BRD-GSG to pay a dividend of RON 0.2795 per share

The implied pay-out is around 20.5% under IFRS or 24.5% under RAS. BRD-GSG has used to target a pay-out ratio of 45% over the past several years. We expect a slight negative reaction of the market due toy significantly higher expectations. We rate this piece of news as negative of SIFs as well. The ex-dividend day was set for May 11, 2010.

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