CEZ A.S.

Capital/Financing Update • Apr 20, 2021

Prague, April 20, 2021 - ČEZ, a. s., has accepted all offers fromeligible holders to purchase its

(i) USD 700,000,000 4.250% Notes due 2022 (the "USD Notes") in the totalnominal amount of USD 22 392 000 at a price of 103,250% of the principalamount of the Notes outstanding;

(ii) EUR 750,000,000 5.000% Notes due 2021 in the total nominal amountof EUR 209 081 000 at a price of 102,741% of the principal amount of theNotes outstanding; and

(iii) EUR 500,000,000 0.875% Notes due 2022 in the total nominal amountof EUR 230 785 000 at a price of 101,505% of the principal amount of theNotes outstanding.

The settlement date of the purchase of bonds is expected to be April 21,2021. The purchase of bonds will be financed from available cash of ČEZ,a. s. The transaction does not change the net debt amount of ČEZ, a. s.(i.e. total debt minus available cash) and therefore does not limit CEZGroup's ability to fund any additional expenditures.

In the case of USD Notes, the tender offer continues by its second phaseending at 11:59 p.m. (New York City time) on May 03, 2021.