Research & Analysis Department 2 Ag. Theodoron Sq, 105,61 Athens, Tel. +30 210 3212947 DAILY REPORT Fax: +30 210 3314355

17/09/13

6Months Market Comment

Α small profit taking and a correction until the 950 – 955 points in program…

Volatility is expected to continue in the market, with the scenario of a small profit taking (until the levels of 950 – 960 points) to Closing Indices 16/09/13 Chng.% YTD seem logical, particularly after the recent gains in the market. In ASE General 993.23 0,18 9.40% any case, the mid – long term trend of the market continues to FTSE Large CAP 340.90 0,06 10.08% FTSE Mid Cap 1,039.47 0.65 -8.27% improve (read previous comments). In the other news, all the eyes ATHEX / ALL SHARE INDEX 209.87 -0.06 -11.32% will be in the forthcoming negotiation with Troika, restating that BANKS 154.68 -0,28 -31.64% it is “matter of life” for the survival of the Greek government and TELECOMS 2,113.97 1,59 50.59% CONSTRUCTION & overall for the Greek program (which currently is on track), new MATERIALS 2,067.99 -0,61 12.63% measures not to be to be received. TRAVEL - LEISURE 1,393.82 0,03 38.08%

ATHEX STATISTICS (16/09/13) A.G.High/Low 997.72 979.74 the greek government don’t receive in any case new economic

Ups/Down/Stable 55 68 143 Impormeasures.tant Corporate & Macroeconomics News and Comments New Turnover 44,527,576 High/Low 0/0 Avg. Turnover (ytd.) 64,166,279 Viohalco to move base to Belgium Pieces 22,331,925 Viohalco Hellenic Copper and Aluminum Industry is moving its Market Cap. 62,125,254,340 headquarters from Greece to Brussels, Kathimerini understands, thereby Market Cap./GDP 32.70% becoming the third major Greek firm to leave the country over the last Block Trades 4,694,485 year. Viohalco is the largest Greek company in its field but has decided to move to Brussels because of the problems it encountered obtaining ATHEX VALUATION financing in Greece and because it will pay lower taxes in Belgium, sources ASE GEN. IND told Kathimerini. The move means the company’s shares, which have been P/E RATIO (EATAM) traded on the Athens Stock Exchange since 1947, will be withdrawn from P/BV the bourse. The company currently has a market capitalization of 1 billion D.Y. euros. Viohalco representatives told Kathimerini that the company moving FTSE 25 its headquarters to Brussels would not affect its 87 subsidiaries. P/E RATIO (EATAM) P/BV D.Y. No pressure for more measures, says Stournaras as PM FUTURES FTSE Large CAP Set/ment Chng.% Volume prepares for Brussels talks Finance Minister Yannis Stournaras denied on Monday that Greece is under June 2013 328.50 3.14 6,997 pressure from its lenders to adopt more fiscal consolidation measures.

Stournaras spoke briefly to journalists after leaving a meeting with Prime FTSE MID CAP Set/ment Chng.% Volume Minister Antonis Samaras. The finance minister briefed the premier about what was discussed at last week’s Eurogroup meeting, when Dutch Finance Minister Jeroen Dijsellbloem said that Greece’s funding gap would INTERNATIONAL INDICES not be discussed until later this year. Samaras is due to travel to Brussels on Tuesday to meet with European Commission President Jose Manuel Closing* Indices 16/09/13 Chng.% YTD Barroso, European Council chief Herman Van Rompuy and European DOW JONES 15,376.06 0,49 17.34% Parliament president Martin Shulz. It is thought that the Greek prime S&P 500 1,687.99 0.27 18.36% minister will stress to the EU officials that the government cannot adopt any more austerity measures. NASDAQ 3,722.18 0,17 22.02% DAX 8,509.42 0,18 11.78% FTSE 100 6,583.30 -0,08 11.62% Greece needs six years to return to pre-crisis state, Samaras CAC 40 4,114.50 0,19 13.00% Italy 17,547.91 0,06 7.89% says Greece will soon return to growth, taking about six years to recover and be Spain 8,941.60 0.19 10.77% restored to its pre-crisis state, Prime Minister Antonis Samaras predicted NIKKEI 225 14,404.67 0.12 38.57% on Monday. The Greek premier was addressing a seminar organised by the Hang Seng Index 22,915.28 -0.17 1.14% "International Herald Tribune" at the Attalos Stoa in Athens. FX EURIBOR While admitting that the country was not yet "out of the woods", Samaras EUR/USD 1.327 1 M 0,129 emphasised that sweeping changes had taken place in the last 14 months EUR/GBP 0,84474 3 M 0,225 and the picture presented by Greece was now very different. He expressed USD/JPY 99.557 6 M 0,342 hope that, by the end of the year, the country will have achieved a primary EUR/JPY 132.065 12 M 0,547 surplus. The Greek premier also referred at length to the pressures placed *Except Asian Markets: Last Update 7:30’ - Local Time (GMT+2) on democracy over the years by populism, noting that the "political extremes" were trying to capitalise on people's anguish. BRENT 108.29 GOLD 1325

SILVER 23,33

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Research & Analysis Department 2 Ag. Theodoron Sq, 105,61 Athens, Greece Tel. +30 210 3212947 DAILY REPORT Fax: +30 210 3314355

EU Commission on Greek PM's meetings in Brussels

The meeting between Greek Prime Minister Antonis Samaras and European Commission President Jose Manuel Barroso will focus on the latest political and economic developments in Greece and the upcoming Greek EU presidency in the first half of 2014, European Commission spokesperson Pia Ahrenkilde Hansen said on Monday. Samaras is due to meet Barroso on Tuesday, when he visits Brussels. The Greek premier will begin his visit by meeting European Parliament President Martin Schulz at noon (Greek time), followed by a joint press conference with Schulz at 12:30 p.m.He will then head to the European Commission for his meeting with Barroso, which will be followed by a joint press conference at 3:45 p.m. Greek time. The Greek premier is next scheduled to meeting European Council President Herman Van Rompuy at 4:00 p.m. Greek time and also European Commission Vice- president and Commissioner for Competition Joaquin Almunia.

Prime min ister extends invitation to Putin to visit Greece Prime Minister Antonis Samaras extended an invitation to Russian President to visit Greece, during his meeting on Monday with 's Federation Council Chairwoman Valentina Matviyenko, who is currently in

Athens. Matviyenko presented Samaras with a personal message from Putin and, according to sources, referred to the strong interest expressed by Russian firms for investments in Greece, as well as the Russian government's intention to support such investments in every way. The Russian official said that intends to participate in a new tender for the sale of Greece's public gas company DEPA, while expressing complaints over the stance adopted by the on this issue. She noted that the EU had created problems over Gazprom coming to Greece when the company had activity throughout Europe. Matviyenko also referred to Russian interest in the privatisation of Greece's railway and said she appreciated the difficulties and the struggle faced by Greeks. "The decisions you have made demand courage," she was quoted as saying to Samaras, according to sources. The Greek premier, in turn, appeared confident that Greece was now in the "final stretch" of a difficult course. Samaras also raised the issue of his letter to Putin concerning the price of natural gas, with Matviyenko replying that there had been an immediate response, that two rounds of talks had already taken place, and that she hoped that an agreement will be reached after the third round. Matviyenko also held a meeting with Government Vice President and Foreign Minister Evangelos Venizelos, ahead of the meeting between the Greek and Russian delegations at the Foreign Ministry. Referring to the agenda of the talks, Venizelos said in statements following the meeting that they will focus on the entire spectrum of bilateral relations including tourism, energy, investments and privatizations. Greece will utilize to the fullest its six-month term in the rotating EU Presidency in the first half of 2014 to upgrade relations with Russia on all levels, bilaterally and with the EU, he added. On her part, Matviyenko thanked Venizelos for the warm welcome and referred to the years she served as the Russian Ambassador to Athens, noting that since then Greece has a special place in her heart. Making a special reference to the 185th anniversary of the bilateral diplomatic relations, she said that the long cooperation between the two countries is indicative of the ties linking the two peoples through centuries, noting that “the right conditions are present to take our relations to another level”. Matviyenko said that relations between Russia and Greece constitute an essential factor of stability in the Balkans and the greater region and, referring to the forthcoming Greek EU Presidency, underlined the need for closer relations between the EU and Russia. Underlining Russian President Vladimir Putin's special interest in the relations with Greece, she said that he has given her a specific order to contribute to the reinforcement of bilateral relations on all levels. Matviyenko said that the Russian side is very pleased with the relations between the two foreign ministries and in this context she conveyed the greetings of Foreign Minister Sergey Lavrov ahead of his meeting with the Greek foreign minister in the context of the UN General Assembly in New York. Source: Athens News Agency

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Trades in Share Block(s)

16/09/2013

Number Of Shares In Price of Share Value of Company Time Block Block Transactions FOLLI FOLLIE S.A. 10:43:42 207,840 18.295 3,802,432.80

MOTOR OIL (HELLAS) CORINTH 14:27:18 49,736 7.52 374,014.72 REFINERIES SA MOTOR OIL (HELLAS) CORINTH 15:53:24 68,888 7.52 518,037.76 REFINERIES SA

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Global Economic Calendar (17/09/13) Time Currency Forecast Previous

11:30am GBP CPI y/y 2.7% 2.8%

GBP PPI Input m/m 0.3% 1.1%

GBP RPI y/y 3.2% 3.1%

GBP Core CPI y/y 2.1% 2.0%

GBP HPI y/y 3.4% 3.1%

GBP PPI Output m/m 0.2% 0.2%

12:00pm EUR German ZEW Economic Sentiment 45.3 42.0 EUR ZEW Economic Sentiment 47.2 44.0

EUR Trade Balance 15.3B 14.9B

3:15pm USD Treasury Sec Lew Speaks

USD Core CPI m/m 0.1% 0.2%

USD CPI m/m 0.2% 0.2%

4:00pm USD TIC Long-Term Purchases -45.3B -66.9B

USD NAHB Housing Market Index 59 59 5:00pm *Local Times (GMT+2)

* Local Time (Greece: GMT +2

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GENERAL INDEX - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (22.0000), Directnl Movement +DI (37.0000), Directnl Movement -DI (16.0000) 40 20 MACD (21.5493) 0

Relative Strength Index (68.0279) 80 70 60 50 40 30 Trades in Share Block(s) GD(e) (997.390, 999.960, 983.610, 991.460, -5.53998), Parabolic SAR (926.706)

1200 13/09/2013 Symbol Company Time Number Of Shares In Block Price of Share Block Value of Transactions Note Given the recent movement and the stabilization above the 920 – 930 points, the diagrammatical picture improves TPEIR PIRAEUS BANK S.A. 10:34:50 50,000 1.29 64,500.00 14 considerably, reminding that we are talking for the long term trend which tries to return into positive after almost 5 years!! 1150 HTO HELLENIC TELECOM. ORG. 11:28:54 36,362 7.615 276,896.63 20 HTO HELLENIC TELECOM. ORG. 12:17:58 100,000 7.575 757,500.00 20 In these specific levels, the next resistances are in the levels of 1.000 – 1.010 point, 1.040 – 1.050 points and in the levels EYDAP ATHENS WATER SUPPLY & SEWAGE Co. 13:35:46 50,000 7.00 350,000.00 20 1100 of 1.150 – 1.180 points. It should be noted that penetration of the last mentioned levels, whenever it happens, it is possible EYDAP ATHENS WATER SUPPLY & SEWAGE Co. 13:36:09 50,000 7.00 350,000.00 20 to open the road for a movement considerably higher. 2 : SPOT 1 & SPOT 2 Packets 3 : Block with Short Selling 1050 On the other hand and as matter supports, there are the levels of 950 – 960 points (a small profit taking until these 4 : Buy to Close Block levels is always a possible scenario), the 950 points (weak supports) and the “key” levels of 920 – 930 points, 6 : Simultaneous Constitution which is very important for the index to remain above them in the next days/weeks. 1000 7 : Repurchase Agreement 8 : Dispersion's Achievement (Not Listed) 9 : Dispersion's Achievement (Listed) 950 10 : Share Capital Majority of Greek State (> 50 bil) 11 : Total Assets > 500 bil 12 : Sell Offer through AE 900 13 : Forced Sale of NMOE 14 : Restoration Packet 15 : Market Maker Packet 850 16 : Short Selling 800

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x1050000 10 17 24 1 8 15 22 29 5 12 19 26 3 10 17 27 7 14 21 28 4 11 18 25 4 11 19 26 2 8 15 22 29 8 13 20 27 3 10 17 25 1 8 15 22 29 5 12 19 26 2 9 16 23 30 September October November December 2013 February March April May June July August September

General Index (Weekly Data) - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (14.0000), Directnl Movement +DI (29.0000), Directnl Movement -DI (21.0000) 50

MACD (5.33508) 0

Relative Strength Index (56.9835) 50

GD(e) (942.880, 1,001.97, 939.830, 991.460, +52.1200), Parabolic SAR (803.745) 2150 2100 2050 2000 1950 1900 1850 1800 1750 1700 1650 1600 1550 1500 1450 1400 1350 1300 1250 1200 1150 1100 1050 1000 950 900 850 800 750 700 650 600 550 500 450 400 350

30000 20000 x10010000 Nov Dec 2009 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 Mar Apr May Jun Jul Aug Sep Oct Nov

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FTSE 25 - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (24.0000), Directnl Movement +DI (37.0000), Directnl Movement -DI (16.0000) 50

MACD (7.99370) 0

Relative Strength Index (69.5534) 50

FTSE(e) (341.450, 342.280, 337.750, 340.680, -1.07001), Parabolic SAR (317.172) 420 410 As matter FTSE 25, the key not only for the index but also for the market is the index to remain above the 325 – 330 points, 400 from which there is a small - safe distance right now. We should mention that above these levels there is an important lack of resistances at least until 30 to 40% higher. 390 380

370 360 350 340 330 320 310 300 290 280 270 260 250 240 230

220 210 200 190

10000 x10000 10 17 24 1 8 15 22 29 5 12 19 26 3 10 17 27 7 14 21 28 4 11 18 25 4 11 19 26 2 8 15 22 29 8 13 20 27 3 10 17 25 1 8 15 22 29 5 12 19 26 2 9 16 23 30 September October November December 2013 February March April May June July August September

FTSE 25 (weekly data) - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (16.0000), Directnl Movement +DI (30.0000), Directnl Movement -DI (19.0000) 50

MACD (2.59282) 0

-50

Relative Strength Index (57.1989) 50

FTSE(e) (324.560, 343.210, 322.930, 340.680, +18.3700), Parabolic SAR (268.860) 1000

23.6% 950

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x10000 Nov Dec 2009 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 Mar Apr May Jun Jul Aug Sep Oct Nov

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Research & Analysis Department 2 Ag. Theodoron Sq, 105,61 Athens, Greece Tel. +30 210 3212947 TECHNICAL RESEARCH BRIEFING Fax: +30 210 3314355

BANK SECTOR - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (22.0000), Directnl Movement +DI (34.0000), Directnl Movement -DI (18.0000) 50

MACD (5.70995) 0

Relative Strength Index (61.0852) 50

DTR(e) (160.010, 160.970, 153.890, 155.110, -4.74001), Parabolic SAR (147.719) 390 380 370 360 In the case of the bank sector index, the diagrammatical picture continues to improve with the first priority to be the index to remain above the 150 – 155 points and then to test again the critical resistances in the levels of 350 165 points (higher the next resistances are in the levels of 170 points and 175-180 points). 340 330 320 310 300 290 280 270 260 250 240 230 220 210 200 190 180 170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 1 0 -1 10 17 24 1 8 15 22 29 5 12 19 26 3 10 17 27 7 14 21 28 4 11 18 25 4 11 19 26 2 8 15 22 29 8 13 20 27 3 10 17 25 1 8 15 22 29 5 12 19 26 2 9 16 23 30 September October November December 2013 February March April May June July August September

BANK SECTOR (weekly data) - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (15.0000), Directnl Movement +DI (27.0000), Directnl Movement -DI (20.0000) 50

MACD (-13.5630) 0 -500

Relative Strength Index (48.6370) 50

DTR(e) (146.340, 166.420, 145.920, 155.110, +10.1000), Parabolic SAR (241.514) 2500

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0 -100 Nov Dec 2009 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 Mar Apr May Jun Jul Aug Sep Oct Nov

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Research & Analysis Department 2 Ag. Theodoron Sq, 105,61 Athens, Greece Tel. +30 210 3212947 TECHNICAL RESEARCH BRIEFING – INTERNATIONAL MARKETS Fax: +30 210 3314355

S&P 500 - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (24.0000), Directnl Movement +DI (21.0000), Directnl Movement -DI (28.0000) 40 30 20 10 MACD (-6.64638) 20 10 0 -10

Relative Strength Index (49.2079) 50

S&P-500 Index (1,655.08, 1,664.74, 1,641.23, 1,655.17, +0.09009), Parabolic SAR (1,631.07) 1750 1740 1730 1720 1710 1700 1690 1680 1670 1660 1650 1640 1630 1620 1610 1600 1590 1580 1570 1560 1550 1540 1530 1520 1510 1500 1490 1480 1470 1460 1450 1440 1430 1420 1410 1400 1390 1380 17 24 1 8 15 22 29 5 12 19 26 3 10 17 24 31 7 14 21 28 4 11 18 25 4 11 18 25 1 8 15 22 29 6 13 20 27 3 10 17 24 1 8 15 22 29 5 12 19 26 2 9 16 23 October November December 2013 February March April May June July August September

S&P 500 (weekly data) - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (23.0000), Directnl Movement +DI (21.0000), Directnl Movement -DI (20.0000) 60 55 50 45 40 35 30 25 20 15 10 5

MACD (32.0334) 0 -50 -100 Relative Strength Index (56.8429) 50

S&P-500 Index (1,632.97, 1,664.74, 1,632.97, 1,655.17, +22.2001), Parabolic SAR (1,621.52) 1800 1750 1700 1650 1600 100.0%0.0% 1550 1500 1450 1400 23.6% 1350 1300 1250 61.8%38.2% 1200 1150 50.0%50.0% 1100 1050 38.2%61.8% 1000 950 23.6% 900 850 800 750 700 0.0%100.0% 650 600 Nov Dec 2009 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 Mar Apr May Jun Jul Aug Sep Oct Nov C

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Disclaimer

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