Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001006233 CZ0001007512 
 Issue Name                                           GB1.75/32    GBVAR/38 
 Issuer                                               MF           MF 
 Total Bid Amount (CZK bln) 
     of that Competitive Bids (CZK bln)                   9.00495      10.76000 
     of that Non-Competitive Bids (CZK bln) 
 Total Sold Amount (CZK bln) 
     of that Competitive Bids (CZK bln)                   2.73000      5.81000 
     of that Non-Competitive Bids (CZK bln) 
 Purchased by Issuer (CZK bln) 
 Highest Allocated Price                              86.520       96.410 
 Lowest Allocated Yield (% p.a.)                      4.283        37.018 
 Average Allocated Price                              86.480       96.353 
 Average Allocated Yield (% p.a.)                     4.292        37.621 
 Cut-off Price                                        86.460       96.310 
 Cut-off Yield  (% p.a.)                              4.296        38.076 
 Allocation Ratio at Cut-off Price (%)                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/