1. © OPAP1 OPAP Corporate Presentation June / July 2008

2. © OPAP2 Agenda  Company Overview  Recent Developments  Financials  Stock Info  Investment Perspectives

3. © OPAP3 Company Overview

4. © OPAP4 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%

5. © OPAP5 €m€m Source: 1998-2003 OPAP; 2004-2007 Greek National Statistics Services The Greek gaming market: 1998 – 2007 Industry Background

6. © OPAP6 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” 1959 1990 1992 1996 1997 2000 2002 2003 - Introduction of Games Company Evolution

7. © OPAP7 Revenues per game: 1995 - 2007 €m€m Evolution of Games 1995-2007 Joker Stihima Proto ProPo (Toto) Lotto ProPo-Goal

8. © OPAP8 GameStihimaJokerLottoPropoProtoSuper 3Extra 5Propo- Goal Kino Type of GameSportsNumerical SportsNumerical SportsNumerical Fixed / MutualFixed-oddsMutual Fixed-odds MutualFixed-odds 2007 Revenues (1) €2,145m€256.5m€54.9m€63.7m€50.2m€60.5m€13.9m€1.6m€2,418.0m 2007 Gross Profit€384.8m€88.4m€24.6m€20.6m€16.0m€17.7m€4.3m€0.3m€463.2m OPAP Share of Revenues (2) 20.7% (3) 38.0%48.4%36.0%35.2%32.0% 37.8%22.0 (4) Year of Introduction 200019971990195919922002 19962003 Agent Commission 8%12% 8%12% 8% Frequency of play DailyTwice weekly Three times weekly Twice weeklyThree draws daily One draw daily Once a week 108 draws daily / 132 draws weekend (1) Group revenues (2) Sales minus pay out ratio and the agents’ commission (3) Depending on the pay out ratio (4) As of 01.01.2008 Overview of Existing Games

9. © OPAP9 9 OPAP Games Product Matrix CHANCE MUTUAL SKILL FIXED ODDS Number Games Betting Games ProPo (Toto) Stihima Lotto Proto Joker ProPo-Goal

10. © OPAP10 OPAP Retail Network  Approx. 5300 on-line points of sales (agency outlets)  Largest (by far) retail network in Greece Source: OPAP GIS (2005)

11. © OPAP11 Drive Value Through Sustainable Earnings Growth and Dividend Distributions Within Framework of Social Acceptance Strengthening and Enrichment of Stihima Contractual Agreement with Agency Network Continue to Combat Illegal Gaming Reorganisation of Internal Operations to improve Efficiency Diversify Operations Outside of Our Core Concession Continue to Strengthen Our Brand OPAP’s Strategy SHORT TERM ON GOING

12. © OPAP12 Recent Developments

13. © OPAP13  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. Recent Developments

14. © OPAP14 Financials

15. © OPAP15 Revenue (€m) 2001 - 07Adjusted EBITDA (€m) 2001 - 07 Adjusted EBIT (€m) 2001 - 07Adjusted Net Profit (€m) 2001 - 07 Track Record of Growth

16. © OPAP16 Q1 2008-07 Operating Revenues (€m) Q1 2008-07 Adjusted EBITDA (€m) Q1 2008-07 Adjusted Net Profit (€m) 19.8% 35.2% 32.2% Q1 2008-2007 Results

17. © OPAP17 (2) Revenue Mix Sports Betting Numerical Games €m€m 49% 44% 56% 51% 47% 53% 23% 77% 20% 80% 20% 80%

18. © OPAP18 Adjusted EBITDA Margin  Margin increase during Q1 2008 Margins

19. © OPAP19 € Interim DividendFinal Dividend 0,60 0,67 0,73 1,48 1,42 Dividend Policy 1,58 1,74

20. © OPAP20 Stock Data

21. © OPAP21  Listing date in ATHEX: 25.4.2001  OASIS: OPAP  ISIN: GRS419003009  Bloomberg: OPAP GA  Reuters: OPAr.AT  Index Participation  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 Stock Info

22. Public Offering Issue Price € 5,5 Stock Chart Public Offering Issue Price € 8,44 Public Offering Issue Price € 24,14 Public Offering Issue Price € 9,44

23. © OPAP23 Shareholder Structure June 2008

24. © OPAP24 Investment Highlights

25. © OPAP25 Permits OPAP to enjoy the growth of the Greek Gaming Market Further the potential cross selling opportunities Secure stable Dividend efficiency and effective Investment Policy Favourable Market Dynamics, Credibility and Growth Possesses Experience, Knowledge, and proven successful introduction of new games Sole Concession for 20 years Sales Network Strong Cash Flows Strong Fundamentals Strong Management Team Superiority Highlights

26. © OPAP26 …Thank you