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1 Company Presentation April 2018

2 Agenda History Company Overview Financial Overview Strategy Social Responsibility Summary

3 The Story so far 1958 Launch of PROPO (The Greek Football Pools Game) years exclusivelicense contract with the Hellenic State Launch of PAME STIHIMA (sportsbetting) 2001 Launch of KINO Establishment of the Greek Organization of Football Prognostics 1959 OPAP incorporated as a Societe Anonyme 2000 Listed in the Athens Stock Exchange Acquisition of Hellenic lotteries 12- year concession Q Launch of Hellenic Lotteries & Online Q Operations commencement of VLTs Launch of Pame Stihima Virtual Football & SSBTs 3 Extension of exclusive license until 2030 Award of Video Lottery Terminals (VLT) license 2013 Transfer of 33% stake to Emma Delta for 652m. Q Horse Races operations commencement & launch of horse races mutual betting 2017

4 Company Overview As of 11 October 2013, OPAP is Exclusive concession extended up until 2030 The leading Greek 100% private under new management Historic high dividend pay-out policy gaming company Market cap on Athens Exchange c. 2.9 bn (Apr. 2018) Presence in Cyprus 4 c. 70.2% of the total Greek gaming market of 2017 Gross Gaming Revenue (GGR) Largest retail network in Greece As of subject to 35% GGR contribution 2017 Revenues (GGR) of 1,455.5m and EBITDA of 306.5m

5 Public offerings - Shareholder Structure Emma Delta Hellenic Holdings Ltd 33,00% Date (%) Offering price ( ) 25 April ,36% Initial Public Offering (IPO) 5,5 18 July ,90% Secondary offering 8,44 14 July ,45% Secondary offering 9,44 21 July ,44% Secondary offering 24,14 11 October ,00% Public tender 6,2 Free Float 67,00% 5

6 The Greek Gaming Market: A Comparative Review Although it has been declining due to macro related factors, Greek Gross Gaming Yield as % of the GDP continues to compare favorably with many European peers 2017 gross gaming yield ( bn and % of GDP (1) ) 1,18% 20,1 0,73% 16,4 0,43% 0,45% 13,9 10,4 0,74% 8,6 0,34% 0,49% 0,72% 0,90% 1,08% 0,90% 0,87% 0,38% 0,29% Average: 0.68% 0,46% In bn 2,5 2,2 2,1 2,0 2,0 1,7 1,7 1,7 1,3 1,3 In % of 2017 GDP Italy UK Germany France Spain Netherlands Sweden Ireland Finland Greece Portugal Chech Rep Belgium Ponland Denmark gross gaming yield per adult (2)(3) ( ) Ireland Finland Italy UK Denmark Sweden Slovenia Luxembourg Spain Greece Portugal France Germany Czech Rep. Belgium The Greek gaming market is a fundamentally attractive market : 1. 10th largest gambling market in the European Union (2017 gross gaming yield of 1.96bn) in absolute value after Italy, United Kingdom, Germany, France, Spain, Netherlands, Sweden, Ireland and Finland which all benefit from higher GDP gross gaming yield per adult of 206 (10th highest in Europe) gross gaming yield representing 1.08% of GDP (2 nd highest amongst the graph s sample used to be the highest in 2010) 6 Source: H2GC, Mar Note: Charts include top-15 EU-28 countries for GGR and GGR/per adult respectively. Gross gaming revenue including offline and online (onshore and offshore) gaming. (1) Current price GDP (2) Inhabitants over 18 years old (3) Excluding Malta and Cyprus

7 Greek Legal Market Wagers Overview The macroeconomic crisis led to a market decline of c. 38% m In the same period OPAP gained 17.1 p.p. market share % 34.8% 36.5% 34.8% 32.9% % 30.1% % 28.6% 31.4% 29.6% 28.0% 28.0% 26,7% % 20.6% 41.3% 38.5% 40.1% 37.5% 41.5% 41.5% 44.0% 50.5% 52.0% 56.3% 56.2% 58.2% 60.4% 63,5% 65.0% 62.8% 65.0% 70.9% 71.9% 73,3% 9.8% 8.0% 7.5% 7.2% 5.9% 11.4% 8.9% 4.5% 4.3% 8.2% 7.2% 4.0% 7.0% 6.2% 7.5% 4.7% 4.1% 3.7% 6.3% 5.4% 3.7% 4.7% 4.2% 3.2% 3.2% 3.0% 3,9% 2.5% 1.9% 4.4% 4.4% 1.4% 1,1% 1.1% Horse Racing Instant Lotteries Passive Lotteries OPAP Casinos 7 Source: OPAP s reported numbers (Greek operations only); H2 Gambling Capital, Mar.2018 Note: since 2014 Instant and passive lotteries wagers and since 2016 Horse racing wagers are included in OPAP s numbers

8 OPAP is the Undisputed Leader of the Greek Gaming Market 8 OVERVIEW OF THE GREEK GAMING MARKET The Greek regulated gaming market comprises of: OPAP Betting products including also Horse Racing (since Jan. 2016) Lottery products Instant & Passives Video Lottery Terminals Casinos: includes all games played within casinos Like most other European lottery markets, the Greek gaming market is regulated and controlled by the Hellenic Gaming Commission Instant & Passives: Instants: Scratch games were successfully re-introduced in May 2014 by an OPAP led consortium. Passives: Ethniko, Laiko and Kratiko, the passive lotterystyle games, represent c. 3.1% of the market The Greek casino market consists of 9 licensed casinos, generating 13% of the total market s gross gaming revenue, dominated by Parnitha, Thessaloniki and Loutraki Pari-mutuel horserace betting since January 2016 is being operated by OPAP S.A. following the acquisition of a relevant 20- year license for a total consideration of 40.5m Fixed odds sports betting in Greece is solely organized by OPAP, yielding 404m of gross gaming revenue in Casinos Horse racing 2017 GREEK GAMING MARKET (GGR) International e- gam ing operators Instant & Passives 13% 0,5% 8% VLTs 17% 3% 21% 38% OPAP Sports Betting Market size: 1.96bn OPAP Numerical Games Source: OPAP s reported numbers ; H2 Gambling Capital, Mar.2018 OPAP market share 70,2%

9 Online Horse Racing Instant & Passives VLTs Legacy Games Significant exclusive concessions secured through heavy investments in the past years More than 50 years of exclusive concessions backlog already paid for Total upfront cost of license (100% already paid by OPAP) Oct 2000 May 2014 Jun 2014 Jan 2016 Jan 2017 Oct 2020 May 2026 Jan 2027 Oct 2030 Jan Jan mn Concession Agreement (20 years) 375mn License fee to be negotiated on a case by case basis Right of first refusal for any other game to be licensed by the Hellenic Gaming Commission Concession Extension Agreement (10 years) 560mn 2011 VLT License (18 years) + Right to renew 127mn (1) 2013 State Lotteries Concession Agreement (12 years) 40.5mn 2016 Horse Racing Concession Agreement (20 years) Included in upfront payments for legacy licenses Exclusive Right for online offering of OPAP s exclusive lottery games Exclusive offering of onshore online sports betting (1): Total consideration of 190mn paid by consortium including OPAP, Scientific Games and Intralot, of which 127mn was paid by OPAP for its 67% stake

10 OPAP s Competitive Advantage is Based on a Diversified Product Offering and a Widespread Network OPAP GAME OFFERING % OF 2017 REVENUE (GGR) A WIDESPREAD NETWORK OF AGENTS STIHIMA Introduced in 2000 SPORTS BETTING PROPO PROPO- GOAL Introduced in 1959 Introduced in ,9% MONITOR Introduced in 2011 KINO Introduced in 2003 JOKER Introduced in 1997 LOTTERIES LOTTO Introduced in 1990 PROTO Introduced in ,2% SUPER 3 Introduced in 2002 EXTRA 5 Introduced in 2002 Source: Company SCRATCH Introduced in 2014 INSTANT & PASSIVES LAIKO ETHNIKO Introduced in 2014 Introduced in ,9% Cyprus accounts for c.6% of revenues VLTs Introduces in 2017 Source: Company 10 4,0%

11 Network The largest commercial network in Greece 4,847 POS* Petrol stations Gas stations Post Bank Bank Bank Bank 11 From the past to the cohesive corporate branding image of today * Greece (OPAP stores & Gaming Halls) & Cyprus network as of Hellenic Lotteries products are distributed through additional 8,097 POS & Street Vendors

12 OPAP s Greek Revenue (GGR) Breakdown m Instant & Passives VLTs Sports betting Lotteries Lotteries Sports betting Instant & Passives VLTs 12

13 Games Product Matrix Stihima Joker Lotto Propo Proto Super 3 Extra 5 Propo- Goal Kino Monitor Games Scratch Laiko Ethniko Agent Commission 2017: 39% of NGR* 2018: 37% of NGR* : 35%+1% of NGR* as bonus adjustment is conditional upon achieving 6% average NGR* growth vs % 12% 12% of wagers 13 Frequency of play Daily Twice weekly * NGR: GGR - GGR contribution Twice weekly Three times weekly Twice weekly Ten draws daily Two draws daily Once a week 180 draws daily On going Daily On going Daily Once a week 18 draws annually

14 Diversified distribution network Games Agencies Gaming Halls Internet Street Vendors & Third Party POS (VLTs) (Scratch) Passive Lotteries 14

15 Financials It s all about numbers 15

16 Financial Performance OPAP FINANCIAL OVERVIEW In m Wagers 3,177 3,695 4,633 5,066 5,520 5,441 5,140 4,359 3,972 3,711 4,259 4,257 4,230 4,423 Growth% (1.4) (5.5) (15.2) (8.9) (6.6) 14.8 (0.0) (0.6) 4.6 Revenue (GGR)* 1,242 1,338 1,562 1,597 1,852 1,781 1,654 1,413 1,302 1,220 1,378 1,400 1,398 1,456 Growth % (3.8) (7.1) (14.5) (7.9) (6.3) (0.2) 4.1 EBITDA , Margin (% of GGR) Net Debt / (Cash) (377) (412) (384) (493) (706) (700) (657) 97 (117) (77) (297) (155) Source: Company reports * Gross Gaming Revenue WAGERS AND MARGIN EVOLUTION SINCE 2004 COMMENTS 1 OPAP has recorded strong top line growth since 2003, mainly driven by: 2003: Introduction of Kino 2007: Stihima risk management operation was taken in-house : Development of betting portfolio events through introduction of new features in Stihima and increase of Kino daily playing hours 2014: Introduction of Scratch and passive lotteries 2017: Introduction of VLTs and Virtuals 2 Recent performance has been impacted by the adverse economic environment: 53,0% 53,3% 47,2% 53,9% 57,1% 54,3% 55,1% 51,9% 51,7% 1 18,2% 25,2% 26,9% 22,0% 21,1% Overall performance affected by satisfactory Kino performance, launch of Instant & Passives in 2014, while Stihima is affected by cyclicality of major football events every 2 years. Launch of VLTs in 2017 is the key growth driver going forward 3 January 2013: a 30% GGR contribution is introduced January 2016: GGR contribution increased at 35% Wagers (in m) EBITDA Margin (as % of GGR) 16 Source: Company reports

17 Financial Overview Revenue (GGR) ( m) EBITDA ( m) '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 ' '01 '02 '03 '04 '05 '06 07 '08 '09 '10 ' * EBIT ( m) Net Profit ( m) , '01 '02 '03 '04 '05 '06 07 '08 '09 '10 ' * '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 ' * *: First year of 30% GGR contribution implementation Since 2016 GGR contribution at 35%

18 Financial Results FY 2017 (1/2) Department Stores +0,3% Positive Q4 performance provides strong finish to 2017 Food/Tobacco -3,3% Retail Sales (excl. fuels) FY ,3% Pharmaceuticals +2,1% Greek GDP FY % Furniture & Household Equipment +5,9% Wagers( m) +4.6% FY 2016 FY Gross Gaming Revenue ( m) +4.1% FY 2016 FY EBITDA* ( m) Net Profit* ( m) +2.0% -21.8% FY 2016 FY FY 2016 FY 2017 * Recurring figures excluding one-off items

19 Financial Results FY 2017 (2/2) Q4 FY EBITDA ( m) +2,0% EBITDA margin on GGR ,4% 21,0% 22,0% 22,0% 21,1% 21,5% 20,2% +7,5% -1,0% Q Q Q4 2017* FY 2016 FY 2017 FY 2017* 27,0% 22,0% 17,0% 12,0% 7,0% 2,0% -3,0% Q4 FY Net Profit ( m) -21,8% Net Profit margin on GGR ,9% 13,8% -27,5% 12,2% 9,8% -68,8% 170 4,2% ,7% 9,2% Q Q Q4 2017* FY 2016 FY 2017 FY 2017* 3,2%* 20,0% 15,0% 10,0% 5,0% 0,0% 19 * Recurring figures excluding one-off items

20 Dividend Policy Avg. 17 years dividend yield: 10% Total dividend paid since listing vs. IPO price of 5.5 2,50 2,00 1,50 1,00 0,50 0,00 1,40 1,14 1,10 1,03 0,93 0,94 0,96 0,57 0,70 0,40 0,43 0,43 0,80 0,50 0,55 0,48 0,55 0,60 0,65 0,58 0,72 0,60 0,57 0,23 * 0,30 0,17 0,27 0,30 0,25 0,20 0,17 0,12 0, Dividend per share ( ) ,70 0, ,10 Dividend payout (%) ,5 241,4 277,0 20 Interim Dividend ( ) Remaining Dividend ( ) Special Dividend ( ) *Subject to AGM approval scheduled for

21 Embedding Customer Obsession Investing In Our Network Developing Our People Building a World-class Portfolio of Products & Services Leveraging the latest Digital & Technology Capabilities Committing to Our Communities Expanding the Power of Our Brand Rebuilding healthy relationships with the State, Regulator and other bodies 21 OPAP Strategy To establish OPAP as a world class gaming entertainment company Commenting on the Q4-FY 2017 financial results, OPAP s CEO, Mr. Damian Cope, noted that: Comment of OPAP s CEO, Mr. Damian Cope, on the Q4 and FY2017 results: 2017 was a particularly busy year in terms of the overall level of change that OPAP underwent. Beginning with the new partnership agreement that we signed with our agents in Q1 we managed to successfully implement a number of new initiatives that will each act as solid foundations for the long term benefit of the company and ensure the delivery of our 2020 Vision. Our solid Q4 performance also provides strong evidence towards an expectation of a return to meaningful revenue growth in 2018 and beyond. In line with Q3 trends, we saw notable increases from Betting products, including Virtuals & SBBTs, and a steadily growing contribution from VLTs. Despite the macroeconomic challenges in Greece that continue to affect the disposable income, our focus remains on expanding our customer base, investing in our network and consistently offering an entertaining gaming experience. During 2017 we also increased our commitment to society both within the area of responsible gaming and via our award-winning, social responsibility programme. Looking ahead to 2018, and while we will continue with our important technology and product roll-outs, notably VLTs and SSBTs, we will also be launching our new sportsbetting platforms both OTC and online. Along with our customers we are looking forward to the highlight of the football calendar, the 2018 World Cup in Russia. Finally I would like to thank every member of the OPAP team, our partners, supporters and suppliers, for their hard work and support in the successful delivery of our 2017 results.

22 Video Lottery Terminals (VLTs) License Agreement Fully paid 18 years exclusive license of 560m for the operation of 25,000 VLTs VLTs will add a growth engine to OPAP s performance potential and is expected to be amongst the most significant contributors to OPAP s EBITDA in the longterm HR to receive 30%-35% of gross win in the form of royalties Max. allowed number of VLTs per venue: 50 in Gaming Halls and 15 in existing OPAP agencies Deployment deadline: December 31,

23 Video Lottery Terminals (VLTs) VLTs roll-out and performance ramp up in line with our expectations Rollout - progressing well Performance - ramp-up underway VLTs roll-out GGR / VLT / day Q1 Q2 Q3 Q4 Installed machines almost doubled in Q4 vs Q3 c.11,000 VLTs operational on 29 Mar Still aiming to reach 20k+ VLTs by end 2018 Post-holiday period: Last week of August and full month of September 1 Takes into account machines fully operational at the first week of each quarter 2 Machines operated in Q1. Calculation based on weighted avg. 23

24 Shifting from sole vendor dependence to targeted mix of leading providers Lottery & Numerics Betting VLTs Lottery OTC Sportsbetting Online Sportsbetting Platform Kino, Tzoker & Numerics Virtuals Games Content Horse Racing 24

25 Social Responsibility Both concession extension and VLTs license have been granted on the ground of OPAP s social sustainability The largest social contributor in Greece measured in overall expenditure and variety of actions. Responsible Game: OPAP is offering entertainment and recreation while protecting underage and other vulnerable groups. POS exclusive to gaming activities. European Responsible Gaming Standards and Sports betting Code of Conduct have been adopted by OPAP. OPAP supports the Therapy Centre for Dependent Individuals (KETHEA-ALFA) for the operation of the help-line OPAP transforms its business excellence into social contribution, through an integrated Corporate Social responsibility (CSR) Strategy. OPAP achieved significant recognition and awards by a number of independent agencies & bodies. OPAP received a level 3 accreditation by the World Lottery Association (WLA) for its Responsible Gaming strategy OPAP S.A. is a member of the World Lotteries Association (WLA) and the European Lotteries (EL) as well as the Global Lottery Monitoring Systems (GLMS), independent unions composed of state or state-licensed lottery companies. 25

26 OPAP in Summary Sole Concession until 2030 Sales Network Significant Cash Flows Permits OPAP to enjoy the growth of the Greek Gaming Market Largest retail network in Greece Secure & stable Dividends and effective Investment Policy Favourable Market Dynamics, Credibility and Growth Possesses significant expertise, local know-how and knowledge of the gaming industry Strong Fundamentals Solid Management Team 26

27 Contacts Nikos Polymenakos Investor Relations Director Tel : +30 (210) George Vitorakis Head of Strategic Research vitorakis@opap.gr Tel : +30 (210)

28 Notes 28

29

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