Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001007546 CZ0001007355 CZ0001007041 
 Issue Name                                           GB5.30/35    GB3.60/36    GBVAR/43 
 Issuer                                               MF           MF           MF 
 Total Bid Amount (CZK bln)                           10.90838     10.01229     14.14600 
     of that Competitive Bids (CZK bln)                   10.40180     9.54700      8.49600 
     of that Non-Competitive Bids (CZK bln)               0.50658      0.46529      0.05715 
 Total Sold Amount (CZK bln)                          7.99658      7.35529      9.00000 
     of that Competitive Bids (CZK bln)                   7.49000      6.89000      3.35000 
     of that Non-Competitive Bids (CZK bln)               0.50658      0.46529      0.05715 
 Purchased by Issuer (CZK bln)                        -7.99658     -7.35529     5.59285 
 Highest Allocated Price                              105.290      92.170       95.080 
 Lowest Allocated Yield (% p.a.)                      4.582        4.599        39.868 
 Average Allocated Price                              105.170      92.055       95.045 
 Average Allocated Yield (% p.a.)                     4.597        4.614        40.165 
 Cut-off Price                                        105.120      92.010       95.020 
 Cut-off Yield  (% p.a.)                              4.604        4.620        40.377 
 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/