Intralot - Management Overhaul

All,

Following further detail on recent changes to Intralot’s management board, please ind our updated analysis here (see sections on Shareholders and Management).

We think positively about the shake-up per se and the new appointments alike. The new board seems to have an adequate depth of experience from both within the company and from prior experience. Kokkalis remains in full control and the new CEO is in fact merely a “Deputy CEO”. But we are comfortable with the new setup and even somewhat encouraged by the readiness and clarity of the sweep.

Wolfgang