Wednesday, 11 Novemberr 2009

BETA SECURITIES SA
Member of the Athens Stock Exchange

Market Comment
ASE ended lower yesterday for a second straight session (–1.3%). The decline was
driven by banks with EUROB GA ending 4.13% lower at €10.45, NBG ending 3.63%
lower at €24.68 and Bank of Piraeus ending 2.59% lower at €11.65. OPAP on the other
hand closed higher 0.23% at €17.64. Trading volume stood at €196.9m.

Corporate News
EEEK GA/ Coca-Cola Hellenic Bottling Company announced the successful launch of
a Euro bond issue of €300 million. The proceeds of this transaction will be partly used
to fund the previously announced Capital Return payment and will allow Coca-Cola
Hellenic to extend its maturity profile. The 7-year €300 million bond offering,
whichoffers a 4.25% coupon, attracted almost €3 billion in orders and has been placed
with a diversified investor base. The transaction will settle on 16 November 2009 and
the bonds will mature on 16 November 2016.
PPA GA/ A Piraeus court said the dock workers strike is illegal but not excessive.
This comes after a motion filled by many chambers of commerce around Greece.
The decision calls for a two-month imprisonment and a 4,000euro fine per day in all
trade unions, in case they stage another strike.

Results
PPC GA / The company reported a strong set of 9M09 financial results that were above
market expectations. Total revenue amounted to €4.5bn posting an increase of 1.8% yo-
y. EBITDA came in at €1,374m vs €280m in the previous year. Net income came in
at €642m vs loss of €244m in 9M08. EBITDA margin jumped to 30.7% vs 6.4% in the
previous year, a remarkable increase.
The dramatic increase is attributed to the significant drop in fuel prices and lower
electricity demand compared to 9M08. The expenditure for liquid fuel, natural gas and
energy purchases, decreased by 1,055m y-o-y, a reduction of 4.6%. In addition hydro
generation increased significantly (39.894% y-o-y) and generation from lignite power
stations increased by 6% y-o-y.
On the other hand PPC’s expenses were significantly lower compared to 9M09.
Provision for CO2 emissions down by 32% y-o-y, energy purchases down by 41% y-oy,
purchases from the system down by 48% y-o-y, PPC imports down by 36% y-o-y.
The improvement is profitability is mainly due to the dramatic decrease of operating
expenses by €1,016m and the favorable decrease of the System Marginal Price from
approx. €85 in 9M08 to approx. €50 in 9m09.
Capital expenditure amounted to € 760.4 m compared to € 717.3 m in 9M08.
Net debt amounted to €4,111m, lower by €433m compared to 31/12/2008 (€4,544m).

Results Preview

MOH GA/ The company is expected to post a 6% fall in 9M2009 bottom line results.
Consensus estimates expect net income to reach €125.2m hurt by narrower refining
margins. Ebitda is expected at €198.7m posting a 18.3% decrease.

MYTIL GA/ Is expected to post a 10.4% decrease in 9M2009 profitability. Consensus
estimates expect profits to reach €13.7m. Ebitda are predicted at €72.3m or 9.17%
lower. Sales are expected at €486.1m, 33.7% lower after the company suspended its
Romanian operations.

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