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CEZ (CEZPsp.PR)
Q1 09 Preview
 Results on May 13th — CEZ will report Q1 ’09 results on May 13th before the
market opens. A conference call will follow on the same day at 4pm UK time.

 Weak start to the year expected — Given the economic slowdown which has
affected volumes and the fall in power prices, we are expecting Q1 ’09 results
to be below the expected trend for the FY09. We are looking for EBITDA to
grow by 2.4% y-o-y to CZK 27,905m.

 FY targets to be re-iterated — We expect CEZ to re-iterate its FY09 targets of
EBITDA at CZK 90.3b, EBIT at CZK 67.1b and net income at CZK 50.2b as
power prices have recovered and are holding up at levels supportive of that
guidance.

 Things to focus on the day — Beyond results the main area of focus for us
during the call will be: demand and power price outlook, potential purchases of
CO2 at current or lower prices and capex deployment (organic and acquisitions).