Thurrsday,, 31 Decemberr 2009
BETA SECURITIES SA
Member of the Athens Stock Exchange

Market Comment
Greek market posted marginal losses closing down 0.07%. Trading activity at
€129m. Banks closed at -1.15%, with Proton Bank soaring 8.29% as a total of
19.6m shares were sold to Alapis at 3.6 euros. On the contrary, Bank of Cyprus
(-1.82%), NBG (-1.55%), Alpha Bank (-1.36%), Piraeus Bank (-1.36%) HTO (-
1.06%). PPC (+1.41%), OPAP (+0.32).
We expect low volumes today and a quiet session due to New Years Eve.

Corporate News
TPEIR/ Piraeus said on Wednesday it had sold its entire 31.3 percent Proton
stake for 70.7 million euros to entrepreneur Lavrentis Lavrentiadis, who owns a
stake in foodstuffs and veterinary products maker Alapis and has several media
holdings. A total of 19.6 million Proton shares were sold at 3.6 euros.

OPAP/ Greece appointed a new management team to the company, and asked it
to lower costs by cutting waste and excessive salaries. OPAP shareholders
approved the appointment of Yannis Spanoudakis, a senior Athens 2004
Olympics organiser, as chief executive and Haris Stamatopoulos as the new
chairman, the company said on Wednesday.

Greek Macro
Greek Oct retail sales fall 15.3 pct y/y
Greece's retail sales by volume fell 15.3 percent year-on-year in October after a
8.7 percent drop in September.
Credit has tightened and unemployment rose in Greece, as the nation's economy
goes through its first recession in 16 years.

KEY FIGURES OCT SEP AUG JUL
Retail sales
by volume (y/y) -15.3 -8.7 -4.5 -10.2
Retail sales
by revenue (y/y) -14.0 -7.5 -3.1 -9.1
(in pct)
OCT SEP
Supermarkets -5.2 -8.0
Department stores -16.4 -18.8
Fuels, lubricants -43.5 -2.6
Food, beverage, tobacco -3.2 -3.3
Drugs, cosmetics +6.8 +8.1
Apparel, footwear -6.0 -7.9
Furniture, appliances -15.1 -12.2
Books, paper goods -17.7 -24.7

Growth in Greek household borrowing slowed further in November, to an
annual 3.1 percent pace from 3.3 percent in October, the central bank said on
Wednesday.

Household loan balances grew by 401 million euros in November. Mortgages
grew at a slower 3.7 percent annual pace, or 270 million euros, from 4.0 percent
in October.
Consumer credit expanded by 2.1 percent, down from 2.4 percent in October.
The Bank of Greece said credit to business also slowed, to an annual 5.2 percent
clip in November from 5.4 percent in October.

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