ESPA BOND LOCAL EMERGING. Mutual fund pursuant to the InvFG

ESPA BOND LOCAL EMERGING Mutual fund pursuant to the InvFG Semi-Annual Report 2013

Semi-Annual Report 2013 Contents General Information about the Investment Firm... 2 Development of the Fund... 3 Asset Allocation... 4 Fund Portfolio as of 31 December 2013... 5 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.

ESPA BOND LOCAL EMERGING 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%) 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%) Supervisory Board Managing directors Prokuristen (proxies) State commissioners Auditor Custodian bank Wolfgang TRAINDL, Mag. (Chairman) Gerhard FABISCH, Mag. Dr. (Deputy Chairman) Wilhelm SCHULTZE, DI (Deputy Chairman) Christian AICHINGER, Dr. 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 Achim ARNHOF, Mag. Winfried BUCHBAUER, Mag. Harald EGGER, Mag. Oskar ENTMAYR Dietmar JAROSCH, Dr. Christian SCHÖN Paul A. SEVERIN, Mag. Jürgen SINGER, Mag. Erwin GRUBER Michael MANHARD, HR Dr. ERNST & YOUNG WIRTSCHAFTSPRÜFUNGSGESELLSCHAFT MBH Erste Group Bank AG 2

Semi-Annual Report 2013 Dear Shareholder, We are pleased to present you the following semi-annual report for the ESPA BOND LOCAL EMERGING mutual fund pursuant to the Austrian Investment Fund Act for the period from 1 July 2013 to 31 December 2013. Development of the Fund The fund achieved a performance of minus 8.30% in the reporting period from 1 July 2013 to 31 December 2013. The benchmark yield rose from 6.44% at the beginning of the reporting period to 6.81% at the end of the year. A key focus during the half year was the Fed s future monetary policy. After evidence that the Fed would be stopping the flow of liquidity earlier rather than later had mounted, definitive proof came in December. The tapering was initiated at the last meeting with Ben Bernanke as chairman. Most analysts currently expect Janet Yellen to stick to this new course. Nevertheless, the monetary policies remain expansive in the USA, Great Britain, Japan and the Eurozone. The economic policy risk in the USA also abated at the last minute with the prevention of a (temporary and partial) government bankruptcy. However, the raising of the debt ceiling and the government emergency in the USA will likely remain as worries for the capital markets in 2014. Over the long term, this will damage the position of the USD as the dominant currency for foreign reserves. After GDP growth weakened considerably in the emerging markets until the middle of the year for external and internal reasons, global growth picked up again at the end of the year. The emerging markets saw a positive trend starting in September. Accelerating economic growth, low inflationary pressure and a friendly external environment supported bonds and currencies. Global industrial production and export growth in Asia are improving slightly. The slight acceleration of economic growth in the third quarter and the rising purchasing managers indices have also reduced the risk of a hard landing in China. The economic indicators are pointing to a (slow, weak and fragile) recovery of the world economy, though it is important to note that the positive impulses are coming from the developed markets, and the emerging markets are continuing to grow at a below average rate. The consequences for the emerging markets fixed income markets were bitter: The yields on US Treasuries rose, and carry trades were liquidated. This impacted the countries with the greatest inflows and/or the greatest disparities the hardest (India, Indonesia, Turkey, South Africa and Brazil). Under these conditions, especially countries with current account deficits came under pressure. Falling capital inflows caused a weaker currency and/or higher interest rates, which in turn caused lower imports and weaker domestic demand. The substantial increase of private debt levels in some countries exacerbate this tendency. The fact that the levels of debt in foreign currencies (US dollars) have fallen considerably and that foreign currency reserves have risen substantially in the emerging countries in recent years is positive. The current account deficits are also not anywhere close to truly dangerous levels, which to us means that a major crisis is unlikely. Over the short term, the upturn in the developed market economies will help because it will cause a gradual improvement in export growth. Over the long term, however, only structural reforms that increase productivity can help. This is the only way to ensure that a sustainable middle class is formed. 3

ESPA BOND LOCAL EMERGING Overall, the emerging markets have higher levels of inflation, productivity growth, interest rates and earnings growth (with margins moving towards levels seen in the developed markets) than the industrialised countries, along with increasing creditworthiness and declining political risk. ESPA BOND LOCAL EMERGING invests primarily in local-currency government bonds from the emerging countries. The focus is on countries in Central and Eastern Europe (roughly 37% at present), Asia (26%), Latin America (25%), and the Middle East and Africa (12%). The fund may also invest to a limited extent in corporate bonds from issuers in the eligible countries. Most of these bonds are rated from A to B. The currency risk is not hedged. Forward exchange agreements are also used to manage the exchange rate risk. Asset Allocation 31 December 2013 30 June 2013 EUR millions % EUR millions % Bonds denominated in BRL 4.6 9.32 9.0 10.41 CLP 0.4 0.85 0.8 0.88 IDR 3.5 7.22 7.5 8.64 COP 2.2 4.51 3.1 3.59 MYR 4.8 9.82 10.0 11.52 MXN 4.4 9.10 8.6 9.96 NGN 0.4 0.92 0.5 0.54 PEN 0.7 1.37 1.4 1.58 PHP 0.3 0.54 0.7 0.77 PLN 5.0 10.31 8.8 10.23 ROL 0.5 0.95 0.5 0.53 RUB 5.3 10.86 9.2 10.68 ZAR 4.2 8.62 8.9 10.33 THB 4.0 8.23 6.8 7.84 TRY 3.7 7.55 8.9 10.33 USD 0.9 1.77 4.1 4.80 HUF 1.9 3.94 2.4 2.80 Securities 46.8 95.86 91.1 105.41 Forward exchange agreements - 0.1-0.25-0.2-0.19 Cash in banks/bank liabilities 1.0 2.03-6.6-7.59 Interest entitlements 1.2 2.36 2.0 2.37 Other deferred items - 0.0-0.00-0.0-0.00 Fund assets 48.8 100.00 86.5 100.00 4

Semi-Annual Report 2013 Fund Portfolio as of 31 December 2013 (including changes in securities assets from 1 July 2013 to 31 December 2013) Security designation ISIN Interest rate Purch./ Sales/ Holding Price Value % share number additions disposals in EUR of fund assets Publicly traded securities Bonds denominated in BRL Issue country Brazil BRAZIL 2015 F BRSTNCNTF0O3 1) 10.000000 0 3,300 1,250 1,042.876000 400,886.42 0.82 BRAZIL 2017 F BRSTNCNTF0G9 1) 10.000000 0 0 5,505 994.719000 1,683,028.50 3.45 BRAZIL 2018 F BRSTNCNTF139 1) 10.000000 0 0 3,800 972.169000 1,136,045.33 2.33 BRAZIL 2020 BRSTNCNTB3A0 12.323460 0 0 1,200 2,377.906000 877,747.59 1.80 BRAZIL 2021 F BRSTNCNTF0N5 10.000000 0 0 1,700 868.863000 454,353.57 0.93 Total 4,552,061.41 9.32 Total bonds denominated in BRL translated at a rate of 3.250920 4,552,061.41 9.32 Bonds denominated in IDR Issue country Indonesia INDONESIA 2019 FR36 IDG000006701 11.500000 0 0 4,000,000 114.693000 273,572.78 0.56 INDONESIA 2023 FR46 IDG000007907 9.500000 0 0 5,000,000 105.305750 313,977.17 0.64 INDONESIA 2024 FR44 IDG000007709 10.000000 0 4,000,000 10,000,000 108.597000 647,580.56 1.33 INDONESIA 2026 FR56 IDG000009507 8.375000 0 0 8,500,000 95.975000 486,466.59 1.00 INDONESIA 2030 FR52 IDG000009002 10.500000 0 0 9,000,000 112.750000 605,110.98 1.24 INDONESIA 2032 FR58 IDG000009705 8.250000 0 0 11,000,000 93.250000 611,670.45 1.25 INDONESIA 2037 FR45 IDG000007808 9.750000 0 0 3,000,000 105.171750 188,146.58 0.39 INDONESIA 2042 FR62 IDG000010109 6.375000 0 0 3,999,000 71.130250 169,621.82 0.35 Total 3,296,146.93 6.75 Total bonds denominated in IDR translated at a rate of 16769.650970 3,296,146.93 6.75 Bonds denominated in COP Issue country Colombia COLOMBIA 09/14 B COL17CT02377 9.250000 0 0 200,000 101.985000 76,617.09 0.16 Total 76,617.09 0.16 Total bonds denominated in COP translated at a rate of 2662.199820 76,617.09 0.16 Bonds denominated in MXN Issue country Mexico MEXICO 2015 MX0MGO000086 8.000000 20,000 240,000 24,770 107.968715 148,188.20 0.30 MEXICO 2016 MX0MGO0000C0 7.250000 0 100,000 13,000 107.761524 77,624.13 0.16 MEXICO 2020 MX0MGO0000L1 8.000000 0 0 110,000 111.963049 682,428.40 1.40 5

ESPA BOND LOCAL EMERGING Security designation ISIN Interest rate Purch./ Sales/ Holding Price Value % share number additions disposals in EUR of fund assets MEXICO 2021 MX0MGO0000N7 6.500000 0 0 130,000 102.713238 739,876.89 1.51 MEXICO 2022 MX0MGO0000Q0 6.500000 0 0 143,000 101.184441 801,750.91 1.64 MEXICO 2024 MX0MGO000078 10.000000 0 50,000 150,000 128.104909 1,064,747.72 2.18 MEXICO 2031 MX0MGO0000P2 7.750000 0 0 160,000 104.837111 929,447.18 1.90 Total 4,444,063.43 9.10 Total bonds denominated in MXN translated at a rate of 18.047220 4,444,063.43 9.10 Bonds denominated in PEN Issue country Peru PERU 05/20 PEP01000CY33 7.840000 0 1,500 500 114.109684 148,867.20 0.30 PERU 08/31 PEP01000C4G7 6.950000 0 500 2,000 99.929435 521,470.72 1.07 Total 670,337.92 1.37 Total bonds denominated in PEN translated at a rate of 3.832600 670,337.92 1.37 Bonds denominated in ROL Issue country Romania ROMANIA 12-16 RO1216DBN030 5.750000 0 0 2,000 104.035104 466,109.19 0.95 Total 466,109.19 0.95 Total bonds denominated in ROL translated at a rate of 4.463980 466,109.19 0.95 Bonds denominated in RUB Issuer Asian Development Bank EURAS.12/17 XS0837020014 8.000000 0 0 30,000 99.506500 659,282.38 1.35 Total 659,282.38 1.35 Issue country Ireland GPB EURO 13/16 XS0877983642 7.875000 0 0 50,000 98.618500 1,088,998.19 2.23 Total 1,088,998.19 2.23 Issue country Luxembourg RSHB CAPITAL 11/16 XS0605637056 8.700000 0 0 30,000 100.017000 662,664.70 1.36 Total 662,664.70 1.36 Issue country Russia RUSSIAN FED. 12-22 RU000A0JSMA2 7.600000 0 0 35,000 100.400200 776,070.87 1.59 Total 776,070.87 1.59 Total bonds denominated in RUB translated at a rate of 45.279460 3,187,016.14 6.52 6

Semi-Annual Report 2013 Security designation ISIN Interest rate Purch./ Sales/ Holding Price Value % share number additions disposals in EUR of fund assets Bonds denominated in THB Issue country Thailand THAILD 2017 TH062303RA09 2.800000 0 0 30,000 98.767396 654,385.72 1.34 THAILD 2023 TH0623033303 5.500000 0 0 17,000 111.541100 418,776.98 0.86 THAILD 04/14 TH062303OC00 5.000000 0 0 5,000 102.372700 113,045.46 0.23 THAILD 06/21 TH0623031307 5.850000 0 0 25,000 112.969650 623,735.91 1.28 THAILD 07/18 TH0623A3S305 5.125000 0 0 18,000 106.940256 425,121.12 0.87 THAILD 09/19 TH062303T609 3.875000 0 30,000 10,000 102.320109 225,974.77 0.46 THAILD 2017 TH062303R603 3.250000 0 12,000 20,000 100.996811 446,104.51 0.91 THAILD 2019 TH062303T302 3.450000 0 20,000 20,000 100.104940 442,165.10 0.91 THAILD 2027 TH0623037C05 3.580000 0 15,000 15,000 94.011908 311,439.06 0.64 THAILD 2031 TH0623A3B608 3.650000 0 0 10,000 91.229850 201,481.84 0.41 THAILD 99/14 TH062303O303 8.250000 0 0 7,000 101.015450 156,165.39 0.32 Total 4,018,395.86 8.23 Total bonds denominated in THB translated at a rate of 45.279440 4,018,395.86 8.23 Bonds denominated in TRL Issue country Turkey TURKEY 09/14 TRT060814T18 11.000000 0 0 2,750 101.000000 938,179.78 1.92 TURKEY 10-20 FLR TRT010420T19 4.000000 0 0 2,700 103.538800 1,105,245.45 2.26 TURKEY 13-15 TRT070115T13 6.500000 0 0 2,800 100.042857 946,185.13 1.94 TURKEY 13-23 TRT080323T10 7.100000 0 5,500 2,500 82.450000 696,245.93 1.43 Total 3,685,856.29 7.55 Total bonds denominated in TRL translated at a rate of 2.960520 3,685,856.29 7.55 Bonds denominated in HUF Issue country Hungary HUNGARY 01-17 17/A HU0000402037 6.750000 0 0 150,000 108.561500 548,151.87 1.12 HUNGARY 04-15 15/A HU0000402268 8.000000 0 0 80,000 105.377500 283,773.40 0.58 HUNGARY 06-17 17/B HU0000402375 6.750000 0 0 100,000 107.501500 361,866.46 0.74 HUNGARY 11-14 HU0000402516 6.750000 110,000 0 110,000 102.298500 378,787.60 0.78 HUNGARY 11-28 HU0000402532 lent* 6.750000 0 0 100,000 104.718500 352,498.46 0.72 Total 1,925,077.79 3.94 Total bonds denominated in HUF translated at a rate of 297.075060 1,925,077.79 3.94 Dual currency bond denominated in CLP Issuer African Development Bank AFR. DEV. BK 13/14 XS0875633595 0 0 300,000 100.025000 414,443.15 0.85 Total 414,443.15 0.85 Total dual currency bonds denominated in CLP translated at a rate of 724.043820 414,443.15 0.85 7

ESPA BOND LOCAL EMERGING Security designation ISIN Interest rate Purch./ Sales/ Holding Price Value % share number additions disposals in EUR of fund assets Dual currency bonds denominated in COP Issue country Colombia COLOMBIA 05/15 XS0213272122 0 3,200,000 300,000 112.850140 127,169.42 0.26 COLOMBIA 07/27 XS0306322065 0 0 1,200,000 126.296875 569,289.54 1.17 COLOMBIA 10/21 XS0502258444 0 0 1,800,000 110.773636 748,976.63 1.53 Total 1,445,435.59 2.96 Issuer World Bank WORLD BK 10/20 XS0490636791 0 0 1,600,000 113.310000 681,000.72 1.39 Total 681,000.72 1.39 Total dual currency bonds denominated in COP translated at a rate of 2662.199820 2,126,436.31 4.35 Dual currency bonds denominated in NGN Issuer World Bank WORLD BK 13/14 XS0921725460 0 0 100,000 99.427000 449,872.72 0.92 Total 449,872.72 0.92 Total dual currency bonds denominated in NGN translated at a rate of 221.011400 449,872.72 0.92 Dual currency bonds denominated in PHP Issue country Philippines PHILIPPINES 10/21 US718286BJ59 0 20,000 5,000 106.000000 86,662.41 0.18 PHILIPPINES 11/36 US718286BM88 0 20,000 10,000 107.000000 174,959.96 0.36 Total 261,622.37 0.54 Total dual currency bonds denominated in PHP translated at a rate of 61.156850 261,622.37 0.54 Total publicly traded securities 29,574,056.60 60.54 Securities admitted to organised markets Bonds denominated in PLN Issue country Poland POLAND 02/22 0922 PL0000102646 lent* 5.750000 0 0 3,050 110.410000 809,905.24 1.66 POLAND 06/17 PL0000104543 lent* 5.250000 0 1,500 2,000 106.460000 512,085.43 1.05 POLAND 08-19 PL0000105441 5.500000 0 0 2,500 108.450000 652,071.96 1.33 POLAND 09-15 PL0000105953 5.500000 0 2,500 1,000 103.570000 249,092.09 0.51 POLAND 10-16 PL0000106340 5.000000 0 0 3,500 104.265000 877,672.62 1.80 POLAND 11-21 PL0000106670 5.750000 0 0 2,500 110.155000 662,323.53 1.36 POLAND 12-18 PL0000107314 3.750000 0 1,600 900 100.830000 218,252.00 0.45 POLAND 12-23 PL0000107264 4.000000 0 5,000 4,500 97.365000 1,053,759.11 2.16 Total 5,035,161.98 10.31 Total bonds denominated in PLN translated at a rate of 4.157900 5,035,161.98 10.31 8

Semi-Annual Report 2013 Security designation ISIN Interest rate Purch./ Sales/ Holding Price Value % share number additions disposals in EUR of fund assets Bonds denominated in RUB Issue country Russia RUSSIAN FED. 11-17 RU000A0JRJU8 7.400000 0 0 35,000 101.980000 788,282.37 1.61 RUSSIAN FED. 12-19 RU000A0JS4M5 7.500000 0 0 59,000 101.990000 1,328,949.15 2.72 Total 2,117,231.52 4.33 Total bonds denominated in RUB translated at a rate of 45.279460 2,117,231.52 4.33 Bonds denominated in ZAR Issue country South Africa SOUTH AFR. 2018 204 ZAG000021841 8.000000 0 3,500 9,000 103.328290 644,356.49 1.32 SOUTH AFR. 2020 207 ZAG000024738 7.250000 0 0 8,000 98.820070 547,771.71 1.12 SOUTH AFR. 2021 208 ZAG000030396 6.750000 0 10,000 8,000 95.003400 526,615.44 1.08 SOUTH AFR. 2023 ZAG000096165 7.750000 0 15,000 4,000 99.105290 274,676.36 0.56 SOUTH AFR. 2026 186 ZAG000016320 10.500000 0 0 10,000 117.704680 815,564.26 1.67 SOUTH AFR. 2031 ZAG000077470 7.000000 0 4,000 18,000 83.754940 1,044,593.67 2.14 SOUTH AFR. 2036 209 ZAG000030404 6.250000 0 0 7,000 73.369480 355,858.98 0.73 Total 4,209,436.91 8.62 Total bonds denominated in ZAR translated at a rate of 14.432300 4,209,436.91 8.62 Bonds denominated in USD Issue country Nigeria NIGERIA 11/21 XS0584435142 6.750000 0 1,300 1,100 108.375000 865,143.87 1.77 Total 865,143.87 1.77 Total bonds denominated in USD translated at a rate of 1.377950 865,143.87 1.77 Dual currency bonds denominated in IDR Issuer European Bank for Reconstruction and Development EUR.BK REC. 11/16 XS0630392255 0 0 4,000,000 96.990000 231,346.50 0.47 Total 231,346.50 0.47 Total dual currency bonds denominated in IDR translated at a rate of 16769.650970 231,346.50 0.47 Total securities admitted to organised markets 12,458,320.78 25.50 Unlisted securities Bonds denominated in MYR Issue country Malaysia MALAYSIA 2015 0409 MYBMJ0900047 3.741000 0 1,000 1,000 100.490000 222,644.17 0.46 MALAYSIA 2016 1/06 MYBMO0600019 4.262000 0 3,000 3,000 102.276000 679,803.61 1.39 MALAYSIA 2017 MYBMN0700027 3.814000 0 0 3,000 100.799000 669,986.35 1.37 MALAYSIA 2018 MYBMS03002H0 4.240000 0 2,500 1,500 101.841000 338,456.14 0.69 MALAYSIA 2019 0902 MYBMO0900021 4.378000 0 2,000 3,000 101.967000 677,749.76 1.39 9

ESPA BOND LOCAL EMERGING Security designation ISIN Interest rate Purch./ Sales/ Holding Price Value % share number additions disposals in EUR of fund assets MALAYSIA 2020 MYBML1200062 3.492000 0 3,000 2,000 97.161000 430,536.97 0.88 MALAYSIA 2021 0111 MYBMO1100019 4.160000 0 1,800 2,500 99.999000 553,890.79 1.13 MALAYSIA 2027 0212 MYBMS1200026 3.892000 0 3,000 3,000 94.471000 627,925.68 1.29 MALAYSIA 2028 0308 MYBMX0800032 5.248000 0 0 2,500 107.525000 595,577.03 1.22 Total 4,796,570.50 9.82 Total bonds denominated in MYR translated at a rate of 4.513480 4,796,570.50 9.82 Total unlisted securities 4,796,570.50 9.82 Forward exchange agreements Unrealised result in EUR Forward exchange agreements denominated in EUR Issue country Austria FXF EUR/CNY 2014 FXF_NTX_3559817 603,960-13,970.38-0.03 FXF EUR/CZK 2014 FXF_NTX_3560147 1,262,831-15,814.06-0.03 FXF EUR/IDR 2014 FXF_NTX_3559915 314,114-19,222.98-0.04 FXF EUR/NGN 2014 FXF_NTX_3559832 862,852-12,627.13-0.03 FXF EUR/TRY 2014 FXF_NTX_3560157 1,062,060-50,756.59-0.10 FXF EUR/USD 2014 FXF_NTX_3560163 1,097,506-8,934.83-0.02 Total -121,325.97-0.25 Total forward exchange agreements denominated in EUR -121,325.97-0.25 Total forward exchange agreements -121,325.97-0.25 Breakdown of fund assets Securities 46,828,947.88 95.86 Forward exchange agreements -121,325.97-0.25 Cash in banks 989,257.97 2.03 Interest entitlements 1,153,950.87 2.36 Other deferred items -1,409.87-0.00 Fund assets 48,849,420.88 100.00 Dividend shares outstanding shares 85,098 Non-dividend shares outstanding shares 309,962 KEST-exempt non-dividend shares outstanding shares 19,298 Share value for dividend share Euro 98.87 Share value for non-dividend share Euro 122.60 Share value for KEST-exempt non-dividend share Euro 126.21 10

Semi-Annual Report 2013 1) Price contains deferred interest. * As of 31 December 2013, 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 % HUNGARY 11-28 HU0000402532 8,000 0.10 POLAND 02/22 0922 PL0000102646 3,000 0.10 POLAND 06/17 PL0000104543 2,000 0.10 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 Interest rate Purch./ Sales/ number additions disposals Publicly traded securities Bonds denominated in BRL Issue country Brazil BRAZIL 2014 F BRSTNCNTF071 10.000000 0 4,700 Bonds denominated in CLP Issue country Chile CHILE 10/20 US168863AU21 5.500000 0 200,000 Bonds denominated in IDR Issue country Indonesia INDONESIA 2018 FR66 IDG000010604 5.250000 0 8,000,000 INDONESIA 2027 FR42 IDG000007402 10.250000 0 15,000,000 11

ESPA BOND LOCAL EMERGING Security designation ISIN Interest rate Purch./ Sales/ number additions disposals Bonds denominated in MXN Issue country Mexico MEXICO 2013 MX0MGO000045 8.000000 0 20,000 MEXICO 2014 MX0MGO0000K3 7.000000 0 50,000 MEXICO 2018 MX0MGO0000G1 8.500000 0 120,000 Bonds denominated in RUB Issue country Russia RUSSIAN FED. 10-16 RU000A0JQZ18 6.900000 0 50,000 Bonds denominated in THB Issue country Thailand THAILD 04/19 TH062303T807 5.500000 0 12,000 Bonds denominated in TRL Issue country Turkey TURKEY 08/13 TRT280813T13 16.000000 0 3,100 TURKEY 10-17 FLR TRT040117T14 9.080000 0 2,500 TURKEY 10/13 TRT091013T12 8.000000 0 250 Bonds denominated in HUF Issue country Hungary HUNGARY 03-14 14/C HU0000402193 5.500000 0 160,000 HUNGARY 09-13 13/E HU0000402466 7.500000 0 100,000 Securities admitted to organised markets Bonds denominated in PLN Issue country Poland POLAND 08-14 PL0000105433 5.750000 0 6,500 Bonds denominated in RUB Issue country Germany KRED.F.WIED.12/16 MTN RL XS0791160178 7.000000 0 10,000 12

Semi-Annual Report 2013 Security designation ISIN Interest rate Purch./ Sales/ number additions disposals Issuer European Investment Bank EIB EUR.INV.BK 07/17 MTN XS0303133564 6.750000 0 22,500 EIB EUR.INV.BK 10/16 MTN XS0544309908 6.500000 0 30,000 Issuer European Bank for Reconstruction and Development EUR. BK REC.DEV.10/17 MTN XS0506224871 6.750000 0 30,000 Issue country Netherlands RABOBK NEDERLD 07/17 MTN XS0303048374 6.900000 0 10,000 Bonds denominated in ZAR Issue country South Africa SOUTH AFR. 2016 157 15.09 ZAG000010547 13.500000 0 5,500 SOUTH AFR. 2017 203 ZAG000021833 8.250000 0 14,000 Bonds denominated in USD Issue country Brazil BRAZIL 06/37 US105756BK57 7.125000 0 2,400 Dual currency bond denominated in BRL Issuer World Bank WORLD BK 12/13 MTN XS0791586745 0 4,000 Unlisted securities Bonds denominated in MYR Issue country Malaysia MALAYSIA 2018 0511 MYBMK1100058 3.580000 0 2,000 Vienna, January 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]). 13