HELLENIC TELECOM. ORGANIZATION S.A. : Announcement of regulated information- Successful completion of OTE ’s voluntary exit

Press Release Successful completion of OTE's voluntary exit

? 1,827 people to retire under the Voluntary Exit Schemes

? New employment opportunities - Over 500 recruitments in 2014

? Net annual cost savings of ~?94 million - No burden for state pension funds

Athens, January 7, 2014
OTE announces the successful completion of its Voluntary Exit Schemes, launched in November last year in the context of the company's transformation process through socially responsible solutions. With the initial targets significantly exceeded, 1,827 employees accepted the incentives offered by the company, mainly from the tranche that included employees close to retirement.
Net annual cost savings for OTE are estimated to about ?94 million. It is noted that the Voluntary Exit Schemes entail no burden for Greek state pension funds, as OTE covers the entire cost of ? 73.5 million for participating employees' self-insurance.
The successful completion of the Voluntary Exit Schemes allows OTE to significantly reduce its operating expenses, enhance its competitiveness and proceed with the company's transformation, while in the same time creating much needed new employment possibilities for young people in the OTE Group.
In the context of enhancing customer experience through quality technical and commercial service, OTE Group has announced 500 new job openings for technical support and salespeople. Added to 2013 recruitments, OTE Group will have created over 1000 jobs in the course of one year, with salaries exceeding minimum wage and extra provisions such as private health care as well as products and services of the Group.

NOTE: This announcement is made by The Hellenic Telecommunications Organization SA (OTE SA), as "Regulated information" in accordance with Law 3556/2007, 1/434/03.07.2007 Decision of the Hellenic Capital Market Commission, article 13 of Law 3340/2005 and 3/347/12.07.2005 Decision of the Hellenic Capital Market Commission.

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