ESPA STOCK TECHNO. Mutual fund pursuant to the InvFG

Mutual fund pursuant to the InvFG Semi-Annual Report 2014

Semi-Annual Report 2014 Contents General Information about the Investment Firm... 2 Development of the Fund... 3 Asset Allocation... 4 Fund Portfolio as of 14 September 2014... 4 The Austrian Investment Fund Act (Investmentfondsgesetz [InvFG]) 2011 has been in effect since 1 September 2011. Some of the provisions and legal references in the semi-annual report still refer to the InvFG 1993.

General Information about the Investment Firm The company ERSTE-SPARINVEST Kapitalanlagegesellschaft m. b. H. Habsburgergasse 1a, A-1010 Vienna Telephone: +43 05 0100-19881, Fax: +43 05 0100-17102 Nominal capital EUR 4.50 million Shareholders Erste Asset Management GmbH (81.42%) DekaBank Deutsche Girozentrale (2.87%) Die Kärntner Trust-Vermögensverwaltungsgesellschaft m.b.h. & Co KG (2.87 %) NÖ-Sparkassen Beteiligungsgesellschaft m. b. H. (1.37%) Salzburger Sparkasse Bank Aktiengesellschaft (2.87%) Sieben Tiroler Sparkassen Beteiligungsgesellschaft m. b. H. (2.87%) Steiermärkische Bank und Sparkassen Aktiengesellschaft (5.73%) Supervisory Board Managing directors Wolfgang TRAINDL, Mag. (Chairman) Gerhard FABISCH, Mag. Dr. (Deputy Chairman) Wilhelm SCHULTZE, DI (Deputy Chairman) Christian AICHINGER, Dr. (until 12 June 2014) Franz PRUCKNER, Dr. MBA (from 12 June 2014) Birte QUITT, Dipl. BW. (FH) Rupert RIEDER, Mag. Gabriele SEMMELROCK-WERZER Reinhard WALTL, Mag. Appointed by the Works Council: Regina HABERHAUER, Mag. (FH) Dieter KERSCHBAUM, Mag. Gerhard RAMBERGER, Mag. Herbert STEINDORFER Heinz BEDNAR, Mag. Franz GSCHIEGL, Dr. Günther MANDL Prokuristen (proxies) State commissioners Auditor Custodian bank Achim ARNHOF, Mag. Karl BRANDSTÖTTER, Mag. Winfried BUCHBAUER, Mag. Oskar ENTMAYR (until 12 June 2014) Karl FREUDENSCHUSS (from 1 July 2014) Dietmar JAROSCH, Dr. Manfred LENTNER (from 1 July 2014) Gerold Permoser, Mag. Christian SCHÖN Paul SEVERIN, Mag. (until 12 June 2014) Jürgen SINGER, Mag. Erwin GRUBER Michael MANHARD, HR Dr. ERNST & YOUNG WIRTSCHAFTSPRÜFUNGSGESELLSCHAFT MBH Erste Group Bank AG 2

Semi-Annual Report 2014 Dear Shareholder, We are pleased to present you the following semi-annual report for the ESPA STOCK TECHNO mutual fund pursuant to the InvFG for the period from 15 March 2014 to 14 September 2014. Development of the Fund Tech stocks developed very positively during the reporting period, delivering consistent gains with minimal corrections. The prevailing trends such as cloud computing, mobile devices, and social networks remained the driving forces on the market. The frequency of mergers and acquisitions also increased. Particularly the major market players are showing innovation weaknesses, and the acquisition of specialised companies is providing help here. In a surprising development in the hardware segment, the growth of the tablet market has slowed more quickly than originally forecast. Especially in the Western countries, the market is already saturated. Minimal progress in the advancement of the devices is limiting replacement purchases. This trend is having a positive effect on desktop and laptop sales. Although the market for desktops continues to shrink, the pace of the deceleration has slowed. Encouraging price increases were seen on the memory chip market (DRAM, SRAM, Flash). Companies that are active in these segments performed very well on the stock market. The shares of social network providers also enjoyed positive development. Facebook in particular emerged as a market leader. Twitter s stock value has dropped by half since the beginning of the year, but has started to rise again since mid-year. In the mobile communication sector, the expansion of the LTE network continued. Because there are now a significant number of LTE-compatible smartphones available, the user base is growing rapidly even quicker than with the introduction of UMTS. Another important trend in the IT sector is mobile payment. A number of options are being developed to market maturity. It remains to be seen which system will prevail in the long run. It can be assumed that numerous competing systems will be offered in parallel. The positioning of the sector remains promising. The levels of cash on hand are high on average, mergers are taking place, and innovations are happening frequently. Portfolio The equity portfolio was adjusted based on the corresponding developments on the equity market. The investment level of the portfolio was steady at 100%. The fund quickly reacted to new trends and market developments. A broad diversification of segments allows for a stable return. During the reporting period, the software and semiconductor segments were preferred. Infrastructure companies were underweighted. 3

Asset Allocation 14 September 2014 14 March 2014 EUR millions % EUR millions % Equities denominated in GBP 0.3 1.44 0.2 1.07 EUR 1.0 4.45 1.0 5.27 JPY 0.9 4.24 0.5 2.41 CAD 0.2 0.81 0.1 0.74 SEK - - 0.1 0.41 CHF 0.1 0.48 0.1 0.46 TWD 0.2 0.99 - - USD 19.3 86.64 14.2 71.35 Securities 22.1 99.04 16.2 81.71 Financial futures - - 0.2 0.83 Dividend entitlements 0.0 0.04 0.0 0.04 Cash in banks 0.2 0.99 3.5 17.51 Interest entitlements - - 0.0 0.00 Other deferred items - 0.0-0.00-0.0-0.09 Fund assets 22.3 100.00 19.9 100.00 Fund Portfolio as of 14 September 2014 (including changes in securities assets from 15 March 2014 to 14 September 2014) Security designation ISIN Purch./ Sales/ Holding Price Value % share number additions disposals in EUR of fund assets Publicly traded securities Equities denominated in GBP Issue country Great Britain HALMA PLC LS-.10 GB0004052071 0 0 14,000 6.250000 109,757.37 0.49 MICRO FO ITL LS -.1354166 GB00BCZM1F64 20,000 0 20,000 8.425000 211,361.33 0.95 Total 321,118.70 1.44 Total equities denominated in GBP translated at a rate of 0.797213 321,118.70 1.44 Equities denominated in EUR Issue country Germany UTD.INTERNET AG NA DE0005089031 3,000 0 7,000 34.415000 240,905.00 1.08 Total 240,905.00 1.08 Issue country Netherlands KPNQWEST BV C EO -.50 NL0000364925 0 0 32 0 0.00 0.00 Total 0.00 0.00 Total equities denominated in EUR 502,554.40 2.53 4

Semi-Annual Report 2014 Security designation ISIN Purch./ Sales/ Holding Price Value % share number additions disposals in EUR of fund assets Issue country Spain AMADEUS IT HLDG EO 0.01 ES0109067019 lent* 0 0 7,500 28.185000 211,387.50 0.95 Total 211,387.50 0.95 Total equities denominated in EUR 452,292.50 2.03 Equities denominated in JPY Issue country Japan OBIC CO. LTD JP3173400007 9,000 0 9,000 3,800.000000 246,204.65 1.10 Total 246,204.65 1.10 Total equities denominated in JPY translated at a rate of 138.908830 246,204.65 1.10 Equities denominated in TWD Issue country Taiwan MEDIATEK INC. TA 10 TW0002454006 17,000 0 17,000 506.000000 220,994.76 0.99 Total 220,994.76 0.99 Total equities denominated in TWD translated at a rate of 38.924000 220,994.76 0.99 Equities denominated in USD Issue country USA XEROX CORP. DL 1 US9841211033 15,000 0 15,000 13.550000 157,095.38 0.70 Total 157,095.38 0.70 Total equities denominated in USD translated at a rate of 1.293800 157,095.38 0.70 Total publicly traded securities 1,397,705.99 6.26 Securities admitted to organised markets Equities denominated in EUR Issue country Finland NOKIA CORP. EO-.06 FI0009000681 0 0 40,000 6.535000 261,400.00 1.17 Total 261,400.00 1.17 Issue country France GAMELOFT SE EO 0.05 FR0000079600 18,000 0 18,000 4.910000 88,380.00 0.40 Total 88,380.00 0.40 Issue country Netherlands ASML HOLDING EO -.09 NL0010273215 2,500 0 2,500 76.950000 192,375.00 0.86 Total 192,375.00 0.86 Total equities denominated in EUR 542,155.00 2.43 5

Security designation ISIN Purch./ Sales/ Holding Price Value % share number additions disposals in EUR of fund assets Equities denominated in JPY Issue country Japan CANON INC. JP3242800005 0 0 3,500 3,519.000000 88,666.07 0.40 HITACHI LTD JP3788600009 0 0 50,000 820.000000 295,157.62 1.32 HOYA CORP. JP3837800006 8,500 0 8,500 3,488.000000 213,434.96 0.96 NINTENDO CO. LTD JP3756600007 0 0 1,200 11,920.000000 102,974.02 0.46 Total 700,232.67 3.14 Total equities denominated in JPY translated at a rate of 138.908830 700,232.67 3.14 Equities denominated in CAD Issue country Canada CGI GROUP INC. A SV CA39945C1095 0 0 6,600 39.270000 180,922.27 0.81 Total 180,922.27 0.81 Total equities denominated in CAD translated at a rate of 1.432560 180,922.27 0.81 Equities denominated in CHF Issue country Switzerland TEMENOS GROUP AG NA SF 5 CH0012453913 0 0 3,600 35.800000 106,521.20 0.48 Total 106,521.20 0.48 Total equities denominated in CHF translated at a rate of 1.209900 106,521.20 0.48 Equities denominated in USD Issue country Ireland ACCENTURE PLC A DL-000025 IE00B4BNMY34 0 0 4,400 80.970000 275,365.59 1.23 SEAGATE TECHNO. DL-.00001 IE00B58JVZ52 0 0 4,800 61.010000 226,347.19 1.01 Total 501,712.78 2.25 Issue country Canada CGI GROUP INC. A SV CA39945C1095 4,400 0 4,400 35.420000 120,457.57 0.54 Total 120,457.57 0.54 Issue country Netherlands NXP SEMICONDUCTORS EO-.20 NL0009538784 4,500 0 4,500 69.980000 243,399.29 1.09 Total 243,399.29 1.09 Issue country Switzerland TE CONNECTIV.LTD. SF 0.57 CH0102993182 0 0 4,300 63.000000 209,383.21 0.94 Total 209,383.21 0.94 6

Semi-Annual Report 2014 Security designation ISIN Purch./ Sales/ Holding Price Value % share number additions disposals in EUR of fund assets Issue country Singapore AVAGO TECHNOL.LTD NPV SG9999006241 6,000 0 6,000 87.850000 407,404.54 1.82 Total 407,404.54 1.82 Issue country USA ACTIVISION BLIZZARD INC. US00507V1098 16,000 0 16,000 23.390000 289,256.45 1.30 ADOBE SYST. INC. US00724F1012 0 2,500 2,500 70.980000 137,154.12 0.61 AMPHENOL NEW A DL-.001 US0320951017 0 0 1,100 104.220000 88,608.75 0.40 APPLE INC. US0378331005 28,700 5,500 27,500 101.660000 2,160,805.38 9.68 APPLIED MATERIALS INC. US0382221051 0 0 11,000 22.300000 189,596.54 0.85 AUTODESK INC. US0527691069 3,000 0 3,000 53.540000 124,145.93 0.56 AUTOM. DATA PROC. DL -.10 US0530151036 0 0 3,000 83.020000 192,502.71 0.86 BROADCOM CORP. A DL-.0001 US1113201073 0 0 5,000 40.380000 156,051.94 0.70 CISCO SYSTEMS DL-.001 US17275R1023 0 5,000 22,000 25.160000 427,825.01 1.92 CITRIX SYSTEMS DL-.001 US1773761002 2,000 0 2,000 71.970000 111,253.67 0.50 COGNIZANT TECH. SOL.A US1924461023 0 0 3,200 44.760000 110,706.45 0.50 CORNING INC. DL -.50 US2193501051 0 11,000 6,000 20.730000 96,135.42 0.43 EMC CORP. (MASS.) DL-.01 US2686481027 10,000 0 19,000 29.650000 435,422.79 1.95 FACEBOOK INC.A DL-.000006 US30303M1027 8,200 0 17,000 77.480000 1,018,055.34 4.56 FIDELITY NATL INF. SVCS US31620M1062 0 0 2,400 57.020000 105,772.14 0.47 FIRST SOLAR INC. D -.001 US3364331070 0 0 2,600 72.780000 146,257.54 0.65 FISERV INC. DL-.01 US3377381088 0 0 3,000 64.940000 150,579.69 0.67 GOOGLE INC. A DL-.001 US38259P5089 1,100 0 2,700 584.900000 1,220,613.70 5.47 GOOGLE INC.C DL-.001 US38259P7069 1,950 0 1,950 575.620000 867,567.63 3.88 HARRIS CORP. DL 1 US4138751056 0 0 1,200 69.770000 64,711.70 0.29 HEWLETT-PACKARD DL-.01 US4282361033 10,500 0 17,000 36.560000 480,383.37 2.15 INTEL CORP. DL-.001 US4581401001 0 0 29,000 34.620000 775,993.20 3.47 INTL BUS. MACH. DL-.20 US4592001014 0 1,000 4,800 191.280000 709,649.10 3.18 INTUIT INC. DL-.01 US4612021034 5,000 0 6,500 83.990000 421,962.44 1.89 KLA-TENCOR CORP. DL-.001 US4824801009 0 0 1,000 78.280000 60,503.94 0.27 LINKEDIN CLASS A DL-.0001 US53578A1088 800 600 800 224.830000 139,019.94 0.62 MASTERCARD INC.A DL-.0001 US57636Q1040 0 3,000 7,000 75.470000 408,324.32 1.83 MICROCHIP TECH. DL-.001 US5950171042 7,000 0 10,000 47.670000 368,449.53 1.65 MICRON TECHN. INC. DL-.10 US5951121038 10,000 0 15,000 31.525000 365,493.12 1.64 MICROSOFT DL-.00000625 US5949181045 15,000 0 52,500 46.695000 1,894,796.34 8.48 NETAPP INC. US64110D1046 8,000 0 8,000 42.500000 262,791.78 1.18 NVIDIA CORP. DL-.01 US67066G1040 0 0 4,000 19.120000 59,112.69 0.26 ORACLE CORP. DL-.01 US68389X1054 0 0 21,800 40.500000 682,408.41 3.06 PAYCHEX INC. DL-.01 US7043261079 0 0 4,800 41.970000 155,708.76 0.70 QUALCOMM INC. DL-.0001 US7475251036 3,600 8,000 3,800 75.330000 221,250.58 0.99 SALESFORCE.COM DL-.001 US79466L3024 11,000 6,100 8,500 59.250000 389,260.32 1.74 SANDISK CORP. DL-.001 US80004C1018 3,400 0 6,100 98.970000 466,623.13 2.09 SKYWORKS SOL. DL-.25 US83088M1027 6,000 0 6,000 55.020000 255,155.36 1.14 TOTAL SYSTEM SERV. DL-.10 US8919061098 6,800 0 10,000 31.750000 245,401.14 1.10 VISA INC. CL. A DL -.0001 US92826C8394 800 1,000 4,100 214.040000 678,284.12 3.04 VMWARE INC.CLASS A US9285634021 0 0 700 95.750000 51,804.76 0.23 7

Security designation ISIN Purch./ Sales/ Holding Price Value % share number additions disposals in EUR of fund assets WESTN DIGITAL DL-.10 US9581021055 2,200 0 4,500 99.890000 347,430.05 1.56 WORKDAY INC.CL.A DL-.001 US98138H1014 4,100 1,600 2,500 91.290000 176,398.98 0.79 Total 17,709,228.28 79.30 Total equities denominated in USD translated at a rate of 1.293800 19,191,585.67 85.94 Total securities admitted to organised markets 20,721,416.81 92.79 Unlisted securities Equities denominated in KRW Issue country South Korea VENTREE CO. LTD. KR7048760003 0 0 1,386 0.000000 0.00 0.00 Total 0.00 0.00 Total equities denominated in KRW translated at a rate of 1,493.874120 0.00 0.00 Equities denominated in USD Issue country USA AT HOME CORP. A US0459191070 0 0 3,413 0.000000 0.00 0.00 Total 0.00 0.00 Total equities denominated in USD translated at a rate of 1.392500 0.00 0.00 Total unlisted securities 0.00 0.00 Breakdown of fund assets Securities 22,119,122.80 99.04 Dividend entitlements 9,310.40 0.04 Cash in banks 221,577.75 0.99 Other deferred items -17,343.62-0.08 Fund assets 22,332,667.33 100.00 Dividend shares outstanding shares 91,713 Non-dividend shares outstanding shares 433,767 KEST-exempt non-dividend shares outstanding shares 46,828 Share value for dividend share EUR 39.02 Share value for non-dividend share EUR 39.02 Share value for KEST-exempt non-dividend share EUR 39.03 * As of 14 September 2014, the securities marked with lent in the fund portfolio and the following securities were registered as lent in the following amounts and at the following fees in the securities lending system of Erste Group Bank AG: Security designation ISIN Lent Fee number amount rate in % AMADEUS IT HLDG EO 0.01 ES0109067019 6,000 1.22 8

Semi-Annual Report 2014 Investor note: The values of assets in illiquid markets may deviate from their actual selling prices. Purchases and sales of securities in the reporting period not listed in the fund portfolio Security designation ISIN Purch./ Sales/ number additions disposals Publicly traded securities Equities denominated in GBP Issue country Great Britain ARM HLDGS PLC LS-.0005 GB0000595859 0 10,000 Equities denominated in EUR Issue country Germany JENOPTIK AG N.P. DE0006229107 15,000 15,000 LPKF LASER+ELECTRON. DE0006450000 0 4,200 SAP SE N.P. DE0007164600 0 5,600 Equities denominated in SEK Issue country Sweden ERICSSON B (FRIA) SE0000108656 0 9,000 Equities denominated in USD Issue country USA VERISIGN INC. DL-.001 US92343E1029 0 4,000 Securities admitted to organised markets Equities denominated in EUR Issue country France CAP GEMINI BEARER EO 8 FR0000125338 0 2,000 9

Security designation ISIN Purch./ Sales/ number additions disposals Equities denominated in JPY Issue country Japan TOKYO ELECTRON LTD JP3571400005 0 700 Equities denominated in USD Issue country Bermuda MARVELL TECH. GRP DL-.002 BMG5876H1051 0 7,500 Issue country USA ALLIANCE DATA SYS. DL-.01 US0185811082 0 600 ANALOG DEVICES INC.DL-166 US0326541051 0 5,000 CREE INC. DL-.00125 US2254471012 0 4,000 EBAY INC. DL-.001 US2786421030 0 5,000 EL. ARTS INC. DL-.01 US2855121099 0 6,000 FEI CO. US30241L1098 2,000 2,000 LAM RESEARCH CORP. DL-001 US5128071082 0 2,400 MOTOROLA SOLUTIONS DL-.01 US6200763075 0 3,000 RED HAT INC. DL-.0001 US7565771026 0 1,000 SYMANTEC CORP. DL-.01 US8715031089 0 4,200 SYNOPSYS INC. DL-.01 US8716071076 0 4,000 TEXAS INSTR. DL 1 US8825081040 0 6,000 TWITTER INC. DL-.000005 US90184L1026 0 3,000 WESTERN UNION CO. DL-.01 US9598021098 0 5,800 XILINX INC. DL-.01 US9839191015 0 3,500 YAHOO INC. DL-.01 US9843321061 0 6,500 ZYNGA INC. DL -.01 US98986T1088 0 30,000 Vienna, September 2014 ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.h. Electronically signed Inspection information: Note: The electronic signatures in this document can be inspected at www.signaturpruefung.gv.at. This document was signed with two qualified electronic signatures. A qualified electronic signature fulfils the legal requirements of a hand-written signature, and in particular the requirements of the written form as defined in 886 ABGB ( 4 [1] Austrian Signature Act [Signaturgesetz]). 10