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									Interim Results
Six months ending
June 2009


3 September 2009
Introduction – Roger Withers, Chairman

  Core business performing strongly
  Solid financial performance in challenging markets
  Good progress in organic and non organic growth
  Continued progress in WHO integration
  Results demonstrate strength of the diversified PTEC
  business model and strategy
  Trading in line with market expectations
Financial highlights – Shuki Barak, CFO


Gross Income- €66.9m, 30% increase (H1 2008: €51.6m)



Total revenues - €56.7m, 10% increase (H1 2008: €51.6m)
Casino Revenues - €37.6m, 2% increase (H1 2008: €36.8m)
Poker Revenues - €17.3m, 24% increase (H1 2008: €13.9m)



Income from associate - €10.3m, (H1 2008: nil)
Financial highlights – Shuki Barak, CFO

Adjusted EBITDA – €45.3m, 33% increase (H1 2008: €34m)
Adjusted EBITDA margin – 80% (H1 2008: 66%)


Adjusted Net profit – €43m, 19% increase (H1 2008: €36.2m)
Adjusted Net profit margin – 76% (H1 2008: 70%)



Adjusted EPS– €18 cents per share (H1 2008: €16.7 cents per share)



Interim Dividend of €8.9 cents per share (H1 2008: €7.6 cents per share)
Gross income, adjusted EBITDA and
adjusted net profit (€ millions)
70.0                 66.9
65.0
              59.9
60.0
55.0   51.6
50.0
                                                  45.3
45.0                                                              42.4 43.0
                                           40.7
40.0                                                       36.2
35.0                                34.0

30.0
25.0
20.0
        Gross income                Adjusted EBITDA       Adjusted net profit
                            H1-08     H2-08       H1-09
Change in Accounting Presentation
    Following recent accounting guidance on IFRS3 revised,
    PTEC is now recording 100% of its licence fees received
    from WHO in the top line. Provides better clarity
    Income from associate being shown separately in the
    income statement.
    Gross Income remains un-changed
   Old Accounting Presentation                New Accounting Presentation

Six months       30 Jun   30 Jun   Change   Six months       30 Jun   30 Jun   Change
ended '000 (€)     09       08       %      ended '000 (€)     09       08       %

Total revenue    55,198   51,588    7.0%    Total revenue    56,654   51,588    9.8%
WHO income                                  WHO income
                 11,742     -                                10,286     -
from associate                              from associate
Gross Income     66,940   51,588   29.8%    Gross Income     66,940   51,588   29.8%
Change in Accounting Presentation
    Following recent accounting guidance on IFRS3 revised, PT
    is now recording 100% of its licence fees received from
    WHO in the top line. Provides better clarity
    Income from associate being shown separately in the
    income statement.
    Gross Income remains un-changed
   Old Accounting Presentation                New Accounting Presentation

Six months       30 Jun   30 Jun   Change   Six months       30 Jun   30 Jun   Change
ended '000 (€)     09       08       %      ended '000 (€)     09       08       %

Total revenue    55,198   51,588    7.0%    Total revenue    56,654   51,588    9.8%
WHO income                                  WHO income
                 11,742     -                                10,286     -
from associate                              from associate
Gross Income     66,940   51,588   29.8%    Gross Income     66,940   51,588   29.8%
Change in Accounting Presentation
    Following recent accounting guidance on IFRS3 revised, PT
    is now recording 100% of its licence fees received from
    WHO in the top line. Provides better clarity
    Income from associate being shown separately in the
    income statement.
    Gross Income remains un-changed
   Old Accounting Presentation                New Accounting Presentation

Six months       30 Jun   30 Jun   Change   Six months       30 Jun   30 Jun   Change
ended '000 (€)     09       08       %      ended '000 (€)     09       08       %

Total revenue    55,198   51,588    7.0%    Total revenue    56,654   51,588    9.8%
WHO income                                  WHO income
                 11,742     -                                10,286     -
from associate                              from associate
Gross Income     66,940   51,588   29.8%    Gross Income     66,940   51,588   29.8%
       Gross Income by Product
       (€ millions)                                   H1-09 vs. H1-08:
                                                          Excluding
80.0                                                    WHO/former
                                                      customer, growth
                                              €66.9
70.0                                                      of 16.7%
                                      €59.9
60.0
                              €51.6
50.0
                                                      WHO Share of profit
                      €37.8
40.0                                                  Other
30.0       €27.9                                      Poker
                                                      Casino
20.0

10.0

  -
           H1-07      H2-07   H1-08   H2-08   H1-09
WHO Transaction

                                 William
             Playtech
                                  Hill



 Purchased         29%         71%         WH on line
   Assets                                   business




                         WHO
WHO Transaction

 Purchased Assets include the assets of PTEC’s
 former licensee
 Casino and poker operations of WHO enjoys a
 preferred royalty rate
 PTEC got in return:
   Enlarged combined casino and poker
   operations
   Share of profit
WH-PTEC Reconciliation
Online segment operating profit                        £    21.0
(as reported in note 2 to the consolidated financial
statements of William Hill PLC)

Amortisation of intangibles recorded in WH PLC          £    2.8
Exceptional operating expenses recorded in WH PLC       £    7.6
EBIT of William Hill Online                             £   31.4
Tax                                                    -£    2.8
Profit of William Hill Online                           £   28.6
                                                             32%
PT income from associate (£)                           £     9.1

PT income from associate (€)                           €    10.3
       Distribution costs breakdown
       (excluding ESOP charges)
25.0




                                  €20.3
20.0                                0.8
                       €17.8        1.1

                         1.0        1.4
           €15.7         0.8              Travelling
                                    1.7
            1.0          1.7
15.0
                                    1.9
                                          Exhibitions & marketing activities
            1.2
                         1.6
            1.2
                         0.3
                                          Resellers & game patents
            1.3
                         3.2
                                    3.8   Office costs
10.0        1.6
                                          Other operational costs
            2.7
                                          Depreciation & Amortization
                                          Employee related costs
 5.0                                9.6
                         9.2
            6.7



  -

           H1-08       H2-08      H1-09
Cash flow

  PTEC continues to be highly cash generative
  Average debtor days unchanged at 30 days
  Cash from operation including cash received from WHO –
  €37.4m
  Conversion from adjusted EBITDA – 83%
  Cash used in financing activities including final dividend
  paid on behalf 2008 – €15.9m
Balance sheet

 Robust balance sheet with no debt
 Cash balance of €48.7m
 Investment in WH Online:
    Total investment as of 30 June 2009 - €175.6m
    Deferred consideration of €13.6m, to be paid in
    December 2010
Our strategy – Mor Weizer, CEO
                    Revenue growth in licensees
                    New licensees
                    New products/content
                    New regulated markets


                    William Hill Online



                    Bolt-on acquisitions
Our strategy
               Revenue growth in licensees
               New licensees
               New products/content
               New regulated markets
Revenue growth in licencees
  Core business performing strongly
  Solid portfolio of major players in the online gaming
  industry
  Diversified portfolio of licensees, products and markets
  Best of breed products allow our operators to
  outperform other operators in the market
  New well established licensees launched so far more
  than compensate for challenging markets conditions
  Highly successful launch of the Italian Poker Network,
  now the third largest in the Italian market
Organic growth H1-09 vs. H1-08


      Total revenues                +9.8%

      Total revenues excluding
      WHO/former customer          +16.7%




                        Existing           New
                       licensees        licensees
                         +4.2%            +12.5%
New licencees
  Major licensees gained during the first half
  New agreement with Olympic Entertainment Group,
  leading gaming operator in eastern and central
  Europe - signed following the H1 period end
  Number of additional MOUs signed, primarily in
  regulated markets
  Strong pipeline of prospective licensees – online
  gaming operators as well as gaming operators in
  regulated markets
New products
 iPoker – still the world’s largest poker network
 Launch of increased number of games including the
 launch of the first branded slot to become the most
 popular slot game in the games portfolio
 Launch of revamped Bingo product – the second
 phase with a new version expected
 Extended offering to include European Live Games
 from Riga
 Completion of 1st milestone of TV Gaming
 Good progress of Videobet in different markets
New Regulated Markets
 Regulatory changes in various markets redefining the
 online gaming industry
 UK – Betfair and Netplay
 Italy – 3rd largest poker network
 Serbia – Serbian Lottery
 Spain – Casino Gran Madrid
 France – Chilipoker
 Estonia – Olympic
 Strong pipeline of new licensees with MOUs secured in
 various jurisdictions
 Playtech best positioned given its track record and its
 position of pure software provider
Italy – Case study
   Five licensees in Italy include: SNAI, SISAL,
   Eurobet, Cogetech and Gamenet
   Latest addition announced in H1 and launched
   mid-August: Gamenet
   Further strong pipeline of new prospective
   licensees
   Now 3rd largest network with over 15%*
   market share
   Annualised overall market turnover based on
   July is €2.2 billion*
   Further liberalisation is expected in 2010

* Based on reports distributed by AAMS
Our strategy




               William Hill Online
William Hill Online
  Transaction completed on 30th December 2008
  Complex integration due to different physical locations
  and challenging markets conditions
  Key parts of the integration are now completed
  Progress now satisfactory, with good player acquisition –
  increase of more than 30%
  Confident that significant long term benefits will flow to
  Playtech from investment
Our strategy




               Bolt-on acquisitions
Acquisitions: Strategy
  Software providers of similar products
     Migration of existing licensee base to the Playtech
     platforms
     Cross selling of different products to migrated
     licensees
  Software providers of complimentary products
     Cross selling of new products to existing licensees
     Attracting new licensees
Outlook
 Revenues excluding WHO in July and August increased
 by 1.4% over the comparable months in 2008
 New licensee – Gamenet - launched in Italy
 New licensees including Betfair, Netplay and the Serbian
 lottery expected to launch towards the end of the year –
 expecting significant contribution in 2010 and beyond
 William Hill continues to make progress since the period
 end
 Strong pipeline of new prospective licensees in both
 regulated markets and online gaming operators
 Performance in line with market expectations
Questions
  and
Answers
Appendix
                                                 H1 2009 €’000     H1 2008 €’000
            Revenues                                     56,654            51,588
            Operating expenses                          (29,093)          (30,801)
  Income    Operating profit                             27,561            20,787
statement   Finance income, net                             226             3,246
            Share of profit of associates                10,286                    -
Summary
            Amortization of investment in WHO            (5,257)                   -
            Tax                                            (429)            (481)
            Profit for the period                        32,387            23,552



            Operating profit                              27,561           20,787

            Adjustments to EBITDA                         17,729           13,215

            Adjusted EBITDA                               45,290           34,002


            Profit for the year                           32,387           23,552

            Adjustments to Adjusted net profit            10,653           12,617

            Adjusted net profit                           43,040           36,169
Revenues by product H1 2009



               3%
                              Casino
         30%
                              Poker
                    66%
                              Other

								
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