Press releases pg. 169

CEZ, a. s. will issue its first batch of debenture bonds, worth three billion CZK, in the framework of the approved debenture programme. The issue is planned for 23 June 2003. The fixed interest rate was set at 3.35 % p.a. The bonds will be issued with a 100.05% rate of their nominal value. The issue is due in 2008.

CEZ and E.ON have come to an agreement concerning the exchange of their respective minority shares in Czech regional power companies.

Today´s extraordinary general assembly of Severoceska energetika a.s. (SCE) appointed new members of company Supervisory Board, who are in favour of the merger between CEZ and regional distributors..

Today's extraordinary general assembly of Zapadoceska energetika a.s. (ZCE), a regional power company, appointed new members of company Supervisory Board, who are in favour of the merger between CEZ and regional distributors.