Company Presentation

September 2019 Agenda

History – Company Overview

Financial Overview

Strategy

Social Responsibility

Summary

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 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. one-off items of €5.4m income in 6M and €2.0m expense in Q2 Balance Sheet

Net Debt position (€m)

436 459 362 108 -77 -155 -296 513 650 651 263

165 115 119 169 1 32 -191 -242 -297 -302 -274 -246 -289

2013 2014 2015 2016 2017 2018 H1 2019

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

Prudent leverage & solid balance sheet structure • Average cost of lending: Fixed 3,3% • 0,9x Net Debt /LTM EBITDA • 16,3x Interest Coverage

16 © OPAP Dividend Policy

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

Dividend per share (€) 1 Average dividend yield since the IPO (‘01-’18) 10%

0,57

0,70

0,50 2 0,60 0,60 Average dividend payout since 0,23 0,30 listing 107% 0,25 0,20 0,17 0,12 0,10 0,10

2013 2014 2015 2016 2017 2018

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

Interim Dividend Remaining Dividend Special Dividend

17 © OPAP OPAP Strategy “I am pleased to report another set of satisfying results for OPAP in Q2, which were driven by a continuation of the good trends we saw in Q1. “ Solid GGR growth was led notably by VLTs, a resilient Lottery performance and the underlying To establish OPAP as a world class gaming entertainment company improvement of our sportsbetting product. All of this despite tough comparables given the World • Embedding Customer Obsession Cup contribution in June 2018. Sustained cost • Investing In Our Network management across the company delivered even better profitability growth despite various one- • Developing Our People offs in the period. • Building a World-class Portfolio of Products & Services The delivery of our 2020 Vision, and the • Leveraging the latest Digital & Technology Capabilities transformation of OPAP into a world class gaming entertainment company, continues apace with • Committing to Our Communities further improvements being seen across every • Expanding the Power of Our Brand part of our business. In just the last three years we have succeeded in renewing or upgrading • Rebuilding healthy relationships with the State, Regulator and other bodies over a third of our large retail network in Greece, and we are very encouraged by the positive performance and customer reaction in these new, larger venues. Online remains a key area of focus as we further develop our dual strategy, via OPAP Online and our investment in Stoiximan Group. We are seeing good growth in the customer bases of both operations and are confident that we will continue to see growth from both businesses for some time to come. Overall, the OPAP Team has delivered a solid performance in the first half of 2019 and we all believe we are well placed to sustain this

Commenting on the Q2 2019 financial momentum for the rest of 2019 and successfully results, OPAP’s CEO, Mr. Damian fulfil our targets for the year.” 18 Cope, 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 will add a “growth engine” to OPAP’s performance potential and is expected to be amongst the most significant contributors to OPAP’s EBITDA in the long-term

• 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

• Deployment deadline: December 31, 2019

Steady rollout progress coupled with material contribution on the financials

Roll-out profile Performance overview1

GGR (€m)

GGR / VLT / DAY (€)

 c.20.3k VLTs operational in Sep. 2019  Confident that the year end 25k target will be met  One of the fastest store roll-out in Europe 1Takes into account machines fully operational at the first week of each quarter 2Machines operated in Q1. Calculation based on weighted avg.  Continuous increased quarterly contribution 20 © OPAP Video Lottery Terminals (VLTs)

...and a growing active customer base

Customers Overview Performance metrics (Q2’19)

355,2 Avg. spending per visit Communication 326,4 Opt-in rate 288,3 247,9 219,4 29€ 192,1 70% 148,5 107,2 107,0 96,9 88,6 67,2 65,2 69,8 <15% 48,4 53,9 19,4 32,4 Players reaching 17,9 their time or spending limits 7,1 Operation under fully responsible manner Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1'19 Q2'19  100% of customer play is with player card  Max bet per spin of €2.00 (all games) Active Players / monthly avg. ('000)  100% of customers have set their self-imposed  Registered customer base now exceeding 350k limitations both on time & money  Mandatory cooling-off period for any change in  >100k monthly actives for 2nd successive quarter self-imposed limitations  Opt-in engagement remains at high levels  Strict certification process for both machines  Jackpot initiative has further helped customer base and venues retention  Minimum distance from schools 21 © OPAP VLTs enhancement

Introduce new play games & features Engage with promo events

From unique 39 to… 84 Play games

Launch of VLT Jackpot Xmas Ladies Party across 20k 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

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. 23 © 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 the ongoing VLTs roll- efficiencies demonstrating expertise, local know-how and out, online & rejuvenation of tangible results & delivering knowledge of the gaming current products additional savings industry

Strong Fundamentals Ongoing cost control Solid Management Team

Nikos Polymenakos George Vitorakis Investor Relations Director Business Development & Strategic Analysis Director

[email protected] [email protected] Tel : +30 210 5798929 Tel : +30 210 5798976

…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

26 Notes