Investor Presentaiton

5 30 THE PRICES OF CO2 ALLOWANCES GROW PRIMARILY DUE TO THE EU'S DECARBONISATION EFFORTS Emission allowance price development (EUA) EUR/t, spot Consideration of the target increase to 50-55% E Nw 20 25 15 10 Financial and economic crisis EED proposal Start MSR Approval process for MSR Final compromise on the shape of the EU ETS after 2020 5 Delays in backloading and structural reforms 0 Energy commodity prices fall 2008 2009 2010 2011 2012 2013 2014 2015 Brexit referendum 2016 2017 2018 2019 +24.3 EUR/t CEZ GROUP

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