According to daily Parkiet and PAP agency quoting unnamed source close to Supervisory Board of KGHM, current CEO Herbert Wirth was granted exclusivity for further talks regarding the appointment of a new CEO. Still, it does not imply that he was chosen. He has time until next week to present a vision of both his presidency and the entire future of the company’s management board. Our view: We view the news positively. The current CEO of KGHM is well known to the investors and given that he would be eventually reappointed at the top post at the company we would recognize as positive development. We also believe that keeping Mr. Wirth at his current post is likely to support undisturbed incorporation of Quadra into KGHM structures.