Currency risk
With foreign currency investments, returns are strongly dependent on the development of the foreign currency exchange rate. The variations in exchange rate may increase or decrease the investment returns.

Performance indication
In the “Markets” information section, the performance of titles indicated is generally before fees and taxes (= gross value). The performance is shown as a change in price and/or in a chart.

Tax treatment
Indications of performance are provided without consideration of the tax implications for the investor. In case of questions regarding the tax treatment of your investment, please consult your tax adviser.


Austria Presse Agentur

APA, Austria Presse Agentur, is Austria’s leading content provider, specializing in customized information solutions and information technology. Based on its own editorial work and a vast variety of sources, the agency provides professional and institutional markets with high-quality news and information services. Its principles are: independence, objectivity, reliability and speed. Organized as a separate unit, APA-MultiMedia is specifically geared to meet the needs of the new media sector and, in particular, the requirements of information data streams and multimedia-based databases for the World Wide Web and for mobile devices. APA-MultiMedia’s aim is to provide the online market with a broad range of content, interlinked and edited for use in multimedia applications – text, images, graphics, audio and video content -, both for individual processing and as a ready-to-use solution, providing a basis for positioning clients’ websites “on top of the clickstream” and for successful e-commerce operations.




AFX News Ltd is one of the world´s leading financial news agencies. Our real-time comprehensive and trusted business and financial news services are designed to meet the requirements of the international banking and investor community.

AFX´s tailor-made news services serve a broad client spectrum, from professional traders, trading floors, corporate financiers, analysts and economists, private bankers, financial advisors to the retail investor. Our news services provide the information you need to make your investment decisions.

The global AFX News network operates 13 AFX News bureaux including the London headquarters and draws on the talents of over 5.000 journalists working for AFX News and our partner news agencies like AFP, ANP, APA, AWP, dpa, XFN, sda-ATS and many others. AFX News products are available directly from AFX and over all common open news platforms. Our news services reach clients worldwide via Internet IP broadcast, satellite and terrestrial links. AFX News Ltd is a wholly owned subsidiary of one of the worlds leading news agencies, Agence France-Presse.


Erste Sparinvest KAG


ERSTE-SPARINVEST is the capital investment company (KAG) of Erste Bank and of oesterreichische Sparkassen. We are responsible for a fund volume totalling some 27 billion euros (status: beginning of 2008), which has been invested in roughly 400 different funds. We are therefore the second biggest capital investment company in Austria.

More than 60% of the fund volume has been placed in public funds. With a market share of over 24%, ERSTE-SPARINVEST is the leading fund management company. Of all the major investors, we are the third biggest company.

More than 150 employees provide continuous service to customers and sales in Austria and our bordering countries. Apart from Austria, our funds are also authorised for distribution in Germany, Italy, Czech Republic, Slovakia, Croatia, Romania, Serbia, Hungary and Ukraine, i.e. in the countries where we do business with the asset management companies of Erste Bank. Top valuations from reputable rating agencies attest to the quality of the ESPA fund and to the top performance of our fund managers by international standards: Thus, the rating agency Lipper chose ERSTE-SPARINVEST as best capital investment company across all the investment categories in 2007 (Category: "Major fund management companies"). 150 international fund management companies have been rated by this agency.


Erste Bank

Erste Bank Research

The Erste Bank Research, gathers analysts from the largest bank of central and eastern Europe. They observe and evaluate the international financial markets.

The work of the research departments is characterised particularly by a large know-how regarding Middle and Eastern European markets. Last but not least, the prognoses of Erste Bank analysts are highly valued by investors as well as journalists, which is why their opinions can be found in the financial sectors of the daily newspapers time and again.




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