CEZ’s CEO, Martin Roman commented on the company’s near term expansion plans. As previously stated, CEZ the outcome of CEZ’s talks with VS Energy over Ukrainian distribution companies should be known within two months. We estimate the value of the deal to be USD 490-540m. Besides that CEZ consider expanding business in the form of project financing into Moscow area and cease bidding in Montenegro’s TPP Pljevlja and nearby coal mines Rudnik as these assets seems quite complicated. Roman also touched the issue of dividend policy, which may by adjusted. The decision should be known before its AGM scheduled for June 2006. He also reiterated plans of 25% reduction in annual spending on maintenance by 2009 via the overall optimization of the process. As all these news have already been known we see them as neutral and reiterate our Buy recommendation.