Release of Regulated Information of Law 3556/2007

OPAP hereby releases a company presentation (http://www.opap.gr/documents/11503/2191668/Management-Presentation-2013-2022.pdf) that was prepared for the purpose of providing information to preselected investors within the framework of the bidding in process for the sale of 33% of shares of OPAP by Hellenic Republic Development Assets Fund (HRDAF).  This Presentation includes a large number of publically available and historical data.  It also contains data and statements related to our future business and financial performance and future events or developments involving OPAP that may constitute forward-looking statements. Except data for future financial years forward looking statements may also be identified by words such as "expects," "looks forward to," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," "project" or words of similar meaning. Such statements have been produced by OPAP management for the purposes of the Presentation in accordance with HRADF's request addressed to OPAP management, including without limitation the time frame of such statements.  Accordingly, the issuance of such forward looking statements should be seen as of exceptional nature and unlikely to be repeated and such communication is made exclusively for the purpose of ensuring the symmetrical dissemination of information. 

In particular, OPAP notes that the Presentation includes, among others, the following projections:

Income Statement

• The company's business plan is aiming to increase profitability and significantly enhance shareholder value.
• Macroeconomic assumptions based on IMF country report No. 13/20, January 2013
• Gross Gaming Revenue (GGR) 10-year CAGR is seen at 9.9%, driven by the introduction of both new games i.e. VLTs, Scratch cards & Lotteries as well as the online business. The roll out for 35,000 VLTs commences in 2014 and is expected to conclude by year end, while scratch cards to be launched late 2013.
• 16,500 VLTs to contribute €448m of GGR in the first full year of operations, being a major performance driver for the 10-year period.
• EBITDA 10-year CAGR expected at 15.2%, driven by new games' rollout and further cost rationalization. EBITDA is seen at €498m in 2017 higher by 105% vs. the expected figure in 2013.
• EBITDA margin exhibiting remarkable resilience and growing significantly post 2020, due to the prepayment of HR participation for the period 2020-2030.
• Net profit 10-year CAGR at 19.3%. Net profit reaches €568m in 2022, compared to €116m in 2013.

Balance Sheet

• Total assets to reach €2.8bn in 2022 from €1.6bn in 2013 supported by significant cash generation.

Forward looking statements included in the Presentation are based on assumptions and not historical data and such assumptions, and the estimates and other forward looking statements, depend on events and other circumstances that are beyond OPAP's ability to control or predict; as such forward looking statements, including those in the  presentation, are highly uncertain and unreliable predictions of future outcomes such that actual results and developments are likely to differ materially from those expressed in or implied by such forward looking statements. Forward-looking statements are not guarantees of future performance and no liability is accepted for whether any estimate or other forward looking statement is actually achieved.  Investors should not rely on this announcement their present and future investment behaviour. A variety of factors, many of which are beyond OPAP's control, affect OPAP's operations, performance, business strategy and results and could cause the actual results, performance or achievements of OPAP to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or anticipated on the basis of historical trends. These factors include in particular, but are not limited to, the matters described in Section III, Part C: Main Risks and Uncertainties of our most recent annual report. Additional risks and uncertainties as to the information contained in the Presentation may indicatively relate to:

• Changes in the company's strategic plans that may be due, among other things, to changes  in control or management;
• general macroeconomic trends for Greece and Europe;
• the possibility that all of the expected synergies and returns from the realisation  of OPAP's projects (VLTs, online chance games,  state lottery) will not be realized, or will not be realized within the expected time period;
• the impact of gaming industry regulation and legislation in Greece and Europe;
• dependence on the monopoly and the exposure to litigation and/or regulatory actions
• recent and future changes in technology, games and standards;
• changes in consumer behaviour, including changes in spending behavior and changes in when, where and how games of chance are played;
• the popularity of the OPAP's content;
• changes in the OPAP's plans, initiatives and strategies, and consumer acceptance thereof;
• OPAP's ability to accurately predict future market conditions;
• competitive pressures, including as a result of online gaming and changes in technology;
• changes in advertising market conditions or advertising expenditures due to pressure from public interest groups, changes in laws and regulations and other societal or political developments;
• effective combating of illegal gaming;
• increased volatility or decreased liquidity in the capital markets, including any limitation on the OPAP's ability to access the capital markets for debt securities, refinance its outstanding indebtedness or obtain bank financings on acceptable terms;
• the effects of any significant acquisitions, dispositions and other similar transactions by the OPAP;
• the failure to meet earnings expectations;
• the adequacy of the OPAP's risk management framework;
• changes applicable accounting policies;
• a disruption or failure of network and information systems or other technology on which the OPAP's businesses rely;
• the effect of union or labour disputes or player lockouts affecting the professional sports leagues included in the OPAP's sports book;
• changes in tax, federal communication and other laws and regulations;
  • changes in foreign exchange rates and in the stability and existence of the Euro.

In addition, attention is drawn to the extended time frame of certain of the forward looking statements in the Presentation and the enhanced uncertainty due to the passage of time. 

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of OPAP may vary materially from those described in the relevant forward-looking statement as being expected, anticipated, intended, planned, believed, sought, estimated or projected. OPAP neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 

OPAP notes that this Presentation is published in its entirety (excluding Appendices) because of the leakage and partial publication of the Presentation derived from unauthorized sources for the avoidance of deficient or misleading information of the investing public. 

The data provided in this public announcement are neither annual nor interim financial statements in accordance with law 3556/2007, nor can be interpreted in any way as such. This announcement has been made also in Greek Language. In case of variances of   meaning between the two languages, the Greek language version shall prevail. 

Peristeri 22.02.2013

OPAP S.A.