Government Bond Auctions Results

                                                               T-bond auctions       
 **Auction Results** 
 ISIN                                                 CZ0001007041 
 Issue Name                                           GBVAR/43 
 Issuer                                               MF 
 Total Bid Amount (CZK bln)                           2.67399 
     of that Competitive Bids (CZK bln)                   2.65705 
     of that Non-Competitive Bids (CZK bln)               0.01694 
 Total Sold Amount (CZK bln)                          1.01694 
     of that Competitive Bids (CZK bln)                   1.00000 
     of that Non-Competitive Bids (CZK bln)               0.01694 
 Purchased by Issuer (CZK bln)                        -1.01694 
 Highest Allocated Price                              97.410 
 Lowest Allocated Yield (% p.a.)                      19.857 
 Average Allocated Price                              97.351 
 Average Allocated Yield (% p.a.)                     20.312 
 Cut-off Price                                        97.310 
 Cut-off Yield  (% p.a.)                              20.628 
 Allocation Ratio at Cut-off Price (%)                73.83333 
                                                                                 
                                                                                 
 * 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/