Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001007025 CZ0001007256 CZ0001007546 
 Issue Name                                           GB5.75/29    GB3.00/33    GB5.30/35 
 Issuer                                               MF           MF           MF 
 Total Bid Amount (CZK bln) 
     of that Competitive Bids (CZK bln)                   6.47200      9.51250      13.71000 
     of that Non-Competitive Bids (CZK bln) 
 Total Sold Amount (CZK bln) 
     of that Competitive Bids (CZK bln)                   4.92200      5.00750      8.08000 
     of that Non-Competitive Bids (CZK bln) 
 Purchased by Issuer (CZK bln) 
 Highest Allocated Price                              104.180      89.910       102.930 
 Lowest Allocated Yield (% p.a.)                      4.170        4.770        4.898 
 Average Allocated Price                              104.113      89.833       102.835 
 Average Allocated Yield (% p.a.)                     4.195        4.785        4.911 
 Cut-off Price                                        104.060      89.800       102.810 
 Cut-off Yield  (% p.a.)                              4.214        4.791        4.914 
 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/