The Greek State transferred to the Hellenic Republic Asset Development Fund S.A. (HRADF) 5% of OTE Group, corresponding to 24,507,520 shares, in the context of the privatisation of the company following the decision of the Interministerial Committee for Restructuring and Privatisation.

On 8 February 2018, the Board of Directors of HRADF decided to launch an international tender process for the development of its holding in OTE, and set 15 March 2018 as the end date for the submission of offers.

On the same day, HRADF sent a letter to Deutsche Telekom proposing the acquisition of the shares for €284 million, with a deadline of 30 business days.

A Request for Proposals was then published on 12 February 2018, with end date for submitting offers on 15 March 2018.

On 16 March 2018, Deutsche Telekom made use of the “right of first refusal” towards HRADF included in the Shareholders Agreement between the Hellenic Republic and Deutsche Telekom AG.

On 24 May, following approval of the transaction by the Court of Audit, the purchase agreement was signed.

On 30 May 2018, the transfer of 5% of OTE by HRADF to Deutsche Telekom AG was completed through the Athens Stock Exchange. The transaction stood at €284,051,959.81.

Following the completion of the sale, HRADF has no direct or indirect participation in the share capital of OTE S.A.