ERSTE-SPARINVEST KAG

Fact sheet

ESPA SELECT INVESTBalanced asset allocation fund of funds, up to 50% equity funds, 20% alternative investments, with remaining portion invested in a widely diversified bonds portfolio

Status at 07/30/2010

Investment featuresLong-term asset growth
The ESPA SELECT INVEST fund is a balanced fund of funds in which 33-55% is invested in equities and between 30% to 65% in bonds. Alternative investments represent up to 20% of the portfolio in order to achieve a better diversification of risk. This fund is suitable for long-term asset growth. Foreign currencies tend to be hedged, though they can be opened when trends are positive.

Hinweis der FMAFinancial Market Authority warning: ESPA SELECT INVEST may invest up to 20% of its assets in alternative investments pursuant to § 20a paragraph 1 line 3 InvFG 1993, which harbour a significantly higher level of risk than traditional forms of investment. Especially with such investments, investors may incur losses up to the full amount of the invested capital.

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	31.08.
Base currency	EUR
Fund volume	69,477,263.23
Fund accounting year	01.07. to 30.06.
Day of first issue	03/15/1999
Sales authorisation	AT
Management fee	0.84 % p.a.
Recommended holding period	III
Investor experience	C - D
Investor risk tolerance	6
Contact	ansprechpartner@sparinvest.com

Share certificates

Type	ISIN	Currency	Net asset value	Initial charge
A.	AT0000828629	EUR	83.02	3.50%
T.	AT0000828637	EUR	111.52	3.50%
T.C.	AT0000822796	EUR	111.52	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
EUR	6.83	-6.19	0.14	0.50	0.08	1.38

^* absolute

Annual performance (in %, in fund base currency)

Year	2005	2006	2007	2008	2009
Performance	16.20	7.33	7.18	-26.11	9.58

Statistical data according to OeKB (3 years)

Sharpe ratio	-0.72
Volatility (in %)	12.05

Benefits for investorBroadly diversified investment in equity- and bond funds.
Tactical asset allocation for return- and risk optimization.
The fund can be bought/sold at any time.
Suitable for regular savings plans (capital plan).

Please noteEquity funds in the fund can be subject to considerable price volatility
Rising interest rates may lead to short-term falls in the bond prices
Foreign currency fluctuations can affect the fund
Recommended length of holding at least 5 years (depending on market performance)

"The Austrian Financial Market Authority warns: The fund ESPA SELECT INVEST can invest up to 20% in securities according to 20a Abs. 1 Z 3 InvFG 1993 (i.e. Alternative Investments under the Austrian Investment Law Act), which compared to traditional investments can increase the overall risk. Especially these types of investments can lead to negative returns or could even result in a complete loss of the invested capital which is invested in these securities."

Top positions

Security	Share of fund assets
ESPA BOND EURO-RENT T	18.43%
ESPA BD EURO-TREND T	18.40%
XT USA USD T	3.91%
UNINORDAMERIKA ANT.SCH.KL	3.40%
ESPA BOND EURO-CORP. T	2.98%

Performance

Performance (incl. distribution of dividends) between 03/15/1999 and 07/30/2010

Min / Max performance

From adjusted net asset values between 03/15/1999 and 07/30/2010

Minimum

in % p.a.

Maximum

Breakdown of Assets

Regions