Despite disappointing numbers by Polish TPSA, we still think TEFO2 will pay 40 CZK total remuneration this year again, 20 CZK should be paid in form of a “regular”dividend and the remaining 20 CZK should be paid from capital reduction. Also we do not expect any major disappointment in 4Q12 results. We may expect some recovery of the TEFO2 stock price from current levels but we do not see any major rally given the following limitations: - Sustainability of 40 CZK remuneration in coming years is highly questionable - Uncertainty around the LTE spectrum auction results may keep TEFO2 under pressure - Consensus estimate for TEFO2 earnings in 2013 is too high - Overall unfavorable sentiment around telcos