DIE ERSTE österreichische Spar-Casse ... - ERSTE Stiftung

In the case that funds will be required to retain the shareholding or for foreseeable capital
increases in Erste Group Bank, ERSTE Foundation must refrain from any fundings according
to the Foundation Statutes.
Funds shall be made available for fundings in accordance with the Foundation Statutes. The
Management Board shall ensure that any fundings paid out do not diminish any claims of
creditors against ERSTE Foundation.
The foundation net assets (consisting of capital and revenue reserves) of ERSTE Foundation
amounted to (excluding hidden reserves) EUR 282,931,679.16 as of 31 December 2010 and
EUR 272,656,023.81 as of 31 December 2009. The foundation net assets therefore increased
in 2010 by some EUR 10.3 million. This change results from the appropriation to free
reserves from the net profit 2010 of EUR 16,097,679.83, and on the other hand from fundings
to beneficiaries from free reserves of EUR 5,822,024.48.
Investments in fixed assets
In 2010, investments in the amount of EUR 0.1 million refer mainly to the furnishings for the
new office of the ERSTE Foundation (EUR 0.03 million) and for further development of the
project database (EUR 0.04 million). Until 30 September 2011, the ERSTE Foundation
invested 0.2 million in fixed assets, whereas 0.1 million were used for its brand, 0.02 million
were used for its website and 0.03 million were used for its databases. Investments of EUR
0.4 million in total are expected for 2011, whereas 0.2 million are to be used for the brand.
Investments of further EUR 0.3 million are planned for 2012.
Investments in financial assets
In 2010 the equity interest in Erste Group Bank decreased approximately in the amount of
EUR 76 million to EUR 1,393.6 million through the sale of 3 million shares. The equity interest
in good.bee Holding GmbH remained unchanged at EUR 2.1 million. Furthermore, ERSTE
Foundation invested EUR 17.2 million in shares and other variable-yield securities. Until 30
September 2011, ERSTE Foundation sold 2.3 million and purchased 0.5 million shares in
Erste Group Bank. In addition 3.2 million shares in Erste Group Bank were contributed to the
limited partnership SBKG (as defined above) which is reported in the balance sheet item
"Shares in Group companies". As of 30 September 2011, ERSTE Foundation owns
90.659.034 shares in Erste Group Bank in the amount of EUR 1,243.9 million.
Trend information
In 2011, the Erste Foundation kept the level of funding and intensified the work in terms of
depth and quality focussed on “leading projects” (on the website called “factory projects”) and
organic development of the identified topics. The budget proposed to the Supervisory Board
for project fundings amounts to EUR 8.5 million for 2012, ie the same amount as in 2011.
Until 30 September 2010, the ERSTE Foundation sold 1.9 million shares of Erste Group Bank
into the market and reduced its investment in Erste Group Bank to 25.59%. The proceeds of
this sale (approximately EUR 56 million) will be used for repayment of debt and hence a
reduction of the liabilities of ERSTE Foundation.
The Issuer is not aware of any material circumstances apart from the information contained in
this Prospectus that would likely have a material effect on the Issuer's prospects for the
current financial year.
Deferred taxes
In 2003, in the course of the transformation of ERSTE AVS into a private foundation, the
taxation of the difference between the tax base of the Erste Bank (now: Erste Group Bank)
shares and the fair value of these shares was deferred until disposal of such shares. This
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