Monday, 23 Novemberr 2009
BETA SECURITIES SA
Member of the Athens Stock Exchange

Market Comment
The Greek market posted hefty losses, ending 3.73% lower on Friday,
driven by NBG (-5.76%), Eurobank (-6.88%), Alpha Bank (-5.84%),
whereas ELPE also ended 5.86% lower. Trading volume reached
€306.7m. Today, in the domestic market we expect a flattish opening,
with investors focusing on ETE and OPAP results.

Results Preview

OPAP GA/ Q32009 Results after market close
The company is seen posting a 13.4% fall in Q309 net profits as a key
lottery game lost its novelty and the downturn in Greece. Net income for
the third quarter is expected to reach €141.8m. Sales are seen reaching
€1,202.2m from €1,217m a 1.2% drop. Ebitda is seen at €196.7m from
€240.7m, a 18.2% drop. Kino sales, the company’s flagship lottery, are
seen down 5%, marking the game’s first decline since its launch in
2004. Stihima sales are seen unchanged at €430.1m.

ETE GA / 9M 2009 Results after market close
We expect net income at €1,066m (a 12% yoy decrease) and NII at
€2,900m increased by 10% yoy.

Macro Greece
Greece aims to cut the deficit to 9.1 percent of GDP in 2010 from 12.7
percent this year, a final draft budget showed on Friday.
The economy is seen contracting 0.3 percent next year from a revised
1.2 percent contraction in 2009. Based on the final budget draft,
submitted to parliament by the government on Friday, ordinary spending
next year will be cut by 2.3 percent, more than an initial 1.4 percent
target in the previous budget draft.
2010 2009
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DEFICIT TO GDP (%) *9.1 12.7
DEFICIT (bln) *22.176 *30.557
GDP GROWTH (%) -0.3 *-1.2
GDP (bln) 244.233 240.150
PUBLIC INVESTMENT(% y/y) 8.4 -1.3
NET ORDINARY REVENUES (%) 9.0 *-4.7
NET ORDINARY REVENUES (bn) *53.700 *49.260
ORDINARY SPENDING (%) *-2.3 15.9
ORDINARY SPENDING (bln) *69.796 71.438
PUBLIC DEBT (% to GDP) 120.8 113.4
PUBLIC DEBT (bln) *294.950 *272.300
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