Deputy CEO Mr. Bylicki said that KGHM management is willing to maintain higher dividend payout at close to 48% of net earnings in the coming years, similar to the level in 2006, and above standard 30% payout ratio announced earlier, assuming the high copper prices last. He added that new profit guidance for 2006 would be announced by the end of May. While perspective for higher dividend is a positive news, we believe that new profit guidance would be the same as the present one, announced in the beginning of May. We reiterate our Buy rating for the stock with PLN 146.9 fair value estimate, offering 37% upside.