CEZ A.S.

Earnings Release • Feb 2, 2023

Today, CEZ published the outlook for CEZ Group's financial performancefor 2023, including an indication of total levy to the Czech statereflecting the tax measures approved last year to address the energycrisis._#160;In addition to the regular income tax, CEZGroup's net profit will be affected by two legislative measures, namelya levy on excess sales of production and a windfall tax of 60% of thedifference between the tax base and the average tax base in 2018-2021increased by 20%.In 2023 CEZ Group expects the net profitadjusted for extraordinary effects of CZK 30-40 billion CZK depending onthe development of electricity prices.The total tax leviesfrom sales and income tax for 2023 will amount to CZK 40-80 billion.

CEZ Group will pay more than CZK 100 billion to the Czech state thisyear, because, in addition to levies and taxes on 2023, it will pay morethan CZK 50 billion to the state due to dividends on 2022 profits anddue to the balance payment of ordinary income tax in excess of theadvances paid during 2022._#160;_#160;This money will helpthe government fund measures that reduce consumer energy prices, notablyvia price caps on electricity and gas.

CEZ Group has long been one of the largest taxpayers in the CzechRepublic. From 1992 to 2021, the Czech Republic received CZK 771 billionfrom CEZ in dividends, taxes, donations and payments for emissionallowances. In addition, the Czech Republic received dividends of CZK 18billion from the 2021 paid out in 2022.

CEZ provided this information earlier than usual in order to providecapital market participants with an indication of the impact of specificlegislative and regulatory measures on the company's performance and toreduce investor and creditor uncertainty about the company's expectedprofitability. The usual date is March, when the company publishes itsaudited financial results for the previous year. The audited financialresults for 2022 will be published on 21 March 2023.