Intralot S.A.

Quarterly Report • May 18, 2016

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 March, 2016 ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

Interim Financial Statements
Income Statement Group/Company 3
Statement of Comprehensive Income Group/Company4
Statement of Financial Position Group/Company 5
Statement of changes in Equity Group/Company 6
Cash Flows Statement Group/Company8
Notes to the Interim Financial Statements
1. General information 9
2. Summary of significant accounting Policies 9
2.1.1 Basis of preparation of the Financial Statements 9
2.1.2 Statement of compliance9
2.1.3 Financial Statements 9
2.1.4 Changes in accounting policies 10
2.1.5 EBITDA & EBIT 17
2.1.6 Significant accounting judgments, estimates and assumptions 18
2.1.7 Seasonality and cyclicality of operations 18
2.2 Information per Segment 19
2.3 Income Tax 20
2.4 Income / (expenses) from participations and investments 21
2.5 Gain / (loss) from assets disposal, impairment loss & write-off of assets 21
2.6 Impairment, write off and provisions for doubtful debts 21
2.7 Interest and similar expenses / interest and similar income 21
2.8 Exchange differences 22
2.9 Tangible and intangible assets 22
2.10 Investment in subsidiaries, associates and joint ventures 24
2.11 Other financial assets 25
2.12 Inventories 26
2.13 Cash and cash equivalents 26
2.14 Share capital, treasury shares and reserves 27
2.15 Dividends 28
2.16 Long term debt 29
2.17 Shared based benefits 30
2.18 Financial assets and liabilities 30
2.19 Supplementary information 37
A. Business combination and method of consolidation 37
Ι. Full consolidation 37
ΙΙ. Equity method 39
ΙΙΙ. Acquisitions 39
IV. New companies of the Group 40
V. Changes in ownership percentage during 2016 40
VI. Subsidiaries' share capital increase 40
VII. Strike off – disposal of Group companies 40
VIII. Discontinued operations 40
B. Real liens 42
C. Provisions 42
D. Personnel employed 43
E. Related party disclosures 43
2.20 Contingent liabilities, assets and commitments 44
A. Litigation cases 44
B. Fiscal years unaudited by the tax authorities 52
(i) Subsidiaries 52
(ii) Associate companies & joint ventures 53
C. Commitments 53
(i) Operating lease payment commitments 53
(ii) Guarantees 54
(iii) Financial lease payment commitments 54
2.21 Comparable figures 54
2.22 Subsequent events 54
3. Figures and information for the period January 1, 2015 until September 30, 2015 56

Interim Financial Statements for the period January 1 to March 31, 2016

INTERIM FINANCIAL STATEMENTS INCOME STATEMENT GROUP / COMPANY

		GROUP		COMPANY
Amounts reported in thousand €	Note	1/1-31/3/2016	1/1-31/3/2015	1/1-31/3/2016	1/1-31/3/2015
Sale Proceeds	2.2	335.241	347.715	13.853	15.137
Less: Cost of Sales		-270.191	-280.086	-10.699	-12.245
Gross Profit /(loss)		65.050	67.629	3.154	2.892
Other Operating Income		6.270	4.932	5.002	1.488
Selling Expenses		-14.689	-15.661	-3.052	-2.024
Administrative Expenses		-24.411	-25.919	-3.270	-3.008
Research and Development Expenses		-1.833	-2.115	-1.815	-2.067
Other Operating Expenses	2.6	-693	-1.156	-61	0
EBIT	2.1.5	29.694	27.710	-42	-2.719
EBITDA	2.1.5	47.346	44.832	2.621	-531
Income/(expenses) from participations and investments	2.4	1.068	-884	4.641	4.675
Gain/(loss) from assets disposal, impairment loss and write-off of assets	2.5	-104	645	5	0
Interest and similar expenses	2.7	-17.446	-17.800	-4.873	-7.234
Interest and similar income	2.7	3.311	3.828	764	1.016
Exchange Differences	2.8	-3.777	9.923	-447	4.147
Profit / (loss) from equity method consolidations		-919	-770	0	0
Operating Profit/(loss) before tax from continuing operations		11.827	22.652	48	-115
Tax	2.3	-9.370	-13.468	175	-913
Net Profit / (loss) after tax from continuing operations (a)		2.457	9.184	223	-1.028
1 Net Profit / (loss) after tax from discontinued operations (b)		-3.312	-3.934	0	0
Net Profit / (loss) after tax (continuing and discontinued operations) (a)+(b)		-855	5.250	223	-1.028
Attributable to:
Equity holders of parent
-Profit/(loss) from continuing operations		-8.700	-4.986	223	-1.028
1 -Profit/(loss) from discontinued operations	2.19	-3.312	-3.934	0	0
		-12.012	-8.920	223	-1.028
Non-Controlling Interest
-Profit/(loss) from continuing operations		11.157	14.170	0	0
1 -Profit/(loss) from discontinued operations	2.19	0	0	0	0
		11.157	14.170	0	0
Earnings/(loss) after tax per share (in €) from total operations
-basic	2.19	-0,0758	-0,0563	0,0014	-0,0065
-diluted	2.19	-0,0758	-0,0563	0,0014	-0,0065
Weighted Average number of shares		158.490.975	158.490.975	158.490.975	158.490.975

¹ The Group's activities in Italy are presented as discontinued operations pursuant to IFRS 5 (note 2.19.A.VIII)

Interim Financial Statements for the period January 1 to March 31, 2016

STATEMENT OF COMPREHENSIVE INCOME GROUP / COMPANY
		GROUP		COMPANY
Amounts reported in thousand €	Note	1/1-31/3/2016	1/1-31/3/2015	1/1-31/3/2016	1/1-31/3/2016
Net Profit / (loss) after tax (continuing and discontinued operations) (a)+(b)		-855	5.250	223	-1.028
Attributable to:
Equity holders of parent
-Profit/(loss) from continuing operations 1		-8.700	-4.986	223	-1.028
-Profit/(loss) from discontinued operations		-3.312	-3.934	0	0
Non-Controlling Interest		-12.012	-8.920	223	-1.028
-Profit/(loss) from continuing operations		11.157	14.170	0	0
1 -Profit/(loss) from discontinued operations		0	0	0	0
		11.157	14.170	0	0
Other comprehensive income after tax
Amounts that may not be reclassified to profit or loss:
Defined benefit plans revaluation for subsidiaries and parent company		-100	-9	0	0
Amounts that may be reclassified to profit or loss:
Valuation of available- for -sale financial assets of parent and subsidiaries	2.11	-1.056	-742	4	-1
Share of valuation of available- for -sale financial assets of associates and joint ventures		0	0	0	0
Derivatives valuation of parent and subsidiaries		-50	0	-50	0
Exchange differences on translating foreign operations of subsidiaries	2.14	-5.239	16.340	0	0
Share of exchange differences on translating foreign operations of associates and joint ventures	2.14	-4.167	10.643	0	0
Other comprehensive income/ (expenses) after tax		-10.612	26.232	-46	-1
Total comprehensive income / (expenses) after tax		-11.467	31.482	177	-1.029
Attributable to:
Equity holders of parent		-19.539	12.599	177	-1.029
Non-Controlling Interest		8.072	18.883	0	0

¹ The Group's activities in Italy are presented as discontinued operations pursuant to IFRS 5 (note 2.19.A.VIII)

Interim Financial Statements for the period January 1 to March 31, 2016

STATEMENT OF FINANCIAL POSITION GROUP/COMPANY

			GROUP	COMPANY
Amounts reported in thousand €	Note	31/3/2016	31/12/2015	31/3/2016	31/12/2015
ASSETS
Tangible assets	2.9	150.678	166.445	17.437	17.338
Investment property	2.9	5.420	5.805	0	0
Intangible assets	2.9	319.507	328.827	81.715	83.144
Investment in subsidiaries, associates and joint ventures	2.10	36.433	40.863	171.049	172.294
Other financial assets	2.11	26.022	26.085	3.247	3.243
Deferred Tax asset		8.682	9.115	0	0
Other long term receivables		57.147	70.225	204	200
Total Non Current Assets		603.889	647.365	273.652	276.219
Inventories	2.12	38.524	42.591	23.738	24.064
Trade and other short term receivables		169.867	202.732	127.236	127.092
Other financial assets		0	0	0	0
Cash and cash equivalents	2.13	253.536	276.609	33.499	35.859
Total Current Assets		461.927	521.932	184.473	187.015
Assets held for sale 1	2.19	65.904	0	0	0
		1.131.720	1.169.297	458.125	463.234
TOTAL ASSETS
EQUITY AND LIABILITIES
Share capital	2.14	47.689	47.689	47.689	47.689
Treasury shares	2.14	-490	-490	-490	-490
Other reserves	2.14	61.916	62.211	45.681	45.727
Foreign currency translation	2.14	-65.786	-59.410	0	0
Retained earnings	2.15	67.147	79.563	7.555	7.332
Reserves from profit / (loss) recognized directly in other
comprehensive income and are related to assets held for sale 1	2.19	-416	0	0	0
Total equity attributable to shareholders of the
parent		110.060	129.563	100.435	100.258
Non-Controlling Interest		69.233	77.819	0	0
Total Equity		179.293	207.382	100.435	100.258
	2.16	716.550	716.094	279.579	280.673
Long term debt		5.188	6.879	3.313	3.412
Staff retirement indemnities	2.19	6.373	6.638	4.691	4.665
Other long term provisions		16.229	16.142	6.526	6.700
Deferred Tax liabilities		17.953	19.113	0	0
Other long term liabilities	2.20	1.487	1.966	0	0
Finance lease obligation Total Non Current Liabilities		763.780	766.832	294.109	295.450
Trade and other short term liabilities		115.932	135.280	59.478	62.200
Short term debt and finance lease		18.766	36.180	135	1.358
Current income tax payable		12.596	14.986	608	608
Short term provision	2.19	8.496	8.637	3.360	3.360
Total Current Liabilities		155.790	195.083	63.581	67.526
Liabilities directly related to assets held for sale 1	2.19	32.857	0	0	0
TOTAL LIABILITIES		952.427	961.915	357.690	362.976
TOTAL EQUITY AND LIABILITIES		1.131.720	1.169.297	458.125	463.234

¹ The Group's activities in Italy are presented as discontinued operations pursuant to IFRS 5 (note 2.19.A.VIII)

STATEMENT OF CHANGES IN EQUITY GROUP

STATEMENT OF CHANGES IN EQUITY INTRALOT GROUP (Amounts reported in thousand of €)	Share Capital	Treasury Shares	Legal Reserve	Other Reserves	Foreign currency translation	Retained Earnings	Assets held for sale 1 reserves	Total	Non Controlling Interest	Grand Total
Opening Balance 1st January 2016	47.689	-490	30.561	31.650	-59.410	79.563	0	129.563	77.819	207.382
Effect on retained earnings from previous years adjustments						36		36	84	120
Subsidiary share capital return								0	-3.388	-3.388
Period's results						-12.012		-12.012	11.157	-855
Other comprehensive income / (expenses) after tax				-1.107	-6.376	-44		-7.527	-3.085	-10.612
Dividends to equity holders of parent / non-controlling interest								0	-13.354	-13.354
Discontinued operations				416			-416	0		0
Transfer between Reserves			396			-396		0		0
Balances as at 31rst March 2016	47.689	-490	30.957	30.959	-65.786	67.147	-416	110.060	69.233	179.293

¹Reserves from profit / (loss) recognized directly in other comprehensive income and are related to assets held for sale (note 2.19.Α.VIII)

STATEMENT OF CHANGES IN EQUITY INTRALOT GROUP (Amounts reported in thousand of €)	Share Capital	Treasury Shares	Legal Reserve	Other Reserves	Foreign currency translation	Retained Earnings	Assets held for sale reserves	Total	Non Controlling Interest	Grand Total
Opening Balance 1st January 2015	47.689	-490	26.001	33.806	-57.090	167.563	0	217.479	100.060	317.539
Effect on retained earnings from previous years adjustments						-4		-4	2	-2
Subsidiary share capital increase								0	155	155
Period's results						-8.920		-8.920	14.170	5.250
Other comprehensive income / (expenses) after tax				-741	22.265	-5		21.519	4.713	26.232
Dividends to equity holders of parent / non-controlling interest								0	-14.367	-14.367
Transfer between Reserves			474	258		-732		0		0
Balances as at 31rst March 2015	47.689	-490	26.475	33.323	-34.825	157.902	0	230.074	104.733	334.807

Interim Financial Statements for the period January 1 to March 31, 2016

STATEMENT OF CHANGES IN EQUITY COMPANY

STATEMENT OF CHANGES IN EQUITY INTRALOT S.A. (Amounts reported in thousand of €)	Share Capital	Treasury Shares	Legal Reserve	Other Reserves	Retained Earnings	Total
Opening Balance 1st January 2016	47.689	-490	15.896	29.831	7.332	100.258
Period's results					223	223
Other comprehensive income /(expenses) after tax				-46		-46
Balances as at 31rst March 2016	47.689	-490	15.896	29.785	7.555	100.435
STATEMENT OF CHANGES IN EQUITY INTRALOT S.A. (Amounts reported in thousand of €)	Share Capital	Treasury Shares	Legal Reserve	Other Reserves	Retained Earnings	Total
Opening Balance 1st January 2015	47.689	-490	15.896	30.168	10.420	103.683
Effect on retained earnings from previous years adjustments					-18	-18
Period's results					-1.028	-1.028
Other comprehensive income /(expenses) after tax				-1		-1
Transfer between Reserves				253	-253	0

Interim Financial Statements for the period January 1 to March 31, 2016

CASH FLOW STATEMENT GROUP/COMPANY

		GROUP		COMPANY
Amounts reported in thousand of € (total operations)	Note	1/1- 31/3/2016	1/1- 31/3/2015	1/1- 31/3/2016	1/1- 31/3/2015
Operating activities
Profit / (loss) before tax from continuing operations		11.827	22.652	48	-115
Profit / (loss) before tax from discontinued operations	2.19	-3.312	-3.934	0	0
Profit / (loss) before Taxation		8.515	18.718	48	-115
Plus / Less adjustments for:
Depreciation and Amortization		24.709	22.294	2.663	2.188
Provisions	2.5/2.6	1.190	1.078	-4.870	-1.359
Results (income, expenses, gain and loss)	2.4/2.5	3.220	-7.497	-4.199	-9.380
from Investing Activities	2.8/2.10
Interest and similar expenses	2.7	17.534	17.905	4.873	7.234
Interest and similar Income	2.7	-3.312	-3.828	-764	-1.016
Plus / Less adjustments for changes in working capital:
Decrease / (increase) of Inventories		1.915	705	326	99
Decrease / (increase) of Receivable Accounts		-6.670	-2.354	3.325	13.101
(Decrease) / increase of Payable Accounts (except Banks)		1.884	-16.032	-3.835	-7.018
Less: Income Tax Paid		7.793	4.665	0	0
Total inflows / (outflows) from operating activities (a)		41.192	26.324	-2.433	3.734
Investing Activities (Purchases) / Sales of subsidiaries,
associates, joint ventures and other	2.11 2.19	-1.001	-68	-1	-173
investments Purchases of tangible and intangible assets	2.9	-11.245	-13.594	-708	-1.491
Proceeds from sales of tangible and intangible assets	2.9	97	1.541	7	0
Interest received		1.769	1.344	1.514	258
Dividends received		0	56	3.945	56
Total inflows / (outflows) from		-10.380	-10.721	4.757	-1.350
investing activities (b)
Financing Activities
Cash inflows from loans	2.16	10.464	3.474	0	19.600
Repayment of loans	2.16	-22.315	-2.587	-5.000	0
Bond buy backs	2.16	0	-13.615	0	0
Repayments of finance lease obligations		-2.848	-2.907	0	0
Interest and similar expenses paid		-18.876	-21.171	-1.699	-3.211
Dividends paid Total inflows / (outflows) from	2.15	-9.378	-8.584	0	0
financing activities (c)		-42.953	-45.390	-6.699	16.389
Net increase / (decrease) in cash and cash equivalents for the period (a) + (b) + (c )		-12.141	-29.787	-4.375	18.773
Cash and cash equivalents at the beginning of the period	2.13	276.609	416.925	35.859	7.875
Net foreign exchange difference		-1.705	1.242	2.015	47
Cash and cash equivalents at the end of the period from total operations	2.13	262.763	388.380	33.499	26.695
Less: Cash and cash equivalents at the end of the period from discontinued operations	2.19	-9.227	0	0	0
Cash and cash equivalents at the end of the period from continuing operations	2.13	253.536	388.380	33.499	26.695

1. GENERAL INFORMATION

INTRALOT S.A. – "Integrated Lottery Systems and Gaming Services", with the distinct title «INTRALOT» is a business entity that was established based on the Laws of Hellenic Republic, whose shares are traded in the Athens Stock Exchange. Reference to «INTRALOT» or the «Company» includes INTRALOT S.A. whereas reference to the «Group» includes INTRALOT S.A. and its fully consolidated subsidiaries, unless otherwise stated. The Company was established in 1992 and has its registered office in Maroussi of Attica.

INTRALOT, a public listed company, is the leading supplier of integrated gaming and transaction processing systems, innovative game content, sports betting management and interactive gaming services to state-licensed gaming organizations worldwide. Its broad portfolio of products & services, its know-how of Lottery, Betting, Racing & Video Lottery operations and its leading-edge technology, give INTRALOT a competitive advantage, which contributes directly to customers' efficiency, profitability and growth. With presence in 57 countries and states, with approximately 5.100 employees and revenues of €1,91 billion for 2015, INTRALOT has established its presence on all 5 major continents.

The interim condensed financial statements of the Group and the Company for the period ended March 31, 2016 were approved by the Board of Directors on May 17, 2016.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1.1 Basis of preparation of the Financial Statements

The attached financial statements have been prepared on the historical cost basis, except for the available-for-sale financial assets and the derivative financial instruments that are measured at fair value, or at cost if the difference is not a significant amount, and on condition that the Company and the Group would continue as a going concern. The attached financial statements are presented in Euros and all values are rounded to the nearest thousand (€'000) except if indicated otherwise.

2.1.2 Statement of compliance

These financial statements for the period ended 31 March 2016 have been prepared in accordance with IAS 34 "Interim Financial Reporting". Those interim condensed financial statements do not include all the information and disclosures required by IFRS in the annual financial statements and should be read in conjunction with the Group's and Company's annual financial statements as at 31st December 2015.

2.1.3 Financial Statements

INTRALOT keeps its accounting books and records and prepares its financial statements in accordance with the Greek Accounting Standards (GAS) Law 4308/2014 chap. 2 & 4 and current tax regulations and issues its financial statements in accordance with the International Financial Reporting Standards (IFRS).

INTRALOT's Greek subsidiaries keep their accounting books and records and prepare their financial statements in accordance with GAS (L.4308/2014), the International Financial Reporting Standards (IFRS) and current tax regulations. INTRALOT's foreign subsidiaries keep their accounting books and records and prepare their financial statements in accordance with the applicable laws and regulations in their respective countries. For the purpose of the consolidated financial statements, Group entities'

financial statements are adjusted and prepared in relation to the requirements of the International Financial Reporting Standards (IFRS).

2.1.4 Changes in accounting policies

For the preparation of the financial statements of period ended March 31, 2016, the accounting policies adopted are consistent with those followed in the preparation of the most recent annual financial statements (December 31, 2015), except for the below mentioned adoption of new standards and interpretations applicable for fiscal periods beginning on January 1, 2016.

Standards and Interpretations compulsory for the fiscal year 2016

New standards, amendments of published standards and interpretations mandatory for accounting periods beginning on 1st January 2016. The Group's assessment of the impact of these new and amended standards and interpretations is set out below.

IFRS 14 "Regulatory Deferral Accounts" (interim Standard)

This applies to annual accounting periods starting on or after 1st January 2016. Earlier application is permitted. The European Commission has decided not to launch the endorsement process of this interim standard and to wait for the final standard.

In January 2014, the IASB issued an interim Standard, IFRS 14 "Regulatory Deferral Accounts". The aim of this interim Standard is to enhance the comparability of financial reporting by entities that are engaged in rate-regulated activities. Many countries have industry sectors that are subject to rate regulation, whereby governments regulate the supply and pricing of particular types of activity by private entities. This can include utilities such as gas, electricity and water. Rate regulation can have a significant impact on the timing and amount of an entity's revenue. IFRS does not provide any specific guidance for rate-regulated activities. The IASB has a project to consider the broad issues of rate regulation and plans to publish a Discussion Paper on this subject. Pending the outcome of this comprehensive Rate-regulated Activities project, the IASB decided to develop IFRS 14 as an interim measure. IFRS 14 permits first-time adopters to continue to recognise amounts related to rate regulation in accordance with their previous GAAP requirements when they adopt IFRS. However, to enhance comparability with entities that already apply IFRS and do not recognise such amounts, the Standard requires that the effect of rate regulation must be presented separately from other items. An entity that already presents IFRS financial statements is not eligible to apply the Standard. These amendments do not affect Group financial statements and have not yet been endorsed by the European Union.

IAS 19 (Αmendment) "Employee Benefits"

(COMMISSION REGULATION (EU) No.2015/29 of 17th December 2014, L 5/11 -9/1/2015) This applies to annual accounting periods starting on or after 1st February 2015. Earlier application is permitted.

In November 2013 the IASB issued narrow scope amendments in IAS 19 "Employee Benefits". The narrow scope amendments apply to contributions from employees or third parties to defined benefit plans. The objective of the amendments is to simplify the accounting for contributions that are independent of the number of years of employee service, for example, employee contributions that are calculated according to a fixed percentage of salary. These amendments do not affect Group financial statements.

IAS 16 (Αmendment) "Property, Plant and Equipment" and IAS 38 (Amendment) "Intangible Assets"

This applies to annual accounting periods starting on or after 1st January 2016. Earlier application is permitted.

(COMMISSION REGULATION (EU) No. 2015/2231 of 2nd December 2015, , L 317/19 -3/12/2015) In May 2014, the IASB published amendments to IAS 16 "Property, Plant and Equipment" and IAS 38 "Intangible Assets". IAS 16 and IAS 38 both establish the principle for the basis of depreciation and amortisation as being the expected pattern of consumption of the future economic benefits of an asset. The IASB has clarified that the use of revenue-based methods to calculate the depreciation of an asset is not appropriate because revenue generated by an activity that includes the use of an asset generally reflects factors other than the consumption of the economic benefits embodied in the asset. The IASB also clarified that revenue is generally presumed to be an inappropriate basis for measuring the consumption of the economic benefits embodied in an intangible asset. This presumption, however, can be rebutted in certain limited circumstances. These amendments do not affect Group

financial statements.

IAS 16 (Αmendment) "Property, Plant and Equipment" and IAS 41 (amendment) "Agriculture"

This applies to annual accounting periods starting on or after 1st January 2016. Earlier application is permitted.

(COMMISSION REGULATION (EU) No. 2015/2113 of 23rd November 2015, L 306/7 -24/11/2015)

In June 2014, the IASB published amendments that change the financial reporting for bearer plants. The IASB decided that bearer plants should be accounted for in the same way as property, plant and equipment in IAS 16 "Property, Plant and Equipment", because their operation is similar to that of manufacturing. Consequently, the amendments include them within the scope of IAS 16, instead of IAS 41. These amendments do not affect Group financial statements.

IFRS 11 (Αmendment) "Joint Arrangements"

This applies to annual accounting periods starting on or after 1st January 2016. Earlier application is permitted.

(COMMISSION REGULATION (EU) No. 2015/2173 of 24th November 2015, L 307/11 -25/11/2015)

In May 2014, the IASB published amendments to IFRS 11 "Joint Arrangements". IFRS 11 addresses the accounting for interests in joint ventures and joint operations and adds new guidance on how to account for the acquisition of an interest in a joint operation that constitutes a business. The amendments specify the appropriate accounting treatment for such acquisitions. These amendments do not affect Group financial statements.

IAS 27 (Αmendment) "Separate Financial Statements"

This applies to annual accounting periods starting on or after 1st January 2016. Earlier application is permitted.

(COMMISSION REGULATION (EU) No. 2015/2441 of 18th December 2015, L 336/49 -23/12/2015) In August 2014, the IASB published amendments to IAS 27 "Separate Financial Statements". The amendments to IAS 27 will allow entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements. Intralot SA will continue accounting, in its separate financial statements, for investments in subsidiaries, joint ventures and associates either at cost or in accordance with IFRS 9.

IFRS 10, IFRS 12 & IAS 28 (Αmendments) "Investment Entities: Applying the Consolidation Exception"

This applies to annual accounting periods starting on or after 1st January 2016. Earlier application is permitted.

In December 2014, the IASB published amendments to IFRS 10 "Consolidated Financial Statements", IFRS 12 "Disclosure of Interests in other entities" and IAS 28 "Investments in Associates and Joint Ventures". The amendments introduce clarifications to the requirements when accounting for investment entities. The amendments also provide relief in particular circumstances, which will reduce the costs of applying the Standards. These amendments do not affect Group financial statements. These amendments have not yet been endorsed by the European Union.

IAS 1 (Αmendment) "Presentation of Financial Statements"

This applies to annual accounting periods starting on or after 1st January 2016. Earlier application is permitted.

(COMMISSION REGULATION (EU) No. 2015/2406 of 18th December 2015, L 333/97 -19/12/2015)

In December 2014, the IASB published amendments to IAS 1 "Presentation of Financial Statements". The amendments are designed to further encourage companies to apply professional judgement in determining what information to disclose in their financial statements. For example, the amendments make clear that materiality applies to the whole of financial statements and that the inclusion of immaterial information can inhibit the usefulness of financial disclosures. Furthermore, the amendments clarify that companies should use professional judgement in determining where and in what order information is presented in the financial disclosures. The Group will take into account the amendments during the preparation of its financial statements.

Amendments that regard part of the annual improvement program of IASB (International Accounting Standards Board)

IASB in its annual improvement program published in December 2013, a Cycle of narrow scope amendments to existing Standards. The amendments hold for the annual fiscal periods beginning on or after the 1st of February, 2015. The above amendments will not have significant effect on the Group's financial statements.

Annual Improvements to IFRSs 2010-2012 Cycle

(COMMISSION REGULATION (EU) No.2015/28 of 17th December 2014, L 5/1 -9/1/2015)

IFRS 2 "Share-based Payment"

Definitions of "vesting conditions" and "market conditions" are amended and the definitions of "performance conditions" and "service conditions" are added (previously were part of the "vesting conditions" definition).

IFRS 3 "Business Combinations"

The amendment clarifies that the contingent consideration that is classified as financial asset or liability shall be measured at fair value at each reporting date.

IFRS 8 "Operating Segments"

The amendment requires that an entity shall disclose the judgements made by the management in applying the aggregation criteria in operating segments. It also clarifies that the entity shall provide reconciliations of the total reportable segments' assets to the entity's assets only if the segments assets are reported regularly.

IFRS 13 "Fair Value Measurement"

The amendment clarifies that the issue of IFRS 13 and the amendments of IFRS 9 and IAS 39 did not result in the deletion of the ability to measure short-term receivables and payables with no stated interest rate at invoice amounts without discounting, when the effect of not discounting is immaterial.

IAS 16 "Property, Plant and Equipment"

The amendment clarifies that when an item of property, plant and equipment is revalued, the gross carrying amount is adjusted in a manner that is consistent with revaluation of the carrying amount of the asset and the accumulated depreciation is eliminated against the gross carrying amount of the asset.

IAS 24 "Related Party Disclosures"

The amendment clarifies that the entity, or any member of a group of which is part, provides "key management personnel" services to the reporting entity or to the parent of the reporting entity, is a related party to the reporting entity.

IAS 38 "Intangible Assets"

The amendment clarifies that when an intangible asset is revalued, the gross carrying amount is adjusted in a manner that is consistent with revaluation of the carrying amount of the asset and the accumulated depreciation is eliminated against the gross carrying amount of the asset.

Also, IASB in its annual improvement program published in September 2014, one new Cycle of narrow scope amendments to existing Standards. The amendments hold for the annual fiscal periods

beginning on or after the 1st of January, 2016. The above amendments will not have significant effect on the Group's financial statements.

Annual Improvements to IFRSs 2012-2014 Cycle

(COMMISSION REGULATION (EU) No. 2015/2343 of 15th December 2015, L 330/20 -16/12/2015)

IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations"

The amendment clarifies the accounting for a change in a disposal plan from a plan to sell a noncurrent asset (or disposal group) to a plan to distribute a non-current asset (or disposal group), and provides guidance in IFRS 5 for the discontinuation of held for distribution accounting.

IFRS 7 "Financial Instruments: Disclosure"

The amendment clarifies how an entity should apply the guidance in paragraph 42C of IFRS 7 to a servicing contract in order to decide whether a servicing contract is "continuing involvement" for the purposes of applying the disclosure requirements in paragraphs 42E–42H of IFRS 7.

IAS 19 "Employee Benefits"

The amendment clarifies that for the determination of the rate used to discount post-employment benefit obligations, the depth of the market for high quality corporate bonds should be assessed at the currency level.

IAS 34 "Interim Financial Reporting"

The amendment clarifies the meaning of disclosure of information "elsewhere in the interim financial report" in paragraph 16A of IAS 34 and requires the inclusion of a cross-reference from the interim financial statements to the location of this information.

Standards and Interpretations compulsory after 31 December 2016

The following new standards, amendments and IFRICs have been published but are in effect for the annual fiscal period beginning the 1st of January 2017 and have not been adopted from the Group earlier.

IFRS 9 "Financial Instruments"

This applies to annual accounting periods starting on or after 1st January 2018. Earlier application is permitted.

In July 2014, the IASB completed the last phase of IAS 39 replacement by issuing IFRS 9 "Financial Instruments". The package of improvements introduced by IFRS 9 includes a logical model for classification and measurement, a single, forward-looking 'expected loss' impairment model and a substantially-reformed approach to hedge accounting.

Classification and Measurement

Classification determines how financial assets and financial liabilities are accounted for in financial statements and, in particular, how they are measured on an ongoing basis. IFRS 9 introduces a logical approach for the classification of financial assets, which is driven by cash flow characteristics and the business model in which an asset is held. This single, principle-based approach replaces existing rulebased requirements that are generally considered to be overly complex and difficult to apply. The new model also results in a single impairment model being applied to all financial instruments, thereby removing a source of complexity associated with previous accounting requirements.

Impairment

During the financial crisis, the delayed recognition of credit losses on loans (and other financial instruments) was identified as a weakness in existing accounting standards. As part of IFRS 9, the IASB has introduced a new, expected-loss impairment model that will require more timely recognition of expected credit losses. Specifically, the new Standard requires entities to account for expected credit losses from when financial instruments are first recognised and to recognise full lifetime expected losses on a more timely basis.

Hedge accounting

IFRS 9 introduces a substantially-reformed model for hedge accounting, with enhanced disclosures about risk management activity. The new model represents a significant overhaul of hedge accounting that aligns the accounting treatment with risk management activities, enabling entities to better reflect these activities in their financial statements. In addition, as a result of these changes, users of the financial statements will be provided with better information about risk management and the effect of hedge accounting on the financial statements.

Own credit

IFRS 9 also removes the volatility in profit or loss that was caused by changes in the credit risk of liabilities elected to be measured at fair value. This change in accounting means that gains caused by the deterioration of an entity's own credit risk on such liabilities are no longer recognised in profit or loss. Early application of this improvement to financial reporting, prior to any other changes in the accounting for financial instruments, is permitted by IFRS 9.

The Group is in the process of evaluating the effect of IFRS 9 on its financial statements. IFRS 9 has not been endorsed yet by the European Union and cannot, therefore, be implemented earlier by the Group. Only when it has been endorsed will the Group decide whether or not it will implement IFRS 9 before 1st January 2018.

IFRS 7 (Amendment) "Financial Instruments: Disclosures"

This applies to annual accounting periods starting on or after 1st January 2018. Earlier application is permitted.

On 16.12.2011 and on 19.11.2013, the IASB issued an amendment in IFRS 7, adding in the Standard disclosures related to the transition to IFRS 9. The amendment has not yet been endorsed by the European Union. The Group is in the process of evaluating the effect of the amendment on its financial statements.

IFRS 15 "Revenue from Contracts with Customers"

This applies to annual accounting periods starting on or after 1st January 2018. Earlier application is permitted.

In May 2014, the International Accounting Standards Board (IASB), responsible for International Financial Reporting Standards (IFRS), and the Financial Accounting Standards Board (FASB), responsible for US Generally Accepted Accounting Principles (US GAAP), jointly issued a converged Standard on the recognition of revenue from contracts with customers. The Standard will improve the financial reporting of revenue and improve comparability of the financial statements globally.

Revenue is a vital metric for users of financial statements and is used to assess a company's financial performance and prospects. However, the previous requirements of both IFRS and US GAAP were

different and often resulted in different accounting for transactions that were economically similar. Furthermore, while revenue recognition requirements of IFRS lacked sufficient detail, the accounting requirements of US GAAP were considered to be overly prescriptive and conflicting in certain areas.

Responding to these challenges, the boards have developed new, fully converged requirements for the recognition of revenue in both IFRS and US GAAP—providing substantial enhancements to the quality and consistency of how revenue is reported while also improving comparability in the financial statements of companies reporting using IFRS and US GAAP.

This new Standard replaces IAS 18, IAS 11 and the Interpretations IFRIC 13, IFRIC 15, IFRIC 18 and SIC 31 that are related to revenue recognition. The core principle of the new Standard is for companies to recognise revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration (that is, payment) to which the company expects to be entitled in exchange for those goods or services. The new Standard will also result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements.

The Group will assess the impact of the amendment on its financial statements. This amendment has not yet been endorsed by the European Union.

IFRS 16 "Leases"

This applies to annual accounting periods starting on or after 1st January 2019. Earlier application is permitted if IFRS 15 "Revenue from Contracts with Customers" has also been applied.

In January 2016, the IASB issued a new accounting Standard, called IFRS 16 "Leases" that replaces IAS 17 "Leases", and related Interpretations. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer ('lessee') and the supplier ('lessor').

As for lessee, IFRS 16 eliminates the classification of leases as either operating leases or finance leases as is required by IAS 17 and, instead, introduces a single lessee accounting model. Applying that model, a lessee is required to recognise:

(a) assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value; and

(b) depreciation of lease assets separately from interest on lease liabilities in the income statement.

As for lessor, IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17. Accordingly, a lessor continues to classify its leases as operating leases or finance leases, and to account for those two types of leases differently.

The Group will assess the impact of the new standard on its financial statements. This new standard has not yet been endorsed by the European Union.

IAS 12 (Amendment) "Income Taxes"

This applies to annual accounting periods starting on or after 1st January 2017. Earlier application is permitted.

In January 2016 the IASB issued amendments in IAS 12 "Income Taxes" about Recognition of Deferred Tax Assets for Unrealised Losses, clarifying how to account for deferred tax assets related to debt instruments measured at fair value to address diversity in practice.

The Group will assess the impact of the new standard on its financial statements. This new standard has not yet been endorsed by the European Union.

IFRS 10 & IAS 28 (Αmendments) "Sale or contribution of Assets between an Investor and its Associate or Joint Venture"

In September 2014, the IASB announced that the amendments apply to annual accounting periods starting on or after 1st January 2016. In December 2015 it was announced that application is indefinitely deferred. Earlier application is permitted.

In September 2014, the IASB published amendments to IFRS 10 "Consolidated Financial Statements" and IAS 28 "Investments in Associates and Joint Ventures". The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28 (2011), in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognised when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognised when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. The Group will assess the impact of the amendment on its financial statements. These amendments have not yet been endorsed by the European Union.

2.1.5 EBITDA & EBIT

International Financial Reporting Standards (IFRS) do not define the content of the "EBITDA" & "EBIT". The Group taking into account the nature of its activities, as well as the Decision 6/448/11.10.2007 of the BoD of Hellenic Capital Market Commission and the relative Circular no.34 defines "EBITDA" as "Operating Profit/(Loss) before tax" adjusted for the figures "Profit/(loss) from equity method consolidations", "Exchange Differences", "Interest and related income", "Interest and similar expenses", "Income/(expenses) from participations and investments", "Write-off and impairment loss of assets", "Gain/(loss) from assets disposal" and "Assets depreciation and amortization". Also, the Group defines "EBIT" as "Operating Profit/(Loss) before tax" adjusted for the figures "Profit/(loss) from equity method consolidations", "Exchange Differences", "Interest and related income", "Interest and similar expenses", "Income/(expenses) from participations and investments" ,"Write-off and impairment loss of assets" and "Gain/(loss) from assets disposal".

Reconciliation of operating profit before tax to EBIT and	GROUP
EBITDA (continuing operations):	1/1-31/3/2016	1/1-31/3/2015
Operating profit/(loss) before tax	11.827	22.652
Profit/(loss) from equity method consolidation	919	770
Exchange differences	3.777	-9.923
Interest and related income	-3.311	-3.828
Interest and similar expenses	17.446	17.800
Income / (expenses) from participations and investments	-1.068	884
Gain / (loss) from assets disposal, impairment loss & write-off of assets	104	-645
EBIT	29.694	27.710
Depreciation and amortization	17.652	17.122
EBITDA	47.346	44.832

Interim Financial Statements for the period January 1 to March 31, 2016

Reconciliation of operating profit before tax to EBIT and	COMPANY
EBITDA (continuing operations):	1/1-31/3/2016	1/1-31/3/2015
Operating profit/(loss) before tax	48	-115
Exchange differences	447	-4.147
Interest and related income	-764	-1.016
Interest and similar expenses	4.873	7.234
Income / (expenses) from participations and investments	-4.641	-4.675
Gain / (loss) from assets disposal, impairment loss & write-off of assets	-5	0
EBIT	-42	-2.719
Depreciation and amortization	2.663	2.188
EBITDA	2.621	-531

2.1.6 Significant accounting judgements, estimates and assumptions

The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the amounts of revenues, expenses, assets liabilities and disclosures of contingent liabilities that included in the financial statements. On an ongoing basis, management evaluates its judgements, estimates and assumptions that mainly refer to goodwill impairment, allowance for doubtful receivables, provision for staff retirement indemnities, provision for impairment of inventories value, impairment of tangible and intangible assets as well as estimation of their useful lives, recognition of revenue and expenses, pending legal cases, provision for income tax and recoverability of deferred tax assets. These judgements, estimates and assumptions are based on historical experience and other factors including expectations of future events that are considered reasonable under the circumstances.

The key judgements, estimates and assumptions concerning the future and other key sources of uncertainty at the reporting date of the interim condensed financial statements for the period ended on March 31, 2016 and have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are consistent with those applied and were valid at the reporting date of the annual financial statements of 31rst December 2015.

2.1.7 Seasonality and cyclicality of operations

The Group revenue can fluctuate due to seasonality in some components of the worldwide operations. In particular, the majority of the Group sports betting revenue are generated from bets placed on European football, which has an off-season in the European summer that typically causes a corresponding periodic decrease in the Group revenue. In addition, Group revenue from lotteries can be somewhat dependent on the size of jackpots of lottery games during the relevant period. The Group revenue may also be affected by the scheduling of major football events that do not occur annually, notably the FIFA World Cup and UEFA European Championships, and by the performance of certain teams within specific tournaments, particularly where the national football teams, in the markets where the Group earns the majority of its revenue, fail to qualify for the World Cup. Furthermore, the cancellation or curtailment of significant sporting events, for example due to adverse weather, traffic or transport disruption or civil disturbances, may also affect Group revenue. This information is provided to allow for a better understanding of the revenue, however, Group management has concluded that this is not "highly seasonal" in accordance with IAS 34.

2.2 INFORMATION PER SEGMENT

Intralot Group is active in 57 countries and states, and the segmentation of its subsidiaries is performed based on their geographical position. The financial results are presented in the following operating geographical segments:

European Union:	Greece, Italy, Malta, Cyprus, Poland, Luxembourg, Spain, United Kingdom, Nederland,
	Romania, Bulgaria, Germany, Slovakia, Croatia and Republic of Ireland.
Other Europe:	Russia and Moldova.
America:	USA, Peru, Brazil, Argentina, Mexico, Jamaica, Chile, Colombia, Guatemala, Dominican
	Republic, Suriname, Uruguay, Curacao and St. Lucia.
Other Countries:	Australia, New Zealand, China, South Africa, Turkey, South Korea, Lebanon,
	Azerbaijan, Taiwan and Morocco.

No two operating segments have been added.

The following information is based on the internal financial reports provided to the manager responsible for taking decisions who is the CEO. The performance of the segments is evaluated based on the sales and profit/(loss) before tax. The Group applies the same accounting policies for the financial results of the above segments as those of the consolidated financial statements. The transactions between segments are realized within the natural conditions present in the Group with similar way to that with third parties. The intragroup transactions are eliminated in group level and are included in the column "Eliminations".

(in million €)	European Union	Other Europe	America	Other Countries	Eliminations	Total
Sales to third parties	109,88	1,77	165,52	58,07	0,00	335,24
Intragroup sales	14,63	0,00	0,30	0,00	-14,93	0,00
Total Sales	124,51	1,77	165,82	58,07	-14,93	335,24
(Debit)/Credit interest & similar (expenses)/income	-13,64	-0,05	-0,96	1,21	-0,70	-14,14
Depreciation/Amortization	-8,57	-0,38	-7,17	-2,52	0,98	-17,66
Profit/(loss) consolidated with equity method	-0,08	0,00	0,00	-0,84	0,00	-0,92
Write-off & impairment of assets	0,00	0,00	-0,09	0,00	0,00	-0,09
Write-off & impairment of investments	0,00	0,00	0,00	0,00	0,00	0,00
Doubtful provisions, write-off & impairment of receivables	-0,03	0,00	-0,45	-0,06	0,03	-0,51
Reversal of doubtful provisions & recovery of written off receivables	4,96	0,00	0,06	0,00	-4,66	0,36
Profit/(Loss) before tax and continuing operations	5,24	0,34	8,32	17,44	-19,51	11,83
Tax	-1,36	-0,74	-2,40	-4,87	0,00	-9,37
Profit/(Loss) after tax from continuing operations	3,88	-0,40	5,92	12,57	-19,51	2,46
Profit/(Loss) after tax from discontinued operations	-4,21	0,00	0,00	0,00	0,90	-3,31
Profit/(Loss) after tax from total operations	-0,33	-0,40	5,92	12,57	-18,61	-0,85

1/1-31/3/2016

Interim Financial Statements for the period January 1 to March 31, 2016

1/1-31/3/2015

(in million €)	European Union	Other Europe	America	Other Countries	Eliminations	Total
Sales to third parties	93,34	1,32	165,76	87,30	0,00	347,72
Intragroup sales	11,13	0,00	0,18	0,01	-11,32	0,00
Total Sales	104,47	1,32	165,94	87,31	-11,32	347,72
(Debit)/Credit interest & similar (expenses)/income	-15,51	-0,04	-0,92	2,66	-0,16	-13,97
Depreciation/Amortization	-7,70	-0,42	-7,76	-2,35	1,11	-17,12
Profit/(loss) consolidated with equity method	0,00	0,00	0,00	-0,77	0,00	-0,77
Write-off & impairment of assets	-0,05	0,00	-0,45	0,00	0,00	-0,50
Write-off & impairment of investments	0,00	0,00	0,00	0,00	0,00	0,00
Doubtful provisions, write-off & impairment of receivables	0,00	0,02	-0,33	-0,06	0,00	-0,37
Reversal of doubtful provisions & recovery of written off receivables	1,44	0,00	0,00	0,00	-1,14	0,30
Profit/(Loss) before tax and continuing operations	2,50	0,22	10,00	25,99	-16,06	22,65
Tax	-3,13	0,02	-2,76	-7,60	0,00	-13,47
Profit/(Loss) after tax from continuing operations	-0,63	0,24	7,24	18,39	-16,06	9,18
Profit/(Loss) after tax from discontinued operations	-4,28	0,00	0,00	0,00	0,35	-3,93
Profit/(Loss) after tax from total operations	-4,91	0,24	7,24	18,39	-15,71	5,25

Revenue per business activity (continuing operations)
(in thousand €)	31/3/2016	31/3/2015	Change
Licensed operations	254.690	270.553	-5,86%
Management contracts	29.140	28.834	1,06%
Technology and support services	51.411	48.328	6,38%
Total	335.241	347.715	-3,59%

2.3 INCOME TAX

GROUP (continuing operations)	1/1-31/3/2016	1/1-31/3/2015
Current income tax	8.568	10.101
Deferred income tax	373	1.471
Tax audit differences and other tax non-deductible	429	1.896
Total income tax expense reported in income statement	9.370	13.468

The income tax expense for the Company was calculated to 29% and 26% on the taxable profit of the periods 1/1-31/3/2016 and 1/1-31/3/2015 respectively.

COMPANY	1/1-31/3/2016	1/1-31/3/2015
Current income tax	0	0
Deferred income tax	-175	913
Tax audit differences and other tax non-deductible	0	0
Total income tax expense reported in income statement	-175	913

2.4 INCOME / (EXPENSES) FROM PARTICIPATIONS AND INVESTMENTS

(continuing operations)		GROUP	COMPANY
	31/3/2016	31/3/2015	31/3/2016	31/3/2016
Income from dividends	900	9	4.641	4.671
Gain from sale of participations and investments	225	219	0	0
Other income from participations and investments	0	4	0	4
Total income from participations and investments	1.125	232	4.641	4.675
Loss from sale of participations and investments	-57	-1.116	0	0
Loss from impairment / write-offs of participations and investments	0	0	0	0
Total expenses from participations and investments	-57	-1.116	0	0
Net result from participations and investments	1.068	-884	4.641	4.675

2.5 GAIN/(LOSS) FROM ASSETS DISPOSAL, IMPAIRMENT LOSS & WRITE-OFF OF ASSETS

(continuing operations)			GROUP		COMPANY
	31/3/2016	31/3/2015	31/3/2016	31/3/2015
Gain from disposal of tangible and intangible assets	18	1.378	5	0
Loss from disposal of tangible and intangible assets	-32	-237	0	0
Loss from impairment and write-off of tangible and intangible assets	-90	-496	0	0
Net result from tangible and intangible assets	-104	645	5	0

2.6 IMPAIRMENT, WRITE OFF AND PROVISIONS FOR DOUBTFUL DEBTS

Included in other operating expenses:

(continuing operations)	GROUP		COMPANY
	31/3/2016	31/3/2015	31/3/2016	31/3/2015
Provisions for doubtful receivables from subsidiaries	0	0	0	0
Provisions for doubtful receivables from debtors	505	348	0	0
Receivables write off from debtors	0	22	0	0
Receivables write off from associates	0	0	0	0
Total	505	370	0	0

2.7 INTEREST AND SIMILAR EXPENSES / INTEREST AND SIMILAR INCOME

(continuing operations)	GROUP		COMPANY
	31/3/2016	31/3/2015	31/3/2016	31/3/2015
Interest Expense	-15.110	-15.935	-4.691	-6.517
Loss on derivatives	0	0	0	0
Finance costs	-1.975	-1.859	-182	-717
Discounting	-361	-6	0	0
Total Interest and similar expenses	-17.446	-17.800	-4.873	-7.234
Interest Income	3.187	3.818	764	1.016
Gains on derivatives	0	0	0	0
Discounting	124	10	0	0
Total Interest and similar Income	3.311	3.828	764	1.016
Net Interest and similar Income / (Expenses)	-14.135	-13.972	-4.109	-6.218

2.8 EXCHANGE DIFFERENCES

The Group reported in the Income Statement for the first quarter of 2016 losses from «Exchange differences» amounting to €3.777 thousand (first quarter of 2015: profit €9.923 thousand) mainly from valuation of commercial and borrowing liabilities (intercompany and non) in EUR that various subsidiaries abroad, with a different functional currency than the Group, had on 31/3/2016 as well as from valuation of trade receivables (from third parties and associates) in USD of the Company on 31/3/2016.

2.9 TANGIBLE AND INTANGIBLE ASSETS

Acquisitions and disposals of tangible and intangible assets:

During the first quarter of 2016, the Group acquired tangible (owner occupied) and intangible assets with acquisition cost €15.351 thousand (first quarter 2015: €16.618 thousand). From the above acquisitions, amount of €598 thousand refers to discontinued operations.

Also, during the first quarter of 2016, the Group sold tangible (owner occupied) and intangible assets with a net book value of €178 thousand (first quarter 2015: €1.120 thousand), making a net loss amounting to €14 thousand (first quarter 2015: net gain €1.141 thousand) which was recorded in the account "Gain / (loss) from assets disposal, impairment loss & write-off of assets". No disposals of assets in the discontinued operations took place during the first quarter of 2016.

Write-offs and impairment of tangible and intangible assets:

During the first quarter of 2016, the Group proceeded to writes-offs and impairments of tangible (owner-occupied) and intangible assets with a net book value of €400 thousand (first quarter 2015: €496 thousand), which were recorded in the account "profit / (loss) from assets disposal, impairment loss & write-off of assets". From the above write offs and impairments amount €310 thousand refers to discontinued operations.

Exchange differences on valuation of tangible and intangible assets:

The net book value of tangible (owner-occupied and investment) and intangible assets of the Group decreased in the first quarter of 2016 due to foreign exchange valuation differences by €6,0 million.

Goodwill and Intangible assets with indefinite useful life impairment test

Management tests goodwill for impairment annually (December 31st ) or more frequently if events occur or changes in circumstances indicate that the carrying value may have been reduced in accordance with accounting practice described in note 2.1.6.a «Business Combination and Goodwill" of the annual Financial Statements of December 31st 2015.

The Group tested goodwill for impairment on 31/12/2015 and the key assumptions that are used for the determination of the recoverable amount are disclosed below. The recoverable amounts of cash generating units have been determined based on value in use calculations using appropriate estimates regarding future cash flows and discount rates.

Specifically, goodwill arising on consolidation of acquired subsidiaries and intangible assets with indefinite useful life are allocated to the following cash generating units (CGU) by geographical area, which are the operating segments for impairment testing purposes:

Interim Financial Statements for the period January 1 to March 31, 2016

Carrying amount:

CGU	Goodwill		Intangible assets with indefinite useful life
	31/3/2016 ¹	31/12/2015	31/3/2016	31/12/2015
European Union	5.843	5.837	2.300	2.300
Other Europe	0	0	0	0
America	20.097	21.496	2.781	2.936
Other countries	46.587	47.105	0	0
Total	72.527	74.438	5.081	5.236

¹ The reduction of goodwill in the first quarter of 2016 by € 1.911 thousand is due solely to foreign currency translation differences of goodwill valuation on acquisitions of foreign subsidiaries with a different functional currency made by the Group in the past.

Key assumptions:

The recoverable amount of each CGU is determined according to the calculations of value in use. The determination is obtained by the present value of estimated future cash flows expected to be generated by each CGU (discounted cash flow method - DCF). The cash flows are derived from the most recent approved by the management budgets for the next three years and do not include estimated future cash inflows or outflows expected to arise from future restructurings or from improving or enhancing the asset's performance which is tested for impairment. The expected cash flow projections beyond the period covered by the most recent budgets estimated by extrapolating the projections based on the budgets using a steady or declining growth rate for subsequent years, which does not exceed the longterm average growth rate for products, industries, countries in which the Group operates, or for the market in which the asset is used. The Group makes estimates beyond the period of five years where has signed revenue contracts beyond five years as well as in cases where management believes that based on market data and renewals track record of the Group, it is very possible the renewal of the relevant contracts beyond the five year period. Cash flow projections are based on reasonable and supportable assumptions that represent management's best estimate of the range of economic conditions that will exist over the remaining useful life of the asset, giving greater weight to external evidence. Management assesses the reasonableness of the assumptions underlying the current cash flow projections by examining the causes of differences between past cash flow projections and actual cash flows. Management also ensures that the assumptions on which its current cash flow projections are based are consistent with past actual outcomes, provided that subsequent events or circumstances that did not exist when those actual cash flows were generated make this appropriate. The use value for CGUs affected (has sensitivity) of the following key factors (assumptions):

Sales

Growth rate used to extrapolate cash flows beyond the budget period, and

Discount rates

Sales:

Sales projections are derived from estimates of local management of various subsidiaries. These projections are based on careful assessments of various factors, such as past performance, estimates of growth of the local market, competition - if exists, possible changes in the institutional framework governing the gambling market, the economic situation of the gambling industry and the market in general, new opportunities such as lotteries privatizations, etc.

Sales growth rate:

CGU	2015	2014
European Union	-0,9% - 5,4%	0,0% - 10,3%
Other Europe	n/a	n/a
America	0,0% - 10,1%	0,0% - 8,0%
Other countries	0,0% - 8,8%	0,0% - 6,3%

Growth rate used to extrapolate cash flows beyond the budget period:

The factors taken into account for the calculation of the growth rate beyond the budgets period derive from external sources and include among others, the level of maturity of each market, the existence of barriers to entry for competitors, the economic situation of the market, existing competition and technology trends.

Growth rate beyond the budget period:

CGU	2015	2014
European Union	0,0% - 2,7%	0,0% - 3,0%
Other Europe	n/a	n/a
America	0,0% - 6,0%	0,0% - 4,0%
Other countries	0,0% - 3,6%	0,0% - 12,2%

Discount rates:

The discount rates represent the current market assessments of the risks personalized for each CGU, having made the necessary adjustments for the time value of money and possible risks specific to any assets that have not been included in the cash flow projections. The calculation of discount rates based on specific conditions under which the Group and its operating segments operate and calculated through the weighted average cost of capital method (WACC). The WACC takes into account both debt and equity. The cost of equity derives from the expected return that Group investors have for their investment. Cost of debt based on the interest rate of the Group loans. The specific risk of each country is incorporated by implementing individualized sensitivity factors «beta» (beta factors). The sensitivity factors «beta» evaluated annually based on published market data.

Discount rates:

CGU	2015	2014
European Union	7,0% - 7,4%	7,0% - 8,6%
Other Europe	n/a	n/a
America	23,1% - 38,3%	28,8% - 37,5%
Other countries	11,9% - 14,0%	11,0% - 13,7%

Recoverable amount sensitivity analysis:

On 31/12/15, the Group analyzed the sensitivity of the recoverable amounts in a reasonable and possible change of some of the basic assumptions (such as the change of a percentage point to the growth rate beyond the budget period and the discount rates). This analysis does not show a situation in which the carrying amount of the Group's significant CGUs exceeds their recoverable amount.

2.10 INVESTMENT IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

GROUP INVESTMENT IN ASSOCIATES AND JOINT VENTURES	% Participation	Country	31/3/2016	31/12/2015
Lotrich Information Co LTD	40%	Taiwan	5.488	5.570
Goreward LTD Group	49,99%	China	25.363	29.614
Intralot South Africa LTD	45%	South Africa	359	376
Bit8 Ltd Group	35%	Malta	5.223	5.303
Other			0	0
Total			36.433	40.863

GROUP INVESTMENT IN ASSOCIATES AND JOINT VENTURES	31/3/2016	31/12/2015
Opening Balance	40.863	32.608
Participation in net profit / (loss) of associates and joint ventures	-919	-4.063
New acquisitions	0	5.750
Dividends	0	-59
Translation differences	-3.509	8.224
Return of capital	0	-1.300
Transfer to investment properties	0	-265
Other	-2	-32
Closing Balance	36.433	40.863

COMPANY INVESTMENT IN ASSOCIATES AND JOINT VENTURES	% Participation	Country	31/3/2016	31/12/2015
Lotrich Information Co LTD	40%	Taiwan	5.131	5.131
Intralot South Africa LTD	45%	South Africa	1.000	1.000
Total			6.131	6.131
COMPANY INVESTMENT IN SUBSIDIARIES	% Participation	Country	31/3/2016	31/12/2015
Intralot De Peru SAC	99,98%	Peru	15.759	15.759
Intralot Holdings International LTD	100%	Cyprus	8.464	8.464
Betting Company S.A.	95%	Greece	139	139
Inteltek Internet AS	20%	Turkey	66.081	67.326
Bilyoner Interactif Hizmelter AS	50,01%	Turkey	10.751	10.751
Intralot Global Securities BV	100,00%	Nederland	57.028	57.028
Loteria Moldovei SA	47,90%	Moldova	656	656
Intralot Iberia Holdings SA	100%	Spain	5.638	5.638
Other			402	402
Total			164.918	166.163
Grand Total			171.049	172.294
COMPANY INVESTMENT IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES			31/3/2016	31/12/2015
Opening Balance			172.294	209.661
Increase of share capital in existing subsidiaries			0	105
Establishment of new subsidiaries			0	40
Provisions for impairment 1			0	-36.212
Return of capital from associates			-1.245	-1.300
Closing Balance			171.049	172.294

¹ This provision relates to investment value impairment in Intralot Australia Pty LTD after completion of the sale of lottery of the State of Victoria in Tatts Group during the second quarter of 2015.

2.11 OTHER FINANCIAL ASSETS

Other financial assets which in total have been classified by the Group as "Available for sale" and "Held to maturity" are analyzed as follows:

		GROUP		COMPANY
	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Opening Balance	26.085	37.256	3.243	3.254
Purchases	1.003	1.650	0	0
Return of Capital	0	-10.727	0	0
Disposals	-3	-311	0	0
Fair value revaluation	-1.059	-1.746	4	-11
Foreign exchange differences	-4	-37	0	0
Closing balance	26.022	26.085	3.247	3.243

Quoted securities	1.751	1.812	28	24
Unquoted securities	24.271	24.273	3.219	3.219
Total	26.022	26.085	3.247	3.243
Long-term Financial Assets	26.022	26.085	3.247	3.243
Short-term Financial Assets	0	0	0	0
Total	26.022	26.085	3.247	3.243

During the first quarter of 2016, the Group losses arising from the valuation at fair value of the above financial assets amounting to €1.059 thousand (first quarter 2015: losses €743 thousand) are analyzed in losses amounting to €1.056 thousand (first quarter 2015: losses €742 thousand) recorded in a separate equity reserve and in losses amounting to €3 thousand (first quarter 2015: losses of €1 thousand) recognized in the income statement. Respectively for the Company, profits amounting €4 thousand (first quarter 2015: losses of €1 thousand) are analyzed in profits amounting to €4 thousand (first quarter of 2015: losses €1 thousand) recorded in a separate equity reserve.

For investments that are actively traded in organized financial markets, fair value is determined by reference to the closing price at the reporting date. For investments where there is no corresponding market price, fair value is determined by reference to the current market value of another instrument that is substantially the same or estimated based on expected cash flows of the net assets underlying the investment or acquisition value.

2.12 INVENTORIES

	GROUP		COMPANY
	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Merchandise – Equipment	36.402	37.847	25.491	25.817
Other	5.477	8.080	0	0
Total	41.879	45.927	25.491	25.817
Provisions for impairment	-3.355	-3.336	-1.753	-1.753
Total	38.524	42.591	23.738	24.064

For the first quarter of 2016, the amount transferred to profit and loss from disposals/usage of inventories is €792 thousand (first quarter 2015: €1.648 thousand) for the Group while the respective amount for the Company is €809 thousand (first quarter 2015: €1.016 thousand) and is included in "Cost of Sales".

Reconciliation of changes in inventories provision for		GROUP	COMPANY
impairment	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Opening balance for the period	3.336	3.353	1.753	1.753
Period provisions 1	0	0	0	0
Reversed provisions	0	-2	0	0
Foreign exchange differences	19	-15	0	0
Closing balance for the period	3.355	3.336	1.753	1.753

¹Included in «Cost of sales»

There are no liens on reserves.

2.13 CASH AND CASH EQUIVALENTS

Bank current accounts are either non-interest bearing or interest bearing and yield income at the daily bank interest rates. The short term deposits are made for periods from one (1) day to three (3)

months depending on the Group's cash requirements and yield income at the applicable prevailing interest rates.

For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of:

	GROUP		COMPANY
	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Cash and bank current accounts	246.023	270.240	33.499	35.859
Short term time deposits	7.513	6.369	0	0
Total	253.536	276.609	33.499	35.859

The time deposits denominated in foreign currency relate mainly to currency exchange contracts (which have the nature of a time deposit and not of a derivative financial asset).

2.14 SHARE CAPITAL, TREASURY SHARES AND RESERVES

Share Capital

Total number of authorized shares	31/03/2016	31/12/2015
Ordinary shares of nominal value €0,30 each	158.961.721	158.961.721
Issued and fully paid shares	Number of ordinary shares	€'000
Balance 1 January 2015	158.961.721	47.689
Issue of new shares	0	0
Balance 31 December 2015	158.961.721	47.689
Issue of new shares	0	0
Balance 31 March 2016	158.961.721	47.689

Treasury Shares

The Company, according to article 16, C.L. 2190/1920, article 4.1.4.2 of the regulation of ATHEX and based on the resolution of the Shareholder's Annual General Meeting which took place on the 11.06.2014, as amended by the resolution of the Shareholder's Annual General Meeting of 19.05.2015, has approved a buy-back program of up to 10% of the paid share capital, for the time period of 24 months with effect from 11.06.2014 and until 11.06.2016, with a minimum price of €1,00 and maximum price of €12,00. It has also approved that the own shares which will eventually be acquired may be held for future acquisition of shares of another company. Until 31/3/2016 the Company has purchased 470.746 own shares (0,296% of the corporate share capital) with average price €1,0402 per share and a total purchase price of €490 thousand.

	GROUP Number of ordinary shares	€ '000	COMPANY Number of ordinary shares	€ '000
Balance 1 January 2015	470.746	490	470.746	490
Purchase of treasury shares	0	0	0	0
Balance 31 December 2015	470.746	490	470.746	490
Purchase of treasury shares	0	0	0	0
Balance 31 March 2016	470.746	490	470.746	490

Reserves

Foreign exchange differences reserve

This reserve is used to record the exchange differences arising from the translation of foreign subsidiaries' financial statements. The balance of this reserve in the Group on 31/3/2016 was €-65,8 million (31/12/2015: €-59,4 million). The Group had a total net loss which was reported in the statement of comprehensive income from the change in the fair value reserve during the first quarter

of 2016 amounting to €9,4 million (first quarter 2015: gain of €26,9 million), out of which loss of €6,4 million is attributable to the owners of the parent and a loss of €3,0 million to non-controlling interest. The above total net loss for 2016 comes mainly from the fluctuation of the JMD, USD, ARS, TRY and CNY against the EUR.

The main exchange rates of abroad subsidiaries financial statements conversion were:

Statement of Financial Position:

	31/3/2016	31/12/2015	Change
EUR / USD	1,14	1,09	4,59%
EUR / JMD	137,50	130,28	5,54%
EUR / TRY	3,21	3,18	0,94%
EUR / PEN	3,77	3,70	1,89%
EUR / AZN	1,75	1,69	3,55%
EUR / ARS	16,71	14,05	18,93%
EUR / PLN	4,26	4,26	0,00%
EUR / BRL	4,12	4,31	-4,41%

Income Statement:

	Avg. 1/1- 31/3/2016	Avg. 1/1- 31/3/2015	Change
EUR / USD	1,10	1,13	-2,65%
EUR / JMD	133,23	129,50	2,88%
EUR / TRY	3,25	2,77	17,33%
EUR / PEN	3,80	3,44	10,47%
EUR / AZN	1,74	1,00	74,00%
EUR / ARS	15,94	9,78	62,99%
EUR / PLN	4,37	4,19	4,30%
EUR / BRL	4,30	3,22	33,54%

Other Reserves

	GROUP		COMPANY
	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Statutory reserve	30.957	30.562	15.896	15.896
Extraordinary reserves	1.649	1.649	1.456	1.456
Tax free and specially taxed reserves	31.358	31.358	28.601	28.601
Actuarial differences reserve	-424	-424	-51	-51
Hedging reserve	-50	0	-50	0
Revaluation reserve	-1.990	-934	-171	-175
Total	61.500	62.211	45.681	45.727
Minus: Assets held for sale reserves	-416	0	0	0
Continuing operations	61.916	62.211	45.681	45.727

2.15 DIVIDENDS

	GROUP		COMPANY
Declared dividends of ordinary
shares:	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Final dividend of period 2012-2013	689	19.685	0	0
Interim dividend of 2014	0	0	0	0
Final dividend of 2014	32	27.735	0	0
Interim dividend of 2015	0	21.495	0	0
Final dividend of 2015	11.017	0	0	0
Interim dividend of 2016	1.616	0	0	0
Dividend per statement of changes in equity	13.354	68.915	0	0

Paid Dividends on ordinary shares:

During the first quarter of 2016 dividends paid on ordinary shares, aggregated €9.378 thousand (first quarter 2015: €8.584 thousand).

INTRALOT Group

Interim Financial Statements for the period January 1 to March 31, 2016

2.16 LONG TERM DEBT

			GROUP		COMPANY
	Currency	Interest rate	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Facility A (€250 mil)	EUR	6,00%	248.893	244.878	0	0
Facility B (€325 mil)	EUR	9,75%	319.539	326.579	0	0
Facility C (€200 mil)	EUR	1M Euribor + 5,50%	198.903	198.624	0	0
Facility D (€25 mil)	EUR	4,80%	5.893	6.762	0	0
Intercompany Loans			0	0	279.714	282.031
Other			5.142	16.349	0	0
Total Loans			778.370	793.192	279.714	282.031
Less: Payable during the next year			-14.383	-29.365	-135	-1.358
Repurchase Facility Α			-19.613	-19.296	0	0
Repurchase Facility Β			-27.824	-28.437	0	0
Long Term Loans			716.550	716.094	279.579	280.673

Facility Α: On May 2014, Intralot Capital Luxembourg issued Senior Notes with a face value of €250 million, due May 15th 2021 guaranteed by the parent company and subsidiaries of the Group. The Notes were offered at an issue price of 99,294%. Interest is payable semi-annually at an annual fixed nominal coupon of 6%. The Notes are trading on the Luxembourg Stock Exchanges Euro MTF Market. The Notes bear the Group financial covenants with respect to Net Debt to EBITDA (Leverage ratio), and financial expenses coverage ratio (Fixed Charge Coverage ratio). The Group was in compliance with the covenants under Notes as at 31/03/2016. Until 31/03/2016, the Group proceeded to bonds buy back with a nominal value €19,7 million forming the remaining outstanding principal amount to €230,3 million.

• Facility B: On August 2013, Intralot Finance Luxembourg SA, issued Senior Notes with a face value of €325 million, due August 15th 2018, guaranteed by the parent company and subsidiaries of the Group. The Notes were offered at an issue price of 99,027%. Interest is payable semi-annually at an annual fixed nominal coupon of 9,75%. The Notes are trading on the Luxembourg Stock Exchanges Euro MTF Market. The Notes bear the Group financial covenants with respect to Net Debt to EBITDA (Leverage ratio), and financial expenses coverage ratio (Fixed Charge Coverage ratio).The Group was in compliance with the covenants under Notes as at 31/03/16. Until 31/03/2016, the Group proceeded to bonds buy back with a nominal value €28,3 million forming the remaining outstanding principal amount to €296,7 million.
• Facility C: On June 2014, Intralot Finance UK PLC signed a syndicated loan guaranteed by the parent and subsidiaries of the Group amounting €200 million. The loan will have three year duration (extendable for a further year) and the current limit is set at €200 million, of which €120 million in the form of revolving facility and €80 million as term loan. The outstanding loan balance on 31/03/16 was €200 million, and bears a floating rate (Euribor) plus a margin of 5,50%.

Amounts under the revolving credit facility may be borrowed, repaid and re-borrowed by the Group from time to time until maturity. Voluntary prepayments and commitment reductions under the Credit Agreement are permitted at any time in whole or in part, without premium or penalty (other than break-funding costs). The financial terms of the loan, include minimum ratio requirements of

29

total net debt to EBITDA (Leverage Ratio) and the Interest Coverage ratio. We acknowledge that the Group on 31/03/16 covers the economic clauses of the syndicated loan.

Facility D: On July 2012, Maltco Lotteries LTD signed a long term loan amounting to €25 million, guaranteed by the parent company. The financing bears floating interest with a total average rate equal to 4,80%, is paid in monthly instalments and matures in October 2017.

The Company, the subsidiaries of the Group or other related parties, or agents on its or their behalf, may opportunistically purchase and/or re-sell bonds of the Group (Facility A & B) in one or more series of open-market transactions from time to time. The Group does not intend to disclose the extent of any such purchase or re-sale otherwise than in accordance with any legal or regulatory obligation the Group may have to do so.

2.17 SHARED BASED BENEFITS

The Group had no active option plan during the first quarter of 2016.

2.18 FINANCIAL ASSETS AND LIABILITIES

The financial assets and liabilities of the Group, excluding cash and cash equivalents are analyzed as follows:

31/3/2016
Financial assets:	Loans and receivables	Available for sale financial assets	Financial assets held to maturity	Total
Trade receivables	98.650	0	0	98.650
Receivables from related parties	32.732	0	0	32.732
Prepaid expenses and other receivable	112.773	0	0	112.773
Bad debtors provisions	-17.141	0	0	-17.141
Other quoted financial assets	0	1.751	0	1.751
Other unquoted financial assets	0	24.271	0	24.271
Total	227.014	26.022	0	253.036
Long term	57.147	26.022	0	83.169
Short term	169.867	0	0	169.867
Total	227.014	26.022	0	253.036

31/12/2015
Financial assets:	Loans and receivables	Available for sale financial assets	Financial assets held to maturity	Total
Trade receivables	124.275	0	0	124.275
Receivables from related parties	32.570	0	0	32.570
Prepaid expenses and other receivable	136.481	0	0	136.481
Bad debtors provisions	-20.369	0	0	-20.369
Other quoted financial assets	0	1.812	0	1.812
Other unquoted financial assets	0	24.273	0	24.273
Total	272.957	26.085	0	299.042
Long term Short term	70.225 202.732	26.085 0	0 0	96.310 202.732
Total	272.957	26.085	0	299.042

Interim Financial Statements for the period January 1 to March 31, 2016

31/3/2016 Financial liabilities	Financial liabilities measured at amortized cost	Financial liabilities at fair value through profit and loss	Financial liabilities at fair value through other comprehensive income	Total
Trade Payables	42.047	0	0	42.047
Payables to related parties	27.597	0	0	27.597
Other liabilities	64.191	0	0	64.191
Derivatives	0	0	50	50
Borrowing and finance lease	736.803	0	0	736.803
Total	870.638	0	50	870.688
Long term	735.990	0	0	735.990
Short term	134.648	0	50	134.698
Total	870.638	0	50	870.688

31/12/2015
Financial liabilities	Financial liabilities measured at amortized cost	Financial liabilities at fair value through profit and loss	Financial liabilities at fair value through other comprehensive income	Total
Trade Payables	52.706	0	0	52.706
Payables to related parties	21.603	0	0	21.603
Other liabilities	80.084	0	0	80.084
Derivatives	0	0	0	0
Borrowing and finance lease	754.240	0	0	754.240
Total	908.633	0	0	908.633
Long term	737.173	0	0	737.173
Short term	171.460	0	0	171.460
Total	908.633	0	0	908.633

Below is the analysis of the financial assets and liabilities of the Company excluding cash and cash equivalents:

31/3/2016
Financial assets:	Loans and receivables	Available for sale financial assets	Financial assets held to maturity	Total
Trade receivables	51.028	0	0	51.028
Receivables from related parties	99.183	0	0	99.183
Prepaid expenses and other receivable	18.876	0	0	18.876
Bad debtors provisions	-41.647	0	0	-41.647
Other quoted financial assets	0	28	0	28
Other unquoted financial assets	0	3.219	0	3.219
Total	127.440	3.247	0	130.687
Long term	204	3.247	0	3.451
Short term	127.236	0	0	127.236
Total	127.440	3.247	0	130.687

Interim Financial Statements for the period January 1 to March 31, 2016

31/12/2015
Financial assets:	Loans and receivables	Available for sale financial assets	Financial assets held to maturity	Total
Trade receivables	52.440	0	0	52.440
Receivables from related parties	102.188	0	0	102.188
Prepaid expenses and other receivable	19.275	0	0	19.275
Bad debtors provisions	-46.611	0	0	-46.611
Other quoted financial assets	0	24	0	24
Other unquoted financial assets	0	3.219	0	3.219
Total	127.292	3.243	0	130.535
Long term	200	3.243	0	3.443
Short term	127.092	0	0	127.092
Total	127.292	3.243	0	130.535

31/3/2016

Financial liabilities	Financial liabilities measured at amortized cost	Financial liabilities at fair value through profit and loss	Financial liabilities at fair value through other comprehensive income	Total
Trade Payables	8.530	0	0	8.530
Payables to related parties	43.804	0	0	43.804
Other liabilities	7.094	0	0	7.094
Derivatives	0	0	50	50
Borrowing and finance lease	279.714	0	0	279.714
Total	339.142	0	50	339.192
Long term	279.579	0	0	279.579
Short term	59.563	0	50	59.613
Total	339.142	0	50	339.192

31/12/2015

Financial liabilities	Financial liabilities measured at amortized cost	Financial liabilities at fair value through profit and loss	Financial liabilities at fair value through other comprehensive income	Total
Trade Payables	10.339	0	0	10.339
Payables to related parties	45.248	0	0	45.248
Other liabilities	6.613	0	0	6.613
Derivatives	0	0	0	0
Borrowing and finance lease	282.031	0	0	282.031
Total	344.231	0	0	344.231
Long term	280.673	0	0	280.673
Short term	63.558	0	0	63.558
Total	344.231	0	0	344.231

Estimated fair value

Below is a comparison by category of carrying amounts and fair values of financial assets and liabilities of the Group and the Company as at 31 March 2016 and 31 December 2015:

	GROUP
		Carrying Amount	Fair Value
Financial Assets	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Other long-term financial assets - classified as "available for sale"	26.022	26.085	26.022	26.085
Other long-term receivables	57.147	70.225	57.147	70.225
Trade and other short-term receivables	169.867	202.732	169.867	202.732
Other short-term financial assets - classified as "Held to maturity"	0	0	0	0
Cash and cash equivalents	253.536	276.609	253.536	276.609
Total	506.572	575.651	506.572	575.651

Financial Liabilities
Long-term loans	716.550	716.094	710.254	708.265
Other long-term liabilities	17.953	19.113	17.953	19.113
Liabilities from finance leases	1.487	1.966	1.487	1.966
Trade and other short term payables	115.932	135.280	115.932	135.280
Short-term loans and finance lease	18.766	36.180	18.413	36.412
Total	870.688	908.633	864.039	901.036

	COMPANY
	Carrying Amount		Carrying Amount
Financial Assets	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Other long-term financial assets - classified as "available for sale"	3.247	3.243	3.247	3.243
Other long-term receivables	204	200	204	200
Trade and other short-term receivables	127.236	127.092	127.236	127.092
Cash and cash equivalents	33.499	35.859	33.499	35.859
Total	164.186	166.394	164.186	166.394
Financial Liabilities
Long-term loans	279.579	280.673	279.579	280.673
Trade and other short term payables	59.478	62.200	59.478	62.200
Short-term loans and finance lease	135	1.358	135	1.358
Total	339.192	344.231	339.192	344.231

The management estimated that the carrying value of cash and cash equivalents, trade and other receivables, trade and other payables approximates their fair value, primarily because of their short term maturities.

Fair value hierarchy

The Group classifies fair value measurements using a fair value hierarchy that reflects the significance of inputs used in making the measurements to them. The levels of the fair value hierarchy are as follows:

Level 1: official quoted prices (unadjusted) in markets with significant volume of transactions for similar assets or liabilities

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Group and the Company held on 31/3/2016 the following assets and liabilities measured at fair value:

	Fair Value	Fair value hierarchy
GROUP	31/3/2016	Level 1	Level 2	Level 3
Financial assets measured at fair value
Other financial assets classified as "Available for sale"	26.022	1.751	0	24.271
- Quoted shares	1.751	1.751	0	0
- Unquoted shares	24.271	0	0	24.271
Derivative financial instruments	0	0	0	0
Financial liabilities measured at fair value
Derivative financial instruments	50	0	50	0

COMPANY	Fair Value	Fair value hierarchy
	31/3/2016	Level 1	Level 2	Level 3
Financial assets measured at fair value
Other financial assets classified as "Available for sale"	3.247	28	0	3.219
- Quoted shares	28	28	0	0
- Unquoted shares	3.219	0	0	3.219
Derivative financial instruments	0	0	0	0
Financial liabilities measured at fair value
Derivative financial instruments	50	0	50	0

During 2016 there were no transfers between Level 1 and Level 2 of the fair value hierarchy, no transfers to and from Level 3.

The Group and the Company held on 31/12/2015 the following assets and liabilities measured at fair value:

GROUP	Fair Value	Fair value hierarchy
	31/12/2015	Level 1	Level 2	Level 3
Financial assets measured at fair value
Other financial assets classified as "Available for sale"	26.085	1.812	0	24.273
- Quoted shares	1.812	1.812	0	0
- Unquoted shares	24.273	0	0	24.273
Derivative financial instruments	0	0	0	0
Financial liabilities measured at fair value
Derivative financial instruments	0	0	0	0

Interim Financial Statements for the period January 1 to March 31, 2016

	Fair Value	Fair value hierarchy
COMPANY	31/12/2015	Level 1	Level 2	Level 3
Financial assets measured at fair value
Other financial assets classified as "Available for sale"	3.243	24	0	3.219
- Quoted shares	24	24	0	0
- Unquoted shares	3.219	0	0	3.219
Derivative financial instruments	0	0	0	0
Financial liabilities measured at fair value
Derivative financial instruments	0	0	0	0

During 2015 there were no transfers between Level 1 and 2 in the hierarchy of fair value or transfer in

and out of Level 3.

Reconciliation for recurring fair value measurements classified in the 3rd level of the fair value hierarchy:

Unquoted shares	GROUP	COMPANY
Balance 1/1/2015	33.367	3.219
Return of capital	-10.726	0
Period purchases	1.650	0
Foreign exchange differences	-18	0
Balance 31/12/2015	24.273	3.219
Foreign exchange differences	-2	0
Balance 31/3/2016	24.271	3.219

Valuation methods and assumptions

The fair value of the financial assets and liabilities is the amount at which the asset could be sold or the liability transferred in a current transaction between market participants, other than in a forced or liquidation sale.

The following methods and assumptions are used to estimate the fair values:

• Fair value of the quoted shares (classified as "Available for sale") derives from quoted market closing prices in active markets at the reporting date.
• Fair value of the unquoted shares (classified as "Available for sale") is estimated by reference to the current market value of another item substantially similar or using a DCF model. The valuation through the DCF model requires management to make certain assumptions about the model inputs, including forecast cash flows, the discount rate, credit risk and volatility. The probabilities of the various estimates within the range can be reasonably assessed and are used in management's estimate of fair value for these unquoted equity investments.
• Fair value of the quoted bonds is based on price quotations at the reporting date. The fair value of unquoted instruments, loans from banks and other financial liabilities, obligations under finance leases, as well as other non-current financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities.
• The Group uses derivative financial instruments such as forward currency contracts, interest rate swaps, currency swaps and other derivatives in order to hedge risks related to interest rates and foreign currency fluctuations. Such derivative financial instruments are measured at

fair value at each reporting date. The fair value of these derivatives is measured mainly by reference of the market value and is verified by the financial institutions.

Description of significant unobservable inputs to valuation:

The fair value of unquoted shares (classified as "Available for sale") except that it is sensitive to a reasonably possible change in the forecast cash flows and the discount rate, is also sensitive to a reasonably possible change in growth rates. The valuation requires management to use unobservable inputs in the model, of which the most significant are disclosed in the tables below. The management regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs and determines their impact on the total fair value.

Unquoted shares (classified as "Available for sale")

Valuation method	Significant unobservable inputs	Range (Weighted Average) 31/12/2015	31/12/2014
	Sales growth rate	6.0% - 6.0% (6.0%)	1.0% - 64.6% (28.3%)
DCF	Growth rate beyond budgets period	0.0% - 6.0% (5.7%)	1.0% - 1.6% (1.6%)
	Discount rates (WACC)	7.9% - 19.5% (19.0%)	7.9% - 14.8% (14.6%)

Sensitivity analysis of recoverable amounts:

On 31/12/2015, the Group analyzed the sensitivity of recoverable amounts in a reasonable and possible change in any of the above significant unobservable inputs (i.e. the change of one percentage point in the growth rate beyond the budgets period and discount rates). This analysis did not indicate a situation in which the carrying value of the Group's significant investments in unquoted shares exceeds their recoverable amount.

2.19 SUPPLEMENTARY INFORMATION

A. BUSINESS COMBINATION AND METHOD OF CONSOLIDATON

The companies included in the consolidation, with the relevant addresses and the relevant participation percentages are the following:

	I. Full consolidation:	Domicile	% Direct	% Indirect	% Total
			Part'n	Part'n	Part'n
	INTRALOT SA	Maroussi, Greece	Parent	Parent	-
3.	BETTING COMPANY S.A.	Maroussi, Greece	95%	5%	100%
24.	BETTING CYPRUS LTD	Nicosia, Cyprus		100%	100%
	INTRALOT AUSTRALIA PTY LTD	Melbourne, Australia	100%		100%
28.	INTRALOT GAMING SERVICES PTY	Melbourne, Australia		100%	100%
	INTRALOT IBERIA HOLDINGS SA	Madrid, Spain	100%		100%
29.	INTRALOT JAMAICA LTD	Kingston, Jamaica		100%	100%
29.	INTRALOT TURKEY A.S.	Istanbul, Turkey	50%	49,99%	99,99%
29.	INTRALOT DE MEXICO LTD	Mexico City, Mexico		99,8%	99,8%
29.	INTELTEK INTERNET AS	Istanbul, Turkey	20%	25%	45%
30.	AZERINTELTEK AS	Baku, Azerbaijan		22,95%	22,95%
2,4.	INTRALOT DE PERU SAC	Lima, Peru	99,80%	0,20%	100%
	POLDIN LTD	Warsaw, Poland	100%		100%
	ATROPOS S.A.	Maroussi, Greece	100%		100%
	INTRALOT SERVICES S.A.	Paiania, Greece	100%		100%
	INTRALOT ADRIATIC DOO	Zagreb, Croatia	100%		100%
	BILYONER INTERAKTIF HIZMELTER AS GROUP	Istanbul, Turkey	50,01%		50,01%
	INTRALOT MAROC S.A.	Casablanca, Morocco	99,83%		99,83%
2.	GAMING SOLUTIONS INTERNATIONAL LTDA	Bogota, Colombia	99%	1%	100%
2.	INTRALOT INTERACTIVE S.A.	Maroussi, Greece	65,24%	30,70%	95,94%
	INTRALOT GLOBAL SECURITIES B.V.	Amsterdam, Netherlands	100%		100%
1.	INTRALOT FINANCE LUXEMBOURG S.A.	Luxembourg, Luxembourg		100%	100%
1.	INTRALOT CAPITAL LUXEMBOURG S.A.	Luxembourg, Luxembourg		100%	100%
1,2,3,4.	INTRALOT GLOBAL HOLDINGS B.V.	Amsterdam, Netherland		100%	100%
5.	INTRALOT INC	Atlanta, USA		100%	100%
12.	DC09 LLC	Wilmington, USA		49%	49%
5.	INTRALOT CAPITAL UK LTD	Hertfordshire, United Kingdom	0,02%	99,98%	100%
5.	ILOT INVESTMENT UK LTD	Hertfordshire, United Kingdom	0,02%	99,98%	100%
5.	INTRALOT NEDERLAND B.V.	Amsterdam, Netherlands		100%	100%
5.	LOTROM S.A.	Bucharest, Romania		60%	60%
5.	INTRALOT BEIJING Co LTD	Beijing, China		100%	100%
5.	TECNO ACCION S.A.	Buenos Aires, Argentina		50,01%	50,01%
5.	TECNO ACCION SALTA S.A.	Buenos Aires, Argentina		50,01%	50,01%
5.	ΜALTCO LOTTERIES LTD	Valetta, Malta		73%	73%
5.	INTRALOT NEW ZEALAND LTD	Wellington, New Zealand		100%	100%
5.	INTRALOT DO BRAZIL LTDA	Sao Paulo, Brazil		80%	80%
14.	OLTP LTDA	Rio de Janeiro, Brazil		80%	80%
5.	INTRALOT ARGENTINA S.A.	Buenos Aires, Argentina		100%	100%
5.	INTRALOT GERMANY GMBH	Munich, Germany		100%	100%
5.	INTRALOT HOLDING & SERVICES S.p.A.	Rome, Italy		100%	100%
5,7.	INTRALOT GAMING MACHINES S.p.A.	Rome, Italy		100%	100%
7.	INTRALOT ITALIA S.p.A	Rome, Italy		100%	100%
13.	VENETA SERVIZI S.R.L.	Mogliano Veneto, Italy		100%	100%
5.	INTRALOT SOUTH KOREA S.A.	Seoul, S. Korea		100%	100%
5.	INTRALOT FINANCE UK PLC	London, United Kingdom		100%	100%

Interim Financial Statements for the period January 1 to March 31, 2016

	I. Full consolidation:	Domicile	% Direct	% Indirect	% Total
			Part'n	Part'n	Part'n
5.	INTRALOT ASIA PACIFIC LTD	Hong Kong, China		100%	100%
5.	WHITE EAGLE INVESTMENTS LTD	Hertfordshire, United Kingdom		100%	100%
5.	BETA RIAL Sp.Zoo	Warsaw, Poland		100%	100%
5.	POLLOT Sp.Zoo	Warsaw, Poland		100%	100%
15,16,17	TOTOLOTEK S.A.	Warsaw, Poland		95,45%	95,45%
5.	INTRALOT SLOVAKIA SPOL. S.R.O.	Bratislava, Slovakia		100%	100%
5.	SLOVENSKE LOTERIE A.S.	Bratislava, Slovakia		51%	51%
5.	NIKANTRO HOLDINGS Co LTD	Nicosia, Cyprus		100%	100%
19.	LOTERIA MOLDOVEI S.A.	Chisinau, Moldova	47,90%	32,85%	80,75%
5.	INTRALOT BETTING OPERATIONS (CYPRUS) LTD	Nicosia, Cyprus		54,95%	54,95%
5,6.	ROYAL HIGHGATE LTD	Nicosia, Cyprus		35,08%	35,08%
5.	INTRALOT LEASING NEDERLAND B.V.	Amsterdam, Netherland		100%	100%
5.	INTRALOT IRELAND LTD	Dublin, Ireland		100%	100%
5.	INTRALOT CYPRUS GLOBAL ASSETS LTD	Nicosia, Cyprus		100%	100%
8.	INTRALOT OOO	Moscow, Russia		100%	100%
26.	INTRALOT DISTRIBUTION OOO	Moscow, Russia		100%	100%
8.	INTRALOT ST. LUCIA LTD	Castries, Santa Lucia		100%	100%
9.	INTRALOT GUATEMALA S.A.	Guatemala City, Guatemala		100%	100%
10.	LOTERIAS Y APUESTAS DE GUATEMALA S.A.	Guatemala City, Guatemala		51%	51%
9.	INTRALOT DOMINICANA S.A.	St. Dominicus, Dominican Republic		100%	100%
9.	INTRALOT LATIN AMERICA INC	Miami, USA		100%	100%
9.	INTRALOT SURINAME LTD	Paramaribo, Suriname		100%	100%
9.	CARIBBEAN VLT SERVICES LTD	Castries, Santa Lucia		50,001%	50,001%
9.	INTRALOT CARIBBEAN VENTURES LTD	Castries, Santa Lucia		50,05%	50,05%
11.	SUPREME VENTURES LTD	Kingston, Jamaica		24,97%	24,97%
	ΙΝTRALOT HOLDINGS INTERNATIONAL LTD	Nicosia, Cyprus	100%		100%
2.	INTRALOT INTERNATIONAL LTD	Nicosia, Cyprus		100%	100%
3.	INTRALOT OPERATIONS LTD	Nicosia, Cyprus		100%	100%
2,4.	NETMAN SRL	Bucharest, Romania		100%	100%
2.	BILOT EOOD	Sofia, Bulgaria		100%	100%
20.	EUROFOOTBALL LTD	Sofia, Bulgaria		49%	49%
21.	EUROFOOTBALL PRINT LTD	Sofia, Bulgaria		49%	49%
2.	INTRALOT TECHNOLOGIES LTD	Nicosia, Cyprus		100%	100%
23.	INTRALOT LOTTERIES LTD	Nicosia, Cyprus	51%	49%	100%
23.	INTRALOT INVESTMENTS LTD	Nicosia, Cyprus	51%	49%	100%
2.	INTRALOT BUSINESS DEVELOPMENT LTD	Nicosia, Cyprus		100%	100%
2.	GAMING SOLUTIONS INTERNATIONAL SAC	Lima, Peru		100%	100%
2.	NAFIROL S.A.	Montevideo, Uruguay		100%	100%
2.	LEBANESE GAMES S.A.L	Lebanon		99,99%	99,99%
2.	INTRALOT HONG KONG HOLDINGS LTD	Hong Kong, China		100%	100%
		Alderney, United
2.	ENTERGAMING LTD	Kingdom		100%	100%
2.	INTRALOT BETTING OPERATIONS RUSSIA LTD	Nicosia, Cyprus		100%	100%
25.	FAVORIT BOOKMAKERS OFFICE OOO	Moscow, Russia		100%	100%

Interim Financial Statements for the period January 1 to March 31, 2016

			% Direct	% Indirect	% Total
	II. Equity method:	Domicile	Part'n	Part'n	Part'n
	LOTRICH INFORMATION Co LTD	Taipei, Taiwan	40%		40%
	INTRALOT SOUTH AFRICA LTD	Johannesburg, South Africa	45%		45%
3.	GOREWARD LTD	Taipei, Taiwan		49,99%	49,99%
31.	PRECIOUS SUCCESS LTD GROUP	Hong Kong, China		24,49%	24,49%
31.	GAIN ADVANCE GROUP LTD	Hong Kong, China		49,99%	49,99%
22.	KTEMS HOLDINGS CO LTD	Seoul, South Korea		49,99%	49,99%
31.	OASIS RICH INTERNATIONAL LTD	Taipei, Taiwan		44,99%	44,99%
32.	WUSHENG COMPUTER TECHNOLOGY (SHANGHAI) CO LTD	Shanghai, China		44,99%	44,99%
5.	BIT8 LTD	Valetta, Malta		35%	35%
33.	SWITCH IT NV	Willemstad, Curacao		35%	35%
2.	UNICLIC LTD	Nicosia, Cyprus		50%	50%
27.	DOWA LTD	Nicosia, Cyprus		30%	30%
	Subsidiary of the company:
	1: Intralot Global Securities BV	12: Intralot Inc		23: Intralot Technologies LTD
	2: Intralot Holdings International LTD	13: Intralot Italia S.p.A.		24: Betting Company S.A.
	3: Intralot International LTD	14: Intralot Do Brazil LTDA		25: Intralot Betting Operations Russia LTD
	4: Intralot Operations LTD	15: Pollot Sp.Zoo	26: Intralot OOO
	5: Intralot Global Holdings BV	16: White Eagle Investments LTD	27: Uniclic LTD
	6: Intralot Betting Operations(Cyprus) LTD	17: Beta Rial Sp.Zoo.		28: Intralot Australia PTY LTD
	7: Intralot Holding & Services S.p.A.	18: Bit8 LTD		29: Intralot Iberia Holdings S.A.
	8: Intralot Cyprus Global Assets LTD	19: Nikantro Holdings Co LTD		30: Inteltek Internet AS
	9: Intralot St.Lucia LTD	20: Bilot EOOD	31: Goreward LTD
	10: Intralot Guatemala S.A.	21: Eurofootball LTD		32: Oasis Rich International LTD
	11: Intralot Caribbean Ventures LTD	22: Gain Advance Group LTD

The entities Atropos S.A., Nafirol S.A., and Gain Advance Group LTD are under liquidation process.

On March 2016 the liquidation of the associate company Ktems Holdings Co LTD was completed.

The Group has also a number of shares of non-significant value in subsidiaries and associates to which, in respect to INTRALOT SA, there is no parent- subsidiary relationship in the form of a legal entity.

On 31/3/2016, the Group or its subsidiaries did not have any significant contractual or statutory restrictions on their ability to access or use the assets and settle the liabilities of the Group.

The following United Kingdom subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the statutory audit of individual company accounts by virtue of Section 479A of that Act:

Intralot Finance UK Plc (company number 6451119)

White Eagle Investments Limited (company number 3450868)

Ilot Capital UK Limited (company number 9614324)

Ilot Investments UK Ltd (company number 9614271)

However, Intralot Finance UK Plc has been audited in 2015 for IFRS Group reporting purposes.

III. Acquisitions:

On late March 2016 the Group acquired 100% of the voting rights of Entergaming Ltd (United Kingdom), which is an online sports betting operator that offers a user friendly interface, a wide range of betting opportunities and has a large player database. The Group acquired Entergaming Ltd to enrich the range of products offered and to expand its clientele.

The fair values of the identifiable assets and liabilities of Entergaming Ltd on the acquisition date were:

	Fair Value
Intangible assets	11.964
Long term liabilities	-9.774
Short term liabilities	-2.190
Total fair value of net identifiable assets	0
Goodwill recognized on acquisition	0
Total acquisition consideration	0
Analysis of cash flows on acquisition:
Cash and cash equivalents acquired	0
Acquisition consideration in cash	0
Net cash flow on acquisition	0

On April 2016, the Group announced the acquisition of a strategic stake in Eurobet Ltd a leading gaming company in Bulgaria. The Group acquired a 49% stake in Eurobet, a company that offers to the Bulgarian market numerical games and scratch tickets through a network of 1,100 points of sales countrywide. The Group already has strong presence in the country as 49% owner of Eurofootball, offering Fixed Odds and Live Betting through a network of 850 shops, since 2002. The completion of the acquisition, which is subject to regulatory approvals, is expected to occur by June 2016.

IV. New Companies of the Group:

During the first quarter of 2016 the Group did not proceed to the establishment of a subsidiary company.

V. Changes in ownership percentage during 2016:

During the first quarter of 2016 the Group did not proceed to any change in participation percentages in a subsidiary or associate company.

VI. Subsidiaries' Share Capital Increase:

During the first quarter of 2016 the Group completed a share capital increase through payment in cash in Netman SRL amounting €212 thousand.

VII. Strike off - Disposal of Group Companies:

During the first quarter of 2016, the Group completed the liquidation and strike off of the associate company Ktems Holdings Co LTD.

VIII. Discontinued Operations

On 21/3/2016 the Group announced that it has signed, a Memorandum of Understanding (MoU) with Trilantic Capital Partners Europe, the main shareholder of Gamenet S.p.A ("Gamenet") in Italy, to merge the Italian activities of the INTRALOT Group (subsidiary companies Intralot Holding & Services S.p.A., Intralot Gaming Machines S.p.A., Intralot Italia S.p.A. and Veneta Servizi Srl) into those of Gamenet, one of the largest network concessionaires of VLT, AWP, betting and online gaming in the country.

Following completion of the transaction, INTRALOT Group is envisaged to control 20% of the combined operations. With a network of approximately 800 betting POS, that will continue to use INTRALOT's brand name, ca. 8.200 VLTs, over 50.000 AWPs. The completion of the transaction, which is expected

by June 2016, is, inter alia, subject to approvals by the corporate bodies of the two companies and by competent public authorities. The above subsidiaries are presented in the geographical operating segment "European Union" (note 2.2). On 31/3/2016 the above activities of the Group in Italy were classified as assets held for sale and discontinued operations. Below are the results of discontinued operations of the Group in Italy:

	1/1-31/3/2016	1/1-31/3/2015
Sale proceeds	164.302	151.639
Expenses	-166.800	-155.396
Other operating income	202	283
Other operating expenses	-620	-355
EBIT	-2.916	-3.829
EBITDA	4.141	1.343
Gain/(loss) from assets disposal, impairment loss and write-off of assets	-309	0
Interest and similar expenses	-88	-105
Interest and similar income	1	0
Operating profit/(loss) before tax	-3.312	-3.934
Tax	0	0
	-3.312	-3.934
Gain/(loss) from disposal of discontinued operations	0	0
Corresponding tax	0	0
Profit/(loss) after tax from discontinued operations	-3.312	-3.934

Below are presented the main assets and liabilities classified as held for sale on 31/3/2016:

	31/3/2016
ASSETS
Tangible assets	9.058
Intangible assets	12.484
Deferred Tax asset	103
Other long term receivables	4.607
Trade and other short term receivables	30.425
Cash and cash equivalents	9.227
Assets held for sale	65.904
LIABILITIES
Staff retirement indemnities	1.731
Other long term provisions	287
Other long term liabilities	795
Trade and other short term liabilities	29.714
Current income tax payable	107
Short term provision	223
Liabilities directly related to assets held for sale	32.857
Net assets held for sale	33.047
Amounts included in accumulated other comprehensive income:
Actuarial differences reserve	-416
Assets held for sale reserves	-416

Below are presented the net cash flows of the Groups discontinued operations in Italy:

	1/1-31/3/2016	1/1-31/3/2015
Operating activities	4.310	-1.593
Investing activities	-366	-76
Financing activities	-61	-183
Net increase / (decrease) in cash and cash equivalents for the period	3.883	-1.852

Earnings / (loss) after tax per share (€) from discontinued operations	1/1-31/3/2016	1/1-31/3/2015
- basic	-0,0209	-0,0248
- diluted	-0,0209	-0,0248
Weighted Average number of shares	158.490.975	158.490.975

B. REAL LIENS

A group subsidiary has banking facilities amounting to €29,3 million, consisting of a loan amounting to €20 million, an overdraft of €5 million, and bank guarantee letters of €4,3 million. These facilities are secured by an initial general mortgage on all the subsidiary's present and future assets (on 31/3/2016 the loan balance amounted to €5,9 million and the used guarantee letters to €4,0 million and the overdraft was fully repaid). Also the second subsidiary of the Group has secured a loan of € 1,1 million with mortgage on a building.

There are no other restrictions than the above, in the ownership or transfer or other encumbrances on the Group's property.

On 31 March 2016 the Group had no contractual commitments for the purchase of tangible assets.

C. PROVISIONS

GROUP	Legal issues ¹	Unaudited fiscal years and tax audit expenses ²	Other provisions ³	Total provisions
Period opening balance	4.795	3.852	6.628	15.275
Period additions	0	0	1.254	1.254
Used provisions	0	0	-1.114	-1.114
Discontinued operations	0	-123	-387	-510
Translation differences	24	0	-60	-36
Period closing balance	4.819	3.729	6.321	14.869
Long term provisions	4.819	70	1.484	6.373
Short term provisions	0	3.659	4.837	8.496
Total	4.819	3.729	6.321	14.869

¹ Relate to legal issues as analyzed in note 2.20.A.

² Relate to provisions for the coverage of differences from future audits for income tax and other tax. It is expected to be used in the next 1-2 years.

³ Relate to provisions for risks none of which are individually material to the Group except from provisions for additional fees (bonus) and other employee benefits of the Group amounting to €1.666 thousand as well as provisions for future payments under "onerous contracts" as provided by IAS 37 amounting to € 2.164 thousand. The Other provisions are expected to be used in the next 1-7 years.

COMPANY	Legal issues ¹	Unaudited fiscal years and tax audit expenses ²	Other provisions	Total provisions
Period opening balance	4.665	3.269	91	8.025
Translation differences	26	0	0	26
Period closing balance	4.691	3.269	91	8.051
Long term provisions	4.691	0	0	4.691
Short term provisions	0	3.269	91	3.360
Total	4.691	3.269	91	8.051

¹ Relate to legal issues as analyzed in note 2.20.A.

² Relate to provisions for the coverage of differences from future audits for income tax and other tax. It is expected to be used in the next 1-2 years.

D. PERSONNEL EMPLOYED

The number of employees of the Group on 31/3/2016 amounted to 4.857 persons (4.752 Company/subsidiaries and associates 105) and the Company's 661 persons. Correspondingly on 31/3/2015 the number of employees of the Group amounted to 5.192 persons (Company/subsidiaries 5.115 and associates 77) and the Company 688 persons. At the end of 2015 the number of employees of the Group amounted to 5.080 persons (4.963 Company/subsidiaries and associates 117) and the Company 660 persons.

E. RELATED PARTY DISCLOSURES

Intralot SA purchases goods and services and/or provides goods and services to various related companies, in the ordinary course of business. These related companies consisting of subsidiaries, associates or other related companies which have common ownership and / or management with Intralot SA.

Below is a condensed report of the transactions for the first quarter of 2016 and the balances on 31/3/2016 of other related parties:

Amounts reported in thousands of €	1/1-31/3/2016
(total operations)	GROUP	COMPANY
Income
-from subsidiaries	0	9.725
-from associates	528	447
-from other related parties	1.407	1.294
Expenses
-to subsidiaries	0	5.301
-to associates	2	2
-to other related parties	753	362
BoD and Key Management Personnel transactions and	2.675	1.297
fees
Amounts reported in thousands of €	31/3/2016
	GROUP	COMPANY
Receivables
-from subsidiaries	0	79.885
-from associates	16.533	9.161
-from other related parties	15.585	10.137
Payables
-to subsidiaries	0	308.074

-to associates	547	103
-to other related parties	26.912	15.095
BoD and Key Management Personnel receivables	614	0
BoD and Key Management Personnel payables	443	246

Below there is a summary of the transactions for the first quarter of 2015 and the balances of 31/12/2015 with related parties:

Interim Financial Statements for the period January 1 to March 31, 2016

Amounts reported in thousands of €	1/1-31/3/2015
(total operations)	GROUP	COMPANY
Income
-from subsidiaries	0	8.307
-from associates	586	645
-from other related parties	1.534	1.435
Expenses
-to subsidiaries	0	7.447
-to associates	-84	-84
-to other related parties	2.043	1.343
BoD and Key Management Personnel transactions and fees	2.879	1.439

Amounts reported in thousands of €		31/12/2015
	GROUP	COMPANY
Receivables
-from subsidiaries	0	82.868
-from associates	15.709	8.839
-from other related parties	16.150	10.481
Payables
-to subsidiaries	0	311.300
-to associates	647	108
-to other related parties	20.771	15.625
BoD and Key Management Personnel receivables	711	0
BoD and Key Management Personnel payables	507	246

Sales and services to related parties are made at normal market prices. Outstanding balances at year end are unsecured and settlement occurs in cash. No guarantees have been provided or received for the above requirements.

In the first quarter of 2016, the Company held a reversal of provisions concerning a reduction estimate in the recoverable amount of receivables from subsidiaries of €4,9 million due to realized and expected receipts related to these subsidiaries (first quarter of 2015: €1,4 mil.) that was recognized in Income Statement of the period. The accumulated relevant provisions on 31/3/2016 amounted to €37,0 million. (31/12/2015: €41,9 million).

2.20 CONTINGENT LIABILITIES, ASSETS AND COMMITMENTS

A. LITIGATION CASES

a. On 5th September 2005 a lawsuit was served to the company, filed by the company "IPPOTOUR S.A.", against the company and the company "OPAP S.A.". Τhe plaintiff "IPPOTOUR S.A." requested to be acknowledged that the contract signed between OPAP S.A. and the Company should not grant to the latter the right to operate any kind of wagering game on Greek or foreign horse racing, that "OPAP S.A" should not have the right to operate any kind of wagering game on horse racing and that "OPAP S.A." and the company should be excluded from the operation and organization of betting games on horse racing. The hearing of the case had been set for 14th February 2008 when the hearing was postponed for 8th October 2009; at that date the hearing was cancelled due to the national elections. No summons for the schedule of a new hearing date has been served to the company until now. By virtue of the above mentioned lawsuit the plaintiff withdrew of the lawsuit filed against the Company and OPAP SA on 10th January 2003 with the same content, which was set to be heard on 18th May

2005, on which date the said hearing was cancelled. The Legal Department of the Company considers that, in case of the hearing of the case, the above-mentioned lawsuit would not be successful.

b. On 4th January 2005 OPAP S.A. submitted a notice of proceedings to "Betting Company S.A." regarding a lawsuit that was filed against OPAP S.A. before the Multi-member Court of First Instance of Athens, with which the plaintiff claims the payment of the amount of €3.668.378,60 plus accrued interests from OPAP S.A., pleading that OPAP S.A. should pay this amount to him as profit, in addition to the amount already paid to him. Since Betting Company S.A. has a legitimate interest in OPAP S.A. winning the lawsuit, Betting Company S.A., the companies INTRALOT S.A. and INTRALOT INTERNATIONAL LTD proceeded to an additional joint intervention in favour of OPAP S.A.; this was scheduled for hearing on 3rd May 2007 but following a petition for precipitation of the plaintiff the case was heard on 1st December 2005. By its decision No 2412/2006 the Multi-member Court of First Instance of Athens ruled in favour of the lawsuit of the plaintiff and, following the restriction by the plaintiff of his petition to a lawsuit for acknowledgement of the debt, the Court acknowledged the obligation of OPAP S.A to pay to the plaintiff the amount of €3.668.378,60. OPAP S.A and the aforementioned companies filed an appeal on 28/6/2006 which had been rejected by the Athens Court of Appeals with its decision no. 6377/2007. The defendants filed an appeal before the Supreme Court which was heard on 9th November 2009 and decision no. 1252/2010 was issued accepting the appeal and referring back the case to the Athens Court of Appeals which vindicated the defendants and dismissed the lawsuit with its decision no. 5189/2012. For the above case a provision had been made which has been reversed. On 23rd July 2014 an application for cassation was served to the company which has been heard, following a postponement, on 2nd February 2015 and the decision no 1062/2015 was issued referring the case for hearing before the plenary session of the Supreme Court. No hearing date before the plenary session of the Supreme Court has been set.

c. INTRALOT filed before Multi-member Court of First Instance of Athens its civil lawsuit dated 12th May 2005 against Mr. K. Thomaidis, claiming the payment of sum of €300.000 as pecuniary compensation for moral damage. The case was scheduled for hearing on 26th January 2006. On 18th January 2006 the company was served with a lawsuit filed by Mr. K. Thomaidis on 9th January 2006, before the Multi-member Court of First Instance of Athens with which the plaintiff claims the payment of sum of €300.000 as pecuniary compensation for moral damage. The case was scheduled for hearing on 14th December 2006. The suit of INTRALOT against Mr. K. Thomaidis was postponed to be heard on 14th December 2006. The two lawsuits have been heard together and the decision no 7936/2007 was issued declaring the lawsuit dated 9th January 2006 of Mr. K. Thomaidis as cancelled and accepting partially INTRALOT's lawsuit dated 12th May 2005. Until now, no appeal against this decision has been served to the company.

d. Against (a) publishing company "I. Sideris – Andreas Sideris Sons O.E.", (b) the Foundation of Economic and Industrial Researches (IOBE), (c) Mr. Theodosios Palaskas, Director of Research of IOBE, (d) the Kokkalis Foundation, and (e) INTRALOT, a lawsuit of Mr. Charalambos Kolymbalis, was filed on 8th March 2007 before the Multi-member Athens Court of First Instance. With his lawsuit, the plaintiff requests to be recognized as the sole creator of the project entitled "The financial consequences of sports in Greece" and his intellectual property right on this, and that the amount of €300.000 to be paid to him as monetary compensation for moral damages. Date of the hearing was

45

set the 20th February 2008 when it was postponed for 4th March 2009 and then again for 24th February 2010; on that date the hearing of the case was cancelled due to strike of the judicial secretaries. New hearing date was scheduled the 23rd May 2012 when the case was heard and the decision no. 5724/2012 of the Athens Multi-member Court of First Instance was issued which dismissed the lawsuit. On 17 October 2015 an appeal was served to the company against the above decision, which was scheduled to be heard before the Athens Court of Appeals on 11 February 2016; on that date the hearing was postponed for 22 September 2016 due to lawyers strike.

e. On 26th July 2011 a lawsuit was served to INTRALOT SA and the company "Interstar Security LTD" from a former employee of INTRALOT SA claiming the payment of €500.000 as compensation for moral damage. The hearing had been initially set for 6th March 2014 when it was postponed for 10 November 2016. The estimate of the legal advisors of the Company is that the lawsuit has no serious chance of success.

f. The Company and its subsidiary "Intralot International Limited" and Mr. Socratis P. Kokkalis, filed before the Athens Multi-member Court of First Instance their lawsuit dated 1st November 2012 against the company "Glory Technology Limited" having its registered offices in Cyprus and Mr. Athanassios K. Ktorides, resident of Cyprus, requesting to compel the defendants to pay, jointly and severally, because of slander and their unfair competitive behaviour:

• to the first plaintiff (Intralot) the amount of €72.860.479,78 (including monetary compensation for moral damages amounting to €25.000.000) with the legal interest as from the service of the lawsuit
• to the second plaintiff (Intralot International Limited) the amount of €5.019.081,67 (including monetary compensation for moral damages amounting to €5.000.000) with the legal interest as from the service of the lawsuit; and
• to the third plaintiff (Mr. Socratis P. Kokkalis) the amount of €50.424.019,73 (including monetary compensation for moral damages amounting to €25.000.000) with the legal interest as from the service of the lawsuit.

The Athens Multi-member Court of First Instance issued its decision partially accepting the lawsuit; "Glory Technology Limited" is obliged to pay €50.000 to the first plaintiff, €25.000 to the second plaintiff and €25.000 to the third plaintiff. No appeal of the other party has been served to the Company yet. The Company filed an appeal against the decision requesting that the lawsuit to be accepted in total; no hearing date has been set for the appeal.

On the other hand, the company "Glory Technology Limited" and Mr. Athanassios K. Ktorides filed before the same court their lawsuit dated 19 March 2013 claiming that with the filing of the abovementioned lawsuit (from which unfair competitive behaviour results, as they allege) moral damage was caused to them. With their lawsuit, the plaintiffs were requesting from the court to compel the Company, "Intralot International Limited" and Mr. Socratis Kokkalis to pay jointly and severally monetary compensation for moral damages amounting to €25.000.000 to each of the plaintiffs. The hearing of the case had been scheduled for 16th October 2013. On 23rd September 2013, the plaintiffs withdrew from the lawsuit.

g. In Turkey, GSGM filed before the Ankara Tax Court a lawsuit against the local Tax Authority requesting the annulment of a penalty amounting to TRY 5.075.465 (€1.580.256) imposed on GSGM, since the Tax Authority considers that stamp duty should have been paid by GSGM also for the second

copy of the contract dated 29th August 2008 with Inteltek as well as for the letter of guarantee securing the minimum turnover of GSGM games. Inteltek intervened in the case before the abovementioned court in favour of GSGM because, according to the contract dated 29th August 2008, GSGM may request from Inteltek the amount that will be finally obliged to pay. The decision issued by the court vindicates GSGM and Inteltek and the abovementioned penalty was cancelled. The Tax Authority filed an appeal which was rejected by the Turkish Council of State which validated the decision of the first instance court that had cancelled the penalty.

h. In Colombia, INTRALOT, on 22nd July 2004, entered into an agreement with an entity called Empresa Territorial para la salud ("Etesa"), under which it was granted with the right to operate games of chance in Colombia. In accordance with terms of the abovementioned agreement, INTRALOT has submitted an application to initiate arbitration proceedings against Etesa requesting to be recognized that there has been a disruption to the economic balance of abovementioned agreement to the detriment of INTRALOT and for reasons not attributable to INTRALOT and that Etesa to be compelled to the modification of the financial terms of the agreement in the manner specified by INTRALOT as well as to pay damages to INTRALOT (including damages for loss of profit) or alternatively to terminate now the agreement with no liability to INTRALOT. The arbitration court adjudicated in favour of Etesa the amount of 23,6 billion Colombian pesos (€6,9m). The application for annulment of the arbitration award filed by INTRALOT before the High Administrative Court was rejected. The Company filed a lawsuit before the Constitutional Court which was rejected. The Company has created relative provision in its financial statements part of which (€2,3m) has already been used for the payment to Etesa of a letter of guarantee amounting to 7.694.081.042 Colombian pesos.

i. Against the subsidiary Intralot Holdings International Ltd., a shareholder of LOTROM SA and against LOTROM SA, another shareholders of LOTROM SA, Mr. Petre Ion filed a lawsuit before the competent court of Bucharest requesting that Intralot Holdings International Ltd to be obliged to purchase his shares in LOTROM SA for €2.500.000 and that LOTROM SA to be obliged to register in the shareholders book such transfer. Following the hearing of 28th September 2010 a decision of the court was issued accepting the lawsuit of the plaintiff. Intralot Holdings International Ltd and LOTROM SA filed an appeal which was rejected. The abovementioned companies further filed a recourse before the Supreme Court which was heard and rejected. Mr. Petre Ion initiated an enforcement procedure of the above decision in Romania. The companies will exercise legal means against the enforcement procedure according to the provisions of the Romanian laws.

j. Mr. Petre Ion filed in Romania a lawsuit against Intralot Holdings International Ltd and LOTROM requesting to issue a decision to replace the share purchase contract of its shares in LOTROM SA for €2.500.000 (for which he had filed the above lawsuit) in order to oblige Intralot Holdings International Ltd a) to pay the amount of €400.000 as tax on the above price, b) to sign on the shareholders book for the transfer of the shares, c) to pay the price of the transfer and the legal costs. The Court of First Instance rejected Mr. Petre Ion's lawsuit. Mr. Petre Ion filed an appeal which was heard on 4 November 2014 and was partially accepted. The Company filed an appeal against this decision which was rejected. Notwithstanding the appeal, the case has been set to be heard again, following postponements, on 27 May 2016.

k. On 24 April 2013 the Company was notified of the existence of a research conducted by the Competition Board of Romania in relation to the contract signed in 2003 with Compania Nationala Loteria Romana regarding the Videolotto program. The Competition Board of Romania imposed a fine to the Company amounting to 5.541.874 ROL (€1.239.294) and to the subsidiary LOTROM to 512.469 ROL (€114.600). The Company and its subsidiary LOTROM filed a lawsuit against the respective decision requesting its annulment and the suspension of its execution. The applications for the suspension of validity of the above decision of the Competition Board were rejected and the Company and its subsidiary LOTROM filed appeals; no hearing date has been scheduled yet. Also, an application for the suspension of execution was filed by Intralot, scheduled to be heard on 13th November 2014, date on which the Court decided to suspend the issue of the decision until the competent court decides on the main recourse filed for annulment of the decision of the Competition Board. Against said decision an appeal was filed which has been rejected. Finally, regarding the applications for the annulment of the decision of the Competition Board, the application of INTRALOT is scheduled to be heard, following postponements, on 25 May 2016, while the respective application of LOTROM which has been heard, following postponements, on 16 December 2015, was accepted by the court and the fine imposed to LOTROM was cancelled. No appeal against this decision has been served to LOTROM.

l. In Romania, the subsidiary Lotrom was notified on the beginning of an investigation conducted by the competent authorities against the state lottery CNLR, client of the Group, in relation to alleged occurrence of the crime of conducting games of chance without license and possible complicity to that, in relation to the operation of Video Lottery machines of CNLR; the Group was the technology provider of CNLR from 2003 to 2014. Intralot was notified, through rogatory procedure, that itself along with LOTROM and Intracom, are alleged to be accomplices of the state lottery CNLR to the abovementioned crimes. Intralot refuted with a memo duly submitted within February 2016, the above allegations. Due to the early stage of the procedure and the nature of the case as well as due to the secrecy of the investigation procedures, neither further comments on the issue nor any estimation of any possible negative financial effect on the financials of the group can be provided.

m. In Poland, as a result of bet making points controls conducted by Custom Service bodies in 6 shops, a gambling law breach was claimed to be made by the "E-Promotion" program of the subsidiary "Totolotek Totomix SA" and a relevant administrative procedure was initiated which was concluded with the issue of a second instance decision of the Ministry of Finance for revocation of the six relevant licenses; the company filed a recourse against this decision before the Administrative Courts which was rejected and an appeal was filed against the respective decision which is pending. In relation to all remaining shops a second instance decision of the Ministry of Finance was issued revoking their licenses. The company has filed recourses before Administrative Courts which were rejected at the first and second instance except one case for which the hearing date before the second instance court is pending to be scheduled and a second case whereby the court suspended the procedure. "Totolotek Totomix SA" intends to file further legal means against the above decisions. Since December 2012, new licenses have already been issued by virtue of which the subsidiary "Totolotek Totomix SA" operates and, therefore, the abovementioned cases will not affect its activities. Following the abovementioned decisions of the Ministry of Finance regarding the revocation of the licenses, a fine amounting to 480.000 Euro was imposed to the company. The company filed a recourse against this decision and the court issued, on 13 May 2015, its decision vindicating "Totolotek Totomix SA" and

Interim Financial Statements for the period January 1 to March 31, 2016

cancelled the fine, while the respective appeal filed was rejected by the Warsaw Supreme Court rendering final the decision of the court which cancelled the fine.

n. In Italy, the company Tike Games S.r.l. filed a lawsuit before the civil courts of Rome requesting a compensation in the amount of 378.400 Euro in relation to a contract signed with Intralot Italia S.p.A. which was terminated by the latter due to material breach of an exclusivity undertaking provision when Intralot Italia SpA realized that the plaintiff had installed in its point of sale gaming machines (AWPs and VLTs) of a third party-concessionaire which was not approved by Intralot Italia S.p.A. The plaintiff claims that Intralot Italia S.p.A. is responsible for the compensation since it delayed to install the respective gaming machines. Following the hearing of 6th May 2015, the court set the next hearing date for 13 January 2016 when the case was heard and the issue of the decision is expected. The opinion of the external legal advisors is that the above lawsuit will not finally succeed.

o. In August 2012, two British Virgin Island companies filed a Complaint in the United States Bankruptcy Court Southern District of Florida, Miami Division, against numerous defendants, including Supreme Ventures Limited ("SVL"), a publicly traded gaming company listed on the Jamaican Stock Exchange in which INTRALOT holds an indirect shareholding interest. Notably, as per SVL, the lawsuit is based on the same claims (related to demands arose before the acquisition of INTRALOT's participation in SVL), towards third parties, initial shareholders and/or directors of SVL, or not, which were brought in, and were recently rejected by the Jamaican courts, first by the Supreme Court and then again by the Court of Appeals. INTRALOT is named as a «Relief Defendant» which means that INTRALOT is not alleged to have been part - directly or indirectly - of any wrongdoing, since the alleged by the plaintiffs acts are made before the acquisition of SVL's shares by INTRALOT through the Jamaican Stock Exchange. Intralot agrees with SVL's opinion that the Complaint is wholly without merit and expects that it will be successful in the Florida courts, as it was in the Jamaican courts.

p. In Brazil, a former officer of a subsidiary company filed a lawsuit against such subsidiary requesting several amounts to be paid to him as fees resulting from his labour relationship amounting to approx. €240.000 and from a services agreement calculated as a percentage 4% on the turnover of the subsidiary. On August 23rd, 2013, the decision of the local court was issued dismissing the lawsuit. The plaintiff filed an appeal and a decision was issued at the end of July 2014 which refers the case for a new hearing before the Court of First Instance. The company is examining the possibility to file legal means against this decision.

q. On 30 July 2012, Intralot filed before the Athens Multi-member Court of First Instance a lawsuit against the company "Hellenic Organization of Horse Racing S.A." (ODIE) requesting the payment of the amount of €2.781.381,15 relating to system maintenance services provided but not paid. The case was heard on 6th May 2015 and the issue of the decision is pending.

Moreover, Intralot filed a recourse to the arbitration panel on 13 August 2012 against the same company ODIE requesting the payment of the amount of €9.551.527,34 relating to operational services of integrated system provided but not paid. The arbitration was concluded on 1st March 2013 and the arbitration decision no 27/2013 was issued vindicating Intralot and compelling ODIE to pay to Intralot the total amount requested (€9.551.527,34). In order to secure its claims, Intralot:

a) by virtue of the above arbitration decision, has already recorded on the mortgage books of the Land Registry Office of Kropia a mortgage on a land property of ODIE and specifically on the property where

the Horse Racetrack of Athens in Markopoulo Attica is operating, and on the buildings thereupon, for an amount of €11.440.655,35.

b) by virtue of the decision no 2209/2014 of the Athens Single Member Court of First Instance, has already recorded on the mortgage books of the Land Registry Office of Kropia, a note of mortgage on the same real estate of ODIE for an amount of €9.481.486,11.

c) advanced the procedure of compulsory execution against ODIE in order to execute its claims.

Furthermore, on 20 March 2014, Intralot filed before the Athens Multi-member Court of First Instance a lawsuit against ODIE requesting the payment of the amount of €8.043.568,69 which is owed to it pursuant to the "Agreement of Maintenance and Operation of the System of the Mutual Betting on Horse Races of ODIE" dated 6 March 2012. The hearing date is 17th February 2016 but on that date the hearing was postponed for 4 October 2017 due to lawyers' strike.

The confiscation on the above land property of ODIE in Markopoulo Attica imposed in the frame of the abovementioned procedure of compulsory execution against ODIE, was reversed with the consent of Intralot on 15 December 2015 in execution of the terms of the agreement dated 24 November 2015 between Intralot and ODIE which settled the payment of all above claims of Intralot. Pursuant to this agreement, ODIE assigned to Intralot 2/3 of the rent which it will receive from the lease agreement relating to that real estate to the company "Ippodromies SA". The payment of the assigned rent amounts has already been started.

r. In Italy, the company Stanley International Betting Ltd filed a recourse before the administrative courts of Lazio against the State Autonomous Administrative Monopolies (AAMS) and eventually against all companies to which licenses for conducting betting activities have been granted, including the subsidiary Intralot Italia SpA, requesting the annulment of the legislative decree of 2012 which provided for the granting of licenses for betting activities for three years, the annulment of the tenders conducted in 1999 and 2006 and the betting licenses granted pursuant to them for twelve and nine years respectively.

The hearing of the case was made on 5 February 2014 and the court decided to suspend the issue of the decision until the European Court of Justice responds on some preliminary queries which have been set by the court of second instance relating to a recourse of Stanley International Betting Ltd against AAMS and the companies SNAI S.p.A. and Intralot Italia S.p.A. which was rejected at the first instance and was related, among others, to the legality of the participation of Stanley International Betting Ltd to the tenders of 1999 and 2006. The second instance court (Consiglio di Stato) rejected the appeal of Stanley International Betting Ltd following a decision of the European Court which was negative for Stanley International Betting Ltd, while a second recourse of the other party is pending before the court of first instance.

s. In Italy, pursuant to a law passed in December 2014, a decision was issued by the Italian Autonomous Administration of State Monopolies (AAMS) on 15th January 2015, according to which, all companies that operate gaming machines are required to pay to the Italian Autonomous Administration of State Monopolies (AAMS) the amount of 1,2K Euro per gaming machine which was in operation on 31st December 2014. The total balance due by all the industry companies is €500 million. The amount corresponding to the Company's subsidiary, Intralot Gaming Machines S.p.A., is approximately €13 million. Intralot Gaming Machines S.p.A., together with all the industry companies,

have appealed to the competent administrative court against both the abovementioned law and the decision of AAMS, requesting the annulment thereof for being unconstitutional as well as the suspension of the execution of the law and of AAMS's decision. The request for the suspension of execution was rejected by the competent court on 1st April 2015. The case regarding the constitutionality was heard on 1st July 2015 and the decision issued requested from the parties to submit additional information. Following a new hearing on 21 October 2015, the court, on 17 November 2015, decided to suspend the issue of the decision and to refer the case before the Constitutional Court. No hearing date before the Constitutional Court has been scheduled. Intralot Gaming Machines S.p.A. has exercised the right conferred by Law to recharge almost all of that tax to the sales network.

t. A former officer of the Company filed a lawsuit before the Athens First Instance Court requesting the payment of the amount of €121.869,81 as non-paid wages. The hearing has been scheduled to be heard on 25 May 2016. The Legal Department of the Company considers that, following the hearing of the case, the above-mentioned lawsuit would not be successful.

u. In U.S.A., "Georgia Atlanta Amusement" which is a master license holder to operate videolottery games in the state of Georgia U.S.A., filed a lawsuit against the subsidiary Intralot, Inc. and demands approx. 400.000 US dollars (€351.339) claiming malfunction of the monitoring system of the videolottery in the state of Georgia, U.S.A. The malfunction was due to equipment of third party provider. The case is at the stage of mediation. Intralot, Inc. will examine the possibility to turn against the third party provider for the payment of any possible compensation.

v. In Poland a lawsuit was filed against the subsidiary "Totolotek Totomix SA" by a player of betting games; he claims that the amount of 861.895PLN (€202.437) which was not paid by the abovementioned subsidiary because of violation of the betting regulations by the plaintiff, is due to him. "Totolotek Totomix SA" has requested the case to be heard before the Warsaw courts (instead of the courts of the town Torun) and this application was accepted, however the plaintiff has filed a recourse requesting that the case to be heard before the courts of Torun; the decision is pending.

Until 16/05/2016, apart from the legal issues for which a provision has been recognised, the Group Management estimates that the rest of the litigations will be finalized without a material effect on the Group's and the Company's financial position and results.

B. FISCAL YEARS UNAUDITED BY THE TAX AUTHORITIES

Ι) SUBSIDIARIES

COMPANY	YEARS	COMPANY	YEARS
	2012-2013
INTRALOT S.A.	& 2015	INTRALOT FINANCE UK PLC	2014-2015
BETTING COMPANY S.A.	2007-2010	INTRALOT ASIA PACIFIC LTD	-
	& 2015
BETTING CYPRUS LTD	2011-2015	WHITE EAGLE INVESTMENTS LTD	2014-2015
INTRALOT AUSTRALIA PTY LTD	2011-2015	BETA RIAL Sp.Zoo	2011-2015
INTRALOT GAMING SERVICES PTY	2011-2015	POLLOT Sp.Zoo	2011-2015
INTRALOT IBERIA HOLDINGS SA	2011-2015	TOTOLOTEK S.A.	2011-2015
INTRALOT JAMAICA LTD	2010-2015	INTRALOT SLOVAKIA SPOL. S.R.O.	2014-2015
INTRALOT TURKEY A.S.	2011-2015	SLOVENSKE LOTERIE A.S.	2012-2015
INTRALOT DE MEXICO LTD	2006-2015	TORSYS S.R.O. ³	2012-2015
INTELTEK INTERNET AS	2011-2015	TACTUS S.R.O. ³	2012-2015
AZERINTELTEK AS	2014-2015	NIKANTRO HOLDINGS Co LTD	2010-2015
INTRALOT DE PERU SAC	2013-2015	LOTERIA MOLDOVEI S.A.	2014-2015
SERVICIOS TRANSDATA S.A. ¹	2009-2013	INTRALOT BETTING OPERATIONS (CYPRUS) LTD	2010-2015
POLDIN LTD	2011-2015	ROYAL HIGHGATE LTD	2008-2015
ATROPOS S.A.	2009-2015	INTRALOT LEASING NEDERLAND B.V.	2013-2015
INTRALOT SERVICES S.A.	2015	INTRALOT IRELAND LTD	2014-2015
INTRALOT ADRIATIC DOO	-	INTRALOT CYPRUS GLOBAL ASSETS LTD	2012-2015
BILYONER INTERAKTIF HIZMELTER AS GROUP	2012-2015	INTRALOT OOO	2013-2015
INTRALOT MAROC S.A.	2012-2015	INTRALOT DISTRIBUTION OOO	2013-2015
GAMING SOLUTIONS INTERNATIONAL LTDA	2010-2015	INTRALOT ST. LUCIA LTD	2008-2015
INTRALOT DE COLOMBIA (BRANCH)	2010-2015	INTRALOT GUATEMALA S.A.	2009-2015
INTRALOT INTERACTIVE S.A.	2010 & 2015	LOTERIAS Y APUESTAS DE GUATEMALA S.A.	2009-2015
INTRALOT GLOBAL SECURITIES B.V.	2013-2015	INTRALOT DOMINICANA S.A.	2009-2015
INTRALOT FINANCE LUXEMBOURG S.A.	2013-2015	INTRALOT LATIN AMERICA INC	2008-2015
INTRALOT CAPITAL LUXEMBOURG S.A.	2014-2015	INTRALOT SURINAME LTD	2008-2015
INTRALOT GLOBAL HOLDINGS B.V.	2013-2015	CARIBBEAN VLT SERVICES LTD	2012-2015
INTRALOT INC	2010-2011 &	INTRALOT CARIBBEAN VENTURES LTD	2010-2015
	2013-2015
DC09 LLC	2011-2015	SUPREME VENTURES LTD	2008-2015
ILOT CAPITAL UK LTD	2015	ΙΝTRALOT HOLDINGS INTERNATIONAL LTD	2012-2015
ILOT INVESTMENT UK LTD	2015	INTRALOT INTERNATIONAL LTD	2011-2015
INTRALOT NEDERLAND B.V.	2010-2015	INTRALOT OPERATIONS LTD	2010-2015
LOTROM S.A.	2010-2015	NETMAN SRL	2011-2015
INTRALOT BEIJING Co LTD	2007-2015	BILOT EOOD	2011-2015
TECNO ACCION S.A.	2011-2015	EUROFOOTBALL LTD	2011-2015
TECNO ACCION SALTA S.A.	-	EUROFOOTBALL PRINT LTD	2011-2015
MALTCO LOTTERIES LTD	2004-2015	INTRALOT TECHNOLOGIES LTD	2010-2015
INTRALOT NEW ZEALAND LTD	2011-2015	INTRALOT LOTTERIES LTD	2011-2015
INTRALOT DO BRAZIL LTDA	2011-2015	INTRALOT INVESTMENTS LTD	2012-2015
INTRALOT MINAS GERAIS LTDA ²	2011-2012	INTRALOT BUSINESS DEVELOPMENT LTD	2010-2015
OLTP LTDA	2011-2015	GAMING SOLUTIONS INTERNATIONAL SAC	2011-2015
INTRALOT ARGENTINA S.A.	2011-2015	NAFIROL S.A.	-
INTRALOT GERMANY GMBH	2012-2015	LEBANESE GAMES S.A.L	-
INTRALOT HOLDING & SERVICES S.p.A.	2011-2015	INTRALOT HONG KONG HOLDINGS LTD	2015
INTRALOT GAMING MACHINES S.p.A.	2012-2015	ENTERGAMING LTD	-
INTRALOT ITALIA S.p.A	2011-2015	INTRALOT BETTING OPERATIONS RUSSIA LTD	2011-2015
VENETA SERVIZI S.R.L.	2011-2015	FAVORIT BOOKMAKERS OFFICE OOO	2013-2015
INTRALOT SOUTH KOREA S.A.	2007-2015

¹ The subsidiary company Servicios Transdata SA has merged with Intralot De Peru SAC

² The subsidiary company Intralot Minas Gerais Ltda has merged with Intralot Do Brazil Ltda

³ The subsidiary companies Torsys SRO and Tactus SRO have merged with Slovenske Loterie AS

In Royal Highgate LTD the tax audit has been completed for the period 2004-2005 and they concurred with the tax years 2006 and 2007 to be considered inspected for tax purposes, so it will not be conducted further control as well as any adjustments apart from restriction of untaxed losses.

Meanwhile, the tax audit is in progress for the period 2008-2013, in Intralot Holdings International Ltd the tax inspection has been completed for the tax years 2004 to 2011. Also the tax audit has been completed in Intralot de Peru SAC for the year 2012, for the year 2012 in INC . Meanwhile, there is a tax audit in progress for the periods 2010-2012 in Intralot Jamaica LTD , for the year 2013 in Intralot de Peru SAC, for the period 2010-2011 in Eurofootball LTD, for the years 2013 & 2014 in Bilyoner Interaktif Hiizmelter AS, for the period 2008-2014 in Supreme Ventures LTD, as for the year 2015 in Pollot Sp.Zoo. Finally, INTRALOT New Zealand was notified to subject to tax audit for the period 2011-2015. In Servicios Transdata S.A the tax audit for the income tax has been completed during the year 2014 as for the year 2008 and for VAT as for the period 1/1/2008-30/6/2009 imposing additional taxes and fines amounting to €3,4 million. The company has started an objection according to the relevant law for the cancellation of imposed taxes and fines. The company's legal consultants believe that the most possible outcome of the case will be positive. In Lotrom started a tax audit from local tax authorities pertaining to the economic activities that imply operations with VAT, for the period 2004-2014. Moreover, the tax inspection for INTRALOT SA in 2011 has been completed imposing taxes on accounting differences plus surcharges amounting to €3,9 million. The Company filed administrative appeals against the relevant control sheets with an effect the decrease of taxes to the amount €3,34 million. The Company testified new appeals to the Administrative Greek Courts. The company's management and its legal advisors estimate that the appeals will thrive finally for the most part. The Company has formed sufficient provisions and has paid the whole amount of the taxes. Moreover, the tax audit has been completed in the fiscal year 2014 for the companies INTRALOT S.A., INTRALOT Interactive SA and Betting Company SA and they were issued a tax certificate (tax report compliance based on the provisions of Law 4174/2013 article 65a (1) as modified by Law 4262/2014) by independent tax auditors while there is in progress the tax audit regarding the issue of tax certificate for the fiscal year 2015 of the aforementioned Societe Anonyme Companies as wel as INTRALOT Services S.A. Also INTRALOT SA was notified by the relevant Tax Authorities regarding a tax audit for the year 2012.

ΙΙ) ASSOCIATE COMPANIES & JOINT VENTURES

COMPANY	PERIODS	COMPANY	PERIODS
LOTRICH INFORMATION Co LTD	2014-2015	OASIS RICH INTERNATIONAL LTD
INTRALOT SOUTH AFRICA LTD	2015	WUSHENG COMPUTER TECHNOLOGY (SHANGHAI) CO LTD
GOREWARD LTD	2015	BIT8 LTD
PRECIOUS SUCCESS LTD GROUP	2013-2015	SWITCH IT NV
GAIN ADVANCE GROUP LTD	-	UNICLIC LTD	2004-2015
KTEMS HOLDINGS CO LTD	2005-2015	DOWA LTD	2004-2015

The tax audit has been completed for the period 2005-2014, in Intralot South Africa LTD. While, there is a tax audit in progress for the year 2015 in Precious Success LTD Group.

C. COMMITMENTS

(i) Operating lease payment commitments:

On the 31th of March 2016 within the Group there have been various operating lease agreements relating to rental of buildings and motor vehicles. Rental costs have been included in the income statement for the period ended on March 31, 2016.

Future minimum lease payments of non-cancelable lease contracts as at March 31, 2016 are as follows:

Interim Financial Statements for the period January 1 to March 31, 2016

	GROUP			COMPANY
	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Within 1 year	8.292	9.192	921	939
Between 2 and 5 years	13.925	15.826	1.809	1.862
Over 5 years	2.823	2.902	1.097	1.180
Total	25.040	27.920	3.827	3.981

(ii) Guarantees:

The Company and the Group on March 31, 2016 had the following contingent liabilities from guarantees for:

		GROUP		COMPANY
	31/3/2016	31/12/2015	31/3/2016	31/12/2015
Bid	878	919	0	919
Performance	236.646	238.918	80.662	73.397
Financing	49.338	50.253	41.197	42.181
Other guarantees	0	0	0	0
Total	286.862	290.090	121.859	116.497

(iii) Financial lease payment commitments:

GROUP	Minimum of the lease payments 31/3/2016	Present value of the minimum lease payments 31/3/2016	Minimum of the lease payments 31/12/2015	Present value of the minimum lease payments 31/12/2015
Within one year	4.585	4.343	7.124	6.815
After one year but not more than
five years	1.548	1.487	2.059	1.966
After more than five years	0	0	0	0
Minus: Interest	-263	0	-402	0
Total	5.870	5.870	8.781	8.781

The Company has no obligations under finance leases.

2.21 COMPARABLE FIGURES

In the data presented in the previous year were limited size adjustments / reclassifications for comparative purposes, without significant impact on equity, turnover and profit after tax for the previous year the Group and the Company.

2.22 SUBSEQUENT EVENTS

On April 2016, the Group announced that its subsidiary, INTRALOT NEDERLAND BV, has signed an extension contract with the Dutch Lotteries, De Lotto and De Nederlandse Staatsloterij, which announced their merger and the establishment of a new gaming entity. The extension contract has a three-year term, until April 2019, with an option to extend for one additional year. The extension of the contract follows an initial successful six-year operation, which was sealed in 2008 after a dual international tender conducted by both lotteries. Under the terms of the extension contract, INTRALOT will continue to provide its best-in-class LOTOSTM O/S platform, along with the related services, connected to its 5,000 proprietary terminals blended in a unique tailor made POS solution for the Dutch Lotteries. INTRALOT will provide two data centers (Prime and Disaster), and a call center for retailers and players, added to the industry-leading product solutions and services offered that will continue to facilitate the operations of the new merged entity.

On April 2016, the Company pursuant to article 16 of Law 2190/1920 and following the decision of the Ordinary General Meetings of Shareholders of 11/6/2014 and 19/5/2015, purchased 89.902 own shares (0,057% of the Company's share capital) at an average price of € 1,0226 per share, totaling € 92 thousand.

Maroussi, May 17th, 2016

THE CHAIRMAN OF THE BOARD OF DIRECTORS THE GROUP CEO

S.P. KOKKALIS ID. No. AΙ 091040

A.I. KERASTARIS ID. No. AI 682788

THE GROUP CFO THE GROUP ACCOUNTING DIRECTOR

G. SP. KOLIASTASIS ID No. Σ 699882

Ν. G.PAVLAKIS ID.No. AZ 012557 H.E.C. License No. 15230/ A' Class

3. Figures and Information for the period January 1, 2016 until March 31, 2016

		12. Transactions (including income, expenses, receivables, payables) with related parties, are as follows:
			GROUP	COMPANY
S. P. KOKKALIS	A. I. KERASTARIS	a) Income
ID. No. AI 091040	ID. No. AI 682788	-from subsidiaries	$\Omega$	9.725
		-from associates	528	44
		-from other related parties	1.407	1.294
		b) Expenses
		-to subsidiaries	$\circ$	5.301
		-to associates
THE GROUP CHIEF FINANCIAL	THE GROUP ACCOUNTING DIRECTOR	-to other related parties	753	362
OFFICER		BoD and Key Management Personnel transactions and
		fees	2.675	1.297
		c) Receivables
		-from subsidiaries	$\Omega$	79.885
		-from associates	16.533	9.161
		-from other related parties	15.585	10.137
		d) Pavables
		-to subsidiaries	$\Omega$	308.074
		-to associates	547	10 2
G. SP. KOLIASTASIS ID. No. S 699882	N.G. PAVLAKIS	-to other related parties	26.912	15.095
	ID. No. AZ 012557 H.E.C. License	BoD and Key Management Personnel receivables	614
	No. 15230/A' Class	BoD and Key Management Personnel payables	443	246