Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001007256 CZ0001007546 CZ0001007355 
 Issue Name                                           GB3.00/33    GB5.30/35    GB3.60/36 
 Issuer                                               MF           MF           MF 
 Total Bid Amount (CZK bln)                           6.80000      25.70000     6.13200 
     of that Competitive Bids (CZK bln)                   5.17500      4.55900      6.13200 
     of that Non-Competitive Bids (CZK bln)               0.05202      0.06262      0.00000 
 Total Sold Amount (CZK bln)                          4.00000      24.00000     2.34200 
     of that Competitive Bids (CZK bln)                   2.37500      2.85900      2.34200 
     of that Non-Competitive Bids (CZK bln)               0.05202      0.06262      0.00000 
 Purchased by Issuer (CZK bln)                        1.57298      21.07838     -2.34200 
 Highest Allocated Price                              90.220       102.910      89.860 
 Lowest Allocated Yield (% p.a.)                      4.761        4.895        4.923 
 Average Allocated Price                              90.196       102.799      89.779 
 Average Allocated Yield (% p.a.)                     4.766        4.910        4.935 
 Cut-off Price                                        90.180       102.740      89.740 
 Cut-off Yield  (% p.a.)                              4.769        4.918        4.940 
 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/