At the analyst meeting of PKO BP, management denied providing any profit guidance for 2006, following press reports earlier in the day that the CEO had targeted 17% growth. Apparently, the CEO had issued only a written statement, with the rather vague objective of maintaining a high dynamic of growth, and management comments on the subject were misinterpreted. This is in line with the bank's general policy to keep forward-looking statements at a minimum. Given that the stock was down 1.8% yesterday, in line with the market, we do not believe the market gave much credibility to the press reports.