Debentures emissions

Announcement

Updated 27.2.2004

Display of RIA prospect of debentures emissions

RIA Prospects are below

Released in Business Bulletin on 4th February 2004

Updated 06.02.2004

Railway Infrastructure Administration, state organization, made decision on releasing the issue of debentures at the total nominal value of CZK 7 000 000 000, whose main manager is Czech Consolidation Agency. In this respect, Railway Infrastructure Administration, state organization declares that the Securities Commission adopted according to the Act No. 530/1990 Coll., on Debentures, as amended No. 591/1992 Coll., on Securities, as amended, issue conditions and the prospect of this issue of debentures based on its decision No. 45/N/957/2003/2 dated 23.1.2004, which came into force on 26.1.2004.

The prospect containing issue conditions of debentures in a form adopted by the above-mentioned decision of Securities Commission will be available in a brochure form by course of §77 art. 1 Act No. 591/1992 Coll., on Securities, as amended, based in the office of issue chief manager emitter, issue administrator ( Komerční banka, a.s. ) and emitter´s website www.szdc.cz.

This announcement is only informative and offers neither sale nor purchase of Securities or other investment instruments.

A full text of the Czech Government Resolution No. 908 can be found here: Resolution No. 908

A full text of the Czech Government Resolution No. 679 can be found here: Resolution No. 679