Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001007025 CZ0001007546 
 Issue Name                                           GB5.75/29    GB5.30/35 
 Issuer                                               MF           MF 
 Total Bid Amount (CZK bln)                           7.56291      25.18181 
     of that Competitive Bids (CZK bln)                   7.00400      9.62450 
     of that Non-Competitive Bids (CZK bln)               0.55891      0.55731 
 Total Sold Amount (CZK bln)                          5.75491      20.73381 
     of that Competitive Bids (CZK bln)                   5.19600      5.17650 
     of that Non-Competitive Bids (CZK bln)               0.55891      0.55731 
 Purchased by Issuer (CZK bln)                        -5.75491     15.00000 
 Highest Allocated Price                              105.510      104.450 
 Lowest Allocated Yield (% p.a.)                      3.926        4.718 
 Average Allocated Price                              105.428      104.354 
 Average Allocated Yield (% p.a.)                     3.952        4.730 
 Cut-off Price                                        105.410      104.290 
 Cut-off Yield  (% p.a.)                              3.958        4.738 
 Allocation Ratio at Cut-off Price (%)                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/