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

13/12/13 8

6Months

Market Comment

Negotiations with Troika continue……

In the last news from the economy, negotiations with the troika continue in good and constructive climate, Finance Minister said on Thursday following the meeting of the Closing Indices 12/12/13 Chng.% YTD Government Council for Administrative Reform. "I hope to have

ASE General 1,186.93 -0,84 30.73% a solution to all issues as soon as possible," he added. In the FTSE Large CAP 388.15 -1,08 25.34% FTSE Mid Cap 1,178.72 -0.15 4.02% other news, Greece's central government posted a primary budget ATHEX / ALL SHARE INDEX 240.17 -1.00 1.48% surplus of 1.2 billion euros between January and November, the BANKS 184.03 -1,81 -18.67% country's deputy finance minister Christos Staikouras said on TELECOMS 2,625.95 -1,55 87.06% CONSTRUCTION & Thursday. The reading excludes bond profit returns of 1.5 billion MATERIALS 2,767.98 0,53 50.76% euros from European central banks to Athens, under the terms of TRAVEL - LEISURE 1,705.49 -0,15 68.96% ATHEX STATISTICS (12/12/13) its international bailout. A.G.High/Low 1,190.56 1,178.95 Ups/Down/Stable 54 86 128 Turnover 601,942,972 Important Corporate & Macroeconomics News and Comments Avg. Turnover (ytd.) 80,402,130 Pieces 81,148,435 Market Cap. 71,196,159,310 Negotiations with troika in good climate, FinMin Stournaras Market Cap./GDP 37.47% says Block Trades 378,321,958 Negotiations with the troika continue in good and constructive climate, ATHEX VALUATION Finance Minister Yannis Stournaras said on Thursday following the ASE GEN. IND meeting of the Government Council for Administrative Reform. P/E RATIO (EATAM) "I hope to have a solution to all issues as soon as possible," he added. Stournaras had reported a "good and constructive climate" with the troika P/BV D.Y. representing Greece's creditors late on Wednesday evening, after a FTSE 25 meeting with Prime Minister to discuss the outcome of the first round of negotiations with troika officials, which were resumed P/E RATIO (EATAM) earlier the same day. P/BV "We will see," he replied when asked about the likely outcome of the talks, D.Y. indicating that the discussion about the fate of Hellenic Defence Systems FUTURES was still ongoing. FTSE Large CAP Set/ment Chng.% Volume A short while earlier, a source from the development and competitiveness June 2013 393.75 0.06 2,117 ministry had announced that the government and the heads of the troika had found a "common ground" on which they might agree with regard to FTSE MID CAP Set/ment Chng.% Volume home foreclosures and auctions. He emphasised, however, that the convergence in views arising during Wednesday's meeting "does not mean that an agreement will emerge". The two sides will continue meeting over the next few days, both on the INTERNATIONAL INDICES level of technical teams and at a senior level. According to development Closing* ministry sources, the discussion is focusing on three measures that the Indices 12/12/13 Chng.% YTD government is pushing for, namely that protection from foreclosures be DOW JONES 15.821,63 0,45 20,74% extended for the whole of 2014, that the Katseli law for borrowers that are S&P 500 1.782,00 0,81 24,95% up-to-date with payments be retained and that a system of out-of-court NASDAQ 3.965,58 1,17 30,00% settlement based on the Irish model apply after 2015. Under the Irish DAX 9.054,83 -0,24 18,95% model, the borrower must meet certain income criteria and acceptable FTSE 100 6.630,00 -1,44 12,41% living standards. A senior finance ministry source present at the meeting CAC 40 4.239,94 -0,56 16,45% between troika heads and Stournaras had also announced that the Italy 18.733,02 -1,43 15,18% government intends to table the bill on real estate tax in Parliament on Spain 9.675,20 -0,33 19,86% Thursday or Friday. The same source clarified that key issues remain NIKKEI 225 14.704,03 0,94 41,45% unresolved, including a plan for the restructuring of EAS and the VAT rate for restaurants and catering services. The meeting also discussed Hang Seng Index 22.463,83 -1,91 -0,85% improvements in legislation governing stock exchange transactions and FX EURIBOR others. According to finance ministry officials, the draft bill for the real EUR/USD 1.368 1 M 0,128 estate tax will be an omnibus bill that will also include measures referring EUR/GBP 0,8472 3 M 0,223 to a Fiscal Council that will monitor the execution of the budget and USD/JPY 98.182 6 M 0,339 interventions relating to the Hellenic Financial Stability Fund (HFSF) that EUR/JPY 134.288 12 M 0,538 are considered necessary for bank recapitalisation. Meanwhile, on *Except Asian Markets: Last Update 7:30’ - Local Time (GMT+2) Thursday, government vice president and Foreign Minister Evangelos BRENT 108.29 GOLD 1315 Venizelos in all likelihood the agreement with the troika will be reached. SILVER 23,33 He made the statements after a meeting with the troika. I .

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

"The results are impressive for Greece. The international private sector has made clear shift in favour of Greece and all political contacts at a high level understand what has happened," Venizelos noted. Regarding the issue of home foreclosures - which is one of the outstanding issues to reaching agreement - he said that if there is no agreement, the government will extend the protection of poor and average income households; he added that no bank is willing to chase after anyone for debts.

Greece posts budget surplus in Jan-Nov, in line with targets Greece's central government posted a primary budget surplus of 1.2 billion euros between January and November, the country's deputy finance minister Christos Staikouras said on Thursday. The reading excludes bond profit returns of 1.5 billion euros from European central banks to Athens, under the terms of its international bailout. Thursday's figures show Athens is on course to post a primary budget surplus of about 812 million euros at general government level for the full year, Staikouras said. Posting a primary surplus, which excludes interest payments on the country's debt and one-off bond profit returns, is the main goal of debt-laden Greece's government as it will open the way for Athens to pursue debt relief from its international lenders, the EU and the IMF.

Dufry buys remaining stake in Greece΄s HDF for 328 mln euros: Swiss travel retailer Dufry said it was buying the 49 percent stake in Hellenic Duty Free (HDF) it does not already own from Greek rival Folli Follie for 328 million euros ($452 million), a vote of confidence in the austerity-hit economy. According to Reuters, Dufry bought a controlling 51 percent stake in the Greek travel retailer in October 2012 for 200.5 million euros, with an option to acquire the remaining 49 percent in 2016. Dufry said in a statement on Thursday the operation had contributed 274 million Swiss francs ($309.3 million) to group revenue between April and September. It expects to achieve an incremental 10 million euros in synergies thanks to the deal. Dufry will pay for the remaining stake with a combination of 175 million euros in cash and 1,231,233 ordinary shares, valued at 153 million euros, that Dufry will issue to Folli Follie Group from its authorised capital. Folli Follie Group will join a group of shareholders led by Travel Retail Investments SCA. Dufry has agreed to nominate George

Koutsolioutsos for election to the board at next year΄s annual shareholders΄ meeting, Dufry said. Dufry said it is planning to refurbish and expand retail space at key airports in Greece, where HDF generates more than 80 percent of the turnover of its 111 shops with international visitors, mainly from Britain and Germany. The transaction will allow the full financial integration of HDF, with benefits in cash management and a reduction in yearly financing costs of 10 million francs on a comparable basis, Dufry said. Dufry said it had entered into a new 500 million euro term loan with a group of banks for a duration of five years to finance the cash portion of the deal and to repay 335 million euros of HDF΄s debts with local banks in Greece.

PM Samaras on health reform: 'Greece must stop wasting funds' Changes in the health sector are not done for financial reasons alone, Prime Minister Antonis Samaras said on Thursday during his address at a high-level conference on "Greek Reforms in the Health Sector: Improving Citizens' Health," organised by the Ministry of Health at the Athens Concert Hall. "Greece must stop wasting funds and the country must stop being paralysed by deficits," Samaras said, noting that "we had the highest expenditures in the health sector, while citizens were constantly being asked to pay out of pocket more and more. We have the highest number of private doctors' offices and yet everyone went to hospitals (for care). We have a lot of doctors, but citizens had to wait for months to get an appointment with a doctor. We have more MRIs done than the United

States." "It was a distorted system which needed a sweeping reform," the premier said, which "we are determined to carry through." The reform "should have occurred years ago," Samaras noted. "It is not happening now because the troika (of lenders) has asked for it. We had to do it (anyway). Speaking of the National Health System (ESY), the premier said that "this giant with feet of clay must at last stand on its own two feet. There will be decentralisation, with every Greek having his or her doctor, as close to their home as possible...In all things we can disagree but in health, there is no room for disagreement among parties or for communication ploys." Earlier in the day, the government's Administrative Reform Council approved a report restructuring the health sector, changing the role of the National Organisation for the Provision of Healthcare Services (EOPYY) and introducing round-the- clock health service.

GEK TERNA sells 3% stake to York In an official filing, Terna Energy informed that York acquired a 3% stake in the company for a EUR10.3mn consideration. Following this transaction, which is the 1st part of the group’s agreement with York, GEK TERNA’s stake in Terna Energy stands at 45.9% from 48.9% previously. The pricing suggests an acquisition price of

EUR3.14 per share, some 12% lower from current levels. Note that under the terms of the agreement, GEK TERNA will proceed with a share capital increase of EUR21.4mn with redemption of the pre-emptive rights of existing shareholders and will also issue a mandatorily convertible bond of EUR68.3mn (5-year term, 2% interest), partly convertible in new GEK shares and partly exchangeable with existing shares of Terna Energy.

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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

Trades in Share Block(s)

12/12/2013

Company Time Number Of Shares In Block Price of Share Block Value of Transactions FOLLI FOLLIE S.A. 11:40:31 15,600 25.80 402,480.00

JUMBO S.A. 11:44:29 590,058 11.42 6,738,462.36 JUMBO S.A. 13:04:41 49,263 11.465 564,800.30

JUMBO S.A. 13:13:56 337,001 11.50 3,875,511.50 HELLENIC TELECOM. ORG. 16:33:27 49,367 9.57 472,442.19

PUBLIC POWER CORPORATION SA 17:01:43 90,497 10.6138 960,517.06 JUMBO S.A. 17:10:46 24,500 11.5394 282,715.30

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Global Economic Calendar (13/12/13)

Time Currency Impact Forecast Previous

EUR French Final Non-Farm Payrolls q/q -0.1% -0.1% 8:30am 9:00am EUR German Final CPI m/m 0.2% 0.2%

3:00pm GBP MPC Member Weale Speaks

USD Treasury Sec Lew Speaks 5:00pm

USD Crude Oil Inventories -5.6M 5:30pm

USD 10-y Bond Auction 2.75|2.7 8:01pm USD Federal Budget Balance -154.6B -91.6B 9:00pm *Local Times (GMT+2)

* Local Time (Greece: GMT +2

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GENERAL INDEX - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (14.0000), Directnl Movement +DI (29.0000), Directnl Movement -DI (29.0000) 20 MACD (16.5523) 0

Relative Strength Index (52.2526)

50

GD(e) (1,191.16, 1,195.24, 1,177.34, 1,177.34, -12.9701), Parabolic SAR (1,162.68) 1250 In the technical analysis section, despite the recent problems, the diagrammatical picture remains positive. More specifically, in the case of the General Index, the 1200 target is the strong resistances of 1.200 – 1.210 points In lines with our opinion months new, this break (along with the break of critical resistances in the levels of FTSE 25 and bank sector Index) is possible to lead in a movement even 30 – 35% 1150 higher (our next long term target is the levels of 1.550 – 1.600 points – long term zone). On the other hand and concerning the supports, there are the levels of 1.150 – 1.160 points, 1100 with the next supports to be found lower in the levels of 1.110 – 1.130 points, 1.100, 1.070 – 1.080, 1.040 – 1.050, 1.000 – 1.010 and 970 – 980 points. 1050

1000

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

General Index (Weekly Data) - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (31.0000), Directnl Movement +DI (33.0000), Directnl Movement -DI (11.0000) 40 20 MACD (65.8712) 0 -100 Relative Strength Index (64.7620) 50

GD(e) (1,195.68, 1,232.43, 1,177.34, 1,177.34, -18.3401), Parabolic SAR (1,108.42) 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

x10010000 2011 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2014 Feb

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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

FTSE 25 - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (12.0000), Directnl Movement +DI (26.0000), Directnl Movement -DI (30.0000) 30 10 MACD (4.05465) 0

Relative Strength Index (49.3959) 50

FTSE(e) (390.180, 391.440, 385.990, 385.990, -4.07001), Parabolic SAR (384.755) 420

410

400 In the case of FTSE 25, the diagrammatical picture is also excellent with the target for the next weeks to be the break of the resistances 390 in the levels of 400 – 410 points. 380 370

360 350

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250 240 0 x100000-5000 3 10 17 27 7 14 21 28 4 11 18 25 4 11 19 26 8 15 22 29 13 20 27 3 10 17 25 1 8 15 22 29 5 12 19 26 2 9 16 23 30 7 14 21 29 4 11 18 25 2 9 16 23 December 2013 February March April May June July August September October November December

FTSE 25 (weekly data) - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (30.0000), Directnl Movement +DI (30.0000), Directnl Movement -DI (12.0000) 40 20

MACD (19.6647) 0 -50

Relative Strength Index (61.1192) 50

FTSE(e) (395.200, 405.350, 385.990, 385.990, -9.21002), Parabolic SAR (361.477) 1000

23.6% 950 900

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0.0% 350

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100 0 2011 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2014 Feb

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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 (20.0000), Directnl Movement +DI (23.0000), Directnl Movement -DI (26.0000) 50

MACD (1.84423) 0 Relative Strength Index (45.9768) 50

DTR(e) (183.590, 185.380, 182.400, 183.100, -0.37999), Parabolic SAR (201.061)

In the case of the bank sector index, the target for the next weeks will be the approaching and the penetration of the 205 – 210 points, reminding that this penetration, whenever will 350 take place is possible to lead the bank sector index considerably higher (the next target is in the levels of 290 – 300 points). As matter the supports of the index, we have the levels of 170 – 175 points. 300

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0 3 10 17 27 7 14 21 28 4 11 18 25 4 11 19 26 8 15 22 29 13 20 27 3 10 17 25 1 8 15 22 29 5 12 19 26 2 9 16 23 30 7 14 21 29 4 11 18 25 2 9 16 23 December 2013 February March April May June July August September October November December

BANK SECTOR (weekly data) - SHORT TECHNICAL ANALYSIS

Directnl Movement ADX (22.0000), Directnl Movement +DI (30.0000), Directnl Movement -DI (18.0000) 30 20

MACD (5.50766) -100

Relative Strength Index (52.9250) 50

DTR(e) (198.710, 201.420, 182.400, 183.100, -15.6100), Parabolic SAR (121.662) 1250 1200 1150 1100 1050 1000 950 900 850 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100 50 0 Nov Dec 2012 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2014 Feb

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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 (23.0000), Directnl Movement +DI (29.0000), Directnl Movement -DI (24.0000) 40 30 20 10 MACD (10.8755) 20 10 0 -10

Relative Strength Index (54.6468) 70 60 50 40 S&P-500 Index (1,697.42, 1,701.61, 1,692.19, 1,692.77, -4.65002), Parabolic SAR (1,727.78) 1750

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1350 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 30 7 October November December 2013 February March April May June July August September October

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

Directnl Movement ADX (24.0000), Directnl Movement +DI (30.0000), Directnl Movement -DI (16.0000) 60 55 50 45 40 35 30 25 20 15 10 5

MACD (32.9927) 0 -50 -100 Relative Strength Index (60.6365) 50

S&P-500 Index (1,709.91, 1,711.44, 1,692.19, 1,692.77, -17.1400), Parabolic SAR (1,642.65) 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 61.8% 38.2% 1000 950 23.6% 900 850 800 750 700 0.0%100.0% 650 600 Dec 2009 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010 Feb 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 Dec C

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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

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