Tomáš Pleskac of CEZ said that the resignation of Bulgaria’s cabinet yesterday is neutral news for CEZ’s business there. He said he has no doubt that the regulator will allow CEZ to keep its license. PM Bojko Borisov had threatened the revocation of CEZ’s license to distribute electricity. The regulator softened this somewhat yesterday, although will hold hearing on CEZ license APRIL-16. / CEZ has already written down all goodwill worth 1 bln CZK in 2010. Book NAV of CEZ distribution activities in Bulgaria is roughly 5 bln. CZK (10 CZK per share), therefore we see this sum at risk in a worst case scenario of loosing licence and thus control of Bulgarian distribution. EBITDA of CEZ would also decrease of 1-1.5 bln. CZK (1,5% of total EBITDA) annualy in the worst case.