ERSTE-SPARINVEST KAG

Fact sheet

ESPA BOND EUROPEPan-European bonds, predominantly in Euros

Status at 08/31/2010

Investment featuresThe ESPA BOND EUROPE fund is invested in euro bonds, with up to 30% of its assets also in bonds of other European currencies (Euro-outs and Euro convergence bonds).
ESPA BOND EUROPE invests in euro bonds and, up to 30% of assets under management, in bonds denominated in other European currencies (euro-outs and euro convergence bonds). On top of the government bonds, the fund also invests in corporate bonds. Temporary currency hedges are arranged in accordance with the market environment.

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	15.05.
Base currency	EUR
Fund volume	515,379,376.15
Fund accounting year	01.04. to 31.03.
Day of first issue	06/17/1991
Sales authorisation	AT,CZ,DE,HU,IT,RO,SI
Management fee	0.64 % 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.	AT0000858618	EUR	75.04	3.50%
T.	AT0000812813	EUR	118.83	3.50%
T.C.	AT0000950894	EUR	118.83	3.50%
VT.	AT0000673223	EUR	128.62	3.50%

Performance according to OeKB (Oesterreichische Kontrollbank AG) (in %, p.a.) (Reporting date: 08/31/2010)

Currency	1 Year	3 Years	5 Years	10 Years	Beginning of the year ^*	Inception
EUR	8.68	4.62	3.03	4.91	7.60	5.94

^* absolute

Annual performance (in %, in fund base currency)

Year	2005	2006	2007	2008	2009
Performance	5.57	0.84	0.37	-0.31	6.77

Statistical data according to OeKB (3 years)

Sharpe ratio	0.67
Volatility (in %)	3.29

Benefits for investorBroad diversification in issuers of various countries and sectors.
Long-term high return.
Additional increase in value possible from foreign exchange earnings.
Price gains possible if interest rates are falling.

Please noteRising interest rates may lead to short-term falls in prices
Foreign currency fluctuations can affect the fund
Recommended length of holding at least 5 years

Top positions

Security	Share of fund assets
ESPA BOND EURO-CORP. T	5.40%
B.T.P. 2019 01.02	4.72%
REP. FSE 04-35 O.A.T.	4.59%
BELGIQUE 05-15 46	4.04%
BELGIQUE 10-16 59	4.00%

Fund ratios*

Average securities return	2.92%
Average time to maturity	7.81 Years
Duration	7.01 Years
Mod. Duration	6.82%

* Explanation of financial terms

Performance

Performance (incl. distribution of dividends) between 06/17/1991 and 08/31/2010

Min / Max performance

From adjusted net asset values between 06/17/1991 and 08/31/2010

Minimum

in % p.a.

Maximum

Securitytypes

Currencies