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OPAP Corporate Presentation January 2010

OPAP Corporate Presentation January 2010. Agenda. Company Overview Recent Developments Financials Stock Info Investment Perspectives. Company Overview. Company Snapshot. The leading Greek gaming company Presence in Cyprus Market cap on Athens Exchange c. €4.7 bn (January 2010)

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OPAP Corporate Presentation January 2010

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  1. OPAPCorporate PresentationJanuary 2010 © OPAP

  2. Agenda • Company Overview • Recent Developments • Financials • Stock Info • Investment Perspectives © OPAP

  3. Company Overview © OPAP

  4. Company Snapshot • The leading Greek gaming company • Presence in Cyprus • Market cap on Athens Exchange c. €4.7 bn (January 2010) • 20-year exclusive Concession • 56% of the total Greek gaming market • Largest on-line retail network in Greece • 2008 revenues of €5,520m and EBITDA of €1,057m • High dividend pay-out policy • Current free-float: 66% • Hellenic Republic ownership: 34% © OPAP

  5. Industry Background The Greek gaming market: 1998 – 2008 €m Source: 1998-2003 OPAP; 2004-2008 Greek National Statistics Services 5 © OPAP

  6. Introduction of Games - Company Evolution 1959 ProPo (Toto) 1958 • OPAP established • Subsidies sports and cultural events 1999 • Converted into a Société Anonyme 2000 • OPAP acquires 20 year exclusive license for €323m 2001 • OPAP listed on the Athens Stock Exchange 2003 • New agreement with Cyprus Republic • Acquisition of fixed odds betting company in Cyprus 2004 • Establishment of subsidiary “OPAP Services SA” 2005-2006 • Additional forms of betting in “STIHIMA” – Introduction of non sport events and Greek sport events 2007 • In house operation and management of “STIHIMA” 2009 • Rejuvenation of numerical games 1990 Lotto 1992 Proto 1996 ProPo-Goal - 1997 Joker 2000 Stihima 2002 2002 2003 6 © OPAP

  7. Evolution of Games 1995-2008 €m Revenues per game: 1995 - 2008 ProPo-Goal Lotto Joker Proto ProPo (Toto) Stihima © OPAP

  8. Overview of Existing Games • *As of 26.01.09, lower price winnings are fixed odds based • (1) Sales minus the pay out ratio minus the agents’ commission ratio • (2) Depending on the pay out ratio. 2008: 66.6% © OPAP

  9. OPAP Games Product Matrix Betting Games SKILL ProPo (Toto) Stihima ProPo-Goal MUTUAL FIXED ODDS Number Games Lotto* Proto* Joker* CHANCE *As of 26.01.09, lower price winnings are fixed odds 9 © OPAP

  10. OPAP Retail Network • Approx. 5300 on-line points of sales (agency outlets) • Largest (by far) retail network in Greece • 200 agencies in Cyprus Source: OPAP GIS (2009) © OPAP

  11. OPAP’s Strategy SHORT TERM ON GOING Contractual Agreement with Agency Network Continue to Combat Illegal Gaming Reorganisation of Internal Operations to improve Efficiency Diversify Operations Outside of Our Core Concession Strengthening and Enrichment of Stihima and numerical games Continue to Strengthen Our Brand Drive Value Through Sustainable Earnings Growth and Dividend Distributions Within Framework of Social Acceptance © OPAP

  12. Recent Developments © OPAP

  13. RecentDevelopments • New Management On December 30th, the EGM elected a new Board of Directors including new Chairman and new CEO. • New tax on players’ winnings On July 21st, L.3775/2009 pertaining to amendments to the regime of winnings’ taxation was published in the Government Gazette. However, the implementation of the new law will commence by 30th April. • Smoking ban effective since July 1st In accordance with L.3730/2008, as of July 1st, 2009, a smoking ban including all our agents’ network has taken effect. • Tender for Scratch Ticket Licences On August 6th, the Ministry of Finance published a draft invitation for tender for the award of two scratch ticket (instant lottery) licenses. The deadline for the submission of comments on the tender document is October 2nd. © OPAP

  14. Financials © OPAP

  15. Track Record of Growth Revenue (€m) 2001 - 08 EBITDA (€m) 2001 - 08 EBIT (€m) 2001 - 08 Net Profit (€m) 2001 - 08 *Adjusted for the €50m financial aid to the fire victims © OPAP

  16. 9M 2008-2009 Results 9M 2008-09 Operating Revenues(€m) 9M 2008-09 EBITDA (€m) 9M 2008-09 Net Profit (€m) (0.1)% (13.0%) (8.7%) © OPAP

  17. Revenue Mix €m 59% 56% 49% 47% 23% 20% 20% 80% 77% 53% 51% 44% 41% 80% Numerical Games Sports Betting 17 © OPAP

  18. Margins AdjustedEBITDA Margin © OPAP

  19. Remaining Dividend Interim Dividend Dividend Policy € 2,20* 1,74 1,58 1,48 1,42 0,73 0,67 0,60 * * Total dividend is subject to a 10% withholding tax © OPAP

  20. Stock Data © OPAP

  21. Stock Info • Listing date in ATHEX: 25.4.2001 • OASIS: OPAP • ISIN: GRS419003009 • Bloomberg: OPAP GA • Reuters: OPAr.AT • Index Participation • FTSE/ATHEX International • FTSE/ATHEXTravel – Leisure • FTSE/ATHEX 140 • FTSE/ATHEX 20 • ATHEX General Index • ATHEX Composite Index Total Return Index • S&P Europe 350 • S&P Euro Plus • S&P Euro © OPAP

  22. Stock Chart Last Year 5 Years

  23. Shareholder Structure 4% 4% 34% 58%

  24. Investment Highlights © OPAP

  25. Superiority Highlights Sole Concession for 20 years Permits OPAP to enjoy the growth of the Greek Gaming Market Sales Network Further the potential cross selling opportunities Strong Cash Flows Secure stable Dividend efficiency and effective Investment Policy Strong Fundamentals Favourable Market Dynamics, Credibility and Growth Strong Management Team Possesses Experience, Knowledge, and proven successful introduction of new games © OPAP

  26. …Thank you © OPAP

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