Today the stock trades without rights to dividends, assuming a T+3 settlement. Philip Morris’s unconsolidated net income reached CZK 4.4bn in 2004, which translates into an EPS of CZK 1,606. Assuming a 100% payout, we expect dividends to reach CZK 1,606/share, which translates into a dividend yield of 8.7%. Note that the dividend record day is April 18. The AGM is scheduled for April 25.