CEZ Group Energy Transformation and Financial Results

WE CAN EXECUTE OUR GROWTH STRATEGY WHILE KEEPING THE LEVERAGE WITHIN OUR TARGET EVEN WITHOUT THE TAILWIND FROM CURRENT POWER PRICES Expected Cumulative Capex and EBITDA 2021-2030* CZK billion 650-700 Expected Net debt to EBITDA ratio* 500-550 Capex Maintainance EBITDA Organic growth Acquitions 2.5x 2.2x 3.0x 2020 2025 2030 We will continue to generate positive free cash flow even with the increased Capex and our leverage would stay below 3.0x of EBITDA * Assumed electricity prices 2020: 51 EUR/MWh, 2025: 51 EUR/MWh, 2030: 57 EUR/MWh Note: Organic growth = new renewables and gas capacities, expansion of distribution network, Acquisitions = ESCOs abroad 34 Π

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