Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001007496 CZ0001007546 CZ0001006316 
 Issue Name                                           GB4.25/34    GB5.30/35    GB1.95/37 
 Issuer                                               MF           MF           MF 
 Total Bid Amount (CZK bln) 
     of that Competitive Bids (CZK bln)                   10.83500     10.69120     5.71800 
     of that Non-Competitive Bids (CZK bln) 
 Total Sold Amount (CZK bln) 
     of that Competitive Bids (CZK bln)                   7.19500      7.98820      2.15000 
     of that Non-Competitive Bids (CZK bln) 
 Purchased by Issuer (CZK bln) 
 Highest Allocated Price                              98.570       106.210      76.260 
 Lowest Allocated Yield (% p.a.)                      4.448        4.490        4.659 
 Average Allocated Price                              98.495       106.066      76.157 
 Average Allocated Yield (% p.a.)                     4.459        4.508        4.673 
 Cut-off Price                                        98.450       106.000      76.110 
 Cut-off Yield  (% p.a.)                              4.465        4.516        4.679 
 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/