Company Presentation

December 2018

Agenda

History – Company Overview

Financial Overview

Strategy

Social Responsibility

Summary

© OPAP

3

The Story so far…

Establishment of

the Greek

Organization of

Football

Prognostics

20 years exclusive-license

contract with the Hellenic

State

Launch of PAME STIHIMA

(sports-betting)

2000

2001

Listed in the

Athens Stock

Exchange

Acquisition of

Hellenic lotteries

12-year

concession

© OPAP

Launch of

KINO

2003

1958

Launch of PROPO

(The Greek Football

Pools Game)

1959

1999

OPAP

incorporated as

a Societe

Anonyme

Extension of exclusive

license until 2030

Award of Video

Lottery Terminals (VLT)

license

2013

2011

Transfer of 33% stake

to Emma Delta

Hellenic Holding for

€652m.

Q4 2013 Launch of

Hellenic

Lotteries &

Online

Q2 2014

Horse Races operations

commencement & launch

of horse races mutual

betting

Q1 2016Operations

commencement of VLTs

Launch of Virtual Games &

SSBTs

2017

New online

sports-betting

platform

Q4 2018

Company Overview

4

The

leading

Greek

gaming company

100% privateunder new management

As of 11 October 2013,

OPAP is

Presence in

Cyprus

Market cap on Athens Exchange

c. €2.8 bn(Dec. 2018)

Exclusive concessionextended up until 2030

c. 70.2%of the total Greek gaming

market of 2017 Gross Gaming

Revenue (GGR)

2017

Revenues (GGR) of

€1,455.5mand 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 Ltd33,00%

Free Float67,00%

Out of which 23,7% owned by Sazka Group

• Largest Pan-European lottery operator

• Presence in Czech Republic, Greece & Cyprus, Austria, Italy

and Croatia

• Active in countries representing more than 24% of EU lottery

GGR

• Entrepreneurial ownership: KKCG (75%) & EMMA Capital

(25%)

• Synergies with OPAP

• Greek Gross Gaming Revenue (GGR) as % of the GDP compares favorably vs. European peers

The Greek gaming market is a fundamentally attractive market :

• 2017 GGR at 1.12% of GDP (2nd highest amongst the graph’s sample; used to be the highest before

the domestic macro crisis)

• 2017 GGR per adult of €210

Source: H2GC, Mar. 2018. Greek data: OPAP’s reported numbers (Greek operations only), H2GC & Hellenic Gaming Commission

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

The Greek Gaming Market: A Comparative Review

6 © OPAP

2017

GGR (€bn and %

of GDP(1))

2017 GGR per

adult(2)(3)(€)

In €bn

In % of 2017

GDP

479437

388

299 283 269 253 246 226 223 210 200 193 191 189 183

Ireland Finland Italy UK Denmark Sweden Cyprus SloveniaLuxembourg Spain Greece Portugal France GermanyCzech Rep. Belgium

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 1,30,1

1,18%

0,73%

0,43% 0,45%

0,74%

0,34%

0,49%

0,72%

0,90%

1,12%

0,90% 0,87%

0,38%0,29%

0,46%

0,82%

Italy UK Germany France Spain NetherlandsSweden Ireland Finland Greece PortugalChech RepBelgium Ponland Denmark Cyprus

Average: 0.68%

Greek Retail & Online Gaming market

7 © OPAP

During the macro turbulence, the market declined by

c. 38% while OPAP gained significant market share

Source: OPAP’s reported numbers (Greek operations only); H2 Gambling Capital for online market, Hellenic Gaming Commission ReportsNote: since 2014 Instant and passive lotteries and since 2016 Horse racing are being operated by OPAP

0,87%0,93%

0,97% 0,94%0,99%

1,10%1,14% 1,12%

1,18%1,12%

1,07%1,00% 0,97% 0,96%

1,05% 1,06%1,10% 1,12%

0

500

1.000

1.500

2.000

2.500

3.000

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

OPAP Instant & Passives Horse Racing Casinos Online GGR/GDP

GGR/GDP is gradually reaching pre crisis levels on the back of new

products’ introduction (Scratch in 2014 & VLTs in 2017) that have

attracted previously illegal spending & new leisure players.

Stihima & KINO introduction lead to growth>GDP Lack of innovation New games

OPAP market share

62,6%

OPAP market share

70,2%

Significant exclusive concessions secured

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

Oct2000

May2014

Jan2016

Jan2017

Oct2020

May2026

Jan2027

Oct2030

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

Jun2014

Total upfront cost of license(100% already paid by

OPAP)

€323mn

€375mn

License fee to be negotiated on a case by case basis

Lott

ery

&

Bet

tin

g

€560mn

VLT

s

€127mn(1)

Inst

ant

&

Pas

sive

s

€40.5mn

Ho

rse

Rac

ing

Included in upfront payments for legacy

licensesOn

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

Jan2035

2016 Horse Racing Concession Agreement (20 years)

The largest commercial network in Greece with its modernization well on track

Network

9

*Greece & Cyprus network as of 31.12.2017.Hellenic Lotteries products are distributedthrough additional 8,097 POS & StreetVendors

© OPAP

Petrol

stations

PostBank

Bank Bank BankGas stations

OPAP

Stores

Gaming

Halls

As of Nov. 19, ’18

3.902 OPAP Stores

331 Gaming Halls

New Opap Stores constructed YTD

420

Average store size increase within the last 3 years

+17%

FY’17

figures

4,847 POS*

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2.000

2009 2010 2011 2012 2013 2014 2015 2016 2017

€m

OPAP’s Greek Revenue (GGR) Breakdown

10 © OPAP

Lotteries

Sports betting

Instant & Passives

VLTs

GDP CAGR: -6.3%

OPAP CAGR: -9.2%

GDP CAGR: +0.4%

OPAP CAGR: +3.9%

PrivatizationBefore After

Games Product Matrix

11 © OPAP

Stihima Joker Lotto Propo Proto Super 3 Extra 5Propo-

GoalKino

Virtual

GamesScratch Laiko Ethniko VLTs

Agent

Commission8% 12% 12%

Frequency of

playDaily

Twice

weekly

Twice

weekly

Three

times

weekly

Twice

weekly

Ten

draws

daily

Two

draws

daily

Once a

week

Every 5

minutes

Every 5

minutesOn going

Once a

week

18 draws

annuallyOn going

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

Mutual Fixed Odds

GH: 36% of

NGR

Agencies:

25% of NGR

Instant

& Passives

VLTs

BettingLottery

52%29%

11%

8%

50%

29%

10%

12%

51%

26%

10%

13%

51%

26%

8%

14%

Q3’18

Q2’18

Q1’18

Q4’17

GGR breakdown

It’s all about numbers

12

Financials

© OPAP

1.220 1.378 1.400 1.398 1.456 1.619

0

500

1.000

1.500

2.000

13 14 15 16 17 18 consensus

222

347 377308 307

357

18,2%

25,2% 27,0%

22,0% 21,1%

22,0%

0

200

400

13 14 15 16 17 18 consensus

274 258 235 254 274

0

100

200

300

400

13 14 15 16 17

141

195 211170

126165

0

100

200

13 14 15 16 17 18 consensus

Revenue (GGR) EBITDA & EBITDA margin on GGR

Total Opex (Gaming operations only) Net Profit

Financial Overview

13 © OPAPAmount in €m

Strong top-line performance & incremental growth driven by:

• Introduction of Scratch & passives in 2014

• Introduction of VLTs and Virtuals in 2017

• Revenue increase & cost optimization brought in material l-f-l

EBITDA growth post the privatization.

• GGR contribution increased in 2016 to 35% from 30% previously.

Adjusted 2017 Ebitda would stand at €364m

• Growth is expected to pick up pace in 2018

• Total Opex (gaming operations) remained flat despite the

commencement of several material projects (Hellenic Lotteries,

Horse Racing, VLTs & virtual games)

CAGR: +5.8% CAGR: +9.9%

Financial Results 9M 2018 (1/2)

14 © OPAP

-1.8%Wagers(€m) Gross Gaming Revenue (€m)

+5.8%EBITDA (€m) Net Profit (€m)

Greek GDP 9M 2018

+2.03%

Retail Sales

(excl. fuels)

9M 2018

+2,3%

Department Stores

+1,5%

Pharmaceuticals

+2,9%

Furniture & Household Equipment

+6,5%

Supermarkets

+4,4%

OPAP’s 9M GGR outperforming domestic macro

1046 1106

0

200

400

600

800

1.000

1.200

9M17 9M18

224 245

0

50

100

150

200

250

300

9M17 9M18

93105

0

20

40

60

80

100

120

9M17 9M18

+9.4% +12.8%

3.214 3.157

0

500

1.000

1.500

2.000

2.500

3.000

3.500

9M 17 9M 18

Financial Results 9M 2018 (2/2)

15

Net Profit margin on GGR

* Adj. for one-off reversal of litigation provisions in Q3’17

EBITDA margin on GGR

9M EBITDA (€m)

9M Net Profit (€m)

© OPAP

-10,1%

+12,8%

+18,4%

44 33 39

93105

12,2%

9,2%10,6%

8,9%9,5%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

0

20

40

60

80

100

120

Q3 2017 Q3 2017* Q3 2018 9M 2017 9M 2018

+9,4%

+11,6%

-6,1%

93 78 87

224 245

26,0%

21,9%23,6%

21,4% 22,1%

-3,0%

2,0%

7,0%

12,0%

17,0%

22,0%

27,0%

0

50

100

150

200

250

300

Q3 2017 Q3 2017* Q3 2018 9M 2017 9M 2018

1651 32

119 169115

263

513

651

-242 -297 -302 -274 -246 -189

-77-296

-155

108

436 462

2013 2014 2015 2016 2017 9M2018

Short-term Debt Long-term Debt Cash Net Debt/(Cash)

Balance Sheet

16 © OPAP

Net Debt position (€m)

Based on LTM 9M’18 figures

Prudent leverage & solid balance sheet structure

• Average cost of lending: Fixed 3,4%

• 1,4x Net Debt /EBITDA

• 13,5x Interest Coverage

Dividend Policy

17 © OPAP

Dividend per share (€)

0,20 0,17 0,12 0,100,25

0,50

0,430,60

0,30

0,57

0,70

2013 2014 2015 2016 2017

Dividend per

share0.25 0,70 0,40 1.29 1,10

Dividend

payout (%)59.6 112.4 60,5 241,4 277,0

Average dividend yield since the

IPO (‘01-’07) 10%

Average dividend payout since

listing 105%

Both longer & short term history demonstrate consistent & rewarding shareholders returns

Interim Dividend Remaining Dividend Special Dividend

Committed to distribute the bulk

of FCF post investments

2

1

3

• 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

18

Commenting on the Q3 2018 financial

results, OPAP’s CEO, Mr. Damian

Cope, noted that:

Our Q3 performance confirms OPAP’s steady progress in the delivery of our 2020 Vision. Despite some unfavourable sports results, including the World Cup Final match itself, and the ongoing macroeconomic challenges, the OPAP team delivered strong like-for-like EBITDA growth, plus year on year revenue growth for the 5th quarter in a row. Our VLTs operations once again increased their contribution while we continue to maintain a close control on costs across the company.

During Q4, we have further enhanced our retail offering with new products in our Numerics and Betting categories, both of which have been well received by our customers. In addition our new online betting platform is now live and we are finalising development plans for a busy 2019 ahead.

As we approach the seasonally busiest period of the year we remain confident in meeting both our own expectations and the long-term ambition of establishing OPAP as a world class gaming entertainment company.

“

”

OPAP Strategy

© OPAP

To establish OPAP as a world class gaming entertainment company

19 © 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

• Max. allowed number of VLTs per venue: 50 in Gaming

Halls and 15 in existing OPAP agencies

• Deployment deadline: December 31, 2019

• HR to receive 30%-35% of GGR in the form of

royalties

20 © OPAP

Video Lottery Terminals (VLTs)

Steady rollout progress coupled with material contribution on the financials

c.17,3k VLTs operational on 27 Nov 2018

Full year target at c.19k

Performance overview1Roll-out profile

1Takes into account machines fully operational at the first week of each quarter2Machines operated in Q1. Calculation based on weighted avg.

GGR / VLT / DAY (€)

GGR (€m)

Post-holiday period:Last week of August and full

month of September

2

“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.21

Social Responsibility

© OPAP

Promoting trust strategic framework

MARKET

PLACE

Responsible

Gaming

WORK

PLACE

Employee

Engagement

ENVIRON-

MENT

Environmental

Footprint

COMMUNITY

TRUST

Health Sports EmploymentSensitive

Groups

Level 4 (highest) Certificate in Responsible Gaming by the

World Lottery Association

The largest social contributor in Greece measured in overall expenditure and variety of actions

OPAP in Summary

22

Sole Concessions

• A 50+year exclusive

concessions backlog with the

earliest expiration in 2026

Sales Network

• Largest retail network in

Greece

Significant Cash Flows

• Bulk of FCF (excl. any

investment) will continue to be

distributed as dividends

Strong Fundamentals

• Significant growth coming

from the ongoing VLTs roll-

out, online & rejuvenation of

current products

Ongoing cost control

• Ongoing focus on cost

efficiencies demonstrating

tangible results & delivering

additional savings

© OPAP

Solid Management Team

• Possesses significant

expertise, local know-how and

knowledge of the gaming

industry

Contacts

23

Nikos Polymenakos

Investor Relations Directorpolymenakos@opap.gr

Tel : +30 (210) 5798929

George Vitorakis

Head of Strategic Research vitorakis@opap.gr

Tel : +30 (210) 5798976

© OPAP

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24

Notes

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25

Notes