Olympic Entertainment Group Company Announcement 08.02.2010

Information on OEG non-recurrent expenses in 2009 Q4

OEG concern main objective of activities in 2009 was the adjustment of
operations to changing market situation. Within 2009 the restructuring and
optimization program was carried out, in course of which 44 casinos were closed
(excluding Ukraine). At the end of Q4 OEG management has summarized the results
of restructuring activities, including conduction of additional evaluations on
value of assets.
In Q4 OEG concern had non-recurrent expenses in total amount of 96.8 million
EEK (6.2 million EUR). Expected cost effect of 2009 optimization activities in
2010 amounts to 660.8 million EEK (42.2 million EUR).
Reevaluation of investment property in Lithuania has caused non-recurrent costs
in amount of 18.9 million EEK (1.2 million EUR) and fixed assets removal from
operations due to casinos closures - in amount of 14.1 million EEK (0.9 million
EUR). Value of intangible assets has been decreased by 21.9 million EEK (1.4
million EUR). Provisions connected with closed casinos rent agreements
termination amounted to 11.1 million EEK (0.7 million EUR). In addition, assets
that were no longer expected to be utilized, were sold in Q4 2009, which has
caused sales losses of 29.9 million EEK (1.9 million EUR).
In Q4 OEG concern has additionally reduced personnel by 113 employees, related
costs amounted to 0.9 million EEK (0.1 million EUR).
OEG will announce Q4 and 2009 consolidated results on 8th week.

Additional information:

Kristi Ojakäär
CFO
Olympic Entertainment Group
Tel + 372 667 1250
E-post kristi.ojakaar@oc.eu
http://www.olympic-casino.com