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Company Presentation Company Presentation September 2019 Agenda History – Company Overview Financial Overview Strategy Social Responsibility Summary © OPAP The Story so far… 20 years exclusive-license contract with the Hellenic Launch of Launch of PROPO State KINO (The Greek Football Pools Game) Launch of PAME STIHIMA 1958 1999 (sports-betting) 2001 2011 Extension of exclusive Establishment of 1959 2000 2003 license until 2030 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 New online sports-betting to Emma Delta commencement & launch platform Hellenic Holding for of horse races mutual Acquisition of 36.75% of 2013 €652m. Q2 2014 betting 2017 Stoiximan Group 2019 Operations Acquisition of Launch of Q4 2013 Q1 2016 commencement of VLTs 2018 Launch of Hellenic lotteries Hellenic Tzoker 12-year Lotteries & Launch of Virtual Games & online concession Online SSBTs 3 © OPAP Company Overview The Exclusive concession As of 11 October 2013, leading OPAP is extended up until 2030 Greek gaming company Historic 100% private under new management high dividend pay-out policy Market cap on Athens Exchange Presence in c. €3.1 bn Cyprus (September 2019) Largest c. 70% retail network in Greece of the total Greek gaming 2018 market of 2018 Gross Gaming Revenues (GGR) of Revenue (GGR) €1,547.0m and EBITDA of As of 01.01.16 subject to €353.6m 35% GGR contribution 4 © OPAP Public offerings - Shareholder Structure Emma Delta Hellenic Out of which 24,7% owned by Sazka Group Holdings Ltd 32,7% • 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 Free Float 67,3% 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 1,14% 1,06% Average: 0.65% 0,88% 0,90% 2018 0,84% 0,80% 18,7 0,70% 0,72% 0,54% GGR (€bn and % 0,49% 0,41% 0,42% 0,45% 0,40% (1) 17,2 0,35% of GDP ) 0,30% 14,2 10,6 8,8 In €bn 2,7 2,2 2,1 2,1 1,8 1,8 1,7 1,7 1,6 1,4 0,2 In % of 2017 Italy UK Germany France Spain Netherlands Sweden Greece Finland Belgium Portugal Chech Rep Ireland Austria Ponland Cyprus GDP 446 377 360 311 295 272 268 257 232 224 219 212 2018 GGR per 208 201 199 195 adult(2)(3)(€) Finland Ireland Italy UK Denmark Sweden Cyprus SloveniaLuxembourg Spain Greece Austria Portugal Belgium Latvia France The Greek gaming market is a fundamentally attractive market : • 2018 GGR at 1.14% of GDP (highest amongst the graph’s sample) • 2018 GGR per adult of €219 Source: H2GC, Apr. 2019. Greek data: OPAP’s reported numbers (Greek operations only), H2GC & Hellenic Gaming Commission Note: Charts include top-15 EU-28 countries for GGR and GGR/per adult respectively. Gross gaming revenue including offline and online (onshore and offshore) gaming. (1) Current price GDP (2) Inhabitants over 18 years old 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% 1,10% 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% 69,8% 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 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 for online market, 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 + Right €560mn 2011 VLT License (18 years) to VLTs renew €127mn(1) 2013 State Lotteries Concession Agreement (12 years) Passives Instant & Instant €40.5mn 2016 Horse Racing Concession Agreement (20 years) 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 8 (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 Network The largest commercial network in Greece with its modernization well on track FY’18 figures Gaming Halls 4,462 OPAP Stores POS* in Greece & Cyprus Gas stations Post Bank Bank Bank Petrol Bank stations *as of 31.12.2018. New Opap Stores Average store size increase constructed since 2018 since 2015 Hellenic Lotteries products are distributed through additional 8,503 POS & Street Vendors 9 821 +22% © OPAP OPAP’s Greek Revenue (GGR) Breakdown €m GDP CAGR: +0.6% 2.000 GDP CAGR: -6.3% OPAP CAGR: -9.2% OPAP CAGR: +4.4% 1.800 VLTs 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 Before Privatization After 10 © OPAP Games Product Matrix GGR breakdown VLTs 19% 17% Instant 16% & Passives 14% 8% 9% 11% 9% 50% 48% Mutual Fixed Odds 51% 26% 49% 24% 26% 24% Lottery Betting Q3’18 Q4’18 Q1’19 Q2’19 Propo- Virtual Stihima Joker Lotto Propo Proto Super 3 Extra 5 Kino Scratch Laiko Ethniko VLTs Goal Games 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 2019 adjustment is conditional upon achieving 6% average NGR* growth vs. 2016 25% of NGR Three Ten Two Frequency of Twice Twice Twice Once a Every 5 Every 5 Once a 18 draws Daily times draws draws On going On going play weekly weekly weekly week minutes minutes week annually 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: +5.6% CAGR: +10.9% 1.500 400 25,2% 27,0% 22,9% 22,0% 21,1% 23,2% 1.000 18,2% 1.695 1.456 1.547 1.378 1.400 1.398 200 414 1.220 377 354 500 347 308 307 222 0 0 13 14 15 16 17 18 19 13 14 15 16 17 18 19 consensus consensus Strong top-line performance & incremental growth driven by: • Revenue increase & cost optimization brought in material l-f-l EBITDA growth post the privatization. • Introduction of Scratch & passives in 2014 • GGR contribution increased in 2016 to 35% from 30% previously. • Introduction of VLTs and Virtuals in 2017 Adjusted 2018 Ebitda would stand at €408m • Growth is expected to persist in 2019 Total Opex (Gaming operations only) Net Profit 400 200 300 200 100 211 274 274 195 258 235 254 268 170 100 141 126 143 0 13 14 15 16 17 18 0 13 14 15 16 17 18 • 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 Q2 2019 (1/2) Department Q2’19 delivers further growth thanks Stores to continuing positive trends -15,9% Greek GDP Retail Sales H1 2019 Supermarkets (excl. fuels) Pharmaceuticals -0.4% H1 2019 -4,9% -1,2% +1.25% Furniture & Household Equipment +4,4% Gross Gaming Revenue (€m) EBITDA (€m) Net Profit (€m) +5.7% +26.2% +39.0% 250 100 900 800 200 80 700 600 150 60 500 92 400 738 780 100 199 40 300 157 66 200 50 20 100 0 0 0 H1'18 H1'19 14 H1'18 H1'19 H1'18 H1'19 © OPAP Financial Results Q2 2019 (2/2) Q2 EBITDA (€m) +21,2% +26,2% 25,5% 23,4% 24,5% 22,7% 21,3% 19,5% +28,0% +24,0% 199 191 157 70 87 90 Q2 2018 Q2 2019 Q2 2019* H1 2018 H1 2019 H1 2019* EBITDA margin on GGR EBITDA EBITDA Margin on GGR *Excl. one-off items of €7.9m income in 6M and €2.8m expense in Q2 Q2 Net Profit (€m) 100 +30,9% +39,0% 11,8% 11,1% 80 9,0% 9,6% 9,0% 60 7,3% 92 40 +39,9% 86 +32,2% 66 20 37 26 35 Net Profit 0 margin on GGR Q2 2018 Q2 2019 Q2 2019** H1 2018 H1 2019 H1 2019** Net Profit Net Profit Margin on GGR © OPAP 15 **Excl.
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