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Investor Presentaiton

PROFITABILITY OF LESS EFFICIENT POWER PLANTS DECREASES SIGNIFICANTLY OVER TIME Illustrative ヨ Market spread 2015 (EUR/MWh) * Market spread 2020 (EUR/MWh)* 54 -30 35 -7 -17 11 -20 4 Power price CO2 Coal GM Power price CO2 Coal GM The rising price of the CO2 allowance increases the price of electricity only partially. Growth of electricity prices due to rising CO₂ allowance price has material negative impact on less efficient plants (such as EPC). The resulting gross margin and operating profit declines significantly over time. * Ilustrative calculation based on market forward prices of power and CO2 prices during previous year (Y-1) related to delivery in the year 2015 and 2020. The efficiency of the production source used for the illustrative calculation is comparable with the Počerady power plant. 19 Note.: spread - difference between power price, margin costs of CO2 price and coal CEZ GROUP
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