UPDATE ON TAXATION OF THE GAMING MARKET

In relation to the 19.09.212 Ministry of Finance announcement regarding the harmonization of the gaming market taxation, including OPAP's legacy games, the company based on its current understanding, informs the investment public about the potential impact on the company's operations. These are as follows:

1. OPAP holds the exclusive right for its portfolio of games including Stihima (both offline and online) up until 2020. The same applies from 2020 until 2030 with the exception of Stihima which would be exclusively offered by OPAP only offline. In addition, RNG (Random Number Generator) games will be also exclusively offered by OPAP.
2. The agreement between the European Commission (EC) and the Hellenic Republic (HR) removes any state-aid recovery risk for OPAP going forward.
3. With regards to commitments concerning the VLT license fee and the concession extension, no immediate additional financial burden will be incurred by OPAP as additional tax and/or fee payments only become necessary if certain thresholds are exceeded.
4. If, for the concession extension period (2020-2030), OPAP does not reach the GGR levels originally foreseen when calculating the license fee for this period, OPAP will receive a reimbursement of pre-paid tax from the HR.
5. The opinion published by the ECJ General Advocate in conjunction with the agreement between theHellenicRepublicand the EC contributes full transparency and clarity to the gaming market's regulatory framework.
6. The company examines the implementation method regarding the harmonization of the players winnings taxation based on L. 4002/2011 and will proceed with announcements once the respective studies are finalized.

OPAP S.A.

Peristeri, 21.09.2012