OTP Bank has not been shortlisted by the Serbian Rehabilitation Agency in a tender for Panonska Banka. The agency named 6 banks, Alpha Bank, National Bank of Greece, Bank Austria Creditanstalt, MKB, Sanpaolo IMI S.p.A and PKO BP. Ss of 30 June 2005, Panonska Banka had a 1.7% market share in terms of total assets (EUR 126.8m)and shareholders’ equity of EUR 32.5m. Panonska Banka operates via a network of 56 branches. We do not expect the news to have a significant trading impact. We reiterate our Buy recommendation, with a fair value of HUF 9,985.