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Jefferies International

Start of Coverage: 02-12-2010

Resume of the last report made by this analyst

We have reflected the benefits of a more expansionary Polish budget into higher Biedronka LFLs. But this is fully offset by higher, ongoing Colombian start-up losses and increased central costs. In addition, we note recent Polish coverage of measures aimed at strengthening suppliers’ hand vs retailers currently being discussed. With the shares already trading at 12-month valuation peaks we remain at Hold.

Analyst: James Grzinic

e-mailjgrzinic@Jefferies.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.