Communication from the Ministry of Finance No 369 / 2021 Coll.

The Czech Republic issues registered government bonds via the Ministry of Finance (hereinafter referred to as "the Ministry ') in accordance with the provisions of Section 26 of Act No. 190 / 2004 Coll., on Bonds, as amended, (hereinafter referred to as" the Act on Bonds'). The Ministry determines these emission conditions which define in more detail the rights and obligations of the issuer and bond owners, as well as information on the issue of bonds and the necessity of the Reinvestment sovereign bond of the Czech Republic, 2022-2028, FIX% (hereinafter referred to as "the bond 'or" bonds').

1. Basic description of bonds:

Issuing: Czech Republic - Ministry of Finance

Name: Reinvestment government bond of the Czech Republic, 2022-2028, FIX%

Short name: SD-R CR, FIX%, 28

Issuing serial number: 143.

Nominal value: 1 CZK (in words: one crown Czech)

Emission rate at issue date: 100% (in words: 100%) of nominal value

form of bond: book-entry bearer security

Type of bond: sovereign bond

Currency in which bonds are denominated: Czech crown (CZK)

Date of start of the subscription period: 20.9.2021

Date of expiry of the deadline for subscription: 3.1.2027

Issuing date: 3.1.2022

Date of maturity: 3.1.2028

Debt yield: determined at a fixed interest rate

Broken Days: ACT / ACT (ICMA)

ISIN: CZ0001006324

2. The bonds are issued under other laws within the meaning of Section 25 (2) of the bond law. The issue of bonds is guaranteed by the Ministry.

3. The bonds are issued as book-entry securities and, at the date of issue, they are recorded in a separate register, which is kept in accordance with the provisions of § 35 (1) (d) of Act No. 218 / 2000 Coll., on budgetary rules and amending certain related laws (budgetary rules), as amended, by the Ministry (hereinafter referred to as "the Ministry's records').

4. Bonds may be subscribed or acquired only by a natural person (hereinafter referred to as "the subscriber 'or" subscribers').

5. The Ministry does not intend to request the admission of bonds to trading on a European regulated market or on a multilateral trading venue located in a Member State of the European Union. The trading of bonds at those transfer points is excluded.

6. In accordance with Section 7 of the bond law, bonds may be issued in less than or greater than the expected total nominal value of the bond issue. The possible extent of the increase in the total nominal value of the bond issue is CZK 100 000 000 000 (in words: 100 billion CZK).

7. Debt issues may be issued in successive instalments (in tranches) within the subscription deadline.

8. Bonds with the exception of bonds under point 13 of these emission conditions are offered for subscription in the Czech Republic publicly. The activities related to the subscription of bonds are provided by the Ministry and the persons entrusted by the Ministry to carry out the selected activities ("distributors' or" distributor ', as appropriate). Distributors at the date of the start of the deadline for subscription are Česká spořitelna, a.s., and Czechoslovak Commercial Bank, a. s. The current list of distributors, individual distribution sites and methods of organising and technical security of bond subscription will be published on the Ministry's website.

9. The subscribers referred to in point 4 of these terms and conditions shall submit a request for the subscription of bonds to the relevant tranche of the bond issue in a manner that allows remote access through the Ministry's website and, where appropriate, under the conditions identified and published by the issuer on the Ministry's website, also via a distributor (hereinafter referred to as "subscription request '). One subscriber may subscribe through one application for a bond subscription of at least 1 000 units (in words: one thousand). One subscriber may submit an application for a subscription of bonds of less than 1 000 units (in words: one thousand) if, when applying for a subscription, he applies at the same time, in a way that allows remote access via the Ministry's website, the right linked to other issues of government bonds that have not been waived (hereinafter referred to as" a claim for non-payment or non-payment of nominal value'). One subscriber may submit an application / subscription claim for the subscription of bonds to each tranche of the bond issue referred to in points 12 and 14 of these terms and conditions in a total number of units of not more than 50 000 000 (in words: 50 million) for each individual tranche of the bond issue; if the subscriber submits more than one subscription application, the number of units of the underwritten bonds shall be added up. In the case of an application / claim for a subscription of bonds in the total number of units greater than 50 000 000 (in words: 50 million), each individual application in excess of that total number of units shall be rejected in full. This limit shall include bonds issued on the basis of a request for reinvestment of the nominal value of all or part of the sovereign debt of other bond issues whose issue conditions permit reinvestment and shall not include bonds issued as a result of the reinvestment of the last reinvested bond yield. Bonds cannot be subscribed or acquired to the account of a trust fund within the meaning of § 1448 et seq. of the Civil Code. The bond subscription price of the relevant bond issue tranche shall be the total nominal value of bonds subscribed by one subscriber through one subscription application multiplied by their issue rate (hereinafter referred to as the bond subscription price). The subscriber shall pay the price of the bond subscription of the first tranche of the bond issue by 27 December 2021. The subscription price of other tranches of emissions issued under point 14 of these emission conditions shall be paid by the subscriber within three working days of the date of submission of each individual application for the subscription of the relevant tranche of the bond issue, unless the Ministry determines otherwise at the latest by the date of commencement of the subscription period. The moment at which the price of the bond subscription is paid is the moment when the funds are credited to the Ministry's or the distributor's payment account, and that moment when the subscription application becomes binding on the subscriber and the subscriber can no longer cancel it. In the event of an application / application for a subscription directly to the Ministry, the price of the bond subscription may be paid only by cash transfer to the Ministry's payment account. From the time of payment of the bond subscription price to the date of issue of the relevant bond issue tranche, this amount shall not be remunerated. After the publication date of the end of the subscription period of the respective tranche of bond issuance, bonds of the respective tranche of bond issuance cannot be subscribed, unless otherwise specified by the Ministry. The subscription of bonds under this item of the terms and conditions of the issue shall also mean the reinvestment of the last yield and the nominal value of all or part of the sovereign debt of the other bond issue, the issue conditions of which are recognised by the issuer by the holder of the bond in the bond issue, if the issuer requests such reinvestment; in this case, the date on which the request for such reinvestment was made shall be the date of payment of the bond subscription price. When a claim for non-payment or non-payment of the nominal value is made, the amount corresponding to the amount of the right associated with other sovereign debt issues on the whole crown shall be rounded up; the date of payment of the bond subscription price in this case means the date on which the claim for non-payment or non-payment of the nominal value is submitted.

10. By signing an application for a subscription, the subscribers must state that the purpose and the intended nature (s) of the bond subscription, including the beneficial owner, is in accordance with the nature and requirements laid down in those terms and conditions and does not circumvent those conditions. Furthermore, by signing the application for a subscription, the subscribers must confirm that all the information and information they have provided in connection with the application for a subscription is complete and true. This includes, in particular, data and information relating to the legal status and identification of the subscriber's person mentioned directly in the application for a subscription, as well as data and information provided by the subscriber to the Ministry or distributor in the framework of identification / registration forms or the conclusion of related contracts which are in any way related to the subscription of bonds. In the event of an application / claim for a bond subscription in a total number of more than 300 000 units (in words: three hundred thousand), the issuer is entitled to continue to ask the subscriber for details and information relating to the origin of the funds from which the bond subscription price is paid, including the identification of the source and range of the subscriber's income or other property, through which the subscription price has been paid indirectly and indirectly. In the case of a bond subscription in the total number of units in the previous sentence, the subscriber shall always be required to provide the required data and information on the origin of the funds intended to cover the price of the bond subscription, including the identification of the intended purpose of the bond subscription, by submitting and signing the relevant affidavit; if the subscriber submits more than one subscription application, the number of units of the underwritten bonds shall be added up.

11. In the event that the expected total nominal value of the bond issue is exceeded in accordance with point 30 of these terms and conditions, the issuer may decide, in the period from the date of the start of the subscription period to the date of issue of the relevant tranche of the bond issue in accordance with points 12 and 14 of these terms and conditions, to reduce proportionally the number of units of the subscribed bonds of the respective tranche of the bond issuance by the subscriber; the result of a pro rata reduction for a single subscriber shall be rounded down to the whole crown. The shortening of the subscribed bonds takes place in such a way that, first of all, the applications for the subscription are reduced to a total of 500 000 units per subscriber (in words: five hundred thousand), with only the number of units exceeding that total number being reduced. In the event that such a reduction results in the maximum expected nominal value of the issue of bonds, applications for subscription of individual subscribers to the total number of units of 500 000 (in words: five hundred thousand) are no longer reduced by any subscriber. If this does not achieve the maximum expected nominal value of the bonds, then in the second round, the pro rata reduction of the underwriting bonds of all subscribers shall be made, irrespective of the total number of units of the underwriting bonds by one subscriber. In addition, the issuer reserves the right to refuse or circumvent an individual application for a subscription in the event that doubts remain on the part of the issuer as to the veracity of the data and information provided, doubts as to whether the bond subscription complies with the nature and requirements laid down in those terms and conditions and does not circumvent them, in particular with regard to the range of persons entitled to acquire such bonds under point 4 of these terms and conditions and other obligations of subscribers under these terms and conditions, including doubts as to the origin of the funds intended or used to cover the subscription price of the bond and the issuer, in particular where the subscriber concerned does not submit the required data, information or documents in accordance with point 10 of these terms and conditions. In the event that doubts persist on the part of the bond issuer or arise only in relation to a part of the subscribed bonds, the issuer shall be entitled to refuse the application for a subscription only in respect of that part of the subscribed bonds. If, as a result of this partial refusal of an application for a subscription, the subscription of one subscriber would be less than 1 000 (in words: one thousand) pieces of bonds, thereby violating the condition to the minimum extent of the subscription of one subscription application under the sentence of the second paragraph of point 9 of these terms of issue, the issuer shall be entitled to reject the application in full. To the unsatisfied or partially satisfied subscribers, the Ministry shall return the price paid by them to the subscription of bonds which have not been subscribed but have already been paid by the subscriber to the payment account of the Ministry or the distributor, without undue delay, only by means of an uncash transfer to the payment account from which the relevant funds have been deposited to the account of the Ministry or distributor, or to the payment account indicated in the subscription application in the event of payment of the cash subscription price of the bond to the distributor.

12. The subscription period of the first tranche of the bond issue shall end on 23.12.2021 or on the date determined by the issuer, whichever date is earlier.

13. The issue of further tranches of bond issuance shall take the form of a reinvestment of bond yields issued in the previous tranches of bond issuance in accordance with points 16 and 17 of these emission conditions, with the exception of the last bond yield, at the date of the reinvestment of bond yield. The issue rate of all bonds issued in the form of reinvestment of bond yields at each reinvestment date of the bond yield shall be 100% (in words: 100%) of their nominal value.

14. The issuer may decide to issue any further tranches of bond issuance, with the exception of the tranches of bond issuance in accordance with points 12 and 13 of these emission terms and conditions, and determine the starting date and the closing date of the subscription period of the corresponding additional tranche of bond issuance. The notification of any further tranches of bond issuance shall be published on the Ministry's website. The emission rate of any bonds issued under this item of emission conditions shall always be determined by the issuer taking into account prevailing current financial market conditions and taking into account any corresponding proportional return at the date of issue of the relevant tranche of the bond issue.

15. An application for the transfer of bonds shall be made in a way that allows remote access via the Ministry's website and under conditions determined and published by the issuer on the Ministry's website, where appropriate, via a distributor. Bonds are transferred without settlement. The transferability of bonds is limited in accordance with Section 26 (6) of the bond law, so that bonds can only be transferred to the person referred to in point 4 of these emission conditions. Bonds cannot be entered into a trust fund within the meaning of § 1448 et seq. of the Civil Code. Transferability of bonds and the possibility to establish a lien on bonds shall be excluded after the date of 4.12.2027.

16. The yield of the bond (hereinafter referred to as "yield" or "income") is determined at a fixed interest rate of 1,00% per annum for each yield period, which is fixed for the first yield period from 3.1.2022 (including this day) to 3.1.2023 (excluding this day) at 1.00% per annum, the second yield period from 3.1.2023 (including that day) at 3.1.2024 (including that day) at 3.1.2024 (excluding that day) at 3.1.2025% per cent per annum, the third yield period from 3.1.2024 (including that day) at 3.1.2025 (including that day) at 3.1.2025 (including that day) at that date) at 3.1.2025 (including that day) at 3.1.2025 (including that day) at that date) at 3.1.2025 (including that day) at 3.1.2025 (including that day) at that date) at 3.1.2025% p. The proceeds shall be reinvested once a year in accordance with point 17 of these emission conditions, on the date of the 3rd of the relevant year starting in 2023, except for the last yield paid to the bond-holder, with the repayment of the nominal value of the bonds at the maturity date of the bonds referred to in point 24 of these emission conditions, unless the bond-holder applies for the reinvestment of the last yield and the nominal value of all or the relevant part of the bonds held by him in accordance with point 25 of these terms and conditions (hereinafter referred to as "the bond reinvestment request '). If the bonds are repaid before the specified maturity date referred to in point 22 of these terms and conditions, the amount of the relevant yield for the yield period ending on the corresponding early repayment date shall not be reinvested in accordance with point 17 of these terms and conditions but paid to the bond owner in accordance with points 22 and 24 of these terms and conditions; a part of the sentence in front of the semicolon shall be used mutatis mutandis in the case of the repayment of bonds before their due date in accordance with point 21 of these emission conditions, with the pro rata return being paid to the bond holder concerned in accordance with point 21 of these emission conditions. The proceeds of the bond are exempt from income tax in accordance with the provisions of Act No. 586 / 1992 Coll., on income taxes, as amended.

17. Reinvestment of proceeds means that at the date of the reinvestment of the proceeds, the property account of the owner of the bonds in the register of the Ministry shall be credited with bonds of the same bond issue at the total nominal value corresponding to the amount of the return on all bonds of the owner of the same bond issue for the relevant yield period. If the reinvestment date of the proceeds per day is not a working day, the relevant bonds will be credited to the owner's property account on the first following working day. For the purposes of reinvestment, the total amount of the yield on all the bond holders' bonds for the relevant yield period shall be rounded up to the full crown. The reinvestment of the proceeds increases the number of bond holders' bonds in its property account in the Ministry's register and the total nominal value of the bond issue. The total amount of the last yield on all the bond holders' bonds paid to the bond owner, unless the bond holder applies for a reinvestment of bonds under point 25 of these emission conditions, shall be rounded to the nearest cent.

18. The first period of return for the reinvestment of the proceeds shall be from 3.1.2022 (including that date) to 3.1.2023 (excluding that day). The following yield period shall be fixed as annual, from 3.1 (including that date) of the year concerned to 3.1 (excluding that day) of the year following 2023. For the purposes of any calculation related to bonds issued on the basis of these emission conditions, a fraction of days based on the convention of the actual number of past days in the period for which the relevant calculation is made and the actual number of calendar days in the year [ACT / ACT standard (ICMA)] shall be used. The proportional return shall be included in the price of the bond from the date of issue, or from the date of beginning of the relevant yield period, to the date of calculation of the proportional return. The amount of the proportional return relating to one bond for any period of less than one year shall be determined as a multiple of the nominal value of the bond and the relevant interest rate fixed for the relevant yield period and the relevant fraction of the days calculated as a proportion of the actual number of days from the date of the start of the relevant yield period to the date of calculation of the proportional return and the actual number of calendar days per year. The total amount of the proportional return on all the bond holders' bonds of this bond issue shall be rounded to the nearest cent in order to calculate the proportional return.

19. The yield determined according to paragraphs 16 and 17 of these emission conditions shall always be received by the person who owns the bonds at the date of 4.12, starting in 2022. The proceeds of the reinvestment of the yield for the first yield period from the date of issue (including this date) to the 3rd January 2023 (excluding that date) shall be received by the person who owns the bonds at the date of 4.12.2022.

20. The separation of the right to yield from the bond is excluded.

21. The issuer is entitled to write bonds when they are issued first into the issuer's property account in the Ministry's registry under the provisions of Section 15 (4) of the bond law and to acquire bonds before their due date, including the purchase of bonds at any price at any time after the issue date and under other conditions determined by the Ministry. Own bonds acquired by the issuer before their maturity date, including bonds repurchased by the issuer, shall not be extinguished and shall be at the discretion of the issuer whether it leaves them in the issuer's possession and, where appropriate, sells them or decides otherwise. The issuer also reserves the right to pay bonds before the date of their maturity, including a proportional return, where, on the part of the issuer in relation to the bond holder, doubts arise as to the veracity of the data and information provided or other doubts as to whether the bond subscription is in accordance with the nature and requirements laid down by these terms of issue or does not circumvent them, in particular with regard to the range of persons authorised to acquire those bonds under point 4 of these terms of issue and other obligations of subscribers, respectively, including doubts as to the origin of the funds intended or used for payment of the bond subscription price, and at the same time these doubts will persist after application of the procedure under point 10 of those terms. In order to avoid doubt, it is established that doubts remain on the part of the issuer in particular where the owner concerned does not submit the required data, information or documents to the issuer in accordance with point 10 of these emission conditions. In the event that the issuer's doubts persist even after the application of the procedure under point 10 of these emission conditions, only in relation to part of the owner's bonds concerned, the issuer shall be entitled to repay only part of the owner's bonds before their due date. If less than 1 000 (in words: one thousand) bonds were to remain owned by the bond holder concerned as a result of this procedure, the issuer shall be entitled to repay all bonds owned by the owner concerned before their due date. The issuer's notice of repayment of bonds before the date of their maturity (hereinafter referred to as "the issuer's notification of early repayment ') shall be entitled to send to the address indicated in the subscription application or registered in the bond-holder's property account in the Ministry's registry and to do so via a distributor, the issuer or distributor being entitled to deliver to the bond-holder concerned the notification of early repayment to the issuer via the postal service provider. The decision of the issuer to repay the nominal value of all or part of the bond-holder concerned before their due date shall be effective at the time of receipt of the issuer's notification of early repayment to the bond-holder concerned; where the bond holder concerned withdraws receipt of the issuer's early repayment notification, the effects of service of that notice shall occur at the time of refusal of receipt. If the bond holder concerned is not affected when delivering the notification of the issuer of early repayment, the effects of the notification shall occur at the time when the service provider first attempted to service, provided that the document was then deposited in accordance with the applicable postal conditions and that the bond holder concerned has nevertheless not collected it within the specified period. If the issuer's notification of early repayment fails to deliver to the bond holder concerned because it is not delayed at the point of delivery, the effects of service shall occur at the time of return of the undelivered document to its consignor, i.e. the issuer or distributor. As from the date on which the notification of the issuer of early repayment was received / effect, the bonds in the number of items covered by the repayment of the bonds before their maturity cannot be transferred. To that end, the issuer reserves the right, from the time of dispatch of the issuer's notification of early repayment until the issuer has been proven to have received / received the issuer's notification of early repayment to the bond holder concerned, to block the number of bonds covered by the issuer's decision to repay the bonds before their due date. The issuer shall not subsequently carry out or record a bond transfer on the basis of a bond transfer order that has been delivered to the issuer on and / or after the date on which the issuer's early repayment notification was received / received. The number of units of bonds that are repaid by the issuer before their maturity date, including the date of early repayment of the bonds so paid up before their maturity date, shall be indicated by the issuer in the notification of the issuer of early repayment, the maturity not exceeding 30 (in words: 30) days. In order to determine and calculate the resulting amount, point 22 of these emission conditions shall apply mutatis mutandis, with the amount being repaid to the holder of the bonds on the date of receipt / effect of the notification of the issuer of early repayment. The amounts corresponding to the nominal value of the owner's bonds and the corresponding proportional return shall be paid to the owner of the bonds on redemption before their due date only by a cash transfer to a payment account held with a bank or branch of a foreign bank in domestic currency (CZK) and registered in the ownership account of the debtor in the Ministry's register. Bonds due before their due date shall cease at the same time as the owner's right of return. The total amount corresponding to the total nominal value of bonds redeemed before their due date and the relevant yield or proportional return on the number of bonds redeemed before their due date paid to the bondholder for the period from the date of commencement of the relevant yield period to the early repayment date shall be rounded to a penny.

22. A bond-holder may request the issuer in a way that allows remote access through the Ministry's website and under conditions determined and published by the issuer on the Ministry's website, where appropriate, also through a distributor to repay the nominal value of all or part of the bonds it holds of this bond issue before the specified maturity date, in accordance with the following terms and conditions, and according to the following timetable (hereinafter referred to as the "early repayment request"):

The relevant yield for the period from the date of commencement of the relevant return period to the date of early repayment shall be paid and the nominal value of the relevant bonds shall be paid to the person who is the holder of the bonds on the first working day following the relevant date of the last possible application for early repayment. An application for early repayment may be submitted by the bond holder only during the periods for the submission of applications for early repayment determined by the issuer under this item of emission conditions. As from the time of the application for early repayment, bonds cannot be transferred in the number of units in which the application for early repayment was submitted. At one early repayment date, one bond holder may submit only one request for early repayment and, through it, apply for the repayment of its own bonds before a specified maturity date of at least 1 000 units (in words: one thousand). Where the number of shares in the owner's property account of the bond holder is less than 1 000 (in words: one thousand), the holder of the bond may apply for the repayment of its own bonds before the specified maturity date of less than 1 000 (in words: one thousand) if he requests the repayment of all shares in his own debt registered in the registry of the Ministry before the specified maturity date. At one early repayment date, one bond holder may apply for early repayment of 100% (in words: 100%) of its own bonds up to and including 500 000 (in words: five hundred thousand) and up to and including 50% (in words: fifty percent) of its own bonds over 500 000 (in words: five hundred thousand). Repayment bonds before the specified maturity date shall cease at the same time as the right of the bond holder to return. The amounts corresponding to the nominal value of the owner's bonds and the relevant yield will be paid to the bond holder on redemption before the specified maturity date only by a cash transfer to a payment account held with a bank or branch of a foreign bank in domestic currency (CZK) and registered in the ownership account of the bond holder in the Ministry's register. If the date of early repayment is not the working day, such payments shall be made immediately on the following working day without entitlement to the return for such postponement. The change in the payment account shall be notified by the bond holder to the Ministry in a way that allows remote access through the Ministry's website and under conditions determined and published by the issuer, where appropriate, by a distributor, unless otherwise specified by the Ministry. The total amount corresponding to the total nominal value of bonds repaid before the specified maturity date and the relevant yield on the number of units of bonds in which the relevant application for early repayment was submitted, paid to the bond holder for the period from the date of commencement of the relevant yield period to the early repayment date, shall be rounded to a penny.

23. Bonds shall be repaid at nominal value at the date of 3.1. 2028 if the bonds are not repaid before the specified maturity date in accordance with point 21 or 22 of these emission conditions or if the bond holder does not submit a request for reinvestment of bonds in accordance with point 25 of these emission conditions. This date concludes the interest on bonds. The nominal value of all bearer bonds shall be repaid together with the payment of the last yield to the person who owns the bonds at the date of 4.12.2027. If the date of repayment of the nominal value of the bonds and the payment of the last yield is not a working day, such payments shall be made on the immediately following working day without entitlement to the return for such postponement.

24. The issuer undertakes to ensure the repayment of the nominal value of the bonds together with the payment of the last yield to the holders of bonds under these emission conditions exclusively in the crowns of the Czech or other currency, which will be the legal currency of the Czech Republic at the date of the payment. The CSDs, a.s., the Czech National Bank and the Ministry are involved in ensuring the repayment of bonds and reinvestment and the payment of revenues. The issuer reserves the right to entrust another or other person at any time to be involved in ensuring the repayment of bonds and reinvestment and the payment of revenues. Notifications of any other delegates shall be published on the Ministry's website. This change shall not be caused by the holders of the bonds' injury and any such change shall take effect not later than 30 days before the date and not earlier than 30 days after the date of expiry of the relevant yield period or early repayment. The nominal value of the bonds will be repaid together with the payment of the last yield only by a cash transfer to a payment account held with a bank or branch of a foreign bank in domestic currency (CZK), which is registered in the property account of the owner of the bonds in the registry of the Ministry, unless the bond holder applies for a reinvestment of bonds according to point 25 of these emission conditions. The change in the payment account shall be notified by the bond holder to the Ministry in a way that allows remote access through the Ministry's website and under conditions determined and published by the issuer on the Ministry's website, where appropriate, by a distributor, unless otherwise specified by the Ministry. The total amount of the last yield on all the bond holders' bonds paid to the bond holders shall be rounded to a penny.

25. If the Ministry so decides in due time before the due date, the holder of the bonds shall be entitled to request the issuer to reinvest the bonds in a way that allows remote access via the Ministry's website, unless otherwise decided by the Ministry, to reinvest the last yield and the nominal value of all or part of the bonds it holds of the bond issue. In such a case, the bond holder shall not be paid their last return and the total nominal value or the relevant part thereof shall not be repaid by means of a cash transfer to a payment account under point 24 of these emission conditions, but shall be reinvested at the desired amount by the holder in government bonds pre-determined by the Ministry. The application for a reinvestment of bonds cannot be reinvested in the nominal value of bonds encumbered by third parties' rights, in particular liens, or in the nominal value of bonds for which the suspension of the exercise of the owner's right to dispose is recorded in the Ministry's register. The notice of the period during which a request for reinvestment of bonds can be made and of sovereign bonds in which the latest return and nominal value of bonds can be reinvested shall be published in good time on the Ministry's website. A bond-holder may, through one request for a reinvestment of bonds, apply for a reinvestment of the nominal value of its shares in government bonds determined by the Ministry of Finance of at least 1 000 units (in words: one thousand) and for a reinvestment of the last yield only in its entirety. For the purpose of reinvesting the last yield and the nominal value of the bonds, the total yield on the bond holder's bonds over the last yield period shall be rounded up to the full crown. In the case of bond holders who have applied for the reinvestment of the last return, the amount of the last return shall be reinvested at the date of the reinvestment of the bonds.

26. Only one payment account for the purposes of payment of revenues, repayment of bonds before the specified maturity date and repayment of the nominal value of the bonds shall be registered in the property account of the bearer established by the Ministry in the register of the Ministry, for all sovereign debt of the owner registered in the register of the Ministry. All payments referred to in the first sentence of this item of the emission conditions shall be made to a payment account registered in the Ministry register two working days before the date of execution of the relevant payment.

27. A valid assessment of the financial capacity (rating) of the long-term crown liabilities at the date of the determination of these emission conditions by S & P Global Ratings is at AA level, Moody's at A3 level, Fitch Rating at AA- level, Japan Credit Rating Agency at AA level, R & I at AA- level, Scope Ratings at AA level, Dagong Global Credit Rating at A + level and ACRA at AA level.

28. Bonds are direct, unconditional and unsubordinated debts of the Czech Republic, which are at the same level as all other existing and future direct, unconditional and unsubordinated debts of the Czech Republic.

29. The law relating to the bond shall be limited within the period laid down by the law in force at the time when the law may have been applied for the first time.

30. These emission conditions are announced by the Ministry in the Collection of Laws. An indication of the expected total nominal value of the bond issue shall be made available together with these emission conditions by publication in the Czech language on the Ministry's website in the part where the issuer publishes information on the sovereign debt issued by it. Any further notification to the holders of bonds and to the public concerning those bonds shall also be published in the same way.

31. The operating rules of the Ministry's records shall be published as amended on the Ministry's website and shall be binding on all holders of bonds and distributors and on all persons involved in securing the repayment of bonds and the payment of revenues.

32. The Ministry reserves the right to perform all acts relating to the management of the Ministry's records, the subscription of bonds, the repayment of bonds before their due date, the reinvestment of the last yield and the nominal value of the bonds, entries in the Ministry's records, changes in data and other related activities defined by the Ministry's operating rules.

33. The Czech National Bank does not supervise bond issues and their issuer.

34. If the prospectus is approved by the Czech National Bank, the prospectus is assessed by the Czech National Bank only for the completeness of the information contained therein, the Czech National Bank does not assess the economic results or financial situation of the issuer when it is approved, and the Czech National Bank does not guarantee the future profitability of the issuer or its ability to repay the proceeds and nominal value of the bond by approving the prospectus.

35. These emission conditions may be translated into foreign languages. If there is a conflict between different language versions of emission conditions, the Czech version is decisive.

36. Bonds are issued according to Czech law and taxation of bond yield is governed by Czech legislation in the Czech Republic. The rights and obligations of these emission conditions and of bonds issued on their basis shall be governed and interpreted in accordance with Czech law, regardless of the provisions of the conflict standards.