Philip Morris is holding its AGM today starting at 10:00am CET. Among other things, shareholders will be voting on 2004 profit distribution and dividend payment. As unconsolidated net income reached CZK 4.4bn in 2004, or an EPS of CZK1,606, and assuming a 100% payout, we expect dividends to reach CZK 1,606 /share. This translates into a dividend yield of 9.2%. Note that the dividend record day was April 18. Assuming T+3 settlement, the last day PMCR traded with a right to receive dividends was April 13.