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Bank of America Merrill Lynch

Start of Coverage: 04-08-2009

Resume of the last report made by this analyst

We moderate PO to €13.5 using DCF valuation; SOTP valuation suggests €12.2 share price or €13.8 when attributing positive value to new businesses. Reiterate Underperform; we think the current premium is undeserved for maturing Poland business and sticky loss Colombia.

Analyst: Kiranjot Grewal

e-mailkiranjot.grewal@baml.com

The information presented refers to recommendations issued by analysts that follow the Jerónimo Martins’ share. For more information, please read the Analysts Coverage section in this website’s Terms and Conditions.