Press releases pg. 4

At today’s session the Board of Directors of CEZ elected Mr. Martin Novak as its Vice- Chairman.

The Supervisory Board of CEZ has today elected two new members of CEZ’ Board of Directors and discussed a proposal of Mr. Daniel Benes, the new Chairman of the Board of Directors and Chief Executive Officer of CEZ, for corporate organization structure changes that should take effect from January 1, 2012. This is the first step to slim down and render more efficient the company’s line management at the top level and to prepare the CEZ Group for the consolidation of its subsidiary firms’ activities too. Additional restructuring measures aimed to reduce the number of divisions and top managerial posts is planned for mid next year, when the current 11 divisions should be restructured to form just 8 or possibly 9. At today's session of the Supervisory Board, Mr. Martin Riman announced his resignation as member of the Supervisory Board and member of the Audit Committee with effect from December 20, 2011.

The Board of Directors of CEZ has elected Daniel Benes, former Vice-Chairman of the Board and Executive Director of CEZ, as its Chairman. He has replaced Martin Roman who resigned yesterday. Daniel Benes has thus also become CEZ’ Chief Executive Officer. CEZ’ Supervisory Board has today also co-opted Martin Roman as its new member and elected him Chairman of the Supervisory Board.

Yesterday's Annual General Meeting of Shareholders of CEZ Power Company approved an extension of the number of members of the Board of Directors from 5 to 6 and also established the position of the First and Second Vice-Chairman of the Board.