Mr. Chalupec will keep his CEO position at PKN Orlen, but minor changes to the management board are expected during today’s Supervisory Board meeting. The changes should not undermine the company’s long-term goals, therefore we do not expect any major trading impact from the changes today. The State Treasury ministry apparently changed its mind after the PM intervention, following recent cases of reputable managers offering their resignations, including Warsaw Stock Exchange long-term president Mr. Rozlucki. The State Treasury ministry has been facing problems in finding and approving appropriate replacements, amidst the chaotic political scene. We reiterate our Buy rating for PKN Orlen with PLN 67.1 fair value based on expectation of improving financial performance in 2006.