Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001007025 CZ0001007496 CZ0001007355 
 Issue Name                                           GB5.75/29    GB4.25/34    GB3.60/36 
 Issuer                                               MF           MF           MF 
 Total Bid Amount (CZK bln)                           12.90000     16.61588     26.13700 
     of that Competitive Bids (CZK bln)                   5.30000      15.62550     13.61850 
     of that Non-Competitive Bids (CZK bln)               0.27932      0.99038      0.83008 
 Total Sold Amount (CZK bln)                          11.00000     9.91238      20.00000 
     of that Competitive Bids (CZK bln)                   3.40000      8.92200      7.48150 
     of that Non-Competitive Bids (CZK bln)               0.27932      0.99038      0.83008 
 Purchased by Issuer (CZK bln)                        7.32068      -9.91238     11.68842 
 Highest Allocated Price                              106.460      99.430       93.010 
 Lowest Allocated Yield (% p.a.)                      3.524        4.327        4.459 
 Average Allocated Price                              106.425      99.323       92.918 
 Average Allocated Yield (% p.a.)                     3.536        4.342        4.471 
 Cut-off Price                                        106.400      99.270       92.880 
 Cut-off Yield  (% p.a.)                              3.544        4.350        4.476 
 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/