SNAIGroup

ItalianHighYieldConferenceMilan,7June2016

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Thispresenta6onincludescertainforwardlookingstatements,projec6ons,objec6vesandes6matesreflec6ngthecurrentviewsofthemanagementoftheCompanywithrespecttofutureevents.Forwardlookingstatements,projec6ons,objec6ves,es6matesandforecasts are generally iden6fiable by the use of the words “may”, “will”, “should”, “plan”, “expect”, “an6cipate”, “es6mate”,“believe”,“intend”,“project”,“goal”or“target”orthenega6veofthesewordsorothervaria6onsonthesewordsorcomparableterminology. These forward-looking statements include, but arenot limited to, all statements other than statements of historicalfacts,including,withoutlimita6onthoseregardingtheCompany'sfuturefinancialposi6onandresultsofopera6ons,strategy,plans,objec6ves,goalsandtargetsandfuturedevelopmentsinthemarketswheretheCompanypar6cipatesorisseekingtopar6cipateDue to suchuncertain6esand risks, readersare cau6onednot toplaceundue relianceon such forward looking statementsasapredic6onofactualresults.TheCompany'sabilitytoachieveitsprojectedobjec6vesorresultsisdependentonmanyfactorswhichareoutsidemanagement'scontrol.Actualresultsmaydiffermateriallyfrom(andbemorenega6vethan)thoseprojectedorimpliedintheforward-lookingstatements.Suchforward-looking informa6oninvolvesrisksanduncertain6esthatcouldsignificantlyaffectexpectedresultsandisbasedoncertainkeyassump6onsAll forward-looking statements included herein are based on informa6on available to the Company as of the date hereof. TheCompany undertakes no obliga6on to update publicly or revise any forward-looking statement, whether as a result of newinforma6on, future events or otherwise, except asmay be required by applicable law. All subsequent wriTen and oral forward-looking statements aTributable to the Company or persons ac6ng on its behalf are expressly qualified in their en6rety by thesecau6onarystatements

Disclaimer

3

CEOFabioSchiavolin

CFOChiaffredoRinaudo

Speakers

SNAI–CogematIntegra>onandGroupPosi>oning

5

CompellingIntegra>onProcess

During2015,SNAIGroupdeeplychangeditsprofileandposi>oning:

o  On1stAprilSNAIacquiredFinscom,acompanyrunning8pointsofsaleintheNorthofItaly

o  On22ndJuly2015SNAIleasedthewholebusiness(55shops)fromSIS,oneofthemainItaliangamingretailer.Thedefini>veacquisi>onoftheshopsisexpectedwithin1H-16

o  SISandFinscompointsofsalewereshutdownbeforeSNAIdealandadded180mln€wagers(on12monthbasis)and420employeestotheGroup.Allshopstobefullyoutsourcedbefore2017year-end

o  On 19th November 2015 SNAI finalized the acquisiAon of Cogemat (434 mln € revenues in 2014, 4thConcessionaireinItalyforGamingMachines)andaleadingplayerintheItalianGamingindustry

o  Before2016year-end,CogematGroupwillbefullymergedinSNAItobecomeauniqueConcessionaire

Teleippica TrennoCogemat

Cogetech CogetechGaming

Finscom SIS

RetailNetwork(SNAIReteItalia)

AzzurroGaming

Concessions

Horseracingmgmt&TVbroadcas>ng

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Ra>onaleoftheMergerwithCogemat

MarketLeadership

TheGroupisaleadingplayerintheItalianGamingMachinesmarketwith16%marketsharein Gaming Machines (ranking #2) and extended leadership in Sports and Horserace Becng(marketshareover20%)

EnlargedDistribu>onNetwork

Cogemat'sdistribu>onnetworkadded112shopsand66cornersaswellasapproximately 37,000AWPsand5,000VLTs.Consolida>onwithSNAI'sdistribu>onnetworkcreatedoneofthelargestplayerinItalywithmorethan65,000AWPs,10,000VLTsand1,600POS

AugmentedServicePorholio

Cogematconveniencepaymentservice(“Paymat”)deployedoverSNAIdistribu>onnetwork providingSNAIcustomerswithnewpayment services suchasu>litybillpayments,mobilephonetop-upsandprepaidcards

Opera>onalSynergies

Opera>onal synergies and efficiencies from the increased size of the business; full benefitini>allyes>matedintheregionof€18mmannuallyandachievedwithin1Q2017

EBITDAStabiliza>on

Cogematintegra>onincreasesGamingMachinecontribu>ontoGroupEBITDAthusrebalancingtheGroupexposuretoswingsinbecngpayout

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MarketLeadership

SNAImarketleadershipbasedonmorethan10Bln€wagers

KeyBusiness(Euromln) Wagers MarketShare

GamingMachines 7.473 15,4%

SportsBetting(RetailChannel) 886 32,9%

SportsBetting(OnlineChannel) 192 6,7%

HorseraceBetting 319 50,1%

VirtualEvents 446 41,8%

OnlineGames(Skill,CasinoandBingo) 771 5,8%

TotalSnaitechGroup 10.089 14,6%

includeBeVngProviderwagers502mln€

2015AnnualProformaData

22,6%

18,6%

15,5% 15,0%

11,6%

5,3%

0%

5%

10%

15%

20%

25%

SNAI(comb) Lo6oma8ca Sisal Eurobet Intralot Goldbet

MARKETSHAREBYWAGERSportsBe8ngFixed-Odd(RetailChannel)

20,4%

15,5%

13,2%

10,8%

9,1%8,1%

7,0% 6,5%

0%

5%

10%

15%

20%

25%

Lo0oma3ca SNAI(combined)

Bplus Gamenet HBG Sisal Admiral Cirsa

MARKETSHAREBYWAGERGamingMachines

MARKETSHAREBYWAGERGamingMachines

MARKETSHAREBYWAGERSportsBeNngFixed-Odd(RetailChannel)

8

EnlargedDistribu>onNetwork

1.621PointofSales

730Shops891Corners

10K+VLTs65K+AWPs

GamingMachinesNetwork

Asof31°March2016

520Kaccounts 80Kfrequent

players

OnlinePlayers

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AugmentedandDiversifiedServicePorholio

SportsandHorseraceBecng

ConsolidaAonofSNAI’sleadingposiAoninthismarket

SNAIexperAseo  Leading network of sports and

horse races becng shops andcorners

o  3horseracingtracks

CogematexperAseo  186 iZiPlay POS including 112

sports and horse race becngshops and 66 sports becngcorners

RetailNetworko  55SISshopso  8Finscomshops

o  OverallPOSnetworkof1,621POSincluding667shop,63SIS/Finscomproprietaryshopsand891cornerso  NewSnai.itfullresponsivehtml5websitewithmajorenhancementsonSportspagesandIn-Playbecng

GamingMachines

LeadingfranchiseasmanagerandserviceproviderforAWPsandVLTs

SNAIexperAseo  28kAWPso  5kinstalledVLTs

CogematexperAseo  37kAWPso  5kinstalledVLTs

o  Overall65k+AWPsand10k+VLTs

OnlineSkillandCasinoGames

CreaAonofamajorplayerintheonlinegamingmarketinItalyo  Over520,000onlineaccountswithmorethan80,000frequentplayersonamonthlybasiso  FullrangeofgamesincludingE-SportsandFantasyGames

VirtualEvents

o  MarketLeadero  Forefrontinnova>ononnewgames

FinancialServices

o  U>litybillpaymentserviceso  Mobiletop-ups,phonecardsandgiscardso  Paymatprepaidpaymentcard

BecngProvider

o  Bookmakingserviceprovidingtothird-par>esPointsofSale

TelevisionandRacecourse

o  Televisionopera>onsmanagedbyTeleippicao  Horseraceorganiza>onandrealestatemanagement

Asof31°March2016

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o  In January2016 thenewwebsite snai.itwas released,moving froma classicwebsite to a fully responsiveHTML5portal

o  Major enhancements involved the Sports pages and In-Play becng in par>cular, where customer isaddressedwithacustomizableviewofLiveStreaming,Scoreboardsandodds

o  Thewebsitereleasehasdriventheperformanceononlinewagers in1Q16(+53%inBeNngand+18%inGames)

o  LaunchofE-SPORTSandFantasyGamesinJune2016

AugmentedandDiversifiedServicePorholio(newonlinewebsite)

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Opera>onalSynergies

HeadquartersandsitesconsolidaAon

DatacentersandTLCnetworksintegraAon

Centralizedprocurementprocess

SynergiesinVirtualEventsprovidingcosts(SNAIsatellitelink)

Cogematon-linebusinesstobeintegratedinSNAIsystems

BookmakingofficesintegraAonandprovidercostsraAonalizaAon

18mln€expectedsynergies

by1Q2017

FirstplayertocompletealargescalemergerbetweentwoConcessionaries

o  Uniqueindustryknow-how

o  Scalable IT/TLC/Logis>c plahorm for furtherintegra>ons

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EBITDAStabiliza>on

2015AnnualProformaData

o  Cogematintegra>onsignificantlyincreasedtheGamingMachinecontribu>ontoGroupEBITDAandtheGroupexposuretoBecngpayoutriskinallkeymetrics

Wagers 15%

Revenues 20%

Contribu>onMargin 27%

Wagers 8%

Revenues 11%

Contribu>onMargin 20%

PayoutRisk

SportsBetting8% Horserace

Betting2%

AWP40%VLT

33%

Others6%

SkillGames&VE11%

WagersBreakdown

SportsBetting11%

HorseraceBetting2%

AWP53%

VLT23%

Others4%

SkillGames&VE7%

RevenuesBreakdown

SportBetting20%

HorseraceBetting1%

AWP17%

VLT32%

Others15%

SkillGames&VE15%

ContributionMarginBreakdown

SNAIw/oCogemat SNAIwithCogemat

GroupFinancials

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2016RegulatoryOutlookforSNAI

o  2016BudgetLaweffects

-  Becng taxa>on on net revenues (18% retail and 22% online) while former regime was 4.1% onwagers.Newregimewillreducetheimpactofnega>vepayoutforconcessionaires

-  Increase in gamingmachine taxa>on (17.5%AWPs and5.5%VLTs) and repeal of 2015Budget Law(500mln€tax)

-  MinimumpayoutforAWPsdecreasedto70%AWPwithgradualsubs>tu>onorinternalboards:asof31march201630%ofAWPsonSNAInetworkhavebeenupdatedwithnewboardsrunningat70%payout

Limitedimpactexpectedfrom2016BudgetLawonSNAIEBITDA(netimpactapprox.-2mln€)

o  2016BeNngTender

-  Uncertaintyontender>ming

-  Number of rights (10.000 Shops + 5.000 Corners) in line with exis>ng PoS in Italy, including greymarket(“ctd”)

-  SNAItotalcapexintherange45–75mln€,dependingonbiddingstrategyandtargets

-  Currentliquiditylevel>100mln€;noneedtoac>vatetheRCFline

o  Concessions integraAon (Gaming Machines/BeNng/Online) and merger with Cogemat should becompletedbyyear-end

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1Q2016Highlights:firstbenefitsfromGroupneworganisa>on

o  Goodperformanceontotalwagers:+8,4%growthyoyonpro-formabasisto2,77Bln€

o  Growth ofGamingMachineswagers s>ll on track (+6,8%) despite higher taxa>on and AWP payoutreduc>on

o  SignificantgrowthofOnlineSportBeNng:+53%yoythankstonewwebsitereleasedinJanuary

o  Relevantcontribu>onfromSIS/FinscomPoS:50mln€wagers

o  VirtualEventsrecoveredfrom2015weakness:wagersupby9,1%in1Q2016

BusinessTrends

Costreduc>onprogram

o  Cogematintegra>onunderwaywith18mln€expectedsynergiesby1Q17,ofwhich:

•  1,2mln€costsavingalreadyachievedin1Q16

•  Renego>ated contracts with key service suppliers by leveraging new economies of scale(telecommunica>ons,logis>cs,siterentals):9mln€costreduc>ontoberolled-outwithin1Q17

•  7,8mln€ofaddi>onalsynergiesalreadyiden>fied

1Qresults

o  RobustgrowthonEBITDAin1Q16:38,7mln€vs29,6mln€,+9,1mln€yoy

o  PosiAveNetResult:1,6mln€,withoutone-offitemscontribu>on

o  15,4mln€cashgeneraAonyoydespiteM&Aand110mln€bondcosts

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BackonTrackwith1Q2016Results

o  Totalrevenuesof220.2mln€decreasedvs1Q15duetotheBarcresttransac>onandAWPtaxincrease

o  ContribuAonMarginincreasedto74,4mln€(+12,6mln€)

o  EBITDA1Q16upby9,1mln€duetoincreasedwagers/revenues,ini>alsynergiesandreopeningofSISPOS

o  EBITDALTM123,7mln€(114,6mln€asof31December2015)

Euromillion

FinancialKPI 1Q2016 PF1Q2015 Delta % PFLTM

TotalRevenues 220,2 267,0 -46,8 -17,5% 954,1o/wnonrecurringrevenues 1,3 27,5 -26,2 -95,3% 4,7

ContributionMargin 74,4 61,8 12,6 20,4% 266,5

EBITDA 38,7 29,6 9,2 31,1% 123,7

AdjustedEBITDA 40,5 31,4 9,1 29,0% 131,4

EBIT* 21,4 37,2 -15,8 -42,5% 12,1

NetIncome* 1,6 12,4 -10,8 -87,1% -67,4

*Nonrecurringitemsincluded -0,2 26,1

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ResilientBusinessPerformancein1Q2016

o  Totalwagersupby+8.4%to2.769mln€

o  Notable performance of retail Sport BeNng (+14.5%)and Virtual Events (+9.1%) mainly driven by theincreased number of events and SIS/Finscom PoSreopening

o  Significantgrowthof theonlineSportBeNngbusiness(+52.5%)thankstonewwebsitereleasedinJanuary

o  Growth of Gaming Machines wagers s>ll on track(+6,8%) despite higher taxa>on and AWP payoutreduc>on

1.840

353197 165

1.965

408233 162

-

500

1.000

1.500

2.000

2.500

GamingMachines Be:ng OnlineGames Providerandothers

WagersBreakdown(€mln)

PF1Q15 1Q16

180

45

5

37

148

55

6 12

-

30

60

90

120

150

180

210

GamingMachines Be9ng OnlineGames Providerandothers

RevenuesBreakdown(€mln)

PF1Q15 1Q1631

20

3

7

32

28

4

10

-

5

10

15

20

25

30

35

40

GamingMachines Be7ng OnlineGames Providerandothers

Contribu)onMarginBreakdown(€mln)

PF1Q15 1Q16

27,5mln€Barcrest

29,6

2,5

4,4

5,7-4,7

1,2

38,7

0

5

10

15

20

25

30

35

40

45

EBITDA1Q2015 Payoutandnewbettingtaxation

Marginsfromwagersgrowth

MarginsfromSISPoS

AdditionalOpexfromSIS

CostSynergieswithCogemat

EBITDA1Q2016

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1Q2016EBITDABridge

SISOPEXimpactwillbereducedfrom3Q16duetotheimplementaAonofPOSoutsourcingstrategy

+12,6mln€Contribu>onMargin

+9,1mln€EBITDA

impactonOPEX

+1mln€SISeffectonEBITDA

mln€

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NetFinancialPosi>onEvolu>on:1Q2015–1Q2016

123,7

15,30,0

20,0

40,0

60,0

80,0

100,0

120,0

140,0

EBITDALTM NonrecurringCosts

Capex Interests Taxes DeltaWC CashGenerationLTM

PFN1Q15493,9mln€

PFN1Q16478,5mln€

o  15,3mln€cashgeneraAoninlasttwelvemonths

o  NFPimprovedto478,5mln€with3,9xleverage(4,1xasofDecember2015)

o  NonrecurringcostsmainlyrelatedtoM&Adeals

o  InterestsincludeformerCogematbond

-12,7

-20,0

-64,0

-5,5-6,2

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GroupCapitalStructure

KeyTerms SNAI110mlnJun18 SNAI320mlnJun18 SNAI160mlnDec18

IssueDate 28Jul2015 4Dec2013 4Dec2013

NoAonalAmount €110,000,000 €320,000,000 €160,000,000

Ranking SeniorSecured SeniorSecured SeniorSubordinated

Coupon 7.625% 7.625% 12.000%

InterestPaymentDate 15Juneand15December

15Juneand15December

15Juneand15December

MaturityDate 15June2018 15June2018 15December2018

RedempAonProvisions

15Dec2015103.813%15Dec2016101.906%15Dec2017100.000%

15Dec2015103.813%15Dec2016101.906%15Dec2017100.000%

15Dec2015112.000%15Jun2016106.000%15Dec2016103.000%15Dec2017100.000%

RaAng S&PB-Moody’sB2

S&PB-Moody’sB2

S&PCCCMoody’sCaa2

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Q&A