Eurotel will pay CZK 4bn in dividends from retained earnings to Cesky Telecom by the end of the year. The payment is in line with CT’s strategy to receive excess cash, i.e. cash after OPEX and CAPEX, from Eurotel. Note that Telefonica, CT’s majority owner, does not support any dividend payment in 2005. We expect dividends to resume in 2006 and to reach around CZK 40/share.