Project Olympus

Management Presentation
Legal Disclaimer
By attending this presentation to be given by Hellenic Football Prognostics Organisation S.A. (OPAP), or reading these presentation slides, you agree to be bound by
the following disclaimer.

This presentation is given for information only and in confidence, subject to the terms of the Confidentiality Agreement by which you are bound, in respect of a possible
acquisition of a 33% stake in OPAP (the Project).
In particular:

(a) the information in this presentation is neither derived from nor provided by the Hellenic Republic Asset Development Fund (the HRADF), the Hellenic Republic
(the HR) or any of their respective advisers;
(b) no warranty or representation is given, and no responsibility or liability is accepted, by OPAP, HRADF, HR or any of their respective subsidiaries, officers,
employees, advisers or agents on the accuracy, completeness or reasonableness of the contents of this presentation, including any estimates, opinions or
forecasts in it;
(c) no person has, or is held out as having, any authority to give any statement, warranty, representation or undertaking on behalf of OPAP, HRADF or HR in
connection with the Project;
(d) this presentation does not constitute an offer or invitation for the sale or purchase of shares, other securities or business assets, and no reliance should be placed
on it;
(e) this presentation does not constitute a recommendation or advice; and
(f) this presentation is made on the understanding that you are an investment professional. Recipients should inform themselves about and observe any applicable
legal requirements in their jurisdiction and none of OPAP, HRADF, HR or their respective advisers accept liability to any person in relation thereto.

This presentation includes estimates and other statements that are, or may be deemed to be, forward looking statements. These forward-looking statements are based
on assumptions and not historical data and such assumptions as well as the estimates and other forward looking statements depend on the occurrence of events and
circumstances that are beyond OPAPs ability to control or predict; as such forward looking statements, including those in the present presentation, are highly uncertain
and unreliable predictions of future outcomes such that actual results and developments may differ materially from those expressed in or implied by such forward looking
statements. Forward-looking statements are not guarantees of future performance and no liability is accepted for whether any estimate or other forward looking statement
is actually achieved.

This disclaimer will not exclude any liability for, or remedy in respect of, fraudulent misrepresentation by OPAP.

1
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Agenda
2
Opportunity overview 2
Investment highlights 10
Greek economy and Greek gaming market 19
Legal and regulatory framework 31
Existing product offering 38
New product offering 46
IT infrastructure 67
Organisation and Human Resources 74
Social responsibility 82
Strategic initiatives 86
Financials & outlook 91
Closing remarks 124
Q&A 126
Appendices 127
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OPAP presenting team
3
Constantinos Louropoulos
Chairman and CEO
Venos Rogakos
CFO
Georgios Gerapetritis
Legal Counsel
Apostolos Koukouvinos
Advisor to Management
Alexandros Doukas
General Director, VLTs
Stelios Hiladakis
CIO - CTO
Panayiotis Pipis
Head of Corp. Development
Constantinos Tsaousis
Advisor to Management
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33%
1%
66%
Investment opportunity overview
National leader of world-class caliber
Exclusive concession recently extended until 2030
Largest retail network in Greece
Sole license holder of 35,000 VLTs
Majority partner of Lottery tickets & Scratch cards
Leading position in Cyprus

Opportunity overview Shareholder structure
4

Free float
Hellenic Republic
(HR)
Note: Hellenic Republic to be described throughout the presentation as HR
Operator of sports
betting in Cyprus
Operator of lottery
games in Cyprus
Support services for
business operations
Consultancy services
for Stihima
Participates in
consortium for Hellenic
Lotteries (67% stake)
Software company with
multinational presence in CEE
(30% owned)
Fixed odds sports betting
technology developer
(20% owned)
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OPAP
Vision & Mission
OPAPs vision is to become the leading integrated gaming company in Europe, offering a wide variety
of games for amusement based on events and luck though all available gaming channels,
supporting responsible gaming and contributing to social welfare while creating value for
shareholders through dividends and capital appreciation
Our mission stems from the key elements of our vision
5
Amusement
Events
(sports, culture, society)
Hope Luck Spectacle
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Key history milestones

6
Establishment of the
Greek Organization of
Football Prognostics
as a state-owned
company
Launch of Proto Launch of Joker
20 years exclusive-
license contract with
the HR
Listed on the
Athens Stock
Exchange
Launch of Kino
Launch of Propo
(The Greek Football
Pools Game)
Launch of Lotto Launch of Propo Goal
OPAP incorporated as
a Societe Anonyme
(joint stock company)
Launch of Stihima
(Sports betting)
Launch of Extra 5
and Super 3
Extension of exclusive
license until 2030;
Award of Video
Lottery Terminals
(VLT) license
OPAP-led consortium
selected as preferred
bidder for the 12-year
concession for
Hellenic Lotteries
2001 2002 2003 2011 1958 1959 1990 1992 1996 1997 1999 2000 2012
Source: OPAP
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0
5
10
15
20
25
30
35
Apr-01 Apr-02 Apr-03 Apr-04 Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12

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OPAP ASX
Historical value creation
7
OPAP has consistently outperformed the Greek market and has returned a total of 14.4 per share in dividends

25/04/01
Initial public offering
@ 5.5 per share
12/12/12
OPAP-led consortium
selected for
Hellenic Lotteries
18/07/02
Secondary offering @
8.44 per share
14/07/03
Secondary offering
@ 9.44 per share
30/09/2011
Extension of 11 games
concession and
acquisition of
VLTs concession
21/07/05
Secondary offering
@ 24.14 per share
Source: FactSet, as of 15 February 2013, OPAP
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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
Dividend yield (%) 8.3% 6.6% 6.4% 7.3% 4.9% 5.4% 6.3% 10.6% 11.4% 11.9% 17.2%
Dividend payout (%) 79.4% 103.7% 99.1% 93.4% 98.8% 98.9% 97.1% 96.3% 94.0% 85.3% 42.9%
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Feb-13
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Business imperatives
8
Oct
2020
Oct
2030
Oct
2013
Dec
2023
Jan
2014
Oct
2025
now
Exclusive offering of Onshore
Sports Betting
Offering of any other games to be licensed by the HGC
(including sports betting post 2020)
O
n
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e

Online offering of OPAP exclusive lottery games
2000
L
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g
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s

Concession Agreement
(20 years)
323m
V
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2011 VLTs License
2011 VLT License
(10 years)
+ Right of
first refusal
560m
L
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2000 Concession Agreement
2013 State Lotteries Concession Agreement
(12 years)
190m
Capitalise on
35,000 VLT license
opportunity
Deploy Lottery
tickets and Scratch
cards with partners
Expand online and
benefit from cross
selling opportunities
Ongoing
improvement
including network
efficiency
Ensure integration
of core system with
future initiatives
Initiatives
Compliance with
Greek and EU
regulatory
framework
Challenges from
online competitors
Online Stihima
deregulated in
October 2020
Considerations
Note: 375m fee for Land-based Concession Extension Agreement was already paid in 2011
Concession Extension
Agreement
(10 years)
375m
Core system extension
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1,204
1,611
2,103
2,808
2013E 2014E 2015E 2022E
Online
Lotteries /
Scratch cards
18,500 VLTs
16,500 VLTs
Existing games
243
319
423
867
2013E 2014E 2015E 2022E
OPAP moving into a new era
GGR (m) EBITDA (m)
9
(a) Post full roll-out of new products
(b) HR participation post 2020 is prepaid by OPAP though the Contract Extension Fee (paid in 2011)
Source: OPAP
Growth through better diversified product offering Profitability increase especially post 2020
(b)
CAGR 13-22E: 9.9%

CAGR 13-22E: 15.2%
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Agenda
10
Opportunity overview 2
Investment highlights 10
Greek economy and Greek gaming market 19
Legal and regulatory framework 31
Existing product offering 38
New product offering 46
IT infrastructure 67
Organisation and Human Resources 74
Social responsibility 82
Marketing 86
Strategic initiatives 91
Financials & outlook 124
Closing remarks 126
Q&A
Appendices 127

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Investment highlights

11
Significant growth driven by VLTs, Scratch cards and Online
National leader of world class caliber
Unique gaming offering secured by exclusive concessions
Highly attractive market
Unparalleled distribution platform
Deeply rooted in the Hellenic world
Strong financial position
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National leader of world class caliber
12
Total 2012E GGR = 1,848m
Hellenic State Lotteries
(b)

Sports betting
Lotto, Joker, Kino,
Proto, Extra 5, Super 3
OPAP is the leading gaming operator in the Greek market
Market Cap Europe (bn)
(a)

William Hill 3.4
Paddy Power 3.2
Lottomatica 3.2
OPAP 2.5
Ladbrokes 2.4
IG Group 2.1
Playtech 1.9
Bwin.Party 1.1
Betsson 1.1
Betfair 0.9
Various international
e-gaming operators
(a) As of 15 February 2013
(b) Being acquired by OPAP-led consortium
Source: OPAP and FactSet
42%
25%
5%
18%
1%
9%
Lottery Sports betting
Hellenic State Lotteries Casinos
Horse racing Interactive gaming
Sports betting
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Unique gaming offering secured by exclusive
concessions
Game Exclusivity to 2030
Land Online


Up to
2020


Up to
2020






Up to
2020

13
Exclusivity for
land-based
games
OPAPs exclusive operation of all existing 13 games secured
until 2030
& online
games offering
(a)
Online exclusivity attracts and shifts consumers into a regulated
market
Enhanced ability to attract new potential market segments while
capitalising on OPAP brand
Unique
compensation
terms to back up
exclusivity
provision
Compensation provided in case either offline or online exclusivity
ceases/is restricted
Up to 30 million for offline
Up to 60 million for online
Gross gaming HR participation for the period 2020 2030 prepaid as
part of Concession Extension Fee
(a) Except for sports betting for which the exclusive right lapses on 2020
Source: OPAP
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Exclusive concessions and pre-paid HR participation coupled with safety nets O

P

A

P
Highly attractive market
2012E gross gaming revenue (bn and % of GDP
(a)
) 2012E gross gaming revenue per adult
(b)
()
14
% of GDP
1.18%
0.75%
0.42%
0.52%
0.87%
0.95%
0.66%
Greek market in comparison to European top 5 & average

Greek market in comparison to European top 5 & average

Note: Gross gaming revenue including offline and online (onshore and offshore) gaming
(a) Current price GDP
(b) Inhabitants over 18 years old
Source: OPAP for Greece, H2GC for other countries
18.7
14.4
10.7
10.4
9.5
1.8
3.1
Italy
United
Kingdom
Germany
France
Spain
Greece
EU
Average
447.6
368.6
362.0
342.5
340.7
197.2
202.6
Ireland
Italy
Malta
Luxembourg
Cyprus
Greece
EU
Average
Greece remains a top European gaming market, despite the continuous recession
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A

P
Unparalleled distribution platform
Distribution points
15
The largest commercial network in Greece is further expanding with the installation of VLT Gaming Halls
Note: Latest available data for OPAP, YE 2011 data for other companies
Source: OPAP and Company Data
5,600
1,547
1,049
550 539
444
0
1,000
2,000
3,000
4,000
5,000
6,000
VLTs
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P
2,606
2,864
2,678
2,430
2,073
1,848
1,661
1,992
2,406
2,585
2,688
2,818
2,880
3,001
3,052
3,157
59.4%
62.4% 63.6%
65.1% 65.1%
66.5%
68.4%
77.4%
84.4% 84.7% 85.0% 85.3%
85.5%
85.8%
85.9%
86.0%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2007A 2008A 2009A 2010A 2011A 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
G
G
R

(

m
)
Total gaming market OPAP share
Significant growth driven by VLTs, Scratch cards
and Online
16
Greek gaming market expected to grow significantly
(a)
Note: Excludes illegal gaming and but includes offshore online activities (Greek market only)
(a) Includes new products (VLTs, scratch cards and interactive Betting & Gaming)
Source: OPAP (Greek operations only); H2GC
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A

P
Deeply rooted in the Hellenic world
Iconic brand CSR commitment
17
Brand embedded in Greek and
Cypriot societies
Supporter of sports and
good causes
Continuously modernising image
Source: OPAP
Historic record of contribution in the developments of sports, culture, health and support of good causes
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P
47%
44%
30%
29%
20%
18%
16%
9%
7%
1%
0.00% 10.00% 20.00% 30.00% 40.00% 50.00%
OPAP
Ladbrokes
Olympic
Fortuna
William Hill
Rank
Codere
Lottomatica
Intralot
Partouche
Strong financial position
Low leverage on balance sheet Superior Return on Equity
18
OPAP Net debt and Net debt to EBITDA % vs peers
(a)
OPAP Return on Equity 2012E
2.5x
5.1x
1.3x
2.4x
4.1x
0.8x
2.4x
0.8x
(1.2)x
(0.3)x
(0.4)x
Net debt/EBITDA
(a) Ranked based on Net debt values as of Q3 2012 and estimated EBITDA 2012E
Source: FactSet estimates for YE2012; Note: Return on Equity calculated as estimated Net Income 2012E divided by estimated Shareholders Equity 2012E
2,560
1,554
386
382
362
315
180
16
(44)
(48)
(207)
Lottomatica
Codere
Ladbrokes
Intralot
Snai
William Hill
Partouche
Fortuna
Olympic
Rank
OPAP
Superior Return on Equity and Free Cash Flow generation capability leading to unlevered balance sheet
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.



O

P

A

P
Agenda
19
Opportunity overview 2
Investment highlights 10
Greek economy and Greek gaming market 19
Legal and regulatory framework 31
Existing product offering 38
New product offering 46
IT infrastructure 67
Organisation and Human Resources 74
Social responsibility 82
Strategic initiatives 86
Financials & outlook 91
Closing remarks 124
Q&A 126
Appendices 127
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O

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A

P
20
Greek Economy
Tab A
O

P

A

P
Greek economy
Recent developments
21
Initiated as a sovereign debt crisis in 2009, Greek crisis has led
to significant macroeconomic downturn in last 4 years
As part of an unprecedented economic adjustment program
agreed in 2010 its official sector lenders (EU, ECB, IMF), the
HR has committed to pursuing structural reforms while receiving
significant financing support
130 billion committed financing package until 2014
Received 183 billion in total to date, of which 34bn in
December 2012 for banking sector recapitalisation and fiscal
adjustments
Over the last years since 2010 the HR has pursued
implementation of reform initiatives focused on
Restoring credibility and improving transparency in fiscal
management
Reforming and reducing size of public sector
Reducing public sector deficits to ensure debt sustainability
Enhancing market competitiveness
Attracting foreign direct investment buoying economic growth
While fiscal position has been improving notably recently the
deep economic reform has resulted in market liquidity tightening
and activity slowdown, leading to accelerated recession
Key economic indicators
Budget deficit
2007 2008 2009 2010 2011 2012
Real GDP growth (%) 3.5 (0.2) (3.1) (4.9) (7.1) (6.0)
Inflation (HICP) (%)
Period average
2.9 4.2 1.2 4.7 3.3 1.2
Private consumption (%) 3.6 4.3 (1.6) (6.2) (7.7) (7.7)
Source: IMF Country Report No. 13/20, January 2013
(6.8)
(10.0)
(15.7)
(10.6)
(9.3)
(7.3)
(2.0)
(4.9)
(10.4)
(5.0)
(2.4)
(1.0)
(20)
(15)
(10)
(5)
0
2007 2008 2009 2010 2011 2012
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Overall balance Primary balance
Greece has undertaken a significant fiscal adjustment effort
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P
Greek economy
On the path to recovery
Focus on Greek Government initiatives Fiscal accounts and forecast (bn)
Positive outlook
22
2012 2013 2014 2015 2016 CAGR
Total revenue 85.0 79.1 79.2 79.8 82.7 (0.7)%
Primary expenditure 87.9 79.1 76.4 76.8 77.6 (3.1)%
Primary balance (2.9) 0.0 2.8 5.7 9.0 n/m
General Government balance (13.0) (8.4) (6.2) (4.1) (1.2) (4.5)%
% of GDP
Total revenue 43.6 42.9 43.1 42.0 41.6 -
Total expenditure 50.2 47.5 46.5 45.7 44.1 -
Primary balance (1.5) 0.0 1.5 3.0 4.5 -
General Government balance (6.6) (4.6) (3.5) (2.2) (0.6) -
Since early-2010, Greece has achieved a very substantial fiscal adjustment. The
primary deficit is expected to be reduced by 9.0pp of GDP by 2012 (compared to 2009),
but-taking into account that this was accomplished during a pronounced economic
recession-the underlying fiscal effort is significantly larger.

The Second Economic Adjustment Programme for Greece First Review, December 2012
I think everybody has the best interests of Greece in mind and were just continuing to
work to do whatever, we can to get Greece back to the path of sustainable growth and
job creation . Beyond that it may be an historical question, but were doing, and I think
everybodys doing their best to try and get Greece back on track.

Gerry Rice, Director-External Relations IMF, November 2012
Following significant fiscal adjustment efforts in the past 4
years, 2013 is expected to be the turnaround year for the
country
According to official sector lenders:
Greece will produce primary surplus by end 2013 /
beginning 2014
Balance of trade expected to turn positive in the same
period
First positive signs have already been evident since
end of 2012:
For the first 10 months of 2012, Greece demonstrated the
highest y-o-y increase (13%) of exports in the Eurozone
(Eurostat)
Simultaneously, imports were reduced by 9%, leading to an
overall reduction of trade balance deficit by over 5.5bn
(Eurostat)
In the same period, a central government primary surplus of
2.3bn was recorded, versus 4.2bn deficit in the same
period in 2011 (Ministry of Finance, 4 Dec. 2012)


Source: IMF Country Report No. 13/20, January 2013
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23
Tab B
Greek gaming market

O

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A

P
Greek gaming market
A leading European gaming market despite the crisis
24
Note: Greek market excluding illegal gambling but including offshore online activities
(a) Inhabitants over 18 years old
Source: OPAP for Greece, H2GC for other countries
4
4
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GGR by EU member state (2012E) (bn)
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Greek gaming market
Historically strong GGR

25
GGR as a percentage of GDP
GGR per adult
(a)
()
2007 2012 CAGR = (6.9%)
Note: Greek market excluding illegal gambling but including offshore online activities
(a) Inhabitants over 18 years old
Source: OPAP 2012E, H2GC for historic data
0.8%
1.0% 1.1% 1.1%
1.0%
1.0%
1.1%
1.2%
1.2%
1.2%
1.2%
1.1%
1.0%
0.9%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E
Avg: 1.1%
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115
152
175
185 184
211
241
270
283
310
289
261
222
197
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E
GGR per adult Average
Avg: 221
O

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A

P
Greek gaming market
Historical performance by segment
26
Note: Excludes illegal gaming but includes offshore online activities (Greek market only)
Source: OPAPs reported numbers (Greek operations only); H2GC
67 70 67 64 66 64 68 57 59 52 39 25 20
380
400
455
495
565
610
688
777
744
626
516
404
330
112
120
126
134
141
194
141
133
127
121
114
106
95
588
763
811
888
1,136
1,300
1,521
1,548
1,786
1,704
1,583
1,349
1,230
94
101
101
89
8
16
36
65
91
147
175
178
189
173
1,241
1,453
1,561
1,678
1,924
2,205
2,484
2,606
2,864
2,678
2,430
2,073
1,848
136
146
157
172
185
193
209
223
233
231
222
209
195
0
50
100
150
200
250
0
500
1,000
1,500
2,000
2,500
3,000
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E
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OPAP existing
State Lotteries
Casinos
Horse racing
Nominal GDP
Nominal GDP
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Greek gaming market
Key characteristics
Regulated gaming market Illegal gaming market

27
Illegal gambling activity is being increasingly addressed with
the following results in 2012:
1,019 inspections
4,843 arrests (owners & punters)
10,638 machines (VLT and PCs) confiscated
Players increasingly concerned to participate in the illegal
market
OPAP has an internal illegal market monitoring committee

Game category Key Characteristic
Sports betting
Drives agency visitation
Enables cross selling
Numerical games
Appeals across a wide range of age groups
Draw frequency, playing hours and jackpots
drive demand
Lottery tickets
Attractive among specific customer groups
Potential for further improvement
Scratch cards
Will tap a different group of customers
Direct customer access through increased
Points of Sale
Video Lottery
Terminals
Tap on currently existing illegal market
Different customer base compared to OPAP
traditional games
Horse Racing Declining market
Casinos
Declining average spend
Further competition from the roll out of VLTs
Source: Illegal Gaming and Betting Control Committee
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71.6%
38.1%
27.2%
Last 12 months Regular Last week
35.3%
18.8%
13.4%
Last 12 months Regular Last week
46.1
50.6
22.8
8.3
13.8
21.1
Customer segmentation
Existing games
Penetration of OPAP regular players
(a)
Average times games played annually
28
Note: Total population (18-64 years old) Note: OPAP Players
(a) Regular players are the ones that visit OPAP shops at least once per month
Source: Alternative Research Solutions Annual OPAP Tracker Feb12-Jan13 (survey carried out on a sample of 5,400 citizens, out of which 2,665 were OPAP players)
Wide game portfolio attractive to regular players
Penetration (total population) Penetration (OPAP players)
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951
489
50
67%
92%
58%
33%
8%
42%
Male Female
Customer segmentation
Existing games continued
29
18 24 27% 24% 8%
25 34 26% 29% 28%
35 44 20% 26% 27%
45 - 64 27% 21% 37%
Player profile by Gender Player profile by Age Group
Player profile Average annual spending ()
(a)
Cross-selling verticals
State
Lottery
- 17% 14% 7%
28% - 12% 6%
35% 18% - 24%
State
Lottery
9% 4% 11% -
(a) Figures are derived from OPAPs GGR, using penetration and frequency figures per game from the tracker
Source: Alternative Research Solutions Annual OPAP Tracker Feb12-Jan13 (survey carried out on a sample of 5,400 citizens, out of which 2,665 were OPAP players)
Highly complimentary portfolio with further cross-selling potential
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330
301
261
186 193 199 205 212 219 226 234
95
76
76
76 76 76 76 76 76 76 76
1,230
1,092
925
795
829 825
867 867
911 914
965
383
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1,000
1,050
1,100
1,150
1,200
1,237
1,274
26
116
141
187
230
243
253
265 272
272
173
152
218
245
288
298
319
314
323
319
329
1,848
1,661
1,992
2,406
2,585
2,688
2,818
2,880
3,001
3,052
3,157
0.9%
0.9%
1.1%
1.3%
1.3%
1.3% 1.3%
1.3% 1.3%
1.2%
1.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
G
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Interactive gaming
Scratch cards
VLTs
OPAP existing
Lottery tickets
Casinos
Horse racing
GGR as % of GDP
Nominal GDP
30
Greek gaming market
Outlook
Note: Excludes illegal gaming but includes offshore online activities (Greek market only)
Source: OPAP
Gaming penetration is expected to peak in 2016 due to the introduction of VLTs and Scratch cards
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Agenda
31
Opportunity overview 2
Investment highlights 10
Greek economy and Greek gaming market 19
Legal and regulatory framework 31
Existing product offering 38
New product offering 46
IT infrastructure 67
Organisation and Human Resources 74
Social responsibility 82
Marketing 86
Strategic initiatives 91
Financials & outlook 124
Closing remarks 126
Q&A
Appendices 127

O

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Roadmap of regulatory framework
32
Betting Sports betting products are offered exclusively by OPAP (Stihima) under the concession agreement of 2000
Lottery
The main lottery products are offered by OPAP under the concession agreement of 2000
A consortium led by OPAP was awarded the 12 year concession for the exclusive operation of State Lotteries
The concession agreement is currently under approval by the Court of Auditors
Following privatisation the Hellenic Gaming Commission ("HGC") is competent for State Lotteries operation regulated by the
State Lotteries Regulation (Decision no 14/2/17.07.2012, GG B 26.07.2012)
Online gaming
L4002/2011 sets the framework for licensing of online operators in Greece
In Dec-11, Ministerial Decision 1248 decreed remote gambling operators to pay back taxes from 2010. This ushered in a
transitional period until full market regulation
OPAPs monopoly includes the right to conduct its games online until 2030, with the exception of sports betting whose
exclusivity lapses in 2020
Draft legislation enables HGC to blacklist offshore online operators (effecting limitation on bank transaction)
Casino
There are a total of 12 casino licenses of which 9 are active
The European Commission (EC) investigated three Greek casinos Regency Casino Mont Parnes, Regency Thessaloniki
and Corfu Casino in a state aid case and found a violation in 2011
Horse racing
Law 598/1968 conferred the monopoly to ODIE for the operation of horseracing in Greece
Currently ODIE/mutual horse gaming is regulated by joint ministerial decisions, but the HGC is expected to resume its
competency with respect to the regulatory framework on mutual horse betting
ODIE and its right to conduct horse races and mutual horse betting are part of HRADFs privatisation programme
Law 4111/2013 provides for the dissolution of ODIE, the concession of its rights to a private operator, and for a transitional
period of its operation until the completion of the privatisation
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Regulatory developments
New gaming law
33
L. 4002/2011 notified under Directive 98/34 EC and eventually adopted in August 2011, as amended by laws
4021/2011, 4038/2012, 4093/2012, and current draft legislation:
prescribes the operation and establishment of VLTs by OPAP (and through its sub-concessionaires)
sets the framework for the conduct of online games of chance
imposes restrictions on commercial communication of games of chance (to be further defined in secondary legislation)
lifts general ban on technical leisure games
(a)
re-establishes the HGC
(b)
introduces new taxation framework
Full implementation of L. 4002/2011 requires the issuance of secondary legislation (i.e. VLTs technical standards & regulation)
Draft legislation addresses the vacuum created i.e. expiry of the period during which VLTs should start operating due to non-
issuing of the respective regulations
Amendments in order to implement commitments of the HR to the EC:
reinforces HGC role by setting out a clearer framework (eg. issuance of games codes, approval of OPAPs games
regulations and its agency agreements)
harmonises GGR HR participation (30% on OPAPs GGR)
enacts the Supervisory Committee operating within OPAP
amends milestones during which the VLTs license duration commences

The first step towards a solid regulatory framework for gaming was made with L. 4002 in mid 2011
Note: (a) imposed by L.3037/2002 which was object of proceedings before the CJEU
(b) already provided for in law 3229/2004, competent for supervision of all games of chance/technical leisure games in Greece and sets a detailed framework of its operation
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Overview of regulatory framework
Hellenic Gaming Commission
Regulation of the gaming market in Greece is carried out
by the HGC, formally established as an independent
administrative authority in 2012
HGC is governed by Chairman and its 8 members, who were
appointed by decision of the Ministry of Finance in December
2011
The HGC has so far proceeded with the following actions:
1. Issuance of the State Lotteries Regulation
2. Notification of the VLTs Technical Standards (standstill
expired/publication expected)
3. Notification of the draft VLTs Regulation (standstill expires
on 12.04.2013)
4. Issuance of the Regulation for the Conduct of Technical
and Leisure Games
5. Draft decision regarding unlicensed online gaming
providers

Overview Regulatory authorities
34
HGC supervises,
casinos, online
gaming and State
Lotteries
Hellenic Gaming Commission
Supervisory control
Supervised by the
HGC
Other games
supervises
Supervisory
Committee
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EU Proceedings
Stanleybet case
35
Background
Stanleybet, William Hill and Sportingbet (in 2004, 2007 and 2006 respectively) requested from the Greek
authorities to grant them the permission to provide gambling services in Greece
Those applications had been tacitly rejected by the Greek authorities
The grounds for rejection has been that OPAP has been granted such exclusive right until 2020
Greek Council of
State
The above 3 companies lodged applications for annulment of those tacit rejections with the Greek Council of State
The Council of State entertaining doubts as to the compatibility of the Greek legislation with the requirements of
EU law, decided to stay the proceedings and to refer the following 3 questions the CJEU
Q1/Q2: Is national legislation which grants the exclusive right to run, games of chance to a single undertaking compatible
with the EU law if this is done in order to attain the objective of restricting the supply of games of chance, or seeking
exclusively to combat criminality by exercising control over the undertakings that operate in the sector at issue?
Q3: (a) In case that the grant of an exclusive right to run games of chance is not compatible with EU law, is a transitional
period in order to enact compatible rules allowed (not examining such applications)? (b) if yes, what are the criteria for
determining the duration of such transitional period? (c) if not, what should be the criteria for ruling on such applications?
Court of Justice of
the European
Union (CJEU)
Following the reasoned opinion of general advocate Mazak in September 2012, CJEU ruled on 24 January
2013 and referred the case back to the Greek Council of State
Q1/Q2: The Court reiterated the basic principles of its case law , i.e. that restrictions of fundamental freedoms is justified if
the objectives are pursued in a consistent and systematic manner
Q3: no transitional period is allowed.
CJEU explicitly stated that the HR had two possible courses of action:
(i) ensure the monopoly is subject to effective and strict control by the public authorities, or
(ii) in case of market liberalisation, introduce a permit scheme that is based on objective and non-discriminatory
criteria
It has to be noted that decision concerns the legal regime prior to L.4002/2011 and does not take into account any
regulatory developments thereafter
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EU Proceedings
Other Infringement proceedings
36
Infringement
proceedings
DG MARKT
Infringement proceedings against the HR have been pending since 2007 (no. 2007/4094)
In late 2012, DG MARKT sent requests for an update of the legal situation to all Member States with pending
cases, including the HR. The HR has replied to this request
The key issues have been reduced to concerns regarding the strict control of OPAP as well as the general
question of how the objectives to combat addiction, fraud and crime are met by the OPAP monopoly
HR entered into a constructive dialogue with DG MARKT on these issues in late 2011
Notification
proceedings
(Directive
98/34/EC)
DG ENTR
The notification proceedings No. 2011/166/GR regarding Law 4002/2011 are completed
Any implementing regulation, as well as any change in the law that amounts to technical regulations in the sense
of the Directive, have to be notified to the EU Commission. In this respect, the VLT regulations were notified on 11
January 2012 (2013/24/GR)
State aid
proceedings
DG COMP
Non-aid notification submitted in December 2011 regarding the Concession extension agreement and the VLT
license and State aid complaints were filed from RGA (October 2011) and Stanleybet (February 2012)
The HR offered commitments to DG COMP in August 2012, which have been accepted by DG COMP
The Commission issued a non-aid decision on 3 October 2012
Discussions with DG COMP in relation to the agreed player winnings tax system, as that was enacted by
L4093/2012 have been finalised and the results of such discussions have been announced by the Ministry of
Finance
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Gaming sector taxation
Overview of HR commitments to the EU Commission
Following extension of OPAPs concession and acquisition of VLT license, the HR entered into negotiations with the EU Commission
in relation to harmonisation of its gaming tax environment, in view of sector liberalisation

Source: Ministry of Finance
37
Players winnings
The HR committed to implement measures to introduce a winnings tax at the rate of 10% on all winnings
for the existing OPAP games (online and offline) as of 1 January 2013
This has been enacted through L.4093/2012
Current status: HR requested the Commissions agreement to a change in the winnings tax system in
January 2013. On 3 February 2013, the Ministry of Finance announced that such an agreement has been
reached
GGR HR
participation
The HR committed to introduce measures to increase the GGR HR participation rate imposed on OPAP
games to 30% of GGR per year as of 1 January 2013
New paragraph 5 of article 50 of law 4002/2011 as last amended by law 4093/2012
Contract
Extension
5% GGR HR participation between 2020 2030. Value of Contract Extension (375m) will be considered
towards pre-payment of HR participation difference between 5% 30% of GGR, based on an agreed
formula
Implementation of HRs commitment in progress
VLT HR
participation
Pre-agreed 30% HR participation on VLT GGR to be potentially increased by 5%, subject to
outperformance of gaming machines vs a pre-agreed threshold
Article 2 paragraph 3 of law 4093/2012 a new paragraph 5A is added to Article 50 of Law 4002/2011 (A 180)
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Agenda
38
Opportunity overview 2
Investment highlights 10
Greek economy and Greek gaming market 19
Legal and regulatory framework 31
Existing product offering 38
New product offering 46
IT infrastructure 67
Organisation and Human Resources 74
Social responsibility 82
Strategic initiatives 86
Financials & outlook 91
Closing remarks 124
Q&A 126
Appendices 127
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Land-based games
Positioning of games
39
Fixed odds
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e
s

Skills
Luck
Mutual
Balanced and
comprehensive gaming
portfolio
- Sports betting and
numerical games
- Skills vs Luck
- Mutual vs Fixed Odds
Source: OPAP
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P
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
(

m
)
Propo Proto Lotto Propo-Goal Joker Stihima Extra 5 Super 3 Kino Go Lucky Monitor Games
% of 2012
GGR
Land-based games
Historical GGR breakdown
40
8.4% 2.3%
2.4%
0.9% 0.7% 0.7% 0.3% 0.1% 0.1%
49.6% 34.4%
Note: Greece only
Source: OPAP
Proven ability to generate new revenue streams
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Land-based games: OPAPs unique agency network
Overview of scale and depth
41
OPAP has the largest retail network in the country with 4,910 agencies, covering 99% of population
Source: OPAP. Number of agencies as of December 2012. Agencies sales as of FY2011
Achaia
145 agencies
% of network 3.0%
% of Sales 2.9%
Thessaloniki
539 agencies
% of network 11.0%
% of Sales 10.7%
Attica
1,966 agencies
% of network 40.0%
% of Sales 41.3%
Heraklion
99 agencies
% of network 2.0%
% of Sales 2.5%
Dodecanese
99 agencies
% of network 2.0%
% of Sales 2.3%
Larissa
114 agencies
% of
network
2.3%
% of Sales 2.3%
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Land-based games: OPAPs unique agency network
Revenue by agents and prefecture
Top agents Top prefectures
42
794 735 737 921 865
Average annual revenue per agency (000)
8,427 6,128 3,371 2,064 1,669
Source: OPAP as of FY2011
2.0%
3.1%
9.1%
28.6%
46.5%
Top 10 Top 20 Top 100 Top 500 Top 1,000
40.0%
11.0%
3.0%
2.3%
2.0%
Attica Thessaloniki Achaias Larisas Dodecanese
Average for all prefectures: 745
Average for remaining prefectures: 685
Average for all agencies: 745
Average for remaining agencies: 504
Ongoing effort for network optimisation
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Land-based games: OPAPs unique agency network
Key terms of agreement
43
Key objectives Related agreement terms
Selection
Relationship with quality agents
Selection process efficiency
OPAP has full control over the selection process of
new agents
Exclusivity
Agent focus on core activities
Gaming experience / service quality control
Agent incentivisation

No activities allowed within the agency store without
OPAPs approval
Online connection of agency with OPAP facilitating
monitoring of activities
Agencies must abide to controls requested by OPAP
Ancillary revenue opportunities for agents (e.g. right
to sell sport event tickets)
Credit policy
Bad debt risk minimisation
Working capital minimisation
Revenues excluding commissions and players
winnings delivered to OPAP through banks at least
every Monday and Thursday
Limits to levels of cash due to OPAP that an agent
can hold at any time
Agents delaying delivery of revenues to OPAP can
face disconnection of their terminals
Commissions
Equitable treatment of agents All commissions governed by relevant legislation and
OPAP exclusivity agreement
Intention to move to a progressive commission model
when regulatory framework permits
Other
Product and infrastructure uniformity across network
Agent accountability
OPAP provides and maintains the equipment of the
agencies
Strict confidentiality clauses
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Source: OPAP
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A

P
Land-based games
Risk management of Stihima
44
Team structure Process
Compilers team is responsible for choice of
betting events
Traders follow betting process real time and intervene
as required
Bets placed at agencies at levels above agency/
group/event limits require clearance from relevant
trader or shift head
Any change in odds requires clearance from head
trader or shift head
Datawarehouse software provides data analysis, over
time, to determine players behaviour
Administrator
Compilers 10
Traders/compilers 10
Traders 15
Analysts 4
Infocasters 8
Source: OPAP
Risk management of Stihima is one of the key priorities for OPAP
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113
33
38
6
Land-based games
International operations Cyprus operations
45
OPAP Cyprus OPAP Sports
Network of stores Analysis per game
Established in 1969 and operates the 8 lottery games of OPAP
Games operated under a bilateral agreement between Cyprus and
Greece signed in January 2003 for an open period (each party can
break the agreement with one year notice period)
The agreement specifies that out of the total sales i.) a 10% service
fee is paid to OPAP, ii.) 6% covers the operational costs of OPAP
Cyprus, iii.) 1-3% is allocated to donations, iv.) 2% is allocated to
marketing and v.) the remaining part is paid to Cypriot Republic
Employs 14 persons
Active though 190 agencies (all franchisee)
m 2009 2010 2011 2012E
Revenue 218.7 202.5 186.0 195.9
GGR 76.5 71.1 64.5 67.8
Kino 42.6 37.7 37.3 38.3
Joker 17.0 16.7 12.3 13.0
Stihima 6.6 6.4 5.1 6.0
Lotto 3.7 4.6 4.6 5.2
Proto 3.5 3.0 2.3 2.5
Super 3 2.5 2.1 2.2 2.3
Extra 5 0.4 0.4 0.5 0.5
Propo 0.3 0.2 0.2 0.2
Acquired by OPAP in 2003 and operates sports betting in Cyprus
Due to past legal restrictions OPAP Sports has incorporated 26
subsidiaries in order to be able to operate up to 195 shops, but is
currently in the process of liquidating all of them
1
.
On 1 January 2013, OPAP Sports obtained a license from the
National Betting Authority for 2013 and 2014 (renewable for a further
period of one or two years)
Employs 25 persons
Active through 119 agencies
(a) As of 01.07.2012 any Cyprus Registered Betting Company can appoint as many agents as it likes, as long as it pays the license fee and agents comply with the provisions of the law
Source: OPAP, 2012 data

+

+
3
rd

party
betting
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O

P

A

P
Agenda
46
Opportunity overview 2
Investment highlights 10
Greek economy and Greek gaming market 19
Legal and regulatory framework 31
Existing product offering 38
New product offering 46
IT infrastructure 67
Organisation and Human Resources 74
Social responsibility 82
Strategic initiatives 86
Financials & outlook 91
Closing remarks 124
Q&A 126
Appendices 127
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O

P

A

P
Strategic enhancement of portfolio
47
+ +
Lottery tickets & Scratch cards
12-year license
Partnership with global players
New distribution channel
New games
Video lottery terminals
[Picture to come]
10-year license
35,000 terminals

New distribution channel
New games
Online games
5+5 year licenses
Maintain exclusivity
Expand in casino/poker offering

New distribution channel
New games
A new decade for OPAP
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Video lottery terminals
Overview
48
Description Key drivers
Project parameters
1 license held by OPAP for the operation of
35,000 terminals
16,500 installed in ca. 660 Gaming Halls (25 VLTs per
Gaming Hall), and 18,500 sub-conceded
Layout of Gaming Halls to be finalised according to
the upcoming regulations set out by the HGC

Spending per capita
Location of Gaming Halls
Gaming machines density in Gaming Halls
Variety of games
Recycling effect


Net drop / VLT per day (2015E)

Agent commission
(a)


HR participation
(b)
76 % of GGR 30-35%

Note: All projections subject to negotiations and regulation
(a) 23-25% of GGR for 16,500 VLTs
(b) Based on performance of the VLTs
Source: OPAP, H2GC
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Video lottery terminals
Rationale for roll-out in gaming halls







49
Increased revenue economies of scale achieved (based on international experience)
Limitation of cannibalisation of other games, especially KINO
Independence of existing agency network
Penetration of new customer segments eg women and 21 to 30 year old age group
Increased ability to limit/combat illegal market
Gaming Halls will operate according to best practices greater flexibility to respond to competition
Alternative allocations might be considered depending on demographic and regulatory restrictions
Source: OPAP
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Video lottery terminals
OPAP 16,500 terminals operating considerations
50
Relevance Approach
I
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n
a
l

l
a
y
o
u
t

Sizing space/VLT
Average size: 150 m
2
25 VLTs per Gaming Hall
Gaming Hall layout
(a)
Friendly and entertaining environment (food & beverage, smoking)
(b)

Player privacy assured
S
e
t
-
u
p

Visibility
(a)

Outside layout visible and consistent accross the network
Player privacy assured by adequate outdoor window coverage
Location/Costs
(a)

OPAP will select and give final approval for store location
Capex estimate: 60,000 - 80,000 per Gaming Hall (excluding technology costs)
G
a
m
i
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g

H
a
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l


M
a
n
a
g
e
m
e
n
t

Opening hours
(a)

Suggested operating time: 9:00 AM 2:00 AM (weekdays) and 9:00 AM 4:00
AM on weekends and holidays
Opening days Open 357-365 days a year
Personnel
1 manager per Gaming Hall and 3 4 assistants
Security personnel may also be provided
Agent compensation
Agent will receive a % of the net drop (depending on initial investment contribution
and business model chosen)
Most relevant (to project success) Least relevant
(a) As per current HGC framework
(b) Excluding alcohol and subject to change of law
Source: OPAP
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Video lottery terminals
Operating model for 16,500 terminals
51
Responsibility
Regulation and license control
Hellenic Gaming
Commission
VLT business operations
Strategic consultant(s) /
Operator(s)
VLT technical operations
VLT suppliers (Manufacturers and/or Operators)
Outsourcing partner Field service
Strategic consultant(s) /
Operator(s)
Venue management
Gaming Hall
proprietors
(under OPAP control
and supervision)
Note: Consultants in grey boxes could potentially be involved
Source: OPAP
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Video lottery terminals
Subconcessionaire operated 18,500 terminals
52
Number of sub-
concessionaires
4 10 parties
Selection though a public international highest bidder tender run by OPAP and approved by HGC
In case unsuccessful, OPAP will have the right to operate the remaining VLTs
Characteristics of sub-
concessionaires
(agent principle)
OPAP shall define the pricing policy (payout) and bear the economic risk of operation
Marketing policy defined by sub-concessionaires subject to advertising restrictions
Sub-concessionaires prohibited from further assigning their rights
Services provided by
OPAP
Provide a range of specific VLT machines and games
Sub-concessionaires can choose from this range
Bear the cost of all market-specific investments
Alternatively sub-concessionaires shall be reimbursed for such costs through their fee
Central Management functions (as per legal and regulatory compliance, player card management etc)
Economics
The sub-concessionaires shall pass on their revenues from the VLTs to OPAP, minus
a commission fee to be determined in the agreements between OPAP and the sub-concessionaires
costs of market-specific investments that must be borne by OPAP as the owner of the license
OPAP will be responsible for the payment of the GGR HR participation for the 18,500 VLTs also
OPAP envisages to pay an agent fee on the generated GGR to each concessionaire and ask an upfront fee
in the order of 4,000-8,000 per VLT
Out of the above fee the sub-concessionaires will reimburse their VLT machine providers and fund the
operation of their gaming halls and their general overheads
Source: OPAP, HGC draft framework
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Video lottery terminals
Targeted roll-out of gaming machines
18,500 sub-conceded VLTs
Indicative allocation of 16,500 VLTs 16,500 OPAP VLTs
53
Central Macedonia Eastern
Macedonia & Trace
118
(Thessaloniki: 30)
Western Greece Thessaly
Epirus
99
Aegean Islands Crete
52
Attica
309
(Athens: 80)
Central Greece
Peloponnese Ionian Islands
115
Source: OPAP
Note: Based on current draft of regulation and subject to HGC approval
Source: OPAP
0
5,000
10,000
18,500
Q1 2014 Q2 2014 Q3 2014 Q4 2014
New additions
2,500
8,750
15,000
16,500
Q1 2014 Q2 2014 Q3 2014 Q4 2014
New additions
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Video lottery terminals
Expected timetable

54
Q2 2013
RFP and selection of Central
System
Selection Process for the
procurement of16,500 VLTs
Brand and store concept
development study
Q1 Q4 2014
Commercial operation of
16,500 VLTs
Q3 2013
Finalisation of brand and store
concept design
1st phase of Agent
recruitment process
Q2 Q4 2014
Roll-out of sub-
concessionaires 18,500 VLTs
Before YE 2011
First instalment of 474m for a
license for 35,000 VLTs paid
by OPAP to Greek State
Source: OPAP
H1 2014 H2 2014 H2 2013 H1 2013
Q4 2013
Start Installation of Central
System for 16,500 VLTs
Sub-concessionaire selection
finalised
Sub-concession parameters
communicated
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Video lottery terminals
Potential upsides
55
Source: OPAP
Upside areas Description
Effect
Net Drop CAPEX OPEX Roll-out
Increase of maximum
number of VLTs per
location
Better gaming experience
Fewer gaming halls
Economies of scale
Easier allocation

Removal of smoking &
alcohol ban

Better gaming experience for some market
segments
Wider customer base

Amendment of player
cards
Easier access
Infrastructure related to monitoring

Extension of betting
limits
Attraction of high rollers

Marketing and loyalty
programme
Increase visit frequency

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O

P

A

P
Strategic enhancement of portfolio
56
+ +
Lottery tickets & Scratch cards
12-year license
Partnership with global players
New distribution channel
New games
Video lottery terminals
[Picture to come]
10-year license
35,000 terminals

New distribution channel
New games
Online games
5+5 year licenses
Maintain exclusivity
Expand in casino/poker offering

New distribution channel
New games
The great re-launch of OPAP
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P
Lottery tickets & Scratch cards
Overview of Lottery tickets
57
Description Highlights
Project parameters
Well established in Greek market since 1929
Lottery ticket games include:
National Lottery (Ethniko)
Popular Lottery (Laiko)
European Lottery (Evropaiko, inactive)
Housing State Lottery (Stegastiko, inactive)
Management of New Year's Lottery (Protochroniatiko)
New Year Lottery managed by consortium, for a fee of
17% of revenues paid by the HR
Wide customer group, split ca. 50-50% between men
and women
12-year license
Extensive network including OPAP agencies, retail
shops and street vendors
Iconic game embedded in Greek culture, attracting all
classes of players


Number of games

Payout
(a)
Sales Network

5 lottery type
games
64%

> 10,000 PoS
(a) Average payout; 55% for New Years Lottery
(b) Initial investment related to the establishment of the project company
Source: OPAP
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P

A

P
Lottery tickets & Scratch cards
Overview of Scratch cards
58
Description Highlights
Project parameters
(a)
Pre-printed tickets with a latex surface (playing area)
that offer instant wins identical to tickets sold in US
Opportunity to replicate Scratch Card offering as
witnessed in other similar gaming markets
Revamped game design to address shortcomings of
previous Greek version of Scratch cards (e.g. OPAP
retains ability to control payout, subject to min. 60%)
Wide customer group, split ca. 50-50% between men
and women, 18-65 years
12-years license
Extensive network of more than 10,000 PoS
(including OPAP agencies, retail shops and street
vendors)
Capability to sell to subscribers via Internet
Increased cross-sell opportunities
Widely known in Greek market, with previous 10-year
presence (1993-2003)
Payout

Sales network commissions

Operating costs
(10-years avg. as % of revenues)
66%
7% of revenues +
bonus scheme
7.4%
(a) OPAP estimates / No limitation on maximum payout and/or ticket price
Source: OPAP
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P
Lottery tickets & Scratch cards
Historical performance & key drivers
59
Reformation of content/marketing
Pricing policy
Penetration of additional customer group
Maximisation of PoS
Technology optimisation
Key areas for improvement Historical performance

Source: OPAP
Tickets face value
Editions theme
Game mechanism
Top prize
Profit distribution (low, medium and high profits)
Revenues share (%) allocated to winners and to jack-pots
Editions length and frequency
Lottery tickets Scratch cards
Cards face value & editions theme
Cards size & shape
Game mechanism
Top prize
Profit distribution (low, medium and high profits)
% of distributable profits
Editions length and profit frequency
Number of editions in market

110 108 108
126 128
108
88
74
255 255 248
247 238
203
184
166
52 55
54
53
53
37
28
24
417 418
410
426 418
348
300
264
0
150
300
450
2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012E
S
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(

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National lottery Popular lottery New Year's lottery
Key drivers
(a)
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313
169
127
120
106
101 101
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76 75
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59 59
33
156
74
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40 39
37 36
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Lottery tickets & Scratch cards
Market Comparison
60
US States Europe
Note: US data is as of 2010 and Europe data is as of 2009. EUR/USD of 1.44. No payout ratio data for Tennessee
Source: State Lottery Commission Websites, La Fleurs 2011 World Lottery Almanac, European Lotteries report 2009, and La Fleur's 2010 European Lottery Almanac, H2GC
Scratch cards sales per capita ()
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A

P
Lottery tickets & Scratch cards
JV structure
61
JV Structure Key terms
Exclusive rights to the production, operation,
circulation, promotion and management of the
Hellenic Lotteries in Greece
Upfront payment of 190 million (to be paid in 3
installments)
Committed 30% of GGR with a minimum of 580
million additional payment over the 12-year
concession period
Minimum annual payment of 50 million
(35 million in the first year)

Greek State Lotteries
12-year Concession (SPV)
67.0% 16.5% 16.5%

Source: OPAP
Cooperation with well-established peers in the Lottery tickets & Scratch cards project
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P
Lottery tickets & Scratch cards
Expected timetable
62
December 2012
OPAP-led consortium
selected as provisional
successful bidder for the
12-year license for
Hellenic Lotteries
March 2013
Payment of first
instalment to HRADF
equal to 20% of upfront
payment (38m)
March 2013
Establishment of new
company and signing of
concession agreement
with HRADF
H2 2012
April 2013
Parliamentary approvals
H1 2013
H2 2013 H1 2014
May 2013
Payment of second
instalment equal to 50%
of upfront fee (95m)
October 2013
Launch of operations
May 2014
Payment of final
instalment equal to 30%
of upfront fee (57m)

Source: OPAP
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O

P

A

P
Strategic enhancement of portfolio
63
+ +
Lottery tickets & Scratch cards
12-year license
Partnership with global players
New distribution channel
New games
Video lottery terminals
[Picture to come]
10-year license
35,000 terminals

New distribution channel
New games
Online games
5+5 year licenses
Maintain exclusivity
Expand in casino/poker offering

New distribution channel
New games
The e-future of OPAP
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O

P

A

P
Online
Overview
64
Offering Highlights
Project parameters
Access to new customer group
Women and age groups between 21-40
Introduction of new captive gaming offering
New channels
Mobile
Interactive TV
Social Networks
GGR contribution
(b)
Outsourcing fee
(c)
Capex
90% / 10% 15% of GGR
ca. 8m initial
0.5m p.a.
maintenance
(a) Online offering subject to approval of gaming code by the HGC
(b) Average 2014-22, exclusive vs non-exclusive games
(c) Additional 10% for Poker, 15% for Live Casino
Source: OPAP
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Legal right HGC regulation
OPAP 13 exclusive
games

(Law 2843/2000)
Prerequisite for
launch
New Games
(Non-RNG casino games)
Through online
licensing process
To be attached to
online license
O

P

A

P
Online
The opportunity
65
Growth of the online
segment is being fostered
through rising broadband
penetration level

Broadband penetration
has grown to ca.23%
(a)
,
double than 2007 and up
from 1.5% in 2005

Online GGR continuously
expanding despite
recession in Greece
2
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(a) Source is OTE Q3 2012 presentation
Source: H2GC for gross gambling yield (12-Nov-12)
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178
189
173
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0
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100
150
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1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Online % of total GGR
3.20
1.32
1.10
0.87
0.69
0.62
0.51
0.43 0.42
0.25 0.21
0.18 0.16 0.12 0.08
0.08 0.08 0.06
22.3
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24.3
5.4
26.6
33.8
19.4
9.3
9.8
17.4
9
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11.7
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O

P

A

P
Online
Expected timetable
66
July 2013
Application for new games
licenses:
Poker
Live Casino
April 2014
Launch of:
Other numerical games
(excluding Bingo)
InPlay betting
January 2014
Launch of:
Joker
Lotto
Kino
Stihima (pre-game)
Poker (tournaments)
July 2014
Launch of:
Bingo
Poker (cash)
Live casino
H2 2013 H1 2014 H2 2014
Note: Timetable subject to regulation. Online offering subject to approval of gaming code by the HGC
Source: OPAP
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2

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O

P

A

P
Agenda
67
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e

d
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im
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2

h
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in
.



Opportunity overview 2
Investment highlights 10
Greek economy and Greek gaming market 19
Legal and regulatory framework 31
Existing product offering 38
New product offering 46
IT infrastructure 67
Organisation and Human Resources 74
Social responsibility 82
Strategic initiatives 86
Financials & outlook 91
Closing remarks 124
Q&A 126
Appendices 127
O

P

A

P
Technology platform
Key points
Full outsourcing model moving towards a more internalised
approach in key areas
Focus on managing multiple vendors through unified
operations
Own the Partner/Customer interaction

Sourcing Major initiatives
68
1. Users
2. Channels
3. Applications
4. Security
5. Infrastructure
Vendors
OPAP IT
t
Core systems
upgrade
Upgrade current systems infrastructure
to enable new capabilities
Provide back office re-usability, enabling
consolidation
VLT Systems
implementation
Implement the systems to manage
35,000 VLTs and the commercial
development of 16,500 VLTs
Online
Extension of IT systems related to
existing games for online (eg risk
management, odds setting for Stihima)
Lottery tickets &
Scratch cards
Integration of lottery services with core
system platform for leveraging OPAP
POS network
Significant Technology Infusion Planned to Support Business Initiatives
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2

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.



Source: OPAP
O

P

A

P
Target Architecture
Core platform services
69
Planned
Upgrades
Exists
Internal
MIS
Internal &
Partner
servicing
Internal
administration
processes
External
administration
processes
POS
reporting
services
Sales
support
POS
terminals
Internet e-
Offering
V
T
L
s

m
a
n
a
g
e
m
e
n
t

s
y
s
t
e
m

Integration Layer (ESB)
I
n
t
e
r
n
a
l

c
o
n
t
r
o
l

s
y
s
t
e
m

S
a
l
e
s


a
n
a
l
y
t
i
c
s

R
e
p
o
r
t
i
n
g

s
e
r
v
i
c
e
s

D
a
t
a

w
a
r
e
h
o
u
s
e

Lottery &
scratch tickets
management
system
External
control system
External data
feeds
Satellite feed
Bank systems
Transactions engine
O
f
f
e
r
i
n
g

m
n
g
t

S
p
o
r
t
s

r
i
s
k

m
n
g
t

B
a
n
k

p
a
y
m
e
n
t

s
e
r
v
i
c
e
s
Campaigns & promotions
Management systems
(ERP, FI&CO, HR, etc)
POS
mngt
Player
mngt
POS
content
delivery
Number
generators
Number
games
Football
pools
Self service
terminal
games
Monitor
games
Sports
betting
Core gaming system
INTRANET EXTRANET
Workflow services
OPAP has prepared a high level blueprint to align delivery of technology
Procured/
New
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2

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.



Source: OPAP
O

P

A

P
Video lottery terminals
Systems overview
70
Central Information System (CIS)
OPAP VLT Commercial
Management
(a)

VLT cabinet and peripheral
equipment management
Games Management
OPAP Gaming Hall Network
Management
VLTs
GMS 1
VLTs
GMS 1 0

Regulatory Requirements
Central Operations Management

Financial management & settlements
Monitoring & Control
Player card management
18.500 VLTs: sub concessionaires
(b)
16.500 VLTs: PAP
HGC OPAP
VLTs
GMS A
VLTs
GMS B
(a) Game Management (GMS) functionality of OPAP (all or part of it) may be incorporated in the CIS or may be provided by the GMS of a third party, depending on the
architecture requirements of the selected by OPAP VLT manufacturer
(b) The sub-concessionaires will be able to connect their VLTs directly with the CIS , as OPAP will be providing all Game Management functionality as a separate service to
them
Source: OPAP
We have prepared OPAPs technology requirements for a full solution to enable VLT Implementation
T
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O

P

A

P
Online
Systems overview
71
Online Users Back-Office/Admin Users
External Systems
On line games Gaming management
Portals / Devices
Gaming services infrastructure
Web Portal Mobile Portal Intranet Portal
E
x
t
e
r
n
a
l


A
d
a
p
t
e
r

Poker
Engine
.
Bingo
Engine
E-Wallet
SMS
Accounting
Loyalty
Campaigns
Back Office
P
a
y
m
e
n
t





Game provider
Kino
Live Dealer

Lotto
Joker
Payment
Card Partners
E
x
t
e
r
n
a
l

G
a
m
e

E
n
g
i
n
e
s

Customer
Registration
C
o
n
t
e
n
t


m
a
n
a
g
e
m
e
n
t

Stihima
A high level approach for integrating the e-offering system with the core platform already exists as a starting point
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2

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Source: OPAP
O

P

A

P
Lottery tickets & Scratch cards
Systems overview
72
System Access Channels
Players registration
Subscription game
Lottery number
commitment
Promotional activities
Winning lotteries
check
Players portal
Orders
Order status
Order history
General accounting
information
Agents portal
Players registration
Subscription game
Lottery number
commitment
Winning lotteries check
Orders
Order status
Order history
General accounting
information
Agents network
Subscription game
Lottery number
commitment
Winning lotteries check
Winning lotteries
payout
Other Sales networks
Re-sellers
Associated Retail Chains
Players registration
Subscription game
Orders
Order status
Lottery number
commitment
Winning lotteries check
Customers/Agents Care
Helpdesk
Telesales
Subscriptions
Winning lotteries check
Gateway
Street vendors
Primary functions of lotteries central management system
Central System
Product management
Profit categorisation
Clearing certificates management
Prize payout
Financial control
Agents commission
Payments monitoring
Bundles activation
Lotteries validation
Logistics
Orders/returns
warehouse management
Load management Delivery scheduling
Delivery tracking and
management
Orders
Suppliers
Stock
Status
Returns

Collection
Packaging
Load


Time management
Route design


Delivery tracking
Receipt confirmation



Back-Office system (ERP)
Authentication
application
Authenticator
Reporting suite
Reporting suite
Financials
Financials
Promotions
Promotions

Lottery and Scratch card system will be interfaced with OPAP core platforms to leverage OPAPs distribution network
T
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h
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in
.



Source: OPAP
O

P

A

P
Infrastructure
Network overview
73
POS Concentration Point
at OTEs premises
2 x Juniper BRAS both in Athens
Cross connected with 4 x STM 1 to
Cisco Routers in Primary DC and 2
X ATM circuits to Cisco Routers in
Secondary DC
POS Concentration Point
at CYTAs premises
Connected both to Primary
and Secondary DC via
MPLS 2 Mbps Circuits
~4800 POS in Greece
Each POS connected with ADSL
(24 Mbps port and 512/64 kbps QOS) and 3G
backup
POS Private Network Greece
~170 POS in Cyprus
Each POS connect with Ethernet 512/512 and
3G backup
POS Private Network Cyprus
Headquarters in Peristeri Headquarters in Cyprus
Primary Datacenter in Athens
OPAP core Systems
2 Mbps MPLS
2 Mbps MPLS
4 x STM-1
2 x ATM
10 Mbps M-Ethernet
100 Mbps M-Ethernet
4 Mbps MPLS
128 kbps
64 kbps
Secondary Datacenter in Thessaloniki
OPAP core System replica
Source: OPAP
A robust infrastructure is in place to support the introduction of new Systems
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.



O

P

A

P
Agenda
74
Opportunity overview 2
Investment highlights 10
Greek economy and Greek gaming market 19
Legal and regulatory framework 31
Existing product offering 38
New product offering 46
IT infrastructure 67
Organisation and Human Resources 74
Social responsibility and commitments 82
Strategic initiatives 86
Financials & outlook 91
Closing remarks 124
Q&A 126
Appendices 127
T
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.



O

P

A

P
OPAP current organisational structure
IT (49)
Infrastructure
Customer support
Software
CEO
Board of Directors
Games (22)
Stihima
Land based Games
Financial (24)
Control
Payroll
Accounting
BoD Secretary (5) Audit Committee
Internal Control (2)
Corporate (62)
HR
Internal Communication
Risk Management
Procurement
Subsidiary relations
North Greece
Marketing (24)
Stihima Marketing
Sponsorships
CSR
Other games marketing
Legal Counsel
Internal Legal (5)
IR (4)
Quality Control (2)
Corporate Development (2)
Network management (9)
New games (3)
VLTs (3)
VLT management
Gaming Hall
development
Network financial dept
Sub-licensee
management
75
Note: In brackets number of employees; 29 employees are on secondment from OPAP Services
Source: OPAP
Treasury
T
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f

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.



O

P

A

P
OPAP Board of Directors
76
Committees
Name Position Type Audit Remun. Agents Quality CSR Environ.
Cnstantinos Louropoulos Chairman Managing Director
Georgios C. Symeonidis Member Executive
Dimitrios Agrafiotis Member Non-executive

Panagiotis Koliopanos Member Non-executive

Despina Laskaridou Member Non-executive
Epameinondas Lekeas Member Non-executive

Grigorios Felonis Member Non-executive

Constantinos Foulidis Member Non-executive
Efthimia Halatsi Member Indep. non-executive

Theofanis Moustakatos Member Indep. non-executive

Stefanos Pantzopoulos Member Indep. non-executive

Executive members
Note: Chairs of committees in green colour, members in blue
Note: Additionally within OPAP operates the Supervisory Committee and the Illegal Gaming Combat Committee
Source: OPAP
T
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.



O

P

A

P
Management team
Short biographies - Presenters
77
Name Position Age
Professional
experience (years)
Background
Cnstantinos
Louropoulos
Chairman & CEO 59 35
Arthur Andersen Greece, Partner
Andersen Consulting Greece, Partner
Enrst&Young Greece, Partner
E-ON Integration, Founder and CEO
Venos
Rogakos
CFO 48 22
Eurobank, CFO of OPEN24 and Corporate Development of N. Europe
Pilsbury, EMEA CFO
IDV-Metaxa, Budget Reporting & Chief Accountant
KPMG, Auditor
Alexandros
Doukas
General Director,
VLTs
48 24
Club Hotel Casino Loutraki, General Manager
Germanos-Cosmote, Network General Manager
Coca Cola Hellenic Bottling, Senior Manager
PepsiCo, Sales Manager
Stelios
Hiladakis
CIO - CTO 47 27
Piraeus Bank, International CIO
EFG Eurobank e-Solutions, CEO
Accenture, Senior Manager
Arthur Andersen, Senior Consultant
Panayiotis
Pipis
Head of Corp.
Development
52 25
OPAP, General Manager of Information Technology and Business R&D
OPAP, Head of IT Management
Apostolos
Koukouvinos
Advisor to
Management
56 35
Managing Director of Business Exchanges, Eurobank
Managing Director, Hellas on Line
General Manager, Ergodata
Technical Manager, Intrasoft
Konstantinos
Tsaousis
Advisor to
Management
53 27
Hughes Financial Analytics, Consultant
ELTEX Anemos, CFO
OPAP, CFO
Ministry of Environment & Public Works, Consultant
Georgios
Gerapetritis
Legal Counsel 48 24
Member of the Board of the Hellenic Telecommunications Organisation
General Secretary of the Hellenic Union for Legislation and Democracy
Counsellor before the Supreme Administrative Court of Greece, the European
Court of Justice and the European Court on Human Rights
Note: Mr. Gerapetritis is an external legal advisor of OPAP
Source: OPAP
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O

P

A

P
Management team
Short biographies General Directors
78
Name Position Age
Professional
experience (years)
Background
Nikos
Pavlias
General Director,
Games
56 29
OPAP, since 1984
Former BoD member of OPAP
BSc of Public Administration
Evagelos
Maganas
General Director,
Administrative
Services
56 29
OPAP, Head of IR
OPAP, Head of Treasury
Evagelos
Giannakakis
General Director,
Sales Network
45 23
OPAP, since 2010
Vodafone, Head of Sales
MBA, Nottingham Trend University
Evagelos
Kosmidis
General Director,
Finance, Admin
& Technical
63 30
OPAP, since 2005 initially as head of Southern Greece
Member of WLA Security and Risk Management Committee
Former employers include AGET, DOL, Olympic Airways and Singular Logic
MSc EE & CS (University of California), PhD (State University of New York)
Angelos
Papoutsis
General Director,
Support Services
50 32
OPAP, since 1981
Former employers include ODIE
BSc Political Science, PhD Medicine (University of Thrace)
Stefanos
Anthemidis
General Director,
Support Services
Northern Greece
51 28
OPAP, since 2006 initially as head of Northern Greece
Former BoD member of EBZ / has assumed various consultation positions
BSc in Electrical Engineering and MBA (Wichita State University
Michalis
Himonas
General Director,
OPAP Cyprus
56 30
Numil Hellas, CEO
Walt Disney Greece, Marketing Director
Pepsico, Marketing Manager / Colgate Palmolive, Group Product Manager
BSc and MBA by Maryland University
Andreas
Efthivoulou
General Director,
OPAP Sports
43 17
OPAP, since 2003
Former employers include Glory Leisure and Glory Betting
BEng Mechanical Engineering (University of Sheffield)
Source: OPAP
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P
900
881
1,008
996 995
1,024
0
200
400
600
800
1000
1200
2007 2008 2009 2010 2011 2012
N
o

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f

e
m
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e
e
s
OPAP OPAP Services Other
Employees
Key statistics
79
Summary
(a)
Historical development
(c)
Age split of personnel Split by education
(a) As of 31 December 2012
(b) Collective Labour Agreement
(c) In 2009, definite term contract employees of OPAP SA were transferred as indefinite term contract employees to OPAP Services
Source: OPAP
CLA
(b)
Indefinite Definite Contractors Total
OPAP SA 201 37 30 268
OPAP Services 655 18 673
OPAP International 37 7 44
OPAP Sports 23 2 25
OPAP Cyprus 13 1 14
Total 201 728 65 30 1,024
<30
11%
31-40
37%
41-50
29%
51-60
21%
61+
2%
University
26%
Technical
15%
High
School
47%
Grammar
school
12%
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A

P
Employees
Hierarchical overview
80
The span of control amongst companies and locations is evenly distributed
(a) As of 31 December 2012
(b) Thessaloniki Numbers included in OPAP Services mostly
(c) Out of the 161 OPAP SA employees in staff, only 129 are covered by the CLA
(d) 20 persons provide independent consulting services and 10 are part time
Source: OPAP
OPAP SA
OPAP
Services
OPAP
Intl
Cyprus
Thessalo
niki
(b)

Gen.
Manager
6 3 2
Managers 19 12 1 4 1
Department
Heads
46 6 5 3 2
Staff 161
(c)
647 29 30 137
Contracted 30
(d)
7
Lawyers 5 5 2
11 General Managers
Summary
(a)
36 Managers
60 Department
Heads
867
Staff
161

510 137 29 30
46 4 2 5 3
19 11 1 1 4
6 3
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Ath. Thes.
2
O

P

A

P
Employees
Contracts and pension plans
81
Contract types
Definite and Indefinite term contracts
both types state the rights and obligations of the employee and the Company, as defined by law
Collective
Labour
Agreement
Existing Collective Labour Agreement in place since 17 May 2011 between OPAP SA and OPAP Employee Union, is valid until 31
December 2013 and is in force for 201 employees

Key terms of the CLA include:
Working hours: 07.30 15.30, flexible by 1.5 hours (e.g. 09.00 17:00)
Overtime: Overtime rate reduced to 50% of base hourly rate, from 75% previously. Maximum overtime of 7 hours for
employees, 6 hours for managers and 4 hours for department heads
Bonus: In case of sales growth over 20% y-o-y
department heads receive a full year salary, managers 1/2 full year salary, group managers of full year salary and
employees 1/8 of full year salary
in case sales growth is less than 20% but higher than CPI, bonus will be adjusted accordingly
Pension: Based on final monthly salary, including overtime, caped at 38 salaries
pension plan is fully funded
Private group
insurance
OPAP SA holds a pension insurance contract with ATE Insurance. This is a defined contribution scheme which covers only the
OPAP SA employees that are under the CLA with an estimated annual cost of 682 thousand

OPAP Services holds a life and health insurance program with Ethniki AEEGA. This contract is effective from 15 May 2012 for 1
year and covers 673 employees and the employees of OPAP International for an annual fee of 278 thousand

OPAP SA holds a life and health insurance program with Generalli. This contract covers all OPAP SA employees and their family
members and is effective from 31 December 2012 for 1 year for an annual fee of 705 thousand
Source: OPAP
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O

P

A

P
Agenda
82
Opportunity overview 2
Investment highlights 10
Greek economy and Greek gaming market 19
Legal and regulatory framework 31
Existing product offering 38
New product offering 46
IT infrastructure 67
Organisation and Human Resources 74
Social responsibility 82
Strategic initiatives 86
Financials & outlook 91
Closing remarks 124
Q&A 126
Appendices 127
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P

A

P
Responsible Gaming
83
In addition, OPAP is in the process of establishing processes, which will be certified by World Lotteries Association
(WLA) and European Lotteries (EL), determining:
A gaming framework that prevents addiction
Protection mechanisms for players
Best practises for employees and agents to address antisocial behaviour by players


OPAP has already carried out the following important steps towards ensuring gaming is carried out responsibly:
Established Responsible Gaming Code, Responsible Gaming Policy and Responsible Advertising Policy
Established information manual for employees and agents and communication framework to protect weaker social groups (including
minors and addicted players)
Launched Gambling Addiction Hotline (1114) to support professionally players/agents suffering from gambling addiction
Commissioned 3-year study on Gambling Addiction (carried out by Kapodistriako-Eginitio University)
Regular updates to agents regarding best practises
Launched Responsible Gaming advertising campaign
Funding of special rehabilitation programs for players and agents addicted to gambling
Information to various stakeholders regarding OPAPs actions in relation to Responsible Gaming

Minimise negative
externalities
Increase player
awareness
+
Source: OPAP
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Enhance
regulatory
compliance
+
O

P

A

P
Sponsorship and donations
84
Sponsorships (m)
(a)
Donations (m)
(a)

By type
By sponsored party

(a) As per 2011A
Source: OPAP
Super League
22%
Media
15%
Superleague
association
13%
Basketball
10%
EPO
7%
Football
League
7%
Other
26%
Sports
32%
Cultural
27%
Health
24%
Education
5%
Environment
1%
Other
11%
50.4
63.7
81.8
70.0
61.1
2007 2008 2009 2010 2011
81.1
26.0
27.7
20.5
27.7
2007 2008 2009 2010 2011
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O

P

A

P
Communication
Key pillars
85
Focus on Football &
Basketball through:
- Awareness
campaigns
- Event campaigns
- Live event
campaigns
- Sports sponsorships
- Consumer
promotions

Races stand alone
product, with dedicated
communication
platform
Primary focus on Joker
and Lotto

Mainly communication
on jackpots

Proto an add-on
product to Joker and
Lotto

Kino limited
communication driven
by responsible
gaming principles

5 axes:
- Health
- Sports
- Culture
- Society
- Education

Responsible Gaming
with a separate
communication
platform
The most integrated
Sports Sponsorship
platform in the country
mainly to:
- Football
- Basketball
- Volleyball
- Athens Classic
Marathon
- Paralympics
- Other (occasionally)
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Reduction of communication expense in all fronts since 2009, while increasing value received from Media
O

P

A

P
Agenda
86
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.



Opportunity overview 2
Investment highlights 10
Greek economy and Greek gaming market 19
Legal and regulatory framework 31
Existing product offering 38
New product offering 46
IT infrastructure 67
Organisation and Human Resources 74
Social responsibility 82
Strategic initiatives 86
Financials & outlook 91
Closing remarks 124
Q&A 126
Appendices 127
O

P

A

P
OPAP
SWOT analysis
87
We must improve We are weak
We are very strong We must be careful
Exclusive operator
upholding
responsible
gaming and
regulatory
requirements
Responsiveness
to market
opportunities
Optimise internal
decision-making
process
New sales
channels
Careful planning of
gaming hall roll-out
and distribution of new
PoS for lottery tickets
and scratch cards
Agents Network
Optimise operational
efficiency of agents
network
Completeness of
product offering
Lotto, Kino, Stihima,
Lottery, Instant, VLTs,
Internet
Size of the box
indicates relative
importance
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.



Macro
developments
Prepare for challenges
within or outside the
control of OPAP
Internal
organisation and
efficiency
Streamline operations
with better focus on
products and
customers
O

P

A

P
Strategic initiatives
We must be careful
88
1 We must be careful
Introduction of
Player card
Protect vulnerable customer groups (eg players suffering from gambling addiction)
Prevent underage gaming
Protect against fraudulent and criminal behaviour
Uphold responsible
gaming standards
Ensure information privacy
Ensure prompt and accurate customer payments, through the entire network
Deliver a fair gaming experience
Ensure a secure, safe and reliable operating environment at all existing and new locations
Marketing
Uphold ethical and responsible marketing
Focus on ethical messages, customer awareness and promotion of OPAPs major CSR contribution
Macro developments
Enhance organisational ability to operate in a challenging economic environment
Proactively formulate strategy and, where possible, address factors within or outside Companys control
of relevance to OPAPs operation and performance
Protection of KINO from
cannibalisation
Increase KINO playing hours / frequency of draws
Strategic positioning of Gaming Halls
Adjust payout ratio to reinforce select games attractiveness
Source: OPAP
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O

P

A

P
Strategic initiatives
We must improve

89
2 We must improve
Refreshment of
sports betting (Stihima)
Enhance Live Betting through the introduction of more events, and scalable commission schemes
Promote Special Events betting
Adjust payout ratio to reinforce games attractiveness
Retail network
operating efficiency
improvement
Enhance alignment of franchise network to corporate image
Strengthen existing network production by increasing content and gaming options across agencies
Focus on improving network / agent efficiency
Agent commissions/remuneration model to be harmonised to the new business lines
Enhancement of
OPAP brand
Identify and tap on new customer market segments to become loyal to the brand
Continue to invest in OPAP brand to profitably increase market share
Utilise cash position to capitalise on development / growth opportunities
Source: OPAP
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Strategic initiatives
We are weak

90
3 We are weak
Responsiveness to
market
Install internal mechanisms focused on proactive address of challenges and opportunities
Take ownership of intercompany challenges
Utilise collective internal knowledge
Instill openness to market in Groups cultural DNA
Internal efficiency
Optimise intra-organisational processes, communication and cooperation
Draw from internal skills and competencies
Improve span of control
Source: OPAP
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Agenda
91
Opportunity overview 2
Investment highlights 10
Greek economy and Greek gaming market 19
Legal and regulatory framework 31
Existing product offering 38
New product offering 46
IT infrastructure 67
Organisation and Human Resources 74
Social responsibility 81
Strategic initiatives 85
Financials & outlook 91
Closing remarks 123
Q&A 125
Appendices 126
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92
Tab A
Historical data

O

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Exceptionally high D&A charge in
2008 driven by extra amortization
charges of 35m due to change in
amortization period of Software
Know-how (from 31 to 12 months)
2008 GGR growth significantly
higher than Revenue growth due to
lower payout in Stihima (reduced
by 4.6%) as a result of improved
game operations
Drop in 2011 EBITDA margin in
2011 due to fixed cost coverage in
light of Revenue decrease
OPAP Group
Income statement
93
Note: Dividend payout calculated on the basis of previous year net income
Source: OPAP
Reduced Net Profit margins in
2009 and 2010 due to the
exceptional tax charges of ca. 90-
100m p.a. in both years
m 2007A 2008A 2009A 2010A 2011A 2012E CAGR
Revenue 5,066 5,520 5,441 5,140 4,358 3,964 (4.8)%
Growth (%) 9.3% 9.0% (1.4)% (5.5)% (15.2)% (9.1)%
Payouts to the lottery and
betting winners
(3,469) (3,668) (3,660) (3,486) (2,945) (2,666) (5.1)%
Payout (%) 68.5% 66.4% 67.3% 67.8% 67.6% 67.3%
GGR (Net Revenues) 1,597 1,852 1,781 1,654 1,413 1,298 (4.1)%
Growth (%) 12.0% 16.0% (3.8)% (7.1)% (14.5)% (8.2)%
Cost of sales (575) (696) (651) (618) (563) (527) (1.7)%
Gross profit 1,022 1,156 1,130 1,036 850 770 (5.5)%
Margin (% of GGR) 64.0% 62.4% 63.4% 62.6% 60.2% 59.3%
EBITDA 860 1,057 968 911 734 670 (4.9)%
Margin (% of GGR) 53.9% 57.1% 54.3% 55.1% 51.9% 51.6%
D&A 48 97 43 40 44 44
EBIT 812 960 925 871 690 626 (5.1)%
Net profit 571 729 594 576 537 496 (2.8)%
Margin (% of GGR) 35.8% 39.4% 33.3% 34.8% 38.0% 38.2%
Dividend per share 1.58 1.74 2.20 1.75 1.54 0.72
Dividend yield (%) 5.4% 6.3% 10.6% 11.4% 11.9% 17.2%
Dividend payout (%) 98.9% 97.1% 96.3% 94.0% 85.3% 42.9%
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Development of KPIs
94
Revenues (m) EBITDA (m)
(a)

Net income (m)
(a)
Net debt/EBITDA
(a) % of GGR
Note: Net debt includes short-term, long-term debt, financial lease obligations
Source: OPAP
5,066
5,520 5,441
5,140
4,358
3,964
9.3% 9.0%
(1.4)%
(5.5)%
(15.2)%
(9.1%)
(20)%
(10)%
0%
10%
20%
0
2,000
4,000
6,000
2007A 2008A 2009A 2010A 2011A 2012E
Turnover Growth (%)
860
1,057
967
911
734
670
54%
57%
54%
55%
52%
52%
48%
50%
52%
54%
56%
58%
0
500
1,000
1,500
2007A 2008A 2009A 2010A 2011A 2012E
EBITDA Margin (%)
571
729
593
576
537
496
36%
39%
33%
35%
38%
38%
30%
32%
34%
36%
38%
40%
0
200
400
600
800
2007A 2008A 2009A 2010A 2011A 2012E
Net income Net income margin
(0.5)x
(0.6)x
(0.7)x
(0.7)x
0.1x
(0.3)x
(0.8)x
(0.6)x
(0.4)x
(0.2)x
0.0x
0.2x
2007 2008 2009 2010 2011 2012E
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Land-based games
Revenue contribution by game
95
Increase in payout from 69.0% to
69.7% from 2010 to 2011
Source: OPAP
2008 and 2010 Stihima
outperformance due to Euro Cup
2008 and World Cup 2010,
respectively
2009 Joker rejuvenation leading to
increased games jackpots
Launched in Q2 2011
Includes Extra 5, GoLucky and
Propogoal
m 2007A 2008A 2009A 2010A 2011A 2012E CAGR
2,418 2,825 2,862 2,583 2,243 2,103 (2.7)%
2,146 2,214 2,026 2,052 1,561 1,398 (8.2)%
257 244 328 307 232 219 (3.1)%
0 0 0 0 138 93 n/a
55 56 64 73 68 61 2.0%
50 50 50 41 31 30 (10.1)%
61 59 51 42 36 29 (13.7)%
64 55 46 31 22 15 (24.8)%
Other games 16 14 13 12 29 16 0.4%
Total 5,066 5,517 5,441 5,140 4,358 3,964 (4.8)%
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Land-based games
GGR contribution by game
96
m 2007A 2008A 2009A 2010A 2011A 2012E CAGR
742 867 883 799 679 648 (2.7)%
618 741 609 590 478 429 (7.0)%
124 127 174 163 123 116 (1.3)%
0 0 0 0 42 29 n/a
29 32 37 41 39 34 3.1%
19 21 24 20 14 14 (6.7)%
23 24 21 17 14 11 (13.3)%
34 31 27 18 13 9 (23.3)%
Other games 7 7 6 5 11 7 (0.9)%
Total 1,597 1,849 1,781 1,654 1,413 1,298 (4.1)%
Source: OPAP
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200
300
400
500
600
700
800
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12
400
500
600
700
800
900
1,000
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12
Land-based games
Sales seasonality
97
Sports games (m)
Numerical games (m)
Strong performance of sports games in Q2 of even years due to major sporting events
Numerical games most popular in Q4 due to special lotteries and increased jackpots
Source: OPAP
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9.84% of revenues for Go Lucky
and Monitor Games
Historical cost of sales
98
Source: OPAP
8% or 12% of sales as per current
structure
Relates mainly to agent terminals
(replaced every 10 years)
Post 2011 all technology contract
cost is reported under third party
outsourcing
7.5% of sales for Propo and 8.1%
of sales for Propogoal
Includes royalties to Cypriot
Government, agents telecom costs
and rent
From 2009 OPAP undertook the
rendering of services of
production, supply, storage and
other
m 2007A 2008A 2009A 2010A 2011A 2012E
Agents commissions 425 461 458 433 366 334
Betting Commissions (distributions to provider) 10 2 1 1 16 10
Depreciation 5 10 13 13 17 20
Amortization 41 84 27 25 26 24
Repairs and maintenance expenditures 15 39 46 30 3 3
Third party outsourcing 18 29 30 46 68 71
Subsidies to SUPERLEAGUE and H.F.F. 5 4 3 2 1 1
Staff cost 18 20 25 29 29 29
Inventory consumption 0 0 13 10 7 7
Other expenses 33 41 31 26 24 25
Provisions for bad debts 4 3 3 1 6 3
Retirement benefit costs 3 2 3 1 1 1
Cost of sales exc Payout to winners 575 696 651 618 563 527
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Includes exhibition and
demonstration expenses
Historical operating expenses
Other operating expenses
99
Source: OPAP
Includes retroactive payments to
personnel, tax differences
surcharge, third party fees of
previous year and prior year
expenses
Includes taxes & duties, retirement
benefit costs and other expenses
Includes 3.5m provision for
"ageliosimo"
Includes staff cost, professional
expenses and retirement
benefit costs
2011 increase due to advisory
services in relation to concession
extension and VLT license
Includes 50m one-off contribution
to wildfire victims
m 2007A 2008A 2009A 2010A 2011A 2012E
Staff cost 27 27 23 16 15 14
Professional fees and expenses 7 6 7 5 14 9
Third party expenses 4 4 5 5 5 5
Other Administrative Expenses 10 8 8 4 4 2
Total administrative expenses 47 44 43 30 37 30

Marketing 185 128 147 120 109 102
Advertisement 54 38 37 30 20 12
Donations financial aid 81 26 28 20 28 19
Grants 50 64 82 70 61 71
Other distribution expenses 16 8 8 7 7 7
Total distribution expenses 201 137 155 127 116 109

Provisions (Legal & Tax) 8 19 8 8 9 12
Other operating expenses 3 2 3 5 5 0
Total other operating expenses 11 20 10 13 14 12
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After 2008 Other current assets do
not include income tax due for next
period which is netted against Tax
Liabilities (included in Other ST
Liabilities)
OPAP Group
Balance sheet
100
Source: OPAP
Net tax liabilities decrease by
156m in 2011
290m bond loan issued in Dec
2011 for the acquisition of the VLTs
license
Increase in 2011 due to the 86m,
part of the VLT license, which is
payable in 2013
m 2007A 2008A 2009A 2010A 2011A 2012E
Cash 493 706 700 657 196 483
Trade receivables 37 69 36 45 52 31
Other current assets (incl.
inventory)
156 227 17 28 37 37
Total current assets 686 1,002 752 730 285 550
PP&E 108 98 86 87 90 80
Intangible assets 336 253 225 200 1,102 1,077
Other non-current assets 37 49 62 42 28 21
Total non-current assets 481 400 372 329 1,219 1,179
TOTAL ASSETS 1,167 1,402 1,125 1,059 1,504 1,729

Trade payables 126 147 145 95 87 127
Financial leases 61 53 32 0 8 0
Other ST liabilities 290 429 252 191 61 52
Total ST Liabilities 477 629 429 286 156 179
Loans 290 254
Other LT liabilities 121 94 77 77 169 141
Total LT liabilities 121 94 77 77 459 394
Equity 569 679 618 697 890 1,156
TOTAL EQUITY &
LIABILITIES
1,167 1,402 1,125 1,059 1,504 1,729
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Payment of 375m for the contract
extension and 474m for the VLT
license
OPAP Group
Cash flow statement

101
m 2007A 2008A 2009A 2010A 2011A 2012E
Profit before tax 777 994 947 890 700 628
D&A 48 97 43 40 44 44
Change in NWC 97 (21) 14 (109) 6 53
Other adjustments (2) (11) (15) (8) 5 (10)
Taxes paid (216) (203) (300) (357) (298) (135)
CF from operating activities 704 856 689 454 457 581


Purchase of intangibles (78) (2) (1) (1) (850) (25)
Purchase of tangibles (2) (2) (2) (14) (20) (11)
Other adjustments 19 38 16 13 31 7
CF from investing activities (61) 34 13 (2) (839) (29)


Proceeds from loans 290 (36)
Dividends paid (524) (618) (655) (462) (345) (230)
Other adjustments (10) (59) (53) (33) (24) -
CF from financing activities (534) (677) (708) (495) (79) (266)


NET CHANGE IN CASH 109 213 (6) (43) (461) 287
Source: OPAP
Extraordinary tax impact in 2010
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OPAP Group
Working capital
102
Receivables (m) Payables (m)
Net other current operating assets (m) Net working capital (m)
Note: Days calculated on the basis of year end values.
Cash conversion cycle days: days of working capital assets days of working capital liabilities; measures the time between outlay of cash and cash recovery
Net other current assets calculated as other current operating assets minus other current operating liabilities
Net working capital calculated as receivables plus net other current operating assets minus payables
Source: OPAP
32
66
36
45
52
31
2.2
4.3
2.3
3.1
4.2
2.7
0
2
4
6
8
0
20
40
60
80
2007 2008 2009 2010 2011 2012E
Receivables (YE) Receivables days
126
147 145
95
87
127
9.1
9.7
9.8
6.7 7.3
11.7
0
5
10
15
0
50
100
150
200
2007 2008 2009 2010 2011 2012E
Payables (YE) Payables days
(228) (283)
(345) (213) (59)
(111)
(16.4)
(18.7)
(23.1)
(15.1)
(4.9)
(10.2)
(25)
(20)
(15)
(10)
(5)
0
(400)
(300)
(200)
(100)
0
2007 2008 2009 2010 2011 2012E
Net working capital Cash conversion cycle days
(134) (202) (235) (163)
(24)
(15)
(9.7)
(13.4)
(15.7)
(11.6)
(2.0) (1.4)
-20
-10
0
10
20
30
40
(250)
(200)
(150)
(100)
(50)
0
2007 2008 2009 2010 2011 2012E
Net other current assets Days outstanding
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36.25 36.25
50.75 50.75
116.00
1 Dec 2012 1 Jun 2013 1 Dec 2013 1 Jun 2014 1 Dec 2014
Debt details
103
Provider Nominal (m) Outstanding (m) Cost
National Bank of Greece 65.0 56.9 Euribor + 6.75%
Emporiki Bank 60.0 52.5 Euribor + 6.75%
Eurobank Ergasias 60.0 52.5 Euribor + 6.75%
TT Hellenic Postbank 60.0 52.5 Euribor + 6.75%
Alpha Bank 25.0 21.9 Euribor + 6.75%
Piraeus Bank 20.0 17.5 Euribor + 6.75%
TOTAL 290.0 253.8
Debt repayment schedule (nominal in m)
290m Bond loan
Source: OPAP
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104
Tab B
Forecast

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General assumptions
105
2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
GDP growth rate (Real) (%) (4.2)% 0.6% 2.9% 3.7% 3.4% 3.2% 2.9% 2.6% 2.5% 2.3%
CPI inflation (%) (1.2)% (0.4)% 0.3% 1.1% 1.3% 1.5% 1.6% 1.8% 1.8% 1.9%
GDP growth rate (Nominal) (%) (5.4)% 0.2% 3.2% 4.8% 4.7% 4.6% 4.5% 4.4% 4.3% 4.2%
GDP (Nominal) (bn) 184 185 191 200 209 219 229 239 249 260
GDP (Nominal) per capital (000) 19.6 19.6 20.2 21.1 22.0 22.9 23.9 24.8 25.8 26.8
Corporate tax rate 26.0% 26.0% 26.0% 26.0% 26.0% 26.0% 26.0% 26.0% 26.0% 26.0%
Assumed Dividend payout ratio (%) 35.0% 50.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0%

Source: IMF Country Report No. 13/20, January 2013
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Business plan overview
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243
319
423
472
498
526
544
631
825
867
0%
5%
10%
15%
20%
25%
30%
35%
-
200
400
600
800
1,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
(
%
)
EBITDA Margin (%)
116
127
213
258
291
314
331
409
533
568
0%
5%
10%
15%
20%
25%
-
100
200
300
400
500
600
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
(
%
)
Net income Margin (%)
322
275
356
405
442
471
487
588
750
794
0%
5%
10%
15%
20%
25%
30%
-
200
400
600
800
1,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
(
%
)
Gross Profit Margin (%)
1.2
1.6
2.1
2.3
2.4
2.5
2.5
2.7
2.7
2.8
(10%)
0%
10%
20%
30%
40%
-
0.5
1.0
1.5
2.0
2.5
3.0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
(
%
)
GGR Growth (%)
106
GGR (bn) Gross Profit (m)
(a)

EBITDA (m)
(a)
Net income

(m)
(a)

(a) % of GGR
Source: OPAP
CAGR=9.9%
CAGR=10.6%
CAGR=15.2%
CAGR=19.3%
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GGR of each game driven by GDP
growth, relevant seasonality and
migration to new games offered in
the market (VLTs, Scratch cards)
30% 40% of VLTs GGR expected
to stem from migration of land
based games (mainly Kino and
secondarily Stihima, Monitor
games and Go Lucky)
15% of scratch cards GGR
expected to stem from migration of
land based games (mainly Kino
and secondarily Stihima and
numerical fixed odds games)
Decline in 2013 GGR mainly due
to economic downturn, while in
2014 and 2015 due to the
introduction of VLTs and scratch
cards
Margins post 2020 onwards
improve due to OPAP's GGR HR
participation pre-payment
Land-based games
Income statement
107
m 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E CAGR
Revenue 3,631 3,305 2,832 2,957 2,942 3,093 3,094 3,254 3,268 3,454 (0.6)%
Growth (%) (8.4)% (9.0)% (14.3)% 4.4% (0.5)% 5.1% 0.0% 5.2% 0.4% 5.7%
Payout (2,472) (2,310) (1,966) (2,054) (2,039) (2,146) (2,143) (2,256) (2,263) (2,395)
Payout (%) 68% 70% 69% 69% 69% 69% 69% 69% 69% 69%
GGR 1,159 995 867 904 903 947 951 997 1,005 1,059 (1.0)%
Growth (%) (10.6)% (14.2)% (12.9)% 4.3% (0.1)% 4.9% 0.4% 4.9% 0.7% 5.4%
Cost of sales (827) (741) (665) (690) (678) (707) (711) (683) (534) (564)
Gross profit 332 254 201 214 224 240 240 314 471 495 4.5%
Margin
(% of GGR)
28.6% 25.5% 23.2% 23.7% 24.8% 25.4% 25.2% 31.5% 46.8% 46.8%
EBITDA 242 191 162 175 173 189 189 256 441 463 7.5%
Margin
(% of GGR)
20.8% 19.2% 18.7% 19.4% 19.2% 20.0% 19.9% 25.7% 43.9% 43.7%
Depreciation (21) (21) (22) (24) (13) (14) (15) (18) (18) (17)
Amortisation (26) (20) (20) (20) (20) (20) (20) (12) (42) (42)
EBIT 195 150 119 131 140 155 153 226 381 404 8.5%
Margin
(% of GGR)
16.8% 15.1% 13.8% 14.5% 15.6% 16.4% 16.1% 22.7% 37.9% 38.2%
Note: Including Cyprus financials
Source: OPAP
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Land-based games
Revenue contribution by game
108
m 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E

1,930

1,655

1,370

1,403

1,413

1,460

1,481

1,532

1,563

1,628

1,267

1,225

1,038

1,116

1,076

1,165

1,131

1,225

1,192

1,297

210

211

216

223

231

238

246

254

262

270

85

74

67

69

71

73

74

77

79

81

56

56

57

59

61

63

65

67

69

71

28

28

29

30

31

32

33

34

35

36

28

28

28

29

30

31

32

33

34

35

13

13

13

14

14

15

15

15

16

16
Other games

15

14

14

15

15

16

16

17

17

18
Total

3,631

3,305

2,832

2,957

2,942

3,093

3,094

3,254

3,268

3,454
Stihima experiences an annual
seasonality of +-5% in odd and
even years due to the conduct of
major sports betting events.
Specifically for 2014 only a 2%
seasonality effect has been
forecast due to the time zone of
the World Cup hosting country
At full VLTs and Scratch cards
deployment (2017), Stihima's GGR
declines by 24% (25% due to VLTs
and 4% due to Scratch cards
cannibalisation despite a 5%
growth in the market)
At full VLTs and Scratch cards
deployment (2017), Kino's GGR
declines by 36% due to VLTs and
4% due to Scratch cards

Source: OPAP
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Payout expected to increase to
73% in 2014 (from 70%)
Payout expected to increase to
72% in 2014 (from 70%)
Payout expected to remain at
current levels
Land-based games
GGR contribution by game
109
Source: OPAP
m 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E CAGR

579

466

386

396

399

412

418

432

441

460
(2.5%)

380

331

281

302

291

315

306

331

323

351
(0.9%)

105

105

108

112

115

119

123

127

131

135
2.8%

26

23

21

21

22

23

23

24

24

25
(0.5%)

31

31

32

33

34

35

36

38

39

40
2.8%

13

13

14

14

15

15

16

16

17

17
2.9%

11

11

11

12

12

12

13

13

14

14
2.6%

8

8

8

8

8

9

9

9

9

10
2.7%
Other games

6

6

6

6

6

7

7

7

7

7
1.9%
TOTAL

1,159

995

867

904

903

947

951

997

1,005

1,059
(1.0%)
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Land-based games
Cost of sales
110
30% of GGR
8% or 12% of sales as per current
structure
9.8% of sales for Go Lucky and
Monitor Games
Relates mainly to agent terminals
(replaced every 10 years)
Contract extension agreement
amortized over the 2020-30 period
Including technology/IT costs
7.5% of sales for Propo and 8.1% of
sales for Propogoal
Assumed no changes in headcount,
adjusted only for CPI inflation
Includes royalties to Cypriot
Government, agents telecom costs
and rent
m 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
HR participation 327 278 238 249 248 260 260 222 40 52
Agents commissions 306 285 247 258 257 270 271 284 286 302
Betting Commissions
(distributions to provider)
10 8 8 8 8 8 9 9 9 9
Depreciation 21 21 22 24 13 14 15 18 18 17
Amortization 26 20 20 20 20 20 20 12 42 42
Repairs and maintenance
expenditures
3 3 3 3 3 3 3 3 3 3
Third party outsourcing 71 62 62 62 62 62 63 63 63 63
Subsidies to SUPERLEAGUE and
H.F.F.
1 1 1 1 1 1 1 1 1 1
Staff cost 29 29 29 29 29 30 30 31 31 32
Inventory consumption 6 5 4 5 5 5 5 5 5 5
Other expenses 25 25 26 26 27 27 28 29 30 31
Provisions for bad debts 2 3 4 4 5 5 5 5 5 5
Retirement benefit costs 1 1 1 1 1 1 1 1 1 1
Land Based cost of sales 827 741 665 690 678 707 711 683 534 564
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Source: OPAP
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Video lottery terminals
Income statement for 16,500 terminals
111
HR participation due above 30% is
taken as a provision and is payable
at the end of each period
Amortisation of the part of the VLT
Licence fee corresponding to the
16,500 VLTs
Depreciation of IT and central
system and acquisition of VLTs
8.7% of GGR across all years
23-25% of GGR across all years
ca.160 people in steady state
(2015)
Includes telco costs, IT
maintenance, marketing, players
card and bad debt
m 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
Net drop/VLT/day - 73 76 80 84 88 92 96 99 102
Effective part of the year
operational
- 52% 100% 100% 100% 100% 100% 100% 100% 100%
Number of VLTs deployed - 16,500 16,500 16,500 16,500 16,500 16,500 16,500 16,500 16,500
GGR - 225 448 471 495 518 542 565 583 601
HR participation - (73) (145) (153) (161) (181) (190) (198) (204) (210)
(% of GGR) 32.4% 32.4% 32.4% 32.4% 35.0% 35.0% 35.0% 35.0% 35.0%
Agent commissions - (56) (112) (118) (124) (124) (130) (136) (140) (138)
Technology provider - (20) (39) (41) (43) (45) (47) (49) (51) (52)
Staff costs (3) (6) (7) (7) (7) (7) (7) (7) (7) (7)
Central Costs (2) (8) (8) (8) (8) (8) (8) (8) (8) (9)
Total costs (5) (163) (311) (326) (342) (366) (382) (398) (411) (417)
EBITDA (5) 62 137 145 153 152 160 167 173 184
Margin (% of GGR) n/a 27.6% 30.6% 30.8% 30.9% 29.4% 29.5% 29.6% 29.6% 30.6%
Depreciation (6) (19) (19) (19) (19) (21) (21) (15) (19) (19)
Amortisation 0 (26) (26) (26) (26) (26) (26) (26) (26) (26)
EBIT (11) 17 92 100 108 106 113 126 128 139
Margin (% of GGR) n/a 7.6% 20.6% 21.2% 21.8% 20.4% 20.8% 22.4% 21.9% 23.2%
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Source: OPAP
O

P

A

P
Video lottery terminals
Income statement for 18,500 terminals
112
m 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
Net drop/VLT/day - 73 76 80 84 88 92 96 99 102
Effective part of the year
operational
- 33% 100% 100% 100% 100% 100% 100% 100% 100%
Number of VLTs
deployed
- 18,500 18,500 18,500 18,500 18,500 18,500 18,500 18,500 18,500
GGR - 158 502 528 555 581 608 634 654 674
HR participation - (50) (160) (168) (176) (203) (213) (222) (229) (236)
(% of GGR) - 31.8% 31.8% 31.8% 31.8% 35.0% 35.0% 35.0% 35.0% 35.0%
Agent commissions - (89) (284) (299) (314) (310) (324) (338) (348) (355)
Total costs - (140) (444) (467) (490) (513) (537) (560) (577) (590)
Deferred Income - 9 9 9 9 9 9 9 9 9
EBITDA - 27 67 70 73 77 80 83 85 92
Margin (% of GGR) - 17.0% 13.3% 13.2% 13.1% 13.2% 13.1% 13.1% 13.0% 13.6%
Amortisation - (29) (29) (29) (29) (29) (29) (29) (29) (29)
EBIT - (2) 38 41 44 48 51 54 56 63
Margin (% of GGR) - (1.3)% 7.5% 7.7% 7.9% 8.2% 8.3% 8.5% 8.6% 9.3%
HR participation above 30% is
taken as a provision and is payable
at the end of each period
Sub-concessionaires will pay an
upfront fee of ca. 5k per machine
Amortisation of the part of the VLT
Licence fee corresponding to the
18,500 VLTs
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Source: OPAP
O

P

A

P
Lottery tickets & Scratch cards
Income statement
113
30% of GGR, 28% of sales for
New Year's Lottery (Contributions
to Good Causes)
7% of sales
Relates to 10m of investments for
the setup of the company
Relates to the license, 12 years
useful life
m 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
Revenues

125

540

615

750

875

915

945

980

1,000

1,000
Payout (80) (348) (398) (487) (569) (596) (616) (639) (652) (652)
GGR 45 192 217 263 306 319 330 341 348 348
HR participation (14) (60) (68) (82) (95) (99) (102) (105) (107) (107)
Sales Network
Commissions
(9) (38) (43) (53) (61) (64) (66) (69) (70) (70)
Other operating costs (12) (51) (54) (62) (68) (69) (66) (64) (65) (65)
EBITDA 10 42 52 67 82 88 96 104 106 106
Margin (% of GGR) 21.5% 22.1% 23.9% 25.6% 26.9% 27.5% 29.0% 30.4% 30.4% 30.4%
Depreciation (0) (1) (1) (1) (1) (1) (1) (1) (1) (1)
Amortisation (4) (16) (16) (16) (16) (16) (16) (16) (16) (16)
EBIT 5 26 35 51 65 71 79 87 89 89
Margin (% of GGR) 4.3% 4.8% 5.7% 6.8% 7.5% 7.8% 8.3% 8.9% 8.9% 8.9%
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Includes printing, distribution,
marketing, agent incentives
Source: OPAP
O

P

A

P
62% assumed payout
64% assumed payout
66% assumed payout
55% assumed payout
Lottery tickets & Scratch cards
Contribution by Game
114
Launched by OPAP-led JV in
Q4 2013
195 million tickets in 2013 growing
to 325 million in 2021
Game Revenue (m)
2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
Laiko 30 120 120 120 120 120 120 120 120 120
Ethniko 15 60 60 60 60 60 60 60 60 60
New Year's
Lottery
5 20 20 20 20 20 20 20 20 20
Total 50 200 200 200 200 200 200 200 200 200
Scratch cards 75 340 415 550 675 715 745 780 800 800
Total

125

540

615

750

875

915

945

980

1,000

1,000
Game Gross Gaming Revenue (GGR) (m)
2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
Laiko 11 46 46 46 46 46 46 46 46 46
Ethniko 5 22 22 22 22 22 22 22 22 22
New Year's
Lottery
2 9 9 9 9 9 9 9 9 9
Total 19 76 76 76 76 76 76 76 76 76
Scratch cards 26 116 141 187 230 243 253 265 272 272
Total 45 192 217 263 306 319 330 341 348 348
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Source: OPAP
O

P

A

P
Online
Income statement
115
m 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
GGR - 41 70 97 104 119 117 122 121 126
OPAP exclusive
games
0 40 64 90 95 107 106 111 110 115
OPAP non
exclusive games
0 2 5 7 9 11 11 11 11 11
Growth (%) 69% 40% 7% 14% (1%) 4% (1%) 5%

HR participation - (12) (21) (29) (31) (36) (35) (37) (36) (38)
Outsourcing fees - (6) (11) (15) (17) (19) (19) (19) (19) (20)
Marketing - (7) (10) (12) (13) (14) (14) (15) (14) (15)
Staff cost (3) (7) (7) (8) (8) (8) (8) (8) (8) (8)
Other operating
costs
(1) (12) (15) (18) (19) (21) (21) (22) (22) (22)
Total costs (3) (45) (64) (82) (87) (98) (97) (101) (100) (104)
EBITDA (3) (4) 5 15 17 20 20 21 21 22
Margin (% of GGR) n/a n/a 7.6% 15.5% 16.2% 17.1% 17.1% 17.4% 17.4% 17.8%
Depreciation (1.3) (1.5) (1.6) (1.6) (1.7) (0.5) (0.5) (0.5) (0.5) (0.5)
Amortisation (0.2) (0.2) (0.2) (0.2) (0.2) (0.2) (0.2) (0.2) (0.2) (0.2)
EBIT (5) (6) 4 13 15 20 19 21 20 22
Margin (% of GGR) n/m (13.9%) 5.0% 13.6% 14.3% 16.6% 16.6% 16.9% 16.9% 17.3%
15% of GGR plus poker and live
casino support fee
12% of GGR
133 people in 2017
Includes affiliates fee, TRS
processing costs, media
distribution fees, extra costs and
VAT
5 years useful life
License cost assumed at 1m with
a 5 year duration
30% of GGR
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Source: OPAP
O

P

A

P
Includes Joker, Lotto, Proto,
Extra5, Super3, Propo, Propogoal
Online
GGR contribution by game
116
m 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
Online Betting - 26 32 40 38 41 39 41 38 41
Kino - 9 25 40 47 54 55 57 58 60
Joker, numerical and
Mutual sports games
- 3 5 6 6 7 7 7 8 8
Online Bingo/Other - 2 2 4 4 5 5 5 6 6
Total Exclusive
Games
- 40 64 90 95 107 106 111 110 115
Online Casino - 0 1 1 1 2 2 2 2 2
Online Poker - 1 4 6 8 9 9 9 9 9
Total non Exclusive
Games
- 2 5 7 9 11 11 11 11 11

Total online gross
gaming revenue
- 41 70 97 104 119 117 122 121 126
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Online sports betting is exclusive
up to 2020
Source: OPAP
O

P

A

P
298
126
8 8
30
42
66 67
34
9
0
40
80
120
160
200
240
280
320
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
(

m
)
Land-based tangible Land-based intangible VLTs tangible VLTs intangible Online tangible Online intangible Lotteries
OPAP Group
Planned capex
117
Land-based : 10m maintenance capex
and 40m for IT
VLT: 38m tangible, 86m license payment
and 20m interest capitalisation
Lotteries: 96m license first instalment
VLT: 79m tangible
Lotteries: 38m license second
instalment
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Source: OPAP
Land-based: 2017-20 30m per year
includes capex for replacement of
terminals at agencies
VLT: 2018-21 total capex of 106m for
replacement of VLT terminals
O

P

A

P
OPAP Group
Income statement
118
m 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E CAGR
Gross gaming revenue 1,204 1,611 2,103 2,263 2,362 2,484 2,547 2,660 2,711 2,808 9.9%
Existing games 1,159 995 867 904 903 947 951 997 1,005 1,059
16,500 VLTs 0 225 448 471 495 518 542 565 583 601
18,500 VLTs 0 158 502 528 555 581 608 634 654 674
Lotteries / Scratch cards 45 192 217 263 306 319 330 341 348 348
Online 0 41 70 97 104 119 117 122 121 126
Cost of sales (882) (1,336) (1,747) (1,859) (1,920) (2,014) (2,059) (2,072) (1,961) (2,014) 9.6%
Gross profit 322 275 356 405 442 471 487 588 750 794 10.6%
Margin (% of GGR) 26.7% 17.1% 16.9% 17.9% 18.7% 19.0% 19.1% 22.1% 27.7% 28.3%
EBITDA 243 319 423 472 498 526 544 631 825 867 15.2%
Margin (% of GGR) 20.2% 19.8% 20.1% 20.9% 21.1% 21.2% 21.4% 23.7% 30.4% 30.9%
Depreciation (28) (41) (43) (44) (33) (35) (37) (33) (37) (36)
Amortisation (30) (97) (97) (97) (97) (97) (97) (89) (119) (119)
EBIT 184 180 283 331 367 394 410 509 669 712 16.2%
Net profit 116 127 213 258 291 314 331 409 533 568 19.3%
Margin (% of GGR) 9.6% 7.9% 10.1% 11.4% 12.3% 12.6% 13.0% 15.4% 19.6% 20.2%
Source: OPAP
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O

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OPAP Group
Balance sheet
119
m 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
Cash 184 255 655 893 1,024 1,250 1,447 1,722 1,869 2,189
Trade receivables 35 42 49 53 55 58 59 61 62 64
Other current assets 37 37 37 37 37 37 37 37 37 37
Total current assets 256 334 741 982 1,116 1,345 1,543 1,820 1,968 2,290
PP&E 107 153 118 82 79 85 114 148 145 117
Intangible assets 1,257 1,164 1,072 980 888 796 704 620 506 393
Other non-current assets 28 28 28 28 28 28 28 28 28 28
Total non-current assets 1,391 1,345 1,218 1,089 994 909 846 796 678 538
TOTAL ASSETS 1,647 1,679 1,959 2,071 2,109 2,254 2,389 2,616 2,647 2,828
Trade payables 150 218 297 315 327 346 355 366 359 372
Tax & other ST liabilities (8) 64 91 83 82 81 80 103 125 102
Total ST Liabilities 142 281 388 398 409 427 435 469 484 474
LT Loans 167 - - - - - - - - -
Provisions & Other LT liabilities 174 147 171 196 152 212 275 340 170 247
Total LT liabilities 341 147 171 196 152 212 275 340 170 247
Equity 1,164 1,251 1,400 1,477 1,549 1,615 1,679 1,807 1,992 2,107
TOTAL EQUITY &
LIABILITIES
1,647 1,679 1,959 2,071 2,109 2,254 2,389 2,616 2,647 2,828
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P
.

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e

2

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in
.



Source: OPAP
O

P

A

P
OPAP Group
Cash flow statement
120
m 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
Profit before tax 159 174 292 353 398 430 453 560 730 778
D&A 58 139 140 142 131 132 134 122 156 155
Change in NWC 18 61 72 15 10 16 8 9 (8) 11
Change in Provisions & other
adjustments
116 10 7 (6) (85) 15 10 4 (243) (2)
Taxes paid (101) 26 (48) (100) (105) (113) (118) (123) (168) (225)
CF from operating activities 251 410 462 404 350 480 487 572 468 716

Purchase of intangibles (243) (38) 0 0 0 (1) 0 0 0 0
Purchase of tangibles (55) (88) (8) (8) (30) (41) (66) (67) (34) (9)
CF from investing activities (298) (126) (8) (8) (30) (42) (66) (67) (34) (9)

Loan repayment (87) (167) 0 0 0 0 0 0 0 0
Dividends paid (174) (41) (64) (181) (219) (247) (267) (281) (347) (453)
Net interest received 9 (6) 9 23 31 36 44 51 60 65
CF from financing activities (252) (213) (55) (158) (188) (211) (223) (231) (287) (387)
NET CHANGE IN CASH (299) 71 400 238 131 226 197 275 147 320
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.



Source: OPAP
O

P

A

P
121
Tab C
Summary

O

P

A

P
(389)
69
153
73
82
17
(177)
670
281
498
2
0
1
2
H
R

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7
OPAP Group
Bridge of key financials
122
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495
555
306
104
(395)
1,298
2,362
2012 16,500
VLTs
18,500
VLTs
Lotteries &
SC
Online Land
Based
2017
GGR bridge (m) EBITDA bridge (m)

Note: SC: Scratch Card
(1) Adjusted for HR participation and agent commissions difference
Source: OPAP
O

P

A

P
OPAP Group
Financial outlook
123
GGR development (m)
EBITDA development (m)
1,597
1,852
1,781
1,654
1,413
1,298
1,159
995
867 904 903 947 951 997 1,005 1,059
-
225 448
471 495
518 542
565 583
601
-
158
502
528
555
581
608
634
654
674
45
192
217
263
306
319
330
341
348
348
-
41
70
97
104
119
117
122
121
126
1,597
1,852
1,781
1,654
1,413
1,298
1,204
1,611
2,103
2,263
2,362
2,484
2,547
2,660
2,711
2,808
2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
Online
Lotteries & SC
18,500 VLTs
16,500 VLTs
Land Based
860
1,057
968
911
734
670
242
191
162 175 173 189 189
256
441 463 62 137
145 153
152 160
167
173
184
-
27
67
70 73
77 80
83
85
92
10
42
52
67
82
88
96
104
106
106
5
15
17
20
20
21
21
22
860
1,057
968
911
734
670
243
319
423
472
498
526
544
631
825
867
2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
Online
Lotteries & SC
18,500 VLTs
16,500 VLTs
Land Based
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2

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.



Source: OPAP
O

P

A

P
Agenda
124
Opportunity overview 2
Investment highlights 10
Greek economy and Greek gaming market 19
Legal and regulatory framework 31
Existing product offering 38
New product offering 46
IT infrastructure 67
Organisation and Human Resources 74
Social responsibility 82
Strategic initiatives 86
Financials & outlook 91
Closing remarks 124
Q&A 126
Appendices 127
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O

P

A

P
Investment highlights

125
Significant growth driven by VLTs, Scratch cards and Online
National leader of world class caliber
Unique gaming offering secured by exclusive concessions
Highly attractive market
Unparalleled distribution platform
Deeply rooted in the Hellenic world
Strong financial position
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O

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P