Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001007546 CZ0001007629 CZ0001007512 
 Issue Name                                           GB5.30/35    GB4.95/37    GBVAR/38 
 Issuer                                               MF           MF           MF 
 Total Bid Amount (CZK bln)                           7.45120      9.84372      26.76000 
     of that Competitive Bids (CZK bln)                   7.06800      9.47500      12.96000 
     of that Non-Competitive Bids (CZK bln)               0.38320      0.36872      0.30103 
 Total Sold Amount (CZK bln)                          4.75120      4.57372      20.00000 
     of that Competitive Bids (CZK bln)                   4.36800      4.20500      6.20000 
     of that Non-Competitive Bids (CZK bln)               0.38320      0.36872      0.30103 
 Purchased by Issuer (CZK bln)                        -4.75120     -4.57372     13.49897 
 Highest Allocated Price                              103.380      100.060      97.170 
 Lowest Allocated Yield (% p.a.)                      4.831        4.939        29.593 
 Average Allocated Price                              103.311      100.011      97.133 
 Average Allocated Yield (% p.a.)                     4.840        4.945        29.996 
 Cut-off Price                                        103.270      99.980       97.100 
 Cut-off Yield  (% p.a.)                              4.846        4.949        30.356 
 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/