CEZ, a.s.                                                       ID no. 45274649




                   ANNOUNCEMENT OF THE ANNUAL GENERAL MEETING

The Board of Directors of the joint stock company,  CEZ, a. s.,  registered seat
140 53 Praze 4,  Duhova  2/1444,  ID no. 45 27 46 49,  tax  ID: 004-45 27 46 49,
entered in the commercial  register kept at the Municipal  Court Prague in folio
B.1581, hereby convenes the annual General Meeting of the company, to be held on
June 17th, 2003, 2:00 p.m. at the Duhova arena, 530 02 Pardubice, Sukovo nabrezi
1735, with entrance from the security-controlled parking area labelled CEZ.

Order of business:

1.   Opening,  election of the chairman of the meeting, the recording clerk, the
     vote counters and the attesters of the minutes.
2.   Report on the company's business and its property.
3.   Report by the Supervisory Board.
4.   Approval of the annual financial statements for 2002.
5.   Decision on the  distribution  of profits,  incl.  payment of dividends and
     remuneration  of the members of the Board of Directors and the  Supervisory
     Board.
6.   Decision on the amendment of the company's Statutes.
7.   Decision on the amount of funds that are earmarked for donations.
8.   Decision on the amendment of the company's option scheme as approved by the
     annual General Meeting in 2001.
9.   Decision on the rearrangement of Supervisory Board membership.
10.  Conclusion.

The cutoff date for  participation  in the General Meeting is June 11th, 2003. A
shareholder  may  attend  the  general  meeting,  if s/he is  registered  at the
Securities Center as a bearer of shares of the company as of the said date.

Nature of the proposed amendment of the Statutes:

o    the  nature  of the  proposed  amendment  is an  expansion  of the scope of
     business,  and a  modification  of Article 34 governing the increase of the
     registered capital by the Board of Directors.

The proposed amendment of the Statutes is open to inspection by all shareholders
at the company's seat, Praha 4, Duhova 2/1444;  it is on display on the bulletin
board in the  lobby on  working  days  from  May  15th,  2003 to the date of the
General Meeting from 8 a.m. to 4 p.m. The  shareholders  are entitled to order a
copy of the amendment proposal at their own cost and risk.

Entries into the  shareholder  attendance  list will be made as of 1 p.m. on the
date and at the location of the General Meeting.

Shareholders - individuals - prove their  identity by presenting  their ID card.
In addition to their ID card,  persons who act on behalf of a legal  entity must
also provide  substantiation of the entity's existence and of their authority to
act on its  behalf.  Proxies of  shareholders  must  further  present a power of
attorney with the principal's certified signature.
If the shareholder is a foreign  individual,  then s/he must present a passport.
Her/his proxy must present a certified power of attorney. A foreign legal entity
must further present a certified  document proving its existence;  said entity's
representative  must either be a member of its statutory body or else dispose of
a certified power of attorney.
The  documents  presented  by a foreign  shareholder  or  her/his  proxy must be
superlegalized  or be  furnished  with an  apostille -  certification  clause -,
unless the Czech Republic has entered a treaty on mutual legal  assistance  with
the shareholder's country of residence.

<TABLE>

Key figures from the annual financial statements 2002 (in million CZK):
<S>                       <C>             <C>                    <C>            <C>
net assets total           198,874        liabilities total     198,874        revenues total      59,455
fixed assets total, net    169,714        equity                128,195        costs total         51,423
net liquid assets           28,407        debenture capital      69,542        income before tax    8,032
other assets, net              753        other liabilities       1,137        income after tax     6,713
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</TABLE>

The  financial  statements  and the  report  on  related  entities  are  open to
inspection by all  shareholders at the company's  seat,  Praha 4, Duhova 2/1444;
they are on display on the bulletin  board in the lobby on working days from May
15th, 2003 to the date of the General Meeting from 8 a.m. to 4 p.m.

Such costs as are incurred by  participating in the General Meeting are borne by
the respective shareholders.

CEZ, a. s. - Board of Directors