ERSTE-SPARINVEST KAG

Fact sheet

ESPA PORTFOLIO BONDSeverance payment fund, international bonds in accordance with asset allocation

Status at 07/30/2010

Investment featuresA fund designed to generate regular returns from euro bonds and through the addition of foreign currency bonds.
The ESPA PORTFOLIO BOND focuses its investments, i.e. at least two thirds of its portfolio, on top-rated euro bonds. In addition, foreign currency bonds are included which can be temporarily hedged in respect of currency. The proportion of foreign currency elements is limited to a maximum of 30% of the fund assets. Alongside government bonds, top-rated US mortgage bonds are also acquired for the fund as well as corporate bonds. In addition, a maximum of 10% high yield and emerging markets bonds can be included.

This is an advertisement. Unless otherwise noted, data source ERSTE-SPARINVEST KAG. Our languages of communication are German and English. The latest version of the Prospectus (and any changes thereto) has been published in the “Amtsblatt zur Wiener Zeitung”, in accordance with the provisions of the Austrian Investmentfondsgesetz [Investment Funds Act]. Copies are available free of charge to interested parties at the registered offices of both ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H. and Erste Group Bank AG (the custody bank). The most recent publication date and details of any other collection offices are published on the ERSTE-SPARINVEST KAG website (www.sparinvest.com). This document serves to provide additional information to our investors and reflects the knowledge of its authors at the time of going to press. Our analyses and conclusions are of a general nature and do not take into account the personal needs of our investors in terms of income, fiscal situation or attitude to risk. It should be noted that past performance is not a reliable indicator of the future performance of a fund.

Fund key data

Dividend	15.10.
Base currency	EUR
Fund volume	174,590,615.24
Fund accounting year	01.09. to 31.08.
Day of first issue	05/18/1987
Sales authorisation	AT,DE
Management fee	0.60 % p.a.
Recommended holding period	III
Investor experience	C - D
Investor risk tolerance	4
Contact	ansprechpartner@sparinvest.com

Share certificates

Type	ISIN	Currency	Net asset value	Initial charge
A.	AT0000858527	EUR	59.28	3.50%
T.	AT0000812805	EUR	91.54	3.50%
T.C.	AT0000950829	EUR	91.54	3.50%
VT.	AT0000673215	EUR	97.14	3.50%
VT.	AT0000639455	CZK	2,407.86	3.50%

Performance according to OeKB (Oesterreichische Kontrollbank AG) (in %, p.a.) (Reporting date: 07/30/2010)

Currency	1 Year	3 Years	5 Years	10 Years	Beginning of the year ^*	Inception
CZK	5.47	2.85	-0.32		0.03	-0.11
EUR	8.87	7.18	3.67	4.36	6.35	5.80

^* absolute

Annual performance (in %, in fund base currency)

Year	2005	2006	2007	2008	2009
Performance	6.69	-1.92	-0.77	9.57	5.21

Statistical data according to OeKB (3 years)

Sharpe ratio	1.18
Volatility (in %)	3.95

Benefits for investorBroad diversification in issuers of selected countries and sectors.
Attractive annual payouts.
Potential for currency gains.
Price gains possible if interest rates are falling.

Please note- Rising interest rates may lead to short-term falls in price
- Prices of corporate and government bonds are affected by the credit risk, too
- The rating of governments bond can be subjected to changes
- Exchange rate risks can have impacts on the fund performance
- Recommended holding period is at least 5 years

Top positions

Security	Share of fund assets
ESPA BOND EURO-CORP. T	10.14%
B.T.P. 06-16	6.09%
ESPA BOND USA-CORP. T	5.54%
JAPAN 2011 232	3.72%
REP. FSE 04-35 O.A.T.	3.39%

Fund ratios*

Average securities return	3.26%
Average time to maturity	8.17 Years
Duration	5.87 Years
Mod. Duration	5.70%

* Explanation of financial terms

Performance

Performance (incl. distribution of dividends) between 05/18/1987 and 07/30/2010

Min / Max performance

From adjusted net asset values between 05/18/1987 and 07/30/2010

Minimum

in % p.a.

Maximum

Currencies - Bonds