Salus Alpha Managed Futures

Mutual Fund pursuant to 20 InvFG Semi-Annual Report 2008/09

Semi-Annual Report 2008/09 Contents General Information about the Investment Firm... 2 Development of the Fund... 3 Asset Allocation... 4 Fund Portfolio as of 31 January 2009... 5 Retail Funds of ERSTE-SPARINVEST Kapitalanlageges. m.b.h... 6

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 2.30 million (until 3.9.2008) EUR 4.50 million (from 4.9.2008) Shareholders Supervisory Board Managing directors Prokuristen (proxies) State commissioners Auditor Erste Bank der oesterreichischen Sparkassen AG (until 8.8.2008: 81.42%; from 9.8.2008 to 5.10.2008: 38.46%) Erste Group Bank AG (from 9.8.2008 to 5.10.2008: 42.96%) Erste Asset Management GmbH (formerly FINAG Holding GmbH, from 6.10.2008: 81.42%) DekaBank Deutsche Girozentrale (2.87%) Kärntner Sparkasse Aktiengesellschaft (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%) Wolfgang TRAINDL, Mag. (Chairman) Gerhard FABISCH, Mag. Dr. (Deputy Chairman) Kurt STÖBER, Mag. Dr. (Deputy Chairman) Christian AICHINGER, Dr. Rupert ASCHER, Mag. Alois HOCHEGGER, Mag. Michael MALZER, Mag. Dr. Franz RATZ Appointed by the Works Council: Regina HABERHAUER, Mag. (FH) (from 18.12.2008) Dieter KERSCHBAUM, Mag. Franz KISSER, Mag. (until 18.12.2008) Gerhard RAMBERGER, Mag. Herbert STEINDORFER Heinz BEDNAR, Mag. Harald GASSER, Mag. Franz GSCHIEGL, Dr. Karl BRANDSTÖTTER, Mag. Winfried BUCHBAUER, Mag. Harald EGGER, Mag. Oskar ENTMAYR Dietmar JAROSCH, Dr. Franz KISSER, Mag. Anton KOVAR Günther MANDL Peter RIEDERER Jürgen SINGER, Mag. Ernst Rudolf THIER Wolfgang Pechriggl, MR Mag. Erwin Gruber ERNST & YOUNG WIRTSCHAFTSPRÜFUNGSGESELLSCHAFT MBH Custodian bank Erste Bank der oesterreichischen Sparkassen AG (until 8.8.2008) Erste Group Bank AG (from 9.8.2008) 2

Semi-Annual Report 2008/09 Dear Shareholder, We are pleased to present you the following report for the Salus Alpha Managed Futures mutual fund pursuant to 20 InvFG for the period from 1 August 2008 to 31 January 2009. Development of the Fund Investment strategy Salus Alpha Managed Futures is a managed futures fund that is oriented towards achieving consistently high yields while taking capital security and the liquidity of the fund assets into account. The fund is an enhanced index tracker and invests in indexes pursuing the strategies of managed futures, global macro and currency trading, such as the MFX Managed Futures Index, which is listed on the Vienna Stock Exchange. The MFX is a multi-manager managed futures index. Alternative investments The year 2008 brought volatility increases on the financial markets, especially the equity, currency and commodities markets, the likes of which had never been seen before. The subprime crisis that began in the USA in 2007 caused a number of major banks to fail, which in turn sent the global financial system into a confidence crisis. Drastic measures by the central banks, especially the US Federal Reserve, countered the slide on the stock exchanges to a certain extent in the autumn of 2008 and caused inflation to fall rapidly. However, these measures were not able to prevent a global recession. Investment classes such as high-yield bonds, bonds, currencies, precious metals and commodities were highly volatile as a result of the crisis. These conditions proved to be profitable for the global macro and managed futures strategies, while most other alternative strategies closed the year with losses. Volatility levels were still high on the global financial markets in January 2009. The following table shows an overview of the income generated by multiple investable alternative investment indices for the period from 2 January 2008 to 2 February 2009: Index Name Earnings 1.12.2008 31.5.2009 Credit Suisse Tremont AllHedge Global Macro EUR* - 21.85% HFRX Market Directional Index EUR* - 28.84% MSCI Discretionary Trading Index EUR* - 9.84% FTSE Directional Index EUR* - 14.38% S&P 500 Index (Long Only) - 42.96% DAX 30 Index (Long Only) - 46.27% Dow Jones Stoxx 50 Index (Long Only) - 46.67% Fund performance over the period Salus Alpha Managed Futures invests in financial indices such as the listed MFX Managed Futures Index. The MFX generated positive returns with the systematic trend following and global macro sub-strategies in the period from 1 August 2008 to 31 January 2009. The currency specialists sub-strategy and other systematic sub-strategies did not generate positive returns. Salus Alpha Managed Futures achieved a performance of +5.76% for the period from 1 August 2008 to 31 January 2009 and +3.91% since its launch on 29 February 2008, both after fees and other costs. The fund outperformed its peers and the global equity markets by a wide margin. 3

Performance Statistics (1.8.2008 31.1.2009) Salus Alpha Managed Futures S&P 500 Earnings + 5.76% - 34.50% Historically simulated performance statistics based on the MFX Managed Futures Index: Average earnings p.a.** 12.32% - 0.60% Volatility p.a.** 12.92% 13.15% Modified Sharpe ratio** 0.95-0.05 Correlation to equities (S&P500)** 0.00 Correlation to bonds (iboxx Sovereign Bond Index)** - 0.01 Current portfolio Salus Alpha Managed Futures portfolio is still positioned conservatively to minimise market risk under the currently volatile conditions. The portfolio contains index swaps on the MFX Index. Despite the current financial market crisis, there is no default risk on the performance-adjusted nominal index swap amounts. * The EUR values of the MSCI, FTSE and HFRX indices were calculated from the USD values of these indices, whereby a currency hedge with rolling one-month forward FX agreements was assumed. ** Calculated over the period from 1 January 2003 to 2 February 2009 including pro forma results on the basis of the performance of the MFX Managed Futures Index for the period before 29 February 2008, taking into account the investment strategy. Historical and pro forma results do not guarantee the future results of the fund. Asset Allocation 31 January 2009 31 July 2008 EUR millions % EUR millions % Securities 0.0 0.00 0.0 0.00 Swaps 0.4 1.85-0.3-1.95 Financial futures 0.0 0.05 - - Cash in banks 22.1 98.01 16.0 101.78 Interest entitlements 0.0 0.09 0.0 0.17 Fund assets 22.6 100.00 15.7 100.00 4

Fund Portfolio as of 31 January 2009 (including changes in securities assets from 1 August 2008 to 31 January 2009) Semi-Annual Report 2008/09 Security designation Holding Unrealised % share result in EUR of fund assets FINANCIAL FUTURES Forward purchase agreements LIFFE 3M EURIBOR 02/09 EUR 48 10,350.00 0.05 Total EUR 10,350.00 0.05 Total forward purchase agreements 10,350.00 0.05 TOTAL FINANCIAL FUTURES 10,350.00 0.05 SWAPS SWAP VAR/MFX 089 SW0803063930 4,000-10,659.36-0.05 SWAP VAR/ARX 089 TRS000024782 35,200 429,075.99 1.90 Total EUR 418,416.63 1.85 TOTAL SWAPS 418,416.63 1.85 BREAKDOWN OF FUND ASSETS SECURITIES 0.00 0.00 SWAPS 418,416.63 1.85 FINANCIAL FUTURES 10,350.00 0.05 CASH IN BANKS 22,132,028.77 98.01 INTEREST ENTITLEMENTS 20,873.76 0.09 FUND ASSETS 22,581,669.16 100.00 DIVIDEND SHARES OUTSTANDING shares 3,512 NON-DIVIDEND SHARES OUTSTANDING shares 13,841 KEST-EXEMPT NON-DIVIDEND SHARES OUTSTANDING shares 200,039 SHARE VALUE for DIVIDEND SHARE EUR 102.68 SHARE VALUE for NON-DIVIDEND SHARE EUR 103.61 SHARE VALUE for KEST-EXEMPT NON-DIVIDEND SHARE EUR 103.91 Vienna, February 2009 ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.h. Bednar Gasser Gschiegl 5

Retail Funds of ERSTE-SPARINVEST Core range (the most important funds for private investors) Near money market funds Bond funds EUR Bond funds EUR and other currencies Equity funds Regions Equity funds Sectors and themes Strategy funds Alternative investments Sustainability funds ESPA CASH DOLLAR ESPA CASH EMERGING-MARKETS ESPA CASH EURO-PLUS ESPA SELECT CASH ESPA BOND COMBIRENT ESPA BOND EURO-CORPORATE ESPA BOND EURO-MÜNDELRENT* ESPA BOND EURO-RENT ESPA BOND EURO-TREND ESPA BOND MORTGAGE ESPA BOND USA-CORPORATE ESPA SELECT BOND ESPA BOND DANUBIA ESPA BOND DOLLAR ESPA BOND DOLLAR-CORPORATE ESPA BOND EMERGING-MARKETS ESPA BOND EUROPE ESPA BOND EUROPE-HIGH YIELD ESPA BOND USA-HIGH YIELD ESPA PORTFOLIO BOND ESPA SELECT BOND DYNAMIC ESPA BEST OF AMERICA ESPA BEST OF EUROPE ESPA BEST OF WORLD ESPA SELECT STOCK ESPA STOCK AMERICA ESPA STOCK BRICK ESPA STOCK EUROPE-ACTIVE ESPA STOCK EUROPE-EMERGING ESPA STOCK GLOBAL ESPA STOCK GLOBAL EMERGING-MARKETS ESPA STOCK JAPAN ESPA STOCK VIENNA ESPA STOCK ASIA-PACIFIC PROPERTY ESPA STOCK BIOTEC ESPA STOCK COMMODITIES ESPA STOCK EUROPE-PROPERTY ESPA WWF STOCK UMWELT ESPA PORTFOLIO CREATIVE ESPA PORTFOLIO LIFE CYCLE/19 ESPA PORTFOLIO TARGET ESPA SELECT INVEST ESPA SELECT MED ESPA ALTERNATIVE MULTISTRATEGIE ESPA BOND EURO-MÜNDELRENT* ESPA VINIS FONDS ESPA WWF STOCK CLIMATE CHANGE ESPA WWF STOCK UMWELT Retirement investment funds ESPA VORSORGE CLASSIC 03 to 08 The funds labelled with * are also eligible to be held to cover pension provision requirements. 6

Semi-Annual Report 2008/09 All ESPA funds (the complete range of ESPA funds including the core funds) ESPA ALTERNATIVE EMERGING-MARKETS ESPA ALTERNATIVE MULTISTRATEGIE ESPA BEST OF AMERICA ESPA BEST OF EUROPE ESPA BEST OF HEALTHCARE ESPA BEST OF INNOVATION ESPA BEST OF JAPAN ESPA BEST OF WORLD Alternative investments in emerging markets Hedge umbrella fund, alternative investments US umbrella equity fund European umbrella equity fund Investment in selected equity funds in the healthcare sector Global umbrella equity fund, technology sector Investment in selected Japanese equity funds Global umbrella equity fund ESPA BOND BRIK CORPORATE Emerging markets corporate bonds, currencies other than EUR, primarily hedged against EUR ESPA BOND COMBIRENT EUR bonds, primarily government bonds ESPA BOND CONVERTIBLE International convertible bonds, currencies other than EUR fully hedged, good to middle rating ESPA BOND CORPORATE BB High-yield corporate bonds with an average rating of BB and hedging in EUR ESPA BOND DANUBIA Focus on Central and Eastern European bonds ESPA BOND DOLLAR USD bonds, without currency hedging ESPA BOND DOLLAR-CORPORATE USD government bonds, without currency hedging ESPA BOND EMERGING-MARKETS Emerging market bonds, global, with currency hedging in EUR ESPA BOND EURO-CORPORATE Corporate bonds in EUR ESPA BOND EURO-LONGTERM EUR government bonds with a term to maturity of over 7 years ESPA BOND EURO-MÜNDELRENT* Fund eligible for the investment of funds held in trust, investment according to ethical criteria ESPA BOND EUROPE Pan-European bonds, primarily in EUR ESPA BOND EUROPE-HIGH YIELD High-yield corporate bonds with currency hedging in EUR ESPA BOND EURO-RENT EUR bonds, primarily government bonds ESPA BOND EURO-RESERVA* Severance benefits fund, EUR bonds ESPA BOND EURO-TREND EUR government bonds ESPA BOND FINANCIALS EUR bonds, primarily bank bonds, absolute return approach ESPA BOND INFLATION-LINKED (ESPA BOND USA-REAL until 1.8.08) ESPA BOND INTERNATIONAL ESPA BOND MORTGAGE Global (primarily) government bonds with inflation protection, all currencies other than EUR fully hedged International bonds US mortgage bonds with top ratings and complete currency hedging in EUR ESPA BOND SYSTEM EUR bond fund with instruments issued before 01.03.2001 ESPA BOND USA-CORPORATE USD corporate bonds with currency hedging in EUR ESPA BOND USA-HIGH YIELD High-yield corporate bonds with currency hedging in EUR The funds labelled with * are also eligible to be held to cover pension provision requirements. 7

ESPA BOND YEN JPY bonds, no currency hedging ESPA CASH ASSET BACKED Investments in global asset backed securities, only investment grade ESPA CASH CORPORATE-PLUS Near money market fund investing in short-running corporate bonds ESPA CASH DOLLAR Near money market fund denominated in USD ESPA CASH EMERGING-MARKETS Near money market fund investing in the emerging markets ESPA CASH EURO Near money market fund denominated in EUR ESPA CASH EURO-MIDTERM* Medium-term EUR bonds ESPA CASH EURO-PLUS Near money market fund denominated in EUR ESPA CASH FORINT Near money market fund denominated in HUF, no currency hedging ESPA CASH SYSTEM-PLUS Near money market fund with instruments issued before 01.03.2001 ESPA GARANT ASIA Investment in growth markets with stock price risk hedging, runs until 30.11.2012 ESPA GARANT BEST CHOICE Guarantee fund running until 31.07.2013 ESPA GARANT BRIC Investment in growth markets with stock price risk hedging, runs until 12.11.2013 ESPA GARANT CHINA Investment in a growth market with stock price risk hedging, runs until 29.02.2012 ESPA GARANT COMMODITIES Investment in the commodities markets with a capital guarantee at the end of the term, runs until 29.03.2013 ESPA PORTFOLIO BALANCED 30* (ESPA PRO MIX until 18.8.08) ESPA PORTFOLIO BALANCED 50* (ESPA PRO INVEST until 1.9.08) ESPA PORTFOLIO BOND ESPA PORTFOLIO CREATIVE Absolute return fund with variable asset allocation (stocks no more than 30%) Absolute return fund with variable asset allocation (stocks no more than 50%) International bonds according to the asset allocation principles Alternative investments ESPA PORTFOLIO EQUITY Absolute return fund with a variable equities ratio (0% 100%) ESPA PORTFOLIO LIFE CYCLE/19 Mixed umbrella fund (term) with value protection concept ESPA PORTFOLIO TARGET Mixed umbrella fund with value protection concept ESPA PORTFOLIO TARGET 4* Mixed umbrella fund with value protection concept ESPA PROTECT EUROPE Secure earnings with growth potential, runs until 31.05.2012 ESPA PROTECT NEW EUROPE Secure earnings with growth potential, runs until 31.10.2012 ESPA SELECT BOND Umbrella bond fund with near money market ESPA funds ESPA SELECT BOND DYNAMIC Umbrella bond fund ESPA SELECT CASH Umbrella fund with ESPA bond funds The funds labelled with * are also eligible to be held to cover pension provision requirements. 8

Semi-Annual Report 2008/09 ESPA SELECT INVEST ESPA SELECT MED ESPA SELECT STOCK ESPA SELECT STOCK-PLUS ESPA STOCK ADRIATIC ESPA STOCK AGRICULTURE ESPA STOCK AMERICA ESPA STOCK AMERICA VALUE ESPA STOCK ASIA EMERGING ESPA STOCK ASIA INFRASTRUCTURE ESPA STOCK ASIA-PACIFIC PROPERTY ESPA STOCK BIOTEC ESPA STOCK BRICK ESPA STOCK COMMODITIES ESPA STOCK EUROPE-ACTIVE ESPA STOCK EUROPE-EMERGING ESPA STOCK EUROPE-GROWTH ESPA STOCK EUROPE-PROPERTY ESPA STOCK EUROPE-VALUE ESPA STOCK FINANCE ESPA STOCK GLOBAL ESPA STOCK GLOBAL-EMERGING MARKET ESPA STOCK INTERNET-INFRA ESPA STOCK ISTANBUL ESPA STOCK JAPAN ESPA STOCK MIDDLE EAST AND AFRICAN MARKETS ESPA STOCK NEW CONSUMER ESPA STOCK NEW-EUROPE ACTIVE ESPA STOCK NTX ESPA STOCK PHARMA ESPA STOCK RUSSIA ESPA STOCK TECHNO ESPA STOCK VIENNA ESPA VINIS BOND Mixed umbrella fund according to the asset allocation principles, up to 50% equity funds Mixed umbrella fund according to the asset allocation principles, up to 25% equity funds Global umbrella equity fund according to the asset allocation principles Concentrated asset allocation fund (regions/sectors/ themes) Southeastern European equities Global commodities companies with a focus on agriculture North American equities North American blue chips Asian equity fund, excluding Japan Equity fund focusing on infrastructure Equity fund investing in Asian-Pacific real estate stocks Global biotechnology companies Emerging markets equity fund Global commodities companies Pan-European equity fund with active asset selection Central and Eastern European equities European growth equities European real estate equities European blue chips Equity fund, global financial services providers Worldwide large caps Equity fund investing in the emerging markets Global equity fund, focus on information technology (infrastructure) Investment in Turkish equities Japanese equities Equity markets in the Middle East, Africa and countries such as Israel and Turkey Global equity fund (with a significant focus on the emerging markets) Central European equities, actively managed fund Central European equities (NTX index), index fund, trade possible on the Vienna Stock Exchange Global pharmaceuticals companies Equity fund for Russia and the CIS Global equity fund, focus on information technology Austrian equities EUR bonds oriented towards sustainability 9

ESPA VINIS CASH Near money market bonds with an orientation towards sustainability ESPA VINIS STOCK AUSTRIA Austrian equities with an orientation towards sustainability ESPA VINIS STOCK EUROPE European equities with an orientation towards sustainability ESPA VINIS STOCK EUROPE EMERGING Active equity fund investing in Central and Eastern Europe ESPA VINIS STOCK GLOBAL Global equities with an orientation towards sustainability ESPA VORSORGE CLASSIC/03 Mixed fund for retirement investment ESPA VORSORGE CLASSIC/04 Mixed fund for retirement investment ESPA VORSORGE CLASSIC/05 Mixed fund for retirement investment ESPA VORSORGE CLASSIC/06-07 Mixed fund for retirement investment ESPA VORSORGE CLASSIC/08 Mixed fund for retirement investment ESPA WWF STOCK CLIMATE CHANGE Theme fund with a sustainable investment approach ESPA WWF STOCK UMWELT Global environmental companies Sparkasse funds Salzburger Sparkasse funds: SALZBURGER SPARKASSE BOND AUSTRIA* SALZBURGER SPARKASSE BOND GERMANY SALZBURGER SPARKASSE SELECT INVEST SALZBURGER SPARKASSE SELECT TREND SALZBURGER SPARKASSE TOP OF WORLD EUR bonds, Austrian issuers EUR bonds, primarily German issuers Mixed umbrella fund, roughly 50% equity funds Mixed umbrella fund, roughly 25% equity funds Global umbrella equity fund Steiermärkische Bank und Sparkassen AG funds: TOP I-DER STABILE TOP II-DER FLEXIBLE TOP III-DER AKTIVE TOP IV-DER PLANENDE* TOP V-DER OFFENSIVE Mixed umbrella fund, roughly 20% equity funds Mixed umbrella fund, up to 70% equity funds Umbrella equity fund Umbrella fund Sector umbrella fund Other Sparkassen funds: DELPHIN INVEST GLOBAL-PERFORMER Umbrella equity fund from Sparkasse Knittelfeld AG PIZ BUIN GLOBAL SELECT AKTIEN-DACHFONDS SELECT ANLEIHEN-DACHFONDS WILDER KAISER Global umbrella equity fund from Waldviertler Sparkasse Global umbrella equity fund Umbrella equity fund from Vorarlberger Sparkasse Umbrella fund from Wiener Neustädter Sparkasse Umbrella fund from Wiener Neustädter Sparkasse Umbrella fund from Sparkasse Kufstein The funds labelled with * are also eligible to be held to cover pension provision requirements. 10