RNS No 7395d
HELLENIC TELECOMMUNICATION ORGANISATION S.A.
1st July 1997

                                OTE
              Hellenic Telecommunications Organisation S.A.  
          Offering of 47,109,970 Shares in the form of Shares and 
                      Global Depositary Receipts

Pursuant to core dealing Rule 2.13, HSBC Investment Bank plc notifies you that
it is the stabilisation manager in the UK in connection with the above
transaction.  Salomon Brothers Inc will be stabilisation manager in the US. We
confirm the following.

1. The securities concerned are the GDRs and the Shares;
2. The stabilising manager in the UK is HSBC Investment Bank plc (contact:
   Robert Howatson Tel: 0171 336 2372
3. The stabilisation period extends from June 18 1997 to July 21 1997.
4. The offer price of the GDRs has been set at $12.22 per GDR and the offer
   price of the ordinary shares has been set at Drs 6,600 per share.
5. Stabilisation in the GDRs may occur on SEAQI.
6. The underlying Shares traded on the Athens Stock Exchange may also be
   stabilised.

END