In a market filing, KGHM’s management board proposed holding the 2010 dividend rights day on 11 July 2011 and the payout day on 12 August 2011. In a previous market filing on 12 May, KGHM (177 PLN, -2,16%) recommended allocating PLN 1.6bn as dividends from 2010 profit, which translates into a DPS of PLN 8.Our view: We expect the company to pay out a DPS of PLN 12 from 2010 profit. This should be due to Poland’s still large deficit and the government’s efforts to patch up holes in the budget.