1. Italian Investor Conference
Company Presentation
Tokyo, October 7, 2008
Italian Investor Conference

2. Safe Harbour Statement
Disclaimer
This presentation contains forward-looking statements regarding future events and the future results of Lottomatica that are based on current expectations, estimates, forecasts, and projections about the industries in which Lottomatica operates, and the beliefs and assumptions of the management of Lottomatica. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on equity, risk management and competition are forward-looking in nature. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” and “estimates,” variations of such words, and similar expressions, are intended to identify such forward-looking statements. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Lottomatica’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, the impact of competition, political and economic developments in the countries in which Lottomatica operates, and regulatory developments in Italy and internationally. Any forward-looking statements made by or on behalf of Lottomatica speak only as of the date they are made. Lottomatica does not undertake to update forward-looking statements to reflect any changes in Lottomatica’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

3. Agenda Group Overview Strategy Market Environment
Financials – 1H’08 and Guidance
Backup BP

4. Group Overview

5. Mission
Lottomatica Group will be the leading commercial operator and provider of technology in the regulated worldwide gaming markets by delivering best-in-class products and services, with a commitment to highest levels of integrity, responsibility, and shareholder value creation.

6. The Group Value Chain Lottomatica Group is a leading player in
the government-sponsored gaming value chain
SYSTEM
INSTALLATION &
SUPPORT
INFRASTRUCTURE
DEVELOPMENT
SOFTWARE
DESIGN
CONTENT
DEVELOPMENT/
MARKET
RESEARCH
GAMING
OPERATIONS
System Architecture
Master system coding and data warehousing
Implementation of large-scale systems
Ongoing maintenance
Full Suite of Terminals
Networking
Integration in key areas provides platform for substantial growth opportunities

7. Global Player in the Gaming Industry
MARKET
SEGMENT
B2B
GTECH COMPANIES
B2C
LOTTOMATICA BRANDS
Traditional Lottery
(online)
Instant Lottery
Gaming Solutions
Sports Betting
Interactive Channels
Commercial Services

8. Lottomatica Group strengths
Global Market Leadership and Balanced portfolio of international contracts
59% worldwide lottery market share
Conduct business in over 50 countries
Diversified revenues: 49% Italy, 30% US, 21% other countries (FY’07)
Sustainable high-margin business combined to a growing market
2007 EBITDA margin of 42%
Outstanding historical hit rates in the re-bidding process
Strong Management Team

9. 2007 Revenues Breakdown
A well-balanced and diversified revenue portfolio, by geography and by market segment
Stable, recurring core lottery business with predictable revenues (2007 €1,661M)
Lotteries Italy: Lottomatica manages Lotto and Instant Lotteries businesses
Lotteries USA: GTECH is the service provider of 26 of the 43 online lottery authorities
Lotteries Rest of World: GTECH provides services to 53 non-US online lotteries in the world
SB and Interactive: In 2007, Lottomatica began operating fixed-odds sports betting in Italy
Gaming Solutions: Italy, broader role to become gaming operator – International, gaming and technology machines provider
Lotteries
Rest of World %
Italy %
USA %
Sports Betting
and Interactive
40 - 2%
Commercial Services
97 - 6%
Gaming Solutions %
Figures in €M

10. Strategy

11. Lottomatica Group Strategy
Leading systems capabilities and strong cash flow support opportunities in four areas
MARKET
SEGMENT
B2B
GTECH
B2C
LOTTOMATICA
Continue to build and accelerate same store sales growth
Traditional and Instant Lottery (77%)1
Win new jurisdictions
Grow instant ticket
printing capabilities
Pursue Gratta e Vinci model in other European countries
Leverage technology capabilities
in VLT and traditional carriers
Play a relevant role in
Consolidation of Italian market
Refresh/expand Atronic
content offerings
Gaming Solutions (9%)1
Utilize server-based
gaming (SBG) capabilities
Grow presence in this
fast-expanding market
as Service Provider
Leverage on “Better” experience
to build a presence as Operator
in other European countries
Sports Betting (8%)1
Provide platforms and services
to operators in fast-growing market segment
Exploit full potential of interactive channels in Italy according to new regulation
Interactive (2%)1
(1) Weight as a % of Group consolidated revenue in 1H2008 – Commercial services revenue weight = 4%

12. White-Label Proposition Some WLA-member operators at present
Interactive Strategy
Strategic Rationale
BOSS MEDIA
Leading OEM network provider gives GTECH immediate access to a Top 10 poker network (IPN) and the potential to leverage technology, services and liquidity to provide Multi-Jurisdictional Network Games, i.e., Poker, Bingo
Domain expertise and credibility within Interactive space, specifically Poker, Casino and other P2P games
Strong, scalable presence in WLA market as well as Commercial market
Expands Boss’s reach into emerging customer bases through access to GTECH/WLA relationships and Finsoft
Potential for synergies through content development/R&D
ST. MINVER
Leading provider of White-Label gaming services to blue-chip media brands
Close affiliation with Boss Media through provision of network services and SW platform(s) creates opportunity for significant synergies
Domain expertise and credibility within Interactive space across all target markets (WLA, Commercial OGO’s, Media Brands)
up to 100%
White-Label Proposition
Revenue share of rake in commercial market
1%-5%
10%-20%
up to 40%
up to 60%
Technology
Player account
Gaming control
Risk/event management
ERM/CRM
Games
Lotto/numbe r games
Poker
Bingo
Casino
Instant games
Sports betting
Live Betting
Advanced Service
Player liquidity
Event/risk management
Responsible gaming
Fraud & Collusion
ERM/CRM
Sports services
Information Services
Marketing Support
Affiliates / Channels
Operator
Operations
Licensing
Brand
Marketing
Customer ownership
Value chain
GTECH at present
Some WLA-member operators at present
GTECH
Finsoft
Boss Media
St Minver

13. Market Environment

14. The Gaming Industry Attractive Fundamentals Strong Barriers to Entry
Constant growth in global gaming market and lottery sales
Substantial opportunities to be captured: Approximately 65% of world’s addressable population not currently served by online lottery(1)
Insulated from negative economic conditions: Governments increase marketing and introduce new products/games to balance budgets in weaker economic times
Strong Barriers to Entry
Long-term government/customer relationships
Licensing/disclosure requirements
Technical conversion risk
(1) Management estimates

15. GTECH’S Core Business Provides Stable Cash Flow
Key Lottery Contracts – Annual Service Revenues(1)(2)
Aug. 2011
March 2010
Oct. 2013
Jan. 2019
Oct. 2008
Sept. 2010
Recurring annual lottery service revenue of approximately €600M
Stable and visible revenues
Weighted average lottery contract length of approximately 6.0 years(2)
Approximately 90% of total service revenues under contract for more than two years
Approximately 60% of aggregate revenues under contract for at least four years
Strong Government reliance on lottery proceeds
Approximately 30% of every wager goes directly to Governments
Service Revenues by Renewal Date
(1) Figures represent proportion of historical revenues for which the underlying contracts are expected to expire within the periods stated.
(2) Analysis assumes all extension options are exercised. GTECH’s revenues converted at the CY’08 Outlook exchange rate USD/EUR of 1.50.

16. Significant Opportunity for Growth in US Lottery Markets
Opportunity for Best Practices drive per capita growth
Massachusetts leads the US in per capita sales, fueled by high percentage payouts and retail distribution
Georgia and New York are second and third in per capita sales due to a strong game portfolio, retail distribution and a well-balanced payout percentage
Adoption of Best Practices by GTECH customers could drive substantial growth similar to GA and NY
Potential Additional GTECH Annual Revenue
(Based upon Average of GA and NY Best Practices)
2007 Weekly Per Capita Sales $M
+9-10BN*
+4-5BN*
+1-3BN*
15-20
Source: GTECH Lottery Marketing Database
*Incremental gross sales potential
GTECH’s US customers have significant room to drive growth,
based upon execution of best practices and other factors

17. Interactive Gaming Markets
Global Interactive Gaming Market
GGY 1998 to 2012E
High-Growth Interactive Gaming Segment
CAGR: 11.1%
28.2%
Interactive Lottery market expected to double in five years
Fast-growing Multiplayer games
Europe and Asia critical to scale and growth, given regulatory issues in the US
Our core customer segment (lotteries) expected to be significant growth driver of interactive gaming
16.6%
6.7%
5-Year CAGRs ( )
7.1%
14.6%
Lotteries Poker
Casino Bingo Skill games
Source: GBGC (Oct 2007)
Our strategic investments in new acquisitions position us well to take advantage of the fast-growing interactive gaming market

18. China Opportunity Substantial opportunity to participate in growing
Chinese lottery market
Lottery highly regulated under Ministry of Finance; two national bodies:
China Welfare Lottery Issuance Centre (CWLC)
China Sports Lottery Administration Centre (CSLA)
Retail market substantially under-penetrated – 150K POS among 1.4 billion individuals
Assuming 1 POS per 2,000 persons, potential POS penetration of 700K [plus 550K]
Market expected to grow at healthy pace driven by expanding sales network and the introduction of new games
Substantial opportunity to convert non-regulated market to regulated
Current GTECH market position
Online systems in Beijing and Guangdong
Recent joint venture with China LotSynergy for development of nationwide KENO system for CWLC
CHINA LOTTERY MARKET
’07–‘10
CAGR
31.7%
39.5%
26.6%
Source: IDC (Jan. 2007)

19. Italian Regulatory Model
Licenses for game operations based on two competitive models with
regulatory oversight focused on gaming rules and market monitoring
EXCLUSIVE
CONCESSIONAIRE
(Lotteries)
MULTI-PROVIDER
CONCESSIONAIRE
(Other Games)
Lotto
Instant lotteries
SuperEnalotto
Sports Betting and Pools
Horse-race Betting and Pools
Gaming machines
Bingo

20. Growing Italian Market
2001 – 2007 Wagers Trend
Key Market Drivers
Horse Betting & Pools
CAGR
-3%
-4%
85%
16%
57%
2001
2002
2003
2004
2005
2006
2007
14.4
15.7
15.1
25.0
27.5
35.3
42.1 5 10 15 20 25 30 35 40 45
Lotto
Superenalotto
Instant Lotteries
Sports Betting
Bingo
Gaming Machines
CAGR:19.6%
€ bn
Exceptional market growth mainly driven by innovation and portfolio expansion:
Gaming Machines wagers reached €18.8B due to legalization process
Scratch and Win continued increase in consumer penetration: €8B wagers
Sports Betting grew by 29% (CAGR) in last two years
Numerical Lotteries maintained their positions
Source: AAMS / Lottomatica

21. Lottery - avg spend per capita Betting - avg spend per capita
The Italian Gaming Market in Europe
Italy is one of the most penetrated gaming markets in Europe, representing a unique balance between a regulated model and a highly-transparent, competitive environment:
More than 100 authorized concessionaires
Nine major international players
25M consumers
Lottery - avg spend per capita
Betting - avg spend per capita
€/year
€/year
GTECH has the largest wireless Point of Sale network
-8x the size of the 2nd largest
GTECH 130K
BP / Amoco 15K
Exxon / Mobile 14K
Shell / Texaco 12K
Chevron 8K
GM 8K
US Post Office 7K
Ford 6K
Daimler / Chrysler 5K
In short, we are a widely diversified gaming technology company with lottery as our foundation and growing interest in other forms of public and commercial gaming.

22. Italy – Scratch&Win and Lotto
Gratta e Vinci today is the most popular game in Italy (more than 14M consumers) and the first Instant Lottery in the world (€8BN wagers)
Lotto is among the top-performing Numerical Lotteries in the world, despite the strong growth of Gratta e Vinci and other emerging games
Scratch&Win Wagers
LTO management
State management
2001
2002
2003
2004
2005
2006
2007
0.2
0.4
1.5
3.9
8.0 2 4 6 8 10
CAGR:151%
€ bn
Lotto Wagers
Core Wagers
Late Numbers
2001
2002
2003
2004
2005
2006
2007
7.3
7.9
6.9
11.7
6.6
6.2
2.5
5.0
7.5
10.0
12.5
Venice 53
phenomenon
3rd drawing
introduction
€, bn

23. Italy – Betting and Gaming Machines
Sports Betting: Lottomatica quickly reached overall a solid second position in this growing market, while being the largest operator in the new network
Gaming Machines: in 2007 started an aggressive growth plan to play a leading role in this market consolidation process
June 2008 – Betting Total Market
Gaming Machines Wagers and Market Share
2005
2006
2007
480
630
1,616
500
1,000
1,500
2,000
LTO market
share (EoY)
Total mkt
licences
(EoY, K) 6%
180
230
14%
300
€ M
June 2008 – Betting New Network

24. Financials 1H’08 and Guidance

25. Financial Highlights 1H’08
Revenues
EBITDA
+16%
+10%
+11%
+5%
Margin % % % %
Top line growth in Italy of 27% driven by Sports betting, Gaming solutions and Scratch & Win
B2B Lottery same store revenue growth of 4%, strategic extensions in California and Ireland
Steady 43% EBITDA margin reflects fast-growing businesses contribution
Note: $/€ FX average: 1.33 in 1H’07; 1.54 in 1H’08

26. Cash Position 1H’08
Healthy unlevered free cash flow before acquisitions of €90M, increasing €16M versus comparable 2007 data
Solid cash position of €155M having already completed the majority of the acquisition plan for ’08, paid dividends, taxes and repurchased shares for 1.4% of outstanding capital
2.1M shares
€18.24 avg. price
(1)
Net Financial Position as of June 30 of €2,670M (€2,229 as of December 31, 2007) includes completed acquisitions of €205M and Atronic debt consolidation of €135M
Figures in €M
Note: (1) Net of the escrow payment of € 40 million for Totosi acquisition

27. Gross Long-Term Debt
2.5x Net Debt/EBITDA Ratio Target in 2010 (adjusted for Hybrid, Net Debt / EBITDA Ratio 1.75)
Group committed to maintaining financial discipline (S&P BBB- stable, Moody’s Baa3 stable)
Figures in €M

28. Key Financial Policies
Capital structure
Maintain investment grade rating
Preserve optimal weighted average cost of capital
Maintain sufficient financial flexibility to pursue growth
Free cash flow deployment priorities
Investments in existing business
Scheduled debt repayments
Dividend policy
Share repurchase program
Disciplined approach to capital allocation
Investments must be consistent with Corporate Strategy of maximizing value
Acceptable level of return: risk adjusted hurdle rate + spread

29. 2008 -2010 Guidance 2006 2007 2008 2010 CAGR 2007-2010 Revenues 1,5812
1,661
1, ,050
2, ,500
13% - 15%
EBITDA
6362
702
9% - 10%
Operating Income
395
15% - 18%
Operating Income Margin
23%
20% - 22% %
Amortization of Intangibles 85
Effective tax Rate
46%
38% - 36%
EPS as Reported (in €)
.49
Free cash Flow Unlevered1
257
Net Financial Position
(2,484)
(2,229)
(2,670) - (2,570)
(2,350) - (2,250)
Dividends
120
125
150
USD/EURO Rate
1.37
1.50
Figures in €M
FCF unlevered pre-acquisitions, pre-dividends and pre-debt amortization pre-Polcard proceeds
Pro-forma

30. Lottomatica Group web site Investor Relations Office
Contacts
Lottomatica Group web site
Investor Relations Office
Lottomatica S.p.A
Viale del Campo Boario, 56d
00154 Roma
Italy

31. Backup BP

32. Key Assumptions GTECH Drivers Lottomatica Drivers Other Drivers
Lottery
Same store sales growth of 5–6%
Maintain existing contracts; one new small contract, one medium
Gaming Solutions
Expansion in participation markets. Peak of replacement cycle in North America in 2010.
Interactive and Sports Betting
Growing to €90M by 2010
Lottery
Lotto – steady
S&W – low single-digit growth
Sports Betting
Maintain market share in a growing market
Gaming Solutions
Wagers to top €3.5BN by 2010
Commercial Services
Approximately €80M by 2010
Other Drivers
Capex
Maintenance capital approximately 5% of annual revenues
Growth capital approximately 3% of annual revenues
Maintain competitive dividend policy
1 € = $1.50

33. USD Sensitivity 2007-2010 Business Plan @ USD/€ 1.50
Approximately 30% of USD denominated Revenues
Depreciation of USD has a positive impact on Net Income
US$/€ Revenues EBITDA Net Income
% -0.9% +1.3%
% -1.8% +2.6%
Note: % change compared to 2008 base USD/€ 1.50

34. 2007 - 2010 Revenue Targeted Growth
Revenue CAGR between 9 and 11% leveraging organic growth and new business development opportunities
2, ,500
200 – 230
1,850
Reported 1,661M
Acquisitions M
Disposals (22)M
1,850M
Note: Includes € 216 M aggregated ‘07 revenues (of which € 5M already consolidated in ’07 by LTO) from newly-acquired companies (Finsoft, Atronic, Boss Media, St Minver)
Figures in € million

35. 2007 - 2010 Solid EBITDA Profitability
EBITDA CAGR between 8% and 10%, maintaining high margins in traditional markets and developing new business
Limited price pressure and costs streamlining
65 – 75
716
Reported 702M
Acquisitions 25M
Disposals (11)M
716M
Note: Includes €25M aggregated ‘07 EBITDA from newly-acquired companies (Finsoft, Atronic, Boss Media, St Minver)
Figures in € million

36. 2008 – 2010 Cash Flow
Plan focused on allocating cash flows to selected
investment opportunities and create return to shareholders
1,950 – 2,000
Figures in € million
Including
€ M
Acquisitions
OCF
Capex
Net interest
Levered
Cash
Flow
Note: OCF, Operating Cash Flow after change in NWC
Acquisitions: newly-acquired companies (Finsoft, Atronic, Boss Media, St Minver)