Intralot S.A.

Quarterly Report • Dec 7, 2020

INTRALOT Group

INTERIM FINANCIAL REPORT FOR THE PERIOD JANUARY 1 TO SEPTEMBER 30, 2020 ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

	INTERIM FINANCIAL STATEMENTS 3
	INCOME STATEMENT GROUP / COMPANY FOR THE NINE MONTHS OF 2020 3
	STATEMENT OF COMPREHENSIVE INCOME GROUP / COMPANY FOR THE NINE MONTHS OF 2020 4
	INCOME STATEMENT GROUP / COMPANY FOR THE THIRD QUARTER OF 2020 5
	STATEMENT OF COMPREHENSIVE INCOME GROUP / COMPANY FOR THE THIRD QUARTER OF 2020 6
	STATEMENT OF FINANCIAL POSITION GROUP/COMPANY 7
	STATEMENT OF CHANGES IN EQUITY GROUP 8
	STATEMENT OF CHANGES IN EQUITY COMPANY 9
	CASH FLOW STATEMENT GROUP/COMPANY10
	1. GENERAL INFORMATION 11
	2. NOTES TO THE INTERIM FINANCIAL STATEMENTS 11
2.1.1	Basis of preparation of the Financial Statements 11
2.1.2	Statement of compliance12
2.1.3	Financial Statements 12
2.1.4	Changes in accounting policies12
2.1.5	EBITDA & EBIT 16
2.1.6	Significant accounting judgments estimates and assumptions 18
2.1.7	Seasonality and cyclicality of operations18
2.2	INFORMATION PER SEGMENT 19
2.3	OTHER OPERATING INCOME22
2.4 2.5	INCOME TAX22 INCOME / (EXPENSES) FROM PARTICIPATIONS AND INVESTMENTS 22
2.6	GAIN / (LOSS) FROM ASSETS DISPOSAL, IMPAIRMENT LOSS & WRITE OFF OF ASSETS 23
	2.7 OTHER OPERATING EXPENSES23
	2.8 INTEREST AND SIMILAR EXPENSES / INTEREST AND SIMILAR INCOME 23
2.9	FOREIGN EXCHANGE DIFFERENCES24
2.10	TANGIBLE AND INTANGIBLE ASSETS24
2.11	INVESTMENT IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES 28
2.12	OTHER FINANCIAL ASSETS 29
2.13	INVENTORIES29
2.14	CASH AND CASH EQUIVALENTS30
2.15	SHARE CAPITAL, TREASURY SHARES AND RESERVES30
2.16	DIVIDENDS 34
2.17	DEBT 34
2.18	SHARED BASED BENEFITS 38
2.19	FINANCIAL ASSETS AND LIABILITIES 38
2.20	SUPPLEMENTARY INFORMATION 46
	A. BUSINESS COMBINATION AND METHOD OF CONSOLIDATION 46
	I. Full consolidation 46
	II. Equity method48
	III. Acquisitions 49
	IV. New Companies of the Group 49
	V. Changes in ownership percentage / Changes in consolidation method49
	VI. Subsidiaries' Share Capital Increase 50
	VII. Strike off - Disposal of Group Companies 50
	VIII. Discontinued Operations50
	IX. Companies merge 52
	X. Termination / suspension of gaming licenses 53
	B. REAL LIENS53
	C. PROVISIONS 54
	D. PERSONNEL EMPLOYED 54
	E. RELATED PARTY DISCLOSURES55
2.21	CONTINGENT LIABILITIES, ASSETS AND COMMITMENTS 56
	A. LITIGATION CASES 56
	B. FISCAL YEARS UNAUDITED BY THE TAX AUTHORITIES 62
	Ι) COMPANY AND SUBSIDIARIES 62
	ΙΙ) ASSOCIATE COMPANIES & JOINT VENTURES 63
	C. COMMITMENTS64
I)	Guarantees64
2.22	II) Other commitments65 COMPARABLE FIGURES65
2.23	APPLICATION OF IAS 29 "FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES" 65
2.24	SIGNIFICANT FLUCTUATIONS, RECLASSIFICATIONS & REVERSALS66
2.25	CORONOVIRUS PANDEMIC (COVID-19) IMPACT68
2.26	SUBSEQUENT EVENTS 69

INTRALOT Group

Interim Financial Statements for the period January 1 to September 30, 2020

INTERIM FINANCIAL STATEMENTS INCOME STATEMENT GROUP / COMPANY FOR THE NINE MONTHS OF 2020

	GROUP Note			COMPANY
Amounts reported in thousand €		1/1-30/9/2020	1/1-30/9/2019	1/1-30/9/2020	1/1-30/9/2019
Sale Proceeds	2.2	266.056	555.571	31.514	31.581
Less: Cost of Sales		-214.554	-452.322	-23.444	-34.569
Gross Profit /(loss)		51.502	103.249	8.070	-2.988
Other Operating Income	2.3	12.514	13.545	114	342
Selling Expenses		-17.769	-30.177	-6.608	-6.794
Administrative Expenses		-52.621	-58.271	-10.593	-11.262
Research and Development Expenses		-2.062	-2.987	-2.062	-2.987
Other Operating Expenses	2.7	-1.366	-8.515	-390	-553
EBIT	2.1.5	-9.802	16.844	-11.469	-24.242
EBITDA	2.1.5	45.209	78.772	-266	-9.873
Income/(expenses) from participations and investments	2.5	-4.934	10.755	1.458	8.986
Gain/(loss) from assets disposal, impairment loss and write-off of assets	2.6	13	-3.940	10	-7
Interest and similar expenses	2.8	-37.621	-40.195	-15.280	-14.285
Interest and similar income	2.8	1.385	4.141	2.291	2.467
Foreign exchange differences	2.9	-4.778	6.172	203	526
Profit / (loss) from equity method consolidations		-1.308	-1.089	0	0
Gain/(loss) on net monetary position	2.23	242	386	0	0
Operating Profit/(loss) before tax from continuing operations		-56.803	-6.926	-22.787	-26.555
Tax	2.4	-5.211	-15.257	-2.681	-2.101
Profit / (loss) after tax from continuing operations (a)		-62.014	-22.183	-25.468	-28.656
Profit / (loss) after tax from discontinued operations (b) 1	2.20	0	9.858	0	0
Profit / (loss) after tax (continuing and discontinued operations) (a)+(b)		-62.014	-12.325	-25.468	-28.656
Attributable to:
Equity holders of parent
-Profit/(loss) from continuing operations		-63.484	-41.703	-25.468	-28.656
-Profit/(loss) from discontinued operations 1	2.20	0	9.858	0	0
		-63.484	-31.845	-25.468	-28.656
Non-Controlling Interest
-Profit/(loss) from continuing operations		1.470	19.520	0	0
-Profit/(loss) from discontinued operations 1	2.20	0	0	0	0
		1.470	19.520	0	0
Earnings/(loss) after tax per share (in €) from total operations
-basic	2.20	-0,4296	-0,2155	-0,1724	-0,1939
-diluted	2.20	-0,4296	-0,2155	-0,1724	-0,1939
Weighted Average number of shares		147.761.688	147.761.688	147.761.688	147.761.688

STATEMENT OF COMPREHENSIVE INCOME GROUP / COMPANY FOR THE NINE MONTHS OF 2020

		GROUP		COMPANY
Amounts reported in thousand €	Note	1/1-30/9/2020	1/1-30/9/2019	1/1-30/9/2020	1/1-30/9/2019
Net Profit / (loss) after tax (continuing and discontinued		-62.014	-12.325	-25.468	-28.656
operations) (a)+(b) Attributable to:
Equity holders of parent Company
-Profit/(loss) from continuing operations		-63.484	-41.703	-25.468	-28.656
-Profit/(loss) from discontinued operations 1	2.20	0	9.858	0	0
		-63.484	-31.845	-25.468	-28.656
Non-Controlling Interest
-Profit/(loss) from continuing operations		1.470	19.520	0	0
-Profit/(loss) from discontinued operations 1	2.20	0	0	0	0
		1.470	19.520	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		-62	66	0	0
Defined benefit plans revaluation for associates and joint ventures		0	-79	0	0
Valuation of assets measured at fair value through other comprehensive income of parent and subsidiaries	2.12	-188	1.474	-5	1.325
Amounts that may be reclassified to profit or loss:
Exchange differences on subsidiaries consolidation	2.15	-9.942	-141	0	0
Share of exchange differences on consolidation of associates and joint ventures	2.15	-453	1.580	0	0
Other comprehensive income/ (expenses) after tax		-10.645	2.900	-5	1.325
Total comprehensive income / (expenses) after tax		-72.659	-9.425	-25.473	-27.331
Attributable to:
Equity holders of parent		-71.737	-26.589	-25.473	-27.331
Non-Controlling Interest		-922	17.164	0	0

INCOME STATEMENT GROUP / COMPANY FOR THE THIRD QUARTER OF 2020

	Note	GROUP		COMPANY
Amounts reported in thousand €		1/7-30/9/2020	1/7-30/9/2019	1/7-30/9/2020	1/7-30/9/2019
Sale Proceeds	2.2	97.842	177.500	6.674	12.922
Less: Cost of Sales		-76.919	-150.575	-6.915	-12.966
Gross Profit /(loss)		20.923	26.925	-241	-44
Other Operating Income	2.3	3.901	3.664	31	32
Selling Expenses		-5.905	-8.997	-2.340	-1.918
Administrative Expenses		-16.785	-18.291	-3.364	-3.621
Research and Development Expenses		-669	-742	-669	-742
Other Operating Expenses	2.7	-268	-3.655	-230	-48
EBIT	2.1.5	1.197	-1.096	-6.813	-6.341
EBITDA	2.1.5	18.499	20.099	-3.355	-1.572
Income/(expenses) from participations and investments	2.5	-366	7.921	0	3.325
Gain/(loss) from assets disposal, impairment loss and write-off of assets	2.6	35	-271	0	4
Interest and similar expenses	2.8	-12.478	-13.364	-5.262	-4.747
Interest and similar income	2.8	590	679	457	436
Foreign exchange differences	2.9	-3.236	1.802	-213	951
Profit / (loss) from equity method consolidations		319	-1.019	0	0
Gain/(loss) on net monetary position	2.23	-14	-49	0	0
Operating Profit/(loss) before tax from continuing operations		-13.953	-5.397	-11.831	-6.372
Tax	2.4	-5.422	-3.099	-2.094	-1.092
Profit / (loss) after tax from continuing operations (a)		-19.375	-8.496	-13.925	-7.464
Profit / (loss) after tax from discontinued operations (b) 1	2.20	0	1.002	0	0
Profit / (loss) after tax (continuing and discontinued operations)
(a)+(b)		-19.375	-7.494	-13.925	-7.464
Attributable to:
Equity holders of parent
-Profit/(loss) from continuing operations		-20.535	-10.868	-13.925	-7.464
-Profit/(loss) from discontinued operations 1	2.20	0	1.002	0	0
		-20.535	-9.866	-13.925	-7.464
Non-Controlling Interest
-Profit/(loss) from continuing operations		1.160	2.372	0	0
-Profit/(loss) from discontinued operations 1	2.20	0	0	0	0
		1.160	2.372	0	0
Earnings/(loss) after tax per share (in €) from total operations
-basic	2.20	-0,1390	-0,0668	-0,0942	-0,0505
-diluted	2.20	-0,1390	-0,0668	-0,0942	-0,0505
Weighted Average number of shares		147.761.688	147.761.688	147.761.688	147.761.688

STATEMENT OF COMPREHENSIVE INCOME GROUP / COMPANY FOR THE THIRD QUARTER OF 2020

		GROUP		COMPANY
Amounts reported in thousand €	Note	1/7-30/9/2020	1/7-30/9/2019	1/7-30/9/2020	1/7-30/9/2019
Net Profit / (loss) after tax (continuing and discontinued operations) (a)+(b)		-19.375	-7.494	-13.925	-7.464
Attributable to:
Equity holders of parent Company
-Profit/(loss) from continuing operations		-20.535	-10.868	-13.925	-7.464
-Profit/(loss) from discontinued operations 1	2.20	0	1.002	0	0
Non-Controlling Interest		-20.535	-9.866	-13.925	-7.464
-Profit/(loss) from continuing operations		1.160	2.372	0	0
-Profit/(loss) from discontinued operations 1	2.20	0	0	0	0
		1.160	2.372	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		-37	15	0	0
Defined benefit plans revaluation for associates and joint ventures		0	-30	0	0
Valuation of assets measured at fair value through other comprehensive income of parent and subsidiaries	2.12	49	-33	10	41
Amounts that may be reclassified to profit or loss:
Exchange differences on subsidiaries consolidation	2.15	-6.003	4.829	0	0
Share of exchange differences on consolidation of associates and joint ventures	2.15	31	1.356	0	0
Other comprehensive income/ (expenses) after tax		-5.960	6.137	10	41
Total comprehensive income / (expenses) after tax		-25.335	-1.357	-13.915	-7.423
Attributable to:
Equity holders of parent		-25.274	-4.009	-13.915	-7.423
Non-Controlling Interest		-61	2.652	0	0

STATEMENT OF FINANCIAL POSITION GROUP/COMPANY

	Note	GROUP		COMPANY
Amounts reported in thousand €		30/9/2020	31/12/2019	30/9/2020	31/12/2019
ASSETS
Tangible assets	2.10	142.815	168.708	25.200	28.430
Intangible assets	2.10	230.575	242.866	80.617	82.729
Investment in subsidiaries, associates and	2.11	28.965	37.307	134.771	154.101
joint ventures
Other financial assets	2.12	198	414	34	39
Deferred Tax asset		5.182	5.628	0	0
Other long-term receivables	2.19	5.836	4.073	112	133
Total Non-Current Assets		413.571	458.996	240.734	265.432
Inventories	2.13	31.309	35.607	9.248	10.733
Trade and other short-term receivables	2.19	142.584	131.735	120.977	100.999
Other financial assets	2.12	13	18	0	0
Cash and cash equivalents	2.14	107.213	171.114	10.497	16.172
Total Current Assets		281.119	338.474	140.722	127.904
TOTAL ASSETS		694.690	797.470	381.456	393.336
EQUITY AND LIABILITIES
Share capital	2.15	47.089	47.089	47.089	47.089
Treasury shares	2.15	-8.528	-8.528	-8.528	-8.528
Other reserves	2.15	65.460	67.292	55.278	55.283
Foreign exchange differences	2.15	-95.937	-87.903	0	0
Retained earnings	2.16	-182.314	-111.321	-70.729	-45.261
Total equity attributable to		-174.230	-93.371	23.110	48.583
shareholders of the parent
Non-Controlling Interest		-738	197	0	0
Total Equity		-174.968	-93.174	23.110	48.583
Long-term debt	2.17	469.569	716.674	298.268	278.908
Staff retirement indemnities		3.583	3.807	3.177	3.358
Other long-term provisions	2.20	10.825	11.149	10.171	11.000
Deferred Tax liabilities		7.744	10.597	6.230	5.320
Other long-term liabilities	2.19	1.707	2.002	81	167
Long-term lease liabilities	2.17	7.712	10.681	1.208	1.580
Total Non-Current Liabilities		501.140	754.910	319.135	300.333
Trade and other short-term liabilities	2.19	88.818	91.797	36.654	42.812
Short-term debt and lease liabilities	2.17	271.505	37.870	630	785
Current income tax payable		4.832	3.134	1.771	472
Short-term provision	2.20	3.363	2.933	156	351
Total Current Liabilities		368.518	135.734	39.211	44.420
TOTAL LIABILITIES		869.658	890.644	358.346	344.753
TOTAL EQUITY AND LIABILITIES		694.690	797.470	381.456	393.336

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 exchange differences	Retained Earnings	Total	Non Controlling Interest	Grand Total
Opening Balance January 1, 2020	47.089	-8.528	25.040	42.252	-87.903	-111.321	-93.371	197	-93.174
Effect on retained earnings from previous years adjustments						162	162	-130	32
Period's results						-63.484	-63.484	1.470	-62.014
Other comprehensive income / (expenses) after tax				-188	-8.034	-31	-8.253	-2.392	-10.645
Dividends to equity holders of parent / non controlling interest							0	-7.777	-7.777
Change of consolidation method							0	-586	-586
Effect due to percentage change of the investment						-9.355	-9.355	8.409	-946
Adjustment to net monetary position			28			43	71	71	142
Transfer between reserves			-1.672			1.672	0		0
Balances as at September 30, 2020	47.089	-8.528	23.396	42.064	-95.937	-182.314	-174.230	-738	-174.968

STATEMENT OF CHANGES IN EQUITY INTRALOT GROUP (Amounts reported in thousand of €)	Share Capital	Treasury Shares	Legal Reserve	Other Reserves	Foreign exchange differences	Retained Earnings	Total	Non Controlling Interest	Grand Total
Opening Balance January 1, 2019	47.089	-8.528	24.795	40.167	-87.955	-9.268	6.300	28.145	34.445
Effect on retained earnings from previous years adjustments						-160	-160	-25	-185
New consolidated associate companies						171	171		171
Period's results						-31.845	-31.845	19.520	-12.325
Other comprehensive income / (expenses) after tax				1.471	3.832	-47	5.256	-2.356	2.900
Dividends to equity holders of parent / non controlling interest							0	-34.307	-34.307
Associate companies stock options						198	198		198
Disposal / liquidation of subsidiary							0	-131	-131
Effect due to percentage change of the investment						2.828	2.828	-2.857	-29
Adjustment to net monetary position			146			-175	-29	-29	-58
Transfer between reserves			-508	662		-154	0		0
Balances as at September 30, 2019	47.089	-8.528	24.433	42.300	-84.123	-38.452	-17.281	7.960	-9.321

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 January 1, 2020	47.089	-8.528	15.896	39.387	-45.261	48.583
Period's results					-25.468	-25.468
Other comprehensive income /(expenses) after tax				-5		-5
Balances as at September 30, 2020	47.089	-8.528	15.896	39.382	-70.729	23.110

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 January 1, 2019	47.089	-8.528	15.896	37.229	-34.804	56.882
Period's results					-28.656	-28.656
Other comprehensive income /(expenses) after tax				1.325		1.325
Transfer between reserves				723	-723	0
Balances as at September 30, 2019	47.089	-8.528	15.896	39.277	-64.183	29.551

INTRALOT Group

Interim Financial Statements for the period January 1 to September 30, 2020

CASH FLOW STATEMENT GROUP/COMPANY
Amounts reported in thousand of €		GROUP			COMPANY
(total operations)	Note	1/1-	1/1-	1/1-	1/1-
		30/9/2020	30/9/2019	30/9/2020	30/9/2019
Operating activities
Profit / (loss) before tax from continuing operations		-56.803	-6.926	-22.787	-26.555
Profit / (loss) before tax from discontinued operations	2.20	0	9.858	0	0
Profit / (loss) before Taxation		-56.803	2.932	-22.787	-26.555
Plus / Less adjustments for:
Depreciation and Amortization		52.127	62.029	11.135	14.369
Provisions		1.162	5.324	367	212
Results (income, expenses, gain and loss) from Investing Activities		10.349	-27.880	-1.660	-9.505
Interest and similar expenses	2.8	37.621	40.278	15.280	14.285
Interest and similar Income	2.8	-1.385	-4.142	-2.291	-2.467
(Gain) / loss on net monetary position	2.23	-242	-386	0	0
Plus / Less adjustments for changes in working capital:
Decrease / (increase) of Inventories		3.029	1.293	1.409	1.578
Decrease / (increase) of Receivable Accounts		-7.800	-676	-7.163	12.643
(Decrease) / increase of Payable Accounts (except Banks)		-575	4.073	-7.938	-2.995
Less: Income Tax Paid		11.989	8.150	7.697	0
Total inflows / (outflows) from operating activities (a)		25.494	74.695	-21.345	1.565
Investing Activities
(Purchases) / Sales of subsidiaries, associates, joint	2.12
ventures and other investments	2.20	-1.772	28.295	15.637	2.496
Purchases of tangible and intangible assets	2.10	-27.769	-44.290	-6.790	-6.761
Proceeds from sales of tangible and intangible assets	2.10	42	241	1	59
Interest received		1.023	3.945	486	2.272
Dividends received		3.107	8.770	2.870	14.700
Total inflows / (outflows) from investing activities (b)		-25.369	-3.039	12.204	12.766
Financing Activities
Proceeds from loans	2.17	59.397	68.407	7.000	0
Repayment of loans	2.17	-60.609	-79.337	-1.789	-19.500
Repurchase of bonds	2.17	0	-2.407	0	0
Repayments of lease liabilities	2.17	-5.328	-5.727	-477	-369
Interest and similar expenses paid		-44.938	-47.021	-1.227	-5.845
Dividends paid	2.16	-8.128	-36.352	0	0
Total inflows / (outflows) from financing activities (c)		-59.606	-102.437	3.507	-25.714
Net increase / (decrease) in cash and cash equivalents for the period (a) + (b) + (c )		-59.481	-30.781	-5.634	-11.383
Cash and cash equivalents at the beginning of the period	2.14	171.114	162.461	16.172	33.146
Net foreign exchange difference		-4.420	2.039	-41	-133
Cash and cash equivalents at the end of the period from total operations	2.14	107.213	133.719	10.497	21.630

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 42 countries and states, with approximately 3.400 employees and revenues from continuing operations of €0,7 billion for 2019, INTRALOT has established its presence on all 5 major continents.

The interim financial statements of the Group and the Company for the period ended September 30, 2020 were approved by the Board of Directors on December 7, 2020.

2. NOTES TO THE INTERIM FINANCIAL STATEMENTS

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 financial assets measured at fair value through other comprehensive income 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, as described below. The attached financial statements are presented in Euros and all values are rounded to the nearest thousand (€000) except if indicated otherwise.

Going concern

The Group maintains sufficient liquidity so as to cover its relative cash needs in the near future.

The continuous efforts of the Management for further sales increase and operating costs reduction through restructuring and development of synergies, as well as for improvement of the efficiency and productivity will contribute to the further strengthening of the capital structure and efficiency of the Company and the Group.

However, given the imminent obligation to repay Facility A (note 2.17), meeting the cash needs for the repayment of these debt obligations of the Group may require the adoption of complex financial options. Their successful adoption will remove the existence of material uncertainty about the possibility of smooth going concern of the Company and the Group, which is exclusively refers to the debt refinancing process.

In this context, the Group Management has prepared a detailed plan of Expected Cash Flows for a period up to the maturity date of Facility A.

It should be noted that recent developments regarding the spread of the COVID-19 pandemic and the restrictions and bans imposed are expected to adversely affect the results of 2020. More specifically, the lockdown ban, the closure of stores and the lack of sports betting content is the main source of impact on the Group revenue during the critical period. Therefore, evaluating the data of the first ten months period of 2020, as well as early November 2020, and the available forecasts of the lockdown by region, all of the above were taken into account when preparing plan for Expected Cash Flows.

11

From the review of this plan, the Management of the Group, has concluded that no additional funds are required and there are no cash needs that cannot be met with the current conditions and the major issue remains the settlement of the repayment of Facility A.

Furthermore, in this direction INTRALOT has retained Evercore Partners and Allen & Overy, as financial and legal advisors respectively, to review and implement strategic alternatives for the business. The strategic review process includes assessing all available financial and strategic options which may be available to optimize the Group's capital structure, with a view to best position the Group to capture growth opportunities in its key markets and maximize stakeholder value. INTRALOT has been in constructive discussions with certain of its stakeholders regarding its capital structure optimization process. Direct discussions with noteholders (and their advisors) representing both the 2021 and 2024 senior unsecured notes and, holding approximately 60% of Group's total senior unsecured notes, are at an advanced stage and progressing efficiently. INTRALOT remains optimistic that an agreement will be announced in the near-term that will benefit all Group stakeholders.

In conclusion, the Management, taking into account the Plan of Expected Cash Flows and all available information on the foreseeable future, as well as the strategic alternatives that is working on for optimizing the Group's capital structure and deleveraging, estimates that the Group has ensured its going concern.

In view of the above, the Financial Statements of the Group were prepared on the basis of the going concern principle of continuing concern (going concern), as the Management estimates that the above actions will allow the Group to continue its operation smoothly.

2.1.2 Statement of compliance

These financial statements for the period ended September 30, 2020 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 December 31, 2019.

2.1.3 Financial Statements

INTRALOT keeps its accounting books and records and prepares its financial statements in accordance with the International Financial Reporting Standards (IFRS) Law 4308/2014 chap. 2, 3 & 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 September 30, 2020, the accounting policies adopted are consistent with those followed in the preparation of the most recent annual financial statements (December 31, 2019), except for the below mentioned adoption of new standards and interpretations applicable for fiscal periods beginning at January 1, 2020.

Standards and Interpretations compulsory for the fiscal year 2020

New standards, amendments of published standards and interpretations mandatory for accounting periods beginning on 1st January 2020. The Group's assessment of the impact of these new and amended standards and interpretations is set out below.

IFRS 3 (Amendment) "Business Combinations"

(COMMISSION REGULATION (EU) No. 2020/551 of 21st April 2020, L 127/13 -22/4/2020)

This applies to annual accounting periods starting on or after 1st January 2020. Earlier application is permitted. In October 2018 the IASB issued narrow-scope amendments to IFRS 3 "Business Combinations" to improve the definition of a business. The amendments will help companies determine whether an acquisition made is of a business or a group of assets. The amended definition emphasizes that the output of a business is to provide goods and services to customers, whereas the previous definition focused on returns in the form of dividends, lower costs or other economic benefits to investors and others. In addition to amending the wording of the definition, the Board has provided supplementary guidance. Distinguishing between a business and a group of assets is important because an acquirer recognizes goodwill only when acquiring a business. This amendment does not significantly affect the Group's financial statements.

IAS 1 & IAS 8 (Amendments) "Clarification of "material" definition"

(COMMISSION REGULATION (EU) No. 2019/2104 of 29th November 2019, L 318/74 -10/12/2019)

This applies to annual accounting periods starting on or after 1st January 2020. Earlier application is permitted. In October 2018 the IASB issued amendments to IAS 1 "Presentation of Financial Statements" and IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" regarding its definition of material to make it easier for companies to make materiality judgments. The definition of material, an important accounting concept in IFRS Standards, helps companies decide whether information should be included in their financial statements. The amendments are a response to findings that some companies experienced difficulties using the old definition when judging whether information was material for inclusion in the financial statements. The amendments clarify the definition of material and how it should be applied by including in the definition guidance that until now has featured elsewhere in IFRS Standards. In addition, the explanations accompanying the definition have been improved. Finally, the amendments ensure that the definition of material is consistent across all IFRS Standards. Old definition: Omissions or misstatements of items are material if they could, individually or collectively, influence the economic decisions that users make on the basis of the financial statements (IAS 1 Presentation of Financial Statements).

New definition: Information is material if omitting, misstating or obscuring it could reasonably be expected to influence the decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.

These amendments do not significantly affect the Group's financial statements.

IFRS 9, IAS 39 and IFRS 7 (Amendments) "Interest Rates Benchmark Reform"

(COMMISSION REGULATION (EU) No. 2020/34 of 15th January 2020, L 12/5 - 16/1/2020)

This applies to annual accounting periods starting on or after 1st January 2020. Earlier application is permitted. In September 2019, the IASB issued amendments to some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by the Interest Rates Benchmark reform. The amendments are designed to support the provision of useful financial information by companies during the period of uncertainty arising from the phasing out of interest rate benchmarks such as interbank offered rates (IBORs). It requires companies to provide additional information to investors about their hedging relationships which are directly affected by these uncertainties.

These amendments do not significantly affect the Group's financial statements.

IFRS 16 (Amendment) "COVID-19-Related Rent Concessions"

(COMMISION REGULATION (EU) No. 2020/1434 of 9th October 2020, L 331/20-12/10/2020)

This applies to annual accounting periods starting on or after 1st June 2020. Earlier application is permitted, including in financial statements not authorised for issue at May 28, 2020. So, to ensure the relief is available when needed most, lessees can apply the amendment immediately in any financial statements—interim or annual—not yet authorised for issue.

In May 2020, the IASB issued an amendment to IFRS 16 "Leases" to make it easier for lessees to account for COVID-19-related rent concessions such as rent holidays and temporary rent reductions. The amendment exempts lessees from having to consider individual lease contracts to determine whether rent concessions occurring as a direct consequence of the COVID-19 pandemic are lease modifications and allows lessees to account for such rent concessions as if they were not lease modifications. It applies to COVID-19-related rent concessions that reduce lease payments due on or before June 30, 2021.

IFRS 16 specifies how lessees should account for changes in lease payments, including concessions. However, applying those requirements to a potentially large volume of COVID-19-related rent concessions could be practically difficult, especially in the light of the many challenges stakeholders face during the pandemic. This optional exemption gives timely relief to lessees and enables them to continue providing information about their leases that is useful to investors. The amendment does not affect lessors.

This Group applied this amendment in the financial statements, without any significant impact on them.

Revision of the Conceptual Framework for Financial Reporting

(COMMISSION REGULATION (EU) No. 2019/2075 of 29th November 2019, L 316/10 - 6/12/2019)

This applies to annual accounting periods starting on or after 1st January 2020.

In March 2018, the IASB issued the revised Conceptual Framework for Financial Reporting (Conceptual Framework), the objective of which was to incorporate some important issues that were not covered, as well as update and clarify some guidance that was unclear or out of date. The revised Conceptual Framework includes a new chapter on measurement, which analyzes the concept on measurement, including factors to be considered when selecting a measurement basis, concepts on presentation and disclosure, and guidance on derecognition of assets and liabilities from financial statements. In addition, the revised Conceptual Framework includes improved definitions of an asset and a liability, guidance supporting these definitions, update of recognition criteria for

assets and liabilities, as well as clarifications in important areas, such as the roles of stewardship, prudence and measurement uncertainty in financial reporting.

This revision does not significantly affect the Group's financial statements.

Amendments to References to the Conceptual Framework in IFRS Standards

(COMMISSION REGULATION (EU) No. 2019/2075 of 29th November 2019, L 316/10 - 6/12/2019)

This applies to annual accounting periods starting on or after 1st January 2020.

In March 2018, the IASB issued Amendments to References to the Conceptual Framework, following its revision. Some Standards include explicit references to previous versions of the Conceptual Framework. The objective of these amendments is to update those references so that they refer to the revised Conceptual Framework and to support transition to the revised Conceptual Framework.

These amendments do not significantly affect the Group's financial statements.

Standards and Interpretations compulsory after December 31, 2020

The following new standards, amendments and IFRICs have been published but are in effect for the annual fiscal period beginning the 1st of January 2021 and have not been adopted from the Group earlier.

IFRS 17 "Insurance Contracts"

This applies to annual accounting periods starting on or after 1st January 2023. Earlier application is permitted. In May 2017, the IASB issued a new accounting Standard, called IFRS 17 "Insurance Contracts" that replaces IFRS 4 "Insurance Contracts", which was brought in as an interim Standard in 2004. IFRS 4 has given companies dispensation to carry on accounting for insurance contracts using national accounting standards, resulting in a multitude of different approaches. As a consequence, it is difficult for investors to compare and contrast the financial performance of otherwise similar companies. IFRS 17 solves the comparison problems created by IFRS 4 by requiring all insurance contracts to be accounted for in a consistent manner, benefiting both investors and insurance companies. Insurance obligations will be accounted for using current values, instead of historical cost. The information will be updated regularly, providing more useful information to users of financial statements. This new standard does not affect Group financial statements and has not yet been endorsed by the European Union.

IAS 1 (Amendment) "Classification of Liabilities as Current or Non-current"

This applies to annual accounting periods starting on or after 1st January 2022. Earlier application is permitted. In January 2020 the IASB issued amendment to IAS 1 "Presentation of Financial Statements" that affect requirements for the presentation of liabilities. Specifically, they clarify one of the criteria for classifying a liability as non-current, the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period. The amendments include: (a) specifying that an entity's right to defer settlement must exist at the end of the reporting period; (b) clarifying that classification is unaffected by management's intentions or expectations about whether the entity will exercise its right to defer settlement; (c) clarifying how lending conditions affect classification; and (d) clarifying requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments.

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

These amendments have not yet been endorsed by the European Union.

Amendments to IFRS due to IBOR reform

These apply to annual accounting periods starting on or after 1st January 2021. Earlier application is permitted. In August 2020, the IASB issued amendments to several IFRS Standards (IFRS 9 "Financial Instruments", IAS 39 "Financial Instruments: Recognition and Measurement", IFRS 7 "Financial Instruments: Disclosures", IFRS 4 "Insurance Contracts" and IFRS 16 "Leases"). The package amendments complement those issued in 2019 and focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform of inter-bank offered rates (IBOR).

The amendments in this final phase relate to:

• changes to contractual cash flows: a company will not have to derecognize or adjust the carrying amount of financial instruments for changes required by the reform, but will instead update the effective interest rate to reflect the change to the alternative benchmark rate,
• hedge accounting: a company will not have to discontinue its hedge accounting solely because it makes changes required by the reform, if the hedge meets other hedge accounting criteria, and
• disclosures: a company will be required to disclose information about new risks arising from the reform and how it manages the transition to alternative benchmark rates.

The Group will assess the impact of these amendments on its financial statements. These amendments have not yet been endorsed by the European Union.

Several Narrow-scope Amendments to IFRS

These apply to annual accounting periods starting on or after 1st January 2022.

In May 2020, the IASB issued several narrow-scope amendments to IFRS Standards. The package of amendments includes narrow-scope amendments to three Standards as well as the Board's Annual Improvements, which are changes that clarify the wording or correct minor consequences, oversights or conflicts between requirements in the Standards.

Amendments to IFRS 3 "Business Combinations" update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.

Amendments to IAS 16 "Property, Plant and Equipment" prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss.

Amendments to IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" specify which costs a company includes when assessing whether a contract will be loss-making.

Annual Improvements make minor amendments to IFRS 1 "First-time Adoption of International Financial Reporting Standards", IFRS 9 "Financial Instruments", IAS 41 "Agriculture" and the Illustrative Examples accompanying IFRS 16 "Leases".

The Group will assess the impact of these amendments 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, defines "EBITDA" as "Operating Profit/(Loss) before tax" adjusted for

the figures "Profit/(loss) from equity method consolidations", "Profit/(loss) on net monetary position", "Exchange Differences", "Interest and similar income", "Interest and similar expenses", "Income/(expenses) from participations and investments", "Write-off and impairment loss of assets", "Gain/(loss) from assets disposal", "Reorganization costs" 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", "Profit/(loss) on net monetary position", "Exchange Differences", "Interest and similar 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):	1/1-30/9/2020	1/1-30/9/2019
Operating profit/(loss) before tax	-56.803	-6.926
Profit/(loss) on net monetary position	-242	-386
Profit/(loss) equity method consolidation	1.308	1.089
Foreign exchange differences	4.778	-6.172
Interest and similar income	-1.385	-4.141
Interest and similar expenses	37.621	40.195
Income / (expenses) from participations and investments	4.934	-10.755
Gain / (loss) from assets disposal, impairment losses & write off of assets	-13	3.940
EBIT	-9.802	16.844
Depreciation and amortization	52.127	61.928
Reorganization costs ¹	2.884	0
EBITDA	45.209	78.772

¹ Included in "Administrative Expenses"

Reconciliation of operating profit before tax to EBIT and		COMPANY
EBITDA (continuing operations):	1/1-30/9/2020	1/1-30/9/2019
Operating profit/(loss) before tax	-22.787	-26.555
Foreign exchange differences	-203	-526
Interest and similar income	-2.291	-2.467
Interest and similar expenses	15.280	14.285
Income / (expenses) from participations and investments	-1.458	-8.986
Gain / (loss) from assets disposal, impairment losses & write-off of assets	-10	7
EBIT	-11.469	-24.242
Depreciation and amortization	11.135	14.369
Reorganization costs¹	68	0
EBITDA	-266	-9.873

¹ Included in "Administrative Expenses"

Project EBITDA of the Company

For the calculation of the project EBITDA of the Company, the direct costs of the projects are allocated directly to the projects for which they are carried out. Payroll costs related to the Company's production segments are recorded in "Cost of Sales" and are allocated to projects based on man effort at Company level. "Distribution Expenses" and "Administration Expenses" are monitored per project and allocated to them based on man effort at Company level. "Research and Development Expenses" are allocated to the projects in proportion to the revenues of each project in the total revenue of the Company. Furthermore, for the calculation of the Company's "Gross" results per project, the relevant depreciation of tangible and intangible assets is accounted and the allocated operating "Distribution", "Administration" and "Research and Development" expenses are deducted. In cases where the hours of work are

redistributed from one project to another then the costs of disposal, administration and research and development are calculated accordingly.

2.1.6 Significant accounting judgments 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 – expected credit losses, 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 September 30, 2020 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 December 31, 2019.

As a result of the effects of the spread of the COVID-19 pandemic, the Group Management reviewed estimates of future cash flows that were used to estimate the recoverable amount of its investments and intangible assets. This review did not show any impairment other than those mentioned in the note 2.5.

More specifically, the Management of the Group evaluates the going concern assumption based on the approved business plans that cover a period of five years. Following this, it prepares Expected Cash Flows that cover a period of at least 12 months since the financial statements reporting date.

The estimates and assumptions used to prepare the business plans and Expected Cash Flows are based on historical data as well as on various factors that are considered reasonable given the circumstances, and are reconsidered taking into account current and expected future market conditions. The preparation of business plans also includes long-term assumptions for important economic factors that involve a significant use of Management judgement.

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 is 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 manages in 42 countries and states an expanded portfolio of contracts and gaming licenses. The grouping of the Group companies is based on the geographical location in which they are established. The financial results of the Group are presented in the following operating geographic segments based on the geographic location of the Group companies:

European Union:	Greece, Italy (until 2019), Malta, Cyprus, Poland, Luxembourg, Spain, Nederland, Romania,
	Bulgaria, Germany, Slovakia (until 2019), Croatia and Republic of Ireland.
Other Europe:	United Kingdom ¹, Russia and Moldova.
USA, Peru, Brazil, Argentina, Mexico, Jamaica, Chile, Colombia, Guatemala (until 2019), Uruguay
America:	(until 2019), and St. Lucia (until 2019).
	Australia, New Zealand, China, South Africa, Turkey, South Korea (until 2019), Lebanon (until
Other Countries:	2019), Taiwan and Morocco.

¹ For 2020 the United Kingdom is presented under the operational segment «Other Europe», after the finalization of BREXIT at the end of January 2020, and in 2019 under the operational segment «European Union».

No 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".

United Kingdom leave from the European Union (BREXIT)

On January 30, 2020, the European Parliament approved the final agreement regarding the decision of the United Kingdom to leave the European Union (BREXIT). It is noted that the Group does not have any significant implications for the above agreement, since it doesn't have any significant commercial activity in the United Kingdom except for intercompany bank facilities agreements through its subsidiary Intralot Finance UK Ltd.

INTRALOT Group

Interim Financial Statements for the period January 1 to September 30, 2020

1/1-30/9/2020 (in million €)	European Union	Other Europe	America	Other Countries	Eliminations	Total
Sales to third parties	98,97	0,00	135,12	31,97	0,00	266,06
Intragroup sales	35,61	0,00	0,29	0,09	-35,99	0,00
Total Sales	134,58	0,00	135,41	32,06	-35,99	266,06
Gross Profit/(loss)	15,00	0,00	31,03	23,21	-17,74	51,50
(Debit)/Credit interest & similar (expenses)/income	-35,41	4,17	-4,16	-1,40	0,56	-36,24
Depreciation/Amortization	-28,01	0,00	-22,60	-3,19	1,67	-52,13
Profit/(loss) consolidated with equity method	-0,01	0,00	0,24	-1,54	0,00	-1,31
Write-off & impairment of assets	0,00	0,00	-0,03	-0,07	0,00	-0,10
Write-off & impairment of investments	-50,88	0,00	-0,33	0,00	47,06	-4,15
Doubtful provisions, write-off & impairment of receivables	-15,46	0,00	-0,37	-0,45	15,45	-0,83
Profit/(Loss) before tax and continuing operations	-115,66	4,03	-2,52	0,30	57,05	-56,80
Tax	-2,57	-0,73	-0,64	-1,27	0,00	-5,21
Profit/(Loss) after tax from continuing operations	-118,23	3,30	-3,16	-0,97	57,05	-62,01
Profit/(Loss) after tax from discontinued operations	0,00	0,00	0,00	0,00	0,00	0,00
Profit/(Loss) after tax from total operations	-118,23	3,30	-3,16	-0,97	57,05	-62,01

1/1-30/9/2019	European	Other	America	Other	Eliminations	Total
(in million €)	Union	Europe		Countries
Sales to third parties	331,45	0,00	150,03	74,09	0,00	555,57
Intragroup sales	35,25	0,00	0,31	0,20	-35,76	0,00
Total Sales	366,70	0,00	150,34	74,29	-35,76	555,57
Gross Profit/(loss)	34,60	-1,37	24,18	55,59	-9,75	103,25
(Debit)/Credit interest & similar (expenses)/income	-33,91	0,15	-5,04	1,39	1,36	-36,05
Depreciation/Amortization	-34,56	-1,51	-23,43	-4,46	2,03	-61,93
Profit/(loss) consolidated with equity method	-0,01	0,00	1,83	-2,91	0,00	-1,09
Write-off & impairment of assets	-0,01	0,01	-0,49	-3,44	0,00	-3,93
Write-off & impairment of investments	-7,79	0,00	0,00	0,00	7,79	0,00
Doubtful provisions, write-off & impairment of receivables	-2,60	0,00	-1,68	-0,52	3,78	-1,02
Reversal of doubtful provisions & recovery of written off receivables	0,20	0,00	0,00	0,02	-0,20	0,02
Profit/(Loss) before tax and continuing operations	1,65	-1,82	4,21	17,91	-28,88	-6,93
Tax	-6,50	0,03	-2,06	-6,72	0,00	-15,25
Profit/(Loss) after tax from continuing operations	-4,85	-1,79	2,15	11,19	-28,88	-22,18
Profit/(Loss) after tax from discontinued operations	4,58	0,00	0,00	0,00	5,28	9,86
Profit/(Loss) after tax from total operations	-0,27	-1,79	2,15	11,19	-23,60	-12,32

Sales per business activity (continuing operations)
(in thousand €)	30/9/2020	30/9/2019	change
Licensed operations	91.555	339.629	-73,04%
Management contracts	20.567	58.191	-64,66%
Technology and support services	153.934	157.751	-2,42%
Total	266.056	555.571	-52,11%

Sales per business activity

Sales per product type (continuing operations) 30/9/2020 30/9/2019
Lottery games	63,4%	42,9%
Sports Betting	12,8%	44,1%
IT products & services	15,2%	6,1%
Racing	0,7%	2,6%
Video Lottery Terminals	7,9%	4,3%
Total	100%	100%

Revenue Net of Payout (GGR) per business activity

(continuing operations)
(in thousand €)	30/9/2020	30/9/2019	change
Licensed operations	35.044	102.087	-65,67%
Management contracts	20.567	58.191	-64,66%
Technology and support services	153.934	157.751	-2,42%
Total	209.545	318.029	-34,11%

Revenue Net of Payout (GGR) per business activity

2.3 OTHER OPERATING INCOME

(continuing operations)	GROUP		COMPANY
	30/9/2020	30/9/2019	30/9/2020	30/9/2019
Rental Income from third parties	11.211	10.112	0	0
Rental Income from subsidiaries	0	0	68	56
Income from uncollected winnings	0	298	0	0
Income from reversal of doubtful
provisions and proceeds for written	2	22	0	0
off receivables from third parties
Income from reversal of doubtful
provisions and proceeds for written	0	0	0	204
off receivables from subsidiaries
Other income	1.301	3.095	31	82
Other income from subsidiaries	0	0	15	0
Other income from other related
parties	0	18	0	0
Total	12.514	13.545	114	342

2.4 INCOME TAX

GROUP (continuing operations)	30/9/2020	30/9/2019
Current income tax	5.693	11.580
Deferred income tax	-2.513	-995
Tax audit differences and other taxes non-deductible	2.031	4.672
Total income tax expense reported in income statement	5.211	15.257

The income tax expense for the Company and its Greek subsidiaries was calculated to 24% and 29% on the taxable profit of the periods 1/1-30/9/2020 and 1/1-30/9/2019 respectively since the L.4646/2019 voted by the Greek Parliament in 12/12/2019. The deferred income tax for the Company and its Greek subsidiaries was calculated using the rate 24%,

pursuant to Law 4646/2019, for tax years 2020.

COMPANY	30/9/2020	30/9/2019
Current income tax	0	0
Deferred income tax	910	-27
Tax audit differences and other taxes non-deductible	1.771	2.128
Total income tax expense reported in income
statement	2.681	2.101

2.5 INCOME / (EXPENSES) FROM PARTICIPATIONS AND INVESTMENTS

(continuing operations)	GROUP		COMPANY
	30/9/2020	30/9/2019	30/9/2020	30/9/2019
Income from dividends	1.050	2.321	3.501	16.612
Gain from disposal of participations and investments	64	8.434	0	0
Total income from participations and investments	1.114	10.755	3.501	16.612
Loss from disposal of participations and investments ¹	-1.900	0	0	0
Loss from impairment / write-offs of participations and investments ²	-4.148	0	-2.043	-7.626
Total expenses from participations and investments	-6.048	0	2.043	-7.626
Net result from participations and investments	-4.934	10.755	1.458	8.986

¹ The Group as of 30/9/2020 includes a loss of € 563 thousand from the change of consolidation method of the Eurobet Ltd Group (note 2.20.A.V.), as well as a loss of € 996 thousand from non-collection of contingent consideration of Totolotek S.A. disposal (note 2.20.A.V.III).

² The Group as 30/9/2020 includes a loss of € 4.148 thousand from the provision for impairment of the Group's investment in the associate entity Goreward Ltd, mainly as a result of the COVID-19 pandemic.

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

	GROUP		COMPANY
(continuing operations)	30/9/2020	30/9/2019	30/9/2020	30/9/2019
Gain from disposal of tangible and intangible assets	38	105	0	4
Loss from disposal of tangible and intangible assets	-10	-123	0	-12
Loss from impairment and write-off of tangible and intangible assets 1	-97	-3.928	0	0
Gain from write-off of lease liability	1.968	364	365	54
Loss from write-off of right of use assets	-1.886	-358	-355	-53
Net result from tangible and intangible assets	13	-3.940	10	-7

¹ The Group on 30/9/2019 includes impairment provision of goodwill in subsidiary Inteltek Internet A.S. (note 2.10) of €3.037 thousand following the award of the competition of Iddaa game, that completed in the first quarter of 2019, to another bidder.

2.7 OTHER OPERATING EXPENSES

(continuing operations)	GROUP		COMPANY
	30/9/2020	30/9/2019	30/9/2020	30/9/2019
Impairment, write-off and provisions for doubtful debt	834	1.019	131	175
Provisions for contractual fines-penalties	55	3.534	0	0
Provisions for severance pay-out amounts of Inteltek Internet A.S.	0	3.146	0	0
Other expenses	477	816	259	378
Total	1.366	8.515	390	553

Analysis of the account "Impairment, write-off and provisions for doubtful debt":

	GROUP		COMPANY
(continuing operations)	30/9/2020	30/9/2019	30/9/2020	30/9/2019
Provisions for doubtful receivables from subsidiaries	0	0	131	158
Provisions for doubtful receivables from customers (3rd parties)	733	998	0	0
Write-off of receivables from customers (3rd parties)	74	21	0	0
Write-off of receivables from subsidiaries	0	0	0	17
Write-off of receivables from associates	27	0	0	0
Write-off of receivables from other related parties	0	0	0	0
Total	834	1.019	131	175

2.8 INTEREST AND SIMILAR EXPENSES / INTEREST AND SIMILAR INCOME

(continuing operations)	GROUP		COMPANY
	30/9/2020	30/9/2019	30/9/2020	30/9/2019
Interest Expense 1	-36.304	-38.331	-14.443	-14.289
Finance costs	-1.298	-1.406	-837	4
Discounting	-19	-458	0	0
Total Interest and similar expenses	-37.621	-40.195	-15.280	-14.285
Interest Income	1.294	3.844	2.291	2.467
Discounting	91	297	0	0
Total Interest and similar Income	1.385	4.141	2.291	2.467
Net Interest and similar Income / (Expenses)	-36.236	-36.054	-12.989	-11.818

¹ Including the amortized costs, expenses and fees of banking institutions in connection with the issue of bond and syndicated loans, as well as repurchase of bond loans costs.

2.9 FOREIGN EXCHANGE DIFFERENCES

The Group reported in the Income Statement of the nine months of 2020 losses from «Exchange differences» amount to €4.778 thousand (nine months 2019: gain €6.172 thousand) mainly from valuation of commercial and borrowing liabilities (intercompany and non) in EUR that various subsidiaries abroad had, as at 30/9/2020, with a different functional currency than the Group, from valuation of cash balances in foreign currency other than the functional currency of each entity, as well as from valuation of trade receivables (from third parties and associates) mainly in USD that held by the Company on 30/9/2020.

2.10 TANGIBLE AND INTANGIBLE ASSETS

Acquisitions and disposals of tangible and intangible assets:

During the nine months of 2020, the Group acquired tangible (owner occupied) and intangible assets with acquisition cost €22.864 thousand (discontinued operations €0 thousand), (nine months 2019: €45.518 thousand – discontinued operations €508 thousand).

Also, during the nine months of 2020, the Group disposed tangible (owner occupied) and intangible assets with a net book value of €16 thousand (nine months 2019: €2.729 thousand – discontinued operations €0 thousand), making a net gain amounting to €28 thousand (nine months 2019: net loss €18 thousand), which was recorded in the account "Gain/(loss) from assets disposal, impairment loss & write-off of assets".

Write-offs and impairment of tangible and intangible assets:

During the nine months of 2020, the Group proceeded to writes-offs and impairments of tangible (owner-occupied) and intangible assets with a net book value of €97 thousand (discontinued operations €0 thousand) - (nine months 2019: €3.935 thousand – discontinued operations €7 thousand), which were recorded in the account "Profit / (loss) from assets disposal, impairment loss & write-off of assets".

Exchange differences on valuation of tangible and intangible assets:

The net book value of tangible (owner-occupied) and intangible assets of the Group decreased in the nine months of 2020 due to foreign exchange valuation differences by €9,9 million.

Restatement of tangible and intangible fixed assets into current measuring units (IAS 29): The net book value of the Group's tangible (owner-occupied) and intangible assets increased by €823 thousand in the nine months of 2020 due to a recalculation in current measuring units pursuant to IAS 29 "Financial Reporting in Hyperinflationary Economies".

Change of consolidation method:

The net book value of the Group's tangible (owner-occupied) and intangible assets for the nine months of 2020 decreased by € 2.303 thousand due to change of the consolidation method of the Group Eurobet Ltd pursuant to IFRS 10.

Tangible Assets include Right-of-Use-Assets (RoU Assets) through Leases pursuant to IFRS 16:

	RIGHT OF USE ASSETS
GROUP	LAND & BUILDINGS	TRANSPORT EQUIPMENT	MACHINERY & EQUIPMENT	TOTAL
Balance 1/1/2020	18.217	1.933	4.643	24.793
Additions	762	514	178	1.454
Termination/expiration of contracts	-1.773	-112		-1.885
Foreign Exchange differences	-462	-92	-128	-682
Effect from IAS 29	21	-2	7	26
Change of consolidation method		-34		-34
Depreciation	-2.754	-831	-1.748	-5.333
Transfers	-143		143	0
Balance 30/9/2020	13.868	1.376	3.095	18.339

Below amounts recognized in Income Statement pursuant to IFRS 16:

GROUP (continuing operations)	1/1-30/9/2020
Depreciation from right of use assets	5.333
Interest expenses from lease liabilities	496
Rental expenses from short-term contracts	2.018
Rental expenses from contracts of low value assets	116
Total amounts recognized in Income Statement	7.963

COMPANY	RIGHT OF USE ASSETS
	LAND & BUILDINGS	TRANSPORT EQUIPMENT	MACHINERY & EQUIPMENT	TOTAL
Balance 1/1/2020	7.350	475	0	7.825
Additions/ Adjustments of contracts		315		315
Termination/expiration of contracts	-302	-53		-355
Depreciation	-471	-168		-639
Balance 30/9/2020	6.577	569	0	7.146

Goodwill and Intangible assets with indefinite useful life impairment test

Management tests goodwill for impairment annually (December 31) or more frequently if events occur or changes in conditions indicate that the carrying value may have been reduced in accordance with accounting practice described in note 2.1.6 «Business Combination and Goodwill» of the annual Financial Statements of December 31, 2019.

The Group proceeded with a goodwill impairment test on 31/12/2019 and the basic assumptions used to determine the recoverable amount are described below. The above review on 31/12/2019, as well as the relevant intermediate reviews on 31/3/2019 and on 30/6/2019 for the subsidiary Inteltek Internet A.S., resulted in the recognition of goodwill impairment provisions to the subsidiaries Inteltek Internet A.S. (first quarter 2019 €1.756 thousand and second quarter 2019 €1.281 thousand), Eurobet Ltd (fourth quarter 2019 €18.493 thousand) and Bit8 Ltd (fourth quarter 2019 €1.107 thousand), which were included in the income statement of 2019.

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. Goodwill impairment testing is performed on subsidiary level.

Carrying amount:

CGU	Goodwill		Intangible assets with indefinite useful life
	30/9/2020 ¹	31/12/2019	30/9/2020	31/12/2019
European Union	0	0	0	2.300
America	396	525	26	29
Other countries	4.645	6.323	0	0
Total	5.041	6.848	26	2.329

¹ Νet decrease in goodwill during the nine months of 2020 by €1.807 thousand is caused by the foreign currency translation losses from goodwill valuations related to foreign subsidiaries acquisitions, made by the Group in past periods, with functional currency other than Euro.

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 is estimated by extrapolating the projections based on the budgets, using a steady or declining growth rate for subsequent years, which does not exceed the long-term 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 three years where it has signed revenue contracts beyond three years as well as in cases where management believes that based on market data and renewals track record of the Group, the renewal of the relevant contracts beyond the three year period is very possible. 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 value in use for CGUs affected (has sensitivity) of the following key factors (assumptions):

• Sales
• Growth rate in perpetuity (Perpetual Growth Rates), 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	2019	2018
European Union	n/a	0,0% - 5,2%
Other Europe	n/a	n/a
America	20,0% - 36,8%	0,0% - 22,6%
Other countries	20,2% - 27,8%	0,0% - 44,5%

Growth rate in perpetuity

The factors taken into account for the calculation of the growth rate in perpetuity 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 in perpetuity:

CGU	2019	2018
European Union	n/a	0,0% - 2,0%
Other Europe	n/a	n/a
America	10,0%	4,0%
Other countries	11,0%	0,0% - 10,0%

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. The Cost of debt is based on the interest rate of the loans that the Group must facilitate. The specific risk of each country is incorporated by implementing individualized sensitivity factors «beta» (beta factors). The sensitivity factors «beta» are evaluated annually based on published market data.

Discount rates:

CGU	2019	2018
European Union	n/a	7,5% - 8,9%
Other Europe	n/a	n/a
America	41,8%	24,8% - 24,8%
Other countries	19,3%	0,0% - 22,5%

Recoverable amount sensitivity analysis:

On 31/12/2019, 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 (1,0) of a percentage point to the growth rate in perpetuity and the change of the discount rates of a (1,0) percentage point). This analysis does not show a situation in which the carrying amount of the Group's significant CGUs exceeds their recoverable amount.

2.11 INVESTMENT IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

GROUP INVESTMENT IN ASSOCIATES AND JOINT VENTURES	% Participation	Country	30/9/2020	31/12/2019
Lotrich Information Co LTD	40%	Taiwan	6.130	7.379
Goreward LTD Group	38,84%	China	0	5.864
Intralot de Peru SAC	20%	Peru	16.111	16.366
Karenia Enterpises Co Ltd	50%	Cyprus	6.721	6.731
Eurofootball Ltd	49%	Bulgaria	0	965
Other			3	2
Total			28.965	37.307
GROUP INVESTMENT IN ASSOCIATES AND JOINT VENTURES			30/9/2020	31/12/2019
Opening Balance			37.307	133.198
Participation in net profit / (loss) of associates and joint ventures			-1.308	-13.223
Exchange differences			-453	961
Impairment /Reverse of impairment			-4.148	-1.967
Dividends			-2.375	-6.484
Sales of companies			0	-78.328
Change of consolidation method			0	3.011
Other			-58	139

COMPANY INVESTMENT IN ASSOCIATES AND JOINT VENTURES	% Participation	Country	30/9/2020	31/12/2019
Lotrich Information Co LTD	40%	Taiwan	5.131	5.131
Intralot De Peru SAC	20%	Peru	5.528	5.528
Total			10.659	10.659

COMPANY INVESTMENT IN SUBSIDIARIES	% Participation	Country	30/9/2020	31/12/2019
Intralot Holdings International LTD	100%	Cyprus	464	8.464
Betting Company S.A.	95%	Greece	139	139
Inteltek Internet AS	20%	Turkey	266	2.309
Bilyoner Interactif Hizmelter AS	50,01%	Turkey	10.751	10.751
Intralot Global Securities BV	100,00%	Nederland	50.961	55.636
Intralot Global Holdings BV	0,0186%	Nederland	54.772	60.068
Intralot Iberia Holdings SA	100%	Spain	5.638	5.638
Intralot Do Brazil LTDA	-	Brazil	684	0
Other			437	437
Total			124.112	143.442
Grand Total			134.771	154.101

COMPANY INVESTMENT IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES	30/9/2020	31/12/2019
Opening Balance	154.101	135.908
Provisions/ reversals of provisions for impairment of subsidiaries	-2.043	-4.927
Capitalization of receivables from subsidiaries	684	204
Contribution of a subsidiary to another subsidiary	0	22.787
Acquisition of additional percentage in an existing subsidiary	0	129
Return of subsidiaries' capital	-17.971	0
Closing Balance	134.771	154.101

2.12 OTHER FINANCIAL ASSETS

The other financial assets that have been classified by the Group as "equity instruments at fair value through other comprehensive income" and as "debt instruments at amortized cost" are analyzed below:

	GROUP		COMPANY
	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Opening Balance	432	16.679	39	1.213
Purchases	0	90	0	0
Return of capital	0	-2.328	0	-2.328
Disposals	0	-15.415	0	-168
Receipts	-25	0	0	0
Fair value revaluation	-173	1.436	-5	1.322
Foreign exchange differences	-23	-30	0	0
Closing balance	211	432	34	39
Quoted securities	211	432	34	39
Unquoted securities	0	0	0	0
Total	211	432	34	39
Long-term Financial Assets	198	414	34	39
Short-term Financial Assets	13	18	0	0
Total	211	432	34	39

During the nine months of 2020, the Group losses arising from the valuation at fair value of the above financial assets amount to €173 thousand (nine months 2019: gain €1.497 thousand) are analyzed in losses amount to €188 thousand (nine months 2019: gain €1.474 thousand) reported in particular equity reserves (revaluation reserve) and in gain amount to €15 thousand (nine months 2019: gain 23 thousand) reported in the income statement. Respectively for the Company, losses amount to €5 thousand (nine months 2019: gain €1.325 thousand) are analyzed in losses amount to €5 thousand (nine months 2019: gain €1.325 thousand) that were reported in particular equity reserves (revaluation reserve).

For investments that are actively traded in organized financial markets, the 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.

2.13 INVENTORIES

	GROUP		COMPANY
	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Merchandise – Equipment	29.257	33.519	9.248	10.733
Other	3.946	3.588	0	0
Total	33.203	37.107	9.248	10.733
Provisions for impairment	-1.894	-1.500	0	0
Total	31.309	35.607	9.248	10.733

The burden for the nine months of 2020, from disposals/usage and provision of inventories for the Group amounts to €9.695 thousand (nine months 2019: €7.150 thousand) while for the Company amounts to €2.855 thousand (nine months 2019: €3.895 thousand) and is included in "Cost of Sales".

Reconciliation of changes in	GROUP		COMPANY
inventories provision for impairment	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Opening balance for the period	-1.500	-1.536	0	0
Provisions of the period	-422	0	0	0
Foreign exchange differences	28	36	0	0
Closing balance for the period	-1.894	-1.500	0	0

There are no liens on inventories.

2.14 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 day to three 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
	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Cash and bank current accounts	104.751	170.499	10.497	16.172
Short-term time deposits / investments (cash equivalents)	2.462	615	0	0
Total	107.213	171.114	10.497	16.172

2.15 SHARE CAPITAL, TREASURY SHARES AND RESERVES

Share Capital

Total number of authorized shares	30/9/2020	31/12/2019
Ordinary shares of nominal value €0,30 each	156.961.721	156.961.721
Issued and fully paid shares	Ordinary Shares	€'000
Balance September 30, 2020	156.961.721	47.089

Treasury Shares

Share buyback program 11.6.2014 - 11.6.2018:

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 on 11.6.2014, as amended by the resolution of the Shareholder's Annual General Meeting of 19.5.2015 and 18.5.2017, has approved a treasury shares buy-back program from the Company, of up to 10% of the paid share capital, for the time period of 24 months with effect from 11.06.2014 and until 11.06.2018, with a minimum price of €1,00 and maximum price of €12,00. It has also been approved that the treasury shares which will eventually be acquired may be held for future acquisition of shares of another company or be distributed to the Company's employees or the staff of a company related with it. The above programme was cancelled with a relevant decision of the Shareholder's Annual General Meeting on 16.5.2018.

Share buyback program 16.5.2018 - 16.5.2020:

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 on 16.5.2018, has approved a treasury shares buy-back program from the Company, of up to 10% of the paid share capital, including treasury shares which might have been acquired and held by the Company (on 16/5/2018 amounted 748.661 treasury shares that is 0,48% of the share capital following the cancelation of 2.000.000 treasury shares and a relevant decrease in the share capital of the Company as approved by the Shareholder's Annual General Meeting for a period of 24 months with effect from 16.5.2018 and until 16.5.2020, with a minimum price of €0,30 and maximum price of €12,00 cancelling the previous programme that was about to end on 11.6.2018. It has also been approved that the treasury shares which will eventually be acquired may be held for future acquisition of shares of another company or be distributed to the Company's employees or the staff of a company related with it.

Share buyback program 29.05.2020 - 29.05.2022:

According to article 49, Law 4548/2018, article 4.1.4.2 of the regulation of ATHEX and based on the resolution of the Shareholder's Ordinary General Meeting which took place on the 29.05.2020, that a treasury shares buy – back program by the Company of up to 10% of its paid share capital, taking into account the shares which had been acquired and held by the Company (in the amount of 9.200.033 treasury shares as of 29.05.2020, that is 5,861% of its share capital), for a period of 24 months with effect from 29.05.2020 and until 29.05.2022, with a minimum price of €0,30 and maximum price of €12, is approved. It was approved also that the treasury shares which will eventually be acquired may be distributed to its personnel and/or to the personnel of Company's affiliates and/or to be kept for future acquisition of shares in another company.

	GROUP		COMPANY
Treasury shares	Number of ordinary shares	€ '000	Number of ordinary shares	€ '000
Balance September 30, 2020	9.200.033	8.528	9.200.033	8.528

Reserves

Foreign exchange differences reserve

This reserve is used to report the exchange differences arising from the translation of foreign subsidiaries' financial statements. The balance of this reserve in the Group on 30/9/2020 was €-95,9 million (31/12/2019: €-87,9 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 2020 amounting to €10,4 million, out of which loss of €8,0 million is attributable to the owners of the parent and a loss of €2,4 million to non-controlling interest. The above total net loss for 2020 comes mainly from the negative fluctuation of TRY, USD, and ARS against the EUR.

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

• Statement of Financial Position:

	30/9/2020	31/12/2019	Change
EUR / USD	1,17	1,12	4,5%
EUR / AUD	1,64	1,60	2,5%
EUR / TRY	9,10	6,68	36,2%
EUR / PEN	4,23	3,72	13,7%
EUR / ARS	89,31	67,23	32,8%
EUR / BRL	6,63	4,52	46,7%

INTRALOT Group

Interim Financial Statements for the period January 1 to September 30, 2020

• Income Statement:

	AVG 1/1- 30/9/2020	AVG 1/1- 30/9/2019	Change
EUR / USD	1,12	1,12	0,0%
EUR / AUD	1,66	1,61	3,1%
EUR / TRY	7,60	6,34	19,9%
EUR / PEN	3,89	3,74	4,0%
EUR / ARS ¹	89,31	62,75	42,3%
EUR / BRL	5,71	4,36	31,0%

¹The Income Statement of the nine months of 2020 and 2019 of the Group's subsidiaries operating in Argentina was converted at the closing rate of 30/9/2020 and 30/9/2019 instead of the Avg. 1/1- 30/9/2020 and 1/1-30/9/2019 pursuant to IAS 21, paragraph 42a, for hyperinflationary economies.

Other Reserves

	GROUP		COMPANY
	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Statutory reserve	23.396	25.040	15.896	15.896
Extraordinary reserves	1.740	1.740	1.456	1.456
Tax free and specially taxed reserves	40.658	40.658	38.091	38.091
Treasury shares reserve	5	5	5	5
Actuarial differences reserve	-56	-56	-6	-6
Revaluation reserve	-283	-95	-164	-159
Total	65.460	67.292	55.278	55.283

Analysis of changes in other comprehensive income by category of reserves

COMPANY 1/1-30/9/2020	Revaluation reserve	Total
Valuation of assets measured at fair value through other comprehensive income of the parent company	-5	-5
Other comprehensive income / (expenses) after tax	-5	-5
COMPANY
1/1-30/9/2019	Revaluation reserve	Total
Valuation of assets measured at fair value through other comprehensive income of the parent company	1.325	1.325

Analysis of changes in other comprehensive income by category of reserves

GROUP 1/1-30/9/2020	Actuarial differences reserve	Revaluation reserve	Foreign exchange difference s reserve	Retained earnings	Total	Non controlling interest	Grand total
Defined benefit plans revaluation of subsidiaries and parent company				-31	-31	-31	-62
Valuation of assets at fair value through other comprehensive income, of subsidiaries and parent company		-188			-188		-188
Foreign exchange differences on consolidation of subsidiaries			-7.581		-7.581	-2.361	-9.942
Share of foreign exchange differences on consolidation of associates and joint ventures			-453		-453		-453
Other comprehensive income / (expenses) after tax		-188	-8.034	-31	-8.253	-2.392	-10.645

GROUP 1/1-30/9/2019	Actuarial differences reserve	Revaluation reserve	Foreign exchange difference s reserve	Retained Earnings	Total	Non controlling interest	Grand total
Defined benefit plans revaluation of subsidiaries and parent company	-4			32	28	38	66
Defined benefit plans revaluation of associates and joint ventures				-79	-79		-79
Valuation of assets measured at fair value through other comprehensive income, of subsidiaries and parent company		1.475			1.475	-1	1.474
Foreign exchange differences on consolidation of subsidiaries			2.252		2.252	-2.393	-141
Share of foreign exchange differences on consolidation of associates and joint ventures			1.580		1.580		1.580
Other comprehensive income / (expenses) after tax	-4	1.475	3.832	-47	5.256	-2.356	2.900

2.16 DIVIDENDS

	GROUP		COMPANY
Declared dividends of ordinary shares:	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Final dividend of 2012	509	0	0	0
Final dividend of 2017	0	957	0	0
Final dividend of 2018	0	27.566	0	0
First dividend of 2019	0	11.562	0	0
Final dividend of 2019	7.268	0	0	0
Dividend per statement of changes in equity	7.777	40.085	0	0

Paid Dividends on ordinary shares:

During the nine months of 2020 dividends paid on ordinary shares, aggregated €8.128 thousand (nine months 2019: €36.352 thousand).

2.17 DEBT

Long-term loans and lease liabilities:

			GROUP		COMPANY
	Currency	Interest rate	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Facility A (€250,0 million)	EUR	6,75%	248.592	251.235	0	0
Facility B (€500,0 million)	EUR	5,25%	490.721	495.534	0	0
Intercompany Loans			0	0	298.268	278.908
Other			23.904	27.714	0	0
Total Loans (long-term and short-term) before repurchasing			763.217	774.483	298.268	278.908
Less: Payable during the next year			-267.942	-31.851	0	0
Repurchase of Facility B			-25.706	-25.958	0	0
Long-term loans after repurchasing			469.569	716.674	298.268	278.908
Long-term lease liabilities 1			7.712	10.681	1.208	1.580
Total long-term debt (loans and lease liabilities)			477.281	727.355	299.476	280.488

¹In the Group and the Company on 30/9/2020 included Long-term lease liabilities from other related parties amount to €1.158 thousand and €812 thousand respectively (note 2.20.Ε).

Short-term loans and lease liabilities:

		GROUP	COMPANY
	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Facility A (€250,0 million)	248.592	4.606	0	0
Facility B (€500,0 million)	339	6.974	0	0
Intercompany loans	0	0	0	0
Other	19.415	20.927	0	0
Short-term loans before repurchasing	268.346	32.507	0	0
Repurchasing Facility B	-404	-656	0	0
Short-term loans after repurchasing	267.942	31.851	0	0
Short-term lease liabilities 1	3.563	6.019	630	785
Total short-term debt (loans and lease liabilities)	271.505	37.870	630	785

¹In the Group and the Company as at 30/9/2020 included Short-term lease liabilities from other related parties amount to €482 thousand and €414 thousand respectively (note 2.20.Ε).

		GROUP	COMPANY
	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Total debt (loans and lease liabilities)	748.786	765.225	300.106	281.273

• Facility A: Ιn September 2016, Intralot Capital Luxembourg, issued Senior Notes with a nominal value of €250 million, guaranteed by the parent company and subsidiaries of the Group, due 15 September 2021. The Notes were offered at an issue price of 100,000%. Interest is payable semiannually at an annual fixed nominal coupon of 6,75%. The Notes are trading on the Luxembourg Stock Exchanges Euro MTF Market. The Notes bear the Group financial covenants for incurring additional debt with respect to total Net Debt (senior) to EBITDA (EBITDA/ "Consolidated Cash Flow") (Senior Leverage ratio <3,75), and financial expenses coverage ratio (Fixed Charge Coverage ratio >2,00). On 30/9/2020 this Facility was reclassified from long-term to short-term in accordance with IAS 1.
• Facility B: Ιn September 2017, Intralot Capital Luxembourg issued Senior Notes with a nominal value of €500,0 million, guaranteed by the parent company and subsidiaries of the Group, due 15 September 2024. The Notes were offered at an issue price of 100,000%. Interest is payable semiannually at an annual fixed nominal coupon of 5,25%. The Notes are trading on the Luxembourg Stock Exchanges Euro MTF Market. The Notes bear the Group financial covenants for incurring additional debt with respect to total Net Debt (senior) to EBITDA (EBITDA/ "Consolidated Cash Flow") (Senior Leverage ratio <3,75), and financial expenses coverage ratio (Fixed Charge Coverage ratio >2,00). The Group proceeded to the repurchase of bonds from the open market with nominal value of €5,0 million during 2018, as well as €21,2 million during the second half of 2019, forming the total outstanding nominal amount at €473,8 million.

The Group under the Senior Notes (Facility A & B) terms will be able to incur additional debt so long as on a pro forma basis its consolidated fixed charge coverage ratio is at least 2,00 (30/9/2020: approx. 1,46), and will be able to incur additional senior debt as long as on a pro forma basis its total Net Debt (senior) to EBITDA consolidated (Senior leverage ratio) is not more than 3,75 (30/9/2020: approx. 10,25).Furthermore to the above, the Group can incur additional debt from specific baskets.

The Company, the subsidiaries of the Group or other related parties, or agents on its or their behalf, may from time to time 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.

Other facilities:

• Facility C: In February and March 2020 Intralot Global Holdings BV signed a loan agreement, with relevant securities on financial assets, amounting up to €18 million as a revolving facility. Loan agreement bears a floating reference rate (relevant bank's cost of funding cost) plus a 1,65% margin. The above facility does not include financial covenants and the nominal outstanding balance on 30/9/2020 was €12,9 million and USD5,3 million.

INTRALOT Group

Interim Financial Statements for the period January 1 to September 30, 2020

Maturity analysis of lease liabilities

GROUP	Minimum of the lease payments	Present value of the minimum lease payments	Minimum of the lease payments	Present value of the minimum lease payments
	30/9/2020	30/9/2020	31/12/2019	31/12/2019
Within 1 year	4.018	3.563	6.656	6.019
Between 2 and 5 years	6.367	5.615	8.807	7.872
Over 5 years	2.431	2.097	3.222	2.809
Minus: Interest	-1.541	0	-1.985	0
Total	11.275	11.275	16.700	16.700

COMPANY	Minimum of the lease payments	Present value of the minimum lease payments	Minimum of the lease payments	Present value of the minimum lease payments
	30/9/2020	30/9/2020	31/12/2019	31/12/2019
Within 1 year	715	630	895	785
Between 2 and 5 years	1.232	1.105	1.543	1.365
Over 5 years	115	103	243	215
Minus: Interest	-224	0	-316	0
Total	1.838	1.838	2.365	2.365

CAPITAL MANAGEMENT

The Group aims through the management of capital to ensure that the Group can operate smoothly in the future, maximize the value of its shareholders and maintain the appropriate capital structure in terms of costs of capital. The Group monitors its capital adequacy on a Net Debt to EBITDA ratio basis. Net borrowings include borrowing and lease liabilities minus cash and cash equivalents.

GROUP	30/9/2020 ¹	31/12/2019
Long-term loans	469.569	716.674
Long-term lease liabilities	7.712	10.681
Short-term loans	267.942	31.851
Short-term lease liabilities	3.563	6.019
Total Debt	748.786	765.225
Cash and cash equivalents	-107.213	-171.114
Net Debt	641.573	594.111
EBITDA from continuing operations	54.221	87.784
Leverage	11,83	6,77

¹ EBITDA refers to the period of the last twelve months ended on 30/9/2020.

Regarding capital structure, INTRALOT has retained Evercore Partners and Allen & Overy, as financial and legal advisors respectively, to review and implement strategic alternatives for the business. The strategic review process includes assessing all available financial and strategic options which may be available to optimize the Group's capital structure, with a view to best position the Group to capture growth opportunities in its key markets and maximize stakeholder value. INTRALOT has been in constructive discussions with certain of its stakeholders regarding its capital structure optimization process. Direct discussions with noteholders (and their advisors) representing both the 2021 and 2024 senior unsecured notes and, holding approximately 60% of Group's total senior unsecured notes, are at an advanced stage and progressing efficiently. INTRALOT remains optimistic that an agreement will be announced in the nearterm that will benefit all Group stakeholders.

Reconciliation of liabilities arising from financing activities:

GROUP	Balance 31/12/2019	Cash flows	Accrued interest	Foreign exchange differences & IAS 29 effect	Non cash adjustments Transfers	Purchases of fixed assets under leases/contrac t cancellation	Change of consolidatio n method	Balance 30/9/2020
Long-term loans	716.674	-2.082	678	-191	-244.968	0	-542	469.569
Short-term loans	31.851	-43.044	35.066	-121	244.968	0	-778	267.942
Long-term lease liabilities	10.681	-4.474	496	-401	1.775	-365	0	7.712
Short-term lease liabilities	6.019	-378	0	-180	-1.775	-123	0	3.563
Total liabilities from financing activities	765.225	-49.978	36.240	-893	0	-488	-1.320	748.786

			Non cash adjustments
GROUP	Balance 31/12/2018	Cash flows	Effect from IFRS 16 application 1/1/2019	Accrued interest	Foreign exchange differences & IAS 29 effect	Transfers	Purchases of fixed assets under leases/contract cancellation	Discontinued operations/ change of consolidation method & other transfers	Repurchase results	Balance 31/12/2019
Long-term loans	735.297	-13.351	0	815	100	4.446	0	-500	-10.133	716.674
Short-term loans	38.929	-48.027	0	47.745	149	-4.446	0	-2.499	0	31.851
Long-term lease liabilities	1.797	-6.681	14.768	886	56	-4.720	5.980	-1.405	0	10.681
Short-term lease liabilities	1.726	-244	264	2	139	4.720	2	-590	0	6.019
Total liabilities from financing activities	777.749	-68.303	15.032	49.448	444	0	5.982	-4.994	-10.133	765.225

2.18 SHARED BASED BENEFITS

The Group had no active option plan during the nine months of 2020.

2.19 FINANCIAL ASSETS AND LIABILITIES

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

30/9/2020	GROUP
Financial assets:	Debt instruments at amortized cost	Equity instruments at fair value through other comprehensive income	Derivative financial assets at fair value through other comprehensive income	Total
Trade receivables	90.195	0	0	90.195
Provisions for doubtful receivables	-13.225	0	0	-13.225
Receivables from related parties	11.578	0	0	11.578
Provisions for doubtful receivables	-6.525	0	0	-6.525
Pledged bank deposits	3.908	0	0	3.908
Tax receivables	37.371	0	0	37.371
Prepaid expenses and other receivable	29.021	0	0	29.021
Provisions for doubtful receivables	-3.903	0	0	-3.903
Other quoted financial assets	58	153	0	211
Other unquoted financial assets	0	0	0	0
Total	148.478	153	0	148.631
Long-term	5.881	153	0	6.034
Short-term	142.597	0	0	142.597
Total	148.478	153	0	148.631

31/12/2019	GROUP
Financial assets:	Debt instruments at amortized cost	Equity instruments at fair value through other comprehensive income	Derivative financial assets at fair value through other comprehensive income	Total
Trade receivables	87.109	0	0	87.109
Provisions for doubtful receivables	-12.843	0	0	-12.843
Receivables from related parties	11.147	0	0	11.147
Provisions for doubtful receivables	-6.726	0	0	-6.726
Pledged bank deposits	3.948	0	0	3.948
Tax receivables	26.248	0	0	26.248
Prepaid expenses and other receivable	30.760	0	0	30.760
Provisions for doubtful receivables	-3.835	0	0	-3.835
Other quoted financial assets	90	342	0	432
Other unquoted financial assets	0	0	0	0
Total	135.898	342	0	136.240
Long-term	4.145	342	0	4.487
Short-term	131.753	0	0	131.753
Total	135.898	342	0	136.240

30/9/2020	GROUP
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
Creditors	42.677	0	0	42.677
Payables to related parties	5.193	0	0	5.193
Other liabilities	42.655	0	0	42.655
Borrowing and lease liabilities	748.786	0	0	748.786
Total	839.311	0	0	839.311
Long-term Short-term	478.988 360.323	0 0	0 0	478.988 360.323
Total	839.311	0	0	839.311

31/12/2019	GROUP
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
Creditors	41.815	0	0	41.815
Payables to related parties	7.737	0	0	7.737
Other liabilities	44.247	0	0	44.247
Borrowing and lease liabilities	765.225	0	0	765.225
Total	859.024	0	0	859.024
Long-term Short-term	729.357 129.667	0 0	0 0	729.357 129.667
Total	859.024	0	0	859.024

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

30/9/2020	COMPANY
Financial assets:	Debt instruments at amortized cost	Equity instruments at fair value through other comprehensive income	Derivative financial assets at fair value through other comprehensive income	Total
Trade receivables	41.957	0	0	41.957
Provisions for doubtful receivables	-6.734	0	0	-6.734
Receivables from related parties	64.048	0	0	64.048
Provisions for doubtful receivables	-7.388	0	0	-7.388
Pledged bank deposits	1.774	0	0	1.774
Tax receivables	20.765	0	0	20.765
Prepaid expenses and other receivable	7.445	0	0	7.445
Provisions for doubtful receivables	-778	0	0	-778
Other quoted financial assets	0	34	0	34
Other unquoted financial assets	0	0	0	0
Total	121.089	34	0	121.123
Long-term	112	34	0	146
Short-term	120.977	0	0	120.977
Total	121.089	34	0	121.123

31/12/2019	COMPANY
Financial assets:	Debt instruments at amortized cost	Equity instruments at fair value through other comprehensive income	Derivative financial assets at fair value through other comprehensive income	Total
Trade receivables	41.360	0	0	41.360
Provisions for doubtful receivables	-6.734	0	0	-6.734
Receivables from related parties	82.826	0	0	82.826
Provisions for doubtful receivables	-34.102	0	0	-34.102
Pledged bank deposits	156	0	0	156
Tax receivables	10.390	0	0	10.390
Prepaid expenses and other receivable	8.014	0	0	8.014
Provisions for doubtful receivables	-778	0	0	-778
Other quoted financial assets	0	39	0	39
Other unquoted financial assets	0	0	0	0
Total	101.132	39	0	101.171
Long-term	133	39	0	172
Short-term	100.999	0	0	100.999
Total	101.132	39	0	101.171

30/9/2020	COMPANY
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
Creditors	7.922	0	0	7.922
Payables to related parties	22.826	0	0	22.826
Other liabilities	5.987	0	0	5.987
Borrowing and lease liabilities	300.106	0	0	300.106
Total	336.841	0	0	336.841
Long-term	299.557	0	0	299.557
Short-term	37.284	0	0	37.284
Total	336.841	0	0	336.841

31/12/2019	COMPANY
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
Creditors	9.818	0	0	9.818
Payables to related parties	27.580	0	0	27.580
Other liabilities	5.581	0	0	5.581
Borrowing and lease liabilities	281.273	0	0	281.273
Total	324.252	0	0	324.252
Long-term	280.655	0	0	280.655
Short-term	43.597	0	0	43.597
Total	324.252	0	0	324.252

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 September 30, 2020 and December 31, 2019:

GROUP	Carrying Amount		Fair Value
Financial Assets	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Other long-term financial assets - classified as "equity instruments at fair value through other comprehensive income "	153	342	153	342
Other long-term financial assets - classified as "debt instruments at fair value at amortized cost"	45	72	45	72
Other long-term receivables	5.836	4.073	5.836	4.073
Trade and other short-term receivables	142.584	131.735	142.584	131.735
Other short-term financial assets classified as "debt instruments at amortized cost"	13	18	13	18
Cash and cash equivalents	107.213	171.114	107.213	171.114
Total	255.844	307.354	255.844	307.354
Financial Liabilities	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Long-term loans	469.569	716.674	154.911	364.670
Other long-term liabilities Long-term lease liabilities	1.707 7.712	2.002 10.681	1.707 7.712	2.002 10.681
Trade and other short-term payables	88.818	91.797	88.818	91.797
Short-term loans and lease liabilities	271.505	37.870	131.707	32.599
Total	839.311	859.024	384.855	501.749

COMPANY	Carrying Amount		Fair Value
Financial Assets	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Other long-term financial assets - classified as "equity instruments at fair value through other comprehensive income "	34	39	34	39
Other long-term receivables	112	133	112	133
Trade and other short-term receivables	120.977	100.999	120.977	100.999
Cash and cash equivalents	10.497	16.172	10.497	16.172
Total	131.620	117.343	131.620	117.343
Financial Liabilities	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Long-term loans	298.268	278.908	298.268	278.908
Other long-term liabilities	81	167	81	167
Long-term lease liabilities	1.208	1.580	1.208	1.580
Trade and other short-term payables	36.654	42.812	36.654	42.812
Short-term loans and lease liabilities	630	785	630	785
Total	336.841	324.252	336.841	324.252

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 the inputs used in making these measurements. 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 30/9/2020 the following assets and liabilities measured at fair value:

GROUP	Fair Value	Fair value hierarchy
	30/9/2020	Level 1	Level 2	Level 3
Financial assets measured at fair value
Other financial assets classified as "equity instruments at fair value through other comprehensive income"	153	153	0	0
- Quoted securities - Unquoted securities	153 0	153 0	0 0	0 0
Other financial assets classified as "debt instruments at amortized cost"	58	0	0	58
- Quoted securities - Unquoted securities	58 0	0 0	0 0	58 0
Derivative financial instruments	0	0	0	0
Financial liabilities measured at fair value
Derivative financial instruments	0	0	0	0
	Fair Value	Fair value hierarchy
COMPANY	30/9/2020	Level 1	Level 2	Level 3
Financial assets measured at fair value
Other financial assets classified as "equity instruments at fair value through other comprehensive income"	34	34	0	0
- Quoted securities	34	34	0	0
- Unquoted securities	0	0	0	0
Derivative financial instruments	0	0	0	0
Financial liabilities measured at fair value
Derivative financial instruments	0	0	0	0

During 2020 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 31/12/2019 the following assets and liabilities measured at

fair value:

	Fair Value		Fair value hierarchy
GROUP	31/12/2019	Level 1	Level 2	Level 3
Financial assets measured at fair value
Other financial assets classified as "equity instruments at fair value through other comprehensive income"	342	342	0	0
- Quoted securities	342	342	0	0
- Unquoted securities	0	0	0	0
Other financial assets classified as "debt instruments at amortized cost"	90	0	0	90
- Quoted securities	90	0	0	90
- Unquoted securities	0	0	0	0
Derivative financial instruments	0	0	0	0
Financial liabilities measured at fair value	0	0	0	0
Derivative financial instruments	0	0	0	0

	Fair Value	Fair value hierarchy
COMPANY	31/12/2019	Level 1	Level 2	Level 3
Financial assets measured at fair value
Other financial assets classified as
"equity instruments at fair value through	39	39	0	0
other comprehensive income"
- Quoted securities	39	39	0	0
- Unquoted securities	0	0	0	0
Derivative financial instruments	0	0	0	0
Financial liabilities measured at fair value
Derivative financial instruments	0	0	0	0

During 2019 there were no transfers between Level 1 and Level 2 of the fair value hierarchy, no transfers to and from Level 3.

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

Unquoted shares	GROUP	COMPANY
Balance 1/1/2019	15.909	1.183
Sales	-14.887	-168
Fair value adjustment	1.313	1.313
Return of capital	-2.328	-2.328
Exchange differences	-7	0
Balance 31/12/2019	0	0
Fair value adjustment	0	0
Balance 30/9/2020	0	0

Quoted securities	GROUP	COMPANY
Balance 1/1/2019	472	0
Fair value adjustment	22	0
Sales	-472	0
Purchases	90	0
Foreign exchange differences	-22	0
Balance 31/12/2019	90	0
Fair value adjustment	16	0
Receipts	-25	0
Exchange differences	-23	0
Balance 30/9/2020	58	0

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 "equity instruments at fair value through other comprehensive income") derives from quoted market closing prices in active markets at the reporting date.
• Fair value of the unquoted shares (classified as "equity instruments at fair value through other comprehensive income") 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 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 "equity instruments at fair value through other comprehensive income") 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 "equity instruments at fair value through other comprehensive income") On 30/09/2020 and 31/12/2019 the Group did not hold any unquoted shares (classified as "Equity

instruments valued at fair value through other comprehensive income").

2.20 SUPPLEMENTARY INFORMATION

A. BUSINESS COMBINATION AND METHOD OF CONSOLIDATION

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

I. Full consolidation		Domicile	Nature of business	% Direct Part'n	% Indirect Part'n	% Total Part'n
	INTRALOT S.A.	Maroussi, Greece	Holding company / Technology and support services	Parent	Parent	-
3.	BETTING COMPANY S.A.	Maroussi, Greece	Technology and support services	95%	5%	100%
16.	BETTING CYPRUS LTD	Nicosia, Cyprus	Technology and support services		100%	100%
	INTRALOT IBERIA HOLDINGS S.A.	Madrid, Spain	Holding company	100%		100%
10.	INTRALOT JAMAICA LTD	Kingston, Jamaica	Technology and support services		100%	100%
10.	INTRALOT TURKEY A.S.	Istanbul, Turkey	Technology and support services	50%	49,99%	99,99%
10.	INTRALOT DE MEXICO LTD	Mexico City, Mexico	Technology and support services		99,80%	99,80%
10.	INTRALOT CHILE SPA	Santiago, Chile	Technology and support services		100%	100%
10.	INTELTEK INTERNET AS	Istanbul, Turkey	Management contracts	20%	80%	100%
	INTRALOT SERVICES S.A.	Paiania, Greece	Technology and support services	100%		100%
	BILYONER INTERAKTIF HIZMELTER AS GROUP	Istanbul, Turkey	Management contracts	50,01%		50,01%
	INTRALOT MAROC S.A.	Casablanca, Morocco	Management contracts	99,83%		99,83%
	INTRALOT INTERACTIVE S.A.	Maroussi, Greece	Technology and support services	100%		100%
	INTRALOT GLOBAL SECURITIES B.V.	Amsterdam, Netherlands	Holding company	100%		100%
1.	INTRALOT CAPITAL LUXEMBOURG S.A.	Luxembourg, Luxembourg	Financial services		100%	100%
1,2,3,4.	INTRALOT GLOBAL HOLDINGS B.V.	Amsterdam, Netherlands	Holding company	0,0186%	99,9814%	100%
5.	INTRALOT INC	Atlanta, USA	Technology and support services		100%	100%
12.	DC09 LLC	Wilmington, USA	Technology and support services		49%	49%
12.	INTRALOT TECH SINGLE MEMBER S.A.	Maroussi, Greece	Technology and support services		100%	100%
5.	INTRALOT AUSTRALIA PTY LTD	Melbourne, Australia	Technology and support services		100%	100%
9.	INTRALOT GAMING SERVICES PTY	Melbourne, Australia	Technology and support services		100%	100%
5.	ILOT CAPITAL UK LTD	Hertfordshire, United Kingdom	Financial services	0,02%	99,98%	100%
5.	ILOT INVESTMENT UK LTD	Hertfordshire, United Kingdom	Financial services	0,02%	99,98%	100%
5.	INTRALOT NEDERLAND B.V.	Amsterdam, Netherlands	Technology and support services		100%	100%
17.	INTRALOT BENELUX B.V.	Amsterdam, Netherlands	Technology and support services		100%	100%
5.	LOTROM S.A.	Bucharest, Romania	Management contracts		84%	84%
5.	INTRALOT BEIJING Co LTD	Beijing, China	Technology and support services		100%	100%
5.	TECNO ACCION S.A.	Buenos Aires, Argentina	Technology and support services		50,01%	50,01%
5.	TECNO ACCION SALTA S.A.	Buenos Aires, Argentina	Licensed operations		50,01%	50,01%
5.	MALTCO LOTTERIES LTD	Valetta, Malta	Licensed operations		73%	73%
5.	INTRALOT NEW ZEALAND LTD	Wellington, New Zealand	Technology and support services		100%	100%

I. Full consolidation		Domicile	Nature of business	% Direct Part'n	% Indirect Part'n	% Total Part'n
5.	INTRALOT DO BRAZIL LTDA	Sao Paulo, Brazil	Licensed operations		80%	80%
14.	OLTP LTDA	Rio de Janeiro, Brazil	Licensed operations		80%	80%
5.	INTRALOT GERMANY GMBH	Munich, Germany	Technology and support services		100%	100%
5.	INTRALOT FINANCE UK LTD	London, United Kingdom	Financial services		100%	100%
5,3.	INTRALOT ASIA PACIFIC LTD	Hong Kong, China	Technology and support services	31,87%	68,13%	100%
5.	BETA RIAL Sp. Zoo	Warsaw, Poland	Holding company		100%	100%
5.	POLLOT Sp. Zoo	Warsaw, Poland	Holding company		100%	100%
5.	NIKANTRO HOLDINGS Co LTD	Nicosia, Cyprus	Holding company		100%	100%
7.	LOTERIA MOLDOVEI S.A.	Chisinau, Moldova	Licensed operations	47,90%	32,85%	80,75%
5.	INTRALOT BETTING OPERATIONS (CYPRUS) LTD	Nicosia, Cyprus	Holding company		54,95%	54,95%
5,6.	ROYAL HIGHGATE LTD	Nicosia, Cyprus	Licensed operations		35,08%	35,08%
5.	INTRALOT LEASING NEDERLAND B.V.	Amsterdam, Netherland	Financial services		100%	100%
5.	INTRALOT IRELAND LTD	Dublin, Ireland	Technology and support services		100%	100%
5.	BILOT INVESTMENT LTD	Sofia, Bulgaria	Holding company		100%	100%
11.	EUROBET LTD ¹	Sofia, Bulgaria	Licensed operations		49%	49%
13.	EUROBET TRADING LTD ¹	Sofia, Bulgaria	Trading company		49%	49%
13.	ICS S.A. ¹	Sofia, Bulgaria	Licensed operations		49%	49%
5.	INTRALOT GLOBAL OPERATIONS B.V.	Amsterdam, Netherland	Technology and support services		100%	100%
5.	GARDAN LTD	Majuro, Marshall Islands	Technology and support services		100%	100%
5,2.	GAMEWAY LTD	Valletta, Malta	Technology and support services		100%	100%
5.	INTRALOT ITALIAN INVESTMENTS B.V.	Amsterdam, Netherlands	Holding company		100%	100%
5.	BIT8 LTD	Valletta, Malta	Technology and support services		100%	100%
5.	INTRALOT ADRIATIC DOO	Zagreb, Croatia	Technology and support services		100%	100%
5.	INTRALOT BETCO EOOD	Sofia, Bulgaria	Technology and support services		100%	100%
5.	INTRALOT CYPRUS GLOBAL ASSETS LTD	Nicosia, Cyprus	Holding company		100%	100%
8.	INTRALOT OOO	Moscow, Russia	Management contracts		100%	100%
2.	ΙΝTRALOT HOLDINGS INTERNATIONAL LTD INTRALOT INTERNATIONAL LTD	Nicosia, Cyprus Nicosia, Cyprus	Holding company Technology and support services	100%	100%	100% 100%
3.	INTRALOT OPERATIONS LTD	Nicosia, Cyprus	Technology and support services		100%	100%
2,4.	NETMAN SRL	Bucharest, Romania	Management contracts		100%	100%
2.	BILOT EOOD	Sofia, Bulgaria	Holding company		100%	100%
2.	INTRALOT BUSINESS DEVELOPMENT LTD	Nicosia, Cyprus	Technology and support services		100%	100%
2,4.	GAMING SOLUTIONS INTERNATIONAL SAC	Lima, Peru	Licensed operations		100%	100%
3.	ENTERGAMING LTD	Alderney, Guernsey	Licensed operations		100%	100%
2.	INTRALOT BETTING OPERATIONS RUSSIA LTD	Nicosia, Cyprus	Holding company		100%	100%

II. Equity method		Domicile	Nature of business	% Direct	% Indirect	% Total
				Part'n	Part'n	Part'n
	LOTRICH INFORMATION Co LTD	Taipei, Taiwan	Technology and support services	40%		40%
	INTRALOT SOUTH AFRICA LTD	Johannesburg, S. Africa	Technology and support services	45%		45%
2,3.	GOREWARD LTD	Taipei, Taiwan	Holding company		38,84%	38,84%
19.	GOREWARD INVESTMENTS LTD	Taipei, Taiwan	Holding company		38,84%	38,84%
19.	PRECIOUS SUCCESS LTD GROUP	Hong Kong, China	Licensed operations		19,03%	19,03%
19.	GAIN ADVANCE GROUP LTD	Hong Kong, China	Holding company		38,84%	38,84%
19.	OASIS RICH INTERNATIONAL LTD	Taipei, Taiwan	Technology and support services		38,84%	38,84%
20.	WUSHENG COMPUTER TECHNOLOGY (SHANGHAI) CO LTD	Shanghai, China	Technology and support services		38,84%	38,84%
2.	UNICLIC LTD	Nicosia, Cyprus	Holding company		50%	50%
18.	DOWA LTD	Nicosia, Cyprus	Holding company		30%	30%
5.	KARENIA ENTERPRISES COMPANY LTD	Nicosia, Cyprus	Holding company		50%	50%
	INTRALOT DE PERU SAC	Lima, Peru	Licensed operations	20%		20%
15.	EUROFOOTBALL LTD	Sofia, Bulgaria	Licensed operations		49%	49%
11.	EUROBET LTD ¹	Sofia, Bulgaria	Licensed operations		49%	49%
13.	EUROBET TRADING LTD ¹	Sofia, Bulgaria	Trading company		49%	49%
13.	ICS S.A. ¹	Sofia, Bulgaria	Licensed operations		49%	49%

Subsidiary of the company:

1: Intralot Global Securities B.V.	7: Nikantro Holdings Co LTD	13: Eurobet Ltd	19: Goreward LTD
2: Intralot Holdings International LTD	8: Intralot Cyprus Global Assets LTD	14: Intralot Do Brazil LTDA	20: Oasis Rich International LTD
3: Intralot International LTD	9: Intralot Australia PTY LTD	15: Bilot EOOD
4: Intralot Operations LTD	10: Intralot Iberia Holdings S.A.	16: Betting Company S.A.
5: Intralot Global Holdings B.V.	11: Bilot Investment Ltd	17: Intralot Nederland B.V.
6: Intralot Betting Operations(Cyprus) LTD	12: Intralot Inc	18: Uniclic LTD

¹ The companies Eurobet Ltd, Eurobet Trading Ltd and ICS SA are consolidated under the full consolidation method during the period 1/1-31/3/2020, and from 1/4/2020 under the equity method due to the loss of control according to IFRS 10 (note 2.20.A.V.).

The standalone annual financial statements of the most important subsidiaries of the Group (not listed on a stock exchange) are posted on the INTRALOT website (www.intralot.com) pursuant to article 1 of the Board of Directors' decision 8/754/14.04.2016 of the Hellenic Capital Market Commission.

The entities Loteria Moldovei S.A., Gameway Ltd, Intralot De Mexico Ltd, Intralot Services S.A., Beta Rial Sp.Zoo, Pollot Sp.Zoo, Uniclic Ltd, Dowa Ltd, Entergaming Ltd, Ilot Capital UK Ltd, Ilot Investment UK Ltd, Intralot Betting Operations Russia Ltd are under liquidation process.

On 30/9/2020, 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 Ltd (company number 6451119) Ilot Capital UK Ltd (company number 9614324) Ilot Investments UK Ltd (company number 9614271) However, Intralot Finance UK Ltd has been audited in 2018 for IFRS Group reporting purposes.

III. Acquisitions

The Group did not proceed to any acquisition of new entities for the nine months of 2020.

IV. New Companies of the Group

In May 2020, the Group established Intralot Betco EOOD, domiciled in Bulgaria and operating in the field of Software Development and Provision of Information Systems and Services, being a 100% subsidiary of Intralot Global Holdings BV.

V. Changes in ownership percentage / Changes in consolidation method

Changes in ownership percentage

In January 2020, the Group announced that via its fully owned subsidiary Intralot Iberia Holdings SAU signed a binding term-sheet to acquire from Turktell Bilişim Servisleri A.Ş., Global Bilgi Paz. Dan. ve Çağrı Servisi Hizm. A.Ş and Turkcell Satış ve Dijiftal İş Servisleri A.Ş. their total shareholding of 55% in İnteltek İnternet Teknoloji Yatırım ve Danışmanlık Ticaret A.Ş. ("Inteltek") including all rights and liabilities to Intralot Iberia Holdings SAU. The respective transaction was completed on 30/9/2020 when the final share sale and purchase agreement ("SPA") was signed and necessary legal approvals were obtained, leading the total participation of the Group to Inteltek to 100%. The final value of the transaction was determined based on IFRS net book value of Inteltek, amounted to TRY 6.063.099 (€666 thousand). The above consideration was paid on 30/9/2020. Also, the above SPA provides for the payment of future contingent consideration by Intralot Iberia Holdings SAU amounting to TRY 2.232.592 in case of Inteltek receivables receipts, as well as an amount of TRY 314.314 in case of withholding tax returns to Inteltek. Fair value of the above contingent consideration was estimated on 30/9/2020 at €280 thousand. Below are the effects on equity attributable to the equity holders of the Company due to the change of ownership rights of Inteltek that do not result in change of control:

Amounts in thousands of €
Carrying amount of addition stake in Inteltek	-8.409
Difference recognized in retained earnings attributable to the equity holders of the Company	-9.355

Changes in consolidation method

Since the end of March 2020 the conditions under which Eurobet Ltd group was fully consolidated, according to IFRS 10, in the financial statements of INTRALOT Group have ceased, and the company since then is consolidated under the equity method.

The remaining investment of the Group (49%) in Eurobet Ltd group was estimated as of zero value, taking into account the events as described in note 2.20.A.X. Net losses from Eurobet Ltd group net assets derecognition, as well as the reclassification of non-controlling interests according to IFRS 10 par. 25, came up to €563 thousand and are presented in Income Statement of the Group (row

"Income/(expenses) from participations and investments" – "Losses from sale of participations and investments").

Eurobet Ltd group contribution to Intralot Group for the three-months period of 2020 was, €8,7 million in Sales, €0,7 million in EBITDA, as well as €0,3 million in Profit after tax attributable to the equity holders of the parent.

VI. Subsidiaries' Share Capital Increase

During the nine months of 2020 the Group completed a share capital increase through payment in cash in Netman SRL amounting €166 thousand.

VII. Strike off - Disposal of Group Companies

The Group completed the liquidation and strike-off of its subsidiaries White Eagle Investments Ltd (January 2020), Intralot OOO (September 2020), Intralot Asia Pacific Ltd (October 2020) and Intralot Italian Investments B.V. (October 2020) and the associate company Gain Advance Group LTD (July 2020).

In September 2020 the Group disposed 100% of subsidiary Gardan Ltd, whose carrying amount on disposal date was nil.

VIII. Discontinued Operations

A) Poland

On March 26, 2019 INTRALOT Group announced that it has reached an agreement with Merkur Sportwetten GmbH, a subsidiary of the Gauselmann Group based in Espelkamp, Germany to take over the renowned sports betting company Totolotek S.A. – an INTRALOT subsidiary in Poland. The aforementioned subsidiary is presented in the geographic operating segment "European Union" (note 2.2). Since, 31/3/2019 the Group's above activities in Poland were classified as assets held for sale and discontinued operations pursuant to IFRS 5. The transfer of Totolotek S.A. shares was completed at the end of April 2019 and the Group consolidated it by 30/4/2019.

Below are presented the results of discontinued operations of the Group in Poland (Totolotek S.A.) for the period 1/1-30/4/2019 (in 2019 it was consolidated with the full consolidation method until 30/4/2019):

	1/1-30/4/2019
Sale proceeds	28.586
Expenses	-30.589
Other operating income	78
Other operating expenses	-22
EBIT	-1.947
EBITDA	-1.845
Income / (expense) from participations and investments	0
Gain/(loss) from assets disposal, impairment loss and write-off of assets	-7
Interest and similar expenses	-83
Interest and similar income	1
Exchange Differences	-30
Profit/(loss) before tax	-2.066
Income tax	0
	-2.066

Gain/(loss) from disposal of discontinued operations 7.349

0
5.283
5.283
0

The final consideration for the disposal of Totolotek S.A. amounted to approximately €8,0 million, including the contingent consideration, in case of meeting certain terms and requirements within 2 years, amounting to approximately €1,8 million on a discounted basis (€2,0 million in future value). From the above consideration amount approximately €5,5 million was paid in the first six-months of 2019 and amount approximately €0,8 million in July 2019. The net assets held for sale (including noncontrolling interests and foreign exchange reserves) of Totolotek S.A. amounted on 30/4/2019 to €1,2 million, forming the gross gain from disposal of discontinued operations to €7,4 million. By subtracting foreign exchange differences that have been reclassified from the foreign exchange reserve in the Group's income statement, net gain from disposal of discontinued operations amounted to €6,8 million, which are presented in the Group's Income Statement (line "Profit / (loss) after tax from discontinued operations"). On 30/6/2020 the Group recognized a loss of €996 thousand from the non-collection of contingent consideration of Totolotek S.A. disposal, since the relevant terms and requirements were not met.

The net cash inflow of the Group during the nine months of 2019 form the disposal of discontinued operations in Poland amounted to €5,1 million, consisting of the consideration and the derecognition of Totolotek S.A. cash equivalents.

Below are presented the net cash flows of the discontinued operations in Totolotek S.A.:

	1/1-30/4/2019
Operating activities	-1.299
Investing activities	-1.740
Financing activities	1.336
Effect from exchange differences	3
Net increase / (decrease) in cash and cash equivalents for the period	-1.700

B) Italy

In October and in November 2019 INTRALOT announced that its subsidiary Intralot Italian Investments B.V. signed a share purchase agreement with the Italian company "Gamma Bidco S.r.L." (a company formed on behalf of funds managed by Apollo Management IX, L.P.) for the sale of its stake in Gamenet Group S.p.A. (6.000.000 shares or 20% of its share capital), for the amount of €78 million. The aforementioned associate is presented under the geographical operating area "European Union" (note 2.2). As of 22/10/2019 the activities of the Group in Italy have been classified as discontinued operations. The transaction was completed in mid-December 2019 following the necessary approvals by the relevant competition and regulatory authorities among with the payment of the above price.

Below are presented the results of the Group's discontinued operations in Italy for the period 1/1- 30/9/2019 (in 2019 were consolidated under the equity method until 22/10/2019):

	1/1-30/9/2019
Gain/(loss) due to equity consolidation method	4.578
Profit / (loss) before taxes	4.578
Income Tax	0
	4.578
Gain/(loss) from disposal of discontinued operations	0
Relevant taxes	0
Gain/(loss) after taxes from discontinued operations	4.578
Attributable to:
Equity holders of the parent Company	4.578
Non-controlling interest	0

Below are presented the results of the Group's discontinued operations in Italy for the period 1/7- 30/9/2019 (in 2019 were consolidated under the equity method until 22/10/2019):

	1/7-30/9/2019
Gain/(loss) due to equity consolidation method	1.005
Profit / (loss) before taxes	1.005
Income Tax	0
	1.005
Gain/(loss) from disposal of discontinued operations	0
Relevant taxes	0
Gain/(loss) after taxes from discontinued operations	1.005
Attributable to:
Equity holders of the parent Company	1.005
Non-controlling interest	0

The selling price of Gamenet Group S.p.A. amounted to €78,0 million and it was paid in December 2019.

Below are presented the net cash flows of the discontinued operations of the associate Gamenet Group S.p.A. on a consolidated level:

	1/1-30/9/2019
Operating activities	0
Investing activities	3.900
Financing activities	0
Effect from exchange differences	0
Net increase / (decrease) in cash and cash equivalents for the period	3.900

Below are presented the earnings / (losses) after taxes per share of the Group's discontinued operations from the subsidiary Totolotek S.A. and its associate Gamenet Group S.p.A

Earnings/(losses) after tax per share (in €)	1/1-
from discontinued operations	30/9/2019
-basic	0,0667
-diluted	0,0667
Weighted Average number of shares	147.761.688

IX. Companies merge

The Group did not proceed with any merge of companies in the nine months of 2020.

X. Termination / suspension of gaming licenses

Eurobet Ltd group

In February 2020 the Government of Bulgaria has passed legislation that amends the local gambling law, according to which all lottery-type of games, except for KENO type of games, are organized under a State Monopoly. As a consequence, three of the six gaming licenses held by Eurobet Ltd, a 49% subsidiary of INTRALOT Group, have been terminated by Law on 21/2/2020. Also, in early March 2020, Eurobet Ltd voluntarily returned the rest three gaming licenses, that were active but not operated (not producing any revenue). Finally, in March 2020 Eurobet Ltd and its subsidiary ICS SA submitted applications for opening bankruptcy proceedings for protection against their lenders, which are still pending due to COVID-19 pandemic. Also, the other subsidiary of Eurobet Ltd, Eurobet Trading Ltd is under relevant preparations. Further analysis is disclosed in note 2.21.A.

In addition, in February 2020 the Bulgarian State Gambling Commission (SGC) notified Eurobet Ltd for a claim of retrospective State Fees amounting to BGN 74,4 million (€38,0 million). The company appealed before the local Administrative Courts. Further analysis is disclosed in note 2.21.B.ii.

Eurofootball Ltd

Ιn February 2020 the Bulgarian State Gambling Commission (SGC) notified Eurofootball Ltd for a claim of retrospective State Fees amounting to BGN 328,9 million (€168,2 million). The company appealed before the local Administrative Courts. Further analysis is disclosed in note 2.21.B.ii. In addition, in March 2020 the imposition of emergency sanctions on Bulgaria due to the COVID-19 pandemic has led to the indefinite shut down of the point of sale network of Eurofootball Ltd. During the shutdown for health reasons, οn 25/3/2020 the State Gambling Commission of Bulgaria issued two decisions regarding the temporary suspension of gaming licenses of Eurofootball Ltd for a period of three months, that were cancelled by the competent courts following an appeal of Eurofootball Ltd, however in a meeting held on 14/7/2020 the Bulgarian State Gambling Commission decided the definite suspension of the company's licenses. On 30/3/2020 the shareholders in Eurofootball Ltd terminated the Business Cooperation Agreement, they agreed on removing the specific majorities in the General meeting of the shareholders and also the manager appointed by Bilot EOOD was released on 14/4/2020. Further analysis is disclosed in note 2.21.A.

B. REAL LIENS

A Group subsidiary in Malta has banking facility amounting €4,3 million, for issuing bank letters of guarantee. This facility is secured by an initial general mortgage on all the subsidiary's present and future assets (on 30/9/2020 the letters of guarantee used amounted to €4,0 million). Also, the subsidiary of the Group in Netherlands has secured a loan, with an unpaid balance of €12,9 million and USD5,3 million on 30/9/2020, with relevant collateral on financial assets.

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

In the Group Statement of Financial Position (row "Trade and other short-term receivables") of 30/9/2020 are included collateralized bank deposits as security coverage for banking facilities amounting €3.397 thousand (31/12/2019: €3.575 thousand) and other collateralized bank deposits amount to €511 thousand (31/12/2019: €373 thousand). Respectively, for the Company on 30/9/2020 are included collateralized bank deposits as security coverage for banking facilities amounting €1.680 thousand (31/12/2019: €30 thousand) and other collateralized bank deposits amount to €94 thousand (31/12/2019: €126 thousand).

C. PROVISIONS

GROUP	Litigation cases ¹	Unaudited fiscal years and tax audit expenses ²	Other provisions ³	Total provisions
Period opening balance	4.817	6.630	2.635	14.082
Period additions	443	148	1.216	1.807
Utilized provisions	-279	0	-411	-690
Change of consolidation method	0	0	-3	-3
Foreign exchange differences	-841	0	-167	-1.008
Period closing balance	4.140	6.778	3.270	14.188
Long-term provisions Short-term provisions	3.983 157	6.778 0	64 3.206	10.825 3.363
Total	4.140	6.778	3.270	14.188

¹ Relate to litigation cases as analyzed in note 2.21.A.

² Relate to provisions for the coverage of differences from future audits for income taxes and other taxes. It is expected to be used in the next 1-3 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 €835 thousand as well as provisions amounting to €1.978 for earned winnings which relate to sports betting prices and guaranteed future numerical games jackpots. The Other provisions are expected to be used in the next 1-6 years.

COMPANY	Litigation	Unaudited fiscal years	Other	Total
	cases ¹	and tax audit expenses ²	provisions	provisions
Period opening balance	4.721	6.630	0	11.351
Utilised Provisions	-194	0	0	-194
Foreign exchange differences	-830	0	0	-830
Period closing balance	3.697	6.630	0	10.327
Long-term provisions	3.541	6.630	0	10.171
Short-term provisions	156	0	0	156
Total	3.697	6.630	0	10.327

¹ Relate to litigation cases as analyzed in note 2.21.A.

² Relate to provisions for the coverage of differences from future audits for income taxes and other taxes. It is expected to be used in the next 1-3 years.

D. PERSONNEL EMPLOYED

The number of employees of the Group on 30/9/2020 amounted to 3.408 persons (Company/subsidiaries 2.119 and associates 1.289) and the Company's to 606 persons. Respectively on 30/9/2019 the number of employees of the Group amounted to 4.520 persons (Company/subsidiaries 2.333 and associates 2.187) and the Company 633 persons. At the end of 2019 fiscal year, the number of employees of the Group amounted to 3.845 persons (Company/subsidiaries 2.212 and associates 1.633) and the Company 644 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 nine months of 2020 and the balances on 30/9/2020 of other related parties:

Amounts reported in thousands of €		1/1-30/9/2020
(total operations)	GROUP	COMPANY
Income
-from subsidiaries	0	24.806
-from associates and joint ventures	3.297	4.645
-from other related parties	77	0
Expenses
-to subsidiaries	0	16.980
-to associates and joint ventures	10	0
-to other related parties	5.883	3.557
BoD and Key Management Personnel transactions and fees	5.984	4.099
Amounts reported in thousands of €		30/9/2020
	GROUP	COMPANY
Receivables
-from subsidiaries	0	56.794
-from associates and joint ventures	5.471	5.428
-from other related parties	6.107	1.826
Payables
-to subsidiaries	0	317.171
-to associates and joint ventures	489	488
-to other related parties	6.112	4.661
BoD and Key Management Personnel receivables	0	0

Below there is a summary of the transactions for the nine months of 2019 and the balances on 31/12/2019 with related parties:

Amounts reported in thousands of €	1/1-30/9/2019
(total operations)	GROUP	COMPANY
Income
-from subsidiaries	0	31.262
-from associates and joint ventures	6.148	7.395
-from other related parties	5.063	3.342
Expenses
-to subsidiaries	0	15.989
-to associates and joint ventures	2	2
-to other related parties	14.353	6.459
BoD and Key Management Personnel transactions and fees	5.609	3.628
Amounts reported in thousands of €		31/12/2019
	GROUP	COMPANY
Receivables
-from subsidiaries	0	74.921
-from associates and joint ventures	6.019	5.969
-from other related parties	5.088	1.936
Payables
-to subsidiaries	0	300.258
-to associates and joint ventures	1.050	533
-to other related parties	9.231	7.360
BoD and Key Management Personnel receivables	40	0
BoD and Key Management Personnel payables	369	129

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 receivables.

In the nine months period of 2020, the Company made provisions of €131 thousand concerning an estimate of reduction of the recoverable value of receivables from subsidiaries. At the same time, provisions amounting to €26.657 were transferred to Investment in subsidiaries after capitalization of the relevant receivables, while provisions of €89 thousand were finally offset against the relevant receivables after the completion of the liquidation process of the subsidiary. The accumulated provisions of 30/9/2020 amounted to €1,3 million (31/12/2019: €28,0 million).

2.21 CONTINGENT LIABILITIES, ASSETS AND COMMITMENTS

A. LITIGATION CASES

a. 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 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 when it was cancelled, while following a request of the plaintiff a new hearing date is set for 9 March 2017 when the case has been heard and a decision of the Court of Appeals was issued which ordered the repeat of the appeal's hearing. The date for the hearing was set for the 22nd of February 2018 when the case was heard and decision no. 3253/2018 of the Athens Court of Appeals was issued which rejected the appeal; until now, no application for cassation was has been filed by the opponent.

b. 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 (approx. €5,3m). 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. On 31 August 2016 an application was served to the Company

requesting to render the abovementioned arbitration decision as executable in Greece which was heard before the Athens One-Member First Instance Court and the decision issued accepted it. The Company filed an appeal against this decision which was rejected by the Athens Court of Appeals. The Company filed, before the Supreme Court, a cassation appeal against the decision of the Athens Court of Appeals which is scheduled for hearing on 22 January 2021 and, in parallel, a request for suspension of execution which has been accepted by the Supreme Court which suspended the execution until the above hearing date (22 January 2021). The Company has created relative provision in its financial statements part of which (€2,2m) has already been used for the payment to Etesa of a letter of guarantee amounting to 7.694.081.042 Colombian pesos.

c. 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.

d. 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. Following postponements, the case was heard on 10 June 2016 and the respective first instance decision was issued on 19 July 2016; the lawsuit against LOTROM was rejected while it was accepted partially in respect to its part filed against Intralot Holdings International Ltd., obligating the latter to pay the amount of the purchase and the legal expenses. Both Intralot Holdings International Ltd. and Mr. Petre Ion filed appeals against this decision which was heard and were rejected. The decision became final, while the application for cassation filed by Intralot Holdings International Ltd was rejected.

e. 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 RON (€1.137.377,94) and to the subsidiary LOTROM to 512.469 RON (€105.175,78). 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, the applications for the annulment of the decision of the Competition Board filed by LOTROM and INTRALOT were accepted by the court and the respective fines were cancelled. Against LOTROM and the respective abovementioned decision, the Competition Board of Romania filed an appeal which has been heard and rejected by the High Court. This decision is final. The Competition Board filed a separate appeal against the decision which accepted INTRALOT's application for the annulment which was also rejected by the High Court.

f. 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 initial stage of the procedure which, for the time, relates to the collection of evidences and the conduct of investigation actions 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.

g. 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 was holding until 10.10.2017 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. The lawsuit was rejected by the Court. The other party filed an appeal which is pending.

h. 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 a decision was issued accepting Intralot's lawsuit in full. ODIE filed an appeal against this decision which has been heard on 1 November 2018 before the Athens Court of Appeal which was rejected with the decision no. 3153/2019 of the Athens Court of Appeal. The decision has not been further appealed and, therefore, has become final and irrevocable.

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, which, following the issue of the above decision no. 3153/2019 of the Athens Court of Appeal, partially turned to a mortgage for the total amount adjudicated, i.e. for the amount of €2.781.381,15

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 lawsuit was heard on 4 October 2017 and the decision issued accepted the lawsuit. ODIE filed an appeal which was rejected by the Athens Court of Appeals.

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.

i. A former officer of the Company filed a lawsuit before the Athens First Instance Court requesting to be recognized that the Company had to pay him the amount of €121.869,81 as non-paid wages. The decision issued partially accepted the lawsuit in relation to the amount of €80.685,42. Both parties have filed appeals which are on 24 November 2020. The decision of the Athens Court of Appeals is pending. The Group has made respective provisions to its financial statements.

j. In Cyprus, the National Betting Authority had suspended the Class A license of the company Royal Highgate Pcl Ltd. in which the Company has an indirect participation of approx. 35,08%, initially for a period of two months, alleging non-compliance of Royal Highgate Pcl Ltd. with specific terms of the license. Royal Highgate Pcl Ltd. considering that those requested by the National Betting Authority are beyond the provisions of the law, filed a recourse before the competent administrative court of Nicosia which was heard on 30 March 2018. The decision issued rejects the recourse for typical reasons. Royal Highgate Pcl Ltd. filed an appeal against this decision which has been scheduled for hearing on 8 January 2021. In parallel, Royal Highgate Pcl Ltd. has filed three more recourses against decisions of the National Betting Authority relating to the suspension of the license of Royal Highgate Pcl Ltd. which are all scheduled for hearing, following postponements, on 2 February 2021. National Betting Authority started the procedure for the revocation of the license of Royal Highgate Pcl Ltd. and the latter submitted its arguments on 30 November 2018 without any further actions from the National Betting Authority. On 31 December 2018, the contractual term of the license of Royal Highgate Pcl Ltd. expired.

k. In USA, in South Carolina State, class actions were filed against the local lottery South Carolina Education Lottery Commission and the subsidiary Intralot Inc. for breach of contract with the allegation that because of malfunctioning of the system there were winning tickets which were not paid and claiming a total compensation of approx. 35 million USD (€29,9 million). The local court accepted Intralot Inc.'s motions to dismiss in two lawsuits, holding that the plaintiffs were required to exhaust administrative remedies and failed to do so. The other side filed appeals against such decisions which are pending. The third similar lawsuit was rejected finally by the court. The Group's management, relying on local expert legal counsels' opinion, considers that the lawsuits have low probability of success. It is noted that with regards to such cases, the Group has a respective insurance coverage.

l. In USA, Camelot Illinois put Intralot Inc. on notice on April 30, 2020, of filing an arbitration for USD 1,7 million (€1,5 million) alleging service levels defaults in the state of Illinois. Intralot Inc. will examine the possibility of requesting a respective indemnification from its subcontractor. In any case, Intralot Inc. believes it has a strong legal position against Camelot Illinois. The procedure is pending.

m. A former employee of the Company filed two lawsuits before the Athens First Instance Court requesting, with the first one, the payment of the amount of €133.179,47 for unpaid salaries and €150.000 as compensation for moral damages and, with the second one, the amount of €259.050 for overdue salaries calculated until 3 December 2019 and €150.000 as compensation for moral damages. The first lawsuit was heard on 28 February 2018 and the decision issued partially accepted the lawsuit in relation to the amount of €46.500,82. Both parties filed appeals against this decision which were heard on 22 September 2020 and the decision is pending. The second lawsuit had been scheduled for hearing, following postponements, on 31 March 2021. The Company had made respective provisions to its financial statements.

n. In Morocco, a judgment was notified to the subsidiary company Intralot Maroc deciding the payment of the amount of 3.360.000 MAD (€310.126,27) to a supplier company. The company Intralot Maroc filed an appeal which is was accepted and, therefore, Intralot Maroc does not owe this amount. The plaintiff filed a cassation appeal against this decision which was rejected.

o. On 1 April 2019, the Company filed a Request for Arbitration before the ICC International Court of Arbitration requesting to be declared that the defendant Sisal SpA has breached a contract signed with Intralot by using, in Morocco, terminals and the software embedded therein. The arbitration procedure is in progress.

p. In Morocco, "La Société de Gestion de la Loterie Nationale" ("SGLN") filed a lawsuit against the Company and its subsidiary Intralot Maroc claiming that it exercised unilaterally its option to transfer to it the equipment of Intralot which was used jointly by SGLN and the other local lottery "La Marocaine des Jeux et des Sports" ("MDJS") and, because of Intralot's denial, it suffered damages in the amount of MAD 18.000.000 (€1.661.390,21) which corresponds to the value of the equipment, while, additionally, it requests MAD 34.000.000 (€3.138.181,52) as loss of profit. It is also requesting the call of the letter of guarantee amounting to MAD 30.000.000 (€2.768.983,69). It is noted that according to the terms of the Intralot's contracts with the two lotteries SGLN & MDJS, the option for the transfer of the equipment as well as any call of the letters of guarantee can only be exercised with a joint request of both entities SGLN & MDJS. The case was scheduled to be heard, following postponements, on 26

March 2020 and since then it is pending because of the suspension of the procedures due to the coronavirus pandemic.

q. In Morocco, former officer of the subsidiary company Intralot Maroc filed a lawsuit requesting the amount of MAD 4.446.000 (€410.363,38) for salaries relating to the period until the end of his fixed term contract, MAD 342.000 (€31.566,41) for one salary and accrued paid leave and MAD 2.135.000 (€197.059,34) for various indemnities because of his employment contract termination. The court adjudicated to the plaintiff the amount of MAD 3.121.760 (€288.136,75). The possibility to file legal means against this decision will be examined. The company has made provisions to its financial statements for the amount of MAD 4.788.000 (€441.929,80) which corresponds to the two first claimed amounts.

r. In Bulgaria, the Bulgarian State Gambling Commission (SGC) notified both Eurobet Ltd (a 49% subsidiary of the Group) and Eurofootball Ltd (an associate of the Group with a 49% ownership), for a claim of retrospective State Fees amounting to BGN 74,4m (€38,0m) and BGN 328,9m (€168,2m), respectively. Given that the payment of State Fees for both companies has always been in accordance with the provisions of the Gambling Act and the approved regulations by the Bulgarian Ministry of Finance, both companies have filed lawsuits against such claims which are pending. The requests for suspension of execution have been rejected. The claimed amounts with regards to the State Fees relate only to each respective company and there is no liability for its shareholders. Taking also into consideration that the Government of Bulgaria has passed legislation that amended the local gambling law, according to which all lottery-type of games, except for KENO type of games, are organized under a State Monopoly and that, as a consequence, three of the six existing licenses held by Eurobet Ltd have been terminated by Law on 21 February 2020, Eurobet Ltd, in order to be protected from its creditors, filed for bankruptcy before the Sofia Court on 6 March 2020; the procedure is pending.

s. In Malta a lawsuit was filed against the subsidiary Maltco Lotteries Ltd. and the company ATG, having its registered offices in Sweden, by a player of horse races betting games who is requesting the payment of the amount of approx. €1,5m as non-paid winnings. The specific betting game is conducted by the company ATG which refused the payment of the requested amount due to breach of the gaming rules by the player. The case has been scheduled for hearing on 4 March 2021.

Until 4/12/2020, 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) COMPANY AND SUBSIDIARIES

COMPANY	YEARS	COMPANY
INTRALOT S.A.	2016-2019	INTRALOT NEW ZEALAND LTD
BETTING COMPANY S.A.	2014-2019	INTRALOT DO BRAZIL LTDA
BETTING CYPRUS LTD	2014-2019	OLTP LTDA
INTRALOT IBERIA HOLDINGS SA	2016-2019	INTRALOT GERMANY GMBH
INTRALOT JAMAICA LTD	2010-2019	INTRALOT FINANCE UK LTD
INTRALOT TURKEY A.S.	2015-2019	BETA RIAL Sp.Zoo
INTRALOT DE MEXICO LTD	2015-2019	POLLOT Sp.Zoo
INTRALOT CHILE SPA	2017-2019	NIKANTRO HOLDINGS Co LTD
INTELTEK INTERNET AS	2015-2019	LOTERIA MOLDOVEI S.A.
INTRALOT SERVICES S.A.	2015-2019	INTRALOT BETTING OPERATIONS (CYPRUS) LTD
BILYONER INTERAKTIF HIZMELTER AS GROUP	-	ROYAL HIGHGATE LTD
INTRALOT MAROC S.A.	2018-2019	INTRALOT LEASING NEDERLAND B.V.
INTRALOT INTERACTIVE S.A.	2014-2019	INTRALOT IRELAND LTD
INTRALOT GLOBAL SECURITIES B.V.	2013-2019	BILOT INVESTMENT LTD
INTRALOT CAPITAL LUXEMBOURG S.A.	2019	INTRALOT GLOBAL OPERATIONS B.V.
INTRALOT FINANCE LUXEMBOURG S.A. ¹	2018	GAMEWAY LTD
INTRALOT GLOBAL HOLDINGS B.V.	2013-2019	BIT8 LTD
INTRALOT INC	2017-2019	INTRALOT ADRIATIC DOO
DC09 LLC	2017-2019	INTRALOT BETCO EOOD
INTRALOT TECH SINGLE MEMBER S.A.	2019	INTRALOT CYPRUS GLOBAL ASSETS LTD
INTRALOT AUSTRALIA PTY LTD	2016-2019	ΙΝTRALOT HOLDINGS INTERNATIONAL LTD
INTRALOT GAMING SERVICES PTY	2016-2019	INTRALOT INTERNATIONAL LTD
ILOT CAPITAL UK LTD	2018-2019	INTRALOT OPERATIONS LTD
ILOT INVESTMENT UK LTD	2018-2019	NETMAN SRL
INTRALOT NEDERLAND B.V.	2010-2019	BILOT EOOD
INTRALOT BENELUX B.V.	2018-2019	INTRALOT BUSINESS DEVELOPMENT LTD
LOTROM S.A.	2014-2019	GAMING SOLUTIONS INTERNATIONAL SAC
INTRALOT BEIJING Co LTD	2019	ENTERGAMING LTD
TECNO ACCION S.A.	2013-2019	INTRALOT BETTING OPERATIONS RUSSIA LTD
TECNO ACCION SALTA S.A.	2015-2019	INTRALOT DE COLOMBIA (BRANCH)
MALTCO LOTTERIES LTD	2014-2019

¹ The Company Intralot Finance Luxembourg S.A. merged with the Company Intralot Capital Luxembourg S.A.

A tax audit for Bilyoner İnteraktif Hizmetler AS for the years 2018-2019 is in progress and at Inteltek Internet AS an audit was notified for the dividend's taxes of 2018. A tax audit for Intralot Germany GMBH is in progress for the year 2018. In Bilot Investments Ltd has begun an audit for income tax and other taxes for fiscal years 06/2016-31/12/2019 as well as in Bilot EOOD for fiscal years 01/01/2014- 31/12/2019. In Lotrom S.A. the audit initiated by the local tax authorities with respect to financial activities for transactions subject to VAT for the period 2004-2014 was completed in the fourth quarter of 2016, but so far the conclusion report has not been yet notified to the company.

In the context of Law 2238/94 Art. 82 par. 5 and POL.1159/2011, the companies Betting Company SA and Intralot Interactive SA have received a tax certificate for the years 2014-2018, Intralot SA for the years 2014-2017 and Intralot Services SA for the years 2015-2018 and 1/1-22/7/2019 when the liquidation process started. In Intralot SA the issuance of a tax certificate for the fiscal year 2018 is pending and for 2019 is in progress while in Betting Company SA, Intralot Interactive SA and Intralot Services SA the issuance of a tax certificate for fiscal year 2019 is in progress.

In Intralot SA during the tax audit for the year 2011, completed in 2013, were imposed taxes on accounting differences plus surcharges amounting to €3,9 million. The Company lodged an administrative appeal against the relevant control sheets resulting in a reduction of taxes to €3,34 million. The Company filed

new appeals to the Greek Administrative Courts which did not justify the Company, which filed an appeal before the Council of State. The Company's management and its legal advisors estimate that there is a significant probability that the appeal will thrive finally for the most part. The Company has formed sufficient provisions and has paid the whole amount of taxes.

In Intralot SA, after the completion of tax audit for 2013, as well as partial re-audit of 2011 and 2012, completed in 2019, taxes, VAT, fines and surcharges of €15,7 million were imposed. The Company filed appeals against the relevant control sheets resulting in a reduction of taxes to €5,4 million. On 11.11.2020, the Company filed six appeals to the Athens Three-Member Administrative Court of Appeal against decisions of the Dispute Resolution Directorate of A.A.D.E. to the extent that they rejected the company's appeals, requesting their annulment. The total amount charged totals to €5,4 million. The trial of the cases has not yet been appointed. The management of the Company and its legal advisors estimate that the case has high success rates for the most part, in the highest court degree. The Company has already paid all the taxes and surcharges. Also, during the tax audit of the years 2014 & 2015, completed in 2020, taxes were charged for accounting differences plus surcharges of €353 thousand. The Company filed appeals against the relevant control sheets. The Company's management and its legal advisors estimate that the case has high success rates for the most part, either at this stage or at the highest court level. The Company has already paid all the taxes and surcharges charged. The Company has formed sufficient relevant tax provisions amounting to €3,5 million.

Finally, a partial VAT audit is in process for the Company following a mandate for the period 1/2/2010- 31/10/2012 upon request of assistance from Romanians to the Greek tax authorities on transactions with a Romanian company, as well as a partial tax audit for the fiscal years 2016 & 2017 after an audit mandate (November 2020).

COMPANY	YEARS	COMPANY	YEARS
LOTRICH INFORMATION Co LTD	2019	DOWA LTD	2014-2019
INTRALOT SOUTH AFRICA LTD	2019	KARENIA ENTERPRISES COMPANY LTD	2012-2019
GOREWARD LTD	-	INTRALOT DE PERU SAC	2017-2019
GOREWARD INVESTMENTS LTD	-	SERVICIOS TRANSDATA S.A. ¹	2012-2013
PRECIOUS SUCCESS LTD GROUP	2019	EUROFOOTBALL LTD	2014-2019
OASIS RICH INTERNATIONAL LTD	-	EUROBET LTD	2014-2019
WUSHENG COMPUTER TECHNOLOGY (SHANGHAI) CO LTD	2019	EUROBET TRADING LTD	2014-2019
UNICLIC LTD	2014-2019	ICS S.A.	2014-2019

ΙΙ) ASSOCIATE COMPANIES & JOINT VENTURES

¹ The company Servicios Transdata SA have been merged with Intralot De Peru S.A.C.

At Intralot de Peru SAC a tax audit is in progress for the year 2017. At Servicios Transdata S.A. (has been merged with the associate company Intralot De Peru S.A.C. in which the Group participates with a percentage of 20%) the income tax audit has been completed in 2014 for the fiscal year 2008 and VAT audit for the period 1/1/2008-30/6/2009 confirming additional taxes and surcharges of PEN 14.600.000 (approximately €3,5 million.). With the share sale agreement dated 29/4/2016, the Group sold 80% of the associate company to NG Entertainment Peru S.A.C. According to this agreement, as the tax difference goes back to the period when the Group owned 100% of the associate, the Group is obliged to compensate the acquiring company for any such claims. The company has initiated a complaint procedure according to the relevant legislation for the cancellation of taxes and fines. The company's legal advisers believe that the most likely outcome of the case will be positive. The case is pending against the Peru Tax Court.

An audit of income tax and other taxes for the fiscal year 1/1/2014-31/12/2019 has begun at the associate company Eurofootball Ltd. At the same time, in February 2020, the Bulgarian State Gambling Commission (SGC) notified Eurofootball Ltd for a claim of retrospective State Fees amounting to BGN 328,9 million (€168,2 million). Given that the payment of State Fees for above company has always been in accordance with the provisions of the Gambling Act and the approved regulations by the Bulgarian Ministry of Finance, it is deemed that the above claims are unfounded and unjustified and the company appealed before the local Administrative Courts. In order to protect its interests, the company, if required, will exercise all its additional legal rights, including claims for indemnification, before local and / or European and international forums and / or courts. Further information is provided in note 2.21.A.

For the associate companies Eurobet Ltd, Eurobet Trading Ltd and ICS SA an audit of income tax and other taxes has already started for the years 1/1/2014-31/12/2019. At the same time, in February 2020, in the Bulgarian State Gambling Commission (SGC) notified Eurobet Ltd for a claim of retrospective State Fees amounting to BGN 74,4 million (€38,0 million). Given that the payment of State Fees of the above company has always been in accordance with the provisions of the Gambling Act and the approved regulations by the Bulgarian Ministry of Finance, the above requirements are unfounded and unjustified and the company has already appealed before the local Administrative Courts. In order to protect its interests, the company, if required, will exercise all its additional legal rights, including claims for indemnification, before local and / or European and international forums and / or courts. Further information is provided in note 2.21.A.

C. COMMITMENTS

I) Guarantees

The Company and the Group on September 30, 2020 had the following contingent liabilities from guarantees for:

		GROUP		COMPANY
	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Bid	244	400	0	280
Performance	120.631	139.295	36.335	44.307
Financing	4.985	5.702	200	320
Other	0	178	0	0
Total	125.860	145.575	36.535	44.907

	GROUP
	30/9/2020	31/12/2019
Guarantees issued by the parent and subsidiaries:
-to third party	125.860	145.575
-to third party on behalf of associates	0	0
Total	125.860	145.575

	COMPANY
	30/9/2020	31/12/2019
Guarantees issued by the parent:
- to third party on behalf of subsidiaries	34.679	43.011
- to third party on behalf of associates	0	0
- to third party on behalf of the parent	1.856	1.896
Total	36.535	44.907

Beneficiaries of Guarantees on 30/9/2020:

Bid: State of Victoria Australia, State of Vermont.

Performance: Arkansas Lottery Commission, Camelot Illinois LLC, Centre Monetique Interbancaire (CMI), City of Torrington, District of Columbia, Georgia Lottery Corporation, GPT Pty Ltd, Hrvatska Lutrija D.O.O., Icra Dairesi Mudurlugu, Idaho State Lottery, La Marocaine des Jeux et des Sports, Lotteries Commission of Western Australia, Lotto Hamburg, Louisiana Lottery Commission, Malta

Gaming Authority, Milli Piyango Idaresi Genel Mudurlugu, New Hampshire Lottery Commission, New Mexico Lottery Authority, Polla Chilena de Beneficencia S.A., Spor Toto, State of Montana, State of Ohio - Lottery Gaming System, State of Vermont - Vermont Lottery Commission, Stichting Exploitatie Nederlandse Staatsloterij, Town of Greybull, Town of Jackson, City of Gillette, Turk Telekomunikasyon, Wyoming Lottery Corporation, OPAP SA.

Financing: Bogazici Kurumlar Vergi Dairesi Mudurlugu, Denizli 9.Icra Mudurlugu , Airport EL. Venizelos Customs.

Other: -

II) Other commitments

The Group has contractual obligations for the purchase of telecommunication services for the interconnection of points of sale. The minimum future payments for the remaining contract duration on September 30, 2020 were:

GROUP	30/9/2020	31/12/2019
Within 1 year	2.409	2.877
Between 2 and 5 years	6.423	8.382
Over 5 years	33	138
Total	8.865	11.397

2.22 COMPARABLE FIGURES

In the presented data of the previous years, there were limited adjustments/reclassifications for comparability purposes, with no significant impact on "Equity", "Sale Proceeds" and "Profit / (loss) after tax" of the Group and the Company.

2.23 APPLICATION OF IAS 29 "FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES"

The Group operates in Argentina through its two subsidiaries Tecno Accion SA and Tecno Accion Salta SA. Since the third quarter of 2018, the cumulative 3-year inflation index in Argentina has exceeded 100% and the country is now considered as a hyperinflationary economy for accounting purposes under IAS 29. The Group applied, for the first time in the nine months of 2018, IAS 29 and restated to current purchasing power in the financial statements (transactions and non-cash balances) of the above subsidiaries that use ARS as functional currency and present their financial statements at historical cost. The restatement was made using the (IPIM) Internal Index Wholesale Prices and applied pursuant to IAS 29, as if Argentina has always been a hyperinflationary economy.

The result (after the relevant consolidation eliminations) from the restatement of the non-cash assets, liabilities and transactions of the nine months of 2020 following the application of IAS 29 amounted to a profit of €242 thousand and was recorded in the Income Statement (line "Gain/(loss) on net monetary position").

The conversion FX rates of the financial statements of the above subsidiaries were:

Statement of Financial Position:

	30/9/2020	31/12/2019	Change
EUR / ARS	89,31	67,23	32,8%

Income statement:

	AVG 1/1- 30/9/2020	AVG 1/1- 30/9/2019	Change
EUR / ARS ¹	89,31	62,75	42,3%

¹The Income Statement of the nine months of 2020 and 2019 of the Group's subsidiaries operating in Argentina was converted at the closing rate of 30/9/2020 and 30/9/2019 instead of the Avg. 1/1- 30/9/2020 and Avg.1/1-30/9/2019 pursuant to IAS 21, paragraph 42a, for hyperinflationary economies.

2.24 SIGNIFICANT FLUCTUATIONS, RECLASSIFICATIONS & REVERSALS

Income Statement

Below are the most significant fluctuations in the Group's Income Statement for the period 1/1- 30/9/2020 compared to 1/1-30/9/2019:

Sale proceeds

Sale proceeds decreased by €289,5 million, or by 52,1%, from €555,6 million in the period 1/1-30/9/2019 to €266,1 million in the period 1/1-30/9/2020. This decrease was mainly driven by the decreased revenue in the segments "Licensed operations" and "Management contracts". Particularly, Sale proceeds decreased by €213,1 million in Bulgaria (driven mainly by the change in the consolidation method of Eurofootball Ltd since December 2019 - equity method versus full consolidation previously, as well as the termination of gaming licenses of Eurobet Ltd in February 2020), by €26,3 million in Turkey (due to the non-renewed contract of Inteltek Internet AS post August of 2019, the reduced market share of Bilyoner AS and the revised commercial terms, following the transition to the new Sports Betting era in Turkey, as well as the negative FX impact and COVID-19), by €18,9 million in Malta (mainly due to COVID-19), by €11,3 million in Argentina (mainly due to COVID-19, the negative FX impact and the application of IAS 29), by €11,3 million in Morocco (due to the revised commercial terms following the transition to the new contract, as well as the COVID-19), by €8,5 million in Brazil (mainly due to COVID-19), by €4,4 million in Chile (mainly due to the significant Lotto jackpot in first quarter in 2019, the recent social unrest in the country, and due to consequences of COVID-19), and by €4,4 million in Australia (due to COVID-19).At the same time, turnover increased by €9,7 million in the US (mainly due to the contribution in 2020 of the new contract to Illinois for the nine month period of 2020 (beginning in mid-February 2019)), one-off revenue recognition in relation to the new project with BCLC in Canada, as well as the slow pick up of our new Sports Betting contracts in Montana and Washington DC, fully absorbing the Ohio CSP contract impact which expired in June 2019 and Covid-19 impact.

Gross Profit

Gross profit reduced by €51,8 million, or by 50,1%, from €103,3 million in the period 1/1-30/9/2019 to €51,5 million in the period 1/1-30/9/2020. This decrease is mainly driven from the decrease in Sale proceeds as analyzed above.

Other Operating Income

Other operating income decreased by €1,0 million, or 7,4%, from €13,5 million in the nine months period ended September 30, 2019 to €12,5 million in the nine months period ended September 30, 2020. This decrease is mainly due to reduced revenue from uncollected winnings and revenue from supporting network sales points in Bulgaria and Argentina and partially offset by higher equipment lease in the USA.

Selling Expenses

Selling expenses decreased by €12,5 million, or 41,4%, from €30,2 million in the nine months period ended September 30, 2019 to €17,7 million in the nine months period ended September 30, 2020. This decrease was primarily due to higher training costs of the retailers' network for the roll out of the Illinois contract in USA in 2019, as well as lower advertising costs in 2020 in Turkey, Bulgaria and Morocco.

Administrative Expenses

Administrative expenses decreased by €5,7 million, or 9,8%, from €58,3 million in the nine months period ended September 30, 2019 to €52,6 million in the nine months period ended September 30, 2020. This decrease was primarily due to decreased costs in Turkey and Bulgaria, partially offset by reorganization costs in 2020.

Other operating expenses

Other operating expenses decreased by €7,1 million, from €8,5 million in the period 1/1-30/9/2019 to €1,4 million in the period 1/1-30/9/2020. This decrease is mainly due to lower provisions for contractual penalties in 2020, as well as provision for personnel severance pay of Inteltek Internet A.S. in 2019.

EBITDA

EBITDA decreased by €33,6 million, or by 42,6%, from €78,8 million in the period 1/1-30/9/2019 to €45,2 million in the period 1/1-30/9/2020. This decrease is mainly driven by the decrease in Sale proceeds and the decrease in Gross Profit as analyzed above.

EBITDA for the period 1/1-30/9/2020 on a constant currency basis, net of negative FX impact of €3,4 million, amounted to €48,7 million meaning a decrease by 38,2% compared to the period 1/1-30/9/2019.

Income/(expenses) from participations and investments

Income/(expenses) from participations and investments came up to net expenses of €4,9 million in the period 1/1-30/9/2020 from net income of €10,8 million in the period 1/1-30/9/2019. This deterioration is mainly due to the decreased dividends income by €1,3 million in 2020, the decreased by €10,3 million gain from sale of participations and investments in 2020 (mainly due to the loss of €0,6 million from the Eurobet Ltd group loss of control and the loss of €1,0 million from non-collection of contingent consideration of Totolotek S.A. disposal, in contrast to the gain in 2019 from the sale of investment in Hellenic Lotteries S.A., as well as the net gain from the repurchase of bonds), as well as the higher by €4,1 million losses of participations impairments in 2020 (due to provision for impairment of the Group's investment in the associate entity Goreward Ltd, mainly as a result of the COVID-19 pandemic).

Gain / (losses) from assets disposal, impairment loss and write-off of assets

Gain / (losses) from assets disposal, impairment loss and write-off of assets improved by €3,9 million, from loss €3,9 million in the period 1/1-30/9/2019 to gain €23 thousand in the period 1/1-30/9/2020. This improvement is mainly driven by the increased impairment provisions of assets in 2019, mainly due to the impairment provision of goodwill in subsidiaries. Further analysis is provided to note 2.10.

Interest and Similar Expenses

Interest and similar expenses decreased by €2,6 million, or 6,5%, from €40,2 million in the nine months period ended September 30, 2019 to €37,6 million in the nine months period ended September 30, 2020. This decrease was primarily due to the repayment/ cancellation of Intralot Finance UK Ltd loan agreements in the middle of 2019 and the bonds buy-back in the second half of 2019.

Interest and Related Income

Interest and related income decreased by €2,7 million, or 65,9% from €4,1 million in the nine months period ended September 30, 2019 to €1,4 million in the nine months period ended September 30, 2020. This decrease is primarily due to lower interest income on bank deposits and trade receivables.

Exchange Differences

The account "Exchange Differences" in the period 1/1-30/9/2020 of €4,8 million mainly refers to earnings of approximately €0,4 million from valuation of cash balances in foreign currency other than the functional currency of each entity, losses of approximately €5,2 million from valuation of commercial and borrowing liabilities (intercompany and non) in EUR that various subsidiaries abroad had as at 30/9/2020, with a different functional currency than the Group.

Profit / (loss) from equity method consolidations

Losses from equity method consolidations increased by €0,2 million from €1,1 million in the period 1/1- 30/9/2019 to €1,3 million in the period 1/1-30/9/2020. This is mainly driven by the bigger losses of the Group's associates in Asia and South America affected by COVID-19.

Taxes

Taxes in the period 1/1-30/9/2020 amounted to income €5,2 million, versus expense €15,3 million in the period 1/1-30/9/2019. This decrease was primarily due to lower burden in 2020 from the current income tax (mainly due to lower taxable incomes in Turkey, Australia and Malta), as well as the positive effect of the deferred tax and the lower tax burden from tax audits in 2020.

Further analysis for the accounts Group Income Statement for the period 1/1-30/9/2020 compared to 1/1- 30/9/2019 is provided in the ANNUAL Group Management report ("INTRALOT Group MANAGEMENT'S DISCUSSION & ANALYSIS") that has been posted in the website www.intralot.com.

Statement of Financial Position

No significant reclassifications were made to the Group's statement of financial position as of 30/9/2020 compared to the 31/12/2019, apart from the reclassification of "Facility A" (note 2.17) from long-term to short-term.

2.25 CORONOVIRUS PANDEMIC (COVID-19) IMPACT

The COVID-19 pandemic continues to affect economic and business activity around the world. The extent of its impact will depend on its duration, government policy in key jurisdictions regarding restrictions implemented and the current and subsequent economic disruption that the pandemic will cause.

According to mid-November 2020 H2GC data, the current outlook for the gaming business has slightly improved when compared to H2GC late-August outlook, showcasing though a worsening trend as a result of the second COVID-19 wave. Gaming industry global GGR for 2020 is expected to fall between 2010 and 2011 levels, i.e. around \$359 billion, approximately 24% lower compared to its forecasts prior to the

COVID-19 outbreak, impacted significantly among other factors by the postponement or cancelation of major sporting events and competitions globally.

By evaluating the latest available data and known lockdown conditions per jurisdiction and the restart of key sporting events, the Company's best estimate impact for 2020 remains in the vicinity of €25-28m at Group's EBITDA level.

Estimates, in terms of impact rest in the fact that first wave restrictions in various markets have been lifted earlier than initially expected and the top line impact in many cases is lower than previously forecasted. For example, in the US, monthly data show a high degree of resilience of our operations, and in Malta the lockdown was lifted in early May, earlier than anticipated. In Morocco, despite an earlier than anticipated lockdown lift, the lift has been followed by turbulence, i.e. local lockdowns that have affected the local economies and our operations. In Australia, however impact is expected to be worse than initially expected with a second lockdown just recently lifted in Victoria as well as in Greece with a second lockdown currently in place. Impact assumptions are confirmed for other jurisdictions, especially those in the South America region. We are monitoring and assessing the situation, especially with a second COVID-19 wave in the rise, focusing, besides restrictions lift, on activity pickup curves.

Apart from assessing the top line impact, our focus has also been to utilize all available measures that could help alleviate the impact of the pandemic. On that front, our FY EBITDA impact estimations, incorporate the benefits of Group subsidiaries enrollment to all applicable governmental support programs related to personnel furloughs. Besides, furlough support schemes, the Group has also undertaken measures to contain operating expenses across its operations, such as negotiation of supplier terms or restriction of all travelling to the utmost essential for the duration of 2020.

Furthermore, we have also focused on securing our liquidity utilizing different governmental support programs across jurisdictions. We are in close collaboration with our clients as to assess their needs and help them weather the pandemic impact but also to achieve the deferral of planned investments of up to €12m.

The health and safety of our team remains our top priority. With this in mind, we have immediately complied with all measures imposed by local governments. For instance, INTRALOT SA following the March lockdown in Greece has instantly transitioned into an expanded work from home regime, with close to 70% of its employees remaining under a work from home scheme when the first lockdown was lifted, where governmental standards were close to 50%; physical meetings have been replaced by virtual ones and new employee onboarding processes are conducted online across the Group, without affecting the performance and quality standards of the Company. For the Covid-19 response actions and our programs focused on online training, connection, and well-being of our people, INTRALOT SA received a Silver Award in the "Most Valued HR Team" category at HR Awards 2020. The Company is constantly reviewing the situation in order to protect the safety of its employees and the integrity of its operation and will offer updates when conditions change materially.

2.26 SUBSEQUENT EVENTS

In October 2020, INTRALOT announced that it will be partnering with Simplebet, an innovator in global sports betting technology, to launch new in-play, real money betting micro-market betting opportunities for NFL, MLB, and NBA. Simplebet, a B2B product development company using machine learning and automation to enable every moment of every sporting event to become a betting opportunity, known as

Micro-Markets, will offer millions of new and engaging betting opportunities across INTRALOT Orion, the next-generation Sports Betting platform. Simplebet's proprietary Micro-Markets pricing engine powers in real-time both the market mechanics of a betting market (i.e. creation, suspension, repricing, and resulting) and odds for each selection. INTRALOT and Simplebet will begin rolling out the products this NFL season and potentially later this MLB postseason, with plans to launch for the next NBA season. INTRALOT already has sports betting contracts in Washington, D.C., Montana, and New Hampshire. Globally, INTRALOT operates in 42 regulated jurisdictions with an average of \$21,5 billion in annual wagering, and will work with Simplebet to launch Micro-Markets globally after the initial launch in the U.S. Simplebet's mission is to power the future of fan engagement by creating betting opportunities for every moment of every sporting event. Simplebet enables sportsbook operators and technology platforms to offer new betting markets in an effort to attract new customers, reduce customer acquisition costs, and increase the overall lifetime value of customers.

In October 2020, INTRALOT announced two prestigious distinctions in the categories "Learning & Development" and "Covid-19 Response Actions" at the HR Awards 2020 ceremony held on October 14th, as a recognition for its Human Resources initiatives and practices. INTRALOT's Human Resources team won the Gold Award in the category "Learning & Development: Best Team Building Program" for the design and implementation of the Hackathon initiative, aiming to bring closer its people from around the world. During the internal Hackathon competition, employees participated in brainstorming discussions, worked together to generate innovative ideas, had fun, and shared an amazing experience, strengthening INTRALOT's culture of collaboration. Moreover, INTRALOT HR Department also received a Silver Award in the new category "Covid-19 Response Actions: Most Valuable HR Team", for its immediate response and plan since the beginning of the pandemic. The main goal was the protection of our employees' health and the prompt implementation of all measures to address the pandemic, ensuring business continuity at a Group level.

In October 2020, INTRALOT S.A., following the decision of the Board of Directors of the company dated 15th October 2020, announced the election of Mr. Ioannis K. Tsoumas as a temporary Independent Non-Executive Member until the first next General Assembly, according to article 3 of L.3016/2002, in replacement of the deceased, Mr. Sotirios N. Filos. Mr. Ioannis Tsoumas meets the criteria of the article 4 of L.3016/2002 as in force, regarding an independent member. Whereupon, the Board of Directors was formed into a Body as following:

Sokratis P. Kokkalis, Chairman, Executive Member.

Constantinos G. Antonopoulos, Vice Chairman, Non-Executive Member.

Christos K. Dimitriadis, CEO, Executive Member.

Chrysostomos D. Sfatos, Deputy CEO, Executive Member.

Nikolaos I. Nikolakopoulos, Executive Member.

Alexandros – Stergios N. Manos, Non-Executive Member.

Ioannis K. Tsoumas, Independent Non-Executive Member.

Anastasios M. Tsoufis, Independent Non-Executive Member.

Ioannis P. Tsoukaridis, Independent Non-Executive Member.

Also, Mr. Ioannis Tsoumas was elected by the Board of Directors to the Audit & Compliance Committee in replacement of the above deceased, pursuant the L.4419/2017. The Audit & Compliance Committee now

consists of the independent members of the Board of Directors, Messrs. Ioannis Tsoumas, Anastasios Tsoufis and Ioannis Tsoukaridis. The Audit & Compliance Committee appointed Mr. Ioannis Tsoumas as its Chairman as he meets the criteria provided in paragraph 1 of art. 44 of L.4449/2017.

In October 2020, INTRALOT announced that its US subsidiary INTRALOT Inc. along with its partner Camelot Illinois have delivered Fast Play, a brand-new type of game, into the Illinois Lottery. INTRALOT provides state-of-the-art technology to Camelot Illinois, the private manager of the Illinois Lottery. Fast Play games are quick and easy draw games and are the first game of its kind to be sold in Illinois. Players across the State are already winning big and enjoying an entertaining game that gives players a chance to win prizes at the point of purchase without picking numbers, completing play slips, scratching or waiting for draw results. Illinois residents 18 years and older can purchase Fast Play through lottery terminals or lottery vending machines in all Illinois retail locations where lottery is sold.

In October 2020, INTRALOT announced that its US subsidiary, INTRALOT Inc, has signed a contract extension through 2029 to continue its six-year partnership with the Georgia Lottery Corporation providing advanced services for the operation of its COAM (Coin Operated Amusement Machines) project. With a close collaboration for the last six years, INTRALOT and the Georgia Lottery Corporation teams have established a dynamic operation of monitoring and accounting for the COAM project. Under the new contract, INTRALOT will empower the Georgia Lottery with its state-of-the-art technology to modernize and support key business requirements.

In October 2020, INTRALOT announced the launch of its Lotos Xi at Maltco Lotteries, enabling the Malta's National Lottery Operator with Internet Lottery gaming Consistent with its strategy for digital transformation Maltco Lotteries takes its players' favourite games SUPER 5, LOTTO Quaterno+, SUPERSTAR and Quick KENO to an exciting new level through INTRALOT's LotosXi, a powerful solution for Digital Lotteries. The games are available via internet since October 30 2020 addressing the high demand of Malta's player community for an omnichannel experience that combines the physical and digital worlds. LotosXi enables operators to define and offer subscriptions for any available game and manage its content, allowing full localization and parametrization of the user interface. Characterized by an omnichannel philosophy and offering a wide range of innovative and engaging games, along with player experience personalization through data analytics, LotosXi creates value both for the operator and the player.

In November 2020, INTRALOT announced that since 13/11/2020 the Chairman of the Board of Directors Mr. Sokratis Kokkalis assumed and the position of Group Chief Executive Officer, while Mr. Christos Dimitriadis will focus on the company growth in the United States. Further to its announcement dated 13 November 2020, INTRALOT announced the recomposition into body of its Board of Directors, on the same day, as follows:

Sokratis P. Kokkalis, Chairman and CEO, Executive Member Constantinos G. Antonopoulos, Vice Chairman, Non-Executive Member Chrysostomos D. Sfatos, Deputy CEO, Executive Member Nikolaos E. Nikolakopoulos, Executive Member Alexandros – Stergios Ν. Manos, Non-Executive Member

Christos K. Dimitriadis, Non-Executive Member Anastasios M. Tsoufis, Independent Non-Executive Member Ioannis P. Tsoukaridis, Independent Non-Executive Member Ioannis K. Tsoumas, Independent Non-Executive Member

Maroussi, December 7, 2020

THE CHAIRMAN OF THE BOD AND GROUP CEO

THE DEPUTY CHIEF EXECUTIVE OFFICER AND MEMBER OF THE BOD

S.P. KOKKALIS ID. No. AΙ 091040

C.D. SFATOS ID. No. AH 641907

THE GROUP CFO THE GROUP ACCOUNTING DIRECTOR

A. A. CHRYSOS ID No. AK 544280

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