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Important Notice to the Reader of This Document IMPORTANT NOTICE TO THE READER OF THIS DOCUMENT THIS DOCUMENT IS AN UNOFFICIAL TRANSLATION IN ENGLISH (THE “TRANSLATED DOCUMENT”) OF THE PROSPECTUS DATED 8 MARCH 2017 OF OPAP S.A. WHICH IS APPROVED BY THE CAPITAL MARKETS COMMISSION, ORIGINALLY DRAFTED AND APPROVED IN THE GREEK LANGUAGE (THE “GREEK DOCUMENT”). ONLY THE GREEK DOCUMENT IS A PROSPECTUS UNDER LAW 3401/2005 AND REG. 809/2004 AND IT MAY BE FOUND IN THIS ELECTRONIC ADDRESS http://investors.opap.gr/el-GR/investors- information/debt-investors/bond-prospectus. THE TRANSLATED DOCUMENT HAS NOT BEEN APPROVED BY ANY COMPETENT REGULATORY AUTHORITY AND DOES NOT CONSTITUTE AN OFFICIAL TRANSLATION IN ENGLISH OF THE GREEK DOCUMENT PURSUANT TO GREEK LAW. THE TRANSLATED DOCUMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TO ACQUIRE SECURITIES IN ANY STATE. NO INVESTOR MUST RELY ON OR MAKE ANY INVESTMENT DECISION BASED IN THE CONTENTS HEREOF. INVESTORS MAY RELY ONLY ON THE GREEK DOCUMENT IN ACCORDANCE TO THE TERMS THEREOF. THE TRANSLATED DOCUMENT IS PROVIDED FOR CONVENIENCE ONLY BY OPAP S.A. WITH NO COLLUSION OR COLLABORATION OF ANY OTHER PERSON OR ENTITY AND OPAP S.A. IS SOLELY LIABLE IN CONNECTION TO THE TRANSLATED DOCUMENT. NO PERSON MAY USE THE CONTENTS HEREOF TO RAISE ANY CLAIM AGAINST EUROBANK ERGASIAS S.A., NATIONAL BANK OF GREECE S.A., NBG SECURITIES S.A., EUROXX SECURITIES S.A., INVESTMENT BANK OF GREECE S.A., PIRAEUS SECURITIES S.A., KPMG CERTIFIED AUDITORS OR KARATZAS & PARTNERS LAW FIRM IN CONNECTION TO THE GREEK DOCUMENT THIS DOCUMENT MAY NOT BE USED IN ANY COURT OF LAW OR LITIGATION/ARBITRATION/ADMINISTRATIVE OR SIMILAR PROCEEDINGS. INDIVIDUALS ARE STRONGLY CAUTIONED AND ADVISED WHEN READING THIS DOCUMENT TO TAKE NOTE THAT ONLY THE GREEK DOCUMENT INCLUDES THE ACCURATE NUMBERS AND FIGURES AND THAT THE TRANSLATED DOCUMENT MAY NOT BE A FULL TRANSLATION OF ALL TERMS OF THE GREEK DOCUMENT OR MAY INCLUDE TRANSLATED TERMS THAT ARE NOT A CORRECT OR AN ANALOGOUS LEGAL OR FINANCIAL CONCEPT IN ENGLISH OR THAT CERTAIN PARTS OR ANNEXES OF THE GREEK DOCUMENT MAY NOT HAVE BEEN TRANSLATED. UNOFFICIAL TRANSLATION – ONLY THE GREEK VERSION IS APPROVED BY THE HCMC – THIS IS NO OFFER/INVITATION TO ACQUIRE SECURITIES NOONE MAY RELY HEREON FOR ANY INVESTMENT DECISION IN CONNECTION TO OPAP S.A. THE HELLENIC ΟRGANISATION OF FOOTBALL PROGNOSTICS S.A. PROSPECTUS FOR THE PUBLIC OFFERING IN GREECE, PURCHASED FOR CASH, AND THE ADMISSION TO TRADING IN THE FIXED INCOME SECURITIES CATEGORY OF THE ORGANISED MARKET OF THE ATHENS EXCHANGE, OF BONDS OFFERED BY THE COMPANY “ORGANIZATION OF FOOTBALL PROGNOSTICS S.A.” VIA THE ISSUE OF A COMMON BOND LOAN ACCORDING TO THE 28.02.2017 DECISION OF THE COMPANY’S BOARD OF DIRECTORS. IT IS PROVIDED THAT THE ISSUE IS FOR UP TO TWO HUNDRED THOUSAND (200,000) COMMON BONDS, EACH WITH A NOMINAL VALUE OF ONE THOUSAND EUROS (€1,000), TOTALLING TWO HUNDRED MILLION (€200,000,000) EUROS. IN THE EVENT THAT THE PUBLIC OFFERING IS ONLY PARTIALLY SUBSCRIBED BY AN AMOUNT EQUAL TO LESS THAN ONE HUNDRED MILLION EUROS (€ 100.000.000), THE ISSUE WILL BE ABORTED. The Board of the HCMC has approved the contents of this Prospectus, only in terms of meeting the investor information requirements, as determined by the provisions of Law 3401/2005 and Regulation (EC) 809/2004 of the European Communities, as applicable. JOINT COORDINATORS AND BOOKRUNNERS OF THE PUBLIC OFFERING UNDERWRITERS OF THE PUBLIC OFFERING ISSUE ADVISORS The Date of the Prospectus is the 8th of March 2017 2 TABLE OF CONTENTS 1 SUMMARY.............. .......................................................................................................................................... 8 2 RISK FACTORS... ............................................................................................................................................... 27 2.1 The Main Risks that may affect the Company's ability to meet its obligations to the Bondholders and the Trading Price of the Company's Bonds on the ASE ............................................................................ 27 2.2 Risk factors that significantly affect the Bonds being offered and accepted for trading, in order to assess market risks associated with the Bonds . ........................................................................................... 34 3 REFERENCE DOCUMENT .................................................................................................................................. 43 3.1 General Information ........................................................................................................... 43 3.2 Responsible Persons ........................................................................................................... 44 3.3 Legal Due Diligence ............................................................................................................ 45 3.4 Additional Auditing performed by the auditing firm KPMG Certified Auditors S.A.. .......... 47 3.5 Credit Rating Report ........................................................................................................... 55 3.6 Information from third parties, Expert Opinions and Statements of Interest ................... 56 3.7 Certified Auditors - Accountants ........................................................................................ 57 3.7.1 Audit Reports for the years 2014 and 2015, and Review Report for the Interim Period 01.01-30.09.2016 58 3.8 Consolidated Financial Information for the Fiscal Years 2014-2015................................... 60 3.9 Consolidated Financial Information for the nine-month period 2016 ................................ 66 3.10 Information about the Company ........................................................................................ 75 3.10.1 Short History and Development .................................................................................................... 75 3.10.2 Investments .................................................................................................................................... 76 3.10.2.1 Current Investments .......................................................................................................................... 76 3.10.2.2 Intended Investments ....................................................................................................................... 76 3.11 Overview of the Group's Business Activity ......................................................................... 77 3.11.1 General Information ...................................................................................................................... 77 3.11.2 Consolidated Turnover Breakdown by Business Segment ............................................................. 80 3.11.3 Consolidated Turnover Breakdown per Geographical Segment ................................................... 81 3.11.4 Information about the Company's Competitive Position .............................................................. 82 3.12 Group Structure .................................................................................................................. 85 3.12.1 The Group and its Holdings ........................................................................................................... 85 3.12.2 The Group that the Issuer Belongs to ............................................................................................ 86 3.12.3 The dependence of other entities - within the Group - upon the Issuer ....................................... 89 3.13 Information regarding Trends ............................................................................................. 90 3.14 Administrative, Management and Administrative Bodies .................................................. 91 UNOFFICIAL TRANSLATION – ONLY THE GREEK VERSION IS APPROVED BY THE HCMC – THIS IS NO OFFER/INVITATION TO ACQUIRE SECURITIES NOONE MAY RELY HEREON FOR ANY INVESTMENT DECISION IN CONNECTION TO OPAP S.A. 3.14.1 The Board of Directors .................................................................................................................. 91 3.14.2 The Issuer's Committees ................................................................................................................ 96 3.14.3 Conflicts of Interests at the Administrative, Management and Supervisory Bodies Level ......... 100 3.14.4 Τhe Board's Method of Operation ............................................................................................... 100 3.14.4.1 Corporate Governance ................................................................................................................... 101 3.14.4.2 Internal Control ............................................................................................................................... 102 3.14.4.3 Corporate Announcements - Shareholder/Bondholders Services .................................................. 102 3.15 Main Shareholders ............................................................................................................ 103 3.16 Financial Information on the Group's assets, liabilities, financial position and results ... 107 3.16.1 Financial Information for the fiscal years 2014 and 2015 ............................................................ 107 3.16.1.1 Group Consolidated Statement of Comprehensive Income ........................................................... 109 3.16.1.2 Group Consolidated Statement of Financial Position ....................................................................
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