OPAP
Corporate Presentation
June / July 2008
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© OPAP
Agenda
 Company Overview
 Recent Developments
 Financials
 Stock Info
 Investment Perspectives
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© OPAP
Company Overview
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© OPAP
Company Snapshot
 The leading Greek gaming company
 Presence in Cyprus
 Market cap on Athens Exchange c. €7,5 bn (June 2008)
 20-year exclusive Concession
 56% of the total Greek gaming market
 Largest on-line retail network in Greece
 2007 revenues of €5,066m and adjusted EBITDA of €860m
 High dividend pay-out policy
 Current free-float: 66%
 Hellenic Republic ownership: 34%
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© OPAP
Industry Background
The Greek gaming market: 1998 – 2007
€m
9.000
8.500
8.000
7.500
7.000
6.500
6.000
5.500
5.000
4.500
4.000
3.500
3.000
2.500
2.000
1.500
1.000
500
0
36.7%
35.0%
37.3%
35.3%
40.3%
48.5%
22.0%
11.0%
6.3%
12.3%
1999
38.9%
39.7%
55.7%
52.0%
42.0%
8.0%
4.5%
9.3%
7.4%
4.2%
8.2%
6.9%
4.0%
7.3%
7.5%
2.7%
7.6%
6.5%
5.6%
6.0%
4.7%
5.1%
4.2%
4.6%
3.2%
2000
2001
2002
2003
2004
2005
2006
2007
Instant Lotteries
Source: 1998-2003 OPAP; 2004-2007 Greek National Statistics Services
© OPAP
2.7% 52.6%
49.0%
55.5%
41.3%
37.9%
Horse Racing
5
33.2%
State Lotteries
OPAP
Casinos
Company Evolution
Introduction of Games
1959
1990
1992
1996
-
1997
2000
2002
2002
2003
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© OPAP
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”
2005-2006
• Additional forms of betting in “STIHIMA” – Introduction
of non sport events and Greek sport events
2007
• In house operation and management of “STIHIMA”
Evolution of Games 1995-2007
€m
6.000
Revenues per game: 1995 - 2007
5.000
4.000
ProPo-Goal
3.000
Lotto
Joker
2.000
Proto
ProPo (Toto)
Stihima
1.000
0
1995
1996
PROPO
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© OPAP
1997
LOTTO
1998
PROTO
1999
2000
PROPOGOAL
2001
JOKER
2002
2003
STIHIMA
2004
SUPER 3
2005
2006
EXTRA 5
2007
KINO
Overview of Existing Games
Game
Stihima
Joker
Lotto
Propo
Proto
Super 3
Extra 5
PropoGoal
Kino
Type of Game
Sports
Numerical
Numerical
Sports
Numerical
Numerical
Numerical
Sports
Numerical
Fixed / Mutual
Fixed-odds
Mutual
Mutual
Mutual
Mutual
Fixed-odds
Fixed-odds
Mutual
Fixed-odds
2007
(1)
Revenues
€2,145m
€256.5m
€54.9m
€63.7m
€50.2m
€60.5m
€13.9m
€1.6m
€2,418.0m
€384.8m
€88.4m
€24.6m
€20.6m
€16.0m
€17.7m
€4.3m
€0.3m
€463.2m
20.7% (3)
38.0%
48.4%
36.0%
35.2%
32.0%
32.0%
37.8%
22.0 (4)
Year of
Introduction
2000
1997
1990
1959
1992
2002
2002
1996
2003
Agent
Commission
8%
12%
12%
12%
12%
8%
12%
12%
8%
Frequency of
play
Daily
Twice
weekly
Twice
weekly
Three draws
daily
One draw
daily
Once a
week
108 draws
daily / 132
draws
weekend
2007
Gross Profit
OPAP
Share of
Revenues (2)
(1)
(2)
(3)
(4)
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© OPAP
Three times Twice weekly
weekly
Group revenues
Sales minus pay out ratio and the agents’ commission
Depending on the pay out ratio
As of 01.01.2008
Betting Games
OPAP Games Product Matrix
SKILL
ProPo (Toto)
Stihima
ProPo-Goal
FIXED
ODDS
MUTUAL
Number Games
Lotto
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© OPAP
©
OPAP
Proto
Joker
CHANCE
OPAP Retail Network
Source: OPAP GIS (2005)
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© OPAP

Approx. 5300 on-line points of
sales (agency outlets)

Largest (by far) retail network in
Greece
OPAP’s Strategy
SHORT TERM
ON GOING
Contractual Agreement
with Agency Network
Continue to Combat
Illegal Gaming
Reorganisation of Internal
Operations to improve
Efficiency
Diversify Operations
Outside of Our Core
Concession
Strengthening and
Enrichment of Stihima
Continue to Strengthen
Our Brand
Drive Value Through Sustainable Earnings Growth and Dividend Distributions
Within Framework of Social Acceptance
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© OPAP
Recent Developments
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© OPAP
Recent Developments
 January 1, 2008: OPAP has suspended the payment of 1% of
KINO’s revenues to our subsidiary OPAP Services.
 April 29, 2008: In principal contractual agreement between
OPAP and Agency Network.
 April 29, 2008: The Greek Government replied to the European
Commission’s reasoned opinion which earlier requested the
amendment of the legislation in Greece, in order to eliminate
restrictions on the free movement of gaming services.
 June 2, 2008: Approval by the BoD of the new organisational
chart.
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© OPAP
Financials
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© OPAP
Track Record of Growth
Revenue (€m) 2001 - 07
Adjusted EBITDA (€m) 2001 - 07
6.000
800
5.000
600
4.000
3.000
2.000
3.177 3.695
4.633 5.066
1.000 1.806 1.974 2.282
0
2001 2002 2003 2004 2005 2006 2007
400
200
Adjusted Net Profit (€m) 2001 - 07
800
600
600
200
377
381
449
691
713
812
400
200
0
0
2001 2002 2003 2004 2005 2006 2007
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© OPAP
473
2001 2002 2003 2004 2005 2006 2007
800
630
406
714
860
0
Adjusted EBIT (€m) 2001 - 07
400
401
659
738
241
249
291
409
458
509
609
2001 2002 2003 2004 2005 2006 2007
Q1 2008-2007 Results
Q1 2008-07
Adjusted EBITDA (€m)
Q1 2008-07
Operating Revenues (€m)
2.000
500
19.8%
500
35.2%
400
1.500
Q1 2008-07
Adjusted Net Profit (€m)
400
32.2%
300
300
200
200
1.000
1,379
500
1,151
100
0
© OPAP
221
Q107
100
208
157
0
0
Q1 08
16
299
Q1 08
Q1 07
Q1 08
Q1 07
Revenue Mix
€m
5.500
5.000
4.500
56%
4.000
49%
3.500
47%
3.000
23%
2.500
2.000
20%
20%
1.500
1.000
80%
80%
77%
53%
51%
44%
500
0
2002
Stihima
2003
Propo
Propogoal
Sports Betting
2004
Joker
2005
Lotto
Proto
2006
Extra 5
2007
Super 3
Kino
Numerical Games
(2)
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© OPAP
Margins
Adjusted EBITDA Margin
25,0%
25,0%
20,0%
20,0%
15,0%
10,0%
15,0%
22,2%
20,6% 20,7% 20,7% 19,3%
15,9% 17,0%
5,0%
5,0%
0,0%
0,0%
2001 2002 2003 2004 2005 2006 2007
 Margin increase during Q1 2008
18
10,0%
© OPAP
21,7%
Q1 08
19,2%
Q1 07
Dividend Policy
€
1,74
1,58
2,00
1,48
1,75
1,42
1,50
1,25
1,00
0,75
0,50
0,25
0,00
0,60
0,43
0,67
0,40
0,73
© OPAP
1,14
0,93
0,94
0,55
0,48
0,55
0,60
2004 2005
2006
2007
0,43
0,17
0,27
0,30
2001
2002
2003
Interim Dividend
19
1,03
Final Dividend
Stock Data
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© OPAP
Stock Info
 Listing date in ATHEX: 25.4.2001
 OASIS: OPAP
 ISIN: GRS419003009
 Bloomberg: OPAP GA
 Reuters: OPAr.AT
 Index Participation









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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
© OPAP
Stock Chart
Public
Offering
Issue Price € 24,14
700
70.000.000
600
60.000.000
Public
Offering
Issue Price € 9,44
500
50.000.000
Public
Offering
Issue Price € 8,44
400
40.000.000
Public
Offering
Issue Price € 5,5
300
30.000.000
200
20.000.000
100
10.000.000
0
0
18-Jun-08
6-Mar-08
28-Nov-07
28-Aug-07
24-May-07
16-Feb-07
13-Nov-06
Transaction Volume
10-Aug-06
9-May-06
27-Jan-06
24-Oct-05
21-Jul-05
OPAP
15-Apr-05
10-Jan-05
6-Oct-04
5-Jul-04
30-Mar-04
19-Dec-03
17-Sep-03
13-Jun-03
4-Mar-03
26-Nov-02
23-Aug-02
21-May-02
6-Feb-02
31-Oct-01
30-Jul-01
25-Apr-01
ATHEX G.I.
Shareholder Structure
June 2008
34%
61%
5%
Hellenic Republic
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© OPAP
Retail Investors
Institutional Investors
Investment Highlights
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© OPAP
Superiority Highlights
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Sole Concession
for 20 years
Permits OPAP to enjoy the growth of the Greek Gaming
Market
Sales Network
Further the potential cross selling opportunities
Strong Cash
Flows
Secure stable Dividend efficiency and effective Investment
Policy
Strong
Fundamentals
Favourable Market Dynamics, Credibility and Growth
Strong Management
Team
Possesses Experience, Knowledge, and proven successful
introduction of new games
© OPAP
…Thank you
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© OPAP