CEZ Group Energy Transformation and Financial Results

EBITDA SENSITIVITY TO CHANGES IN WHOLESALE ELECTRICITY PRICES AND CARBON ALLOWANCES EBITDA of CEZ Group Existing assets in CZK billion 58 65-70 2020 Wholesale prices Electricity (EUR/MWh) Carbon allowances 25 (EUR/t) ~+120 2025 185-190** ~ +100 80-85 2030 Π EBITDA at March 2021 prices* EBITDA at current prices** 180-185** 51 ~ 51* - ~ 170** ~ 57* ~ 152** 46* 41* ~ 102** • Assuming froward market prices from March-2021, which were escalated by inflation to 2030 *** Assuming forward prices prices from May-2022, which were escalated by inflation to 2030 ~ 113** 2 35 55

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