Monday,, 30 Novemberr 2009
BETA SECURITIES SA
Member of the Athens Stock Exchange


Market Comment
General Index rose 1.4% on Friday, with banks advancing 2.48%. Trading volume stood at
€388.9m. NBG ended 0.55% higher at €20.11 with 5.9m shares traded. EUROB closed
0.30% higher at €8.60 with 3.3m shares traded. Bank of Piraeus posted a 6.56% increase
closing at €9.59. OPAP, lost 1.1% closing at €16. European markets are seen opening mixed
focusing on European CPI.


Greek Macro
Producer Price Index in Industry (PPI) in October 2009 as compared to October 2008
recorded a fall of 3.5%. A year earlier, the annual rate of change of the PPI was 5.8%.
The PPI in October 2009 as compared to September 2009 recorded a rise of 0.9%. A year
earlier the PPI decreased by 3.4%.
Greece's banking system is healthy and banks' capital ratios are high and improving, the
country's central banker said on Friday after a meeting with the country's finance minister.


Corporate
Marfin Popular Bank says results not affected by Dubai fears and it has no information on
Dubai Financial Group's intentions regarding the bank. Marfin Popular Bank has not
provided any credit facility, financing or loan of any form to the State of Dubai nor to any
company related or associated to the State of Dubai, the bank said in a statement.
Alpha Bank says rights issue of €986m oversubscribed 1.5 times
NBG / The board of National Bank will convene on Dec 2 to replace its chairman and chief
executive Takis Arapoglou. Greece picks Apostolos Tamvakakis as new CEO at NBG while
Vassilis Rappanos picked as new chairman.


Results
Geniki Bank widens 9-month loss on loan losses
The bank reported a nine-month loss of 51 million euros, hurt by loan-loss provisions of 77.6
million. The bank, posted a loss of 29.8 million euros in the same period last year. Geniki
said its loan portfolio reached 4.0 billion euros at the end of September, down 2.6 percent
from end-December 2008.
Hellenic post bank reported a nine month net income of €126.4m from 0.39m. NII stood at
€198.05m from €236.2m


GEK- TERNA
Revenues increased by 23.1%, reaching € 561.6 million from € 455.9 million in 9M
08. This increase is primarily driven by the increased construction turnover. EBITDA
reached € 65.7 million, increasing by 1.5% compared to 9M 08. The fall in Real Estate
profitability was offset by higher profits in construction and Renewables. Net income after
minorities reached € 80.4 million, an increase of 325% compared to € 18.8 m in 9M 2008,
attributed to c€ 56 m (net of impairments) capital gains. Net debt position in the group level
reached € 130.6 m, increased by c€ 95 m compared to the previous quarter, due to increased
CAPEX mainly in Energy andConcessions. Total CAPEX stood at € 192.8 million, mainly
driven by Energy and Concessions. Backlog reaches c€ 1.8 billion (20% outside Greece) and
construction sales stood at € 492.8million compared to 364.5 m in 9M 08. The backlog is
expected to be maintained at high levels in the coming periods.


World Economy

Germany
Import Price Index (MoM) (Oct) 0.5% (estimates: 0.4% previous: -0.9% )

European Monetary Union
Consumer Confidence (Nov) -17 (estimates: -18 previous: -18)
Economic Confidence (Nov) 88.8 (estimates: 88.0 previous: 86.1)

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