Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001006894 CZ0001006431 CZ0001007397 
 Issue Name                                           GB4.90/34    GB3.50/35    GB4.00/44 
 Issuer                                               MF           MF           MF 
 Total Bid Amount (CZK bln)                           6.35026      13.54000     6.07310 
     of that Competitive Bids (CZK bln)                   6.27224      9.62938      1.58423 
     of that Non-Competitive Bids (CZK bln)               0.07802      0.05806      0.00000 
 Total Sold Amount (CZK bln)                          4.02476      10.00000     5.00000 
     of that Competitive Bids (CZK bln)                   3.94674      6.08938      0.51113 
     of that Non-Competitive Bids (CZK bln)               0.07802      0.05806      0.00000 
 Purchased by Issuer (CZK bln)                        -4.02476     3.85256      4.48887 
 Highest Allocated Price                              102.690      92.010       88.790 
 Lowest Allocated Yield (% p.a.)                      4.504        4.552        4.941 
 Average Allocated Price                              102.586      91.988       88.585 
 Average Allocated Yield (% p.a.)                     4.519        4.555        4.960 
 Cut-off Price                                        102.550      91.950       88.420 
 Cut-off Yield  (% p.a.)                              4.524        4.560        4.975 
 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/