CEZ: According to a CEZ press release, its CFO Petr Voboril will step down from the company’s board due to legal issues stemming from the screening law that starts to apply at CEZ as of 1 January 2006, when the activities of National Property Fund will be terminated. Daniel Benes, head of the CEZ purchasing division, has been appointed to replace him on the board. Nonetheless, Petr Voboril will stay in the CFO position as he is “one of the best energy specialists in the Czech Republic”, CEO Martin Roman commented. He also plays important role in building CEZ leading position in CEE region. No other replacements are expected. Overall we see this news only marginally negative and it has already been priced in by the market. We reiterate our BUY recommendation.