Thurrsday, 12 Novemberr 2009

BETA SECURITIES SA
Member of the Athens Stock Exchange

Market Comment
The Greek market closed 025% higher on moderate €156.9m volume. Banks ended up mixed
with EURO GA closing at €10.41, 0.38% lower, ETE closing at €25.02, 1.38% higher and
Alpha Bank at €11.32, and 2.41% lower with 1.79m shares being traded. OPAP ended higher
1.19% €17.85. We expect a flattish opening in the domestic market today.

Corporate News
AVAX GA /According to press reports, the company is close to win a contract (as a part of a
joint venture) for the construction of a 327 km motorway that will connect Abu Dhabi with
Saudi Arabia and Qatar. The project is expected to start in 2010 and will be completed in the
first quarter of 2014, with an approx. cost of €1.8bn.
OLP GA / Greek dockers suspend strike against Cosco Pacific
MYTIL GA/ Imports 65,000 KM Liquid Natural Gas from Italian Eni, breaking Greek DEPA’s
monopoly.

Results

MOH GA / In line
Nine-month net profit dropped to 125.5 million euros from 133.2 million in the same period last
year in line with consensus forecasts. Earnings before interest, tax, depreciation and
amortisation slipped to 198.7 million euros from 243.5 million in the same period a year earlier,
also in line with analysts' estimates. Sales stood at 2,508.9m up 53.4%.

MYTIL GA /Above market estimates
Net profit rose to 18.3 million euros from 15.3 million up 20% yoy. The results exceeded
analysts' forecasts, who had expected earnings to fall to an average 13.7 million euros,
according to Reuters.
Ebitda also unexpectedly rose, to 89.4 million euros from 79.6 million in the same period a
year earlier.
Sales dropped to 486 million euros from 734 million euros. This drop was the result of delays in
the implementation of projects by Metka due to unforeseen events (€81.2 million), and of the
suspension of the Group’s Romania-based subsidiary Sometra (€65.1 million).
Key drivers:
Metal and Currency hedges supported top line and profitability.
Improved EBITDA margin (+756 bp).
Lower Input Costs.
Stronger dollar.
Metka
METKA, turnover stood at 202.9 million euros against 299.1 million euros in 2008, a decrease
mainly attributed to delays in the implementation of specific projects. Ebitda stood at 36.1
million euros, down from 51.5 million euros in for the same period in 2008. Net income stood
at 19.9 million euros from €30million euros.
METKA’s signed backlog currently stands at €2.2 billion

FRIGO GA / Net profit fell 82.8%, as the global economic downturn hit demand for the firm's
coolers in Europe, reaching €6.5m euros. Sales reached €246.2m down 41.9% yoy, while ebitda
amounted to €40.4m down 52.8%.
Frigoglass was optimistic on the fourth quarter, expecting consumer trends in Africa and Asia to
improve.

Macro EU-Greece
The European Commission proposed yesterday that 13 European Union countries should bring
their budget deficits below the EU ceiling of 3% of GDP between 2012 and 2014/15. The
announcement follows agreement by EU finance ministers on Tuesday to start withdrawing
fiscal support to the economy from 2011 at the latest as the recovery takes a firmer hold.
The Greek economy and public finances have very serious problems, according to Mr. Almunia.
The Commission will propose a deficit deadline for Greece in the next two or three months.
Greece needs strong structural adjustments. Greece needs a very ambitious and determined
fiscal consolidation strategy over the medium-term and very crucial institution reforms to be
able to deliver structural and fiscal adjustments
The Greek budget overruns were not only a problem for Greeks, but for the single currency area
as a whole, because the 16 countries in it shared the euro.

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