Presentation to Investors

June 2017

June 2017 | Page 2

Disclaimer

By reading or attending the presentation that follows, you agree to be bound by the following limitations.

This presentation has been prepared by INTRALOT S.A. and its subsidiaries (the “Company” or “We”) solely for informational purposes and does not constitute, and should not be

construed as, an offer to sell or issue securities or otherwise constitute an invitation or inducement to any person to purchase, underwrite, subscribe to or otherwise acquire securities in

the Company. This presentation is intended to provide a general overview of the Company and its business and does not purport to deal with all aspects and details regarding the

Company.

For the purposes of this disclaimer, the presentation that follows shall mean and include the slides that follow, the oral presentation of the slides by the Company or any person on its

behalf, any question-and-answer session that follows the oral presentation, hard copies of this document and any materials distributed in connection with the presentation. By attending

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of the restrictions that apply with regard to the presentation and acknowledged that you understand the legal regulatory sanctions attached to the misuse, disclosure or improper circulation

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The Company has included non-IFRS financial measures in this presentation. These measurements may not be comparable to those of other companies. Reference to these non-IFRS

financial measures should be considered in addition to IFRS financial measures, but should not be considered a substitute for results that are presented in accordance with IFRS.

The information contained in this presentation has not been subject to any independent audit or review. A significant portion of the information contained in this presentation, including all

market data and trend information, is based on estimates or expectations of the Company, and there can be no assurance that these estimates or expectations are or will prove to be

accurate. Our internal estimates have not been verified by an external expert, and we cannot guarantee that a third party using different methods to assemble, analyse or compute market

information and data would obtain or generate the same results. We have not verified the accuracy of such information, data or predictions contained in this presentation that were taken

or derived from industry publications, public documents of our competitors or other external sources. Further, our competitors may define our and their markets differently than we do. In

addition, past performance of the Company is not indicative of future performance. The future performance of the Company will depend on numerous factors, which are subject to

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statements of strategic objectives, business prospects, future financial condition, budgets, projected levels of production, projected costs and projected levels of revenues and profits of the

Company or its management or boards of directors; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements.

Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and outside of the control of the

Company. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. We have based these assumptions on

information currently available to us, if any one or more of these assumptions turn out to be incorrect, actual market results may differ from those predicted. While we do not know what

impact any such differences may have on our business, if there are such differences, our future results of operations and financial condition, could be materially adversely affected. You

should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made. The Company

expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement to reflect events or circumstances after the date on which such

statement is made, or to reflect the occurrence of unanticipated events.

Agenda

1. Overview

2. Key Strengths

3. Company Strategy

4. Performance Overview & Financials

5. Conclusion

6. Appendix

June 2017 | Page 4

1. Overview

June 2017 | Page 5

Interactive

Global Gambling Market – 2016 Snapshot

96%

4%

90%

10%

81%

19%

86%

14%

94%

6%

94%

6%

89%

11%

€355b

Global

GGR

€117b

North

America

GGR

€110b

Asia

GGR

€98b

Europe

GGR

€17b

Oceania

GGR

€10b

South

America

GGR

€3b

Africa

GGR

Global GGR, 2016E Global GGR per region, 2016E

Source: H2 Gambling Capital Summary May’16

Retail

122

104

65

5113

Lotteries

Casino

Betting

Gaming

Machines

Bingo

/ Other

€355b

Global

GGR

June 2017 | Page 6

Regulatory and Industry Trends Overview

Regulation Initiatives

Global regulation changes, driven by country and state budget deficits and

increased demands for social welfare spending fuel:

Liberalizations of gaming markets, mainly Internet and mobile markets

Privatizations of state owned lotteries

Crackdowns on illegal gaming

End-to-End player experience

New business models focus on growing consumer demand for entertainment

Personalized game offering and content

Customer analytics

Technology convergence

An ‘All-in-one’ gaming platform delivering a unified customer experience

Convergence of land based and interactive channels

Distribution channels

Mobile is now the primary access point to online retail for most consumers

Competition

Major international competitors shift focus to VLT market and achieving

synergies

Offers a personalized player

experience

Leading partner for organizations

that want to compete in a

regulated interactive competitive

environment

Robust, efficient and versatile

gaming platform that converges

land-based and interactive channels

Omni-Channel Approach

Offers extensive business support

for optimal customer experience

Key Sector Trends INTRALOT’s Position

June 2017 | Page 7

Global Presence - INTRALOT at a Glance

U.S.A.

51,000 Retailer terminals

26,000 VLT Systems

8,200 Self-service terminals

34,000 Horizon Monitors

Europe

71,500 Retailer terminals

36,000 Horizon Monitors

Oceania

Asia

22,000 Retailer terminals

30,000 VLT Systems

11,500 Horizon MonitorsAfrica

3,400 Retailer terminals

2,300 Horizon Monitors

South

America

6,900 Retailer terminals

160 VLT Systems

3,500 Horizon Monitors

306,000

INTRALOT Retail

Solutions WORLDWIDE

55

Jurisdictions

32

Countries

87

Contracts

3,4501

Employees

1.32 bn

Revenues in 2016

INTRALOT is the leading supplier of integrated gaming and transaction systems, innovative game content, sports betting, and interactive

gaming services to state Lotteries worldwide

1A global workforce of approximately 5,300 employees (3,450 of which in subsidiaries and 1,850 in associates)

€23.4bn wagers

handled

More than

130 Patents

June 2017 | Page 8

Business Description Our Three Pillars

Overview of INTRALOT – A Global Gaming Technology

and Service Company

Management Contracts TechnologyLicensed Operations

Day to day

operations

management

Includes marketing,

POS optimisation,

risk management

Operation and

control over every

aspect of the gaming

offering

Provision of

hardware, software,

and telecom

solutions to state or

state-licensed

operators

Installation,

maintenance and

support

FY16 Revenue Breakdown

Typical contract

structure

Open-ended

market licence

Revenues

generated

through wagers

Typical contract

structure

Multi-year with

renewal options

Fixed percentage

of wagers

Typical contract

structure

Multi-year with

renewal options

Fixed percentage

of wagers

INTRALOT is a global leader in the supply of integrated gaming systems

and services

Designs, develops, operates and supports customized software and

hardware for the gaming industry

Provides innovative technology and services to state and state-

licensed lottery and gaming organizations worldwide

Holds licences for full games operation

Founded in 1992 and listed on the Athens Stock Exchange since 1999

Operates a diversified and stable portfolio of 87 contracts and licenses

across 55 jurisdictions and 5 continents

INTRALOT has a strong track record of contract renewal

Revenues of €1,323.6m and EBITDA of €175.8m (13.3% margin) in FY16

Average sovereign rating of operations in the high BBB/ Baa to low A area

16%

9%

75%

Licensed

Operations

Technology

Management

Contracts

By Geography By Business Activity

Europe 40%

America41%

RoW19%

June 2017 | Page 9

INTRALOT Certifications & Memberships

As member of the UN Global Compact,

INTRALOT is a global corporate citizen

committed to sustainable development,

and is an active proponent of the

principles of responsible gaming,

possessing the WLA Responsible

Gaming Framework Certificate

The Company maintains the highest

security certification

INTRALOT is the first international

vendor in the gaming sector that has

been certified according to the WLA

Security Control Standard in 2012

Moreover, the Company has been

certified with the ISO 27001 for its

(ISMS) Information Security

Management System and maintains the

ISO 20000-1 certification on Information

Technology Service Management

Leading member in all major Lottery and Gaming Associations

globally:

Platinum

Contributor

Premium

PartnerTop

Sponsor

Star

Contributor

Gold

SponsorMember

Gold

Member

1st Vendor to

Achieve WLA

SCS Certification

1st Vendor to

Achieve ISO

20000

Certification

17 operations

certified as per

both WLA (SCS)

and ISO 27001

security

certifications.

Reliable

Responsible

Responsible & Reliable Partner Highlights

June 2017 | Page 10

2. Key Strengths

June 2017 | Page 11

Strengths Overview

Leading position in the

sector with technological

innovations creating

significant barriers to entry

Diversification and scale

across geographies and

business activities

Shift to asset-light model

and stronger cash flow

generation

Competitive EBITDA

Margins

Management experienced

at renewing contracts and

delivering revenue and

EBITDA growth

7

2

Highly visible recurring

revenues secured by long-

term contracts

4

35

6

Attractive industry with

sustainable future growth

prospects

1

June 2017 | Page 12

1.5 1.7 1.7 2.3 2.5 2.7 2.8 3.0 3.2 3.4

10.9 12.1 13.3 15.1 16.5 18.3 19.8 21.7 23.0 24.97.48.3

9.09.8

10.511.3

12.012.7

13.414.2

4.24.1

4.34.8

5.25.4

7.78.9

9.610.6

2426

2832

3538

4246

4953

2011A 2012A 2013A 2014A 2015A 2016E 2017E 2018E 2019E 2020E

Americas

Asia

Europe

RoW

93.4 95.7 98.2 101.9 102.0 104.3 107.1 109.7 112.7 116.1

39.8 41.2 43.2 47.2 48.7 50.9 52.8 55.4 57.2 60.2

119.5 126.2 131.7 133.6 122.2 122.0 127.7 132.3 136.4 140.6

59.2 61.2 61.0 62.1 63.1 64.4 66.1 67.7 69.5 71.4

11.912.2 12.5 12.5 12.7 13.1

13.413.7 13.8

14.1

324 337 347 357 349 355 367 379 390 402

2011A 2012A 2013A 2014A 2015A 2016E 2017E 2018E 2019E 2020E

Others

Gaming Machines

Casino

Betting

Lotteries

+1.6% +1.9%

+1.6% +2.6%

+0.6% +3.6%

+5.2% +4.3%

+2.2% +2.7%

Attractive Industry with Sustainable Future Growth Prospects1

Focus on lottery and betting

Focus on the interactive channel/ Strengthen INTRALOT’s footprint through AMELCO agreement

Source: H2 Gambling Capital Summary May’16. Data for the Fiscal Years 2016-2020 are estimated by H2GC.

Global Gaming Market GGR Evolution per product (€bn)

Global Interactive Gaming Market GGR Evolution per region (€bn)

11-15 16-20

CAGR

+5.5% +18.4%

+9.1% +5.9%

+10.9% +8.0%

+13.6% +5.9%

11-15 16-20

CAGR

June 2017 | Page 13

Leading Position in the Sector with Technological Innovations Creating Significant Barriers to EntryLicensed Operations

1 INTRALOT also operates in Slovakia

2

#1 market position

INTRALOT enjoys leading positions in licensed gaming in many of its countries of operations

Leading market

position

24.3%

13.0%

Country % of 12M16 EBITDA

37.4%Total 10 countries1

June 2017 | Page 14

36%

46%

18%

• Well diversified portfolio with balanced presence in developed

(through new sales channels) and developing markets (high

GDP growth)

• Approximately 24% market share in the US in IT to lotteries

(11 states) and c.48% in Argentina (11 states) in IT to lotteries

• Provider of IT to Lotteries in Taiwan, South Korea, New South

Wales (Australia), etc.

• Recurring revenues – average contract term of 8 years

• In 2016, Greece represented less than 3.0% of the Group’s

Revenue

INTRALOT is one of the global leaders in technology for the gaming industry, with leading positions in many

countries

Established Dec 2001

INTRALOT Inc. (US)

● 60M population coverage

● 24% market share (contracts in 10 states + DC)1

FL

ALMS

NC

SC

GA

NM

CA VA

TXLA

AR

WY

UTNV

OK

NE

CO

OR

MOWV

TN

KSKY

IA

SD

MI

INIL

ID

MTWA ND

WI

MN

ME

OH

NY

AZ

NJMD

PA

DE

VE

NH

DC INTRALOT

CT

RI

INTRALOT IGT SGI NO LOTTERY

Well Established Player in the IT to lotteries US market

Source: INTRALOT

Source: INTRALOT, 2013 – 2016 (Sample of 28 Opportunities)

Leading Positions Across the World

LostProcesses that were awarded

to another bidder

WonProcesses that we submitted the

winning offer

Cancelled/ PendingProcesses that did not result to

an award yet or have been

cancelled

42%

Probability of

Successful Contract

Acquisition for any

Given Bidding

Process (excluding

pending/ cancelled

processes):

Global Leader in the Global Gaming Industry

Technology and Management contracts2

1 Intralot has presence also in GA through a VLT monitoring contract

June 2017 | Page 15

Diversification and Scale Across Geographies and Business Activities

Diversified portfolio with 87 contracts and

licenses, with presence across 55 jurisdictions in

32 countries

Well diversified portfolio with balanced presence

in developed (through new sales channels) and

developing markets (high GDP growth)

Majority of revenues, cash resources and debt

obligations outside Greece, thereby mitigating

individual sovereign risk

Approximately €23.4bn wagers handled annually

Approximately 3,4501 people employed

worldwide

Average sovereign rating of operations in the

high BBB/ Baa to low A area

EBITDA by Business Activity

EBITDA by Geography2

FY16 EBITDA: €175.8m

FY16 EBITDA: €175.8m

3

1 5,300 in total, of which 3,450 in subsidiaries and 1,850 in associates2 Countries with negative EBITDA have been excluded from the chart

Turkey20%

United States20%

Bulgaria12%

Australia8%

Argentina8%

Azerbaijan; 8%

Jamaica6%

Malta6%

Morocco6%

Netherlands; 3%

New Zealand; 1% Russia1%

Other1%

Technology28%

Management Contracts

31%

Licensed Operations

41%

June 2017 | Page 16

2018

2018

2018

2022

2022

2023

2025

2026

Morocco

Turkey (Inteltek)

Greece (OPAP)

New Zealand

Malta

Argentina (13 Contracts)

Azerbaijan

Greece (Hellenic Lotteries)

US (14 Contracts)

Bulgaria

Jamaica

2027

Highly Visible Recurring Revenues Secured by Long-Term Contracts

Major Contract Expiry (Without Renewal Options)

85% of revenues secured through

multi-year contracts or renewable

licenses until 2021

Average contract term of 8

years

Strong track record of contracts

renewal

11 licensed operations in 10

countries with leading market

position in the majority of them

Contracts with long-term duration,

providing stability to revenue

stream

Unique operational model in

countries allowing INTRALOT to

micro tailor products for distribution

Competition (where applicable) is

local – no global competitor in

licensed operations markets

% of FY16EBITDA1,2

4

Contract type

Management Contracts TechnologyLicensed Operations

6%

14%

1%

6%

8%

8%

1%

12%

6%

4%

20%

Open

Market

License

1 Excluding countries with negative EBITDA2 Management estimation incorporating direct expenses and apportionment of indirect expenses related to the project/ country

June 2017 | Page 17

58

6771

63 61

7.4% 7.3% 7.3%

9.6% 9.0%

2013A 2014A 2015A 2015A 2016A

Shift to Asset-Light Model and Stronger Cash Flow Generation

FY 2016A total cost breakdown

Other variable

costs

29%

Fixed costs

16%

Winnings

payout

55%

Less CAPEX Intensive Business Model Two pillars to the shift to asset-light

business model

Syndicate risk and reduce capex by

entering into JVs with local partners

allowing for minimum equity check

while maintaining and selling new

contracts

Optimize product development by

minimizing customization

requirements

Various criteria to select local partners

Local experience in industry and

ability to deliver

Extensive distribution chain

Well capitalized and long-term

presence

E.g. large utility or

telecommunication companies

Highly flexible cost base with c.85% of

costs variable

Game tax

15%

Agents

commissions

14%

Direct COS

18%Other

variable

17%

HR costs

21%

Other fixed

15%

Capital expenditure1 (€m) Capital expenditure1/

GGR

5

2 2

1 Purchases of tangible and intangible assets2 Excluding Italy and Peru discontinued operations

June 2017 | Page 18

Strong & Established Partnerships in the Gaming Sector

Attractive point of entry in a given

market, with limited capital

expenditure requirements

compared to full-scale M&A

Opportunity to establish strategic

partnerships with local players

which offer substantial market

knowledge, well-established

sales network and recognized

brand names

Ability to invest in companies in

which local partners see upside

and are therefore willing to retain a

controlling stake in

Rationale for Entering Into JVs List of Partnerships

Country INTRALOT stake Contract type

FY16

EBITDA

Contribution

1Q17

EBITDA

Contribution

Turkey

(Inteltek)45.00% Management contract 16% 13%

Turkey

(Bilyoner)50.01% Management contract 7% 7%

Bulgaria

(Eurofootball

Group)

49.00% + option

for additional

2.00%

Licensed operation 13% 13%

Bulgaria

(Eurobet Group)

49.00% + option

for additional

2.00%

Licensed operation 1% 4%

Azerbaijan 22.95% Licensed operation 9% 10%

Jamaica 24.97% Licensed operation 8% 10%

Argentina 50.01%

12 facilities management (IT)

contracts with state lottery

operators & 1 licensed

operation

9% 9%

Total 63% 66%

5

June 2017 | Page 19

682

642

13.3%13.2%

23.0%

25.8%27.8%

34.1%

37.9% 38.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

GGR (Net Revenues) Payout Gross EBITDA Margin Net EBITDA Margin

Competitive EBITDA Margins6

Revenues (€m)EBITDA margin (%)

On a GGR basis, INTRALOT’s profitability is at gaming industry averages

Peer A Peer B Peer C Peer D Peer E Peer F

1Peers Sample (in Alphabetical order): Aristocrat Leisure Ltd., Everi Holdings, International Game Technology plc, Ladbrokes Coral Group, Penn National Gaming & Scientific Games Corporation

Source: Companies’ Annual Reports & Press Releases

June 2017 | Page 20

Management Experienced at Renewing Contracts and Delivering

Revenue and EBITDA Growth

Management has achieved Revenue and EBITDA

growth despite changes in gaming regulatory

landscape

On a like for like basis, 2016A Revenue and

EBITDA grew by +19.2% and +20.6% respectively

compared to 2015A2,3

Experienced team has demonstrated in-depth

knowledge of the gaming sector dynamics

Keys wins

- Strong track record of contracts’ renewals

- 42% win rate in international tenders

(2013-2016)

- Successfully entered and gained market share

on the US market

- Successful implementation of internal

restructuring measures aimed at improving

efficiency

- Established strong and promising partnerships

7

1 Revenue values include eliminations2 LFL basis excluding FX impact3 Excluding Italy and Peru discontinued operations

Revenue1 Evolution by Region (€m)

EBITDA Evolution by Region (€m)

692 677 784948 964

388532

376 451459

549659

555540

134246

296

356292

292252

1,2021,374

1,539

1,853 1,915

1,2351,324

2011A 2012A 2013A 2014A 2015A 2015A 2016A

Europe Americas RoW

8870

88

44 29 27 23

4760

51

5868 58 65

1948

56

73 8080 88

154178

195175 177

165176

2011A 2012A 2013A 2014A 2015A 2015A 2016A

Europe Americas RoW

3

3

June 2017 | Page 21

3. Company Strategy

June 2017 | Page 22

Strategy Focusing on Higher Margins and Lower Debt Loads

Global offering

Local partnerships

Efficiencies

EBITDA impact Cash Flow impact

Shift to “asset-light” business model generating positive EBITDA and Cash Flow impact

Products & Services focus

Operational excellence

(“know how”)

Technology as enabler

New distribution channels (Self Service Terminals,

Mobile)

Sport betting

VLT monitoring

Core system

Content management

CRM

Referencing in 50+ jurisdictions

Fertilization

In existing business

In new ventures

Local relations/ know how

Regulatory constraints

Capital release (equity/ capex)

Topline and cost synergies

Intralot de Peru

Intralot Italia

Eurobet

Operational

Asset

Financing

Examples

Globalization

Synergies

Operating leverage

Non core asset disposal

WC optimization

De-leverage

Debt re-pricing

June 2017 | Page 23

Progress against strategic objectives

1 Assuming that all new EBITDA is cash; Benefits from refinancing will be visible from 2017 onwards

Progress

Year 1

Progress Level

EBITDA € +11m

Cash Flow1 € +24 m

Net Debt / EBITDA 2.8

Global offering Strategic partnership with AMELCO

Lotos 10 completion is expected within 2017

Local partnerships

Successful

Merger of activities in Italy with Gamenet

Sale of 80% of INTRALOT de Peru

Acquisition of 49% stake in Eurobet

Delay

Oceania transaction

Efficiencies Successful refinancing with decreased servicing

cost and increased committed lines in the new

RCF

2017 Target is to focus on operational efficiencies

Medium HighLow

June 2017 | Page 24

4. Performance Overview & Financials

June 2017 | Page 25

Recent Business Milestones

Key Events Over the Last Twelve Months

20

16

20

17

Bulgaria – Completion of the acquisition of a 49% stake in Eurobet, a numerical and instants tickets

operator in Bulgaria

Italy – Completion of the Gamenet transaction

Philippines - Renewal of the contract with Pacific Online Systems Corporation (POSC) for a 3 year term

Netherlands - Renewal of the contract with the Nederlandse Staatsloterij/De Lotto for a 3 year term

Brazil - Renewal of the contract in with Minas Gerais for a 6 year term

Chile – Successful Go Live of the 10 year term contract with the State Lottery organization

Peru – Completion of the Intralot de Peru transaction (Nexus Group)

USA (Idaho) – Signed contract to become the Idaho Lottery provider for a 10-year term with the option to

extend for up to a maximum of two (2) additional 5-year terms

Successful early Refinancing of a €250m bond with significantly better terms and increased RCF lines by

€40m

Morocco – Signed a 1-year extension with both lotteries

Greece (OPAP) – After 20 years of successful partnership, INTRALOT’s contract with OPAP may end in

2018

Amelco – INTRALOT and AMELCO announced the signing of a definitive agreement for a strategic

partnership to develop a suite of next-generation sports betting products

Australia and New Zealand – INTRALOT entered into discussions on an exclusive basis with

Tatts regarding a potential sale of INTRALOT’s Australian and New Zealand businesses

Ma

rA

pr

Ma

yJu

nJu

lA

ug

Se

pN

ov

Fe

bM

ar

Ja

n

June 2017 | Page 26

Healthy FY16 Performance

Key Takeaways

“The strongly positive results of 2016 in both growth and profitability

reflect important transformations that have taken place over the past

couple of years across operational capabilities, project management,

cost structure, and Products and Services portfolio investments. A

series of M&A transactions greatly enhanced our business

development potential through strong local partnerships and diversified

portfolio offering. The past year was also marked by tremendous

improvements in INTRALOT’s financial structure in a way that secures

future savings and a clear funding horizon until 2021 while affirming

international investors’ confidence in future value creation.”

Antonios Kerastaris, Group CEO

Healthy revenue growth both in FY16 and 4Q16 (+7.1% and +7.5%

respectively, compared to the same prior year period)

Increased sales in Bulgaria, Turkey and North America more than

counterbalanced decreased sales in Azerbaijan and South America

(Argentina, Jamaica and Brazil)

EBITDA in the twelve-month period grew by 6.6%, whereas 4Q16

EBITDA increased by 18.6%

On a yearly basis, EBITDA margin, from continuing operations,

remained steady at 13.3%, showcasing operating profitability

resilience as the Group fully absorbed a payout ratio increase of

3.5pps

Operating Cash-flow increased significantly in FY16 at €168.1m vs.

€113.8m in FY15. The growth is mainly attributed to WC

improvement (+€46.8m vs. FY2015) due to efficient management

and WC normalization

Key Metrics (€mm)

Note: FY and 4Q results do not include discontinued operations in Italy, Peru and Russia1 Purchases of tangible and intangible assets less proceeds from sales of tangible and intangible assets

Revenues

EBITDA

Operating cash flow

Net capex1

1,235 1,324

341 366

12M15 12M16 4Q15 4Q16

165 176

44 52

12M15 12M16 4Q15 4Q16

13.3% 14.1%13.3% 12.8%

114

168

12M15 12M16

69

63

12M15 12M16

+7.1%

+7.5%

Margin:

+18.6%

June 2017 | Page 27

11

25

11

“Robust revenue growth and improved profits registered in

1Q2017 is driven by our strategic decisions to focus on key

markets as well as products & services portfolio

diversification. All the transformational initiatives undertaken

over the last two years are depicted both at profit and cash-

flow levels, considerably improved from a year ago. With a

significantly improved financial structure and operational

performance, we are also reaping the fruits of lower debt

servicing costs and enhancing our credit grade outlook by

rating agencies that boost our confidence going forward.”

Antonios Kerastaris, Group CEO

41 3934

305368

1Q16 1Q17

45

47

1Q16 1Q17

Key takeaways

Revenue growth in 1Q17 (+20.6% compared to the same period for

the prior year)

Increased sales in Bulgaria, Azerbaijan, and Jamaica more than

counterbalanced decreased sales in the US due to last year’s

excessive Powerball effect

EBITDA in the three month period grew by 4.3% compared to 1Q16

On a yearly basis, EBITDA margin, from continuing operations,

decreased to 12.6% compared to 14.6% in 1Q16, as a result of the

product mix change and last year’s Powerball effect

Operating Cash-flow posted a decrease in 1Q17 at €39.1m vs.

€41.2m in 1Q16. On a pro-forma basis, i.e. excluding the operating

cash-flow contribution of our Italian and Peruvian entities in 1Q16

(€7.0m), there is a significant improvement (€39.1m vs. €34.2m

pro-forma) driven by better EBITDA performance, less taxes and

improved working capital compared to the prior year

Key metrics (€m)

1 Purchases of tangible and intangible assets less proceeds from sales of tangible and intangible assets2 Figures excluding the operating cash-flow & net CAPEX contribution of our Italian and Peruvian entities in 1Q16 (€7.0m & €0.5m respectively)

1Q17 Performance

Revenues

EBITDA

Operating Cash Flow

Net Capex1

14.6% 12.6%

+20.6%

Margin:

1Q16 1Q16 Pro-Forma 1Q17

1Q16 1Q16 Pro-Forma 1Q17

2

2

€11.7m

towards the

AMELCO

agreement

June 2017 | Page 28

403 381478 495 487 509

2.1x 2.2x

2.9x 2.8x 2.9x 2.9x

2013A 2014A 2015A 2016A 2016Q1 2017Q1

Net Debt Net Debt/EBITDA

195 175 177 165 176

45 47

12.7%

9.5% 9.3%

13.3% 13.3%14.6%

12.6%

2013A 2014A 2015A 2015A 2016A 2016Q1 2017Q1

EBITDA EBITDA Margin

1

1,539

1,853 1,915

1,2351,324

305 368

2013A 2014A 2015A 2015A 2016A 2016Q1 2017Q11

Revenues

Operating cash flow and capex

€m

EBITDA and EBITDA margin

Net debt2 and Net debt / EBITDA3

€m

1 12M15,12M16 & 1Q16 results do not include discontinued operations in Italy, Peru and Russia2 Net debt calculated as Long-term debt plus Short-term debt and current portion of long-term debt plus Financial Leases less Cash and cash equivalents3 Calculated as Net debt divided by LTM EBITDA4 2016Q1 Net Debt & LTM excludes the contribution of Italy and Peru

€m€m

1 111

Key Performance Highlights

139153

114

168

41 39

5867 71 65

1125

2013A 2014A 2015A 2016A 2016Q1 2017Q1

Operating CF CAPEX

4

June 2017 | Page 29

Loan Portfolio

5yr Senior Unsecured Notes

Nominal

amount€250 mil.

Expiration September 15, 2021 – NC 2

Coupon 6.75%

Joint Book runners:

Co-Managers:

7yr Senior Unsecured Notes

Nominal

amount€250 mil.

Expiration May 15, 2021 – NC 3

Coupon 6.00%

Global Coordinators:

Joint Book runners:

Committed Facilities

AmountApproved lines €240 mil.

Expiration Dec. 2019

Interest Rate 4.00%-5.50% + Euribor

Participant banks:

June 2017 | Page 30

Rating agencies Rating Outlook Change1

GR

Sovereign

Rating

B Stable Β-

B+ Stable CCC

B1 Negative Pending Caa3

Rating Agencies and INTRALOT

“Intralot's corporate family rating (CFR)

primarily reflects… the reduced company's

size following recent M&A

activity…significant exposure to certain

emerging markets…”

MOODY’s Investors Service

“Although Intralot’s high gross

leverage remains not fully

aligned with a ‘B+’ rating, the

business profile is

commensurate with a ‘BB’

rating category for the sector”

Fitch Ratings

“Our assessment of Intralot's business risk

profile is constrained by its significant

exposure to emerging markets…we

acknowledge that the disposals in Italy

and Peru have improved group margins

and somewhat reduced its exposure to

emerging markets”

S&P Global Ratings

1Change compared to 2016 rating

June 2017 | Page 31

Financial Policy

Maximum leverage

tolerated

Acquisition strategy

Cash, liquidity and

debt management

CAPEX

Dividend policy

Currency and risk

management

Accounting

Aiming at a net leverage below 2.0x within the next years. INTRALOT can tolerate a peak leverage at up to

3.00x. Limits to be reviewed post M&A and expectations on new projects

Maintain strong liquidity at all times. Most of the cash held in the UK, The Netherlands & Luxembourg whereas

our reliance on the Greek banking system is limited to less than 7% of total deposits

INTRALOT’s new strategy is expected to result in a lower level of capex. INTRALOT maintains flexibility in its

capex plan to meet its financial policy guidelines.

No material acquisitions contemplated in the medium term

INTRALOT is currently not paying any dividends to its shareholders and does not intend to pay dividends in the

future until target leverage is achieved

Surplus cash is regularly converted from local currencies into EUR or USD (> 50% of deposits) whereas FX risk

related to the payment of dividends is mitigated via Forwards .

IFRS standards, matching all international standards for corporate governance, reporting systems aligned to

listed companies

Working capitalWorking capital has improved significantly in 2016 following the spike in 2015 and is not expected to have

significant spikes in the next years

June 2017 | Page 32

5. Conclusion

June 2017 | Page 33

INTRALOT – A Global Gaming Technology and Service

Company

Global offering

with local

partnerships

Presence in 32 countries on 5 continents balanced between developed markets and developing markets

Developed markets offer access via long term contracts to stable recurring revenues while developing markets provide exposure

to higher GDP growth

No country contributes more than 20% of FY16 EBITDA1

Strong contract diversity

Portfolio of 87 contracts and licenses across 55 jurisdictions and 5 continents

Focus on profitable markets and contracts

Revenue

visibility and

improved

margins

Contracts with long-term duration provide stability to revenue streams

Until 2021, 85% of revenues are secured through multi-year contracts or renewable licenses

Average contract term of 8 years

Strong track record of contracts renewal

Shift to “asset-light” business model driving higher margin, lower capex performance and higher cash flow resiliency

Highly flexible cost base with c.85% of costs variable

Sustainable

capital

structure

Cash proceeds from business sales and asset-light shift used to reduce debt

Group to benefit from lower interest costs

Focus on more conservative financial policy

Financial

policy

Maintain strong liquidity at all times

Most of the cash is held in the UK, The Netherlands & Luxembourg whereas reliance on the Greek banking system is limited to

less than 7% of total deposits

New asset-light shift is expected to result in lower and more flexible level of capex

No material acquisitions contemplated in the medium term

INTRALOT is currently not paying any dividends to its shareholders and does not intend to pay dividends in the future until target

leverage is achieved

Gaming

technology

leadership

Global leader with more than 130 patents in gaming technology and gaming management contracts

In IT lotteries, 24% market share in the US (10 states + DC) and c.48% market share in Argentina (11 states)

Innovative end to end solutions in every business activity

Focus on core areas of expertise primarily recurring long-term managed services and technology contracts which do not require

significant capital investments

1st Vendor to Achieve WLA SCS Certification; 17 operations certified as per both WLA (SCS) and ISO 27001 security certifications

1

3

4

5

2

1 Excluding countries with negative EBITDA

June 2017 | Page 34

6. Appendix

June 2017 | Page 35

Financial Performance – P&L

in €m 2013A 2014A 2015A 2015A1 2016A1

Revenue 1,539.4 1,853.1 1,914.9 1,235.5 1,323.6

Cost of sales -1,271.5 -1,582.9 -1,653.3 -1,001.7 -1,090.5

Gross profit 267.9 270.2 261.6 233.7 233.1

Other operating income 17.4 18.6 24.9 23.1 33.1

Selling expenses -40.2 -60.3 -66.4 -56.6 -56.3

Administrative expenses -120.8 -119.9 -125.0 -89.7 -87.4

Research and development expenses -7.0 -7.2 -6.1 -6.1 -4.7

Other operating expenses -14.0 -13.3 -10.0 -5.2 -9.9

EBIT 103.3 88.1 79.0 99.3 107.9

% margin 7% 5% 4% 8% 8%

EBITDA 194.8 175.4 177.2 164.9 175.8

% margin 13% 10% 9% 13% 13%

Income/(expenses) from participations and investments 12.4 0.0 -0.2 -0.2 -17.5

Gain/(loss) from assets disposal, impairment and write-off -3.0 -1.5 -2.0 -0.7 -8.6

Interest and similar charges -55.4 -70.8 -68.6 -67.8 -87.5

Interest and related income 10.4 12.5 18.0 17.9 11.8

Exchange differences -11.1 10.6 3.6 3.5 3.1

Profit/(loss) from equity method consolidation -3.0 -2.3 -4.1 -4.1 -4.6

Operating profit/loss before tax from continuing operations 53.6 36.6 25.7 47.9 4.8

Taxes -32.2 -44.2 -46.4 -45.1 -32.5

Net profit/loss from continuing operations 21.4 -7.6 -20.7 2.8 -27.8

Net profit/loss from discontinued operations 0.0 0.0 0.0 -23.4 72.6

Net profit/loss (continuing & discontinued operations) 21.4 -7.6 -20.7 -20.7 44.9

Other comprehensive income/(expense) after tax -33.9 5.6 -7.2 -7.2 -8.7

Total income after tax -12.6 -2.1 -27.8 -27.8 36.1

1 Excluding Italy and Peru discontinued operations

June 2017 | Page 36

Financial Performance – Balance Sheet

in €m 2013A 2014A 2015A 2016A

Assets

Non-current assets

Tangible fixed assets 199.4 182.8 166.4 127.0

Investment property 0.0 0.0 5.8 6.0

Intangible assets 353.4 348.9 328.8 329.6

Investment in subsidiaries and associates 25.8 32.6 40.9 180.8

Other financial assets 43.5 36.9 26.1 21.9

Deferred tax assets 14.7 9.0 9.1 6.8

Other long term receivables 77.5 60.6 70.2 22.4

Current assets

Inventories 48.3 52.0 42.6 32.3

Trade and other short-term receivables 221.3 215.1 202.7 170.0

Other financial assets 3.6 0.3 0.0 0.0

Cash and cash equivalents 1,43.3 416.9 276.6 164.4

Total assets 1,130.8 1,355.1 1,169.3 1,061.1

Equity and liabilities

Share capital 47.7 47.7 47.7 47.7

Treasury shares 0.0 -0.5 -0.5 -1.7

Other reserves 63.8 59.8 62.2 56.0

Foreign currency translation -61.0 -57.1 -59.4 -61.2

Retained earnings 215.8 167.6 79.6 86.7

Minority interest 77.4 100.0 77.8 68.9

Total equity 343.7 317.5 207.4 196.5

Non-current liabilities

Long-term debt 350.3 557.4 716.1 643.9

Staff retirement indemnities 6.9 7.1 6.9 5.4

Other long-term provisions 13.7 6.1 6.6 10.9

Deferred tax liabilities 8.1 14.7 16.1 16.0

Other long-term liabilities 12.1 14.2 19.1 17.3

Finance lease obligation 19.2 8.6 2.0 0.7

Current liabilities

Trade and other short-term liabilities 181.4 175.4 135.3 128.1

Short-term debt and current portion of long-term debt 176.9 232.3 36.2 14.7

Current income taxes payable 11.3 13.6 15.0 17.6

Short-term provision 7.2 8.2 8.6 10.0

Total liabilities 787.1 1037.6 961.9 864.6

Total equity and liabilities 1,130.8 1,355.1 1,169.3 1,061.1

June 2017 | Page 37

Financial Performance – Cash Flow Statement

in €m 2013A 2014A 2015A 2016A

EBITDA 194.8 175.4 177.2 175.8

Interest and similar expenses -55.4 -70.8 -68.6 -87.5

Interest and related income 10.4 12.5 18.0 11.8

Exchange differences -11.1 10.6 3.6 3.1

Profit/(loss) equity method consolidation -3.0 -2.3 -4.1 -4.6

Gain/(loss) from assets disposal, impairment and write-off -3.0 -1.5 -2.0 -8.6

Income/(expenses) from participations and investments 12.4 0.0 -0.2 -17.5

Depreciation and amortization -91.5 -87.3 -98.2 -67.9

Net profit before taxation from continuing operations 53.6 36.6 25.7 4.8

Net profit before taxation from discontinued operations – – - 84.5

Net profit before taxation from total operations 53.6 36.6 25.7 89.3

Depreciation and amortization 91.5 87.3 98.2 86.9

Provisions 14.6 10.8 9.6 25.4

Results from investing activities -2.6 -10.5 -0.2 -88.9

Interest and similar expenses 55.4 70.8 68.6 88.8

Interest and related income -10.4 -12.5 -18.0 -12.0

Decrease/(increase) of Inventories -3.9 -5.2 1.2 2.8

Decrease/(increase) of Receivable Accounts -67.3 14.9 -19.2 -9.2

(Decrease)/increase of Payable Accounts (except Banks) 43.7 -10.2 -23.9 11.2

Income tax paid -35.5 -29.0 -28.2 -26.2

Net Cash from Operating Activities 139.1 153.0 113.8 168.1

(Purchases)/Sales of subsidiaries, associates, joint ventures and other investments -22.9 7.5 -5.3 4.5

Purchases of tangible and intangible assets -58.2 -67.3 -70.8 -65.4

Proceeds from sales of tangible and intangible assets 0.4 0.3 2.1 2.6

Interest received 8.6 13.6 12.3 7.7

Dividends received 2.6 1.0 1.9 1.0

Net Cash from Investing Activities -69.5 -44.9 -59.8 -49.6

Subsidiary's capital return 0.0 0.0 0.0 -3.3

Purchase of treasury shares 0.0 -0.4 0.0 -1.2

Cash inflows from loans 492.4 521.2 61.4 303.8

Repayment of loans -472.3 -255.5 -58.8 -388.4

Bond buy backs – -6.3 -40.9 -3.7

Repayment of leasing obligations -6.9 -12.2 -11.5 -6.8

Interest and similar expenses paid -37.8 -66.1 -64.8 -83.5

Dividends paid -16.6 -23.7 -67.7 -42.2

Net Cash from Financing Activities -41.2 157.0 -182.3 -225.3

Net increase/(decrease) in cash and cash equivalents for the period 28.4 265.1 -128.3 -106.8

June 2017 | Page 38

. A GLOBAL LEADER. YOUR LOCAL PARTNER