Frriiday, 04 Decemberr 2009
BETA SECURITIES SA
Member of the Athens Stock Exchange

Market Comment
Greek market ended 2.73% lower yesterday, erasing intraday gains. Banks fell
5.35% after Goldman Sachs report, which voices concern over the profitability
growth rate of Greek banks for 2010 and 2011. In FTSE20, CCH (+5.84%) and
HTO (+0.57%) were the only stocks to end with a positive sign. Eurobank (-
6.46%), Piraeus Bank (-6.39%), Hellenic Postbank (-5.98%), Mytilineos (-5.94%),
Bank of Cyprus (-5.87%) and NBG (-5.19% at 21.00 euro) all posted hefty losses.
Alpha Bank and ATEBank shed 4.87% and 4.28%, followed by MPB (-3.41%),
Titan (-3.06%), Intralot (-2.86%), and PPC (-2.59%).

Greek Macro
Finance minister said on Thursday he was confident the county's economy would
return to a sustainable path, adding failure was not an option. George
Papaconstantinou rejected the suggestion his government's financial policies,
necessary to bring down one of the highest budget deficits in Europe, would result
in social unrest and strike action, saying that was a basic misconception. He also
said markets should not be worried about the government defaulting on its bonds.
Fiscal cuts and reforms including tax, pension and public management policies
showed the country was "doing the right thing," Papaconstantinou said.

Corporate
Intralot / The company, has bought a 35 percent stake in U.S. interactive gaming
platform provider CyberArts to boost its online offering. Intralot said it would
have the option to increase its holding in CyberArts to 51 percent. CyberArts
provides IT platforms to a number of gaming operators worldwide and has
operations in the U.S., Italy and France, offering online gaming products,
including poker, bingo and casino table games. Intralot has been expanding
globally in recent years, taking advantage of liberalisation of the world's gaming
markets. It set up a subsidiary earlier this year to look at any opportunities in the
online gaming sector.
Agricultural Bank / New Chairman TPantalakis, in favor of merger with TT

World Economy
EU
Gross Domestic Product s.a. (QoQ) (3Q) at 0.4% in line with estimates (previous: -
0.2%)
Gross Domestic Product s.a. (YoY) (3Q) at –4.1% in line with estimates (previous
–4.8%)
Retail Sales (MoM) (Oct) unchanged vs. estimates for a 0.2% increase (previous: -
0.5%)
Retail Sales (YoY) (Oct) fell 1.9% less than estimates for a 2.4% fall (previous: -
2.8%)
ECB Interest Rate Decision / Unchanged to 1%, according to estimates
Jean- Claude Trichet said the ECB will scale back its flagship emergency
financing operations next year as the euro region starts an uneven recovery.
The ECB will tie the rate on the Dec. 15 tender of 12-month funds to market
demand, a departure from its current policy of offering the money at the ECB’s
benchmark rate. Trichet stressed that the moves shouldn’t be seen as a signal the
ECB has yet decided to raise its main rate, which it left at 1 percent today. The
current rate is “appropriate,” he said.

United States
Initial Jobless Claims (Nov 28) at 457K (estimates 480K, previous: 466K)
Continuing Jobless Claims (Nov 21) at 5465K (estimates 5400K, previous 5423K)
Nonfarm Productivity (3Q) at 8.1% vs. estimates for 8.5% and from 6.6%
previously

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