5. 2. 2014

Guaranteed Exchangeable Bonds exchangeable for ordinary shares of MOL Hungarian Oil and Gas Plc

Issuer: CEZ MH B.V.

Guarantor: ČEZ, a. s.

Issue Amount: 470,200,000 Euro

Settlement Date: 4 February 2014

Maturity Date: 4 August 2017

Coupon: 0,00 %

Exchange price: 61.25 EUR per share of MOL Hungarian Oil and Gas Plc

Right to exchange the Bonds for Shares: from 25 January 2017 to 21 July
2017, subject to the Issuer's right to elect to deliver an equivalent amount in cash for all or part of the
Shares.

Listing: Frankfurt Stock Exchange - Freiverkehr (open market)