Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001006233 CZ0001007496 CZ0001007512 
 Issue Name                                           GB1.75/32    GB4.25/34    GBVAR/38 
 Issuer                                               MF           MF           MF 
 Total Bid Amount (CZK bln)                           17.41430     36.72734     9.55000 
     of that Competitive Bids (CZK bln)                   8.73930      12.92734     7.33000 
     of that Non-Competitive Bids (CZK bln)               0.00000      0.00000      0.23164 
 Total Sold Amount (CZK bln)                          11.00000     26.00000     6.00000 
     of that Competitive Bids (CZK bln)                   2.32500      2.20000      3.78000 
     of that Non-Competitive Bids (CZK bln)               0.00000      0.00000      0.23164 
 Purchased by Issuer (CZK bln)                        8.67500      23.80000     1.98836 
 Highest Allocated Price                              85.820       97.210       96.430 
 Lowest Allocated Yield (% p.a.)                      4.380        4.647        36.494 
 Average Allocated Price                              85.787       97.179       96.342 
 Average Allocated Yield (% p.a.)                     4.387        4.652        37.415 
 Cut-off Price                                        85.750       97.160       96.260 
 Cut-off Yield  (% p.a.)                              4.395        4.654        38.275 
 Allocation Ratio at Cut-off Price (%)                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/