Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001004105 CZ0001006233 CZ0001005920 CZ0001006076 CZ0001006233
 Issue Name                                           GBVAR/27     GB1.75/32    GB1.50/40    GB0.05/29    GB1.75/32   
 Issuer                                               MF           MF           MF           MF           MF          
 Total Bid Amount (CZK bln)                           11.10000     11.03200     16.93816     7.58535      16.42623    
     of that Competitive Bids (CZK bln)                   2.90500      10.92400     4.26100      6.73403      6.05000   
     of that Non-Competitive Bids (CZK bln)               0.00000      0.10800      0.00000      0.85132      0.37623   
 Total Sold Amount (CZK bln)                          10.00000     6.65200      15.18816     5.02135      14.92623    
     of that Competitive Bids (CZK bln)                   1.80500      6.54400      2.51100      4.17003      4.55000   
     of that Non-Competitive Bids (CZK bln)               0.00000      0.10800      0.00000      0.85132      0.37623   
 Purchased by Issuer (CZK bln)                        8.19500      -6.65200     12.67716     -5.02135     10.00000    
 Highest Allocated Price                              99.700       101.020      91.300       87.220       100.320     
 Lowest Allocated Yield (% p.a.)                      -7.176       1.646        2.064        1.701        1.717       
 Average Allocated Price                              99.632       100.854      90.932       87.003       100.071     
 Average Allocated Yield (% p.a.)                     -6.082       1.663        2.090        1.731        1.742       
 Cut-off Price                                        99.600       100.770      90.710       86.910       99.810      
 Cut-off Yield  (% p.a.)                              -5.567       1.672        2.105        1.744        1.769       
 Allocation Ratio at Cut-off Price (%)                100.00000    100.00000    100.00000    100.00000    100.00000   
                                                                                 
                                                                                 
 * YIELDS ARE CALCULATED FROM THE RESPECTIVE PRICES. IN CASE OF FLOATER          
 THE DISCOUNT MARGIN IS PUBLISHED.                                               
 The T-bond issue calendar is on HTTP://WWW.MFCR.CZ/