Company Presentation

Company Presentation June 2018

Agenda History Company Overview Financial Overview Strategy Social Responsibility Summary

The Story so far 1958 Launch of PROPO (The Greek Football Pools Game) 1999 20 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 2003 2011 Acquisition of Hellenic lotteries 12- year concession Q4 2013 Launch of Hellenic Lotteries & Online Q1 2016 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. Q2 2014 Horse Races operations commencement & launch of horse races mutual betting 2017

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 (Jun. 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 01.01.16 subject to 35% GGR contribution 2017 Revenues (GGR) of 1,455.5m and EBITDA of 306.5m

Public offerings - Shareholder Structure Emma Delta Hellenic Holdings Ltd 33,00% Date (%) Offering price ( ) 25 April 2001 5,36% Initial Public Offering (IPO) 5,5 18 July 2002 18,90% Secondary offering 8,44 14 July 2003 24,45% Secondary offering 9,44 21 July 2005 16,44% Secondary offering 24,14 11 October 2013 33,00% Public tender 6,2 Free Float 67,00% 5

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 479 437 388 2017 gross gaming yield per adult (2)(3) ( ) 299 283 269 246 226 223 206 200 193 191 189 183 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 2. 2017 gross gaming yield per adult of 206 (10th highest in Europe) 3. 2017 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. 2018 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

Greek Legal Market Wagers Overview The macroeconomic crisis led to a market decline of c. 38% m 10.000 In the same period OPAP gained 17.1 p.p. market share 9.000 8.000 7.000 36.0% 34.8% 36.5% 34.8% 32.9% 6.000 38.0% 30.1% 5.000 39.7% 28.6% 31.4% 29.6% 28.0% 28.0% 26,7% 4.000 3.000 2.000 1.000 0 52.3% 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% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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

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 2016. 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%

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 2035 2036 323mn 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

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 1996 28,9% MONITOR Introduced in 2011 KINO Introduced in 2003 JOKER Introduced in 1997 LOTTERIES LOTTO Introduced in 1990 PROTO Introduced in 1992 56,2% 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 2014 10,9% Cyprus accounts for c.6% of revenues VLTs Introduces in 2017 Source: Company 10 4,0%

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 31.12.2017 Hellenic Lotteries products are distributed through additional 8,097 POS & Street Vendors

OPAP s Greek Revenue (GGR) Breakdown m 2.000 1.800 Instant & Passives VLTs 1.600 1.400 1.200 Sports betting 1.000 800 600 400 Lotteries 200 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Lotteries Sports betting Instant & Passives VLTs 12

Games Product Matrix Mutual Fixed Odds 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* 2019-2021: 35%+1% of NGR* as bonus. 2019 adjustment is conditional upon achieving 6% average NGR* growth vs. 2016 8% 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

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

Financials It s all about numbers 15

Financial Performance OPAP FINANCIAL OVERVIEW In m 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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% 39.2 16.3 25.4 9.3 9.0 (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 % 28.2 7.7 16.7 2.2 16.0 (3.8) (7.1) (14.5) (7.9) (6.3) 12.9 1.6 (0.2) 4.1 EBITDA 659 714 738 860 1,057 967 911 734 674 222 347 377 308 306 Margin (% of GGR) Net Debt / (Cash) 53.0 53.3 47.2 53.9 57.1 54.3 55.1 51.9 51.7 18.2 25.2 27.0 22.0 21.1 (377) (412) (384) (493) (706) (700) (657) 97 (117) (77) (297) (155) 108 436 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 2005-2008: 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% 4.633 5.066 5.520 5.441 5.140 4.359 3.177 3.695 3.972 4.259 4.257 3.711 4.230 4.423 3 2 4 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 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 4 January 2016: GGR contribution increased at 35% Wagers (in m) EBITDA Margin (as % of GGR) 16 Source: Company reports

Financial Overview Revenue (GGR) ( m) 2001-17 EBITDA ( m) 2001-17 2.000 1.000 1.500 1.000 800 600 400 500 200 0 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 12 13 14 15 16 17 0 '01 '02 '03 '04 '05 '06 07 '08 '09 '10 '11 12 13* 14 15 16 17 EBIT ( m) 2001-17 Net Profit ( m) 2001-17 1,000 800 600 800 600 400 400 200 200 0 '01 '02 '03 '04 '05 '06 07 '08 '09 '10 '11 12 13* 14 15 16 17 0 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 12 13* 14 15 16 17 17 2013*: First year of 30% GGR contribution implementation Since 2016 GGR contribution at 35%

Financial Results Q1 2018 (1/2) Department Stores +1,8% Q1 growth provides solid start to 2018 Food/Tobacco -7,3% Retail Sales (excl. fuels) Q1 2018 +1,2% Pharmaceuticals +3,2% Greek GDP Q1 2018 +2.35% Furniture & Household Equipment +8,0% Wagers( m) +2.0% Gross Gaming Revenue ( m) +5.1% EBITDA ( m) Net Profit ( m) +11.1% +20.0% 1.200 1.000 800 400 300 100 80 60 50 40 30 600 400 200 1058 1079 200 100 359 377 40 20 79 87 20 10 33 40 0 18 Q1 2017 Q1 2018 0 Q1 2017 Q1 2018 0 Q1 2017 Q1 2018 0 Q1 2017 Q1 2018

Financial Results Q1 2018 (2/2) Q1 EBITDA ( m) +11,1% EBITDA margin on GGR 100 90 80 70 60 50 40 30 20 10 0 21.9% 23.1% 79 87 Q1 2017 Q1 2018 27.0% 22.0% 17.0% 12.0% 7.0% 2.0% -3.0% Q1 Net Profit ( m) +20,0% Net Profit margin on GGR 45 40 35 30 25 20 15 10 5 0 10.6% 9.3% 33 40 Q1 2017* Q1 2018 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 19 * Restated figure onretroactive implementation ofthe new VLTs license amortization method

Dividend Policy Avg. 17 years dividend yield: 10% Total dividend paid since listing 18.74 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 0,10 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Dividend per share ( ) 0.60 0.67 0.73 1.48 1.42 1.58 1.74 2.20 1.75 1.54 0.72 0.57 0.25 0,70 0,40 1.29 1,10 Dividend payout (%) 79.4 103.7 99.1 93.4 98.8 98.9 97.1 96.3 94.0 85.3 42.9 36.0 59.6 112.4 60,5 241,4 277,0 20 Interim Dividend ( ) Remaining Dividend ( ) Special Dividend ( )

To establish OPAP as a world class gaming entertainment company 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 Commenting on the Q1 2018 financial results, OPAP s CEO, Mr. Damian Cope, noted that: Q1 was a strong quarter and demonstrated good growth in both revenues and profitability, as OPAP benefited from many of the investments made in 2017. Both our Betting and VLT categories performed well and the new relationship with our agents also helped to realise tangible improvements. We continue to invest in the optimisation and modernisation of our retail estate network, with several hundred new OPAP stores opening during 2018. Our comprehensive technology transformation programme is also approaching the final phase as we plan for the completion of all our main retail platform migrations, plus our new online platform, by the end of Q3. The rollout of our new products, notably VLTs and SSBTs, continues at pace and is helping to build a more balanced product portfolio. However externally we still see that the macroeconomic challenges in Greece continue to affect the disposable income of our many loyal customers. Looking ahead, we have a particularly busy few months in front of us, including the World Cup in Russia next month, and the OPAP team remains focused on meeting our objectives within the delivery of our 2020 Vision

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, 2019 22

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 1 2 1 Takes into account machines fully operational at the first week of each quarter 2 Machines operated in Q1. Calculation based on weighted avg. Rollout progress in 2018 follows 2017 pace c.12,8k VLTs operational on 31 May 2018 Still aiming to reach 20k+ VLTs by end 2018 Q1 2018 vs. Q4 2017 comparison is burdened by: Maturity Profile - rollout of c. 4,000 VLTs in Nov-Dec 17 meaning that c. 40% of estate was operational for c. 2 months in Jan 2018. Seasonality - December traditionally a strong month for gaming and VLTs in particular 23

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

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 1114. 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

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

Contacts Nikos Polymenakos Investor Relations Director polymenakos@opap.gr Tel : +30 (210) 5798929 George Vitorakis Head of Strategic Research vitorakis@opap.gr Tel : +30 (210) 5798976 27

Notes 28