Investor Presentaiton

THE PRICE OF ELECTRICITY HAS GROWN IN RECENT YEARS, BUT MAINLY DUE TO CO₂ 2 E Breakdown of Cal 20 electricity price changes over the last two years (01/08/2017-01/08/2019) EUR/MWh 29.3 1.7 14 1.1 5.3 52.3 14.9 Power price EEX Coal price growth Gas price growth 01/08/2017 (from 56.1 to 62.3 (from 16.2 to 19.3 EUR/t) EUR/MWh) Carbon price growth (from 5.5 to 29.8 EUR/t) Other factors Power price EEX 01/08/2019 CEZ GROUP

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