Cesky Telecom will decide by year end about its real estate portfolio with a book value of approx. CZK 10bn. The original project, which assumed the sale of the portfolio and the construction of its new headquarters had to be postponed due to CT’s privatization. We believe that the market value of CT’s real estate is around CZK 20bn or CZK 62 per share, which would significantly boost CT’s free cash flow next year.