Tuesday, 10 Novemberr 2009

BETA SECURITIES SA
Member of the Athens Stock Exchange

Market Comment
ASE ended lower yesterday (–0.5%) especially due to pressures on banks. Trading volume stood
at €418.5m enhanced due to Alpha Bank’s placement. EUROB GA ended lower 0.82% at €10.90
on 0.69m shares traded. NBG also closed down 1.12% at €25. 61. OPAP ended lower 1.57% on
0.29m shares being traded. Today investors focus on PPC 9m09 earnings’ release.

Greek Macro
According to provisional results, the Industrial Production Index (IPI) in September 2009, as
compared to September 2008, fell by 9.0%. A year earlier, the annual rate of change of the IPI
was-3.8%.The decrease of the IPI by 9.0% in September 2009, as compared to September 2008,
was due to the annual changes as following:
- by Industrial Sections
Mining and quarrying production fell by 4.3%
Manufacturing production fell by 10.5%
Electricity production fell by 5.7%
Water supply production fell by 7.1%.
The Consumer Price Index (CPI) in October 2009, as compared to October 2008, increased by
1,2%. A year earlier, the annual rate of change of the CPI was 3,9%. Consensus estimates were
expecting a 1.1% increase.
The Harmonized Index of Consumer Prices (HICP) in October 2009, as compared to
October 2008, increased by 1,2%. A year earlier, the annual rate of change of the HICP was4,0%.

Corporate News
INLOT GA / The company enters the newly established Italian VLTs’ (video lotto) market
through a joint venture with Cogetech S.p.A., a leading licensed VLT operator in Italy. The
company owns a 51% stake of the newly incorporated joint venture. The operation of the VLTs is
expected to commence in the 1st semester of 2010.
ALPHA GA / Announced that, following relevant notification, it has been informed of the
intention of certain Shareholders, including the Chairman of its Board of Directors, members of
Management and other members of their families, to sell up to 9 million shares they currently own,
subject to market conditions, through an accelerated book building process. The proceeds from any
such sale will be used to fund the exercise of their pre-emption rights for the take up of up to 13
million new shares to be issued in relation to the announced rights issue of the Bank.

Results
ALPHA GA / Alpha Bank reported a strong set of Q309 financial results with net income coming
in at €130m above consensus estimates for €126m. 9m09 came in at €345m well above consensus
for €335m. In Q309 the group NII came in at €433m on a €52.6bn loan balance compared to
€308m in Q308 on a €50.6bn loan balance. 9m09 NII came in at €1,304m down 4.3% y-o-y and
fee income came in at €286.5m down 18.9% y-o-y. Trading income came in stronger than
expected at €161m up 322% y-o-y mainly due to bond portfolio gains. Total operating income
came in at €1.801m down only 1.2% y-o-y. much better than the decline of 4% based on H109
financial results. Operating expenses increased by 2.9% much less than the 4% growth rate of
H109. Group gross loans increased by 4% y-o-y coming in at €52.6bn. Net loans to deposits
decreased from 118.7% in Q209 to 112% in Q309. Deposits declined 0.6% to €41.9m.
Net interest margin stabilized at 2.6% in the third quarter.
Asset quality deteriorated at a slower pace compared to the first two quarters, with non-performing
loans rising by 40 basis points to 5.2% of the loan book.
SEE continues to provide higher credit extension growth rates with SEE loans increasing by 30.6%
y-o-y whereas Greece lagged behind with 12% growth rate y-o-y.
Group impairment losses came in at 130bps for Q309 totaling €170m within the management’s
guidance for this phase of the provisioning cycle. Accumulated provisions now stay at €1.6bn,
firming coverage to 57%. The group loans in arrears (IFRS7 past due >90 days) climbed to 5.2%
in Q309 from 4.8% in Q209 and 3.5% in Q308.

Results Preview
PPC GA/ PPC is expected to report a surge in profits as falling costs more than compensate for a
drop in demand. In particular sales are expected at 4,496.1m euros increased by 1.8%. Ebitda are
seen surging to 1,349.8m from 280.8m euros. Net income is expected at 622.7m euros from losses
of 244.6m euros.

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