Cesky Telecom decided on the distribution of part of Eurotel’s retained earnings, i.e. CZK 3bn (CZK 9.3 per CT share), to Cesky Telecom by July 15. Distribution of Eurotel’s cash after meeting operating costs and CAPEX is Cesky Telecom’s standard policy. Last year Eurotel paid CT CZK 8bn (CZK 24.8/share) in dividends. Note that Cesky Telecom’s dividends for 2004 will be decided by Telefonica and not the state. We expect any dividend decision to be made after a buyout to minority shareholders is completed. According to Czech Accounting Standards, the maximum dividend CT may pay is CZK 28/share.