Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001007025 CZ0001007355 
 Issue Name                                           GB5.75/29    GB3.60/36 
 Issuer                                               MF           MF 
 Total Bid Amount (CZK bln)                           6.61931      45.59500 
     of that Competitive Bids (CZK bln)                   6.56000      13.34500 
     of that Non-Competitive Bids (CZK bln)               0.05931      0.96870 
 Total Sold Amount (CZK bln)                          1.90931      40.00000 
     of that Competitive Bids (CZK bln)                   1.85000      7.75000 
     of that Non-Competitive Bids (CZK bln)               0.05931      0.96870 
 Purchased by Issuer (CZK bln)                        -1.90931     31.28130 
 Highest Allocated Price                              104.810      91.070 
 Lowest Allocated Yield (% p.a.)                      3.997        4.727 
 Average Allocated Price                              104.736      90.909 
 Average Allocated Yield (% p.a.)                     4.024        4.748 
 Cut-off Price                                        104.650      90.850 
 Cut-off Yield  (% p.a.)                              4.054        4.756 
 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/