Company Presentation May 2018

Agenda

History – Company Overview

Financial Overview

Strategy

Social Responsibility

Summary

© OPAP

Launch of PROPO

(The Greek

Football Pools

Game)

3

The Story so far…

1958

Establishment of

the Greek

Organization of

Football

Prognostics

1959

1999

OPAP

incorporated as a

Societe Anonyme

20 years exclusive-

license contract with

the Hellenic State

Launch of PAME

STIHIMA (sports-

betting)

2000

2001

Listed in the

Athens Stock

Exchange

2011

Extension of exclusive

license until 2030

Award of Video

Lottery Terminals (VLT)

license

Acquisition of

Hellenic

lotteries 12-

year

concession

2013

Q4 2013

Transfer of 33%

stake to Emma

Delta for €652m.

Launch of

Hellenic

Lotteries &

Online

Q2 2014

© OPAP

Horse Races

operations

commencement

& launch of

horse races

mutual betting

Q1 2016

Operations

commencement

of VLTs

Launch of Pame

Stihima Virtual

Football & SSBTs

2017

Launch

of KINO

2003

Company Overview

4

The

leading

Greek

gaming company

100% private under new management

As of 11 October 2013,

OPAP is

Presence in

Cyprus

Market cap on Athens Exchange

c. €3.1 bn (Apr. 2018)

Exclusive concession extended up until 2030

c. 70.2% of the total Greek gaming

market of 2017 Gross Gaming

Revenue (GGR)

2017 Revenues (GGR) of

€1,455.5m and EBITDA of

€306.5m

Historic

high dividend

pay-out policy

As of 01.01.16 subject to

35% GGR contribution

Largest retail network in Greece

© OPAP

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

Public offerings - Shareholder Structure

5 © OPAP

Emma Delta Hellenic

Holdings Ltd 33,00%

Free Float 67,00%

• 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

• 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 (2nd highest amongst the graph’s sample – used to be the highest in 2010)

2017

gross gaming

yield

(€bn and % of

GDP(1))

2017 gross

gaming yield

per adult(2)(3)(€)

20,1

16,4

13,910,4

8,6

2,5 2,2 2,1 2,0 2,0 1,7 1,7 1,7 1,3 1,3

1,18%

0,73%

0,43% 0,45%

0,74%

0,34%

0,49%

0,72%

0,90%

1,08%

0,90% 0,87%

0,38%0,29%

0,46%

Italy UK Germany France Spain Netherlands Sweden Ireland Finland Greece Portugal Chech Rep Belgium Ponland Denmark

479437

388

299 283 269246 226 223 206 200 193 191 189 183

Ireland Finland Italy UK Denmark Sweden Slovenia Luxembourg Spain Greece Portugal France Germany Czech Rep. Belgium

In €bn

In % of 2017

GDP

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

Average: 0.68%

The Greek Gaming Market: A Comparative Review

6 © OPAP

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

11.4% 8.9% 8.2% 7.2% 6.3% 5.4% 4.7% 4.2% 3.2% 3.2% 3.0% 2.5% 1.9% 1.4% 1,1% 1.1%5.9% 4.5% 4.3% 4.0%9.8% 8.0% 7.5% 7.2% 7.0% 6.2% 7.5% 4.7% 4.1% 3.7% 3.7% 3,9% 4.4% 4.4%

20.6%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%

52.3%41.3%

38.5%40.1%

39.7%

38.0%

36.0%

34.8%36.5%

34.8%

32.9%

30.1%

28.6%31.4% 29.6% 28.0% 28.0% 26,7%

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

10.000

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

€m

Greek Legal Market Wagers Overview

7 © OPAP

The macroeconomic crisis led

to a market decline of c. 38%

In the same period OPAP

gained 17.1 p.p. market share

Market size: €1.96bn

Source: OPAP’s reported numbers ; H2 Gambling Capital, Mar.2018

OPAP is the Undisputed Leader of the Greek

Gaming Market

8

2017 GREEK GAMING MARKET (GGR)

38%

21%3%

8%

0,5%

13%

17%

Horse racing

International e-gaming operators

Casinos

Instant & Passives

OPAP Sports Betting

OPAP Numerical Games

VLTs

© OPAP

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 lottery-

style 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.

OPAP

market share

70,2%

Significant exclusive concessions secured

through heavy investments in the past years More than 50 years of exclusive concessions backlog already paid for

Oct 2000

May 2014

Jan 2016

Jan 2017

Oct 2020

May 2026

Jan 2027

Oct 2030

Concession Agreement (20 years)

Concession Extension Agreement (10 years)

Right of first refusal for any other game to be licensed by the Hellenic Gaming Commission

2011 VLT License (18 years)

Jan 2036

+ Right to

renew

2013 State Lotteries Concession Agreement (12 years)

Exclusive Right for online offering of OPAP’s exclusive lottery games

Exclusive offering of onshore online sports betting

Jun 2014

Total upfront cost of license (100% already paid by

OPAP)

€323mn

€375mn

License fee to be negotiated on a case by case basis

Lega

cy G

ames

€560mn

VLT

s

€127mn(1)

Inst

ant

&

Pas

sive

s

€40.5mn

Ho

rse

Rac

ing

Included in upfront payments for legacy

licenses On

line

(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

Jan 2035

2016 Horse Racing Concession Agreement (20 years)

% OF 2017 REVENUE (GGR)

SPORTS

BETTING

STIHIMA Introduced in 2000

PROPO Introduced in 1959

PROPO-

GOAL Introduced in 1996

MONITOR Introduced in 2011

LOTTERIES

KINO Introduced in 2003

JOKER Introduced in 1997

LOTTO Introduced in 1990

PROTO Introduced in 1992

SUPER 3 Introduced in 2002

EXTRA 5 Introduced in 2002

INSTANT &

PASSIVES

SCRATCH Introduced in 2014

LAIKO Introduced in 2014

ETHNIKO Introduced in 2014

VLTs Introduces in 2017

Source: Company

Cyprus accounts for c.6%

of revenues

OPAP’s Competitive Advantage is Based on a

Diversified Product Offering and a Widespread Network

10

OPAP GAME OFFERING A WIDESPREAD NETWORK OF AGENTS

Source: Company

© OPAP

28,9%

56,2%

10,9%

4,0%

The largest commercial network in Greece

From the past to the cohesive corporate branding image of today

Network

11

4,847 POS*

* 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

Petrol

stations

Post Bank

Bank Bank Bank Gas stations

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2.000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Lotteries Sports betting Instant & Passives VLTs

€m

OPAP’s Greek Revenue (GGR) Breakdown

12 © OPAP

Lotteries

Sports betting

Instant &

Passives VLTs

Games Product Matrix

13 © OPAP

Stihima Joker Lotto Propo Proto Super 3 Extra 5 Propo-

Goal Kino

Monitor

Games Scratch Laiko Ethniko

Agent

Commission 8% 12% 12%

Frequency of

play Daily

Twice

weekly

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

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

* NGR: GGR - GGR contribution

of wagers

Diversified distribution network

14

Games Agencies Gaming Halls Internet Street Vendors & Third Party POS

© OPAP

(VLTs)

(Scratch)

Passive Lotteries

It’s all about numbers

15

Financials

© OPAP

WAGERS AND MARGIN EVOLUTION SINCE 2004

Source: Company reports

3.177 3.6954.633 5.066 5.520 5.441 5.140

4.359 3.972 3.7114.259 4.257 4.230 4.423

53,0% 53,3% 47,2% 53,9% 57,1% 54,3% 55,1% 51,9% 51,7%

18,2%25,2% 26,9%22,0%

21,1%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Wagers (in €m) EBITDA Margin (as % of GGR)

COMMENTS

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

Recent performance has been impacted by the adverse

economic environment:

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

January 2013: a 30% GGR contribution is introduced

January 2016: GGR contribution increased at 35%

2

3

1

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) 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

Net Debt /

(Cash) (377) (412) (384) (493) (706) (700) (657) 97 (117) (77) (297) (155) 108 436

Source: Company reports * Gross Gaming Revenue

Financial Performance

16 © OPAP

4

1 2 4 3

0

500

1.000

1.500

2.000

'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 12 13 14 15 16 17

0

200

400

600

800

1.000

'01 '02 '03 '04 '05 '06 07 '08 '09 '10 '11 12 13* 14 15 16 17

0

200

400

600

800

1,000

'01 '02 '03 '04 '05 '06 07 '08 '09 '10 '11 12 13* 14 15 16 170

200

400

600

800

'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 12 13* 14 15 16 17

Revenue (GGR) (€m) 2001 - 17 EBITDA (€m) 2001 - 17

EBIT (€m) 2001 - 17 Net Profit (€m) 2001 - 17

Financial Overview

17

2013*: First year of 30% GGR contribution implementation

Since 2016 GGR contribution at 35% © OPAP

Financial Results FY 2017 (1/2)

18 © OPAP

+4.6% Wagers(€m) Gross Gaming Revenue (€m)

+4.1% EBITDA* (€m) Net Profit* (€m)

Greek GDP FY 2017

+1.35%

Retail Sales

(excl. fuels)

FY 2017

+1,3%

Department Stores

+0,3%

Pharmaceuticals

+2,1%

Furniture & Household Equipment

+5,9%

Food/Tobacco

-3,3%

Positive Q4 performance provides strong finish to 2017

* Recurring figures excluding one-off items

1398 1456

0

500

1.000

1.500

2.000

FY 2016 FY 2017

308 314

0

50

100

150

200

250

300

350

FY 2016 FY 2017

170

133

0

20

40

60

80

100

120

140

160

180

FY 2016 FY 2017

+2.0% -21.8%

1398 1456

0

500

1.000

1.500

2.000

FY 2016 FY 2017

Financial Results FY 2017 (2/2)

19 © OPAP

3,2%*

Net Profit margin on GGR

* Recurring figures excluding one-off items

EBITDA margin on GGR

Q4 – FY EBITDA (€m)

-1,0%

+7,5%

-0,4%

+2,0%

84 83 90

308 306 314

21.0% 20.2%

22.0% 22.0% 21.1% 21.5%

-3.0%

2.0%

7.0%

12.0%

17.0%

22.0%

27.0%

0

50

100

150

200

250

300

350

Q4 2016 Q4 2017 Q4 2017* FY 2016 FY 2017 FY 2017*

Q4 – FY Net Profit (€m)

-68,8%

-27,5%

-25,9%

-21,8%

55 17

40

170 126 133

13.8%

4.2%

9.8% 12.2%

8.7% 9.2%

0.0%

5.0%

10.0%

15.0%

20.0%

0

50

100

150

200

Q4 2016 Q4 2017 Q4 2017* FY 2016 FY 2017 FY 2017*

0,17 0,27 0,300,55 0,48 0,55 0,60

0,800,65 0,58

0,20 0,17 0,12 0,10

0,430,40 0,43

0,93 0,941,03

1,14

1,40

1,100,96

0,720,57

0,25

0,500,23

0,600,30

0,57

0,70

0,00

0,50

1,00

1,50

2,00

2,50

Interim Dividend (€) Remaining Dividend (€)

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

Dividend Policy

20 © OPAP

Avg. 17 years dividend yield: 10%

Total dividend paid since listing

€18.74 vs. IPO price of €5.5

Special Dividend (€)

• 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

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.”

“

”

OPAP Strategy

© OPAP

To establish OPAP as a world class gaming entertainment company

22 © OPAP

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 long-

term

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

23 © OPAP

Video Lottery Terminals (VLTs)

VLTs roll-out and performance ramp up in line with our expectations

Installed machines almost doubled in Q4 vs Q3

c.11,000 VLTs operational on 29 Mar. 2018

Still aiming to reach 20k+ VLTs by end 2018

Rollout - progressing well Performance - ramp-up underway

GGR / VLT / day1 VLTs roll-out

1Takes into account machines fully operational at the first week of each quarter 2Machines operated in Q1. Calculation based on weighted avg.

35

43 43

53

47

Q1 Q2 Q3 Q4

Post-holiday period:

Last week of August and

full month of September

2

Shifting from sole vendor dependence to

targeted mix of leading providers

24 © OPAP

Lottery & Numerics Betting VLTs

Lottery

Kino, Tzoker & Numerics

OTC

Sportsbetting

Online

Sportsbetting

Virtuals

Horse Racing

Platform

Games Content

“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.

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 received a level 3 accreditation by the World Lottery Association (WLA) for its Responsible Gaming strategy

• 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.

25

Social Responsibility

© OPAP

OPAP in Summary

26

Sole Concession until 2030

• Permits OPAP to enjoy the

growth of the Greek Gaming

Market

Sales Network

• Largest retail network in

Greece

Significant Cash Flows

• Secure & stable Dividends and

effective Investment Policy

Strong Fundamentals

• Favourable Market Dynamics,

Credibility and Growth

Solid Management Team

• Possesses significant

expertise, local know-how and

knowledge of the gaming

industry

© OPAP

Contacts

27

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

© OPAP

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28

Notes