Today is the last day the stock can be traded with the right to attend the AGM, assuming a T+3 settlement. The AGM is scheduled for April 28. Among other things, shareholders will vote on profit distribution for 2004 and on the share buyback program. Despite the announced dividend policy of 30-40% of net recurring income, or CZK 55–73 per share, we expect the bank to pay a higher dividend of at least CZK 100 per share, implying a dividend yield of 3.1%. The record date for dividend payment is one month after the AGM. We also expect the bank to approve the acquisition of its own shares to the same amount as last year, i.e. up to 10% of its own shares, while the price range (CZK 1500–3500) might be enlarged.