Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001004105 CZ0001006076 CZ0001005920 CZ0001004477 CZ0001006076
 Issue Name                                           GBVAR/27     GB0.05/29    GB1.50/40    GB0.95/30    GB0.05/29   
 Issuer                                               MF           MF           MF           MF           MF          
 Total Bid Amount (CZK bln)                           8.56894      7.35000      9.49100      13.30000     18.75300    
     of that Competitive Bids (CZK bln)                   8.39000      7.35000      4.47600      7.75000      8.67500   
     of that Non-Competitive Bids (CZK bln)               0.17894      0.00000      0.01500      0.00000      0.07800   
 Total Sold Amount (CZK bln)                          2.21894      5.00000      6.99100      10.00000     12.96300    
     of that Competitive Bids (CZK bln)                   2.04000      5.00000      1.97600      4.45000      2.88500   
     of that Non-Competitive Bids (CZK bln)               0.17894      0.00000      0.01500      0.00000      0.07800   
 Purchased by Issuer (CZK bln)                        -2.21894     -5.00000     5.00000      5.55000      10.00000    
 Highest Allocated Price                              100.060      90.780       99.970       98.960       91.270      
 Lowest Allocated Yield (% p.a.)                      -10.994      1.133        1.502        1.066        1.068       
 Average Allocated Price                              100.049      90.551       99.644       98.784       91.151      
 Average Allocated Yield (% p.a.)                     -10.837      1.161        1.521        1.085        1.082       
 Cut-off Price                                        100.000      90.260       99.490       98.500       91.030      
 Cut-off Yield  (% p.a.)                              -10.137      1.197        1.530        1.117        1.097       
 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/