Analyst Day November 1 st , 2018 OPAP Analyst Day November 1 st 2018 - PowerPoint PPT Presentation

Our 2020 Vision To establish OPAP as a world class gaming entertainment company Our 8 Strategic Priorities 1 2 3 4 Embedding Investing in our Developing our Building a World class Customer Obsession Network People portfolio of Products & Services 5 6 7 8 Leveraging the latest Committing to our Expanding the power of Rebuilding healthy Digital & Technology Communities our Brand relationships with the Capabilities State, Regulator and other bodies 17

We remain focused on our CSR strategic framework PROMOTING TRUST STRATEGIC FRAMEWORK COMMUNITY MARKET ENVIRON- WORK TRUST PLACE MENT PLACE Employee Responsible Environmental Sensitive Health Sports Employment Engagement Gaming Footprint Groups Stay fresh, relevant and reliable showcasing actual results #1 in CSR awareness in Δ CSR Health Indices Q2 2015 Q2 2018 Greece & Cyprus Accepted by the society 61% 79% +18pp Over the last 3 years, through our intense CSR presence, we have increased awareness by 24pp One of the biggest CSR programs in 29% 53% +24pp Greece Since 2014 we have increased CSR awareness by +41pp in players and 32pp in total sample Good reputation 45% 67% +22% 18

Our dominant and engaging programs bring significant results 180,000 0 50% 50% of both #1 in top of mind childr ldren n Children CSR awareness in benefited through Hospitals Greece Children Hospital renovated renovation 300,000 0 “OPAP Forward” 40 SMEs s parent ents s created and participate in benefited through sustains 3,601 “OPAP Forward” Children Hospital new jobs bs program renovation 13,000 young 14.786 children 2 millio 2 llion n peop ople le athletes wishes realized Supported by our benefited through through Wishing Sport Academies our activities Ornaments program “ OPAP P in the Visited 26 26 cities Examined 5,339 Neig ighb hborh rhood od ” & villages people to offer free health checks 19

OPAP is fully committed to Responsible Gaming  Our vision is to be the Best in Class gaming entertainment company by implementing Responsible Gaming practices across the board  We aim to protect our players, minors and vulnerable groups, to further improve the RG culture of our people and network and to earn society’s trust  Our efforts have earned us the highest level of Responsible Gaming certification globally  These Certificates indicate that we have implemented Responsible Gaming principles fully across our strategy and operations and that we are continuously improving our programme 20

Our 2020 Vision To establish OPAP as a world class gaming entertainment company Our 8 Strategic Priorities 1 2 3 4 Embedding Investing in our Developing our Building a World class Customer Obsession Network People portfolio of Products & Services 5 6 7 8 Leveraging the latest Committing to our Expanding the power of Rebuilding healthy Digital & Technology Communities our Brand relationships with the Capabilities State, Regulator and other bodies 21

OPAP Brand Power The level of trust of Greek society in the OPAP brand has notably increased over the past few years Comparison with Top Retail Brands Customers' perception of the OPAP Brand Q2 2015 Q2 2018 Top Player Brand Power (%) by each category Avg brand Power (%) of 28 retail categories Top Brands 79% 67% 68 61% 44% 59 45 "Contemporary company, reflecting trends" "OPAP ensures that the winners receive their avg. 26,3 pct gains" 36 26 26 “ Responsible 23 20 19 18 “ Reliable ” participation in +12pps +16pps games ” “ Stores are fully +18pps +15pps “ Offer entertaining equipped to sit there comfortably ” games ” Source: Kantar Millward Brown A&B Tracker - Q2 2018 22

Delivering Shareholder Returns Michal Houst, Chief Financial Officer

Retail & Online Gaming Segmentation: Gradually turning around 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% 1,14% 1,12% 1,12% 1,10% 1,10% 2.500 1,07% 1,05% 1,06% 1,00% 0,99% 0,97% 0,97% 0,96% 0,94% 0,93% 0,87% 2.000 1.500 1.000 500 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 OPAP Instant & Passives Horse Racing Casinos Online GGR/GDP Source: OPAP ’ s reported numbers (Greek operations only); H2 Gambling Capital for online market, Hellenic Gaming Commission Reports Note: since 2014 Instant and passive lotteries and since 2016 Horse racing are being operated by OPAP 24

OPAP under private management: A story of achievements Revenues (GGR) EBITDA  New products launch:  Operating expenses optimization  Scratch across the board 333  VLTs CAGR: 4,5% CAGR: 8,4% 307  Renegotiation of almost all  Virtuals 1.505 1.456 contracts prior to 2013  SSBTs 1.220 222  Extra 5% GGR contribution GDP CAGR effective since 2016. Adjusted 0,4%  Rejuvenation of legacy games 2017 EBITDA would stand at  KINO Bonus € 364m. CAGR 2013-2017 adj.:  PAME Stoixima +13,2% 2013 2017 LTM 2013 2017 LTM OPAP total shareholder return 1 Dividend 1,10 2017  Distribution of € 3,74 DPS during the last 5 years 1,29 2016 111,3%  0,40 2015 5yrs avg payout (DPS/EPS): 150% 0,70 2014 -31,1% 0,25 2013 1 Total shareholder return is calculated on a cumulative basis with dividends reinvested; based on share price as at 17.04.2013 (submission of bidding offers) 25

Products: Innovation leads to incrementality (1/2) Scratch tickets Virtuals Launched May 2014 Launched April 2017 929 912 800 421 99 397 95 62 830 817 800 397 359 2013 2014 2015 2016 2017 Lottery Scratch Rest of betting Virtuals   Scratch tickets managed to attract a completely different audience (i.e In the same context, the attraction of younger customer groups through female) bringing in purely incremental growth virtuals led betting to enter new ground 26 Amounts in € m - GGR

Products: Innovation leads to incrementality (2/2) VLTs KINO Launched January 2017 Launched Q4 2015 1.456 1.398 58 689 738 679 9 1.398 1.398 89 658 624 623 679 679 648 2016 2017 H1 2016 H1 2017 H1 2018 Remaining games VLTs 2014 2015 2016   Despite their relatively large revenue size, VLTs contribution was also KINO GGR in 2016 increased by c.6% vs 2014 on the back of the KINO Bonus introduction, despite the game’s high correlation with GDP. incremental in the most part, due to implementation through different  Initial evidence suggests that “KINO side bets” is also bringing distribution channels (gaming halls) & a significant female audience (30%)  KINO cannibalization has been contained to much lower than initially considerable incrementality. anticipated levels. 27 Amounts in € m - GGR

Operating Expenses: Ongoing focus on cost efficiencies Total Opex (Gaming operations only) Marketing expenses -28.6% -0.1%  Renegotiation of all marketing expenses resulted to a 28,6% drop  Total Opex (gaming operations) remained flat despite the  Despite the cost contaimnent, 274,3 273,9 consolidation of Hellenic Lotteries 94,4 company’s and products’ brand 234,6 and Horse Racing in 2014 and awareness increased materially 69,5 2016 (2017 impact: € 34m). 67,4 Marketing expenses to stand close to 2017 levels 2013 2015 2017 2013 2015 2017 IT costs Payroll expenses (Gaming operations only)  Increased payroll expenses on the +18.0%  Significant efficiencies mainly on -29.0% back of the rollout of several new the back of the re-negotiation of projects and the enhancement of the previously exclusive provider’s our team’s capacity. contract. 51,8 61,2 73,6 46,1  Headcount increased during the same period by 25% 52,3 41,7 Following the completion of Headcount increase already technology transformation, fading out, payroll cost annualized savings will reach 2013 2015 2017 stabilizing at Q2 ’18 levels € 10-15m starting from H2’18 2013 2015 2017 2013 figure net of VRS 28 Amounts in € m

Agents’ commission fully aligned with business objectives Land based lottery and betting Agents commission 2018 2019 April 2017 25,4% 25,9% 25,7% 24,5% Commission based on NGR Commission 369,9 362,4 312,9 based on 181,0 wagers : 39% of NGR 37% of NGR 36% of NGR @ 8,4% (incl. bonus) 2013 2015 2017 H1 2018 (weighted % of GGR average) Assuming same revenues, new agents’ commission scheme should result in € 20-25m savings in 2019 vs. 2017 Land based lottery and betting At the same time… Average growth in agents’ Scratch : 8% of wagers Laiko : 12% of wagers Ethniko : 12% of wagers commissions VLTs Q2’18 vs. Q2’17 OPAP Store agents : 25% of NGR Gaming Hall operators : 36% of NGR +6.0% 29

Capex: 2017-2019 investment program is coming to an end 2017-2019 investments of ~ €140m Capex (excl. licensing) 2017: 75 €75m referring mostly to:  IT systems and agencies equipment  VLTs  SSBTs & Virtual games ~45 2018e: 32 ~€45m related mainly to IT & network 31 infrastructure 23 15-25 16 From 2019 onwards: Turning towards normalizing CAPEX 2019 e … 2013 2014 2015 2016 2017 2018 e levels of c.€15 -25m on an annualized level Amounts in € m 30

Investment in Stoiximan - Business rationale Gross Gaming Revenues - net of bonuses Parallel & distinct online strategies: OPAP Online & Stoiximan +85.1% +45.2% Flexible structure allowing for majority 2 1 stake over Greek & Among the market Cypriot operations, also leaders in all countries of enjoying returns upon operations potential international success € m Stoiximan’s brand will EBITDA Sophisticated platform 4 operate independently 3 coupled with tailor-made from OPAP’s Online local features, advanced Pame Stoixima (incl. +30,2% +25,7% CRM, competitive pricing & separate management best in-class content teams) Investment in Greek & Cypriot operations coming at the same time with OPAP’s new online platform & in view of the new online licensing regime € m 31

Leverage: Prudent ratios & long maturities Debt maturity 655 Average cost of lending 100 Fixed 3,4% 5 50 450 200 100 50 50 50 1.4x Net Debt / Ebitda 200 14.3x Interest Coverage based on LTM H1’18 figures 250 250 5 200 5 2018 2019 2020 2021 2022 2023 Facility 1 Facility 2 Retail bond Facility 3 Facility 4 Facility 5 Amounts in € m 32

Dividends: A Clear Outperformer Both longer & short term history demonstrate consistent & rewarding shareholder returns Dividend per share 1,29 Avg. dividend yield since the IPO ( ’ 01- ’ 17): 1,1 10% 0,7 0,4 Avg. dividend payout since listing: 0,25 105% 2013 2014 2015 2016 2017 Amounts in € Committed to distribute the bulk of FCF post investments Note: 2016 and 2017 payments include special dividend of € 0,57 and € 0,70 per share respectively 33

Concessions Overview: Secure backlog with long maturities Concessions Overview Lottery & Betting Concession Extension Mechanics Oct. 2020 Oct. 2030 Lottery & betting concession extension May Oct Jan Jan OPAP’s GGR annual cash flow contribution at 5% 2026 2030 2035 2036 & betting Lottery Concession Settlement between: ‘a’ : 2020-2030 nominal GGR contribution and VLTs consideration ‘b’ : OPAP’s already paid amounts corresponding to 1,8bn + 5% on GGR annually over the course of 2020-2030 Instant & Passives If a>b: OPAP to pay (a-b) If a<b: OPAP to receive (b-a) 20% Horse Racing € 375m € 300m As per the agreement, € 300m correspond to a prepayment of GGR contribution over 2020-2030 amounting to a FV of € 1,8bn 80% 34

Ownership: Backed up by the largest EU lottery operator & a diversified institutionals ’ base Shareholders structure Geographical break down 1,0% 1,2% CYPRUS 7,6% 1,3% Foreign USA 3,9% Institutionals 1,3% GREECE 6,1% 1,9% BELGIUM Emma Delta 3,1% Hellenic LUXEMBOURG 33,1% 3,3% Holdings Ltd UK 5,3% Greek SINGAPORE 55,5% 33,0% Institutionals IRELAND 6,9% JAPAN Retail investors NETHERLANDS 10,8% SWITZERLAND 24,6% NORWAY Others Out of which 23,7% to Sazka Group  Largest Pan-European lottery operator  Presence in Czech Republic, Greece & Cyprus, Austria, Italy and Croatia Extended shareholders base consisting of  Active in countries representing more than 24% of EU lottery GGR more than 31.000 shareholders originating  Entrepreneurial ownership: KKCG (75%) and EMMA Capital (25%) from 66 countries  Synergies with OPAP 35

Investment Highlights Ongoing focus on cost The only listed pure efficiencies demonstrating gaming operator with 100% exclusive licenses tangible results & – A unique case in delivering additional Europe savings Rewarding & secure A 50+year exclusive dividend policy coupled concessions backlog with with prudent leverage ratios the earliest expiration in & limited investment needs 2026 Significant growth coming from the ongoing Potential value arising from VLTs roll-out, online & the 2020-2030 extension rejuvenation of current products

Regulatory environment Odysseas Christoforou, Chief Corporate & Regulatory Affairs Officer

Building healthy relations with the Regulatory Authority & State Bodies (1/2) Strategic Objective: Establish a stable relationship with the Regulatory Authority  The Hellenic Gaming Commission   We have achieved to build a Our engagement with partners in  At OPAP, we continue working hard (HGC) is the independent regulatory platform of open and reasonable international industry associations in order to establish and maintain authority monitoring and regulating and domestic sports bodies is more dialogue an even more stable relationship OPAP and the market active than ever, especially on  Considerable progress in fields of with the regulatory bodies issues such as the upgrade of  A Three-Member Supervisory mutual interest for OPAP, the State sports quality and integrity Committee (3MC) is responsible for and key stakeholders (e.g. illegal the supervision and exercise of gaming) preventive control over OPAP SA in order to protect the public interest, the reason of OPAP’s monopoly 38

Building healthy relations with the Regulatory Authority & State Bodies (2/2) OPAP’s organizational structure Simplification of operational responsibilities within OPAP 1 4 Creation of the Regulatory & Compliance Team , Constant cooperation with HGC and 3MC which is HGC’s primary contact for all regulatory with regard to Responsible Gaming and compliance matters across OPAP 2 5 Creation of the Data Protection and AML Teams , Continuing to build a constructive responsible for OPAP’s compliance with Data dialogue with various competent state Protection and AML regulatory framework bodies (e.g. illegal gaming etc.) 3 Scheduling frequent meetings between OPAP and the HGC, while having established a specific process of communication with the HGC 39

The illegal gaming market Close cooperation with the authorities so as to tackle the illegal market VLTs Online / blacklisted URL Action in progress  1 st ever forum for Criminal Treatment of Illegal 2,708 697 Complaints for illegal Gambling on 19/10/2018 with the presence of Minister of Justice spots nationwide  Law amendments were discussed in the forum in order the State to tackle illegal gambling effectively 506 unique spots Additions 1.661  Continuous requests to DAs to oversee raids of verified during World illegal spots nation-wide. Cup ‘18 unique spots 356  Cooperation between the State & HGC so as to for which maintain a constantly updated URL blacklist complaints 1.047 have been sent to the 604 competent authorities June 2016 Today Source: OPAP 40

PLAY Games Overview Vaios Karantinos Chief Operating Officer – PLAY Games

Project Overview  Investment of € 900m*  One of the largest investments in gaming paneuropean wise.  300+ new concept shops  One of the fastest gaming store roll-outs in Europe within 1,5 year Key Takeaways More than 3,000 candidates applied to get a PLAY store More than 280 areas and 2,500 properties were assessed in terms of suitability to develop a PLAY store All PLAY stores and OPAP stores went through a rigorous certification process by HGC to ensure regulatory requirements are met *Takes into account license cost as well as OPAP’s, vendors’ & shop operators’ investment 42

Key metrics for PLAY Games Lifetime Figures as of 30/06/18 OPAP Stores PLAY Stores 307 150k 1,594 70k PLAY Stores Registrations OPAP Stores Registrations € 100m € 47m 47K* 30K* Active Players Active Players GGR GGR Q2’18 monthly avg. Q2’18 monthly avg. € 43 € 45 GGR/VLT/Day GGR/VLT/Day * Includes multichannel active players 43

2018 Rollout at a glance # of VLTs 19.000 Achieved 2017 rollout target of 10k 16.043 2018 rollout machines proceeding well: full 13.775 year’s target at c.19k machines 11.500 11.519 10.007 9.814 Agencies’ VLTs at 8.875 c. 40% of total 7.666 7.500 6.922 6.229 Rollout of 25k machines network 4.900 to be completed within 3.853 2019 3.085 Adjusting the number of VLTs/shop based on Dec'17 Mar'18 Jun'18 Sep'18 Dec'18 (e) performance forecast PS OS Total 44

Performance Overview Overall GGR contribution expected to grow further as the rollout continues GGR ( € m) GGR / VLT / Day ( €) 1 50 60 45 46 53 50 43 40 46 35 43 43 40 42 30 32 2 35 25 30 20 20 15 16 10 10 5 8 2 0 0 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 1 Takes into account machines fully operational at the first week of each quarter 2 Machines operated in Q1. Calculation based on weighted avg. 45

PLAY Stores ’ Typologies - a Local Entertainment Destination Low 16-25 VLTs Standard 30-50 VLTs MEGA PLAY - New Concept Block  Small cities/areas   A flagship store that Our core business  The full OPAP eligible to receive  enhances the Play brand Upgraded Facades proposition – An VLTs experience  Upgraded In-store OPAP store next to  Smaller store sizes  250m², prime locations, high customer experience a PLAY store  Adaptation for the visibility/traffic with new elements: Bar,  Common facade facades  Optimum customer Music and Customer design that unites  Treatment Policy Adjustments to design experience the 2 brands  and construction so as  F&B offering Larger stores, more to deliver low CAPEX VLTs, more attractive  Private/VIP Areas P&L  Other amenities (Parking, etc.) 46

Store – Clear store windows; revisited reception design for new stores Revisit store design to enable visibility to reception and with open windows 47

Communication - Local outdoor campaigns and leaflet distribution 48

Product proposition - New games & VLTs mix optimization 2018 – 2019 Key Priorities VLTs vendors mix Additional 1,100 VLTs still to be ordered to reach 25,000 23,900 Introduction of new games including table games according to customer needs and research findings 4.980 16,500 Optimization of VLTs mix 1.980 8.360 based on 3.960 c. 50 new games to be performance launched in 2019 5.550 5.550 management process 5.010 5.010 initial mix based on orders based on former framework new framework  The extension of “Play” portfolio with diversified content is a key product proposition element in order to attract different players’ typologies. 3 levels of mystery progressive JP across network:  Gold level up to 100.000  Customers’ preference towards certain vendors (i.e. Inspired) has  Silver level up to 10.000 led to the optimization of the VLTs mix in favor of the best  Bronze level up to 1.000 performers. 49

Customer - Demographics 3 out of 10 players of PLAY Games are women 80% play OPAP games , while the remaining 20% are new players 40% of customers younger than 35 Occupancy increases during late hours 50

Initiatives for registered customers IVR CRM Initiatives Players may call and be • Contactable Base (Opt in) informed of any available SMS campaigns • Loyalty pilots to strengthen Increase offers (Loyalty opt in, wrong Sales Rally engagement number) Opt in • Process Optimizations Opted in base increased Communication to players significantly though calls or SMSs in > 80K players will receive order to agree on loyalty a Loyalty offer from opt-in and receive offers OPAP Loyalty in the Field Pizza & Party Launch of “ Loyalty in the field ” in selected stores Night SMS 51

Broadening our product portfolio Ian Catchick, Chief Product Officer

Driving R evenue Growth… Strategic axes:  Safeguard existing customer base  Penetrate new customer segments 1.781 1.456 1.400 1.398 1.378 1.220 … 2009 2013 2014 2015 2016 2017 2018 Privatisation Amounts in € m - GGR KINO KINO Bonus VLTs Scratch Overview 2009-2013 Remodeling Launch & KINO roll-out Launch Virtual Launch phase 1 Remodeling in progress  Economic drawdown impacting overall New Coupon & Slip Scratch KINO performance Campaign Remodeling - Regular Payment SSBTs Launch Side Bets “Dusty” product portfolio with little  Increase variety of offer & 360 Media innovation Scratch Virtuals VLTs  Limited communication & brand Range MatchDay Q4 Laiko Promos (all Launch tickets win & Xmas edition) activation Expansion Launch  No use of new technologies Full launch of new  Horse Scratch Offering limited to offline network sports platforms in 10 € Launch Races Launch Retail and Digital channels 53

…on the back of new games’ increased share Last 4 quarters GGR breakdown Overview  VLTs are gaining share VLTs Q2’18  Virtuals have provided a boost to the 13% Q1’18 betting segment 12% Instant 8% & Passives  Lottery remains strong with several Q4’17 5% initiatives ahead 11% 10% 10% Q3’17 10%  Instant & passives at c. 10% 50% 51% 31% 52% 54% 29% 29% Lottery 26% Betting 54

KINO Game Evolution 2014 Today Beyond New visual &Seasonal themes KINO + Kino Bonus + Side Bets Draw visual KINO in SSBTs Stats 2 slips Draw with presenter Slip Extra Side Bets Promos New website pages Credibility campaign KINO Strategic Direction 6  New platform launch in 2019 to support 4 speedier innovation and new features  Becoming more relevant to new Winners’ campaign Credibility KINO on-line customers by creating a new modern campaign KINO experience 55

TZOKER Game Evolution 2014 Today Beyond Communication support via TV & Radio Insightful campaigns with wide appeal TZOKER online TZOKER online  website  mobile app New slip launch New draw show Outdated draw show 5-column slip Add TZOKER on SSBTs Payout reshuffle Extended deadline to deliver high for slips’ Jackpots more submission to 21:30 frequently LOTTERY Strategic Direction  Rebuild lost engagement of Tzoker with 360 Integrated its customer base communication  Attract new players through online  Address the customer “appetite” for super dreamy wins JOKER & LOTTO go digital 56

Betting Games Evolution 2014 Today Beyond Old Slip/Coupon 2015: New coupon and playslip to Matchday and other New SSBTs with serve a wider offering fixed odds games more functionalities 2016: PS introduces promos Fixed Odds Games Introduce Greyhounds in addition to Horse Racing on a PS: Limited number of markets in 2014 common Racing channel Virtual Games BETTING Strategic Direction: Significantly more  betting events and Enriched customer value perception with markets per event new promo tools and online channel  Enable new technology & new channels Introduction of new  Continued focus on new markets, and SSBTs promotional capabilities Online/mobile betting Greek horse races and 4 foreign betting opportunities providers, 26-35 events per day 57

Instant & Passive Games Evolution 2014 Today Beyond Scratch Launch Expansion of assortment from 4 to 20+ active games Expansion of higher price point propositions Introduction of meaningful innovations with Strong communication strong 360 communication campaign New concepts: annuity, non monetary prizes, new 2nd 2 games with long chance mechanisms history (80+ years ) Frenzy Stats 2 nd chance 10 € price Regular Pouch point payment game Summer Mainly distributed edition LAIKO through Street Vendors Xmas edition LAIKO Reinforced Winners Addition of Instant & Passive Games Strategic Direction: campaign promotions and Anniversary  Focus on higher price points and higher special editions edition ETHNIKO value propositions  Innovation on products is key Scratch driver  Expand through SV’s and Small Retail Digital offers with  Leverage inactive Passives license to launch Expansion of distribution to syndicated playing new product other channels through Voiding process 58

Case studies: Kino 2016 2018 KINO’s Challenge   Outdated & unchanged game for 10 How to bring new people in & further years. enhance Kino proposition for current customers Kino Side Bets Kino Bonus  What we did A total re-invigoration of the Kino  Offer new Kino betting options (easy & proposition, with the introduction of a new familiar): Odd / Evens & Columns feature (Kino Bonus) to be the heart of it. Impact in Kino  Launched since beg Oct 2018: Refreshed / Modernized the customer experience   More than 2x slip value vs. Kino c. 6% incrementality  40 mill euro annually   Early signs of sizeable Increase on customer spending per visit incrementality 59

Case studies: Virtual Sports November 2016 April 2017 October 2017 June 2018 Customized to our Introduction of previous Continuous refreshing Original product customers needs - Launch games statistics bar of product layout    Immediate success with Over 15% incremental Established as the  Project kick off to launch in turnover in every series of retailer with the strong performance just 6 months during summer under 2,5 games highest revenues from Virtual Football  Brought younger players  Over 15% turnover shift to globally into the agencies, 43% higher margin markets under 34 years old (correct score)  Much improved vs. previous similar games 60

Case studies: Opapbet (SSBTs) August 2017 November 2017 May 2018 SSBT launch Introduction of Virtual Sports Milestone – SSBTs in over 2.000 agencies Sports betting only 4.900 SSBTs in 2.170 shops  Great reception from players due to  20+% of betting turnover contributed  Access to 22 higher margin easy access to variety of markets, Virtuals markets versus 5 in OTC to SSBTs in relevant agencies 765 SSBTs cash out and privacy in 168 shops  Exceptional live betting performance  Increased virtuals average column  Offloading of workload for agents with over 40% total GGR contribution length vs. OTC due to acceptance & increased average column length of multiples Evidence from Cyprus supports increased penetration & considerable incrementality 61

Growth Plan 2019+ Existing Products - Enhancing Distribution/Promotions SSBTs Channel launches Promotional tools  SSBT model to support the growth of self-  Introduce additional products on service across product verticals Online/SSBT channels (initially  Introduction of new promotional tools on Kino on SSBTs and Tzoker Online) Sports betting product  New SSBT solution to be developed meeting the future needs of the business  Kino Online to follow in H2 2019  Introduction of new promotional tools on (subject to regulation) Numerics betting product 2019+ ‘Internal’ Games Kino presentation New games Jackpots  Re-launch/modernization of old style  Further modernization of  VLT Jackpot – H1 2019  games for additional regular content Develop and launch a bingo graphics style game  Potentially launch  Introduce additional games engines to  Introduction of new bet types Eurojackpot: One of  build and launch new games in the Continuous refresh of games biggest lottery jackpot future with a reduced development time portfolio and new Virtual products in Europe Sports added New Products or Product Variations - to generate incremental income 62

Technology Transformation Michele Fusella, Chief Technology Officer

Industry getting increasingly dependent on technology… Overview  Retail and especially Gaming, need continuous investments so as to keep up with the pervasive nature of technology and the pace of innovation.  International trends pinpoint the modernisation / digitalisation of the in-shop experience going hand in hand with an increasing focus on online Key themes  Increase of customers’ interest on online betting and virtual games  Focus on enhanced content as well as on high frequency & on-demand betting opportunities  Increased penetration and density of Self Service Terminals  Bring your own device (BYOD) as a further mean to engage the customers  Retention and loyalty schemes  Omnichannel 64

…a path that OPAP was unable to follow Previous investment in systems and terminals was many years ago, with some Equipment of the legacy key equipment in the shops being 10+ years old Legacy solution from a single vendor that didn’t give OPAP of any real visibility Architecture on system architecture and key components. Release cycles at 6+ months thus making impossible to follow the pace of Products innovation Reliance on a single vendor and lack of internal capabilities were keeping costs Cost to high levels 65

IT Transformation (1/2) One of the largest Technology transformations of its kind, more than two years in the making  € 100m investment in network technology & tens of thousands of man/days effort from OPAP resources  Collaboration with many new and existing Vendors/Suppliers (Intralot, PBS, Olisoft, Space, ArxNet, Technopolis, Singular Logic, Vermantia, Accenture, Neurosoft, etc.)  New primary and DR Datacentres built with state of the art equipment  Infrastructure as a service (IaaS) delivered to OPAP to run their platforms under OPAP monitoring  Fully redesigned shop estate networking New Terminals New Digital Signage Players New Satellite Receivers New Virtual Servers 12,000 8,500 8,000 400 66

IT Transformation (2/2)  Built internal capacity for New Sportsbook New Digital Signage New Apollo terminal developing software platform platform that allows quick multi-tenant architecture and manage times & delivery of content build on that puts OPAP in control on materials partners industry standard software and hardware The new solution has now technologies  New Business merged live, pre-game and Intelligence SSBT into a single platform platform that has an overall New Digital assets richer offering, allows for a greater speed of update and (mobile and web) fully new features, simplified controlled and management and decreased owned by OPAP overall TCO 67

Shifting from sole vendor dependence to a targeted mix of leading providers… Lottery & Numerics Betting VLTs Platform Lottery OTC Sportsbetting Online Sportsbetting Kino, Tzoker & Numerics Virtuals Games Content Online Numerics Horse Racing 68

… as well as to other sizeable benefits Delivery of an Open Architecture  Gained full control on the wider technical systems design and implementation  Created the opportunity to engage with multiple parties to expedite delivery, reduce risk and allow to choose best supplier for each system component Accelerate Delivery  New developments can now be delivered at a fraction of the cost and time  Opportunity to delivery in-house for added flexibility and agility Cost optimization  Full visibility on all technology-related costs  Substantial savings in key supplier contract  Optimisation in the estate support &field services due to synergies with the VLTs business  Direct approach of manufacturers & solution providers directly thus reducing cost overheads (e.g. new shop terminals) 69

Next Steps: Heading to Omnichannel Omnichannel is aiming to provide to the players a seamless gaming experience across mobile, web and physical venues. International experience suggests that retail & online can coexist and generate growth upon the successful execution of omnichannel strategy Key factors for a successful Omnichannel experience  Full product set available on all channels to ensure best in class player experience  Single back-end to manage the product across all channels and reduce administration overheads  Single view of customer activities & opportunity to introduce an advanced loyalty solution 70

Area of developments 2019-2020 Building on the foundations we have laid out we want to accelerate the pace of delivery of products and solutions as well as gradually gain the strategic advantage of IP ownership  Expedite delivery of products and solutions unique to OPAP  Further develop the OPAP Player Account Management platform (PAM) to create a Improve Internal single wallet and single customer view across all verticals delivery capabilities  Aggressive roadmap of new features for the online sports betting platform  Bring OPAP lottery games to the online audience starting with Joker and Kino Online  Continue rollout of SSBTs utilizing a new platform design and owned by OPAP  Kino application to be rolled out across the whole SSBTs estate in H1 2019  Delivery of richer content, like video streaming SSBTs  Jackpot for VLTs - H1 2019  Deliver transactional support for PAM wallet and Tora wallet & new services (e.g. Remittances, Tora account, etc.) in OPAP’s shops Retail & Omnichannel 71

Retail Excellence 2020 Jan Karas, Chief Operating Officer - Retail

2018 retail successes 73

Major retail network transformation over the past 4 years 2013 2014 2015 2016 2017 2018 RED book of min commercial  Outdated requirements OpapLeague incentives Agent contract New Contract, scheme launched Commercial Policy  and commissions No call NW dev plan Debit & center scheme launched New agents’ portal New salesforce prepaid Cards POS team created  No structured Store clustering in 3,000+ salesforce & sales targets stores New “Apollo” launched CC PA terminal and DS  No store design program Agents’ players in all guidelines launched roadshows stores New CC launched  No performance team created management Online e- learning agents’ Blue Book Agents’ working platform launched of Best groups launched  No structured practices network launched New Design development plan Guidebook Stores database (White Book) & geomapping  No best practice launched New training Retail Excellence Laiko voiding tool launched selling guidelines team created program launched Bringing it to 80% of stores 74

2018 retail successes year to date External RFI TORA Wallet- BoG for the first certification in 370 new shops time in OPAP progress - 500 history constructed and Stores Live and live to date 800 in the pipeline to date Launched Agent certification REX2020 6.500 VLTs rolled out in program launched program 1800 shops with 895 agents & staff certified at 1 st 4-15 VLT formats Rollout of 8.500 level introduced with 446 Apollo stores live to date terminals and 12.000 DS players Launched completed 4.900 SSBTs Protypo rolled out Full DS solution store in in 2.170 shops implementation September in 150 stores 75

Network transformation 76

We are building a top 10 Greek retailer in 1 year ~ 2 new stores open daily 907 730 560 542 450-500 493 380 363 358 300 251 210 143 Eurobank Γρηγόρης EKO SHELL Sklavenitis National New Aegean Vodafone Coffee Wind Lidl Cosmote (fuels) (fuels) Bank of OPAP Oil Island Greece Stores (coffee) Source: Internet desktop search 77

We are systematically growing our average store size +10% 75,0 +5% In 2018 we have +3% 68,4 opened 370 stores 65,4 63,4 with an avg surface of 130m2 4.599 4.527 4.367 3.925 2015 2016 2017 Sep 2018 Average Network store size (m2) Number of OPAP stores Source: Registry announcements 2015-2018 78

A younger, more educated generation is entering the network Agents Demographics Agents Education Level (2018) 100% 100% 100% 8% 100% 100% 26% 50+ 31% 19% University 16% 33% 31% 40-49 32% 73% High school 72% 44% 63% up to 39 37% Primary & Secondary school Existing Existing network New Agents 12% 3% network (2016) excl. New (2018) Existing network New Agents agents (2018) excl. New (2018) agents (2018) Shift to younger ages driven New agents that joined mainly by License Transfers the network through RFI from old to young generation in 2018 (210 in total) agents (260 in past 2 years) 79

Agent satisfaction has significantly improved and remained high even in 2018 throughout technology transformation AGENTS’ OVERALL SATISFACTION TOP2 BOXES AGENTS’ TOP2 boxes (Very Satisfied & Satisfied) SATISFACTION 2016 2017 2018 TOP box (Very Satisfied) PER PILLAR 79 77 58 69 71 STRATEGY & VISION COMMERCIAL POLICY 44 57 60 58 GAMES 54 70 75 CREDIBILITY-CSR-RG 62 83 86 34 32 74 82 74 TECHNICAL SUPPORT 20 78 83 79 SALES SUPPORT 72 82 73 CALL CENTER SUPPORT MERCHANDISER TEAM 79 91 91 2016 2017 2018 (Apr-Dec) (Jan-Dec) (Jan-Jul) 68 82 81 AD & PROMO MATERIAL Source: Research Hive % references 80

REX 2020 Program 81

What is REX 2020? REX 2020 defines the optimal customer REX 2020 program provides an integrated experience alongside 5 pillars support program to help and assist Agents to maximize their commercial success The appropriate store size, Location ideally suited to maximize and size the potential of the market Products Optimal support & promotion and of all our Products & Services services Digital assets and content Digital that deliver the optimal Assets customer experience Ideal atmosphere that Look and Local Gaming prolongs and makes it feel pleasant to stay in the store Entertainment Agent Fully trained staff at the Destination service of our customers and staff The program is mandatory only for new stores and major renovations; for existing stores, the partner decides himself to what extent he adopts the proposed solutions 82

The REX 2020 requirements build on the minimum commercial and contractual standards Additional Non-mandatory requirements for Proposed the Partner who wants to exceed customer REX 2020 expectations with the experience provided in requirements Motivational store scheme The Essential Requirements to ensure the Mandatory Optimal Customer Experience , meeting the REX 2020 Expectations of the REX 2020 Program requirements - Obligatory for all New stores The minimum commercial requirements to Minimum ensure the basic customer experience , that Compliance standards are obligatory for the whole network policy & consequence Legal & The legal obligations of agents deriving from management Regulatory the contract, regulation, RG policy 83

Cozy atmosphere, attractive to any customer profile, prolonging stay- Look and feel in at the store 84

Cozy atmosphere, attractive to any customer profile, prolonging stay- Look and feel in at the store Façade & store exterior Playing zones Store ambience • Ambient temperature for every season Clean and emjoyable store environment ; ventilation system recommended WC according to hygiene rules Adequate lighting throughout the day Bench & store interior Store window POP materials 85

Digital content that creates all the fun and entertainment to provide the ideal Digital Assets customer experience in the store Right content in the DS technology Optimal screens setup right zone  Content setup scenarios per “playing  Centralized management of content zone”  List of mandatory content per game  Ability to provide targeted messages  Differentiation of setups depending and per “playing zone” and information on availability of major sports event  Specs regarding number and size of  Digital merchandising capabilities screens for each content  Promo messages through video wall  Flexibility to present content at any point in the store in digital format DS player CMS Video (matrix) wall 86

Contents per zone (example) Digital Assets Pame Stoixima zone: in periods with major sport events Content setup scenarios 1 st setup: mandatory content OTE TV 1 Live odds Virtual games NOVA TV Match day Digital coupon Virtual Statistics Final results Match day statistics Live results 87

Our partners, guarantee for the best customer experience Agent and staff Enhanced training requirements & Enhanced rules of cooperation options 1 st Level Certification training for agent, store  At least 2 registered employees per store operator and all registered staff  Products   Processes Daily update from OPAPnet  Store management  Basic customer service techniques  Availability at predefined meetings with the Account Manager of your region  Extended opening hours ( 12 hours a day 2 nd Level Certification training for agent, at least, 7 days a week) store operator and registered staff  Customer segmentation and advanced customer service techniques  People management (for agents) 2 days on the job training 88

‘’OPAP League’’ drives the performance management in the network Clear targets per store • Target setting per store based on store potential and business plan aspiration • Regularly adjusted to reflect real performance Targets linked with monetary incentives • ‘’OPAP League’’ provides competitive inc. scheme with quarterly monetary awards • Conditioned by mandatory requirements compliance • Supported by ‘’Agent of the Year’’ awards event Tools and processes to monitor performance • Tools, dashboards and processes to control and support the AM (e.g visit form, Tableau) • Regular business reviews across all levels to manage performance and collect insights 89

OPAP Online Petr Matejovsky, Chief Customer Officer / COO Online

OPAP Online - New sports betting offer  Aim to become one of Greece’s leading online sports betting businesses Features Current Offer New Offer  Broadly matching online competitors Competitive odds x Same as Retail  Agents earn same NGR % commission for registered customers Agent network affiliation x No structured arrangement  Native apps available Mobile x No native apps  Enhanced cashout options Cashout x Basic version  Much improved number of betting options Market/Events x Uncompetitive offer  Comprehensive offer of live events Streaming x None 1 st Deposit Bonuses  Now approved by regulator x Not approved Greek Online Betting GGR (e) Leading international land-based operators are active in online € 240- Combined share of largest land-based operators in online betting market 280M 91

OPAP Online - New sports betting offer In just three weeks of operation (launch on October 4 th ) we have managed to more than double our active customers Registrations +11.9x (weekly) Active players +1.7x (weekly) # of played +1.8x days In just over 3 weeks – prior to any marketing support 92

OPAP Online - looking forward Enhanced Enhanced Virtual Sports Mobile Apps Enhanced betting experience in Live promotions from Inspired enhancements experience Betting engine (Q4 2018)  More betting  Football  More Live  Rich Push  Free bets and options including streaming Notifications betting innovative  Horseracing challenges for  More  Quick Bet products such as all sports and Sports/Leagues functionality Microbets and  Greyhounds markets Betbuilder and Markets  Biometric  Better cashout  Easier means login with more navigation and options for the better user player  More statistical experience information for the player  Improved betslip 93

Lottery games online offering Launch of lottery games online Ambition to launch these Convenience that will Retail network will be games online, starting drive frequency & part of the launch with Joker; Lotto & KINO penetration supporting participating through to follow in H2 2019 faster growth of the NGR share on affiliated winnings pools customers 94

Land-based is growing while online contribution proves incremental EU28 countries online lottery/total lottery EU28 average per country GGR growth of lottery market Land-based Online +86% FY’17 +61% 10,5% 8,9% FY’15 7,9% +12% FY’13 +3% 2013 2015 2017 2013 2015 2017 Base:100 Base:100 Online Land based 2017 land-based market: €29.3 bl 2017 online market: € 3.4bl  Avg. land-based lottery growth per country between 2015-2017 demonstrates a decent 3%  Online is achieving substantially higher growth, which is in the most part incremental on the back of attracting different audiences. 95 Source: H2GC, Oct.’18

Case studies Czech Rep. Sweden Land-based lottery increased along with online Although only introduced in Q1 2017, online penetration lotteries penetration has already reached c.7% Online Online 4,843 7% 13% Lottery Lottery 10,1% 4,167 game 1 game 2  Younger players (core 30-40yrs online vs. 40+ in land-based) 0,7%  Last minute bets (online peaks short before draws)  During the same period land-based lottery market remained SEKm Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 stable at c.CZK6bl. revenues Lotteries online Lotteries landbased Online lotteries as % of total lotteries UK Norway Online incrementality clearly evident in the UK Online penetration rose quickly carrying no impact on the land-based 3,516 5,468 2,476 4,546 14,5% 15,9% 1,3% 1,3% £m NOKm Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Lotteries online Lotteries land based Online lotteries as % of total lotteries Lotteries landbased Lotteries online Online lotteries as % of total lotteries 96

OPAP future “Mobile App World(s)”  Same customer journeys (where Online Tora OPAPP CSR applicable) in Entertainment each app  Same look and feel (corporate branding guidelines)  Building blocks which can be used across the apps Main Drivers for distinct Apps Customer Fully Known (Online Players) Fully/Semi/Unknown (OPAP Stores Players) Fully Known (OPAP & non OPAP) Fully/Semi/Unknown (OPAP & non OPAP) Gaming Gaming Financial & Gaming (Load PAM, Transactions Gaming (collect points) (End-to-end) (Up to QR code creation) Redeem Winnings) Pamestoixima  Numeric OPAP games All OPAP games Content Tora services CSR games Popular Tora services Popular Tora services Loyalty Bank Partner App Store 97

OPAPP* Performance – September 2018 77,5K 362K QR slips created in the app Monthly Active Users 6,5M 62,5% times the ‘Find Winnings’ out of the created QR Slips were played functionality was used * OPAPP is not a transactional App 98

Introducing Tora Rene Langen, Chief Development Officer Constantinos Frydakis, CEO Tora Group

Tora Wallet & Tora Direct: A combination to offer value added services in the OPAP network Tora Wallet Established in September 2016, exclusively in order to be licensed as an eMoney Institution. Bank of Greece granted the license in December 2017.  Licensed for the full spectrum of eMoney Institution services: Payments, Remittances, Issuing of Electronic Money, Payment Accounts.  Company relicensed under updated PSD2 regulatory framework on July 2018. Tora Direct The company serves both OPAP stores as well as a network of an additional 6,5k locations, primarily small retail shops, kiosks, mini markets across Greece, offering a number of services, e.g. ticket sales, mobile top-up, etc.  Acquired in November 2014 (ex. Payzone).  Leveraged as the “vehicle” to introduce complimentary services in OPAP Stores. 100