Launch of New Investment Fund for Eastern Europe

‘ ESPA VINIS STOCK EUROPE EMERGING’ - Launch of New Investment Fund for Emerging Europe

Agenda CEE Overview The ESPA VINIS STOCK EUROPE EMERGING Fund Our SRI Methodology Contact Details

WWF… Partner for theme funds VINIS… Brand of sustainable funds V erantwortung (Responsibility) , I nnovation , N achhaltigkeit (Sustainability) , I nvestment , S icherheit (Safety) ESPA VINIS BOND ESPA VINIS STOCK AUSTRIA ESPA VINIS STOCK EUROPE ESPA VINIS STOCK GLOBAL ESPA WWF STOCK UMWELT ESPA WWF STOCK CLIMATE CHANGE 2001 2002 2003 2004 2005 2006 2007 ESPA VINIS STOCK EUROPE-EMERGING 2008 ESPA’S fund management has long term experience in the CEE region as well as in SRI ESPA VINIS CASH Timeline Responsible Investment Funds

The investment Universe comprises countries of Central Eastern Europe including Russia Investment Universe

The new EU member states as well as potential candidates and Russia are showing above average growth compared to the EU-15 Deep Dive Investment Universe

Main beneficiary of the high oil and gas price

Many sectors will benefit from the reforms / substantial public and private investments in key sectors (utilities, telecoms, infrastructure) earmarked for 2007-2010

Stable political situation: Putin’s position is stronger than ever

No further changes to Gazprom’s shareholder structure

Russia’s accession to the WTO

Markets: Poland, Czech Republic, Slovakia, Hungary, Slovenia, Estonia, Latvia, Lithuania, Romania, Bulgaria

Economic growth rates more than twice as high as those of West European economies

Macro-economic setting and political stability are constantly improving

Structural changes and privatisations very advanced

Convergence not yet achieved

Strong dynamics in the financial sector

Markets: Croatia, Turkey, Ukraine, Serbia

Economic growth rates higher than in Western Europe

Drastic valuation discounts and large growth potential

Falling political risk

Turkey – long-term convergence

Russia New EU member states Potential candidates

Increase in demand

Growing traffic

Infrastructure improvements to achieve EU levels

AM investments out of the region still in early stages

AuM showing enormous growth rates

High potential: Insurance & service sector, banks

Catch-up potential

Upper middle class established

Substantial resources in

Russia and former CIS states

CEE Consumer demand Infra-structure Investments Commodities The structure of our fund focuses on growth themes such as commodities, infrastructure, and consumer demand Main Growth Themes

The essential characteristics of sustainable investments are also strong arguments for SRI Main Arguments for SRI Positive Neutral Slightly Negative Information Effect Anticipation Effect Positive Selection Effect Small Companies Effect Diversification Effect

Source: ESPA VINIS, 2008 Our VINIS Management Approach consists of 4 layers and thrives to be as thorough as possible assessing firms for SRI criteria Overview Management Approach

Stakeholder criteria include the assessment of six stakeholder groups: Employees , Society , Customers, Market partners, Investors , Environment The SRI research is based on exclusionary and stakeholder/best-in-class criteria SRI Research Exclusionary criteria

Armaments

Nuclear Energy

Addictive Drugs

Gene Technology

Gaming

Stakeholder Criteria/ Best-in-Class

Analysis & evaluation are undertaken on 4 different levels

Principles & Strategies

Management Systems & Organisation

Products & Services

Program, Activities & Results

The (SRI) evaluation scale and the CSR rating process behind range from the grade ‘ A+ ’ (innovative) to the grade ‘ C - ‘ (strongly regressive). The ratings are based on a point system, where ‘A+’ is equal to 100 points (upper limit) and ‘C-‘is equal to -100 points (lower limit). Source: RFU, ESPA VINIS, 2008 Companies are rated based on a scale that ranges from A+ to C- SRI Evaluation Scale

Source: RFU, 2008 Every company is screened and rated based on a variety of criteria Example for Rating Methodology

Our Investment Process filters the most promising stocks from the initial universe to the actual portfolio of 60-90 stocks ERSTE-SPARINVEST Investment Process Top-Down Country- Allocation Technical Sentiment Valuation Macro Politics _________ 150 Stocks Riskmanagement Riskreports / Riskmonitor / Performance Attribution Investment Universe Emerging- Markets Time zone Eastern Europe _________ 500 Stocks Bottom-Up Stock- Selection Technical Sentiment Valuation _________ 90 Stocks Portfolio- construction Absolute Risk Exposure 90%-100% Active Risk Implemen- tation Trading Buy / Sell Discipline Portfolio 60-90 Stocks Filter Liquidity Filter ________ 150 Stocks

ESPA VINIS STOCK EUROPE EMERGING Key Data Investment-Universe: Currencies Type and Style: Equity Fund, SRI ISIN: (T) AT0000A09YL3 Benchmark: MSCI EM Eastern Europe 10-40 Management Fee: 180 bps Volume as of 10/31/08: 4,3 Mio.EUR Performance since 10/06/08 Performance as of 10/31/08 (since 06/10/08): relative Performance (MSCI Eur. Emerg.): Performance as of 10/31/2008 (since 09/30/08): relative Performance (MSCI Eur. Emerg.): - 39.99 % + 12.03 % - 23.49 % + 5.42 % OTB – HU MOL – HU Magyar Telecom – HU OMV – AT Komercni Banka – CZ 6.24% 5.90% 5.41% 5.23% 4.87% INA – CRO PKN Orlen – PL Verbund – AT Grupa Lotos – PL Cesky Telecom – CZ 4.85% 4.35% 4.28% 3.78% 3.78% Austria Slovenia Croatia Serbia Hungary Czech Republic Poland Rumania Bulgaria Turkey Estonia Lithuania Ukraine Russia Top Positions

Wolfgang Pinner, MBA, Head of Sustainability Funds Degree of a Mag.rer.soc.oec. from Vienna University of Economics and BA (comparable to ‚master‘ degree in UK) 1989 Analyst at Erste Bank 1988 Lecturer at Vienna University of Economics and Business Administration, University of Linz, University of Applied Sciences in Vienna Activities Head of Research Erste Bank 1992 Chief Strategist Investment Bank Austria (1997 merged with CAIB) 1996 Chief Investment Officer VBV pension fund 2001 CEO of VINIS (consulting company for SRI investments) 2006 Head of Sustainability Funds at ERSTE-SPARINVEST KAG / Vienna 2007 Executive MBA University of Nottingham 2007 Education Experience

Stephan Molzahn

Senior Manager

e-mail: stephan.molzahn@sparinvest.com

Leo Pilgerstorfer

Junior Manager

e-mail: leo.pilgerstorfer@sparinvest.com

ERSTE-SPARINVEST KAG

Institutional Sales – International

1010 Wien, Habsburgergasse1a

Tel. : +43 (0)5 0100 - 19960

Fax : +43 (0)5 0100 9 – 19960

Internet: www.sparinvest.com

Contacts

Disclaimer This is an advertisement. Our languages of communication are German and English. The latest version of the Prospectus (and any changes thereto) has been published in the “Amtsblatt der 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 Bank der oesterreichischen Sparkassen 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.