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ESPA STOCK BIOTECMutual fund pursuant to the InvFG

Annual Report 2016/17

Financial Year 2016/17

Contents

General Information about the Investment Firm ........................................................................................................ 2

Development of the Fund .............................................................................................................................................. 4

Method of Calculating Overall Risk ............................................................................................................................. 5

Asset Allocation ............................................................................................................................................................. 5

Comparative Overview (in EUR) .................................................................................................................................... 6

Dividend Disbursement/Payment ................................................................................................................................ 7

Income Statement and Changes in Fund Assets ....................................................................................................... 8

1. Value Development over the Financial Year (Fund Performance)........................................................................... 8

2. Fund Result ................................................................................................................................................................. 9

3. Changes in Fund Assets............................................................................................................................................. 10

Fund Portfolio as of 14 March 2017 ........................................................................................................................... 11

Auditor’s Opinion ........................................................................................................................................................... 16

Fund Terms and Conditions........................................................................................................................................... 19

Annex to the Fund Terms and Conditions ..................................................................................................................... 22

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 annual report still refer to the InvFG 1993.

This also applies to the Fund Terms and Conditions, which were approved on the basis of the legal conditions valid at the time of authorisation.

ESPA STOCK BIOTEC

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General Information about the Investment FirmThe company ERSTE-SPARINVEST Kapitalanlagegesellschaft m. b. H. Am Belvedere 1, A-1100 Vienna Telephone: +43 05 0100-19881, Fax: +43 05 0100-17102

Nominal capital EUR 4.50 million

Shareholders Erste Asset Management GmbH (81.48%) DekaBank Deutsche Girozentrale (2.87%) „Die Kärntner“ Trust-Vermögensverwaltungsgesellschaft m.b.H. & Co KG (2.87 %) NÖ-Sparkassen Beteiligungsgesellschaft m. b. H. (1.31%) Salzburger Sparkasse Bank Aktiengesellschaft (2.87%) Sieben Tiroler Sparkassen Beteiligungsgesellschaft m. b. H. (2.87%) Steiermärkische Bank und Sparkassen Aktiengesellschaft (5.73%)

Supervisory Board Wolfgang TRAINDL, Mag. (Chairman) Gerhard FABISCH, Mag. Dr. (Deputy Chairman, First Deputy) (until 9 June 2016) Gabriele SEMMELROCK-WERZER (Deputy Chairwoman, First Deputy from 9 June 2016) Franz-Nikolaus HÖRMANN, Mag. (Deputy Chairman, Second Deputy) Matthias BAUER (from 13 October 2016) Klaus BRUGGER, DDr. (until 30 October 2016) Josef PRESCHITZ (from 13 October 2016) Franz PRUCKNER, Dr. MBA Birte QUITT, Dipl. BW. (FH) (until 9 February 2016) Rupert RIEDER, Mag. Thomas SCHAUFLER, Mag. (FH) (from 10 February 2016) Reinhard WALTL, Mag. Appointed by the Works Council: Martin CECH (from 23 December 2016) Regina HABERHAUER, Mag. (FH) Dieter KERSCHBAUM, Mag. (until 22 December 2016) Gerhard RAMBERGER, Mag. (until 22 December 2016) Heinrich Hubert REINER, Ing. (from 23 December 2016) Peter RIEDERER (from 23 December 2016) Herbert STEINDORFER (until 22 December 2016) Manfred ZOUREK, Mag. (from 23 December 2016)

Managing directors Heinz BEDNAR, Mag. Markus KALLER, Mag. (from 1 April 2016 to 31 January 2017) Günther MANDL Christian SCHÖN

Prokuristen (proxies) Magdalena ARNEZEDER, Mag. (from 1 July 2016) Achim ARNHOF, Mag. Karl BRANDSTÖTTER, Mag. (until 3 February 2017) Winfried BUCHBAUER, Mag. Karl FREUDENSCHUSS Dietmar JAROSCH, Dr. Manfred LENTNER Gerold PERMOSER, Mag. Jürgen SINGER, Mag. State commissioners Erwin GRUBER Michael MANHARD, HR Dr. Auditor ERNST & YOUNG WIRTSCHAFTSPRÜFUNGSGESELLSCHAFT MBH

Custodian bank Erste Group Bank AG

3


Information about the remuneration policy:

Number of employees (including management): 136.

Total remuneration paid to employees (including management): EUR 13,000,314, thereof fixed remuneration: EUR 10,185,711, thereof variable remuneration: EUR 2,814,603. Total remuneration paid to management, bearers of material risk, employees with control functions, and employees who are at the same pay grade as managers and bearers of material risk due to the amount of their total remuneration: EUR 7,589,300. Thereof remuneration paid to management: EUR 1,051,258, thereof remuneration paid to bearers of material risk: EUR 5,548,098, employees with control functions: EUR 989,943, and employees who are at the same pay grade as managers and bearers of material risk due to the amount of their total remuneration: EUR 0.

No investment success bonuses are paid, and no other amounts are paid directly from the investment funds.

The last audit of compliance with the requirements of the remuneration policy by the Supervisory Board revealed no deviations. There were also no material findings during the last audit by the Internal Auditing department.

The description of the calculation can be found in the company’s remuneration policy at http://www.erste-am.at/de/private_anleger/wer-sind-wir/investmentprozess.

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Dear Shareholder,

We are pleased to present you the following annual report for the ESPA STOCK BIOTEC mutual fund pursuant to the InvFG for the period from 15 March 2016 to 14 March 2017.

Development of the Fund

Review

ESPA STOCK BIOTEC is a global equity fund and invests in the most important biotechnology and pharmaceutical companies worldwide. ESPA STOCK BIOTEC achieved a performance of 25.24% in the reporting period.

The biotechnology sector (NASDAQ Biotech index) also rose substantially in the reporting period, posting a gain of 23.76%. In a volatile exchange environment, the biotechnology sector developed substantially better than the equity market at large (MSCI World). From the middle of March 2016 to the middle of April 2016, the biotechnology sector rose strongly but then experienced a correction before the trend turned upwards again in the middle of May and then the lows for the reporting period were reached at the end of June 2016. This was followed by a hefty climb that, after a renewed test of the annual lows, continued through to the end of the reporting period in mid-March 2017. The US presidential election was held in November 2017, and the unexpected victory of Donald Trump over the favoured Hillary Clinton triggered a rally for biotech stocks. Clinton’s planned reforms of the healthcare system including penalties for the pharmaceuticals industry and a system for regulating medication prices were not received well by investors during the campaign. Due to the solid economic upswing in the USA, investors frequently moved assets out of growth sectors such as the biotechnology industry and reallocated them to more cyclical industries such as the materials, industrial, and banking sectors during the reporting period.

There were again several takeovers in the biotechnology sector in the reporting period. Among other deals, Pfizer Inc. bought Medivation and also took over Anacor Pharmaceuticals, Galenica acquired Relypsa, and Takeda Pharmaceutical purchased Ariad Pharmaceuticals. ESPA STOCK BIOTECH was overweighted in these takeover targets, and the fund was therefore able to profit substantially. The motivation behind takeovers in the healthcare sector is the rather weak product pipeline in some major pharmaceutical and biotechnology companies and the efforts to achieve cost efficiency in sales and research. The number of M&A transactions diminished in the second half of 2016 due to the US elections. In addition to the continued high number of acquisitions in the biotech sector, numerous biotechnology companies also held IPOs during the reporting period. There were slightly fewer IPOs in 2016 than in 2015, particularly in Q3 and Q4 2016.

The largest positions in the fund currently include companies such as Celgene, Vertex, Regeneron, Gilead, Alexion, and Incyte. The fund’s investment level ranged between 96.04% and 100% during the reporting period. The fund concentrates on American biotechnology stocks. The fund focuses on large caps and mid caps and on companies with research focuses in oncology, haematology, the central nervous system, and rare illnesses.

Outlook

The biotechnology sector continues to offer a positive outlook. Following the US elections, which weighed on sentiment in the biotech sector for over a year, attention should now increasingly shift back to the research findings in companies’ pipelines. Important research data, particularly in the fields of oncology and haematology, are expected this year.

The number of newly approved medications has increased again in recent years and is laying the foundation for future revenue. The trend of larger companies in the industry outsourcing research work is sustainable and will continue in the future. Merger and acquisition activity in the sector should also remain relevant moving forward.

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* Total nominal values of derivative instruments without taking into account offsetting and hedging (item 8.5. Schedule B InvFG 2011).** Total derivative risk taking offsetting and hedging into account = total of the equivalent values of the underlying assets as a percentage

of the fund assets.

Asset Allocation

14 March 2017 14 March 2016EUR millions % EUR millions %

Equities denominated inGBP 4.4 2.01 4.1 2.30EUR 3.2 1.47 0.8 0.44USD 207.0 94.61 172.4 96.61

WarrantsUSD 0.0 0.00 - -

Securities 214.6 98.09 177.3 99.36Dividend entitlements 0.1 0.05 0.1 0.04Cash in banks 4.2 1.93 1.2 0.68Other deferred items - 0.2 - 0.08 - 0.1 - 0.08Fund assets 218.8 100.00 178.5 100.00

Method of Calculating Overall Risk 1)

Method of calculating overall risk: Commitment approach

Reference assets used: –

Value at risk:

Lowest value:

Average value:

Highest value:

–

–

–

Model used: –

Leverage* when using the value-at-risk calculation method: –

Leverage** according to § 4 of the 4th

Derivatives RiskMeasurement and Reporting Regulation:

–

ESPA STOCK BIOTEC

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Comparative Overview (in EUR)

Financial year Fund assets

Valuedevelopment in per cent 1)

2011/12 37,124,927.73 + 36.762012/13 45,131,427.31 + 28.692013/14 82,277,913.08 + 46.732014/15 235,968,111.21 + 79.44 2)2015/16 178,469,710.29 - 31.742016/17 218,769,419.90 + 25.24 2)

Financial year Dividend shares Non-dividend shares KESt-exempt non-dividend shares

Calculated value per

share

Dividend disbursement


share

Reinvestedearnings

Payment in accordance with § 58 (2)

InvFG


share

Reinvested KESt-exempt

earnings

2011/12 155.99 0.00 155.99 113.62 0.00 155.99 113.642012/13 200.75 0.00 200.75 19.03 0.00 200.75 19.212013/14 294.56 3.62 294.55 27.97 3.62 294.56 31.612014/15 522.03 9.53 522.03 53.83 9.53 528.54 61.122015/16 349.64 7.2098 349.64 36.0990 7.2093 360.80 44.22932016/17 429.14 3.1162 429.14 15.3553 3.1162 451.68 19.5054

1) Assuming the reinvestment of all paid dividends at their nominal value on the day of disbursement.2) The changes in the value of KESt-exempt non-dividend shares vary slightly from those of dividend shares and non-dividend shares

because of rounding effects.

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Disbursement/payment

The disbursement or payment will be effected on or after 16 June 2017 at

Erste Group Bank AG, Vienna,

and the respective bank managing the Shareholder’s securities account.

Fund type ISIN CurrencyDisbursement/payment

KEStwith option declaration

KEStw/o option declaration Reinvestment

Dividend shares AT0000746748 EUR 3.1162 3.1162 3.1162 -Non-dividend shares AT0000746755 EUR 3.1162 3.1162 3.1162 15.3553KESt-exempt non-dividend shares AT0000A0XYP0 CZK - * - - 527.4438KESt-exempt non-dividend shares AT0000673165 EUR - * - - 19.5054KESt-exempt non-dividend shares AT0000A18XC5 HUF - * - - 6,060.2986

The following disbursement or payment will be made for the financial year from 15 March 2016 to 14 March 2017.The coupon-paying bank is obligated to withhold capital gains tax from this disbursement if the respective investoris not exempt from the payment of this tax.

* Pursuant to the penultimate sentence of § 58 (2) of the Austrian Investment Fund Act, no capital gains tax will be paid.

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Income Statement and Changes in Fund Assets1. Value Development over the Financial Year (Fund Performance)

Calculation according to the OeKB method per share in the share currency not accounting for an issue premium

AT0000746748 dividend shares EURShare value at the beginning of the reporting period (97,434.190 shares) 349.64Disbursement/payment on 13.06.2016 (corresponds to roughly 0.0204 shares at a calculated value of 354.18) 7.2100Share value at the end of the reporting period (94,037.257 shares) 429.14Total value including (notional) shares gained through dividend disbursement/payment 437.88Net earnings per share 88.24Value development of one share in the period 25.24%

AT0000746755 non-dividend shares EURShare value at the beginning of the reporting period (235,469.728 shares) 349.64Disbursement/payment on 13.06.2016 (corresponds to roughly 0.0204 shares at a calculated value of 354.19) 7.2100Share value at the end of the reporting period (233,053.199 shares) 429.14Total value including (notional) shares gained through dividend disbursement/payment 437.87Net earnings per share 88.23Value development of one share in the period 25.24%

AT0000A0XYP0 KESt-exempt non-dividend shares CZKShare value at the beginning of the reporting period (134,441.094 shares) 9,758.37Disbursement/payment 0.0000Share value at the end of the reporting period (140,574.704 shares) 12,204.60Total value including (notional) shares gained through dividend disbursement/payment 12,204.60Net earnings per share 2,446.23Value development of one share in the period 25.07%

AT0000673165 KESt-exempt non-dividend shares EURShare value at the beginning of the reporting period (17,949.542 shares) 360.80Disbursement/payment 0.0000Share value at the end of the reporting period (16,131.278 shares) 451.68Total value including (notional) shares gained through dividend disbursement/payment 451.68Net earnings per share 90.88Value development of one share in the period 25.19%

AT0000A18XC5 KESt-exempt non-dividend shares HUFShare value at the beginning of the reporting period (19,644.633 shares) 111,779.46Disbursement/payment 0.0000Share value at the end of the reporting period (16,865.738 shares) 140,560.56Total value including (notional) shares gained through dividend disbursement/payment 140,560.56Net earnings per share 28,781.10Value development of one share in the period 25.75%

9


2. Fund Result

a. Realised fund result

Ordinary fund result

Income (without profit or loss from price changes)

Interest income (excluding income adjustment) 0.00

Dividend income 542,739.69

Other income 8) 0.00

Total income (without profit or loss from price changes) 542,739.69

Interest paid - 2,645.34

Expenses

Fees paid to Investment Firm - 3,565,274.76

Costs for the financial auditor and tax consultation 0.00

Publication costs - 18,607.15

Securities account fees - 105,331.50

Custodian bank fees - 285,221.98

Costs for the external consultant 0.00

Total expenses - 3,974,435.39

Compensation for management costs from sub-funds 1) 0.00

Ordinary fund result (excluding income adjustment) - 3,434,341.04

Realised profit or loss from price changes 2) 3)

Realised gains 4) 18,187,447.15

Realised losses 5) - 5,199,009.55

Realised profit or loss from price changes (excluding income adjustment) 12,988,437.60

Realised fund result (excluding income adjustment) 9,554,096.56

b. Unrealised profit or loss from price changes 2) 3)

Changes in the unrealised profit or loss from price changes 7) 35,033,833.31

Result for the reporting period 6) 44,587,929.87

c. Income adjustment

Income adjustment for income in the period - 124,949.00

Income adjustment for profit carried forward from dividend shares - 239,051.83Overall fund result 44,223,929.04

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3. Changes in Fund Assets

Fund assets at the beginning of the reporting period 178,469,710.29

Disbursement/payment in the financial year - 2,399,359.87

Issue and return of shares - 1,524,859.56

Overall fund result

(The fund result is shown in detail under item 2.) 44,223,929.04Fund assets at the end of the reporting period 218,769,419.90

1) Reimbursements (in the sense of commissions) paid by third parties are forwarded to the fund after deduction of any associated costs. Erste Bank der oesterreichischen Sparkassen AG receives 25% of the calculated commissions to cover administrative costs.

2) Realised profits and losses are not calculated precisely for the specific periods, which means that they, as is the case for the changes in the unrealised profit or loss, are not necessarily congruent with the changes in the value of the fund in the reporting year.

3) Total profit or loss from price changes without income adjustment (realised profit or loss from price changes, without income adjustment, plus changes in the unrealised profit or loss): EUR 48,022,270.91.

4) Thereof profits from transactions with derivative financial instruments: EUR 0.00. 5) Thereof losses from transactions with derivative financial instruments: EUR 0.00. 6) The result for the financial year includes explicitly reported transaction costs in the amount of EUR 190,066.30. 7) Thereof changes in unrealised gains EUR 26,945,781.35 and unrealised losses EUR 8,088,051.96. 8) The earnings reported under this item can be attributed to lending fees from securities lending transactions conducted with Erste Group

Bank AG in the amount of EUR 0.00, to earnings from real estate funds in the amount of EUR 0.00, and to other earnings in the amount of EUR 0.00.

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Fund Portfolio as of 14 March 2017(including changes in securities assets from 15 March 2016 to 14 March 2017)

Security designation ISIN Purch./ Sales/ Holding Price Value % sharenumber additions disposals in EUR of

Shares/nominal (nom. in 1,000, rounded) fundassets

Publicly traded securities

Equities denominated in GBP

Issue country Jersey

SHIRE PLC LS-.05 JE00B2QKY057 18,000 22,400 78,700 48.835 4,393,162.75 2.01Total issue country Jersey 4,393,162.75 2.01

Total equities denominated in GBP translated at a rate of 0.87484 4,393,162.75 2.01

Equities denominated in EUR

Issue country Netherlands

QIAGEN NV EO -.01 NL0012169213 86,975 1 86,974 28.340 2,464,843.16 1.13Total issue country Netherlands 2,464,843.16 1.13

Total equities denominated in EUR 2,464,843.16 1.13

Equities denominated in USD

Issue country France

SANOFI SA CV RIGHTS US80105N1138 0 0 12,000 0.430 4,847.35 0.00Total issue country France 4,847.35 0.00

Total equities denominated in USD translated at a rate of 1.06450 4,847.35 0.00

Warrants denominated in USD

Issue country USA

BIOTIME INC. WTS18 US09066L1623 0 0 2,599 0.460 1,123.10 0.00Total issue country USA 1,123.10 0.00

Total warrants denominated in USD translated at a rate of 1.06450 1,123.10 0.00Total publicly traded securities 6,863,976.36 3.14

Securities admitted to organised markets

Equities denominated in EUR


CELLECTIS NOM. EO-.05 FR0010425595 0 0 10,000 21.760 217,600.00 0.10INNATE PHARMA EO -.05 FR0010331421 0 0 47,200 11.500 542,800.00 0.25

Total issue country France 760,400.00 0.35Total equities denominated in EUR 760,400.00 0.35

ESPA STOCK BIOTEC

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Issue country Cayman Islands

BEIGENE LTD SP.ADR US07725L1026 12,000 0 12,000 39.230 442,235.79 0.20Total issue country Cayman Islands 442,235.79 0.20


DBV TECH.SP.ADR 1/2 EO-10 US23306J1016 0 0 9,000 35.880 303,353.69 0.14Total issue country France 303,353.69 0.14

Issue country Great Britain

GW PHARMACEUTICALS ADR/12 US36197T1034 1,300 0 7,300 123.470 846,717.71 0.39SHIRE PLC ADR/3 LS-.05 US82481R1068 27,900 0 29,600 176.980 4,921,191.17 2.25

Total issue country Great Britain 5,767,908.88 2.64

Issue country Ireland

ALKERMES PLC DL-.01 IE00B56GVS15 7,000 6,100 69,570 55.660 3,637,638.52 1.66JAZZ PHARMACEUT. DL-.0001 IE00B4Q5ZN47 0 4,300 13,100 136.890 1,684,602.16 0.77PROTHENA CORP. PLC DL-.01 IE00B91XRN20 2,300 0 13,907 53.600 700,249.13 0.32

Total issue country Ireland 6,022,489.81 2.75

Issue country Canada

ARBUTUS BIOPHARMA CA03879J1003 0 0 12,860 2.750 33,222.17 0.02Total issue country Canada 33,222.17 0.02


PROQR THERAPEUTICS EO-.04 NL0010872495 0 0 8,000 4.850 36,449.04 0.02UNIQURE BV EO -.05 NL0010696654 32,000 0 77,700 6.220 454,010.33 0.21

Total issue country Netherlands 490,459.37 0.22

Issue country Spain

GRIFOLS SP.ADR B EO-.10 1 US3984384087 0 0 53,456 17.300 868,754.16 0.40Total issue country Spain 868,754.16 0.40

Issue country USA

ACADIA PHARMACEUT. DL-.01 US0042251084 71,200 63,000 46,200 37.530 1,628,826.68 0.74ACCELERON PHARMA DL -.001 US00434H1086 5,000 0 22,900 28.440 611,814.00 0.28ACHILLION PHARMACEUTICALS US00448Q2012 0 0 53,650 3.960 199,581.02 0.09ACORDA THERAP.CDT DL-.001 US00484M1062 0 0 24,350 27.300 624,476.28 0.29ADURO BIOTECH DL-.0001 US00739L1017 21,000 0 45,000 10.850 458,666.04 0.21AERIE PHARMACEUTIC.DL-001 US00771V1089 14,300 0 14,300 47.950 644,138.09 0.29AGIOS PHARMACEUT. DL-.001 US00847X1046 0 32,500 27,700 51.470 1,339,332.08 0.61AIMMUNE THER.INC.DL-.0001 US00900T1079 15,800 0 15,800 21.860 324,460.31 0.15

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AKORN INC. US0097281069 0 0 45,700 22.220 953,925.79 0.44ALDER BIOPHARMAC.DL-.0001 US0143391052 3,300 0 17,700 22.650 376,613.43 0.17ALEXION PHARMAC. DL-.0001 US0153511094 46,200 3,100 107,550 121.600 12,285,655.24 5.62ALNYLAM PHARMACE.DL-.0001 US02043Q1076 10,000 9,880 32,000 51.530 1,549,046.50 0.71AMGEN INC. DL-.0001 US0311621009 4,200 8,600 58,970 180.120 9,978,089.62 4.56AMICUS THERAPEUTICS INC. US03152W1099 0 0 36,600 7.030 241,707.84 0.11ARATANA THERAPEUT.DL-.001 US03874P1012 0 0 90,500 5.320 452,287.46 0.21ARRAY BIOPHARMA DL-.001 US04269X1054 0 105,000 119,200 11.000 1,231,752.00 0.56AVEXIS INC. DL-.0001 US05366U1007 10,700 0 10,700 71.930 723,016.44 0.33BIOCRYST PHARMAC. DL-.01 US09058V1035 0 0 25,300 8.360 198,692.34 0.09BIOGEN INC. DL -.0005 US09062X1037 0 10,500 25,500 292.470 7,006,092.06 3.20BIOMARIN PHAR. DL-.001 US09061G1013 7,400 2,700 92,600 91.650 7,972,559.89 3.64BIO-TECHNE CORP. DL-.01 US09073M1045 0 0 10,350 106.830 1,038,694.69 0.47BLUEBIRD BIO INC. DL-.01 US09609G1004 1,700 11,800 43,050 92.000 3,720,620.01 1.70BLUEPRINT MED.CORP.DL-001 US09627Y1091 0 0 11,000 40.000 413,339.60 0.19BRISTOL-MYERS SQUIBBDL-10 US1101221083 20,000 8,200 73,800 56.690 3,930,222.64 1.80CELGENE CORP. DL-.01 US1510201049 25,900 28,700 180,200 124.680 21,105,999.06 9.65CELLDEX THER. NEW DL-.001 US15117B1035 68,000 0 203,000 3.300 629,309.53 0.29CEMPRA INC. DL-.001 US15130J1097 0 0 15,900 3.800 56,759.04 0.03CHINA BIOLOG.PRO.DL-.0001 US16938C1062 0 0 10,000 100.490 944,011.27 0.43CLOVIS ONCOLOGY DL-.001 US1894641000 15,700 0 15,700 66.950 987,426.02 0.45COHERUS BIOSCIEN.DL-.0001 US19249H1032 0 0 27,600 22.175 574,945.98 0.26DEPOMED INC. US2499081048 0 15,000 23,700 15.710 349,767.03 0.16DERMIRA INC. DL-.001 US24983L1044 0 0 12,000 35.220 397,031.47 0.18EAGLE PHARMACEUTI.DL-.001 US2697961082 0 0 6,000 80.010 450,972.29 0.21EDITAS MEDICINE DL-.0001 US28106W1036 13,000 0 13,000 26.040 318,008.45 0.15EPIZYME INC. DL -.0001 US29428V1044 18,800 0 74,700 16.400 1,150,850.16 0.53EXELIXIS INC. DL-.01 US30161Q1040 111,000 0 111,000 21.740 2,266,923.44 1.04FIBROGEN INC. DL-.01 US31572Q8087 0 0 34,000 25.200 804,884.92 0.37FIVE PRIME THERAP.DL-.001 US33830X1046 0 6,300 21,250 39.760 793,705.97 0.36FOUNDATION MEDIC.DL-.0001 US3504651007 0 0 13,000 32.200 393,236.26 0.18GENOMIC HEALTH DL-.0001 US37244C1018 0 0 12,400 31.270 364,253.64 0.17GILEAD SCIENCES DL-.001 US3755581036 44,000 37,500 220,000 67.770 14,006,012.21 6.40HALOZYME THERAPEU.DL-.001 US40637H1095 0 0 107,200 13.310 1,340,377.64 0.61ILLUMINA INC. DL-.01 US4523271090 0 0 57,000 164.830 8,826,031.00 4.03INC RESEAR.HLDGS A DL-.01 US45329R1095 0 0 22,000 44.600 921,747.30 0.42INCYTE DL-.001 US45337C1027 21,400 28,310 75,700 150.960 10,735,248.47 4.91INSMED INC. DL-.01 US4576693075 0 0 23,100 15.740 341,563.18 0.16INTERCEPT PHARMAC.DL-.001 US45845P1084 0 0 11,050 121.840 1,264,755.28 0.58JUNO THERAPEUTICS DL-0001 US48205A1097 0 43,100 40,900 23.750 912,517.61 0.42KITE PHARMA INC. DL -.001 US49803L1098 0 17,200 30,000 83.890 2,364,208.55 1.08LIGAND PHARMAC.NEW DL-001 US53220K5048 1,700 0 8,400 106.740 842,288.40 0.39LOXO ONKOLOGY DL-.0001 US5488621013 8,300 0 8,300 42.770 333,481.45 0.15LUMINEX CORP. DEL DL-.01 US55027E1029 0 0 12,650 18.060 214,616.25 0.10MACROGENICS INC. DL-.01 US5560991094 0 0 11,400 18.740 200,691.40 0.09MEDICINES CO. DL-.001 US5846881051 3,800 0 27,070 52.310 1,330,231.75 0.61MOMENTA PHARMAC. DL-.0001 US60877T1007 22,000 23,500 59,800 13.750 772,428.37 0.35NEKTAR THERAPEUTICS US6402681083 0 0 51,000 15.390 737,332.08 0.34NEUROCRINE BIOSCI. DL-001 US64125C1099 14,000 0 46,900 45.580 2,008,174.73 0.92ONCOMED PHARMACEUT.DL-001 US68234X1028 34,000 0 80,700 9.400 712,616.25 0.33OPHTHOTECH CORP. DL-.001 US6837451037 0 0 14,000 3.570 46,951.62 0.02OPKO HEALTH INC. DL-.01 US68375N1037 208,000 0 208,000 8.070 1,576,852.98 0.72

ESPA STOCK BIOTEC

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Investor note:

The values of assets in illiquid markets may deviate from their actual selling prices.



OTONOMY INC. DL-.001 US68906L1052 6,500 14,000 11,700 12.250 134,640.68 0.06PACIRA PHARMACEUT.DL -.01 US6951271005 0 0 14,400 46.700 631,733.21 0.29PORTOLA PHARMACEUT.DL-001 US7370101088 0 0 18,750 39.570 696,982.15 0.32PRA HEALTH SCIENC.DL -.01 US69354M1080 0 0 23,000 58.950 1,273,696.57 0.58PTC THERAPEUTICS DL-.001 US69366J2006 0 0 12,730 10.390 124,250.54 0.06RADIUS HEALTH INC.DL-0001 US7504692077 0 0 29,700 40.060 1,117,690.93 0.51REGENERON PHARMAC.DL-.001 US75886F1075 6,200 6,000 38,250 391.100 14,053,147.02 6.42REGULUS THERAPEUT.DL-.001 US75915K1016 0 0 44,650 1.400 58,722.40 0.03REPLIGEN CORP. DL-.01 US7599161095 0 0 14,920 33.000 462,527.01 0.21RETROPHIN INC. DL -.0001 US7612991064 0 0 29,000 18.910 515,162.05 0.24REVANCE THERAPEUT.DL-.001 US7613301099 17,500 0 25,500 18.300 438,374.82 0.20SAGE THERAPEUTICS DL-0001 US78667J1088 8,000 0 25,400 67.990 1,622,307.19 0.74SAREPTA THERAP. DL-.0001 US8036071004 279,100 274,200 167,100 30.160 4,734,369.19 2.16SEATTLE GENETICS DL-.001 US8125781026 33,500 0 54,750 67.160 3,454,213.25 1.58SPARK THERAPEUTICS DL-001 US84652J1034 12,200 0 22,200 58.910 1,228,559.89 0.56SUCAMPO PHARMA. A DL -.01 US8649091068 0 0 16,900 10.250 162,728.98 0.07TESARO INC. DL-.0001 US8815691071 27,000 0 27,000 153.650 3,897,181.78 1.78ULTRAGENYX PHARM. DL-.001 US90400D1081 11,700 3,200 45,520 84.390 3,608,673.37 1.65VERTEX PHARMAC. DL-.01 US92532F1003 34,000 32,800 172,950 92.740 15,067,527.48 6.89XENCOR INC. DL-.01 US98401F1057 0 0 35,000 23.820 783,184.59 0.36

Total issue country USA 193,045,494.20 88.24Total equities denominated in USD translated at a rate of 1.06450 206,973,918.07 94.61

Total securities admitted to organised markets 207,734,318.07 94.96

Breakdown of fund assets

Securities 214,598,294.43 98.09Cash in banks 4,224,733.70 1.93Dividend entitlements 113,377.44 0.05Other deferred items -166,985.67 - 0.08Fund assets 218,769,419.90 100.00

Dividend shares outstanding AT0000746748 shares 94,037.257Share value for dividend share AT0000746748 EUR 429.14

Non-dividend shares outstanding AT0000746755 shares 233,053.199Share value for non-dividend share AT0000746755 EUR 429.14

KEST-exempt non-dividend shares outstanding AT0000673165 shares 16,131.278Share value for KEST-exempt non-dividend share AT0000673165 EUR 451.68

KEST-exempt non-dividend shares outstanding AT0000A0XYP0 shares 140,574.704Share value for KEST-exempt non-dividend share AT0000A0XYP0 CZK 12,204.60

KEST-exempt non-dividend shares outstanding AT0000A18XC5 shares 16,865.738KEST-exempt non-dividend shares outstanding AT0000A18XC5 HUF 140,560.56

15


Purchases and sales of securities in the reporting period not listed in the fund portfolio

Vienna, 1 June 2017ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H.

Electronically signed

Inspection information: The electronic signatures in this document can be inspected at www.signaturpruefung.gv.at.Note: 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]).

Security designation ISIN Purch./ Sales/

number additions disposals

Shares/nominal (nom. in 1,000, rounded)

Publicly traded securities



QIAGEN NV EO -.01 NL0000240000 0 90,320

Issue country USA

AEGERION PHARMACEUTICALS US00767E1029 0 33,950AFFYMETRIX INC. US00826T1088 0 28,600ANACOR PHARMACEUT.DL-.001 US0324201013 4,200 27,100ARIAD PHARMA. DL-.001 US04033A1007 75,000 75,000COLUCID PHARMACEUT.DL-001 US19716T1016 7,700 7,700MEDIVATION INC. DL-.01 US58501N1019 56,500 159,220RELYPSA INC. DL -.001 US7595311066 42,000 167,300

Securities admitted to organised markets



MYLAN N.V. EO -.01 NL0011031208 0 88,000

Issue country USA

BIOVERATIV INC. DL -.001 US09075E1001 14,200 14,200GERON CORP. (DEL.) DL-001 US3741631036 0 51,000IMPAX LABORATORIES DL-.01 US45256B1017 0 11,570IONIS PHARMACEUT. DL-001 US4622221004 0 44,380MARINUS PHARMAC. DL-.001 US56854Q1013 0 30,500NEWLINK GENETICS DL -.01 US6515111077 0 10,935SERES THERAPEUT. DL -.001 US81750R1023 0 15,000

ESPA STOCK BIOTEC

16

Auditor’s Opinion*

Statement on the annual report

Audit opinion

We have audited the annual report prepared by ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H., Vienna, for the fund under its management

ESPA STOCK BIOTECmutual fund pursuant to the InvFG,

consisting of the fund portfolio as of 14 March 2017, the income statement for the financial year ending on this date, and the other information specified in Annex I Scheme B of the Austrian Investment Fund Act 2011 (InvFG 2011).

Based on the findings of our audit, we believe that the annual report satisfies the legal requirements and provides a true and fair view of the assets and financial position as of 14 March 2017 and of the earnings position of the fund for the financial year ending on this date in accordance with Austrian commercial law and the provisions of the InvFG 2011.

Basis for the audit opinion

We conducted our audit in accordance with § 49 (5) InvFG 2011 and in accordance with the Austrian principles of good auditing. These principles require the application of the International Standards on Auditing (ISA). Our responsibilities under these regulations and standards are described in the section "Responsibilities of the auditor in auditing the annual report" of our opinion. We are independent from the company as specified by the Austrian commercial and industry regulations and fulfilled our other professional obligations in accordance with these requirements. We feel that the audit evidence that we obtained is sufficient and suitable to serve as a basis for our audit opinion. Management and supervisory board responsibilities relating to the annual report

The legal representatives are responsible for preparing the annual report and for ensuring that this report provides a true and fair view of the assets and financial and earnings position of the fund in accordance with Austrian commercial law and the provisions of the InvFG 2011. The legal representatives are also responsible for implementing the internal controls that they deem necessary to facilitate the preparation of an annual report that is free from material misstatements due to error or fraud.

The supervisory board is responsible for monitoring the accounting process of the company as it applies to the fund under its management.

17


Responsibilities of the auditor in auditing the annual report

Our goals are to ascertain with sufficient certainty whether the annual report contains material misstatements due to error or fraud and to issue a statement that includes our audit opinion. Sufficient certainty is a high degree of certainty but no guarantee that an audit conducted in accordance with the Austrian standards on good auditing, which require the application of the ISA, will always discover material misstatements that may be present. Misstatements can result from fraud or errors and are considered to be material when it can be reasonably expected that individual misstatements or a combination of misstatements can influence economic decisions made by readers on the basis of this annual report.

As part of an audit conducted in accordance with the Austrian standards on good auditing, which require the application of the ISA, we exercise professional judgement and maintain professional scepticism during the entire audit process. In addition:

— We identify and assess the risks of material misstatements in the annual report due to error or fraud, plan audit steps in response to these risks, perform the planned audit steps, and collect audit evidence that is sufficient and suitable to form a basis for our audit opinion. The risk that a material misstatement resulting from fraud will remain undiscovered is greater than for misstatements resulting from error because fraudulent activity can include collusion, the falsification of documents, intentional incomplete or misleading representations, and the circumvention of internal controls.

— We familiarise ourselves with the internal control systems that are relevant for the audit to plan audit steps that are appropriate under the specific circumstances, but not so as to state an opinion on the effectiveness of the company’s internal control system.

— We assess the appropriateness of the accounting methods applied by the legal representatives and the reasonableness of the estimates made by the legal representatives in the accounts and of the associated information.

— We assess the overall presentation, the structure, and the content of the annual report including the figures as well as whether the annual report depicts the underlying transactions and events in a manner that provides a true and fair view.

— We discuss the planned scope and scheduling of the audit and any material audit findings, including material defects that we discover in the internal control system during our audit, with the supervisory board, among other issues.

ESPA STOCK BIOTEC

18

Other information

The legal representatives are responsible for the other information. The other information includes all information in the annual report except for the fund portfolio, the income statement, the other information specified in Annex I Scheme B of the InvFG 2011, and the auditor's opinion.

Our audit opinion does not cover this other information, and we provide no assurance whatsoever for this other information.

In connection with our audit of the annual report, it is our responsibility to read this other information and to consider whether there are material discrepancies between the other information and the annual report or the information gathered by us during our audit, or if this other information appears materially incorrect in some other manner. If we come to the conclusion on the basis of our audit steps that the other information is materially incorrect, we are obligated to report this. We have nothing to report in this regard.

Vienna, 1 June 2017

ERNST & YOUNGWIRTSCHAFTSPRÜFUNGSGESELLSCHAFT m.b.H

Mag. Friedrich O. Hief ppa MMag. Roland Unterweger(Certified Public

Accountant)(Certified Public Accountant)

* In the case of the publication or dissemination of the annual report in a form that deviates from the confirmed (unabridged German) version (e.g. an abridged version or translation), reference may not be made to the auditor’s opinion or our audit without our approval.

19


Fund Terms and Conditions for ESPA STOCK BIOTECMutual fund pursuant to the InvFG

The Fund Terms and Conditions for ESPA STOCK BIOTEC, mutual fund pursuant to the Austrian Investment Fund Act (Investmentfondsgesetz; InvFG) 2011 as amended, were approved by the Austrian Financial Market Authority (FMA).

The Fund is an undertaking for the collective investment of transferable securities (UCITS) and is managed by ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H. (the “Management Company” in the following), which is domiciled in Vienna.

Article 1Fund Shares

The partial ownership of the fund assets is evidenced by certificates having the characteristics of a bearer share.

The share certificates are depicted in global certificates. For this reason, individual share certificates cannot be issued.

Article 2Custodian Bank (Depositary Bank)

The custodian bank (depositary bank) appointed for the Fund is Erste Group Bank AG, Vienna.

The payment offices for share certificates are the custodian bank (depositary bank) or other payment offices mentioned in the prospectus.

Article 3Investment Instruments and Principles

The following assets may be selected for the Fund in accordance with the InvFG.

ESPA STOCK BIOTEC is an equity fund that invests primarily, in other words at least 51% of its assets, in stocks from companies in the biotechnology sector in the form of directly purchased individual instruments, in other words not indirectly or directly through investment funds or through derivatives.There are no limitations with regard to the domicile of the issuer. The Fund may purchase shares in companies with small market capitalisations or mid-sized market capitalisations as well as shares in large, strong, and important companies that are internationally known (blue chips).The fund assets are invested in the following investment instruments in accordance with the investment focus described above.

a) Securities

Securities (including securities with embedded derivative financial instruments) comprise at least 51% of the fund assets.

b) Money market instruments

Money market instruments may comprise up to 49% of the fund assets.

c) Securities and money market instruments

The Fund may purchase securities and money market instruments that are not fully paid up as well as subscription rights for these types of instruments and other financial instruments that are not fully paid up amounting to a maximum of 10% of the fund assets.

Securities and money market instruments may only be purchased for the Fund when they meet the criteria regarding listing or trading on a regulated market or a securities exchange pursuant to the InvFG.

Securities and money market instruments that do not meet the criteria described in the previous paragraph may comprise up to 10% of the fund assets in total.

d) Shares in investment funds

Shares in investment funds (UCITS, UCI) may each comprise up to 10% of the fund assets and may comprise up to 10% in aggregate total, provided that the target funds themselves (UCITS, UCI) do not invest more than 10% of their fund assets in shares of other investment funds.

e) Derivative financial instruments

Derivative financial instruments can be used for hedging purposes and as part of the investment strategy, and may comprise up to 49% of the fund assets.

ESPA STOCK BIOTEC

20

f) Risk measurement method(s) of the Fund

The Fund applies the following risk measurement methods: Commitment approach

The commitment value is determined according to § 3 of the 4th FMA Regulation on Risk Calculation and Reporting of Derivative Instruments (4. Derivate-Risikoberechnungs- und MeldeV).

g) Demand deposits or callable deposits

Demand deposits and callable deposits with a maximum term of 12 months may comprise up to 49% of the fund assets.

There are no minimum deposit requirements.

However, in the course of the restructuring of the fund portfolio and/or in the case of the justified expectation of impending losses experienced by securities, the Fund can hold a lower proportion of securities and a higher proportion of demand deposits or callable deposits with a maximum term of 12 months.

h) Acceptance of short-term loans

The Management Company may accept short-term loans for the account of the Fund up to an amount of 10% of the total fund assets.

i) Repurchase agreements

Does not apply.

j) Securities lending

Does not apply.

Article 4Issue and Return Procedure

The share value shall be calculated in EUR.

The share value is calculated at the same time as the issue and return price.

Issue of shares and issue premium

The issue price will be calculated and shares issued on every exchange trading day.

The issue price shall be made up of the share value plus a premium per share amounting to up to 4.0% to cover the costs incurred by the Management Company in issuing the share, rounded up to the next cent.

There is no limit on the issue of shares in principle. However, the Management Company reserves the right to temporarily or permanently suspend the issue of share certificates.

Return of shares and return fee

The return price will be calculated and shares redeemed on every exchange trading day.

The return price is the share value rounded down to the next cent. No return fee will be charged.

Upon request by the Shareholder, his shares shall be redeemed at the current return price in return for the share certificate.

Article 5Financial Year

The financial year of the Fund is from 15 March to 14 March.

Article 6Share Classes and Use of Earnings

The Fund features three different share classes and the corresponding certificates: dividend shares and non-dividend shares with capital gains tax withholding as well as non-dividend shares without capital gains tax withholding, with certificates being issued for one share each and also for fractional shares.

Use of earnings for dividend shares

The earnings generated during the financial year (interest and dividends) less all costs can be distributed as deemed appropriate by the Management Company. Dividend disbursement may be suspended taking the interests of the Shareholders into account. Dividends may

21


also be paid at the discretion of the Management Company from earnings generated by the sale of fund assets, including subscription rights. Fund assets may be paid out in the form of dividends and interim dividends. The fund assets may not fall below the legally stipulated minimum volume for termination after dividend payments in any case.

The amounts shall be paid to the holders of dividend shares on or after 15 June of the following financial year. The remaining amount shall be carried forward.

An amount calculated in accordance with the InvFG must also be paid out on or after 15 June to cover the capital gains tax assessed by the tax authorities on the dividend-equivalent earnings from the fund shares unless the Management Company provides suitable proof from the banks managing the corresponding securities accounts that the share certificates can only be held by Shareholders who are not subject to Austrian personal or corporate income tax or who meet the conditions for exemption from capital gains tax according to § 94 EStG at the time of payment.

Use of earnings for non-dividend shares with capital gains tax withholding

The earnings generated by the Fund during the financial year less all costs will not be paid out. In the case of non-dividend shares, an amount calculated in accordance with the InvFG must be paid out on or after 15 June to cover the capital gains tax assessed by the tax authorities on the dividend-equivalent earnings from the fund shares unless the Management Company provides suitable proof from the banks managing the corresponding securities accounts that the share certificates can only be held by Shareholders who are not subject to Austrian personal or corporate income tax or who meet the conditions for exemption from capital gains tax according to § 94 EStG at the time of payment.

Use of earnings for non-dividend shares without capital gains tax withholding (KESt-exempt non-dividend domestic and foreign tranche)

The earnings generated by the Fund during the financial year less all costs will not be paid out. No payment pursuant to the InvFG will be made. The reference date for the exemption from KESt payment for the profit for the year for the purposes of the InvFG shall be 15 June of the following financial year.

The Management Company shall provide suitable proof from the banks managing the corresponding securities accounts that the share certificates could only be held by Shareholders who are not subject to Austrian personal or corporate income tax or who met the conditions for exemption from capital gains tax according to § 94 of the Austrian Income Tax Act (Einkommensteuergesetz) at the time of payment.

If these requirements are not met at the time of payment, the amount calculated pursuant to the InvFG must be paid out by the bank managing the respective securities account in the form of an account credit.

Article 7Management Fee, Compensation for Expenses, Liquidation Fee

The Management Company shall receive an annual fee for its administrative activities amounting to up to 1.8% of the fund assets, which shall be accrued on a daily basis and calculated using the month-end values adjusted for the accrued fees.

The Management Company shall be entitled to compensation for all expenses incurred in the administration of the Fund.

The custodian bank shall receive a fee in the amount of 0.5% of the fund assets upon liquidation.

Further information and details about this Fund can be found in the prospectus.

ESPA STOCK BIOTEC

22

Annex to the Fund Terms and ConditionsList of exchanges with official trading and organised markets

(As of 2014)

1. Exchanges with official trading and organised markets in the Member States of the EEA

Every Member State must maintain a current list of the authorised markets within its territory. This list must be submitted to the other Member States and the Commission.

According to this provision, the Commission is required to publish a list of the regulated markets registered with it by the Member States once per year.

Because of lower entry barriers and specialisation in different trading segments, the list of “regulated markets” is subject to significant changes. For this reason, the Commission will publish an up-to-date version of the list on its official web site in addition to the annual publication of a list in the Official Journal of the European Union.

1.1. The currently valid list of regulated markets can be found at

http://mifiddatabase.esma.europa.eu/Index.aspx?sectionlinks_id=23&language=0&pageName=REGULATED_MARKETS_Display&subsection_id=0 *)

under "Verzeichnis der Geregelten Märkte (pdf)" (List of Regulated Markets).

1.2. The following exchanges are included in the list of regulated markets:

1.2.1 Luxembourg: Euro MTF Luxembourg

1.3. Recognised markets in the EEA according to § 67 (2) 2 InvFG:

Markets in the EEA that have been classified as recognised markets by the respective supervisory authorities.

2. Exchanges in European countries outside of the EEA

2.1. Bosnia and Herzegovina: Sarajevo, Banja Luka2.2. Montenegro: Podgorica2.3. Russia: Moscow (RTS Stock Exchange), Moscow Interbank Currency Exchange (MICEX)2.4. Switzerland: SWX Swiss Exchange2.5. Serbia: Belgrade2.6. Turkey: Istanbul (only "National Market" on the stock market)

3. Exchanges in non-European countries

3.1. Australia: Sydney, Hobart, Melbourne, Perth3.2. Argentina: Buenos Aires3.3. Brazil: Rio de Janeiro, Sao Paulo3.4. Chile: Santiago3.5. China: Shanghai Stock Exchange, Shenzhen Stock Exchange3.6. Hong Kong: Hong Kong Stock Exchange3.7. India: Bombay3.8. Indonesia: Jakarta3.9. Israel: Tel Aviv3.10. Japan: Tokyo, Osaka, Nagoya, Kyoto, Fukuoka, Niigata, Sapporo, Hiroshima3.11. Canada: Toronto, Vancouver, Montreal3.12. Colombia: Bolsa de Valores de Colombia3.13. Korea: Korea Exchange (Seoul, Busan)3.14. Malaysia: Kuala Lumpur, Bursa Malaysia Berhad3.15. Mexico: Mexico City3.16. New Zealand: Wellington, Christchurch/Invercargill, Auckland3.17. Peru: Bolsa de Valores de Lima3.18. Philippines: Manila3.19. Singapore: Singapore Stock Exchange3.20. South Africa: Johannesburg3.21. Taiwan: Taipei3.22. Thailand: Bangkok3.23. USA: New York, American Stock Exchange (AMEX), New York Stock Exchange (NYSE),

Los Angeles/Pacific Stock Exchange, San Francisco/Pacific Stock Exchange, Philadelphia, Chicago, Boston, Cincinnati

3.24. Venezuela: Caracas3.25. United Arab Emirates: Abu Dhabi Securities Exchange (ADX)

23


4. Organised markets in countries outside of the European Community

4.1. Japan: over the counter market4.2. Canada: over the counter market4.3. Korea: over the counter market4.4. Switzerland: SWX Swiss Exchange, BX Berne eXchange; over the counter market of the members of

the International Capital Market Association (ICMA), Zurich 4.5 USA: over the counter market in the NASDAQ system, over the counter market (markets

organised by NASD such as the over the counter equity market, municipal bond market, government securities market, corporate bonds and public direct participation programs), over the counter market for agency mortgage-backed securities

5. Exchanges with futures and options markets

5.1. Argentina: Bolsa de Comercio de Buenos Aires5.2. Australia: Australian Options Market, Australian Securities Exchange (ASX)5.3 Brazil: Bolsa Brasiliera de Futuros, Bolsa de Mercadorias & Futuros, Rio de Janeiro Stock

Exchange, Sao Paulo Stock Exchange5.4. Hong Kong: Hong Kong Futures Exchange Ltd.5.5. Japan: Osaka Securities Exchange, Tokyo International Financial Futures Exchange, Tokyo

Stock Exchange5.6. Canada: Montreal Exchange, Toronto Futures Exchange5.7. Korea: Korea Exchange (KRX)5.8. Mexico: Mercado Mexicano de Derivados5.9. New Zealand: New Zealand Futures & Options Exchange5.10. Philippines: Manila International Futures Exchange5.11. Singapore: The Singapore Exchange Limited (SGX)5.12. Slovakia: RM System Slovakia5.13. South Africa: Johannesburg Stock Exchange (JSE), South African Futures Exchange (SAFEX)5.14. Switzerland: EUREX5.15. Turkey: TurkDEX5.16. USA: American Stock Exchange, Chicago Board Options Exchange, Chicago Board of Trade,

Chicago Mercantile Exchange, Comex, FINEX, Mid America Commodity Exchange, ICE Future US Inc. New York, Pacific Stock Exchange, Philadelphia Stock Exchange, New York Stock Exchange, Boston Options Exchange (BOX)

*) To open the list, click “view all”. [The list can be found on the FMA’s web site by going to: http://www.fma.gv.at/de/unternehmen/boerse-wertpapierhandel/boerse.html

– scroll down – link to “Liste der geregelten Märkte (MiFID Database; ESMA)” – “view all”]

Unless indicated otherwise, source: ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H. Our languages of communication are German and English. Both the full prospectus and the simplified prospectus as well as the Key Investor Information (and any applicable changes to these documents) were published in Amtsblatt zur Wiener Zeitung in accordance with the provisions of the InvFG 2011 in the currently amended version and are available for free at the domicile of the Investment Firm and at the head office of the custodian bank. The exact date of the most recent publication, the languages in which the simplified prospectus and the Key Investor Information are available, and any additional locations where the documents can be obtained can be viewed on the web site www.erste-am.at.

www.erste-am.comwww.erste-am.at

Note regarding the data used

The sections Income Statement and Changes in Fund Assets, Fund Portfolio, and Tax Treatment in this annual report were prepared on the basis of data from the custodian bank for the Fund.

The data and information provided by the custodian bank were collected with the greatest possible care and were checked solely for plausibility.

Documents

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