Friday’s AGM of Erste bank approved proposed dividend EUR 0.55/share for FY 2005. On Tuesday, May 23 Erste trades last day with dividend rights and goes ex-dividend on May 24, which is also day when two separate issues EBS and EBSN will be merged together, which will lead to less hassle, however should not have any real impact on trading. We remind that dividend payment relates only to EBS issue (Erste – old) and not to EBSN (Erste – new). We reiterate our Hold recommendation with fair value EUR 48.9.