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Goldman Sachs

Start of Coverage: 20-12-2007

Resume of the last report made by this analyst

We make immaterial downgrades to reflect the recent tick down in Polish food and beverage inflation, we continue to view Jeronimo as one of the best positioned retailers in our coverage, in terms of operating model, industry positioning and macro backdrop. While food inflation in Poland has slowed recently, it remains materially above the European average, with the wide, positive CPI-PPI spread indicating this is largely demand driven. With 16% upside to our new €17.3 (was €16.5) 12-month price target, vs 1% average upside for our coverage, we remain Buy rated.

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.