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Covington Advises OTE in €2.8B Cash Tender Offer for Outstanding Shares of Cosmote

November 15, 2007

NEW YORK, NY, November 15, 2007 — Hellenic Telecommunications Organization S.A., the Greek landline telephone company known as OTE that is listed on the Athens, London, and New York stock exchanges, has announced its tender offer for all issued and outstanding shares of Cosmote Mobile Telecommunications S.A., the Greek wireless carrier listed in Athens and London, that it does not otherwise own. Covington & Burling LLP advised OTE on US and UK securities law aspects of this transaction, which was structured as a “Tier 2” offer under the SEC’s cross-border tender offer rules. The transaction, which has a total value in excess of €2.8B, is expected to close in early January 2008.

The Covington team included corporate partners Bruce Bennett and Jack Bodner and associate Frank London in New York and partner Simon Goodworth and associate Gregor Frizzell in London.

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