Company Profile of OPAP S.A.

OPAP S.A. is the leading gaming company in Greece and currently holds the sole concession to operate and manage nine existing numerical lottery and sports betting games, as well as two additional numerical lottery games that we have yet to introduce. We also hold the exclusive right to operate and manage absolute and variable fixed odds betting subject to government approval of each game. In addition, we hold the sole concession to operate and manage any new sports betting games in Greece, as well as a right of first refusal for the sole concession to operate and manage any new games permitted and regulated by the Hellenic Republic.

OPAP S.A. currently operates six numerical lottery games (Kino, Joker, Lotto, Proto, Super 3 and Extra 5) and three sports betting games (Stihima, Propo and Propo-goal). Our Company is also in the process of designing a new lottery game, Bingo Lotto. Distribution of our games is taking part through a network of approximately 5,540 dedicated independent agents throughout Greece and Cyprus, each with one or more terminals that are connected on-line to one of our data processing centers in Athens or Cyprus.

Our revenues have constantly increased in the past few years. Particularly, from €2 billion in 2002 they rose to €3.2 billion in 2004 resulting in a market share of 52.6 % of the Greek legal gaming sector.

In October 2004, we successfully completed the roll-out of Kino, our newest and most popular game. In the three months ended March 31, 2005, we derived 50.6% of our revenues from games from Kino.

Our Business Strategy

Revitalize Stihima

Following a decline in popularity of the game the past few months, due to increasing illegal competition, we decided to increase the payout to players, introduce Greek championship matches, launch "in play" (live betting) and "over under" betting and expand betting in more sports as well as non sports activities

Launch New Games and Redesign Our Existing Games

During the first half of 2006, we intend to introduce a new lottery game, Bingo Lotto, which will be played through nationally televised draws and could also include other draws and entertainment. Further, we plan to redesign our longest-running game, Propo. By the end of 2005 we intend to: (i) increase the number of football matches in the game to 14 by eliminating the category Super 13 and the third winning category (which included winners who had correctly predicted the results of 11 football matches) and establishing three new winning categories for winners who have correctly predicted the results of 12, 13 or 14 football matches, (ii) introduce a new option to players allowing them at additional cost to also place a wager on the outcome of the first seven football matches on the same Propo ticket, (iii) increase the price per wager and (iv) introduce a jackpot rollover concept for the first winning category (specifically, if there is no winner in the highest winning category, the jackpot will be rolled over to the highest winning category in the next Propo game). At the same time, we intend to increase the price per Lotto wager. In addition, we are considering extending our Kino playing hours.

Enhance and Expand Our Distribution Network

In order to enhance our corporate image, we intend to upgrade our agencies by applying a more uniform and more modern look throughout our agency network.

Continue to Combat Illegal Gaming

We intend to continue our efforts to combat illegal gaming in Greece by working closely with the Hellenic Republic to identify and implement measures designed to eliminate illegal betting.

Diversify Our Operations Outside of Our Concession Contract and through International Expansion

We intend to diversify our operations into areas outside of our concession contract. In particular, we plan to capitalize on the strength of our on-line network by providing commercial services to the public other than those relating to gaming. In addition, we will continue to evaluate opportunities to further diversify our operations through selective international expansion.

Update Our Technological Platform and Infrastructure

We intend to commence a comprehensive update of our on-line communication system through the procurement of a new central processing system and new terminals for our agents. We expect that this more modern and integrated system will improve the operation of our games and allow us to utilize our extensive on-line network.

Pursue Public Interest Initiatives to Continue Strengthening Our Brand

By virtue of our position as the market leader in the Greek gaming industry, we believe that our operations have a significant impact on the public's gaming activities and should be carried out in a socially responsible manner that reflects the Hellenic Republic's public interest objectives relating to the gaming and wagering industry. To this end, we have split our marketing strategy between sponsorship of sports and cultural activities and selective advertising and promotional activities. We believe that this will enhance trust in the OPAP brand while directing the public's gaming activity away from the illegal sector.