CEZ announced that it may revise its dividend policy next year, should it not identify sufficient acquisition opportunities. Note that CEZ has a war chest of EUR3bn to spend on acquisitions. It seems more likely that the privatisation of the energy sector in Poland will be cancelled, which has been CEZ’s focus. We believe that CEZ will not spend the entire available war chest, and therefore will increase its dividend payments. We believe that CEZ will be able to double the currently expected dividend of CZK10 per share next year, without any threats to financial stability.