Investor Presentaiton

18 08/17 20 22 11/17 6 Note: For 33% power plant efficiency 24 02/18 26 28 05/18 30 HOWEVER, COAL POWER PLANTS ARE UNDER ECONOMIC PRESSURE DUE TO THE GROWTH OF CO2 Lignite spread (Price of electricity - emission allowance) EUR/MWh, Cal 20 08/18 October 2018: several-year highs of the prices of coal and gas and on the opposite, several-month lows for the allowances From 11/2018: Coal price drops, but growing allowance prices have negative impact on profitability of lignite power plants 11/18 02/19 05/19 CEZ GROUP 08/19 Π

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