HN daily informed, that CME is completing internal organizational and personal audit of TV Nova in order to unveil possible cost reductions. Results are expected in couple of weeks. Similar audits have been completed in other CME’s TV stations in Ukraine, Croatia and Romania. Particularly Romanian subsidiary is very cost effective. CME results for FY2005 are expected on 28 February, TV Nova creates about 40% of CME earnings. Until the audit’s results are announced we see this news as neutral and reiterate our Buy recommendation for CME.