FINANâNÍ A PROVOZNÍ UKAZATELE KEY OPERATING AND FINANCIAL INDICATORS

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2 OBSAH / CONTENTS Finanãní a provozní ukazatele Key operating and financial indicators Poslání a cíle spoleãnosti The Company s mission and objectives... 3 Profil spoleãnosti Company profile Úvodní slovo pfiedsedkynû pfiedstavenstva Chairperson s statement Orgány spoleãnosti a její management Statutory bodies and senior management.. 12 V znamné události roku 2004 Highlights of the year Zpráva pfiedstavenstva o podnikatelské ãinnosti a stavu jejího majetku Business activities and financial results Hodnocení roku 2004 a oãekávan v voj v roce 2005 Evaluation of 2004 and prospects for Zpráva Dozorãí rady Supervisory Board s Report Finanãní ãást Financial Part DÛleÏité události po úãetní závûrce Important post-balance sheet events Informace o v sledcích valn ch hromad General Meetings Organizaãní schéma âeps, a.s, k The Company s organisational chart as at 31 December Organizaãní schéma OSINEK, a.s, k Group structure as at 31 December Zpráva o vztazích mezi propojen mi osobami Report on the relationships between interrelated companies Rejstfiík pojmû a zkratek Glossary Odpovûdnost za v roãní zprávu Responsibility for the correctness of the Annual Report Vlasta Baránková Identifikaãní a kontaktní údaje Identification data

3 FINANâNÍ A PROVOZNÍ UKAZATELE KEY OPERATING AND FINANCIAL INDICATORS Základní finanãní ukazatele Financial indicators m. j. / Unit V nosy celkem / Total revenues mil. Kã / CZK m , , , , ,1 TrÏby z prodeje vlastních v robkû a sluïeb / Revenues from own products and services mil. Kã / CZK m , , , , ,3 Náklady celkem pfied zdanûním / Total expenses before tax mil. Kã / CZK m , , , , ,7 V konová spotfieba / Production consumption mil. Kã / CZK m , , , , ,9 Zisk pfied zdanûním / Profit before tax mil. Kã / CZK m 2 678, ,2 508,5 312,4-543,6 DaÀ z pfiíjmû / Income tax mil. Kã / CZK m 736,9-390,2 154,8 340,9 167,4 Zisk po zdanûní / Profit after tax mil. Kã / CZK m 1 941, ,4 353,7-28,5-710,9 Bilanãní suma / Balance sheet total mil. Kã / CZK m , , , , ,5 Dlouhodob majetek / Long-term assets mil. Kã / CZK m , , , , ,4 ObûÏná aktiva / Current assets mil. Kã / CZK m 2 758, , , ,9 583,3 Vlastní kapitál / Equity mil. Kã / CZK m , , , , ,4 Základní kapitál (zapsan v Obchodním rejstfiíku) / Registered capital (as recorded in Commercial Register) mil. Kã / CZK m , , , , ,7 Pfiidaná hodnota / Added value mil. Kã / CZK m 4 729, , , , ,2 Investiãní v daje (bez finanãních investic) / Investment expenditure (without financial investment) mil. Kã / CZK m 1 231, ,3 506,6 781,2 628,3 Odpisy / Depreciation mil. Kã / CZK m 1 822, , , , ,8 EPS (ãist zisk na akcii) / EPS (earning per share, net) Kã / CZK 10,9 9,09 1,98-0,16-3,98 ROE (rentabilita vlastního kapitálu netto) / ROE (return on equity, net) % 12,8 11,01 2,70-0,18-4,37 ROA (rentabilita celkov ch aktiv netto) / ROA (return on assets, net) % 9,9 8,35 1,71-0,13-3,36 Krátkodob finanãní majetek k / Short-term financial assets as at 31 Dec mil. Kã / CZK m 1 966, , , ,5 146,4 Zisk pfied zdanûním na zamûstnance / Profit before tax per employee tis. Kã / CZK t 6 240, , , ,8 Produktivita práce (z pfiidané hodnoty) na zamûstnance a mûsíc / Productivity of labour (from added value) per employee per month tis. Kã / CZK t 918,2 686,4 517,6 470,3 271,6 Fyzick poãet zamûstnancû k / Number of employees as at 31 Dec osoby / employee

4 MnoÏství pfienesené elektfiiny (v GWh) Amount of electricity transferred (in GWh) Technicko-obchodní ukazatele Technical and commercial indicators m. j. / Unit MnoÏství elektfiiny pfienesené PS na v stupu (vãetnû systémového tranzitu)*) / Amount of electricity transferred across the transmission system, including transits*) Gwh Pfienesená elektfiina bez systémového tranzitu na zamûstnance / Amount of electricity transferred excluding transits, per employee Gwh 140,7 143,3 123,5 106,0 91,7 Ztráty v PS / Transmission losses Gwh % mûrn ch ztrát (ztráty/energie na vstupu do PS) / Percentage of specific losses (losses/energy at the transmission system entry) % 1,2 1,3 1,2 1,3 1,5 DodrÏení regulace f a P dle kritérií UCTE / P/f control according to UCTE criteria a) elektrická práce / a) Electric energy % 98,53 98,86 99,19 99,28 98,21 b) elektrick v kon / b) Electric power % 96,88 97,99 98,29 98,23 96,94 Celkov instalovan v kon transformátorû**) / Average installed transformer capacity**) MVA Délka tras vedení v provozu celkem / Route km of power lines in total km Z toho: / Of which: Délka tras vedení 400 kv / Route km of 400 kv lines km Délka tras vedení 220 kv / Route km of 220 kv lines km Délka tras vedení 110 kv / Route km of 110 kv lines km Transformátory 400/220 kv / 400/220 kv transformers ks / No Transformátory 400/110 kv / 400/110 kv transformers ks / No Transformátory 220/110 kv / 220/110 kv transformers ks / No Rozvodny 420 kv / 420 kv substations ks / No Rozvodny 245 kv / 245 kv substations ks / No Rozvodny 123 kv / 123 kv substations ks / No *) V souladu s vyhlá kou ã. 439/2001 Sb. ERÚ nastala v roce 2001 zmûna metodiky vykazování uvádûjí se skuteãné energie dodávané a odebírané z PS v obou smûrech. Reporting methodology has been changed in accordance with ERÚ Regulation No. 439/2001: actual amounts of energy and power input to and output from the transmission system are shown. **) V prûbûhu roku 2004 vymûnûny transformátory T201 v TR Opoãinek, T402 v TR Otrokovice a âebín a T202 v TR Sokolnice. Transformers T201 at the Opoãinek transformer station, T402 at the Otrokovice, T402 at the âebín and T202 at the Sokolnice transformer stations have been replaced.

5 KRÉDO MOTTO DÛvûra a respekt na ich partnerû je nejvût ím bohatstvím âeps, a.s. The confidence and respect of our partners are âeps s most valuable assets. VIZE VISION âeps, a.s., chce b t prosperující, dûvûryhodnou a respektovanou spoleãností. âeps aims to be a prosperous, trusted and highly respected company.

6 2V ROâNÍ ZPRÁVA ANNUAL REPORT âeps, a.s. ELEKTRÁRENSKÁ 774/ PRAHA 10

7 3V ROâNÍ ZPRÁVA ANNUAL REPORTPOSLÁNÍ A CÍLE SPOLEâNOSTI THE COMPANY S MISSION AND OBJECTIVES Na e poslání Poskytujeme sv m zákazníkûm kvalitní a komplexní sluïby související s pfienosem elektrické energie za konkurenceschopné ceny a zpûsobem etrn m k Ïivotnímu prostfiedí. Strategické zámûry Pro naplnûní svého poslání si spoleãnost vytkla tyto základní strategické cíle: Vytváfiet zisk, kter umoïní v platu dividend v období Aktivnû se podílet na rozvoji spoleãného liberalizovaného evropského trhu s elektrickou energií. Zabezpeãit standardy spolehlivosti a bezpeãnosti provozu pfienosové soustavy (PS) optimální alokací investiãních a provozních prostfiedkû. B t zákaznicky orientovanou spoleãností v oblasti pfienosov ch a systémov ch sluïeb. B t spoleãností vytváfiející motivaãní prostfiedí pro rozvoj lidského potenciálu. V souladu se strategick m zámûrem vybudovat procesnû fiízenou spoleãnost soustfiedíme svou pozornost pfiedev ím na kvalitu hlavních procesû, tj. zaji tûní pfienosov ch a systémov ch sluïeb. V oblasti pfienosov ch slu- Ïeb je na ím hlavním cílem optimalizace fiízení úzk ch míst sítû a trval rozvoj elektronického obchodování. V oblasti systémov ch sluïeb pak tvorba analytického a predikãního modelu, které umoïní vyhodnocování variant provozu soustavy, zkvalitnûní IT podpory dispeãerského fiízení a zaji - Èování podpûrn ch sluïeb. Mezi dlouhodobé cíle spoleãnosti patfií rozvojové programy, zaji Èující plnûní standardû Pravidel provozování pfienosové soustavy (Kodex PS) vãasn m posílením transformace 400/110 kv a pfienosov ch profilû. Mission To provide customers with high-quality and comprehensive electricity transmission services at competitive prices and in an environmentally friendly manner. Strategic objectives In order to fulfil its mission, the Company has set itself the following key strategic objectives: to make a profit which will allow the payment of dividends to shareholders during the period , to actively contribute towards the development of a single liberalised European electricity market, to meet the safety and security standards required of transmission system operation through the optimum allocation of investment funds and operational assets, to be a customer-oriented transmission and system services company, to create a motivating environment which fosters the development of the Company s human potential. In accordance with our objective of introducing a process-oriented management system throughout the Company, we have tried to concentrate on improving the quality of two key processes, i.e. transmission services provision and system services trading. Concerning transmission services, we are aiming primarily at optimising network congestion management and the continuous development of electronic trading. As for system services, our main goal is to develop an analytical and forecasting model which will allow us to evaluate the individual variants involved in power system operation and to improve IT support for generation dispatch and ancillary services procurement. One of our most important long-term objectives is the preparation and execution of development programmes which will contribute towards meeting Grid Code standards through timely transmission reinforcement involving 400/110 kv transformers and interconnectors. POSLÁNÍ A CÍLE SPOLEâNOSTI THE COMPANY S MISSION AND OBJECTIVES

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9 5V ROâNÍ ZPRÁVA ANNUAL REPORTPROFIL SPOLEâNOSTI COMPANY PROFILE âeps, a.s., je jedin m provozovatelem pfienosové soustavy (PPS) v âeské republice na základû v luãné licence na pfienos (zákon ã. 458/2000 Sb. ve znûní pozdûj ích pfiedpisû). âeps, a.s., poskytuje pfienosové a systémové sluïby, zaji Èuje podpûrné sluïby, dispeãersky fiídí zafiízení PS a systémové zdroje na území âr. Prostfiednictvím propojovacích vedení zaji Èuje dle závazn ch pravidel UCTE propojení s elektrizaãními soustavami sousedních zemí. Spoleãnost v souladu s udûlen mi Ïivnostensk mi oprávnûními podniká také v dal ích oborech. Podrobnûj í popis pfiedmûtu podnikání je uveden ve Stanovách spoleãnosti. Informace pro akcionáfie Spoleãnost je zapsána v Obchodním rejstfiíku vedeném Mûstsk m soudem v Praze, oddíl B, vloïka Akciová spoleãnost âeps, a.s., byla zaloïena v srpnu 1998 rozhodnutím âez, a. s., jako jediného akcionáfie v pûsobnosti valné hromady. Zápis do obchodního rejstfiíku byl proveden âinnost provozovatele pfienosové soustavy zahájila spoleãnost âeps, a.s., k vkladem tehdej í Divize pfienosové soustavy jako ãásti podniku âez, a. s., do vlastnictví dcefiiné spoleãnosti. V souãasné dobû ãiní základní kapitál spoleãnosti ,7 mil. Kã. Do bfiezna 2003 byl jedin m akcionáfiem âez, a. s. V dubnu 2003 do lo prodejem akcií ke zmûnû akcionáfiské struktury âeps, a.s. Spoleãnost âez, a. s., pfievedla 51 % akcií na spoleãnost OSINEK, a.s., ovládanou FNM, a 15 % na Ministerstvo práce a sociálních vûcí âr. Na základû rozhodnutí ÚHOS ze dne byl âez, a. s., povinen do konce záfií 2004 odprodat svûj podíl v âeps, a.s. Prodej se uskuteãnil dne , majitelem 34 % akcií âeps, a.s., se stalo Ministerstvo financí âr. Tím se stala spoleãnost âeps, a.s., spoleãností plnû vlastnûnou státem. Emise: Druh: 01 akcie kmenová, neregistrovaná, vefiejnû neobchodovatelná Forma: 3 CP na jméno Podoba: zaknihovan CP Poãet kusû: Celkov objem emise: Kã Jmenovitá hodnota akcie: 73 Kã Postavení na trhu âeps, a.s., je v luãn m drïitelem licence na pfienos elektrické energie a pûsobí jako provozovatel pfienosové soustavy âeské republiky. Své sluïby poskytuje otevfien m a nediskriminaãním zpûsobem v em subjektûm na trhu s elektfiinou v âr za technick ch podmínek dle Kodexu PS. âeps, being the holder of an exclusive electricity transmission licence obtained under the Energy Act 2000 (Act 458/2000, as amended), is the sole Czech Transmission System Operator. âeps is responsible for the provision of transmission and system services, the procurement of ancillary services, the operation of transmission system facilities and the dispatch of system resources within the Czech Republic. It is also responsible for parallel operation with the power systems of neighbouring countries via cross-border tie-lines according to binding UCTE rules. The Company is involved in a number of other business activities for which it holds the relevant trade licences. Further details can be found in the Company s Articles of Incorporation. Shareholder information The Company is incorporated in the Commercial Register at the Regional Commercial Court in Prague, No. B âeps, a joint-stock company, was established in August 1998 pursuant to a decision of âez (the Czech Power Company), its sole shareholder (exercising the powers of the General Meeting) and was entered into the Commercial Register on 16 October On 1 August 1999, âez increased the registered capital of âeps, its wholly owned subsidiary, through the addition of part of âez s business its Transmission System Division. Since this date âeps has carried out its responsibilities as the Czech Transmission System Operator. The Company s registered capital currently totals CZK 13,034.7 million. Up to March 2003 âez was âeps s sole shareholder. A sale of shares in April 2003, however, led to changes in the Company s ownership. âez transferred 51% of âeps s shares into the ownership of OSINEK, a company controlled by the National Property Fund and 15% to the Ministry of Labour and Social Affairs. Pursuant to a decision of the Czech Office for the Protection of Economic Competition of 18 March 2003, âez was obliged to sell off its remaining stake in âeps by the end of September The relevant 34% share was sold on 7 September 2004 to the Ministry of Finance. As a result, âeps became wholly owned by the state. Share issue: ISIN Type: 01 ordinary, non-registered and publicly nontradable shares Status: 3 registered securities Form: K dematerialised securities Number of units issued: 178,557,333 Total value of issue: CZK 13,034,685,309 Nominal value: CZK 73 The Company s position in the market âeps is the holder of an exclusive licence for electricity transmission and is the Czech Transmission System Operator. The Company provides its services to all players in the Czech electricity market in an open and nondiscriminatory way under technical conditions defined in the Grid Code. PROFIL SPOLEâNOSTI COMPANY PROFILE

10 6V ROâNÍ ZPRÁVA ANNUAL REPORTPROFIL SPOLEâNOSTI COMPANY PROFILE V znamnou úlohu v ãinnosti spoleãnosti pfiedstavuje zaji tûní pfieshraniãních pfienosû pro v voz elektfiiny z âr, pro její dovoz do âr a její tranzit pfies území âr. V prûbûhu roku 2004 do lo k v znamnému roz ífiení spolupráce se sousedními operátory pfienosov ch soustav (TSO). Zahájili jsme denní aukce pfienosov ch kapacit a dojednali jsme také podmínky pro zahájení koordinovan ch vícestrann ch aukcí pfienosov ch kapacit pfieshraniãních profilû, kter ch se úãastní vedle âeps, a.s., provozovatelé pfienosov ch soustav Polska (PSE-Operator) a Nûmecka (Vattenfall Europe Transmission). V rámci poskytování sluïeb pro pfieshraniãní obchod byly na imi zákazníky v robci, obchodníci a nûkteré distribuãní spoleãnosti. K nejvût ím zákazníkûm patfií âez, a. s., Entrade s.r.o., a Morava-chem, spol. s r.o. Ceny pfienosov ch sluïeb jsou regulované a stanovuje je ERÚ Cenov m rozhodnutím. Pro zaji tûní pfienosû nakupuje âeps, a.s., jako oprávnûn zákazník elektfiinu na krytí ztrát pfii pfienosu. Od ãervna 2004 vstoupilo v úãinnost Nafiízení Evropského parlamentu a Evropské rady ã. 1228/2003 t kající se pfieshraniãních pfienosû, které je pro âeps, a.s., po vstupu do EU závazné. V souvislosti s tímto nafiízením bylo ke dni Cenov m rozhodnutím ERÚ zru eno zpoplatnûní v vozu. Systémové sluïby poskytovala âeps, a.s., v souladu s energetick m zákonem v em spotfiebitelûm odebírajícím elektfiinu ze synchronnû pfiipojené pfienosové soustavy za ceny stanovené ERÚ. Pro zaji tûní systémov ch slu- Ïeb nakupovala âeps, a.s., podpûrné sluïby (PpS) od 11 poskytovatelû v âr. Mezi nejvût í patfií âez, a. s., ECK Generating, s.r.o., a Sokolovská uhelná, a. s. Pro zaji tûní stabilnûj ího prostfiedí na trhu s podpûrn mi sluïbami byly v roce 2004 na základû v bûrov ch fiízení a po pfiedchozím projednání s ERÚ poprvé uzavfieny smlouvy na nákup ãásti podpûrn ch sluïeb na dvouleté a tfiíleté období. Tento krok zaji Èuje budoucí vy í bezpeãnost provozu ES a vût í stabilitu hospodáfisk ch v sledkû âeps, a.s. Zásady nákupu podpûrn ch sluïeb stanovuje Kodex PS. Ceny podpûrn ch sluïeb nepodléhají cenové regulaci. Vstup âr do EU nepfiinesl pro âeps, a.s., z hlediska jí poskytovan ch sluïeb Ïádné podstatné zmûny. Pfienosová soustava byla trhu plnû otevfiena jiï v pfiedchozích letech. Pro rok 2005 zûstává postavení âeps, a.s., na elektroenergetickém trhu beze zmûn. V voj legislativního rámce elektroenergetiky v roce 2004 Dnem vstupu âeské republiky do Evropské unie se staly souãástí právního fiádu âr její pfiedpisy s pfiímou pûsobností. Mimo Smlouvu o zaloïení Evropského spoleãenství je pro âeps, a.s., v znamn m pfiedpisem Nafiízení ã. 1228/2003 Evropského parlamentu a Evropské rady, které upravuje vyuïívání pfieshraniãních pfienosov ch kapacit. Ensuring sufficient transfer capacity on interconnectors required for electricity exports, imports and transits across the Czech transmission system (TS) forms an important part of the Company s activities. Cooperation with transmission system operators (TSOs) in neighbouring countries was considerably extended throughout Daily auctions for transfer capacity on interconnectors were introduced and conditions agreed upon for coordinated multilateral auctions for available transfer capacity on interconnectors with the participation of Polish (PSE) and German (Vattenfall Europe Transmission) system operators. The users of our cross-border trading services comprise electricity generators, traders and several distribution companies; the largest users in 2004 were âez, Entrade and Morava-chem. Transmission services are provided at regulated prices set by ERÚ (the Energy Regulatory Office) Price Controls. In order to provide transmission services, âeps, being an eligible customer, purchases energy required to cover system losses. Regulation of the European Parliament and Council No. 1228/2003 on conditions for access to the network for cross-border exchanges in electricity, which came into effect in June 2004, is legally binding for âeps following the Czech Republic s entry into the EU. Accordingly, an ERÚ Price Control was issued on 1 July 2004 repealing export charges. System services were provided by âeps, under the provisions of the Energy Act 2000, to all those customers directly connected to the transmission system at prices set by the ERÚ. In order to be able to provide system services, the Company procured ancillary services from 11 domestic ancillary services providers, the largest among them being âez, ECK Generating and Sokolovská uhelná. Aiming at creating a more stable environment in the ancillary services market, in 2004 the Company introduced two-year and three-year contracts for the purchase of a certain amount of ancillary services, following the relevant tendering procedures and the prior consent of the ERÚ. This measure will contribute towards improving transmission system security in future years as well as towards the financial stability of the Company. Rules for purchasing ancillary services are specified in the Grid Code. Prices for ancillary services are not subject to price regulation. The Czech Republic s entry into the EU in May 2004 did not bring about any substantial changes concerning services provided by the Company since the Czech transmission system had already been fully opened up. The Company s position in the electricity market remains unchanged for Changes to relevant Czech legislation Following the Czech Republic s accession to the European Union, binding EU legislation has been integrated into Czech law. The Treaty establishing the European Community (EC Treaty) and Regulation of the European

11 7V ROâNÍ ZPRÁVA ANNUAL REPORTPROFIL SPOLEâNOSTI COMPANY PROFILE Platné znûní zákona 458/2000 Sb. O podmínkách podnikání a o v konu státní správy v energetick ch odvûtvích pro elektroenergetiku implementuje Smûrnici 96/92/EC a Smûrnici 2003/54/EC. Cílem EU v odvûtví elektroenergetiky je pfiechod ke spoleãnému vnitfinímu trhu s elektrickou energií, dofie ení pravidel pro stanovení pfieshraniãních tarifû a vyfie ení problémû nedostateãn ch lokálních pfienosov ch kapacit evropsk ch sítí. V roce 2004 byly vydávány následující právní pfiedpisy, které se vztahují k ãinnosti âeps, a.s.: Zákon ã. 670/2004 Sb., kter m se mûní zákon ã. 458/2000 Sb., o podmínkách podnikání a o v konu státní správy v energetick ch odvûtvích a o zmûnû nûkter ch zákonû (energetick zákon), ve znûní pozdûj ích pfiedpisû. Zákonem ã. 670/2004 Sb. byla do ãeského právního fiádu transponována Smûrnice Evropského parlamentu a Evropské rady 2003/54/EC o spoleãn ch pravidlech pro vnitfiní trh elektrickou energií. Vyhlá ka ERÚ ã. 614/2004 Sb., kterou se mûní vyhlá ka ã. 373/2001 Sb. ve znûní pozdûj ích pfiedpisû a kterou se stanoví pravidla pro organizování trhu s elektfiinou a zásady tvorby cen za ãinnosti operátora trhu, Vyhlá ka ERÚ ã. 575/2004 Sb., kterou se mûní vyhlá ka ã. 438/2001 Sb. ve znûní vyhlá ky ã. 13/2003 Sb. a kterou se stanoví postupy pro regulaci cen v energetice. Vyhlá ka ERÚ ã. 459/2004 Sb., kterou se mûní vyhlá ka ã. 373/2001 Sb. ve znûní vyhlá ky ã. 12/2003, a kterou se stanoví pravidla pro organizování trhu s elektfiinou a zásady tvorby cen za ãinnosti operátora trhu. Vyhlá ka ã. 431 MPO, kterou se mûní vyhlá ka ã. 19/2002 Sb. a kterou se stanoví zpûsob organizace krátkodobého trhu s elektfiinou. Vyhlá ka ã. 450 MPO, kterou se mûní vyhlá ka ã. 218/2001 Sb. a kterou se stanoví podrobnosti mûfiení elektfiiny a pfiedávání technick ch údajû. Vyhlá ka ã. 425 MPO, kterou se mûní vyhlá ka ã. 213/2001 Sb. a kterou se vydávají podrobnosti náleïitostí energetického auditu. Energetick regulaãní úfiad vydal následující Cenová rozhodnutí t kající se odvûtví elektroenergetiky: Cenové rozhodnutí ERÚ ã. 5/2004 v návaznosti na nov zákon o DPH ã. 235/2004 Sb. t kající se zmûn v postupu úhrady plateb za pfieshraniãní pfienos a rezervaci kapacit v aukcích. Cenové rozhodnutí ERÚ ã. 6/2004 o zmûnû cenového rozhodnutí ERÚ ã. 26/2003 (zru ení zpoplatnûní v vozu). Cenové rozhodnutí ERÚ ã. 10/2004, kter m se stanovují ceny elektfiiny a souvisejících sluïeb pro rok V návaznosti na novelu Energetického zákona, která vstoupila v platnost k , se v prûbûhu roku 2005 oãekávají úpravy nûkter ch provádûcích pfiedpisû. Dále se pfiedpokládá schválení zákona o podpofie v roby elektfiiny z obnoviteln ch zdrojû a vydání na nûj navazujících provádûcích pfiedpisû. Z pfiedpisû EU jsou oãekávány smûrnice vztahující se ke spolehlivosti zásobování elektfiinou a o sluïbách v odvûtví elektroenergetiky. Parliament and Council No. 1228/2003 on conditions for access to the network for cross-border exchanges in electricity are particularly relevant to âeps. The Energy Act 2000 (Act 458/2000), as amended, already includes the provisions of EU Directives 96/92/EC and 2003/54/EC. EU objectives concerning the electricity sector are: completion of the internal market in electricity, the setting of rules for calculating tariffs for cross-border electricity exchanges and the solving of problems related to the lack of transfer capacity on interconnectors between individual European networks. The following relevant legislation was passed during 2004: Act 670/2004 amending the Energy Act 2000 and incorporating EU Directive 2003/54/EC, concerning common rules for the internal market in electricity, into Czech law. ERÚ Regulation No. 614/2004 amending Regulation No. 373/2001, as previously amended by Regulation No. 459/2003; this Regulation sets the rules governing electricity market operation and the principles to be applied in the pricing of Electricity Market Operator services. ERÚ Regulation No. 575/2004 amending Regulation No. 438/2001, as previously amended by Regulation No. 13/2003, setting the rules for price regulation in the energy sector. ERÚ Regulation No. 459/2004 amending Regulation No. 373/2001, as previously amended by Regulation No. 12/2003; this Regulation sets the rules governing electricity market operation and the principles to be applied in the pricing of Electricity Market Operator services. MIT Regulation No. 431, amending Regulation No. 19/2002, setting the rules for the short-term electricity market. MIT Regulation No. 450, amending Regulation No. 218/2001, setting the rules for electricity metering and technical data communication. MIT Regulation No. 425, amending Regulation No. 213/2001. The Energy Regulatory Office issued the following Price Controls during 2004 relating to the electricity sector: ERÚ Price Control No. 5/2004, following publication of the new VAT Act (Act 235/2004), setting new rules for payments for cross-border electricity exchanges and allocation by auction of available transfer capacity. ERÚ Price Control No. 6/2004, amending ERÚ Price Control No. 26/2003, repealing electricity export charges. ERÚ Price Control No. 10/2004 setting prices for electricity and related services for Following an amendment to the Energy Act effective from 30 December 2004, changes to relevant enabling legislation are expected during In addition, legislation concerning support for electricity generation from renewable energy sources is about to be passed along with the relevant enabling legislation. As regards new EU legislation, a Directive concerning the security of electricity supply and related services is expected in the near future.

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14 10 V ROâNÍ ZPRÁVA ANNUAL REPORT ÚVODNÍ SLOVO P EDSEDKYNù P EDSTAVENSTVA CHAIRPERSON S STATEMENT VáÏení spolupracovníci, akcionáfii a obchodní partnefii, váïení pfiátelé! Minul rok byl pro na i spoleãnost jubilejní. âeps v nûm oslavila pûtileté v roãí své existence. Pro odvûtví elektroenergetiky to byl rok relativnû klidn, ale uvnitfi âeps pokraãovaly pfiípravy na dal í fáze procesu liberalizace tuzemského i evropského trhu s elektfiinou. Dokonãili jsme vnitfiní restrukturalizaci spoleãnosti, zavádíme procesní fiízení s vyuïitím nejmodernûj ích prostfiedkû informaãních technologií. V roce 2004 byly ve spolupráci s Operátorem trhu otevfieny dva nové trhy: vnitrodenní trh podpûrn ch sluïeb a trh regulaãní energie. ProvozovatelÛm v robních zdrojû se tím otevfiely nové moïnosti pro uplatnûní jejich produkce a âeps získala prostor k optimalizaci v dajû za nákup podpûrn ch sluïeb. V nosy z aukcí na pfieshraniãních profilech pfienosové soustavy podléhají od zvlá tnímu reïimu, kter je stanoven Energetick m regulaãním úfiadem v souladu s Nafiízením Evropského Parlamentu a Evropské rady. âást v nosû z aukcí roku 2004 bude vyuïita v rámci nastavení tarifního systému âr a zb vající ãást na tvorbu fondu urãeného na financování investic do zv ení kapacit pfieshraniãních profilû. Spoleãnost se v prûbûhu celého roku intenzívnû zab vala zlep ením fiízení úzk ch míst pfienosové soustavy na pfieshraniãních profilech. S provozovateli pfienosov ch soustav dvou sousedních státû, Polské PSE a nûmecké VE-T, jsme na podzim uspofiádali roãní koordinovanou aukci pfienosov ch kapacit na spoleãn ch profilech pro rok Problematikou úzk ch míst na pfieshraniãních profilech, která se v ir í souvislosti dot ká zaji tûní spolehlivosti dodávky elektfiiny, se zab vají v ichni operátofii jednotné evropské elektroenergetické soustavy. To potvrdila také mezinárodní konference New Infrastructure for Energy Trading in Europe, kterou âeps uspofiádala v prosinci minulého roku v Praze. To, Ïe jsme v minulém roce nebyli svûdky velk ch v padkû v evropsk ch pfienosov ch soustavách, nás nemûïe nechávat ve spokojené neãinnosti. Naopak, âeps se intenzívnû vûnuje pfiedcházení moïn ch problémû a pfiípravû projektû jejich vãasného fie ení jak v tuzemsku, tak v evropském mûfiítku. Aktivnû spolupracujeme s v konn m vedením esti provozovatelû pfienosov ch soustav sousedních zemí. Velmi dobré v sledky hospodafiení za rok 2004, kter mi âeps navázala na úspû n rok 2003, jsou dobr m základem ke zvládnutí úkolû, které pfied ni staví dal í zmûny v elektroenergetice. âeps celebrated its fifth anniversary as an independent company in 2004, a relatively calm year on the whole for the electricity sector. Nevertheless, âeps continued to push ahead with preparations for the next stage of the liberalisation process of both the domestic and the European electricity markets. We have completed the Company s internal restructuring programme; process-oriented corporate governance has been introduced employing the latest IT tools. Two new electricity markets were launched during the year: the intra-day market for ancillary services and the balancing market for regulation energy. Consequently, new possibilities have been opened up for electricity generators with spare capacity whilst âeps has gained valuable manoeuvring space for optimising the costs of ancillary services provision. Revenues from auctions for available transfer capacity on interconnectors has been subject to a special regime since 1 July, applied by the Czech Energy Regulatory Office in compliance with European Parliament and Council legislation. Part of the income from auctions for 2004 will be used to create a special fund the aim of which will be to increase cross-border transmission capacity. The Company worked hard throughout the year to improve the situation concerning congestion management on interconnectors, culminating in a coordinated auction for available transfer capacity on interconnectors for 2005 which took place in the autumn in cooperation with two neighbouring transmission system operators PSE in Poland and VE-T in Germany. Every transmission system operator within the interconnected European power systems is concerned with congestion management which, ultimately, impacts on the security of power supply. This concern was expressed more than once at the New Infrastructure for Energy Trading in Europe international conference organised by âeps in Prague in December. The fact that we did not experience any serious failure within the European interconnected system during the year must not allow us to rest on our laurels. On the contrary, âeps continues to take a pro-active approach to solving potential problems and is working hard on various projects to that end both at the national and international levels; indeed, the Company is currently working closely with the management of six neighbouring transmission system operators on this very issue. The excellent financial results for 2004, coming on the heals of similarly pleasing results in 2003, provides us with a good basis for meeting the challenges the Company faces as a consequence of upcoming changes in the electricity sector.

15 11 S dobr mi v sledky hospodafiení souvisí je tû jedna vûc, o které bych se ráda zmínila. V roce 2004 mûla na e spoleãnost poprvé moïnost poskytnout urãitou ãást finanãních prostfiedkû na sponzorské dary. VyuÏili jsme je pfiedev ím na podporu zdravotnictví, kolství, kultury, sportu a na humanitární pomoc v zahraniãí. Vûfiím, Ïe v sledky hospodafiení nám umoïní i v následujících letech v poskytování sponzorsk ch darû pokraãovat. Dovolte mi, abych na závûr podûkovala v em spolupracovníkûm v âeps za splnûní úkolû stanoven ch pro rok 2004, za jejich vynaloïené úsilí a vysoce profesionální pfiístup k fie ení v ech úkolû. S jistotou se na nû mohou spolehnout nejen ãlenové vedení a akcionáfii na í spoleãnosti, ale i v ichni uïivatelé pfienosové soustavy a spotfiebitelé elektrické energie v celé republice. Vûfiím, Ïe se nám spoleãnou prací podafií pokraãovat i v následujícím roce v dal ím rozvoji spoleãnosti. The Company s excellent performance also meant that in 2004 we were able to donate, for the first time in our history, a certain proportion of our funds to charity and sponsorship. The money was used principally to support educational, health, cultural and sports causes and for humanitarian assistance abroad. I feel confident that the Company s future business performance and financial results will allow us to continue such activities in the years to come. In conclusion, let me express my thanks to all the Company s employees for working so hard to meet the objectives set in 2004 and for their continuing highly professional approach to their work. I am confident that the Company s management and shareholders, users of the transmission system and electricity consumers throughout the country can rely one hundred percent on the workforce here at âeps to keep up the good work. I firmly believe that working together we will succeed in further advancing the Company in Ludmila PetráÀová pfiedsedkynû pfiedstavenstva a generální fieditelka Chairperson of the Board of Directors and Chief Executive Officer V ROâNÍ ZPRÁVA ANNUAL REPORT ÚVODNÍ SLOVO P EDSEDKYNù P EDSTAVENSTVA CHAIRPERSON S STATEMENT

16 12 V ROâNÍ ZPRÁVA ANNUAL REPORT ORGÁNY SPOLEâNOSTI A JEJÍ MANAGEMENT STATUTORY BODIES AND SENIOR MANAGEMENT ORGÁNY SPOLEâNOSTI A JEJÍ MANAGEMENT STATUTORY BODIES AND SENIOR MANAGEMENT V souladu se Stanovami âeps, a.s., valná hromada volí a odvolává ãleny dozorãí rady. Dozorãí rada volí a odvolává ãleny pfiedstavenstva. Pfiedstavenstvo jmenuje a odvolává generálního fieditele a dal í vedoucí zamûstnance v jeho pfiímé podfiízenosti. ídí se zásadami a pokyny schválen mi valnou hromadou. Îádn z ãlenû dozorãí rady, pfiedstavenstva a vedení spoleãnosti nebyl v minulosti souzen za trestn ãin majetkové povahy a neuskuteãnil s âeps, a.s., obchody, úvûry, záruky za úvûry nebo jiné penûïní vztahy nad rámec údajû uveden ch v Pfiíloze k úãetní závûrce k Pfiedstavenstvo spoleãnosti k Od roku 2003 je akciová spoleãnost âeps, a.s., fiízena dle modelu fiízení akciov ch spoleãností, podle nûhoï jsou ãlenové pfiedstavenstva zpravidla zároveà ãleny v konného vedení (nûkdy oznaãovan jako nûmeck model). V kon funkce pfiedsedy pfiedstavenstva a generálního fieditele je v souãasné dobû spojen v jedné osobû. Toto spojení zaji Èuje lep í komunikaci ve spoleãnosti a napomáhá operativnímu fie ení úkolû souvisejících s fiízením spoleãnosti. As stipulated in âeps s Articles of Incorporation, members of the Supervisory Board are appointed to or removed from their positions by the Shareholders Annual General Meeting (AGM). The Supervisory Board, in turn, appoints or removes members of the Board of Directors. The Board of Directors is responsible for appointing or removing the Company s Chief Executive Officer (CEO) and other senior managers directly responsible to him/her. The activities of the Board are governed by principles and guidelines approved by Shareholders General Meetings. None of the members of âeps s Supervisory Board, Board of Directors or senior management has ever been convicted of a crime or has ever concluded a business transaction, provided credit or a credit guarantee or entered into any financial relationship whatsoever beyond those specified in the Appendix to the Financial Statements of 31 December Board of Directors as at 31 December 2004 Since 2003 the Company has employed a model of corporate governance known as the German model according to which members of the Board of Directors serve concurrently as the Company s Executive Directors. The responsibilities of the Chairperson and Chief Executive Officer are currently exercised by the same person. Such integration ensures efficient internal communication and facilitates the overall decision-making process within the Company.

17 13 Pfiedstavenstvo je v tomto sloïení zapsáno do Obchodního rejstfiíku. The above membership of the Board of Directors has been duly recorded in the Commercial Register. Ludmila PetráÀová *1946 Pfiedsedkynû pfiedstavenstva od , generální fieditelka od Absolventka âeského vysokého uãení technického v Praze, Fakulta jaderná a fyzikálnû inïen rská. V âeps, a.s., pracuje od jejího vzniku. Dne byla povûfiena v konem funkce generální fieditelky âeps, a.s., na období do , dne byla jmenována generální fieditelkou âeps, a.s. Je ãlenkou ETSO (Assembly, Steering Committee). Vladimír ezníãek *1944 Místopfiedseda pfiedstavenstva od , v konn fieditel pro provoz a správu majetku od Absolvent âeského vysokého uãení technického v Praze, Fakulta elektrotechnická. V âeps, a.s., pracuje od jejího vzniku. Od je ãlenem pfiedstavenstva dcefiiné spoleãnosti ENIT, a.s. Je zástupcem âeps, a.s., v UCTE (General Assembly), ãlenem Council a Steering Committee CENTREL a od presidentem CENTREL. Vladimír ezníãek (born 1944) Vice-Chairman of the Board of Directors since 13 February 2002 and Director for System Operation and Asset Management since 1 November A graduate of the Czech Technical University s Faculty of Electrical Engineering in Prague, he has worked at âeps since its inception. He has been a member of the Board of Directors of ENIT, a âeps subsidiary, since 25 November He represents the Company at the UCTE General Assembly, is a member of the CENTREL Council and Steering Committee and, since 1 January 2005, President of CENTREL. Ludmila PetráÀová (born 1946) Chairperson of the Board of Directors since 13 February 2002 and Chief Executive Officer since 1 March A graduate of the Czech Technical University's Faculty of Nuclear and Physical Engineering in Prague, she has worked for the Company since its inception. On 21 November 2001 she was charged with carrying out the responsibilities of Company CEO for the period up to 28 February She was then appointed the Company s permanent CEO with effect from 1 March She is a member of the ETSO Assembly and Steering Committee. Petr Zeman *1949 âlen pfiedstavenstva od , v konn fieditel pro ekonomiku a obchod a zástupce generální fieditelky od Absolvent Vysoké koly strojní a elektrotechnické v Plzni, Fakulta elektrotechnická. V âeps, a.s., pracuje od jejího vzniku. Je zástupcem âeps, a.s., v EURELECTRIC (Networks Committee) a v UCTE (Steering Committee). Petr Zeman (born 1949) Member of the Board of Directors since 21 October 2003, Executive Director for Finance and Trade and Deputy CEO since 1 November A graduate of the Technical University of Mechanical and Electrical Engineering in PlzeÀ, he has worked at âeps since its inception. He is âeps s representative at EURELECTRIC (Networks Committee) and UCTE (Steering Committee). Arno t Poul *1946 âlen pfiedstavenstva od , v konn fieditel pro strategii od Absolvent Vysoké koly báàské v Ostravû, Fakulta báàská, obor Systémové inïen rství. V âeps, a.s., pracuje od roku Arno t Poul (born 1946) Member of the Board of Directors since 21 November 2001 and Executive Director for Development Strategy since 1 November A graduate of the Technical University of Mining s Faculty of Metallurgy in Ostrava (System Engineering), he joined âeps in V ROâNÍ ZPRÁVA ANNUAL REPORT ORGÁNY SPOLEâNOSTI A JEJÍ MANAGEMENT STATUTORY BODIES AND SENIOR MANAGEMENT

18 14 V ROâNÍ ZPRÁVA ANNUAL REPORT ORGÁNY SPOLEâNOSTI A JEJÍ MANAGEMENT STATUTORY BODIES AND SENIOR MANAGEMENT V konné vedení spoleãnosti Ludmila PetráÀová *1946 Generální fieditelka od Osobní údaje jsou uvedeny v kapitole Pfiedstavenstvo spoleãnosti. Vladimír ezníãek *1944 V konn fieditel pro provoz a správu majetku od Osobní údaje jsou uvedeny v kapitole Pfiedstavenstvo spoleãnosti. Petr Zeman *1949 V konn fieditel pro ekonomiku a obchod a zástupce generální fieditelky od Osobní údaje jsou uvedeny v kapitole Pfiedstavenstvo spoleãnosti. Arno t Poul *1946 V konn fieditel pro strategii od Osobní údaje jsou uvedeny v kapitole Pfiedstavenstvo spoleãnosti. Dozorãí rada k Dozorãí rada âeps, a.s., má 9 ãlenû, z nichï tfii jsou v zamûstnaneckém pomûru k âeps, a.s., a jsou voleni zamûstnanci spoleãnosti v souladu s ustanovením 200 zákona ã. 513/91 Sb., v platném znûní. Dozorãí rada dohlíïí na v kon pûsobnosti pfiedstavenstva a uskuteãàování podnikatelské ãinnosti spoleãnosti. Senior management Ludmila PetráÀová (born 1946) Chief Executive Officer since 1 March Career information can be found in the chapter Board of Directors. Vladimír ezníãek (born 1944) Director for System Operation and Asset Management since 1 November Career information can be found in the chapter Board of Directors. Petr Zeman (born 1949) Executive Director for Finance and Trade and Deputy CEO since 1 November Career information can be found in the chapter Board of Directors. Arno t Poul (born 1946) Executive Director for Development Strategy since 1 November Career information can be found in the chapter Board of Directors. Supervisory Board The Supervisory Board consists of 9 members, three of whom are Company employees and elected to the Supervisory Board by fellow employees in compliance with the provisions of Article 200 of Act 513/91, as amended. The role of the Supervisory Board is to oversee both the performance of the Board of Directors and the Company s general business activities. The Supervisory Board is responsible for electing members of the Board of Directors.

19 15 Václav Srba *1941 âlen dozorãí rady od , pfiedseda dozorãí rady od Absolvent Vysoké koly ekonomické, obor Ekonomika prûmyslu. Od roku 2005 je poradcem ministra prûmyslu a obchodu. PÛsobí jako pfiedseda dozorãích rad UNIPETROL, a.s., a AERO Vodochody a.s., je ãlenem pfiedstavenstva Thermal-F, a.s., ãlenem dozorãích rad âez, a. s., a Severoãeská energetika, a.s. Petr Kobûrsk *1946 âlen dozorãí rady zvolen zamûstnanci od , místopfiedseda dozorãí rady od Absolvent âeského vysokého uãení technického, Fakulta elektrotechnická, obor Ekonomika a fiízení energetiky. Pracuje jako vedoucí dispeãer v oddûlení dispeãerského fiízení v Ostravû. Petr Kobûrsk (born 1946) Member of the Supervisory Board since 9 March 2001 and Vice-Chairman since 23 May 2001, he is one of the representatives of the Company s employees. A graduate of the Czech Technical University s Faculty of Electrical Engineering (Energy Sector Economics and Management) in Prague, he is senior dispatcher at âeps s Dispatch Department in Ostrava. Václav Srba (born 1941) Member of the Supervisory Board since 5 August 2002 and Chairman since 30 September Graduate of the Prague School of Economics (Industrial Economics), he has been Advisor to the Minister of Industry and Trade since early He is Chairman of the Supervisory Boards of Unipetrol and AERO Vodochody, a member of Thermal-F s Board of Directors and a member of the Supervisory Boards of both âez and Severoãeská energetika. Karel Pícl *1956 âlen dozorãí rady zvolen zamûstnanci od Absolvent Vysoké koly strojní a elektrotechnické v Plzni, Fakulta elektrotechnická, obor Silnoproudá elektrotechnika. Od je fieditelem sekce Provozní správa Západ. Karel Pícl (born 1956) Member of the Supervisory Board since 19 July 2001, he is one of the representatives of the Company s employees. A graduate of the Faculty of Electrical Engineering at the Technical University of Mechanical and Electrical Engineering in PlzeÀ, he has been in charge of âeps s West Bohemia Regional Centre since 1 March Jaroslav Kubovic *1968 âlen dozorãí rady od Absolvent âeského vysokého uãení technického, Fakulta strojní, obor strojírenská technologie. Od roku 1996 pracuje na MF âr jako referent privatizace. Jaroslav Kubovic (born 1968) Member of the Supervisory Board since 3 October A graduate of the Czech Technical University s Faculty of Mechanical Engineering, since 1996 he has worked in the Privatisation and Restructuring Section at the Ministry of Finance. V ROâNÍ ZPRÁVA ANNUAL REPORT ORGÁNY SPOLEâNOSTI A JEJÍ MANAGEMENT STATUTORY BODIES AND SENIOR MANAGEMENT

20 16 V ROâNÍ ZPRÁVA ANNUAL REPORT ORGÁNY SPOLEâNOSTI A JEJÍ MANAGEMENT STATUTORY BODIES AND SENIOR MANAGEMENT Jan kurek *1971 âlen dozorãí rady od Absolvent Slezské university Opava, Fakulta obchodnû-podnikatelská v Karviné. Od roku 2002 pûsobí jako vedoucí sekce Strategick ch privatizací na FNM âr. Je ãlenem pfiedstavenstva OSINEK, a.s., místopfiedsedou dozorãí rady Západoãeská energetika, a.s., ãlenem dozorãí rady Vítkovice, a.s., (do ), v souãasné dobû je ãlenem dozorãí rady VÍTKOVICE STEEL, a.s., a ãlenem v konného v boru FNM âr. Jan kurek (born 1971) Member of the Supervisory Board since 3 October A graduate of the Silesian University s Business Faculty in Karviná, since 2002 he has been Head of the Strategic Privatisation Section at the Czech National Property Fund. He is a member of OSINEK s Board of Directors, Vice-Chairman of Západoãeská energetika REC s Supervisory Board (to 31 December 2004), currently a member of VÍTKOVICE STEEL s Supervisory Board and a member of the Executive Committee of the Czech National Property Fund. Milan Peisert *1950 âlen dozorãí rady zvolen zamûstnanci od Absolvent âeského vysokého uãení technického, Fakulta elektrotechnická. V âeps, a.s., pracuje od jejího vzniku, je vedoucím Technického odboru sekundární technika. Milan Peisert (born 1950) Member of the Supervisory Board since 13 November 2003, he is one of the representatives of the Company s employees. A graduate of the Czech Technical University s Faculty of Electrical Engineering in Prague, he has worked at âeps since its inception, currently as Head of the Protection and Control Department. Miroslav Václavek *1955 âlen dozorãí rady od Absolvent Vysoké koly báàské v Ostravû, Fakulta ekonomická, obor systémové inïen rství, zamûfiení na management. Od roku 2002 je fieditelem odboru poradcû ministra práce a sociálních vûcí na MPSV âr. Je ãlenem Prezidia FNM âr a ãlenem v boru Státního fondu dopravní infrastruktury. Miroslav Václavek (born 1955) Member of the Supervisory Board since 17 June A graduate of the Technical University of Mining s Faculty of Economics in Ostrava (System Engineering and Management), since 2002 he has been Head of the Advisory Department at the Ministry of Labour and Social Affairs. He is a member of the Board of the Czech National Property Fund and a Committee member at the State Fund for Transport Infrastructure.

21 17 Dozorãí rada je v tomto sloïení zapsána v Obchodním rejstfiíku. The above membership of the Supervisory Board has been duly recorded in the Commercial Register. Vladimír Johanes *1959 âlen dozorãí rady od Absolvent Univerzity Karlovy, Fakulta právnická. V souãasné dobû je poradcem ministra prûmyslu a obchodu, pfiedsedou dozorãí rady koda Praha, a.s., ãlenem dozorãí rady Severomoravská energetika, a.s., a OSINEK, a.s. Vladimír Johanes (born 1959) Member of the Supervisory Board since 30 September A graduate of Charles University s Faculty of Law, he is currently Advisor to the Minister of Industry and Trade, Chairman of koda Praha s Supervisory Board and a member of the Supervisory Boards of both Severomoravská energetika and OSINEK. âlenové dozorãí rady âeps, a.s., ktefií ukonãili svou ãinnost v roce 2004: Jan Kasnar *1943 Rezignaci projednala dozorãí rada Josef Fifit *1948 Rezignaci projednala dozorãí rada (jmenován pfiedsedou ERÚ). Jaroslav Janda *1945 Rezignaci projednala dozorãí rada (v souvislosti se zmûnou vlastnick ch podílû akcií âeps, a.s.). Martin Pecina *1968 âlen dozorãí rady od Absolvent Vysoké koly báàské v Ostravû, specializace v robní systémy s prûmyslov mi roboty a manipulátory, Masarykova ústavu vy ích studií Praha a Sheffield Business School, je drïitelem titulu MBA a kvalifikace CIME. Od února 2003 je námûstkem ministra prûmyslu a obchodu. Je pfiedsedou dozorãí rady DIAMO, s.p., pfiedsedou pfiedstavenstva OSINEK, a.s., a ãlenem dozorãí rady âez, a. s. Martin Pecina (born 1968) Member of the Supervisory Board since 30 September A graduate of the Technical University of Mining in Ostrava (specialising in manufacturing systems employing industrial robots and manipulators), the Masaryk Institute of Advanced Studies in Prague and the Sheffield Business School, he holds an MBA degree and a CIME qualification. Since February 2003 he has been Deputy Minister of Industry and Trade. He is Chairman of DIAMO s Supervisory Board, Chairman of OSINEK s Board of Directors and a member of âez s Supervisory Board. Supervisory Board members who resigned from the Board in 2004 Jan Kasnar (born 1943) His resignation was accepted by the Supervisory Board on 20 January Josef Fifit (born 1948) His resignation (due to his appointment as President of the ERÚ) was accepted by the Supervisory Board on 30 September Jaroslav Janda (born 1945) His resignation (following changes in the Company s shareholder profile) was accepted by the Supervisory Board on 30 September V ROâNÍ ZPRÁVA ANNUAL REPORT ORGÁNY SPOLEâNOSTI A JEJÍ MANAGEMENT STATUTORY BODIES AND SENIOR MANAGEMENT