© OPAP1 OPAP Corporate Presentation January 2010

© OPAP2 Agenda  Company Overview  Recent Developments  Financials  Stock Info  Investment Perspectives

© OPAP3 Company Overview

© OPAP4 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%

© OPAP5 €m€m Source: OPAP; Greek National Statistics Services The Greek gaming market: 1998 – 2008 Industry Background

Introduction of GamesCompany Evolution Introduction of Games - Company Evolution 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” 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 ProPo (Toto) Lotto Proto ProPo-Goal Joker Stihima 6© OPAP

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

© OPAP8 GameStihimaJokerLottoPropoProtoSuper 3Extra 5Propo- Goal Kino Type of GameSportsNumerical SportsNumerical SportsNumerical Fixed / MutualFixed-oddsMutual* MutualMutual*Fixed-odds MutualFixed-odds 2008 Revenues€2,214.2m€244.5m€55.8m€54.7m€50.1m€58.6m€12.9m€1.3m€2,825.1m 2008 Gross Profit€476.1m€83.1m€24.6m€19.1m€15.3m€15.7m€3.9m€0.3m€517.0m OPAP Share of Revenues (1) 25.4% (2) 38.0%48.4%36.0%35.2%32.0% 37.8%22.0% Year of Introduction Agent Commission 8%12% 8%12% 8% Frequency of play DailyTwice weekly Three times weekly Twice weeklyThree draws daily One draw daily Once a week 108 draws daily / 132 draws weekend *As of , 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% Overview of Existing Games

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

© OPAP10 OPAP Retail Network  Approx on-line points of sales (agency outlets)  Largest (by far) retail network in Greece  200 agencies in Cyprus Source: OPAP GIS (2009)

© OPAP11 Drive Value Through Sustainable Earnings Growth and Dividend Distributions Within Framework of Social Acceptance Strengthening and Enrichment of Stihima and numerical games Contractual Agreement with Agency Network Continue to Combat Illegal Gaming Reorganisation of Internal Operations to improve Efficiency Diversify Operations Outside of Our Core Concession Continue to Strengthen Our Brand OPAP’s Strategy SHORT TERM ON GOING

© OPAP12 Recent Developments

© OPAP13  New Management On December 30 th, 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 30 th 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. Recent Developments

© OPAP14 Financials

© OPAP15 Revenue (€m) EBITDA (€m) EBIT (€m) Net Profit (€m) Track Record of Growth *Adjusted for the €50m financial aid to the fire victims

© OPAP16 9M Operating Revenues (€m) 9M EBITDA (€m) 9M Net Profit (€m) (0.1)% (13.0%)(8.7%) 9M Results

© OPAP17 Revenue Mix Sports Betting Numerical Games €m€m 49% 44% 56% 51% 47% 53% 23% 77% 20% 80% 20% 80% 41% 59%

© OPAP18 Adjusted EBITDA Margin Margins

© OPAP19 € Interim DividendRemaining Dividend 0,60 0,67 0,73 1,48 1,42 Dividend Policy 1,58 1,74 2,20* * Total dividend is subject to a 10% withholding tax *

© OPAP20 Stock Data

© OPAP21  Listing date in ATHEX:  OASIS: OPAP  ISIN: GRS  Bloomberg: OPAP GA  Reuters: OPAr.AT  Index Participation  FTSE/ATHEX International  FTSE/ATHEX Travel – 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 Stock Info

Stock Chart Last Year 5 Years

Shareholder Structure 34% 58% 4%

© OPAP24 Investment Highlights

© OPAP25 Permits OPAP to enjoy the growth of the Greek Gaming Market Further the potential cross selling opportunities Secure stable Dividend efficiency and effective Investment Policy Favourable Market Dynamics, Credibility and Growth Possesses Experience, Knowledge, and proven successful introduction of new games Sole Concession for 20 years Sales Network Strong Cash Flows Strong Fundamentals Strong Management Team Superiority Highlights

© OPAP26 …Thank you