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Barclays Capital

Start of Coverage: 23-10-2009

Resume of the last report made by this analyst

We lower our EPS forecasts by c-2% after factoring in our new FX assumptions. Based on our new estimates, our DCF-based price target falls to €12.50.

Analyst: Nicolas Champ

e-mailnicolas.champ@barclays.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.