Adrian Sarbu, co-owner of CME’s Romanian operations has been appointed as a head of CME’s third operating group covering Romania, Czech Republic and Slovakia. New management structure is designed to improve efficiency of operations and capture new opportunities in CME’s markets. Romanian assets are considered as an operating model for the company’s other markets, i.e. Czech Republic where company plans to accelerate its growth plans. We were impressed with Mr. Sarbu at CME’s investors’ days in Prague (November 2005) and therefore we regard the news as positive for the stock. We reiterate our Buy recommendation.