As of 15.8.2007, CEZ bought back 4.15% of its share outstanding which implies volume of CZK 26.6bn for average price of CZK 1,080. CEZ has been buying its share for 80 days so far and the daily average volume bought is CZK 350m. CEZ still needs to buy approximately 34.7m shares which are expected to last for the next 107 business days. Our view: We see the progress of the share buy back as neutral.