As a result of abrupt and counterproductive interventions in the OPAP SA's operating and regulatory framework that infringe the exclusive licenses granted by the Hellenic Republic to OPAP SA and the Law, the company has been forced to pursue multiple appropriate legal actions so as to protect its established rights and justified interests.

Specifically, OPAP SA on November 26, 2015 notified the Hellenic Republic of breaches of the 2000 Concession Agreement relating to the imposition of the levy through article 12 of Law 4346/2015 on OPAP SA games and to OPAP SA exclusivity rights in on-line betting. On November 19, 2015, the Hellenic Republic imposed a special levy per column of each game of OPAP SA, to be applicable as of January 1, 2016. Among other things, this levy discriminates against OPAP SA and favors other operators of games of chance in Greece, including unlicensed and unregulated in Greece online operators that operate in violation of OPAP SA's exclusivity rights.  OPAP SA intends to take further legal actions at the earliest appropriate time.

Moreover, the company filed today a request for arbitration under the 2011 VLT License Agreement with the London Court of International Arbitration for damages in excess of €1 billion. 

As a result of the decisions of the Hellenic Gaming Commission on the VLTs regulatory framework, there has been a radical change of circumstances in the project's implementation, which has led OPAP to the actual suspension of the VLTs business activity. The existing regulatory framework now, contains a number of unprecedented restrictions, which defy international best practices of responsible gaming and render OPAP SA's VLT business no longer economically viable.

Despite repeated attempts by the company to work with all the competent State authorities to arrive at a reasonable and balanced VLT regulatory framework that secures public interest and public revenues and at the same time allows the economic viability of the VLT business for OPAP SA and its business partners, in accordance with the 2011 VLT License Agreement, the regulatory framework has not been changed.

In any case, OPAP SA assures its investors, its partners and its employees that it remains absolutely focused on its investments and shall continue to take all appropriate actions to arrive at a reasonable and balanced legal framework that secures public interest and public revenues and at the same time restores OPAP SA's rights and the economic viability of OPAP SA's business as guaranteed under OPAP SA's exclusive license agreements with the Hellenic Republic.

Athens, 26.11.2015

OPAP S.A.