Greek Organisation of Football Prognostics S A : Stoiximan Investment Update

Stoiximan Investment Update

April 2020

Investment in Stoiximan Group | Executive summary

• Sole control* of Stoiximan's Greek/Cypriot operations via 84.5% stake post-acquisition
• Maintain international exposure via 36.75% of Stoiximan's international business
• Taking leading position in both Greek & Cypriot online markets
• OPAP Group now offers a fully diversified portfolio across all channels
• Stoiximan's management remains in place and company will continue to operate independently from OPAP's gaming activities
• Total investment in Q2/Q3 2020 of €163.4m+net cash, plus Earnouts for FY20/FY21

Approvals Progress	69% stake	Sole Control (with 85% stake)
Gaming Commissions		Required
Greek Competition Authority		Required
Cypriot Competition Authority		Required

*subject to approvals of relevant regulatory/competition authorities

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Investment in Stoiximan Group | Transaction overview

Current structure

Transactions

Final structure

36,75%

TCB Holdings

Greek & International

Business

63,25%

	OPAP	Other shareholders

1st step

2nd step

 Reaching 84.49%	 Reaching Sole
of Greek & Cypriot	control
Business

Carve-out of Greek and Cypriot operations, into a separate entity

36,75% 15,51%

TCB Holdings	Stoiximan
International	Greek & Cypriot
Business	Business

63,25%

84,49%

OPAP Other shareholders

	Indicative timeline & preliminary calculation of considerations
Q4 2018	Q2/Q3 2020	Q2 2021	Q2 2022

€50m	€163.4*m (+ net cash)	Earn-out '20**	Earn-out '21**
net consideration

(already paid)		TBD upon EBITDA performance
	**calculation formula: 30%*8x-10x*EBITDA performance differential
	*After subtracting OPAP's own stake

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Stoiximan Group - Overview

Countries of Operations

Estimated Market Share - FY 2019

Greece	Cyprus
Mkt: €437mn1	mkt: €30mn2
49%	47%

Stoiximan	Others	Stoiximan	Others
1according to official HGC data,	2according to NBA

not including grey operators

TCB Holdings - FY2019 GGR

20%	27%

	80%			73%
Greece/Cyprus	International		Betting	Casino

Romania	Portugal
mkt: €208mn3	mkt: €215mn4

18%	8%*

*Q4 market share; started operation in May'19

Betano	Others	Betano	Others

		3according to H2GC	4according to SRIJ
			TCB Holdings - EBITDA
		TCB Group (inc Greece/Cyprus)
		Greece/Cyprus (est./adj.)	44
				38
16	19
2017	2019

€m

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OPAP Group - ProForma FY2019 figures

Gross Gaming Revenues (GGR) 2019 - per channel		Gross Gaming Revenues (GGR) online - net of bonuses

Online

206 (11%)

1,814m

Retail

1.608 (89%)

€m

Gross Gaming Revenues (GGR) 2019 - per product

Instant & Passives		Online Casino
	49m (3%)
147m (8%)
VLTs	1,814m	Lottery
298m (16%)
		779m

Betting	(43%)
541m
(30%)

€m

+20.3%+35.5%

206.2

126.5152.2

	2017	2018	2019
€m		OPAP betting		OPAP - Tzoker		Stoiximan GR - betting
	Stoiximan GR - other		Stoiximan CY

Active online Players (monthly average)

+15,3%+59,4%

204

128

111

'000	2017		OPAP	2018		Stoiximan	2019

• OPAP Group's products - a more balanced product portfolio with betting now 30% of total GGR
• Online contribution - now benefiting from a significant contribution from fast-growing Online channels
• Active Players - player base is recording significant expansion across both OPAP and Stoiximan

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