Yesterday’s Tauron’s Supervisory Board gathering elected new members, and as expected one – Mr Jacek Kucinski was chosen according to KGHM recommendation. Our view: We view the news neutrally in terms of today’s trading. Having one member on Tauron’s supervisory board is the least KGHM should expect from its investment in Tauron. Even so, we remain sceptical about any positive impacts of such a move in terms of future potential joint investments in energy between Tauron and KGHM.