE 30.1% COSMOTE 48.8% COSMOTE 53.7% Other 4.7% RomTelecom 12.8% Other 6.1% RomTelecom 10.0% *Excluding impact of Voluntary Retirement Programmes and Restructuring Plans 13. ΟΤΕ S.A. Employees Evolution 10,925 10,569 8, OTE Fixed Line Connections (000) 3,857 3,431 3,

10 How we are doing ANNUAL REPORT RomTelecom Fixed Line Connections (000) 2,622 2,490 2, OTE Retail Broadband Subscribers (000) 1,112 1,097 1, RomTelecom Broadband Subscribers (000) 1,013 1,136 1, OTE Group MobileTelephony Subscribers (000) 20,785 20,467 20,

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12 How we do it ANNUAL REPORT Our Strategy The Management s target is to transform OTE into a high performance company. Specifically, the company aspires to: Become the leading provider of broadband, ICT and Pay-TV services in Greece Deliver best-in-class services to its customers Offer its customers a top quality experience Become the best employer in Greece, advance its personnel and attract highly talented employees Enhance the value generated for its shareholders In order to attain these goals, the company has begun implementing a farreaching transformation program, a large part of which was realized in MAIN ACHIEVEMENTS OF THE TRANSFORMATION programme IN 2012 The transformation programme is constructed around 8 basic pillars. The main achievements per pillar are the following: 1. Customer Experience Realization of over 45 trans-departmental projects aimed at improving the entire customer lifecycle 2. Products & Services Especially successful launching of new broadband programmes Significant upgrading of the content and services of ΟΤΕ TV Enhancement of the ICT/System Integration s market share 3. Cost Reduction Over-attainment of goals set regarding the reduction of operational costς 4. Operations Optimization Radical reorganization of OTE s technical services, with a concurrent realization of the Workforce Management automated system in regard to 2,700 employees Optimization of basic procedures in key areas of operation (Customer Service, Procurement, Personnel, Technical Support, IT, etc.) 5. Human Resources Successful implementation of voluntary retirement programmes for about 1,500 employees, which resulted in a significant reduction in operational costs Realization of a personnel evaluation system 6. Next Generation Access Successful launching of new generation VDSL services at competitive prices 7. Regulation Decisive contribution to the successful launchings of Broadband and VDSL

13 13 8. Group Synergies Creation of a single management team for ΟΤΕ-COSMOTE and consolidation of the majority of units on an operational level, so as to maximize synergies Active participation and realization of synergies within the DT Group. Based on these achievements, the company has managed, through coordinated commercial actions, to regain its competitiveness in 2012 and to attain major goals, such as: Reducing by 50% the net losses of voice connections to the competition Attracting about 40% of the broadband market s net additions Doubling its TV services customer base Significantly enhancing the indexes regarding customer satisfaction and loyalty MAIN DIRECTIONS OF THE TRANSFORMATION programme FOR 2013 The strategic transformation programme will continue into 2013 with a set of actions regarding all pillars. At the same time, emphasis during this year will be placed on realizing the most of synergies (both on the level of the OTE Group and the DT Group), as well as on the simplification of structures and procedures. The main sectors of the 2013 programme are: 1. Customer Experience and Commercial Effectiveness Continuing the programme for the improvement of Customer Experience, while at the same time restructuring internal processes and procedures, especially in terms of sales, in order to maximize the ΟΤΕ-Cosmote synergies Emphasizing the B2B sector (companies, businesses), as well as the developing markets (TV, ICT, Internet Services) 2. Optimizing Efficiency Emphasizing the simplification and automation of procedures, as well as the synergies that arise from the common use of supportive functions within the OTE Group, while at the same time continuing the transformation of OTE s technical services. 3. Human Resources Ensuring the company s smooth operation, despite the extent of the voluntary retirement program; simplifying the human resources management procedures; and at the same time reinforcing the organizational behavior which is based on efficiency. 4. Cost Containment Extensive programmes towards reducing operational costs, while also taking advantage of the DT Group s experience. 5. Regulation Constant monitoring of the regulatory environment and timely interventions in order to ensure the company s interests. 6. New Generation Access (NGA) Expansion of VDSL coverage and draft of a mid/longterm plan for the launching of new generation services and technologies, with an aim to more efficiently meet customer needs, to enhance the company s competitiveness, and to reduce operational costs. 7. Group Synergies Enhancing all synergies within the OTE and DT Groups, on a commercial level as well as regarding matters of optimization and efficiency.

14 What happened in 2012 ANNUAL REPORT AGREEMENTS, DISPOSALS, ORGANIZATIONAL CHANGES AND OTHER CORPORATE EVENTS In January the sale of OTE s 20% entire stake in Telecom Serbia is completed. OTE received 397mn in total, 380mn from the share transaction and 17mn for the dividend of fiscal year 2011, according to the Share Purchase Agreement that had been signed in December 2011 in Athens. In June OTE secures an important agreement with Inmarsat, the leading provider of global mobile satellite communications services, for the provision of its forthcoming Global Xpress services. Following an international tender involving major telecommunications providers and earth gateways throughout Europe, OTE has been selected to establish and manage a satellite access station (SAS) for the Global Xpress service in Nemea, Greece. GX services will provide mobile users with true broadband speeds of up to 50Mbps and will be delivered via three Inmarsat-5 (I-5) satellites, launching from mid In July Mr Charalambos Mazarakis assumes the position of OTE Group Chief Financial Officer. In addition, OTE s Board of Directors, elects Mr. Mazarakis, as new member (executive) of the BoD, thereby replacing the resigning Mr. Kevin Copp, for the rest of the latter s tenure, until the date of the Ordinary Shareholders General Meeting of the year In September COSMOTE ROMANIA acquires one block in the 800 MHz band, two blocks in the 900 MHz band, five blocks in the 1800 MHz band and two blocks in the 2600 MHz (FDD) band, valid from 2014 through 2029, for a total amount of 179.9mn. In October OTE presents its new corporate communication, with the key message of the new corporate positioning, "Together, we are one", which reflects the company's customer-centric philosophy. This message indicates that products and services aim to meet the needs of consumers and this became reality through specific product proposals within 2012 [e.g. affordable prices on OTE Double Play, upgraded technology (VDSL technology), better service (13888, ote.gr), entertainment (OTE TV)]. Through the elimination of the different products logos and highlighting the logo of OTE as the only logo, OTE strengthened its brand name. In accordance with its new corporate positioning, OTE implemented a new friendly and comprehensible for the customer Product tree, through: The creation of a single and consistent classification of products and services' names between categories for individuals and businesses The creation of a definite up - selling proposal on products for the consumer The simplicity of products descriptions and names in order to make them more understandable to the client In November OTE's Board of Directors approves a Voluntary Exit Scheme for employees close to their retirement age. 1,516 employees left the company, while OTE estimates the net annual cost savings from downsizing to about 80mn. REFINANCING ACTIONS In April OTE, in the context of its 900mn syndicated Bond Loan Revolving Credit Facility, prepays an amount of 300mn in aggregate, which remained committed and could be redrawn. In June 1, 2012, OTE redraws the above amount. As of June 30, 2012 the outstanding balance of this syndicated loan was 896.8mn. In July OTE PLC proceeds with the prepayment of the remaining outstanding amount of 311.7mn under the Revolving Credit Facility maturing in September 2012, along with the payment of the accrued interest. Also in the same month, OTE PLC proceeds with the prepayment of the remaining outstanding amount of 445.2mn under the Syndicated Loan maturing in September 2012, along with the payment of the accrued interest.

15 15 In November, OTE announces that it has exercised the 1-year extension option embedded in its 900mn Syndicated Bond Loan RCF, dated 9 February 2011, receiving commitments extension consent of banks representing 500mn of the facility. In November 26, 2012 the transaction was completed with the signing of the relevant documents and the 500mn outstanding balance should be repaid in February 11, Until December OTE PLC proceeds with partial repurchases of bonds in an aggregate nominal amount of 236mn under the August 2013 Note, along with the payment of the accrued interest. In addition, in the same month Globul (OTE Group s subsidiary) raises 153mn under a Syndicated Loan Agreement with a consortium of banks. The loan is unsecured, has a tenor of 4 years with an amortizing repayment schedule and a margin of 5.50% p.a. over Euribor. We note that in 2013 the following actions took place: In January 2013, OTE s subsidiary, OTE PLC, concludes under the GMTN Programme a private bond exchange agreement by which it will exchange 187mn of the August 2013 Notes with a further issue of 187.7mn Notes maturing in February In February 2013 it is announced that OTE PLC s 187.7mn February 2015 Notes is listed for trading on the Luxembourg Stock Exchange and are consolidated with the existing 600mn February 2015 Notes with a current coupon of 7.25%. As a result, the total outstanding principal amount of the February 2015 Notes stood at now 787.7mn. In January 2013 OTE successfully completed the bookbuilding process for the issue of 700mn, 5-year Fixed Rate Notes with an annual coupon of 7.875%, paid semi-annually. The issue is oversubscribed 2.7 times, with the demand set at an amount in excess of 1.9 bn. The Notes are issued by OTE PLC and will be fully and unconditionally guaranteed by Hellenic Telecommunications Organization S.A. (OTE S.A.) under its 6.5 bn Global Medium Term Note Programme. In February OTE PLC issues the new 5-year Notes. In February 2013 OTE s subsidiary, OTE PLC concludes a tender for cash of its August 2013 Notes and its April 2014 Notes. OTE PLC repurchased the amount of 106.2mn for the tendered August 2013 Notes along with the payment of accrued interest and nominal amount of 92.5mn for the tendered April 2014 Notes along with the payment of accrued interest. The tendered notes were handed for cancellation. The same month OTE proceeds with the repayment of 400mn under the 900mn Revolving Credit Facility (Bond Loan) that it had signed in February 2011 with a consortium of banks. The remaining portion of nominal amount of 500mn, maturing in February 11, 2014, has been reclassified under short-term portion of long-term borrowings.

16 What happened in 2012 ANNUAL REPORT OTE PRODUCTS & SERVICES In January OTE Cinema is added to the existing wide range of OTE TV channels, bringing the total number of available channels to 49. OTE Cinema is available in both channel packages, Family Pack and Full Pack, either via satellite or via Conn-x. In the same month DISCOVERY HD SHOWCASE is also added to ΟΤΕ TV. In February OTE announces the new service Unified Communication Box for businesses. In the framework of constant development and upgrading of services, OTE introduces, for the first time in Greece, an innovative «all-in-a-box» service, offering IP call centers and integrated management solutions for the telecommunications needs of businesses from one provider. OTE assumes full implementation, management and technical support of the new service. In March OTE TV news content is further enhanced with the addition of CNBC, the business and financial news channel. Nine new channels are available on the platform, while OTE TV channels now exceed 50. CNBC is available on both Family Pack and Full Pack via satellite as well as via Conn-x. In addition OTE announces the new groundbreaking service OTE REPLAY TV, through which subscribers of OTE TV via Conn-x have the opportunity to replay and watch programming up to 48 hours in the past on any of 13 different television channels, simply and easily. Furthermore the satellite platform of OTE TV is enriched, with the free nationwide channels. In May a new era for OTE customers begins, with the new programmes OTE Double Play Unlimited, which combine Conn-x and unlimited telephony to fixed calls with rates, reduced by up to 25% compared with the programmes of the previous year. In June the new movie channel "Village Cinema" is added to OTE TV. In July OTE introduces its new product OTE Business Cloud OTE, which enriches its portfolio of technologically advanced cloud computing services in the new era of OTE business programmes. New services are being added to the existing Cloud services successfully provided for years, so that they may all together offer a multidimensional solution to meet everyday business needs. In addition OTE s TV platform is enriched with seven new channels of which four have local service. Channels Kontra TV, Extra 3 and Sunny, along with the TV 100 and 4E channels from Thessaloniki, as well as, Crete TV and Star Central Greece channels, are now part of OTE s TV product offering. In October for the first time in Greece, OTE launches a new innovative initiative yourbusiness.gr enabling Small and Medium-sized Enterprises and freelancers to promote their business on the Internet for a whole year easily, quickly and completely free of charge. Moreover, two new channels are added to OTE TV: OTE Cinema 1 HD and OTE Cinema 2. In November OTE pioneers the commercial launch of new, fast Internet VDSL speeds. Providing speeds up to 50 Mbps, VDSL by ΟΤΕ transforms the daily Internet experience. The company enriches its series of OTE Double Play programmes with four new OTE Double Play VDSL programmes to meet users needs for higher speeds and unlimited telephony. OTE TV enhances the OTE Sport platform (OTE Sport 1HD, OTE Sport 2HD, OTE Sport 3 and OTE Sport 4), enriching the live content and high definition broadcasts and enhancing the TV experience of its subscribers, who now have access to 4 OTE Sport channels, of which two are in high definition. In December OTE TV content is further enhanced with the addition of ΑΝΤ1 TV channel, Travel Channel HD, Makedonia TV, a national free-to-air channel, MAD music channel as well as a number of regional channels (Blue Sky, Epirus TV1, Delta TV Alexandropolis, and Serres Television Network).

17 17 DISTINCTIONS In February OTE receives important distinctions at the "9th Enterprise Awards Money - George Ouzounis»". Specifically, the company is awarded first prize for Investor Relations 2011 and second prize for Corporate Social Responsibility. In June OTE is voted by international analysts and investors as the "Best Firm for Investor Relations in Greece". OTE s IRO, Mr. Dimitris Tzelepis is voted the best Investor Relations Professional in Greece. In October OTE and COSMOTE are awarded important distinctions for their Corporate Responsibility activities. OTE Group wins distinctions at the Thales CEO & CSR 2012 awards, receiving the Highest Corporate Social Responsibility Distinction and also third place in the category Most Popular Company in CSR. Similarly, COSMOTE wins second place in the category, Best CSR Campaign / Communication for its campaign, Our world is you. On the same month, OTE s Laboratory for the Measurement of Electromagnetic (EM) Radiation, which is one of the company's New Technologies Laboratories, is awarded one more distinction, having been accredited in accordance with ELOT EN ISO/IEC 17025:2005 by the Hellenic Accreditation System S.A. (ESYD). In December OTE and COSMOTE receive a distinction at the E-volution Awards for their electronic procurement services in the category E-Commerce B2B Implementation, under the broader category Awards to Companies utilizing E-business. CosmoONE is awarded for its operations outside Greece, and specifically in Romania, Serbia and Azerbaijan. This is the second consecutive distinction of CosmoONE at the E-volution awards.

18 About our Share and Bonds ANNUAL REPORT SHARE OTE s shares are traded on the Athens and London Stock Exchanges (GDRs). As of September 2010, OTE s shares ceased trading on the New York Stock Exchange (NYSE). Following OTE's delisting from the NYSE, OTE's ADSs (American Depositary Shares) trade on the OTC (Over the Counter) market under the ticker HLTOY through the Level I ADS program. ATHENS STOCK EXCHANGE Ticker ote Bloomberg ticker > HTO GA Reuters ticker > OTEr.AT Market capitalization > 3,725.1mn (May 16, 2013) Closing price 7.60 (May 16, 2013) Annual high (2012) > 5.32 Annual low (2012) > 1.13 Average Trading Volume (2012) > 1,651, Relative performance chart of OTE share price & FTASE/ASE 20 index for the period Jan May 16, Jan-12 Feb-12 Mar-12 Αpr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Αpr-13 May-13 OTE FTSASE/ASE OTE share price & FTASE/ASE 20 index for the period Jan May 16, ,0 7,0 6,0 5,0 4,0 3,0 2,0 1,0 0,0 Jan-12 Feb-12 Mar-12 Αpr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Αpr-13 May-13

19 Shareholders Structure (March 31, 2013) Deutsche Telekom 40.0% Hellenic Republic* 10.0% International Institutional Investors 27.6% Greek Institutional Investors 10.9% Others 11.5% BONDS OTE issues bonds under the Global Medium Term Note (GMTN) Programme, which are listed on the Luxembourg Stock Exchange and traded in the secondary market. *Including 4% voting rights attached of share capital transfered to IKA Pension Fund Notes under Global Medium Term Note Programme Code (ISIN) Nominal Amount in mn Coupon Maturity Date Price as of May 16, % 1.250mn XS ,8 5,000% Aug 05, ,2 7.25% 500mn XS ,0 7,250% Apr 08, ,2 7.25% 787.7mn XS ,7 7,250% Feb 12, , % 895mn XS ,0 4,625% May 20, , % 700mn XS ,0 7,875% Feb 07, ,3 04. OTE Bonds chart for the period Jan May 16, Jan-12 Feb-12 Mar-12 Αpr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Αpr-13 May ΟΤΕ Bond 2014 ΟΤΕ Bond 2015 ΟΤΕ Bond 2016 ΟΤΕ Bond 2018 ΟΤΕ Bond 05. OTE GROUP Debt Maturity (March 31, 2013) Feb ' Aug '13 Apr '14 Feb '15 May '16 Feb ' Globul Syndicated Loan & Other Loans Bonds Syndicated Loans

20 CONTENTS ANNUAL REPORT page Message from the Chairman 22 Corporate Governance at OTE 24 Corporate Responsibility OTE-COSMOTE 30 Investments in infrastructure 34 Human Resources 40 OTE Group Operations 47 Fixed Line telephony in Greece-OTE SA Broadband and voice services 48 Services for telecom operators 58 Fixed- line regulatory framework 63 International telephony, Internet & data - OTEGLOBE 67 Fixed- line telephony in Romania-RomTelecom 69 Mobile telephony in Greece and Abroad - COSMOTE GROUP 74 Greece (Cosmote) 75 Albania (AMC) 82 Bulgaria (Globul) 84 Romania (Cosmote Romania) 86 Other Operations in Greece and Abroad 89 ΟΤΕestate 90 OTESat-Maritel 92 OTEplus 93 OTEAcademy 95 Hellas Sat 98 Annual Financial Report 89

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22 Message from the Chairman ANNUAL REPORT Athens, May 20, 2013 My fellow shareholders, For our Company, 2012 was a year of great challenges and of great accomplishments. Economic conditions remained difficult in many regions of the world, and were particularly dire in Southeast Europe, where OTE conducts all of its business. In our home market, Greece, which still accounts for the bulk of our revenues, the economy shrank by more than 6%, its fifth straight year of decline. The decline in consumer spending was even steeper, with unemployment rate currently reaching 27% of the population, and nearly 60% of all young people, while salary cuts and tax increases hit the disposable income of those who still had a job. In Romania, where we derive another significant portion of our sales, GDP and consumer spending failed to grow last year, and similar trends were observed in our other markets, Bulgaria and Albania. While telecommunications services have tended to be somewhat more resilient than overall consumption, the industry s revenues in our region suffered from a series of severe rate cuts mandated by the regulatory authorities in all the markets in which OTE units are active. In Greece, mobile termination rates were reduced by 74% over the course of the year, taking a significant toll on the industry s combined revenues and profits. Tariff reductions of comparable magnitudes impacted our international operations. Against this unfavorable economic and regulatory backdrop, OTE did a remarkable job on a number of fronts: we continued to provide our customers with solutions that are always innovative and reliable, and are also competitive in regulated fixed line- whenever we have control over their pricing; we intensified our cost-cutting efforts to mitigate the impact of severe revenue drops on our profitability; we considerably strengthened our finances; and we continued to invest wisely and selectively, ensuring that the countries in which we operate benefit from the technological infrastructure they require to rebound and return to growth. I would like to expand a little on our achievements in each of these areas. Building innovative solutions around our customers Our aim in the past few years has been to rebuild our customers experience of OTE products and services from the ground up, to put the customer at the center of all we offer. We achieved new major milestones in customer-centricity in A complete redesign of all our interactions with the public has been implemented in Greek fixed line, ranging from new retail shop formats to new statements that emphasize user-friendliness. The reorganization of our call centers, now accessible through a single number, has accelerated response time and fault repairs. At the same time, we have continued to make headway on the product front. In Romania as well as in Greece, richer content, notably in sports events, has resulted in robust growth in TV subscriber number, boosted by the launch of our successful Greek satellite TV offering. Authorized by the Greek regulator for the first time to narrow the pricing gap for doubleplay packages against our competition, we regained momentum in ADSL and were able once again to contribute to the overall growth of the Greek broadband market, a positive trend that we hope to continue fostering with the rollout of our high-speed VDSL offer, launched towards the end of the year. In mobile, our leadership in cellular data strengthens our market positions in all our countries, notably in the postpaid segments of the markets. We believe that our technological edge is and will remain instrumental in this highly competitive business. All in all, we are satisfied that our customers in all our markets appreciate the difference OTE makes to their lives, and that this advantage will increasingly fuel our resilience, and eventually our growth, in the coming years. Adapting our cost base Our customer-centric initiatives are key in mitigating the influence of economic and regulatory factors on our top line, but they cannot reverse the erosion of our revenues, and we need to work as intensively on the adaptation of our cost structure to this changing environment. Throughout the year, we pursued with determination the streamlining of our organization and the rationalization of our cost base. As I have noted in the past, the considerable efforts we are making to rein in operating expenses can only have a meaningful impact if we are able to reduce our largest source of costs, payroll and benefits. In 2012, in record time, we were able to launch and complete a major Voluntary Exit Scheme in the Greek fixed line. Initially intending to attract 1,200 employees, it was eventually adopted by more than 1,500 of our people, who left before the end of the year. This translates into a net saving of approximately 80mn on an annualized basis, and I want to emphasize that the cost of this programme was borne exclusively by OTE, with no participation from the Greek state and no demand on its pension funds. All told, we estimate that we have taken about 600mn of annual costs out of the Group over the past two years. We are proud of these achievements, which have enabled us to add a full percentage point to our EBITDA margin in the full year.

23 23 Strengthening our financial structure Another key priority for the year was to get our financial structure in order and put ourselves in a position to meet our debt obligations of the coming year while continue to fund our investments for the future. During the year and in early 2013, we completed the sale of our stakes in Telecom Serbia and Hellas-Sat respectively, generating proceeds of over 600mn. In the second half of 2012, we have completely reshaped our debt profile through a series of loan extensions, borrowings at subsidiary level, bond repurchases and exchanges. This in-depth restructuring of our debt enabled us, in early February 2013, to raise a 700mn issue of fixed rate notes in the international markets. The issue was considerably oversubscribed, an important sign of investor confidence in the work we have done to consolidate OTE s finances in the difficult past years. Thanks to our continued strong cash generation, we ended the year with net debt of less than 2.9bn, a drop of nearly 1bn from the end of Our cash position at year end was close to 1.2bn, enabling us to face with confidence our investing and refinancing needs of the coming year. Investing for the future, ours and that of the nations we serve Throughout the year, we have pursued a selective but comprehensive programme of investments in updating our infrastructure and ensuring that the customers we serve have access to best-in-class technologies. Slightly more than one-tenth of our 2012 revenues were reinvested in capital expenditures, and this does not include the significant investments we had to make to renew and expand our mobile spectrum licenses in certain countries. In these tough markets, the continued implementation of this strategy and our management discipline enabled us to deliver a strong financial performance during the year. Total revenues dropped by slightly over 7% to 4.7bn, despite the severity of termination rate cuts and macroeconomics in the countries where we operate. Our stringent cost-reduction programmes resulted in a full one percent increase in our pro forma EBITDA margin to 35.4%. Our net income was quadrupled and we continued to generate considerable cash flow, roughly unchanged during the year at over 1.3bn despite lower sales. Special reference is due to the strong results of our international subsidiaries, which have delivered above expectations adding value to the Group, despite the highly volatile environment they face. In Romania, RomTelecom achieved consistent operating and financial performance, successfully implemented cost-reduction initiatives that resulted in an EBITDA increase, and significantly boosted the number of its broadband and TV customers. Cosmote Romania continued to enhance its operating efficiency, achieving a solid EBITDA margin, while increasing the number of business customers, capitalizing on targeted offers and synergies with RomTelecom in the B2B segment. In the extremely competitive and overcrowded Albanian market, AMC managed to increase its customer base and posted a 42% growth of mobile data revenues for the year. Last but not least, I have to point out Globul s solid performance under the tough Bulgarian market conditions, a performance which has attracted the attention of international investors. In April, 2013, the Group announced the signing of an agreement to sell Globul and Germanos Telecom Bulgaria A.D. to the Norwegian operator Telenor Mobile Communications AS, for an enterprise value of 717mn. In 2013, we do not expect to see material improvement in our operating conditions or the trends that have affected Greece for the past years. We estimate that the industry-specific obstacles and regulatory pressures will continue. Our revenues and profits will once again record the hits of mandatory tariff reductions implemented in the past year, as well as of potential new rounds. Intense competitive pressure is certain to eat into our revenue base in fixed and mobile. Facing these factors, we are confident that the continued implementation of our strategy, the operating momentum we have built and are continuing to foster, the dedication of all of our people, and our unflinching financial discipline will enable us once again to achieve a solid performance. Michael Tsamaz Chairman and CEO of OTE SA

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