Yahoo! Europe and OTE Group

Yahoo! Europe and OTE Group Team Up to Provide Range of Services in Greece

London, July 31st. Yahoo! Europe and OTE Group, today announced that they have signed an agreement for Yahoo! to provide COSMOTE and OTEnet customers access to Yahoo! services through their WAP cellular phones or their PCs.

COSMOTE is a leading provider of mobile telephony in Greece, with more then 1.5 million customers and OTEnet is one of the leading Internet providers in the Greek market.

Under the terms of the agreement, COSMOTE customers will be able to access Yahoo! mobile services in English via their WAP mobile phone. Services will initially include Yahoo! Mail, Yahoo! News, Yahoo! Finance, Yahoo! Sports, Yahoo! Weather and Yahoo! Mobile Messenger.

In addition, Yahoo! is to provide OTEnet with a Yahoo! branded module to be hosted by OTEnet on its homepage. This will contain Yahoo!’s personal information management content in the Greek language – Yahoo! Mail, Yahoo! Messenger, Yahoo! Address Book and Yahoo! Calendar - as well as website directory and search in the English language with links to Yahoo! UK & Ireland.

The agreement, effective as of August 1st, represents a step forward for the OTE Group and especially for COSMOTE and OTEnet, towards the enhancement of its competitiveness by exploiting the opportunities that arise with the convergence of mobile telephony, fixed telephony and the Internet.

The agreement with the OTE Group is a further development in the Yahoo! Everywhere initiative which delivers Yahoo! services formatted for both fixed and wireless connections via PCs, mobile telephones, personal digital devices and digital TVs connected to the Web. Yahoo! Europe continues to prioritise this strategy and has aggressively pursued distribution deals with both handset manufacturers and mobile network operators including TIM (Italy), Virgin Mobile (UK), Radiolinja (Finland), D2 (Germany), Telenor (Norway), and Siemens.

Fabiola Arredondo, Managing Director of Yahoo! Europe, commented:

“We are delighted to be working with OTENet and COSMOTE for our first commercial distribution agreement in Greece. It is a another step in our Yahoo! Everywhere initiative and will enable users in Greece to access Yahoo!’s most popular services, in English, via their WAP-enabled mobile phone and through the Yahoo! module, linked to our UK site, on the OTENet home page.”

Mr. Evangelos Martigopoulos, Managing Director of COSMOTE, commented:

“This alliance is significant to COSMOTE because it both expands COSMOTE’s business and illustrates that COSMOTE is an innovative company in this sector. COSMOTE will soon launch a number of WAP related services, which we consider as unique and we trust that will have a huge appeal to the Greek users. We are very pleased that one of our important international alliances is Yahoo!”.

Mr. George Ioannidis, Managing Director of OTEnet, commented:

“The services launched in September will be the first step in a series of international alliances and value added services of OTENet in the Greek Internet market. As the first international alliance, our co-operation with Yahoo! is an important development for us.”

About Yahoo!

Yahoo! Europe provides commerce, communication and media services throughout Europe to meet the needs of local consumers. Yahoo! Europe is comprised of the Yahoo! sites for the UK & Ireland (www.yahoo.co.uk), France (www.yahoo.fr), Germany (www.yahoo.de), Italy (www.yahoo.it), Spain (www.yahoo.es), Sweden (www.yahoo.se), Norway (www.yahoo.no) and Denmark (www.yahoo.dk). The Yahoo! offices in London, Paris, Munich, Milan, Madrid, Stockholm and Copenhagen are staffed by local nationals and Yahoo! Europe is headquartered in central London.

Yahoo! Europe is part of Yahoo! Inc. (Nasdaq: YHOO), a global Internet communications, commerce and media company that offers a comprehensive branded network of services to more than 156 million unique individuals each month worldwide. As the first online navigational guide to the Web, www.yahoo.com is the leading guide in terms of traffic, advertising, household and business user reach, and is one of the most recognized brands associated with the Internet. The company also provides online business services designed to enhance the Web presence of Yahoo!?s clients, including audio and video streaming, store hosting and management, and Web site tools and services. The company?s global Web network includes 23 local World properties outside the United States. Yahoo! has offices in Europe, the Asia Pacific, Latin America, Canada and the United States, and is headquartered in Santa Clara, Calif.

About COSMOTE

COSMOTE, a subsidiary of OTE, Greece (70%) and TELENOR, Norway (30%), operates a GSM 1800 license for mobile communications since 1997. COSMOTE is the most successful third mobile communications entrant in Europe, with a market share of 31% and more than 1.5 million customers (30th June 2000). During 2Q2000 it added a record number of clients becoming the leading operator in contract subscribers and the second in total number of clients in Greece. Apart from Yahoo! Europe, COSMOTE’s international alliances include Commerce One and Virgin Megastores. COSMOTE is scheduled to enter the Athens and London Stock Exchange Markets later this fall.

About OTEnet

OTEnet, the leading Internet Service Provider in the Greek market, was established in 1996 to satisfy OTE´s (the state owned PSTN operator and OTEnet´s major shareholder) intention to expand into new telecommunication areas, such as the highly competitive market of internet-related products and services in a flexible and competitive way. With a nation-wide network of privately owned nodes, OTEnet soon became the dominant player in the local market (with a current market share of approximately 45%), in its continuous effort to provide high quality services to the most demanding business and individual internet user.

Media Contacts:

Yahoo! Europe

Sue Jackson Tel: ++ 44 20 7368 3876 suej@uk.yahoo-inc.com

COSMOTE

Lilly Gallis Tel: ++ 30 1 6177 566 egalli@cosmote.gr

OTEnet

Despoina Stamatakis Tel: ++ 30 1 6151 600 destam@otenet.gr