Fund Company

ERSTE-SPARINVEST KAG - http://www.sparinvest.com

ERSTE-SPARINVEST was founded in 1965 and is the number-one source for the client's personal investment funds in line with the Austrian Investment Fund Act. With over 45 years spent building deep, long-lasting relationships with customers, partners and employees, ERSTE-SPARINVEST stands for experience, innovation and quality. Their activities are characterised by the special care they take in all investment processes, by their sustainable thinking and investing, and by the fact that they discern interesting trends and incorporate them into their funds. ERSTE-SPARINVEST is backed by the financial strength of Erste Group Bank AG and the Austrian Sparkassen group. Erste Group is one of the largest financial service providers in Central Europe, with 17.5 million customers and around 150 employees who serve their customers and sales partners in Austria and other markets throughout Europe. Their funds are registered for sale in Austria as well as in Germany, Italy, Croatia, Romania, Switzerland, Serbia, Slovakia, Slovenia, Spain, the Czech Republic and Hungary.

The shareholder structure is composed as follows:

81.48% Erste Asset Management
15.65% Various Austrian Sparkassen
2.87% DekaBank Deutsche Girozentrale

Market Leader for Retail Funds

ERSTE-SPARINVEST has the largest volume of assets under management within Erste Asset Management GmbH. Oesterreichische Kontrollbank (OeKB) reported a fund volume of EUR 23.6 billion for 2011 (as of 29 December 2011). ERSTE-SPARINVEST is the second-largest investment firm in Austria, with a market share of 17.6%. Of its assets under management, roughly EUR 10 billion are in funds for large-scale investors and special-purpose funds, and nearly EUR 14 billion are in retail funds. ERSTE-SPARINVEST has been at the head of the pack in retail funds for years. The market share in this segment was 23% in 2011.

"Number two" among large scale investors

The development of assets under management among institutional investors was positively influenced by the acquisition of mandates from pension funds, foundations, industrial companies and employee benefit funds. ERSTE-SPARINVEST took second place in OeKB?s ranking of assets under management in funds for large-scale investors/special-purpose funds, with a fund volume of roughly EUR 10 billion in this segment (as of 29 December 2011).

Core Competences: bond funds, emerging markets and sustainable investments

ERSTE-SPARINVEST's funds cover a wide array of investment vehicles. The company manages the funds itself for the most part, but they also cooperate with international investment companies, which makes them well connected to the international world of finance. Erste possess special expertise in bond funds, emerging market funds (with a focus on Central and Eastern Europe) and sustainable investment funds.

The focuses of ERSTE-SPARINVEST's fund management lie in:

Fund and asset management for private investors and institutional investors
Asset allocation strategies (funds with absolute yield targets and benchmark-oriented funds)
Bond management with a focus on the Eurozone (everything from money market funds to high-yield funds)
Equity and bond funds with a focus on Central and Eastern Europe
Funds managed according to ethical/sustainable principles (SRI)
Portfolio management
Local specialties (local Central and Eastern European funds, tax-optimised products, special mandates)
A comprehensive range of products for private investors

Fully committed to transparency and quality

ERSTE-SPARINVEST also underwent an assessment of the company as a whole by the international rating agency RCP Partner, and it was rated "very good" (AA-). Since 2003, ERSTE-SPARINVEST has had one more performance diploma to boast of: The auditing firm Deloitte & Touche assessed and confirmed the company's compliance with the Global Investment Performance Standards (GIPS). This guarantees investors uniform, fair and comparable reporting on performance and full disclosure on a company-wide basis.

Development of fund volumes at year-end
(in millions of euros, source: OeKB)	2011	2010	2009
Total fund volume	23,62	26,68	26,91
Equity fund volume	3,88	5,28	4,10
Money market fund volume	0,60	1,60	2,17
Umbrella hedge fund volume	0,11	0,19	0,26
Mixed fund volume	5,82	5,60	5,36
Alternative fund volume	0,55	0,56	0,64
Bond fund volume	12,67	13,46	14,12
Retail fund volume	13,65	16,02	18,49
Institutional fund volume	9,97	11,66	10,67

Awards to grow by

ERSTE-SPARINVEST's funds make very profitable investments. They are evaluated by international rating agencies on an ongoing basis and achieve top marks in various fund comparisons year after year. And 2011 was no exception, with a number of notable achievements to celebrate. ERSTE-SPARINVEST came in third in the category of Best Large Fixed-Interest Fund House in the Morningstar Fund Awards Germany, which means that this Austrian company beat out roughly 140 international fund companies that were evaluated. This assessment was underscored by the Feri EuroRating Awards, where they were nominated as one of the top five asset managers in the Bonds category in Austria and Germany.

Company	Fund Name	ISIN	Currency	Inception Date	Rating	Risk	Profile
ERSTE-SPARINVEST KAG	ADG Abs Ret Em Mkt Miteig.Ant Cap	AT0000495239	EUR	01/06/2005	5	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Protect new Europe Cap	AT0000497128	EUR	07/11/2005	NULL	NULL	N/A
ERSTE-SPARINVEST KAG	FTC Gideon I Cap	AT0000499785	EUR	16/01/2006	NULL	NULL	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Brick	AT0000506316	EUR	29/12/2005	3	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Bric Cap	AT0000506324	EUR	29/12/2005	3	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Europe Property VT EUR	AT0000613617	EUR	20/12/2004	3	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Europe Property VT CZK	AT0000613625	CZK	21/12/2004	3	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Cash Asset Backed Dis	AT0000626023	EUR	08/06/2004	1	High	N/A
ERSTE-SPARINVEST KAG	ESPA Cash Asset Backed Cap	AT0000626031	EUR	08/06/2004	1	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Europe Active A	AT0000626817	EUR	01/03/2004	2	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Europe Active - T Cap	AT0000626825	EUR	01/03/2004	2	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Japan VT CZK	AT0000633292	CZK	16/04/2004	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Japan Fund - A	AT0000639059	EUR	01/09/2003	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Japan VT EUR	AT0000639067	EUR	01/09/2003	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock America VT CZK	AT0000639463	CZK	23/06/2003	2	High	Investment in US-stocks with focus on S&P 100-large stocks with high profit growth.
ERSTE-SPARINVEST KAG	ESPA Stock Europe Emerg. VT CZK	AT0000639471	CZK	23/06/2003	2	Medium	ESPA STOCK EUROPE-EMERGING’s investment objective is to achieve high value growth. In order to meet this objective, the fund buys and sells assets that are permitted according to the Austrian Investment Fund Act and the fund terms and conditions (securities, money market instruments, demand deposits, shares in other investment funds and financial instruments) within the framework of its investment policy and based on the fund manager’s assessment of economic conditions, the situation on the capital markets and the outlook on the stock exchanges.
ERSTE-SPARINVEST KAG	ESPA Stock Global VT CZK	AT0000639497	CZK	23/06/2003	2	High	N/A
ERSTE-SPARINVEST KAG	ESPA Vorsorge Gold /03	AT0000640164	EUR	01/07/2003	1	Low	N/A
ERSTE-SPARINVEST KAG	ESPA VINIS Stock Europe Cap	AT0000645973	EUR	06/06/2003	1	High	N/A
ERSTE-SPARINVEST KAG	ESPA VINIS Stock Glbl Cap	AT0000646799	EUR	11/07/2003	4	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Vorsorge Gold /03 Fund - T Cap	AT0000647284	EUR	10/06/2003	1	Low	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Europe Value - A	AT0000659230	EUR	11/11/2002	1	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Europe Value Fd - T Cap	AT0000659248	EUR	11/11/2002	1	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Biotech VT	AT0000673165	EUR	23/09/2002	4	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Europe Emerg. VT EUR	AT0000673181	EUR	23/09/2002	2	High	ESPA STOCK EUROPE-EMERGING’s investment objective is to achieve high value growth. In order to meet this objective, the fund buys and sells assets that are permitted according to the Austrian Investment Fund Act and the fund terms and conditions (securities, money market instruments, demand deposits, shares in other investment funds and financial instruments) within the framework of its investment policy and based on the fund manager’s assessment of economic conditions, the situation on the capital markets and the outlook on the stock exchanges.
ERSTE-SPARINVEST KAG	ESPA Stock Global VT EUR	AT0000673314	EUR	23/09/2002	1	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Pharma VT	AT0000673348	EUR	23/09/2002	4	Low	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Techno (VT)	AT0000673389	EUR	23/09/2002	3	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Finance Fund - A	AT0000679659	EUR	22/04/2002	3	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Finance Fund - T Cap	AT0000679667	EUR	22/04/2002	3	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Global Emerging Mkts A	AT0000680962	EUR	22/04/2002	1	High	Long-term increase in value The ESPA STOCK GLOBAL EMERGING-MARKETS fund (fund name until 2 May, 2006 : ESPA BEST OF EMERGING MARKETS) offers a simple way to participate in returns of the international emerging market stocks. Investments are placed in stocks of emerging markets like South-America, SE-Asia, Eastern Europe and Africa. This fund gives the investor an instrument to diversify his portfolio.
ERSTE-SPARINVEST KAG	ESPA Stock Global Emerg Mkts T Cap	AT0000680970	EUR	22/04/2002	1	High	Long-term increase in value The ESPA STOCK GLOBAL EMERGING-MARKETS fund (fund name until 2 May, 2006 : ESPA BEST OF EMERGING MARKETS) offers a simple way to participate in returns of the international emerging market stocks. Investments are placed in stocks of emerging markets like South-America, SE-Asia, Eastern Europe and Africa. This fund gives the investor an instrument to diversify his portfolio.
ERSTE-SPARINVEST KAG	ESPA Stock Japan Fund - T Cap	AT0000697073	EUR	22/11/2001	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Best of Europa - A	AT0000703335	EUR	06/08/2001	3	High	N/A
ERSTE-SPARINVEST KAG	ESPA Best of Europa - T Cap	AT0000703343	EUR	06/08/2001	3	High	N/A
ERSTE-SPARINVEST KAG	ESPA Best of Healthcare A Fund	AT0000703368	EUR	06/08/2001	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Best of Healthcare - T Cap	AT0000703376	EUR	06/08/2001	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Best of America A Fund	AT0000703459	EUR	06/08/2001	3	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Best of America - T Fund Cap	AT0000703467	EUR	06/08/2001	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Istanbul Fund A	AT0000704333	EUR	14/08/2001	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Istanbul (A) Fund Cap	AT0000704341	EUR	14/08/2001	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA WWF Stock Umwelt Fund - A	AT0000705660	EUR	02/07/2001	3	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA WWF Stock Umwelt CAP	AT0000705678	EUR	02/07/2001	3	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA VINIS Stock Austria Cap	AT0000706528	EUR	08/04/2002	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Best of World - A	AT0000707674	EUR	21/05/2001	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Best of World T Cap	AT0000707682	EUR	21/05/2001	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Europe Property - A	AT0000708334	EUR	23/05/2001	3	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Europe Property - T Cap	AT0000708342	EUR	23/05/2001	3	High	N/A
ERSTE-SPARINVEST KAG	Advisory One T Cap	AT0000737283	EUR	28/06/2000	4	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Biotec - A	AT0000746748	EUR	17/04/2000	4	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Biotec - T Cap	AT0000746755	EUR	17/04/2000	4	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Pharma Fund - A	AT0000746771	EUR	16/04/2000	4	Low	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Pharma Fund - T Cap	AT0000746789	EUR	16/04/2000	4	Low	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Techno Fund - T Cap	AT0000753504	EUR	15/03/2000	3	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Techno Fund - A	AT0000754262	EUR	15/03/2000	3	Medium	N/A
ERSTE-SPARINVEST KAG	Donau Star Fonds T Cap	AT0000767652	EUR	06/09/1999	3	Low	N/A
ERSTE-SPARINVEST KAG	Donau Star Fonds A	AT0000768288	EUR	06/09/1999	3	Low	N/A
ERSTE-SPARINVEST KAG	Erste Interbond G1 - A Fund	AT0000802509	EUR	04/05/1998	4	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock America - T Cap	AT0000812862	USD	15/10/1998	1	High	Investment in US-stocks with focus on S&P 100-large stocks with high profit growth.
ERSTE-SPARINVEST KAG	ESPA Stock Global Fund - T Cap	AT0000812870	EUR	15/10/1998	1	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Europe Eme - T Cap	AT0000812938	EUR	15/10/1998	2	High	ESPA STOCK EUROPE-EMERGING’s investment objective is to achieve high value growth. In order to meet this objective, the fund buys and sells assets that are permitted according to the Austrian Investment Fund Act and the fund terms and conditions (securities, money market instruments, demand deposits, shares in other investment funds and financial instruments) within the framework of its investment policy and based on the fund manager’s assessment of economic conditions, the situation on the capital markets and the outlook on the stock exchanges.
ERSTE-SPARINVEST KAG	Erste Interbond G1 - T Cap	AT0000822416	EUR	29/03/1999	4	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock America T EUR	AT0000822655	EUR	02/02/1999	1	High	Investment in US-stocks with focus on S&P 100-large stocks with high profit growth.
ERSTE-SPARINVEST KAG	ESPA Stock America A EUR	AT0000822812	EUR	01/03/1990	1	High	Investment in US-stocks with focus on S&P 100-large stocks with high profit growth.
ERSTE-SPARINVEST KAG	ESPA Stock Europe Eme A	AT0000858428	EUR	01/10/1990	2	High	ESPA STOCK EUROPE-EMERGING’s investment objective is to achieve high value growth. In order to meet this objective, the fund buys and sells assets that are permitted according to the Austrian Investment Fund Act and the fund terms and conditions (securities, money market instruments, demand deposits, shares in other investment funds and financial instruments) within the framework of its investment policy and based on the fund manager’s assessment of economic conditions, the situation on the capital markets and the outlook on the stock exchanges.
ERSTE-SPARINVEST KAG	ESPA Stock America - A	AT0000858584	USD	01/03/1990	1	High	Investment in US-stocks with focus on S&P 100-large stocks with high profit growth.
ERSTE-SPARINVEST KAG	ESPA Stock Global Fund - A	AT0000989645	EUR	16/09/1996	1	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock new Europe Act Dis	AT0000A009F2	EUR	02/02/2006	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock new Europe Act Cap	AT0000A009G0	EUR	02/02/2006	3	Medium	N/A
ERSTE-SPARINVEST KAG	Advisory One A Cap	AT0000A00NC4	EUR	03/04/2006	3	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Istanbul VT USD Cap	AT0000A015E2	USD	02/06/2006	2	High	N/A
ERSTE-SPARINVEST KAG	ESPA VINIS Stock Glbl Dis	AT0000A01GL7	EUR	15/09/2006	4	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Commodities A Dis	AT0000A01VR3	EUR	17/07/2006	4	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Commodities T Cap	AT0000A01VS1	EUR	17/07/2006	4	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Commodities VT Cap	AT0000A01VT9	EUR	17/07/2006	4	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Garant BRIC Cap	AT0000A02PV5	EUR	14/11/2006	NULL	NULL	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Asia Pacific Prop-T Cap	AT0000A03MW8	EUR	15/12/2006	2	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock New Consumer Dis	AT0000A04D12	EUR	01/02/2007	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock New Consumer Cap	AT0000A04D20	EUR	01/02/2007	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Middle East&African DIS	AT0000A04GA4	EUR	15/03/2007	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Middle East&African CAP	AT0000A04GB2	EUR	15/03/2007	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA WWF Stock Climate Change Dis	AT0000A054G6	EUR	02/05/2007	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA WWF Stock Climate Change Cap	AT0000A054H4	EUR	02/05/2007	2	Medium	N/A
ERSTE-SPARINVEST KAG	ESPA Stock ASIA Infrastruct. A Dis	AT0000A05S63	EUR	18/06/2007	1	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock ASIA Infrastruct. T Dis	AT0000A05S71	EUR	18/06/2007	1	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Asia Infrastructure Cap	AT0000A05S89	EUR	18/06/2007	1	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Russia A Dis	AT0000A05S97	EUR	01/08/2007	3	Medium	ESPA STOCK RUSSIA aims to achieve earnings growth. In order to meet this objective, the fund buys and sells assets that are permitted according to the Austrian Investment Fund Act and the fund terms and conditions (securities, money market instruments, demand deposits, shares in other investment funds and financial instruments) within the framework of its investment policy and based on the fund manager’s assessment of economic conditions, the situation on the capital markets and the outlook on the stock exchanges.
ERSTE-SPARINVEST KAG	ESPA Stock Russia T Cap	AT0000A05SA6	EUR	01/08/2007	3	Medium	ESPA STOCK RUSSIA aims to achieve earnings growth. In order to meet this objective, the fund buys and sells assets that are permitted according to the Austrian Investment Fund Act and the fund terms and conditions (securities, money market instruments, demand deposits, shares in other investment funds and financial instruments) within the framework of its investment policy and based on the fund manager’s assessment of economic conditions, the situation on the capital markets and the outlook on the stock exchanges.
ERSTE-SPARINVEST KAG	Advisory One VT Cap	AT0000A062T2	EUR	15/01/2008	3	High	N/A
ERSTE-SPARINVEST KAG	ESPA Stock Adriatic T Cap	AT0000A06QK7	EUR	03/12/2007	1	Medium	N/A
ERSTE-SPARINVEST KAG	FX Global T Cap	AT0000A0DEQ2	EUR	15/05/2009	NULL	NULL	N/A