Frriiday, 06 Novemberr 2009
BETA SECURITIES SA
Member of the Athens Stock Exchange

Market Comment
ASE ended up 1.2% with volume at €250.5. Bank of Cyprus soared 4.74%
followed by EUROB GA (+3.81%). NBG closed also 2.79% higher at €25.82.
HTO also supported the market closing up 2.63% at 11.70 euros on 1.29m shares
traded. OPAP dipped 1.57% on thin volume.

Greek Macro
Greece needs to save at least 7.8 bil. euro in 2010 so as to meet the targets set by
the draft budget presented yesterday. Finance Minister George Papaconstantinou
said that the basic target is to bring deficit down from the current 12.7% of GDP to
9.4% next year. In order to accomplish this, net income need to be increased by 4.5
bil. euro.
Greece will delay the introduction of a planned tax on stock market gains, which
was scheduled to take effect on Jan.1, the country's finance minister said on

Corporate News
ALPHA GA/ EX RIGHTS DATE: 6/11/2009 RIGHTS TRADING
PERIOD: 12/11/2009 – 20/11/2009 RIGHTS EXERCISE AND OVER
SUBSCRIPTION PERIOD: 12/11/2009 – 26/11/2009

Results
HTO GA/ The Company reported a 19 percent fall in third-quarter net profit, hit
by weaker mobile revenues thanks to economic weakness at home and in the
Balkans. In particular, net profit was 163.1 million euros near the average forecast
of 164.8 million in a Reuter’s poll. Last year's net profit included a one-off gain
of about 17 million euros from a real estate sale. Third-quarter sales fell 7.4
percent to 1.52 billion euros, slightly below analysts' average 1.54 billion forecast.
Excluding its Macedonian unit Cosmofon sold earlier this year, sales dropped by
6.4 percent year-on-year. Strong price competition, higher taxes and a sluggish
domestic economy and in the Balkans dragged its weighed on OTE's revenues.
OTE's adjusted EBITDA margin, to which the guidance applies, stood at 37.7
percent in the third quarter. The company said it could not comment on the outlook
for interim dividend, net income or cash flow until the Greek government clarifies
a one-off tax announced this week on 2008 corporate profits.
According to Mr Vourloumis, Vourloumis the company needed to accelerate cost
Cutting because revenues were unlikely to benefit from any significant reversal of
the current, adverse market conditions.
The company is on track to meet its full-year target of group profitability roughly
in line with last year's level.

EEEK GA/ The Company reported third-quarter net profit in line with market
expectations and said outlook remained uncertain due tough economic conditions.
The global downturn has led to consumers cutting spending and to currency
devaluations, hurting CCH's business, particularly in developing countries such as
Russia and Nigeria, which account for about two thirds of CCH's sales.
Third-quarter net profit fell 3 percent year-on-year to 206.1 million euros as soft
drink demand softened. The figure was in line with an average forecast of 205.4
million produced in a Reuters poll. The group said third-quarter sales volume
came in at 584 million unit cases, below analysts' average forecast of 611 million,
helped by the acquisition of Italian bottler Socib. Foreign exchange losses
weighed on revenues, which fell 9 percent to 1.88 billion euros.

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