Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001007256 CZ0001006431 CZ0001005920 CZ0001007041 CZ0001007033
 Issue Name                                           GB3.00/33    GB3.50/35    GB1.50/40    GBVAR/43     GB4.50/32   
 Issuer                                               MF           MF           MF           MF           MF          
 Total Bid Amount (CZK bln)                                                                  7.89351      11.95595    
     of that Competitive Bids (CZK bln)                                                          3.41200      5.91920   
     of that Non-Competitive Bids (CZK bln)                                                      0.11355      0.54366   
 Total Sold Amount (CZK bln)                                                                 5.71851      9.13095     
     of that Competitive Bids (CZK bln)                                                          1.23700      3.09420   
     of that Non-Competitive Bids (CZK bln)                                                      0.11355      0.54366   
 Purchased by Issuer (CZK bln)                                                               4.36796      5.49309     
 Highest Allocated Price                                                                     99.050       101.530     
 Lowest Allocated Yield (% p.a.)                                                             8.813        4.274       
 Average Allocated Price                                                                     98.995       101.428     
 Average Allocated Yield (% p.a.)                                                            9.260        4.288       
 Cut-off Price                                                                               98.980       101.360     
 Cut-off Yield  (% p.a.)                                                                     9.382        4.298       
 Allocation Ratio at Cut-off Price (%)                                                       100.00000    100.00000   
                                                                                 
 PLEASE NOTE, ISIN CZ0001006480 IS EURO DENOMINATED.                             
 * 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/