On Saturday, the Supervisory Board of PGNiG controlled by the State, approved the management’s proposal regarding dividend from 2005 net profit. Out of total dividend of PLN 885m (payout ratio of 78.2%), PLN 750m will be paid to the State Treasury in the form of transmission pipelines and the remaining part of PLN 135m will be a cash dividend for other shareholders. The proposal should be approved by AGM of PGNiG’s, which is also controlled by the State. The dividend of PLN 0.15 per share implies a dividend yield of 3.9%, which is in line with our expectations.