CEZ Group Energy Transformation and Financial Results

ELECTRICITY SPREADS: IMPROVEMENT IN LIGNITE MARGIN, VOLATILITY OF CSS AND CDS Clean power (electricity - carbon)1 EUR/MWh Clean spark spread (CSS)² EUR/MWh, weekly averages Clean dark spread (CDS)³ EUR/MWh, weekly averages 300 -Y+1 250 -Y+2 200 150 100 50 200 Y+1 150 -Y+2 100 50 60 0 30 -Y+1 -Y+2 20 20 10 -10 -20 Π -50 -30 0 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 1. German electricity baseload minus carbon (36% efficiency) 2. German (55% efficiency) 3. German (38% efficiency), 57

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