Global

Gl b l Tactical
T ti l
A t Allocation
Asset All ti
GTAA
Greek Stocks

Ad Hoc
April 28th , 2010

Damien Cleusix
d i @ l 6
damien@clue6.com

Clue6 Greek Stocks April 28th , 2010

 Executive Summary 1

Dear All,

We have been saying for quite some time that the epicenter of the next downturn would be Europe and European banks. We are puzzled by the lack
of reaction of Eastern European CDS but it is just a question of when not if.

The will be announcements in the near future which might (probably will) give some short-term relief but don't be fooled there are no easy way and
the markets has yet to price most of the associated losses.

What
h about
b Greekk stocks?
k "Buy when
h the
h blood
bl d is
i in
i the
h street" (Baron
( Rothschild)
h hild)

We are value investors at heart as you know. They are rapidly approaching the lows of last year and 2003 and some value should be appearing. We
have attached a spreadsheet with the top 20 Greek stocks based on our trend magic formula (same as J. Greenblatt except that we normalize earning
using 5 years of data) as well as those having a Piotroski score above 5 (we can provide the complete rankings with the various balance sheet and
i
income statements usedd for
f those
h interested).
i d) Black
Bl k highlighted
hi hli h d stocks
k are on both
b h lists.
li

In the spreadsheet we have also identified the companies where insiders have been buying stocks in the open market in the past 4 weeks.

This list should not be taken as a recommendation to buy the selected stocks but as list of stocks to start your analysis on.

The way we do it is identify potential historical support or the low of the declining channel and put buy orders at those level (which can be anywhere
between 5-20% below current levels) We usually identify more than one area where we put our orders (so we might buy 1/3 of a position at a certain
level,...) .

We were
ere able to buy
b fantastic stocks around
aro nd the world
orld at amazing
ama ing prices late 2008
2008-early
earl 2009 using
sing the same strategy.
strateg

Further information can be provided on request.

Kind regards,
Damien

Clue6 Greek Stocks April 28th , 2010

 Greek Stocks: Trend Magic Formula 2

Clue6 Greek Stocks April 28th , 2010

 Greek Stocks: Piotroski Score 3

Clue6 Greek Stocks April 28th , 2010