ERSTE Immobilien KAG

Fact Sheet

ERSTE IMMOBILIENFONDS - Open-ended real estate fund

Status at: 07/30/2010

Investment features

The ERSTE IMMOBILIENFONDS concentrates on developed residential properties and also offices and shops. The focus is on residential properties in Austria (currently no investments in other EU countries). At the beginning of September 2010, the fund purchased another residential property in Vienna. Current value real estate portfolio (Austria and Germany): € 87 m. approx. (for further information see real estate portfolio).

Fund key data
Payment on	07/15
Base currency	EUR
Total Assets	106,296,416.97
Fiscal Year	05/01 to 04/30
Inception	05/02/2008
Licenced in	AT
Recommended holding period	II
Investor experience	B
Investor risk tolerance	3
Order & Settlement details	next
Contact	ersteimmobilien@immorent.at

Share certificates
Type	ISIN	Curr	Net asset value	Initial charge
A.	AT0000A08SG7	EUR	102.21	3.50%
T.	AT0000A08SH5	EUR	106.11	3.50%
T.C.	AT0000A08SJ1	EUR	106.11	3.50%

Performance according to OeKB (Oesterreichische Kontrollbank AG) (in %, p.a.) (Reporting date: 07/30/2010)
Curr	1 Year	3 Years	5 Years	10 Years
EUR	3.87

Performance according to OeKB (Oesterreichische Kontrollbank AG) (in %, p.a.) (Reporting date: 07/30/2010)
Curr					Beginning of the year*	Inception
EUR					2.05	3.13
*absolute

Annual performance (in %, in basic fund currency)
Year	2008	2009
Performance	3.97	1.00

Performance

Benefits for investor
Purchase and sale of shares independent of the stock exchange. Portfolio addition for long-term wealth accumulation. Suitable as privileged investment vehicle according to the Austrian SME Advancement Act. No EU withholding tax (EU-non resident taxpayers in Austria). Small and large investments possible, starting at regular payments of 30 Euro with the capital plan.

Benefits for investor

Purchase and sale of shares independent of the stock exchange.
Portfolio addition for long-term wealth accumulation.
Suitable as privileged investment vehicle according to the
Austrian SME Advancement Act.
No EU withholding tax (EU-non resident taxpayers in Austria).
Small and large investments possible, starting at regular payments of 30 Euro
with the capital plan.

Please note
Changes on the real estate markets influence the performance of the fund. Real estate investments can decrease in value and negatively impact the performance of the fund. There is the risk that tenants may move out, leaving part or all of a given property vacant. The issue and redemption of shares may be suspended due to exceptional circumstances. A minimum investment horizon of four years is redommended.

Please note

Changes on the real estate markets influence the performance of the fund.
Real estate investments can decrease in value and negatively impact
the performance of the fund. There is the risk that tenants may move out,
leaving part or all of a given property vacant.
The issue and redemption of shares may be suspended due to exceptional
circumstances.
A minimum investment horizon of four years is redommended.

Tax Declaration
For Austrian retail investors: Income from Austrian real estate as well as cash income is charged with capital gain tax. Income from foreign real estate is generally not comprised by Austrian taxation. Regarding income tax, the certificates are taxed ultimately by capital gain tax and there exists no inheritance tax for Austrian real estate. For foreign real estate, inheritance tax liability may limitedly occur). ) According to an expert opinion, there may not occur any German inheritance tax liability regarding German real estate for Austrian investors who have been staying in Austria for more than 10 years.

This document is an advertisement. We expressly draw your attention to the fact that a full prospectus in accordance with the Real Estate Investment Fund Act (Immobilien-Investmentfondsgesetz/Immo InvFG), Federal Law Gazette No. 80/2003) as amended and the general and special fund requirements can be viewed at the registered domicile of Erste Immobilien KAG (the issuer) and Erste Group Bank AG (the custodian bank). The prospectus will be published in the official gazette of Wiener Zeitung (Amtsblatt zur Wiener Zeitung) and on the web site www.ersteimmobilien.at. All prospectuses can be viewed free of charge. We will willingly provide the exact date of publishing and other locations where prospectuses can be obtained on request. This document is neither intended as investment advice nor as a recommendation to make an investment. It is intended solely as a source of information for our investors and cannot replace personal advice provided to the investor on the basis of his or her individual expectations and circumstances. This document is based on the knowledge available to the persons who prepared the document at the time of preparation. Our analyses and conclusions are of a general nature and do not take into account the individual expectations and needs of our investors in terms of earnings, taxation or willingness to accept risk. Please note that an investment in securities also entails risks alongside the opportunities outlined above. Errors and misprints expected. ERSTE Immobilien KAG, Windmühlgasse 22-24 1060 Wien