Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001007496 CZ0001007629 CZ0001007512 
 Issue Name                                           GB4.25/34    GB4.95/37    GBVAR/38 
 Issuer                                               MF           MF           MF 
 Total Bid Amount (CZK bln)                           7.31706      14.79903     17.57993 
     of that Competitive Bids (CZK bln)                   7.23200      14.63000     17.05000 
     of that Non-Competitive Bids (CZK bln)               0.08506      0.16903      0.52993 
 Total Sold Amount (CZK bln)                          3.29806      8.56903      8.22993 
     of that Competitive Bids (CZK bln)                   3.21300      8.40000      7.70000 
     of that Non-Competitive Bids (CZK bln)               0.08506      0.16903      0.52993 
 Purchased by Issuer (CZK bln)                        -3.29806     -8.56903     -8.22993 
 Highest Allocated Price                              96.660       100.370      96.600 
 Lowest Allocated Yield (% p.a.)                      4.737        4.902        35.440 
 Average Allocated Price                              96.563       100.266      96.522 
 Average Allocated Yield (% p.a.)                     4.752        4.915        36.272 
 Cut-off Price                                        96.530       100.220      96.480 
 Cut-off Yield  (% p.a.)                              4.757        4.920        36.720 
 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/