Company Presentation

December 2020

[Business/Internal Use] Agenda

History – Company Overview

Financial Overview

Strategy

Social Responsibility

Summary

20 years exclusive-license contract with the Hellenic Launch of Launch of PROPO Acquisition of State KINO (The Greek Football Hellenic lotteries 12-year concession Pools Game) Launch of PAME STIHIMA 1958 1999 (sports-betting) 2001 2011

Extension of exclusive Establishment of 1959 2000 2003 license until 2030 2013 the Greek OPAP Organization of incorporated as Listed in the Award of Video Football a Societe Athens Stock Lottery Terminals (VLT) Prognostics Anonyme Exchange license

Transfer of 33% stake Horse Races operations Further investment in Acquisition of to Emma Delta commencement & launch Stoiximan group to reach 36.75% of Hellenic Holding for of horse races mutual 84.5% in Greek & Cypriot Stoiximan Group €652m. betting operations and 36.75% in Q2 2014 2017 2019 international operations

Operations Q4 2013 Launch of Q1 2016 commencement of VLTs 2018 Launch of 2020 Hellenic Lotteries Tzoker products (Scratch Launch of Virtual online & Passives) Games & SSBTs

3 © OPAP Company Overview

The Exclusive concession As of 11 October 2013, leading OPAP is up until 2030 for legacy games Greek

gaming company Historic 100% private under new management high dividend pay-out policy

Market cap on Athens Exchange Presence in c. €3.3 bn Cyprus (Dec. 2020)

Largest c. 70% retail network in Greece of the total Greek gaming 2019 market of 2019 Gross Gaming Revenues (GGR) of Revenue (GGR) €1,619.9m and EBITDA of 30%-35% GGR contribution* €412.6m (*contribution varies depending on different games)

4 © OPAP Public offerings - Shareholder Structure

• Largest Pan-European lottery operator • Presence in Czech Republic, Greece & Cyprus, Austria and Italy • Active in countries representing more than 24% of EU lottery GGR • Entrepreneurial ownership: KKCG • Synergies with OPAP

* voting rights

Date (%) Offering price (€)

25 April 2001 5,36% Initial Public Offering (IPO) 5,5

18 July 2002 18,90% Secondary offering 8,44

14 July 2003 24,45% Secondary offering 9,44

21 July 2005 16,44% Secondary offering 24,14

11 October 2013 33,00% Public tender 6,2

5 © OPAP The Greek Gaming Market: A Comparative Review

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

1,16% Average: 0.62% 1,02% 0,89% 0,85% 2019 0,72% 0,75% GGR (€bn and % 18,1 0,50% 0,52% 0,51% 0,47% (1) 0,42% 0,38% 0,42% 0,40% of GDP ) 0,30% 14,3 12,2 8,9

In €bn 3,1 2,4 2,2 2,0 1,9 1,9 1,7 1,6 1,5 1,4 0,2

In % of 2019 Italy Germany France Spain Netherlands Sweden Greece Finland Belgium Portugal Ireland Austria Ponland Denmark Cyprus GDP

440 381 347 307 287 272 262 236 230 224 223 223 217 216 216 2019 GGR per adult(2)(3)(€)

Finland Ireland Italy Denmark Sweden Cyprus Slovenia Luxembourg Greece Spain France Latvia Austria Netherlands Portugal

The Greek gaming market is a fundamentally attractive market :

• 2019 GGR at 1.16% of GDP (highest amongst the graph’s sample) • 2019 GGR per adult of €230

Source: H2GC, Apr. 2020. Greek data: OPAP’s reported numbers (Greek operations only), Hellenic Gaming Commission Note: Charts include top-15 EU-27 countries for GGR and GGR/per adult respectively. Gross gaming revenue including offline and online (onshore and offshore) gaming. (1) Current price GDP (2) Inhabitants over 18 years old 6 (3) Excluding Malta © OPAP Greek Retail & Online Gaming market

GGR/GDP is gradually reaching pre crisis levels on the back of new products’ introduction (Scratch in 2014 & VLTs in 2017) that have attracted previously illegal spending & new leisure players. Stihima & KINO introduction lead to growth>GDP Lack of innovation New games

3.000 1,18% 1,12% 1,12% 1,14%1,16% 1,10%1,14% 1,10%1,12% 2.500 1,07% 1,05%1,06% 0,97% 0,99% 1,00%0,97% 0,93% 0,94% 0,96% 2.000 0,87%

1.500

1.000 OPAP OPAP market market share share 500 62,6% 69,4%

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 OPAP Instant & Passives Horse Racing Casinos Online GGR/GDP During the macro turbulence, the market declined by c. 38% while OPAP gained significant market share

Source: OPAP’s reported numbers (Greek operations only); H2 Gambling Capital, Hellenic Gaming Commission Reports 7 Note: since 2014 Instant and passive lotteries and since 2016 Horse racing are being operated by OPAP © OPAP Significant exclusive concessions secured through heavy investments in the past years

More than 50 years of exclusive concessions backlog already paid for

Total upfront cost of license Oct May Jun Jan Jan Oct May Jan Oct Jan Jan (100% already paid by OPAP) 2000 2014 2014 2016 2017 2020 2026 2027 2030 2035 2036

€323mn Concession Agreement (20 years)

Concession Extension Agreement (10 €375mn

years) Betting Lottery & & Lottery License fee to be negotiated Right of first refusal for any other game to be on a case by case basis licensed by the Hellenic Gaming Commission

€560mn 2011 VLT License (18 years) VLTs

€127mn(1) 2013 State Lotteries Concession Agreement (12 years)

Passives Instant & & Instant

€40.5mn 2016 Horse Racing Concession Agreement (20 years)

Horse Horse Racing

Included in upfront Exclusive Right for online offering of OPAP’s exclusive lottery games payments for legacy

Online licenses Exclusive offering of onshore online sports betting

(1): Total consideration of €190mn paid by consortium including OPAP, Scientific Games and Intralot, of which €127mn was paid by OPAP for its 67% stake. © OPAP 8 Current OPAP’s stake at 83.5% Network

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

FY’19 figures Gaming Halls 4,406

OPAP Stores POS* in Greece & Cyprus

Gas stations Post Bank Bank Bank Petrol Bank stations *as of 31.12.2019. New & upgraded Opap Stores Average store size increase constructed since 2018 since 2015 Hellenic Lotteries products are distributed through additional 9,469 POS & Street Vendors

9 c.1,600 +23% © OPAP OPAP’s Greek Revenue (GGR) Breakdown

GDP CAGR: -6.3% GDP CAGR: +0.9% €m OPAP CAGR: -9.2% OPAP CAGR: +4.4% 2.000 VLTs 1.800

1.600

1.400

1.200 Instant & Passives 1.000 Sports betting

800

600

400 Lotteries 200

0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Before Privatization After

10 © OPAP Games Product Matrix GGR breakdown

VLTs 20% 23% Instant 20% & Passives 18%

7% 48% 6% 9% 47% 46% 9% 46% Mutual Fixed Odds 25% 27%

22% 27% Lottery Betting

Q4’19 Q1’20

Q2’20* *Referring to full re-opening period Q3’20 (8-30 Jun)

Propo- Virtuals & Stihima Joker Lotto Propo Proto Super 3 Extra 5 Kino Scratch Laiko Ethniko VLTs Goal Powerspin

2017: 39% of NGR* GH: 36% of Agent 2018: 37% of NGR* NGR 8% 12% 12% Commission 2019-2021: 35%+1% of NGR* as bonus. Agencies: of wagers the 1% bonus adjustment is conditional upon achieving 6% average NGR* growth vs. FY 2016 25% of NGR Three Three Ten Two Frequency of Twice Twice Once a Every 5 Every 4 Once a 18 draws Daily times times draws draws On going On going play weekly weekly week minutes minutes week annually weekly weekly daily daily

11 © OPAP * NGR: GGR - GGR contribution Financials

It’s all about numbers

12 © OPAP Financial Overview

Revenue (GGR) EBITDA & EBITDA margin on GGR

2.000 CAGR: +4.8% CAGR: +10.9% 1.500 23,2% 400 25,2% 27,0% 22,9% 1.000 22,0% 21,1% 18,2% 1.456 1.547 1.620 1.220 1.378 1.400 1.398 500 200 377 413 347 308 307 354 222 0 13 14 15 16 17 18 19 0 13 14 15 16 17 18 19

Strong top-line performance & incremental growth driven by: • Revenue increase & cost optimization brought in material l-f-l • Introduction of Scratch & Passives in 2014 EBITDA growth post the privatization (2013-2015). • Introduction of VLTs and Virtuals in 2017 • GGR contribution increased in 2016 to 35% from 30% previously. • Growth and cost containment is evident in 2018 & 2019 as well

Total Opex (Gaming operations only) Net Profit 400 200 300

200 211 202 274 274 100 195 258 235 254 268 255 170 100 141 126 143

0 13 14 15 16 17 18 19 0 13 14 15 16 17 18 19 • Total Opex (gaming operations) reduced despite the commencement of several material projects (Hellenic Lotteries, Horse Racing, VLTs & virtual games) 13 Amount in €m © OPAP Financial Results Q3 2020 (1/2)

Department Convincing quarterly recovery & Stores solid capability to face future challenges -6.5%

Greek GDP Retail Sales H1 2020 Supermarkets (excl. fuels) Pharmaceuticals +4.6% 8M 2020 +11.8% -1.3% -8.55%

Furniture & Household Equipment -0,7%

Gross Gaming Revenue (€m) EBITDA (€m) Net Profit (€m) -23.4% -31.9% -47.9%

1.400 350 160 1.200 300 140 120 1.000 250 100 800 200 80 600 150 305 141 1.173 60 400 899 100 208 40 73 200 50 20

0 0 0 © OPAP 14 9M'19 9M'20 9M'19 9M'20 9M'19 9M'20 Financial Results Q3 2020 (2/2)

9M/Q3 EBITDA* (€m)

-27,8% 26,9% 26,3% 25,3% 23,8%

+1,5%

297 214 104 105

EBITDA Q3 2019 Q3 2020 9M 2019 9M 2020 margin on GGR * Excl. one-off items

9M/Q3 Net Profit* (€m)

-38,3% 160 13,5% 12,4% 140 11,5% 120 +8,3% 9,2% 100 80 60 135 83 40 53 20 49 Net Profit 0 margin on GGR -20 Q3 2019 Q3 2020 9M 2019 9M 2020 © OPAP 15 * Excl. one-off items Balance Sheet

Net Debt position (€m)

546 436 459 409 108 -77 -155 -296 842 1.046 513 650 263 165 115 169 257 1 32 119 -242 -297 -302 -274 -246 -191 -644 -553

2013 2014 2015 2016 2017 2018 2019 9M 2020

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

Prudent leverage & solid balance sheet structure • Average cost of lending: Fixed c.2.75% • 1.7x Net Debt /LTM EBITDA • 9.5x Interest Coverage

16 © OPAP Dividend Policy

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

Dividend per share (€)

1 0,57 Average dividend yield since the IPO (‘01-’19) 9% 0,70

1,00 0,50 0,60 0,60 2 0,23 0,30 0,25 0,30 Average dividend payout 0,20 0,17 0,12 0,10 0,10 since listing 104% 2013 2014 2015 2016 2017 2018 2019 2020

Dividend per 0.25 0,70 0,40 1.29 1,10 0,70 0,30 share 3 Dividend 59.6 112.4 60,5 241,4 277,0 155,2 47,2 payout (%) Committed to distribute the bulk of FCF post investments Interim Dividend Remaining Dividend Special Dividend

17 © OPAP OPAP Strategy

Our Q3 results demonstrate our ability to ensure operational readiness during unfortunate times and To establish OPAP as a world class gaming entertainment company deliver healthy results upon the lift of lockdown “measures. • Embedding Customer Obsession On the financial side, OPAP’s performance came close • Investing In Our Network to last year’s levels, aided by increased sportsbook • Developing Our People activity in Q3 and the ongoing growth of Online and • Building a World-class Portfolio of Products & Services VLTs, which counterbalanced the drop in lottery and Instant & Passives. At the same time, our effort to tap • Leveraging the latest Digital & Technology Capabilities the markets was a remarkable success demonstrating • Committing to Our Communities investors’ confidence and enhancing our liquidity.

• Expanding the Power of Our Brand Going forward, in the volatile environment of the • Rebuilding healthy relationships with the State, Regulator and other bodies pandemic and the second lockdown, our focus remains on protecting and actively supporting our employees, partners and stakeholders, safeguarding our healthy financial position and enhancing our product proposition. We remain confident in our ability to face future challenges and deliver positive results. ”

Commenting on the Q3 2020 financial results, OPAP’s acting CEO, Mr. Jan 18 Karas, noted that: © OPAP Video Lottery Terminals (VLTs) License Agreement

• Fully paid 18 years exclusive license of €560m for the operation of 25,000 VLTs

• VLTs has added a “growth engine” to OPAP’s performance potential and is already amongst the most significant contributors to OPAP’s EBITDA in the long-term

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

• Max. allowed number of VLTs per venue: 50 in Gaming Halls and 15 in existing OPAP agencies

• Full deployment of 25k VLTs since end of 2019

Rollout completed as planned and on schedule – focus now on optimisation

Performance overview Customers Overview

517 440 480 487 288 149 116 131 117 120 28 75

FY '17 FY '18 FY '19 Q1 '20 Q2 '20 Q3 '20 Active Players / monthly avg. ('000) Registered base ('000)

Age Group 70% 30%

 Rollout complete: All 25,000 installed and certified 19% by regulator Above 45yrs (Male) 26%  Record customers: Continuously increasing customer Below 45yrs (Male) 11% base, monthly actives constantly >100k Above 45yrs (Female)  Expanded Product Portfolio: Increased number of Below 45yrs (Female) new VLT games 44%

Delivering a truly entertaining gaming experience

Operational Highlights (Q3 ‘20)

Avg. spending per visit Communication Opt-in rate 31€ 76% <15% Players reaching their time or spending limits Operation under fully responsible manner  100% of customer play is with player card  Max bet per spin of €2.00 (all games)  100% of customers have set their self-imposed limitations both on time & money  Mandatory cooling-off period for any change in self-imposed limitations  Strict certification process for both machines and venues  Minimum distance from schools

Introduce new play games & features Engage with promo events

From unique 39 to… 109 Play games

Launch of VLT Jackpot Xmas Ladies Party across all machines campaign night night

Match of Lucky the day Pizza draws night

Different stores formats & more typologies Promotional activities & CRM initiatives

1 Low budget 2 Standard store store with up to with 30-50 VLT’s 25 VLT’s

4 3 Flagship store Block with OPAP with differentiated store and Gaming design Hall

Parallel & district strategies to capitalize on this growing online market trend

On-line segment is the most fast Stoiximan Group Investment growing part of Greek gaming market Transaction’s perimeter 3.6% Online CAGR: 14,0% Acquisition of a 36.75% stake in the 19.4% mother company of Stoiximan Group, TCB  Concluded 1 Holdings Ltd, for a consideration of €50m Acquisition of additional stake in Greek & 2 Cypriot operations reaching 69%. Net  Concluded

consideration: €90.2m Phase 200820092010201120122013201420152016201720182019 Acquisition of additional stake in Greek & X% Share of on-line market Land-based On-line 3 Cypriot operations reaching 84.5%.  Concluded Consideration: €43.3m OPAP Online Sole control of Greek & Cypriot • pending approval • Pame Stoixima, Joker & recently 4 operations. Net consideration: €30m from competent virtuals and casino games authorities already available online • The leading online operator in Greece (c.49% market share, 2019) and • 121k Q3’20 monthly avg. active customers, amongst market leaders in Cyprus and Romania. with international evidence pointing out to €38m Group 217k higher penetration in the future €242.7m Q3’20 FY’19 GGR €44m GR/CY active players/ • Significant opportunity to leverage OPAP’s (after deducting bonuses) FY’19 Ebitda monthly avg. strong brand name 9M’20: GGR +40% y-o-y; performance pointing out to another record year

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

Promoting trust strategic framework

COMMUNITY TRUST

Sensitive Health Sports Employment Groups

WORK MARKET ENVIRON- PLACE PLACE MENT

Employee Responsible Environmental Engagement Gaming Footprint

Level 4 (highest) Certificate in Responsible Gaming by the World Lottery Association

“OPAP S.A. is a member of the World Lotteries Association (WLA) and the European Lotteries (EL) as well as the Global Lottery Monitoring Systems (GLMS), independent unions composed of state or state-licensed lottery companies. 24 © OPAP OPAP in Summary

Sole Concessions Sales Network Significant Cash Flows

• A 50+year exclusive • Largest retail network in • Bulk of FCF (excl. any concessions backlog with the Greece investment) will continue to be earliest expiration in 2026 distributed as dividends

• Significant growth coming • Ongoing focus on cost • Possesses significant from VLTs, new products, efficiencies demonstrating expertise, local know-how and online & rejuvenation of tangible results & delivering knowledge of the gaming current products additional savings industry

Strong Fundamentals Ongoing cost control Solid Management Team

Investor Relations Team

[email protected] Tel : +30 210 5798930 https://investors.opap.gr

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27 Notes