Gaming Partners International (GPIC)

Financial and Operational Highlights

For the first quarter of 2009 we had a net loss of $0.5 million compared to a net loss of $0.4 million for the first quarter of 2008.  For the first quarter of 2009 our revenues were $8.9 million, a decrease of $3.2 million, or 26 %, compared to revenues of $12.1 million for 2008.  Our revenues were down due to a decrease in sales of casino chips, which dropped $2.8 million and represented 55% of total revenues in the first quarter of 2009 compared to 63% in the first quarter of 2008.  In particular, our higher margin European-style casino chip business was only 4% of total sales for the first quarter of 2009 compared to 32% for the first quarter of 2008. Our casino chip sales are heavily dependent on new casino openings and our sales reflect limited casino openings in the first quarter of 2009.

The strengthening of the dollar against the euro had a negative impact on our revenues but had a positive impact on the expenses of our French subsidiary, GPI SAS.  It also resulted in a favorable swing in our foreign currency transaction account of $0.4 million.  The stronger dollar compared with the Mexican peso also had a favorable impact of $0.3 million for the quarter as our manufacturing costs were reduced.

GPI SAS uses the euro as its functional currency. As of March 31, 2009 and December 31, 2008, the US dollar to euro exchange rates were 1.3308 and 1.3917, respectively, which represents a 4.4% stronger dollar compared to the euro. The average exchange rates for the three months ended March 31, 2009 and 2008 were 1.3024 and 1.4995, which represents a 13.1% stronger dollar compared to the euro.

Financial and Operational Highlights

        Our net income for 2008 was $4.5 million compared to $0.2 million for 2007. Our revenues for 2008 were $60.5 million, an increase of $1.7 million, or 3%, compared to revenues of $58.8 million for 2007. The increase in net income in 2008 compared to 2007 is due to improved operational performance as exhibited by improved gross profit margins and lower selling and administrative expenses, as well as a gain on foreign currency transactions and a lower effective tax rate.

        We are particularly pleased with these results given the worldwide economic downturn that has challenged many of our customers. We believe our revenue in 2008 was sustained because our consumable business (dice, cards, and layouts) held relatively steady and our non-consumable business (chips and tables) remained strong due to casino openings in 2008. We were concerned about our consumable business with the slow down in gaming revenues, but consumable products are more affected by number of casino visitors rather than by gaming revenues directly. Therefore, although the number of casino visitors was down in the major domestic markets of Las Vegas and Atlantic City, they were not as far down as gaming revenues. Our casino chip business again surpassed 60% of our total revenues in 2008, of which a significant portion is related to new casino openings and expansions. Despite the downturn in the gaming industry, casino openings and expansions planned for 2008 generally happened as scheduled.

        In the second quarter of 2008, we completed the move of plastic injection molding for Bud Jones casinos chips from Las Vegas to our manufacturing facility in Mexico. In the third quarter we began to see the benefits of the move with an improvement in margins for our Bud Jones casino chips.

        In the third quarter of 2008, GPI SAS was certified ISO 9001 compliant, which provides external validation to our quality control processes.

        GPI SAS uses the euro as its functional currency. As of December 31, 2008 and December 31, 2007, the US dollar to euro exchange rates were 1.3917 and 1.4718, respectively, which represents a

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5.4% stronger dollar compared to the euro. The average exchange rates for the years ended December 31, 2008 and 2007 were 1.4706 and 1.3706, which represents a 7.3% weaker dollar compared to the euro.

Financial and Operational Highlights

        Our net income for 2008 was $4.5 million compared to $0.2 million for 2007. Our revenues for 2008 were $60.5 million, an increase of $1.7 million, or 3%, compared to revenues of $58.8 million for 2007. The increase in net income in 2008 compared to 2007 is due to improved operational performance as exhibited by improved gross profit margins and lower selling and administrative expenses, as well as a gain on foreign currency transactions and a lower effective tax rate.

        We are particularly pleased with these results given the worldwide economic downturn that has challenged many of our customers. We believe our revenue in 2008 was sustained because our consumable business (dice, cards, and layouts) held relatively steady and our non-consumable business (chips and tables) remained strong due to casino openings in 2008. We were concerned about our consumable business with the slow down in gaming revenues, but consumable products are more affected by number of casino visitors rather than by gaming revenues directly. Therefore, although the number of casino visitors was down in the major domestic markets of Las Vegas and Atlantic City, they were not as far down as gaming revenues. Our casino chip business again surpassed 60% of our total revenues in 2008, of which a significant portion is related to new casino openings and expansions. Despite the downturn in the gaming industry, casino openings and expansions planned for 2008 generally happened as scheduled.

        In the second quarter of 2008, we completed the move of plastic injection molding for Bud Jones casinos chips from Las Vegas to our manufacturing facility in Mexico. In the third quarter we began to see the benefits of the move with an improvement in margins for our Bud Jones casino chips.

        In the third quarter of 2008, GPI SAS was certified ISO 9001 compliant, which provides external validation to our quality control processes.

        GPI SAS uses the euro as its functional currency. As of December 31, 2008 and December 31, 2007, the US dollar to euro exchange rates were 1.3917 and 1.4718, respectively, which represents a

21

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5.4% stronger dollar compared to the euro. The average exchange rates for the years ended December 31, 2008 and 2007 were 1.4706 and 1.3706, which represents a 7.3% weaker dollar compared to the euro.

Financial and Operational Highlights

        Our net income for 2008 was $4.5 million compared to $0.2 million for 2007. Our revenues for 2008 were $60.5 million, an increase of $1.7 million, or 3%, compared to revenues of $58.8 million for 2007. The increase in net income in 2008 compared to 2007 is due to improved operational performance as exhibited by improved gross profit margins and lower selling and administrative expenses, as well as a gain on foreign currency transactions and a lower effective tax rate.

        We are particularly pleased with these results given the worldwide economic downturn that has challenged many of our customers. We believe our revenue in 2008 was sustained because our consumable business (dice, cards, and layouts) held relatively steady and our non-consumable business (chips and tables) remained strong due to casino openings in 2008. We were concerned about our consumable business with the slow down in gaming revenues, but consumable products are more affected by number of casino visitors rather than by gaming revenues directly. Therefore, although the number of casino visitors was down in the major domestic markets of Las Vegas and Atlantic City, they were not as far down as gaming revenues. Our casino chip business again surpassed 60% of our total revenues in 2008, of which a significant portion is related to new casino openings and expansions. Despite the downturn in the gaming industry, casino openings and expansions planned for 2008 generally happened as scheduled.

        In the second quarter of 2008, we completed the move of plastic injection molding for Bud Jones casinos chips from Las Vegas to our manufacturing facility in Mexico. In the third quarter we began to see the benefits of the move with an improvement in margins for our Bud Jones casino chips.

        In the third quarter of 2008, GPI SAS was certified ISO 9001 compliant, which provides external validation to our quality control processes.

        GPI SAS uses the euro as its functional currency. As of December 31, 2008 and December 31, 2007, the US dollar to euro exchange rates were 1.3917 and 1.4718, respectively, which represents a

21

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5.4% stronger dollar compared to the euro. The average exchange rates for the years ended December 31, 2008 and 2007 were 1.4706 and 1.3706, which represents a 7.3% weaker dollar compared to the euro.

Financial and Operational Highlights

        Our net income for 2008 was $4.5 million compared to $0.2 million for 2007. Our revenues for 2008 were
$60.5 million, an increase of $1.7 million, or 3%, compared to revenues of $58.8 million for 2007. The increase in net income in 2008 compared to 2007 is due to improved
operational performance as exhibited by improved gross profit margins and lower selling and administrative expenses, as well as a gain on foreign currency transactions and a lower effective tax rate.

        We
are particularly pleased with these results given the worldwide economic downturn that has challenged many of our customers. We believe our revenue in 2008 was sustained because our
consumable business (dice, cards, and layouts) held relatively steady and our non-consumable business (chips and tables) remained strong due to casino openings in 2008. We were concerned
about our consumable business with the slow down in gaming revenues, but consumable products are more affected by number of casino visitors rather than by gaming revenues directly. Therefore, although
the number of casino visitors was down in the major domestic markets of
Las Vegas and Atlantic City, they were not as far down as gaming revenues. Our casino chip business again surpassed 60% of our total revenues in 2008, of which a significant portion is related to new
casino openings and expansions. Despite the downturn in the gaming industry, casino openings and expansions planned for 2008 generally happened as scheduled.

        In
the second quarter of 2008, we completed the move of plastic injection molding for Bud Jones casinos chips from Las Vegas to our manufacturing facility in Mexico. In the third quarter
we began to see the benefits of the move with an improvement in margins for our Bud Jones casino chips.

        In
the third quarter of 2008, GPI SAS was certified ISO 9001 compliant, which provides external validation to our quality control processes.

        GPI
SAS uses the euro as its functional currency. As of December 31, 2008 and December 31, 2007, the US dollar to euro exchange rates were 1.3917 and 1.4718, respectively,
which represents a

21

HREF="#bg17001a_main_toc">Table of Contents

5.4%
stronger dollar compared to the euro. The average exchange rates for the years ended December 31, 2008 and 2007 were 1.4706 and 1.3706, which represents a 7.3% weaker dollar compared to
the euro.

Financial and Operational Highlights

        Our net income for 2008 was $4.5 million compared to $0.2 million for 2007. Our revenues for 2008 were
$60.5 million, an increase of $1.7 million, or 3%, compared to revenues of $58.8 million for 2007. The increase in net income in 2008 compared to 2007 is due to improved
operational performance as exhibited by improved gross profit margins and lower selling and administrative expenses, as well as a gain on foreign currency transactions and a lower effective tax rate.

        We
are particularly pleased with these results given the worldwide economic downturn that has challenged many of our customers. We believe our revenue in 2008 was sustained because our
consumable business (dice, cards, and layouts) held relatively steady and our non-consumable business (chips and tables) remained strong due to casino openings in 2008. We were concerned
about our consumable business with the slow down in gaming revenues, but consumable products are more affected by number of casino visitors rather than by gaming revenues directly. Therefore, although
the number of casino visitors was down in the major domestic markets of
Las Vegas and Atlantic City, they were not as far down as gaming revenues. Our casino chip business again surpassed 60% of our total revenues in 2008, of which a significant portion is related to new
casino openings and expansions. Despite the downturn in the gaming industry, casino openings and expansions planned for 2008 generally happened as scheduled.

        In
the second quarter of 2008, we completed the move of plastic injection molding for Bud Jones casinos chips from Las Vegas to our manufacturing facility in Mexico. In the third quarter
we began to see the benefits of the move with an improvement in margins for our Bud Jones casino chips.

        In
the third quarter of 2008, GPI SAS was certified ISO 9001 compliant, which provides external validation to our quality control processes.

        GPI
SAS uses the euro as its functional currency. As of December 31, 2008 and December 31, 2007, the US dollar to euro exchange rates were 1.3917 and 1.4718, respectively,
which represents a

21

HREF="#bg17001a_main_toc">Table of Contents

5.4%
stronger dollar compared to the euro. The average exchange rates for the years ended December 31, 2008 and 2007 were 1.4706 and 1.3706, which represents a 7.3% weaker dollar compared to
the euro.

Financial and Operational Highlights

        Our net income for 2008 was $4.5 million compared to $0.2 million for 2007. Our revenues for 2008 were
$60.5 million, an increase of $1.7 million, or 3%, compared to revenues of $58.8 million for 2007. The increase in net income in 2008 compared to 2007 is due to improved
operational performance as exhibited by improved gross profit margins and lower selling and administrative expenses, as well as a gain on foreign currency transactions and a lower effective tax rate.

        We
are particularly pleased with these results given the worldwide economic downturn that has challenged many of our customers. We believe our revenue in 2008 was sustained because our
consumable business (dice, cards, and layouts) held relatively steady and our non-consumable business (chips and tables) remained strong due to casino openings in 2008. We were concerned
about our consumable business with the slow down in gaming revenues, but consumable products are more affected by number of casino visitors rather than by gaming revenues directly. Therefore, although
the number of casino visitors was down in the major domestic markets of
Las Vegas and Atlantic City, they were not as far down as gaming revenues. Our casino chip business again surpassed 60% of our total revenues in 2008, of which a significant portion is related to new
casino openings and expansions. Despite the downturn in the gaming industry, casino openings and expansions planned for 2008 generally happened as scheduled.

        In
the second quarter of 2008, we completed the move of plastic injection molding for Bud Jones casinos chips from Las Vegas to our manufacturing facility in Mexico. In the third quarter
we began to see the benefits of the move with an improvement in margins for our Bud Jones casino chips.

        In
the third quarter of 2008, GPI SAS was certified ISO 9001 compliant, which provides external validation to our quality control processes.

        GPI
SAS uses the euro as its functional currency. As of December 31, 2008 and December 31, 2007, the US dollar to euro exchange rates were 1.3917 and 1.4718, respectively,
which represents a

21

HREF="#bg17001a_main_toc">Table of Contents

5.4%
stronger dollar compared to the euro. The average exchange rates for the years ended December 31, 2008 and 2007 were 1.4706 and 1.3706, which represents a 7.3% weaker dollar compared to
the euro.

Financial and Operational Highlights

Our net income for the third quarter of 2008 was $1.2 million, an increase of $0.8 million, or 200%, from the third quarter of 2007.  Our revenues for the third quarter of 2008 were $13.8 million, a decrease of $1.4 million, or 9%, from the third quarter of 2007.  The increase in net income in the third quarter of 2008 compared to the third quarter of 2007 is due to improved operational performance as exhibited by improved gross profit margins and lower selling and administrative expenses, as well as a gain on foreign currency transactions and a lower effective tax rate.

In the second quarter of 2008 we completed the move of plastic injection molding for Bud Jones casinos chips from Las Vegas to our manufacturing facility in Mexico.  In the third quarter we began to see the benefits of the move and expect further savings in the future.

GPI SAS uses the euro as its functional currency.  As of September 30, 2008 and December 31, 2007 the US dollar to euro exchange rates were 1.4303 and 1.4721, respectively, which was a 2.8% change.  The average exchange rates for the nine months ended September 30, 2008 and September 30, 2007 were 1.5219 and 1.3444, which was a 13% change.

In July 2008, GPI SAS was certified ISO 9001 compliant, which provides external validation to our quality control processes.

Financial and Operational Highlights

We had improved results for the second quarter of 2008. Our net income for the second quarter of 2008 was $1.8 million, an increase of $1.4 million, or 320%, from the second quarter of 2007, and an increase of $2.3 million from the first quarter of 2008.  Our revenues for the second quarter of 2008 were $18.9 million, an increase of $4.1 million, or 28%, from the second quarter of 2007, and an increase of $6.7 million, or 56%, from the first quarter of 2008.  The increase in net income and revenue is primarily attributable to several significant casino chip deliveries as a result of casino openings in the United States.

Also favorably affecting our results in the second quarter of 2008 was the successful resolution of an income tax matter before the French Tax Administration we had previously disclosed.  This matter was resolved without any payment required by the Company and the $217,000 reserve was eliminated.

In the second quarter of 2008 we completed the move of plastic injection molding for Bud Jones casinos chips from Las Vegas to our manufacturing facility in Mexico.  We have invested approximately $290,000 in leasehold improvements and equipment in connection with the relocation.  We expect the product line to be fully operational by the end of the third quarter 2008.

GPI SAS uses the euro as its functional currency.  As of December 31, 2007 and June 30, 2008 the US dollar to euro exchange rates were 1.4721 and 1.5764, respectively, which was a 7.1 % change.  The average exchange rates for the six months ended June 30, 2008 and June 30, 2007 were 1.5309 and 1.3293, which was a 15% change.

In July 2008, GPI SAS was certified ISO 9001 compliant, which provides external validation to our quality control processes.