Research & Analysis Department

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

14/01/13 43godgr

6Months Market Comment

A new week with base the good performance of the last sessions…

With great interest we expect the current week, following the very

Closing good performance of the last sessions and with the eyes to be in Indices 11/01/13 Chng.% YTD the news from the economy. More specifically, the government ASE General 979.72 -0,52 7.91% FTSE Large CAP 333.57 -0,88 7.71% should close the last open issues ahead of the return of Troika in FTSE Mid Cap 1,286.41 -1.84 13.52% Athens so that at the next Eurogroup it will be decided the ATHEX / ALL SHARE INDEX 256.11 -0.64 8.21% unfrozen of a part of the loan. BANKS 232.99 -3,26 2.97% TELECOMS 1,566.21 0,18 11.57% CONSTRUCTION & In the Athens exchange and as matter the diagrammatical MATERIALS 2,049.8 8 -2,29 11.65% analysis, the picture of the General Index remains very positive TRAVEL - LEISURE 1,188.12Lucas Papademos-0,20 was 17.71%given by ATHEX STATISTICS (11/01/13) with the target to be the next, very strong, resistances, to be found

A.G.High/Low 989.05 968.83 in the levels of 1.050 points approximately. We just remind that Ups/Down/Stable 86 85 113 New penetration of the above levels (whenever it will happen) will Turnover 72,460,520 High/Low 0/0 Avg. Turnover (ytd.) 62,696,560 open the road for a movement considerably higher, with the next Pieces 50,319,176 target in the levels of 1.250 – 1.300 points. As matter the FTSE Market Cap. 37,113 ,624,830 Market Cap./GDP 20.39% 25, the big question not only for the index, but also for the market Block Trades 7,242,557 is to remain above the levels of 320 – 325 points. In the case of ATHEX VALUATION the bank sector index, it is extremely important the index to ASE GEN. IND remain above the levels 210 – 220 points. It should be noted that a P/E RATIO (EATAM) P/BV movement below these levels will open the road for a movement D.Y. considerably lower, even 40 to 50%. FTSE 20 P/E RATIO (EATAM) P/BV D.Y. Important Corporate & Macroeconomics News and Comments FUTURES

FTSE Large CAP Set/ment Chng.% Volume PM: No relaxation, danger of relapse lurking Dec 12 338.25 1.4 3,024 Prime Minister Antonis Samaras called for a wider alliance among political parties and figures in order the reforms policy to be supported, in an FTSE MID CAP Set/ment Chng.% Volume interview with Sunday newsparer "To Vima". "We are open to everyone"

said Samaras who warned that the difficulties are ahead of us and clarified

that we have "survived the 'drachmophobia' ". Samaras also stressed that INTERNATIONAL INDICES there must be no relaxation of the effort because the danger of relapse is Closing * lurking. The premier noted that the "changes can already been seen, other Indices 11/01/13 Chng.% YTD small and other larger" adding that the government has met its targets DOW JONES 13,488.43 0,13 2.93% regarding the reduction of the debt . S&P 500 1,472.05 -0.01 3.22% NASDAQ 3,125.64 0,12 2.47% DAX 7,715.53 0.09 1.35% Fiscal policy bill passes committee vote FTSE 100 6,131.58 0,33 3.96% The fiscal policy draft bill made it through the Parliament's economics CAC 40 3,706.02 0,08 1.78% committee by majority vote on Saturday, and will be presented to the Italy 17,502.39 0.29 7.61% plenary session for final voting on Monday. The Independent Greeks, the Spain 8,664.70 0.53 7.34% only opposition party not to walk out, voted against the bill. Deputy Finance Minister Christos Staikouras said the measures provide a NIKKEI 225 10,801.57 1,40 3.91% comprehensive and cohesive network of fiscal rules and practices that will Hang Seng Index 23,264.07 -0.39 2.68% contribute to bringing order to state finances. In his speech to the FX EURIBOR committee, he placed particular emphasis on the the issue of debt EUR/USD 1.380 1 M 0,111 repurchasing, saying that the bill includes "a series of important EUR/GBP 0,8271 3 M 0,195 regulations that have proved to be necessary for the continuation of the USD/JPY 89.170 6 M 0,331 financial inflow by the support mechanism and the release of the loan EUR/JPY 118.897 12 M 0,559 tranche." *Except Asian Markets: Last Update 7:30’ - Local Time (GMT+2) BRENT 111,4 GOLD 1568,81 Continue… PALLADIUM (euro) 15725 SILVER 687,24 PLATINUM (euro) 36889 IRIDIUM 27577 I

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

He mentioned among others that a debt repurchase of 31.9 billion euros at an average 33 pct on the bond's face value meant the debt was reduced by 21.1 billion euros, bringing the remaining debt within the parameters set by the IMF in order for the debt to qualify as viable. "Because of the repurchase, the IMF is continuing its funding of the Greek program," he said. Staikouras added that the return on treasury bills dropped from the 15-17 pct interest before the repurchase to 9-10 pct now, shortening the time Greece will need to return to the markets again, and making investments in the real economy more attractive, either through privatization or direct investments.

PPC rates increase as of this month: Public Power Organisation (PPC) household rates rose by 8.6-9.2 pct as of January 1, the Environment, Climate Change and Energy Ministry announced on Sunday. Industry and commercial rates have been raised by 10-12 pct. Moreover, the announcement said that further increases on PPC bills may be applied in the first six months of 2013, ahead of the rates' deregulation going into effect from June 1. As of January 1, a Renewable Energy Sources tax of 9 pct has been added to PPC bills.

Greece to sell three-month T-bills on January 15: Greece will auction 1.25 billion euros ($1.65 billion) of three-month T-bills on Jan. 15, the country΄s debt agency PDMA said on Friday. The T-bills will be sold into a rollover. The settlement date will be Jan. 18. Only primary dealers will be allowed to participate and no commission will be paid, Reuters reported. Monthly T-bill sales are Greece΄s sole remaining source of market funding. Greek banks buy the bulk of the issues and deposit them as collateral to draw liquidity from the central bank.

OPAP agents call off their strike OPAP-affiliated betting agents have suspended their industrial action for now after receiving assurances from the government regarding their main demand. Agents want to have the application of the 10 percent tax on all earnings, even those under 100 euros, abolished, and the Finance Ministry informed them that the European Commission has agreed to the change in the law’s clause regarding taxation of earnings up to 100 euros. The government has therefore committed itself to changing the law, but the agents will reconvene next week to examine the progress of their demand. They are also worried about the consequences that the sale of the state’s 33 percent stake in OPAP will have on them. The five-day strike that most betting agents staged this week has cost OPAP more than 40 million euros in gross profits, and the state some 16 million euros in tax. The average gross profit per day for OPAP, including weekends, amounts to some 10.5 million euros.

Budget cuts must go on, EU's Rehn says Europe will need more spending cuts to emerge from its debt crisis despite an admission by the International Monetary Fund that cost cutting can choke economies, the EU's top economic official said on Friday. The damage from aggressive austerity may be up to three times more than previously thought, the Washington-based lender said late last year, after earlier prescribing sharp deficit cuts to the eurozone. It has since shifted its advice, now arguing against forcing heavily indebted countries such as Greece to reduce their deficits too quickly. The EU Economic and Monetary Affairs Commissioner Olli Rehn said the IMF's October study, which was updated this month, was not applicable to everyone and did not take into account that investors expect governments to act to control their debt. "You have to take into account the confidence effect,» Rehn told diplomats and executives during a speech in Brussels, adding that the impact of austerity differed across countries depending on whether they still had access to markets. The difference in opinion appears to mark a split within the «troika» of international lenders - the Commission, the IMF and the European Central Bank - over how to deal with fragile

European economies trying to pull out of recession in 2013. Against a backdrop of record unemployment, many economists believe spending cuts in almost all euro zone countries drove the bloc into its second recession since 2009 last year. But ECB chief Mario Draghi rejected any idea of easing up on efforts to reduce sovereign debt.

Trades in Share Block(s) 11/01/2013

Number Of Shares In Price of Share Value of Company Time Block Block Transactions GREEK ORGANISATION OF FOOTBALL 12:45:55 460,000 6.395 2,941,700.00 PROGNOSTICS S.A.

GREEK ORGANISATION OF FOOTBALL 15:18:48 100,000 6.405 640,500.00 PROGNOSTICS S.A. JUMBO S.A. 15:44:46 50,000 6.47 323,500.00

JUMBO S.A. 16:01:12 50,000 6.47 323,500.00 GREEK ORGANISATION OF FOOTBALL 16:10:47 150,000 6.41 961,500.00 PROGNOSTICS S.A. GREEK ORGANISATION OF FOOTBALL 16:53:23 100,000 6.45 645,000.00 PROGNOSTICS S.A. METKA S.A. 16:56:15 86,517 10.8651 940,015.86 COCA-COLA HELLENIC BOTTLING COMPANY 17:09:27 27,000 17.2904 466,840.80 S.A. II

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

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Global Economic Calendar (14/01/13)

Time * Location Indicator Period Unit Forecast Previous 09:00 Germany Wholesale Price Index m/m December % -0.7

09:00 Germany Wholesale Price Index y/y December % 3.2 11:00 United States FED Chairman speaks

12:00 Euro Zone Industrial Production m/m November % 0.1 -1.4

12:00 Euro Zone Industrial Production y/y November % -3.2 -3.6 * Local Time (Greece: GMT +2)

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Greece Latest Statistical Data Element Period Value

Consumer Price Index (1) Mar 12/Mar 11 1.7 Harmonized Index of Consumer Prices (1) Mar 12/Mar 11 1.4

Gross Domestic Product (Flash Estimates) (1) 4Q 2011 - 7 . 5 Unemployment Rate (2) 4Q 2011 20 . 7

Industrial Production Index (Excluding Construction) (3) Feb12/Feb 11 -8.3 Turnover Index in Retail Trade Jan 12/Jun 11 -8.9

Producer Price Index in Industry (1) Feb12/Feb 11 6.8 Building Activity (Volume) (3) Jan 12/Jun 11 20.6

1.Annual rate of change, 2.Rate, 3. Periodical rate of change Element Value

Population Census (2001) 10.964.020 Resident Population (2001) 10.934.097 Mid – Year Estimates of Population (2007) 11.192.849

Source: NSS

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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

GENERAL INDEX - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (34.0000), Directnl Movement +DI (33.0000), Directnl Movement -DI (10.0000) 40 20 MACD (36.9416) 0

Relative Strength Index (75.5108) 50

GD(e) (981.880, 989.050, 968.830, 979.720, -5.13000), Parabolic SAR (955.693) 1050

1000 The picture of the General Index remains very positive with the target to be the next, very strong, resistances, to be found in the levels of 1.050 points approximately. We just remind that penetration of the above levels (whenever it will happen) will open the road for a movement considerably higher, with the next target in the levels of 1.250 – 1.300 points. 950

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General Index (Weekly Data) - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (30.0000), Directnl Movement +DI (37.0000), Directnl Movement -DI (13.0000) 50

MACD (60.8489) 0

Relative Strength Index (71.8862) 50

GD(e) (966.900, 992.340, 957.750, 979.720, +15.5300), Parabolic SAR (860.470)

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x10020000 Apr May Jun Jul Aug Sep Oct 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

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

FTSE 25 - SHORT TECHNICAL ANALYSIS

As matter the FTSE 25, the big question not only for the index, but also for the market is to remain above the levels of 320 - 325 points. Directnl Movement ADX (27.0000), Directnl Movement +DI (32.0000), Directnl Movement -DI (13.0000) 50

MACD (10.3464) 0

Relative Strength Index (66.8588)

FTSE(e) (335.040, 337.850, 329.640, 333.570, -2.95999), Parabolic SAR (324.340) 460 450 440 430 420 410 400 390 As matter the FTSE 25, the big question not only for the index, 380 but also for the market is to remain above the levels of 320 - 325 points. 370 360 350 340 330 320 310 300 290 280 270 260 250 240 230 220 210 200 190 180 170 160 150 140 130

FTSE 25 (weekly data) - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (21.0000), Directnl Movement +DI (30.0000), Directnl Movement -DI (16.0000) 50

MACD (15.3058) 0 -100 -200

Relative Strength Index (63.2508) 50

FTSE(e) (333.520, 342.170, 329.010, 333.570, +1.49002), Parabolic SAR (266.820) 2050 2000 1950 61.8% 1900 1850 1800 1750 1700 1650 50.0% 1600 1550 1500 1450 1400 1350 38.2% 1300 1250 1200 1150 1100 1050 1000 23.6% 950 900 850 800 750 700 650 600 550 500 450 400 0.0% 350 300 250 200 150 100 50

x1000050000 Apr May Jun Jul Aug Sep Oct 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

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 in the case of the diagrammatical picture of the bank sector index, the technical picture deteriorates after the index closing below the levels of 270 - 280 points, above which should return as soon as possible in order the index to avoid a further drop. Directnl Movement ADX (13.0000), Directnl Movement +DI (22.0000), Directnl Movement -DI (26.0000) 50 40 30 20 10

Relative Strength Index (44.8916) 80 70 60 50 40 30

MACD (-4.68617) 50

DTR(e) (237.960, 239.610, 229.310, 232.990, -7.86000), Parabolic SAR (217.771) 850

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BANK SECTOR (weekly data) - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (16.0000), Directnl Movement +DI (18.0000), Directnl Movement -DI (25.0000) 50

MACD (-9.69107) 0 -500

Relative Strength Index (44.5420) 50

DTR(e) (256.500, 256.500, 229.310, 232.990, -19.4200), Parabolic SAR (345.322)

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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 (11.0000), Directnl Movement +DI (24.0000), Directnl Movement -DI (18.0000) 60 55 50 45 40 35 30 25 20 15 10 5 0 MACD (12.8622) 0 -50 -100 Relative Strength Index (60.8019) 50

100.0%0.0% S&P-500 Index (1,402.43, 1,465.41, 1,398.30, 1,459.37, +41.2700), Parabolic SAR (1,347.67) 1550

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

Directnl Movement ADX (11.0000), Directnl Movement +DI (24.0000), Directnl Movement -DI (18.0000) 60 55 50 45 40 35 30 25 20 15 10 5 0 MACD (12.8622) 0 -50 -100 Relative Strength Index (60.8019) 50

100.0%0.0% S&P-500 Index (1,402.43, 1,465.41, 1,398.30, 1,459.37, +41.2700), Parabolic SAR (1,347.67) 1550

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23.6% 1350

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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

Disclaimer

Responsibility: KARAMANOF SECURITIES & INVESTMENT SERVICES S.A. is regulated by the Hellenic Capital Market Commission (Licence No 5/62/4.12.1990) and is a member of the Athens Exchange and the Athens Derivatives Exchange.

Analyst Certification: Michael Karamanof, Certified Equity Analyst

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