A share buyback or share repurchase is a company's plan to buy back its own shares from the market place for subsequent cancellation.

 On December 1, 2003, the extraordinary general assembly of our shareholders approved the renewal of the authorization granted to us to buy back up to 10% of our shares on the Athens Exchange. Thus, for a period of twelve months from December 2, 2003 (i.e., until December 1, 2004) we were authorized to purchase the balance of the 10% of our share capital which we had not purchased by such date for a price per share between Euro 5 and Euro 15.

As of December 31, 2003, we had repurchased approximately 13.9 million shares in aggregate, which represented approximately 2.76% of our share capital, at a cost of approximately Euro 276.6 million.

Greek law provides that where a company purchases its own shares such shares have to be cancelled within three years from the date of purchase. A two year extension to this three year period may be granted by way of approval from the Hellenic Capital Market Commission.

On June 17, 2004 the ordinary General Assembly of our shareholders resolved to cancel 12,794,900 shares representing approximately 2.54% of our share capital. Additionally, the Repeated General Assembly of Shareholders, on July 31, 2006, approved the cancellation of 432,490 own shares following the lapse of a three-year period since their acquisition, with subsequent reduction of share capital.

Following these resolutions, OTE currently holds no Treasury Shares.

On June 21, 2007, the Ordinary shareholders meeting approved the initiation of a stock repurchase program that enables the company to repurchase within the next 12 months up to 10% of its shares at a price range between 10 and 30 euros.

On November 8th 2007, the Exraordinary shareholders meeting approved the initiation of a stock repurchase program that enables the company to repurchase within the next 24 months up to 10% of its shares , replacing the program in force since June 21, 2007.

On April 7th, 2009, the Extraordinary  shareholders meeting approved the initiation of a stock repurchase program that enables the company to repurchase within the next 24 months up to 10% of its shares at a price range between 3 and 30 euros, replacing the program in force, since November 8th 2007.

On 23rd June 2011 the Annual General meeting of Shareholders approved the acquisition by OTE SA of own shares, pursuant to Article 16 of Law 2190/1920, as currently in force, up to one tenth (1/10) of the paid-up share, i.e. up to 49,015,039 shares (490,150,389 ? 10% = 49,015,039), within a period of 24 months as of the date of Resolution of the General Meeting of the Shareholders, at a maximum purchase price of 30 Euros and a minimum purchase price of 3 Euros.