Monday, 16 Novemberr 2009

BETA SECURITIES SA
Member of the Athens Stock Exchange

Market Comment
The Greek market closed 1.21% lower on Friday, with banks ending 1.87% lower.
Trading volume stood at €157.6m. Alpha Bank, NBG and Eurobank posted hefty
losses, with Alphas right shedding 10.53% at 0.85 euro. In particular, ETE ended
2.18% lower at €24.26, EUROB closed 1.90% lower at €10.30 and ALPHA at
€10.82, 3.22% lower. OPAP also 1.14% down at €17.30.
Europe and US markets advanced. Today, European markets are seen opening flat
to higher, with investors keeping an eye in US retail sales and EU CPI data. We
expect a similar opening in the domestic market.

Results Preview
BELA GA/
Today, Jumbo is expected to announce Q12010financial results after the market
close. We expect the company to report sales growth at c8-9% according to
guidance reaching €116-€118m, EBITDA to increase by c5%-6% to €26m-€26.5m
and net income to rise by c6%-7% to €17m-€18m. We expect like-for-like sales
growth to have slowed down due to a weak back-to-school season.

Macro Greece
Greece's economy entered its first recession in 16 years in the first quarter of 2009
and has not recovered since, revised figures from Eurostat and the country's
statistics service (NSS) showed on Friday.
Greek economy contracted 0.3 percent in the third quarter of 2009 after shrinking
by a revised 0.1 percent in the second quarter, the NSS flash estimate showed.
Economists polled by Reuters were expecting the economy to contract at a
quarterly 0.8 percent clip in the third quarter.
KEY FIGURES (in pct) Q3 2009 Q2 2009 Q1 2009 Q4 2008
GDP growth (q/q) -0.3 -0.1 -0.5 -0.7
GDP growth (y/y) -1.6 -1.2 -0.5 +0.7

World Economy
Germany
Gross Domestic Product n.s.a (YoY) (3Q) -4.7% estimates -5.0% previous: -7.0%

European Monetary Union
Gross Domestic Product s.a. (QoQ) (3Q) 0.4% estimates: 0.6% previous: -0.2%

United States
Import Price Index (MoM) (Oct) 0.7% estimates: 1.1% previous: 0.2%
Trade Balance (Sep) -$36.5B estimates: -$32.0B previous: -$30.8B
Reuters/Michigan Consumer Sentiment Index (Nov) fell to 66 estimates: 71.2, Sept
70.6

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