OTE announces that the company’s Board of Directors has been informed that Mr. Michael Tsamaz has been selected for the position of OTE’s Chairman and CEO, in accordance with article 4.3.4 of the Shareholders Agreement between Deutsche Telekom and the Hellenic Republic. This selection expresses the common will of the two main shareholders. Mr. Michael Tsamaz will assume his new duties on November 3rd. Mr. George Papaconstantinou, Minister of Finance, noted: "OTE has tremendous potential. It plays a crucial role in the country’s development and the broader region and in enhancing the competitiveness of the Greek economy. I am certain that Mr. Michael Tsamaz, as a common choice of the main shareholders of the Organization, will successfully face the difficult tasks ahead and will guide OTE in its next steps." "I want to congratulate Michael Tsamaz on his selection as Chairman and CEO of OTE by the main shareholders", said Mr. Guido Kerkhoff, Board member of Deutsche Telekom, responsible for Europe. "His considerable international experience and proven business skills have made him one of the leading executives in Greece, as his track record with COSMOTE proves beyond doubt. These are exactly the qualifications we were looking for in finding the right person to head OTE. At the same time, I would also like to thank Panagis Vourloumis, who has done a fantastic job in leading OTE, and who has made a significant contribution to the successful integration process between OTE and Deutsche Telekom. I want to wish him the best of success." "Mr. Panagis Vourloumis stated: "The progress achieved in the last 6 years is due to the hard work of the executives and employees of the OTE Group. My warmest farewell to all. I also wish to thank the shareholders for their support. I believe that the choice of Michael Tsamaz by the two main shareholders of OTE is a guarantee for the future." Mr. Michael Tsamaz noted: "I would like to thank both shareholders for their trust. This is an enormous responsibility. OTE’s contribution is a key factor in the technological advancement of Greece as well as SE Europe. Its transformation, which began under the management of Mr. Panagis Vourloumis, must continue even faster, in order to ensure OTE’s healthy growth, an excellent work environment, the development of its employees and adequate returns to its shareholders, through products and services that satisfy our customers." Short CV of Mr Michael Tsamaz Michael Tsamaz is Head of COSMOTE Mobile Telecommunications SA since September 2007. He joined OTE Group in 2001. Mr. Tsamaz assumed various senior positions in OTE subsidiaries, such as Executive Vice President at OTE International, CEO at OTE Investments and OTE Globe, while monitoring the progress of the major transformation projects of OTE fixed. He also served as a BoD member for a number of OTE and COSMOTE International subsidiaries. Before joining OTE, Mr.Tsamaz had an evolving management career in multinational companies holding senior executive positions in Marketing, Sales and General Management. From 1998 to 2001, he worked in Vodafone Greece as Commercial Director and later as General Manager of the Commercial and Administration Division. From 1991 to 1998, he worked for Philip Morris where he held the positions of Marketing Director for Greece and Israel, Sales Director for Greece and Director of Sales Development for Eastern Europe, responsible for 16 countries (Russian and CIS). Mr. Michael Tsamaz is married with two children and holds a degree in Business Administration from the University of New Brunswick, Canada.