376/2012 Sb.



The COMMUNICATION FROM the



The Ministry of finance



from day 1. November 2012,



which determine the conditions for premium savings State bond

The United States, 2012-2015, FIX%



The Ministry of Finance issued Treasury bonds to the extent

a special law and determines their conditions in accordance with

the provisions of section 26 of Act No. 190/2004 Coll. on bonds, as amended by

amended, (hereinafter referred to as the "law on bonds"). These emission

the conditions define the rights and obligations of the issuer and of the owners of the bonds,

as well as information about the bond issue and the formalities of premium savings

Government bond of the Czech Republic, 2012-2015, FIX%.



1. Basic description of bonds:



Issuer: Czech Republic-Ministry of Finance (hereinafter referred to as

"the Ministry")



Name: Premium savings State bond of the Czech Republic, 2012-2015,

FIX%



Abbreviated name: SSD-P CZECH REPUBLIC, FIX%, 15



Serial number of the emission: 73.



Nominal value: EUR 1.0 (in words: one Czech Crown)



Emission rate: 100% (in words: one hundred percent) of the nominal value



Form of a bond: bearer securities



Form of a bond: book-entry securities



Currency in which the bonds are denominated: Czech koruna (CZK)



The date of commencement of the period for subscription of emissions: 5.11. 2012



The end date of the period for the subscription of emissions: 12. 12.2014



Issuing date: 12. 12.2012



Maturity date: 12. 12.2015



The yield of the bond: fixed interest rate fixed



for the first period from 12. 12.2012 until 12. 12, 2013.

of 0.50% p. a.



for the second period from 12. 12.2013 to 12. 12.2014

of 0.50% p. a.



for the third period from 12. 12.2014 to 12. 12.2015

of 7.50% p. a.



Isin: CZ0001003776



2. Bonds are within the meaning of the provisions of § 25 para. 2 of the law on

bonds issued on the basis of special legislation on the State

bond program issuance of government bonds, which allow you to. Release

Bond secures the Ministry.



3. the following shall be added to the bearer Bonds, issued in book-entry form and

are recorded in a separate register, pursuant to the provisions of § 35

paragraph. 1 (b). d) of Act No. 218/2000 Coll. on budgetary rules and the

changes to some related acts (budgetary rules), as amended by

amended, the Ministry (hereinafter referred to as "the register of the Ministry").



4. Bonds may subscribe for only:



and) means a natural person,



(b)) civic association or hunting Fellowship,



(c)) Trade Union or employers ' organisations,



(d)) of the Foundation or Endowment Fund,



e) charitable,



f) registered church or religious society, Union of churches or

religious organisations,



g) professional Chamber or professional organisations,



(h) the Board of a legal person), the founder of the Ministry, are not

County, municipality or municipalities within the meaning of section 124 para. 2 Act No. 561/2004

Coll. on pre-school, primary, secondary, higher vocational and other

Education (the Education Act), as subsequently amended,



I) Chamber of Commerce of the Czech Republic or the agrarian Chamber of the Czech

the Republic established by law No. 301/1992 Coll., on the Czech Chamber of Commerce

Republic and agricultural Chamber of the Czech Republic, as amended

regulations,



j) public University established in accordance with Act No. 111/1998 Coll., on

universities and amending and supplementing other acts (the Act on the high

schools), as amended,



to set up a public Research Institute) in accordance with Act No. 341/2005 Coll.

about public research institutions, as amended,



l) established by the Czech Television Act No. 483/1991 Coll., on the Czech television, in

as amended, Český rozhlas, established by Act No. 484/1991

Coll., on the Czech Radio, as amended, or the United

News Agency, established by law No. 517/1992 Coll., on the Czech press

the Office, as subsequently amended,



m) General health insurance company of the United States, established by law No.

551/1991 Coll., on General health insurance company in the Czech Republic

as amended, or employment insurance company established in

pursuant to Act No. 280/1992 Coll., on departmental, industry, corporate, and

other health insurance companies, as amended,



n) territorial self-governing units and higher territorial self-governing units the United

Republic or the capital city of Prague,



about) the Union of towns and municipalities of the Czech Republic, Association of local authorities of the Czech

Republic or the Association of regions of the Czech Republic,



p) owners of units within the meaning of Act No. 72/1994 Coll.

to regulate certain co-ownership to buildings and some

matrimonial property regimes to flats and non-residential spaces, and complement some of the

laws (the law on the ownership of flats), as amended, or



q) foreign legal person with similar activities as some of the people

referred to in subparagraphs (a) (b)) to (h)),



(hereinafter referred to as "Subscriber" or "Underwriters").



5. the Ministry as the issuer does not intend to apply for admission of the bonds to the

trading on a regulated European market or in a multilateral

trading system located in a Member State of the European Union. Trading

with bonds referred to transfer places is out of the question.



6. the Estimated total nominal value of the bond issue is 10 000

000 000 € (in words: ten billion Czech Crowns). Bonds may be in

accordance with the provisions of section 7 of the Act on bonds issued in smaller or in

a larger volume than the estimated total nominal value

bond issue. The possible range of magnification of the volume of the bond issue is 50

000 000 000 € (in words: fifty billion Czech Crowns).



7. the issue of bonds may be issued within the time limits for subscription

gradually (in tranches).



8. will be the issuer of the Bonds offered for subscription in the Czech Republic in the form of

offer to the public. Activities associated with the subscription of bonds ensures

the Ministry and the person to whom the conduct of such activities (a bit early

"distributors" or "distributor"). The date of the determination of distributors

These emission conditions are Česká spořitelna, a.s., Československá

Commercial Bank, a. s., J T & BANKA, a.s., Komerční banka, a.s.

The bonds will be called upon to subscribe also to selected branches of Česká Pošta, s.p.

The current list of distributors and individual distribution locations

shall publish a notice on the Ministry's website.



9. The underwriters mentioned in point 4 of these emission conditions served

request for subscription debentures of the relevant tranche through the Distributor.

A Subscriber can subscribe to through one application for subscription

bonds in a number of pieces of at least 1000 (in words: one thousand). Underwriters

are required when applying for the subscription of the bonds to the Distributor

a trusted way to certify that they belong among the persons referred to in point 4

These emission conditions. The price of the subscription of the bonds means the total

the nominal value of the bonds underwritten one originator of multiplied by the

their IPO. The Subscriber is obliged to pay the price of the subscription

bonds within five working days of the closing date of the subscription period

the relevant tranche. At the moment of payment of the price of subscription bonds, the originator of the

on the account of the Distributor's request for bond bond firm, and

the Subscriber cannot cancel it. From the date of payment of the price of subscription bonds

the date of issue of the relevant tranche of bonds, this amount does not include interest. After

the date of the end of the subscription period of the relevant tranche of bonds can no longer be

to subscribe to the relevant tranche of bonds. In the case of reaching or exceeding the

the forecast total nominal value of the bond issue, according to point 6 of the

These emission conditions, a Ministry to decide on the reduction of the number of

pieces of the subscribed bonds by bond bond requests submitted to the

the closing date of the subscription period of the relevant tranche of bonds.

Unmet or partially uspokojeným subscribers will return them

paid the price of subscription of bonds that have not been subscribed for, without undue

delay of payment by bank transfer to the account from which they were

the funds remitted to the account of the Distributor, or on payment

the account specified in the application for the subscription of bonds in the case of payment of the subscription price

bonds in cash.



10. the subscription period for the first tranche of bonds is terminated on the date 30. 11.

2012, or on the date designated by the issuer, whichever date occurs

previously.



11. On the issue of the bonds in any other tranches the following after

the first tranche referred to in point 10 of these issue conditions may decide

the issuer and specify the start date and the end date of the subscription period

the next tranche. Notice of any other tranches will

published on the Ministry's website.



12.-request for conversion of the bonds is served by the Distributor.

The bonds are converted without a settlement. Transferability

bonds in accordance with § 26 para. 6 of the Act on bonds.

Convert the bonds shall only be permitted between persons referred to in point 4

These emission conditions. The person to which the bonds are transferred, it is

required when applying for the transfer of the bonds to the Distributor

credible way demonstrate that among the persons referred to in point 4


These emission conditions. Transferability bonds shall the date 12. 11.

2015.



13. The yield of a bond is determined by a fixed interest rate at a level which is

for each period determined in accordance with point 1 of these emissions

conditions (hereinafter referred to as the "yield" or "income"). Yields are paid

Once a year, always on the date 12. 12. starting in 2013. Total

the amount of the proceeds from any bonds of the owner of this bond issue

payable to the owner shall be rounded to the penny, with the exception of the last

the proceeds, if the owner submits a request for bond reinvestment of the last

income and the nominal value of such bonds in accordance with section 22 of the

issue conditions. If the payment date falls on a day that yield

It is not a business day, the payment will be made on the first return the following

a working day without the right to return for this postponement of the payment.



14. The yield it receives always the person who is the owner of the bonds on the date 12.

11. starting in 2013. Revenue for the first period from the date of issue

to 12. 12.2013 will receive the person who is the owner of the bonds on the date 12.

11.13.



15. the calculation of the relative yield is based on the actual number of

calendar days in a year and the actual number of days in the relevant výnosovém

period (act/act). Yield period means the competent

period referred to in point 1 of these emission conditions. Relative yield

in the price of the bond counts from the date of issue and shall be calculated as revenue

multiplied by the proportion of the actual number of days from the start date of the relevant

income period to date calculation of relative yield and the actual number of

days of the relevant income of the period. The total amount of the relative return on

all the bonds the owner of this bond issue is for the purpose of calculating the

proportional yield shall be rounded down to pennies.



16. The Department of Justice on the yield of the bond from the bond is eliminated.



17. Taxation of the yield of the bond shall be carried out according to the applicable laws and

the laws of the United States. For interest income from bonds issued by

before the date of entry into force of article. III, section 6 of Act No. 192/2009 Sb.

It shall apply the provisions of § 36 odst. 3 of Act No. 586/1992 Coll., on income-tax

revenue, in the version in force before the date of entry into force of article. (III) point 6

Act No. 192/2009 Sb.



18. the issuer is not entitled to Ministry as repaying the released

the bonds before the maturity date, unless early repayment

the owner of the bonds referred to in section 19 of these emission conditions. The Ministry of

is authorised to acquire the bonds to their asset within the meaning of the provisions of §

15 paragraph 1. 4 of the Act on bonds. Own bonds acquired by the issuer

before the date of maturity do not expire, unless the issuer decides otherwise.



19. the owner has the right to ask the Ministry of bonds as the issuer

through a Distributor on the early repayment of all or part of it

owned by the bonds according to the following timetable:

------------------------------------------------------

The date of the first date the date

the last possible early

submission of the application to the possible repayment of the

early submission of the application

for early repayment

the repayment of the

------------------------------------------------------

1.10. 2013 31. 10.2013 12. 12, 2013.

1.10. 2014 31. 10.2014 12. 12.2014

------------------------------------------------------



The nominal value of the bonds and the yield for the period from the date of

begin to date their relevant income period will be paid

the person who is the owner of the bonds on the first working day of

following after the last possible date of submission of the

the early repayment. Request for early repayment given owner

the bonds through a Distributor. From the moment of submission of the

the early repayment of the bonds cannot be in the number of pieces, in which it was filed

request for early repayment, transfer. One owner of the bonds may

one date of early repayment through a single application for

early repayment request early repayment of owned

bonds in a number of pieces of at least 1000 (in words: one thousand). One

the owner of the bonds may one date of early repayment request

early repayment of the 100% (in words: one hundred per cent) owned the bonds

to the number of pieces of 500 000 (five hundred thousand) including and up to 50%

(in words: fifty percent) owned a bond over the number of 500 pieces

000 (five hundred thousand). Early repayment of the bonds cease to exist

at the same time with the right owner to yield. The amount corresponding to the nominal

the value of the bonds and the yield will be the owner owner when

early repayment paid by bank transfer, payment account

that is denominated in the domestic currency and the country in which the owner of the bonds

must indicate when the subscription, transfer or gradient of the bond. Possible change

payment account shall notify the owner of the bonds through a Distributor.

The total amount of the relevant decree of the number of pieces, in which it was filed

the appropriate request for early repayment, payable to the owner for the period

from the date of initiation of the relevant revenue period until the date of their

the relevant period, the revenue shall be rounded to the penny.



20. The bonds will be paid off at their nominal value at the date of 12. 12.2015,

If the owner fails to file a request for early repayment of bonds under item 19

These emission conditions or if the owner fails to file an application for reinvestment

the last of the proceeds and the nominal value of these bonds according to item 22

These emission conditions. To this date, ending the remuneration on bonds. The issuer

within the meaning of § 17 of the Act on bonds held that the right to repayment of the

bonds has the person who is entitled to exercise the rights associated with the

bonds on the date 12. 11.2015. The nominal value of all bonds

the owner will be repaid, together with the payment of the last return to the person

who is the owner of the bonds on the date 12. 11.2015. If the date falls

the repayment of the nominal value of the bonds and the payment of the final yield on

day that is not a business day, will be carried out following the first

a working day without entitlement to payment of the proceeds for this postponement of the payment.



21. the issuer undertakes to ensure the payment of the proceeds and repayment

the nominal value of the bonds to their owners under these emission

terms and conditions. To ensure repayment of the bond, and payment of the revenue will

involved in the Czech National Bank and the Ministry. The contract, which

ensure the repayment of bond and arranges for payment of the proceeds, is accessible

at the request of the issuer. Revenues are paid by bank transfer

on the payment account is denominated in the domestic currency of the country in which it is

the owner of the bonds must indicate when the subscription, transfer or gradient

with the exception of the last bond yield, if the owner of the bond

application for reinvestment of the last income and the nominal value of these

bonds referred to in section 22 of these emission conditions. In the same way it is

also, the nominal value of the bond is paid off, except where the owner of the bonds

application for reinvestment of the last income and the nominal value of these

bonds referred to in section 22 of these emission conditions. Possible change

payment account shall notify the owner of the bonds the Ministry through the

Distributor.



22. The owner of the bonds shall be entitled to request the Ministry as the issuer

through a distributor of reinvestment of the last income and

the nominal value of all or part of it is owned by the bonds of this issue

bonds. In this case, will not be the owner of the bonds, their

last yield and the total nominal value or its relevant part

paid by bank transfer to the account of payment pursuant to paragraph 21 of these

issue conditions, but will be in the amount required by the owner

reinvested in bonds designated by the issuer. Notice of the date,

from which it is possible to request a reinvestment of the last income and

the nominal value of the bonds, and bonds, to which it is possible

the last return and nominal value of the bonds to reinvest, to

published in advance on the website

of the Ministry. About the reinvestment of the last income and the nominal value of all

or part owned Bonds asks the owner of the bond administration

application for reinvestment of the last income and the nominal value of bonds

through a Distributor. The total amount of the proceeds of the bonds

the owner of the number of pieces in which a request was made for re-investment

the last of the proceeds and the nominal value of the bonds, the last of the yield

period, for the purpose of reinvestment of the proceeds and the nominal value of the last

the bonds shall be rounded down to the nearest Crown upwards. The last day for

applying for the re-investment of the proceeds and the nominal value of the last

bonds is 11. 11.2015.



23. The valid assessment of financial eligibility (rating) of long-term

on CZK-denominated liabilities at the date of the determination of the issue conditions made

by Standard Poor's & is a level AA, Moody's on

level A1 and by Fitch Ratings to AA-level.



24. Bonds are direct, unconditional and nepodřízenými liabilities

States that are on the same level with all the other existing

and future direct, unconditional and nepodřízenými liabilities

of the Republic.




25. All the rights associated with the bonds in accordance with the provisions of section 42

the Act on the bonds expire ten years from the end of the day when she could

be applied for the first time.



26. these conditions announced by the Ministry in the collection of laws.

Announcements to the public concerning these bonds shall be published on the

the Ministry's website.



27. a separate code of conduct register of government bonds held

the Ministry is binding for all bond owners and distributors

and published on the Ministry's website.



28. The Ministry reserves the right to do all the tasks related to the

keeping the Ministry, by subscribing to bond, early repayment

bonds, the nominal value of the bonds, to reinvestment conditions, entries in the register

the Ministry, changes to the information, and other related activities defined

A production order of separate records of government bonds held

the Ministry.



29. these conditions can be translated into foreign languages. If there is a

a conflict between the different language versions, the issue conditions, shall decide

This Czech version.



Minister:



Ing. Kalousek in r.