Athens, Greece – November 22, 2004. INTRALOT S.A. (RIC: INLr.AT, Bloomberg: INLOT GA), today announces its financial results for the nine-month period ending September 30th, 2004, prepared in accordance with Greek GAAP.

Consolidated Financial Statements For The 9 Months Ended September 30th, 2004
(in € million) 9M04 9M03 % Change
Revenues (Turnover) 229.5 254.1 -9.7%
Gross Profit 110.9 96.0 +15.6%
Gross Margin (%) 48.3% 37.8% +10.6pps
EBITDA 94.3 87.8 +7.5%
EBITDA Margin (%) 41.1% 34.5% +6.6pps
EBT 83.2 77.7 +7.1%
EBT Margin (%) 36.3% 30.6% +5.7pps

Consolidated Revenues for the period reached €229.5m, posting a 9.7% decrease compared to 9M03, due to the non incorporation of the sales of Instant Lottery. The Company’s Board of Directors has approved the distribution of a €0.40 interim dividend per share, compared to last year’s interim dividend per share of €0.35. This is a 14.3% increase in-line with INTRALOT’s dividend payout policy.

 EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) increased by 7.5% to €94.3m, compared to the same period last year.

 EBITDA margin reached 41.1% (last year 34.5%) reflecting a more favourable sales mix coupled with international operations’ contribution and increased operational efficiency.

 Profits Before Taxes (EBT) recorded an increase of 7.1% y-o-y by reaching €83.2m compared to €77.7m in 9M03.

 The cash balance reached €115.2m in 9M04, while total bank debt reached €26.3m in 9M04 shaping the net cash position at €88.8m.

 According to International Accounting Standards, revenues for the period ended September 30, 2004 stood at €230.2m, while profits before taxes (EBT)for the period reached €85.2m.

 Commenting on 9M04 results INTRALOT’s CEO, Mr. Constantinos Antonopoulos, noted:

 “We are very pleased by the Group’s financials for the 9-month 2004 period. The company has managed to increase its profits (+7.1% in 9M04) and interim dividend (+14.3% compared to last year) at a time it has beared start-up costs and investment outlays in order to render foreign projects fully operational.

 Moreover, the company has recently launched fixed-odds sports betting in Romania, Chile and Malta. Regarding Malta, betting was introduced in a very short time given that we took over the lottery operation in the country in July 2004. This proves INTRALOT’s ability to set-up and market new games successfully in short time periods.

 INTRALOT will continue to pursue business opportunities related to the operation and/or management of lotteries around the world, a factor that is expected to strengthen further the company’s global position.”

 INTRALOT is a leading supplier of integrated gaming and transaction processing systems, innovative game designs and value added services to state-licensed gaming organizations and financial services providers worldwide. With 29 subsidiaries and 1,500 people in 26 countries and revenues of € 320 million, the company dominates in Europe, has secured a strong position in South America and has established a foothold in North America, while expanding its presence in S.E. Asia and Australia. Following a highly successful period of rapid growth, INTRALOT currently ranks 3rd on revenues and 2nd on profits among lottery suppliers worldwide