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Goldman Sachs

Start of Coverage: 20-12-2007

Resume of the last report made by this analyst

While the fall in the value of the Polish Zloty vs the € and the initially stringent lockdown measures-imposed result in estimate downgrades, we still believe Jeronimo Martins is relatively well positioned longer term. The change to our target price is driven but the largely FX driven downgrades.

Analyst: Rob Joyce

e-mailrob.joyce@gs.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.