According to Polish daily Parkiet, KGHM will reveal additional provisions, created for tax liabilities and other items, in an amount exceeding PLN 70m, in its annual report, which will be published on 23 March 2006. The provisions would reduce the net earnings figure of PLN 2.37bn for 2005 reported in company’s 4Q05 financial statement. We expect only a slightly negative trading impact but reiterate our Sell rating for KGHM, with a PLN 69.0 per share fair value estimate.