NOTICE OF THE 2002 DIVIDEND

The Board of Directors of ČEZ, a. s., having its registered office at Duhova 2/1444, 140 53 Prague 4, Identification No.: 45274649, registered in the Commercial Register administered by the Prague Municipal Court, Section B, File 1581, hereby announces that the Annual General Meeting held on June 17, 2003 resolved to pay to the company's shareholders a 2002 dividend of CZK 4.50 before taxation per share with the nominal value of CZK 100. The payment of dividends, including the withholding of income tax, shall be made on behalf of the company by Ceska sporitelna, a. s., Identification No.: 45244782, having its registered office at Olbrachtova 1929/62, 140 00 Prague 4 ("Ceska Sporitelna").

The 2002 dividend shall be payable to the persons that were shareholders of ČEZ, a. s., as of the record date for the right to dividends. The record date for the right to dividends shall be June 17, 2003 (under Article 9(1) of the company's Articles of Association).

With respect to corporate shareholders, trustees and individual shareholders residing outside of the Czech Republic or the Slovak Republic not represented by trustees, the dividend shall be remitted to their accounts opened with a financial institution having its registered office or branch in the Czech Republic. The dividend shall be remitted to such shareholders' accounts pursuant to a written request delivered to Ceska Sporitelna, bearing a notarized signature and indicating the number of the account and the name of the bank maintaining such account.

With respect to individual shareholders residing in the Czech Republic or their representatives, the dividend shall be paid out in cash at any Czech branch of Ceska Sporitelna, or remitted to their accounts maintained by a bank in the Czech Republic pursuant to a written request delivered to Ceska Sporitelna. The dividend shall be paid out to a representative of such shareholder upon the presentation of his or her identity card and a power of attorney signed by the shareholder. The authenticity of the shareholder's signature on such power of attorney or such shareholder's request for wire transfer of the dividend must only be notarized if the total amount of such shareholder's dividend to be paid out exceeds CZK 500.

With respect to individual shareholders residing in the Slovak Republic, the dividend shall be paid out in cash in the period from August 1, 2003 to December 31, 2003 at any branch of OTP Banka Slovakia, a. s., Identification No.: 31318916, having its registered office at Sturova 5, 813 54 Bratislava, Slovak Republic ("OTP Banka"), or remitted to their accounts opened with a financial institution having its registered office or branch in the Slovak Republic pursuant to a written request delivered to OTP Banka. From January 1, 2004, the dividend shall be paid out to individual shareholders residing in the Slovak Republic or to their representatives in cash at any branch of Ceska Sporitelna in the Czech Republic or remitted to their accounts maintained with a bank in the Czech Republic pursuant to a written request delivered to Ceska Sporitelna. The dividend shall be paid out to a representative of such shareholder upon the presentation of his or her identity card and a power of attorney signed by the shareholder. The authenticity of the shareholder's signature on such power of attorney or such shareholder's request for wire transfer of the dividend must only be notarized if the total amount of such shareholder's dividend to be paid out exceeds CZK 500.

The dividends shall be due and payable on August 1, 2003, provided that the dividend payment to an account with a financial institution shall be made without undue delay after Ceska Sporitelna or, as the case may be, OTP Banka has received the shareholder's request pursuant to the preceding paragraphs of this Notice.

Board of Directors of ČEZ, a. s.