(Martin Vojta) SPIF Český passed the proposed project of its opening to the SEC. The project assumes lower-than-expected initial redemption fees of 6% (less than 8% we had predicted), declining to 3% after a year from opening and to 0% after two years. This move increases attractiveness of SPIF Český shares, since it increases yield to redemption. Under our most likely scenario (price CZK 399, NAV per share CZK 466, opening 31 December 1998, first redemption payments by 31 January 1999, redemption fee 6%, NAV growth by the redemption 5%), investment in SPIF Český yields 34% p.a. Therefore, we keep our accumulate rating.