Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001006894 CZ0001007629 
 Issue Name                                           GB4.90/34    GB4.95/37 
 Issuer                                               MF           MF 
 Total Bid Amount (CZK bln)                           16.28900     6.83500 
     of that Competitive Bids (CZK bln)                   10.33900     6.83500 
     of that Non-Competitive Bids (CZK bln)               0.00000      0.00000 
 Total Sold Amount (CZK bln)                          10.00000     4.03500 
     of that Competitive Bids (CZK bln)                   4.05000      4.03500 
     of that Non-Competitive Bids (CZK bln)               0.00000      0.00000 
 Purchased by Issuer (CZK bln)                        5.95000      -4.03500 
 Highest Allocated Price                              99.590       98.220 
 Lowest Allocated Yield (% p.a.)                      4.962        5.171 
 Average Allocated Price                              99.483       98.079 
 Average Allocated Yield (% p.a.)                     4.979        5.189 
 Cut-off Price                                        99.420       98.000 
 Cut-off Yield  (% p.a.)                              4.989        5.199 
 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/