Bestinver - Comparisons

COMPARE RETURNS VS SECTOR AVERAGE

AVERAGE ANNUAL SECTOR RETURNS
	15 Years	10 Years	7 Years	5 Years	3 Years	1 Year
European equities	3,0%	-1,0%	n/a	-5,6%	6,1%	-8,1%
Global equities	2,1%	-0,1%	n/a	-1,0%	0,9%	-4,4%
Spanish equities	4,9%	2,0%	n/a	-6,9%	1,7%	-5,2%
Mixed equities	2,4%	0,3%	n/a	-3,5%	1,0%	-4,3%
Mixed fixed income	2,2%	1,3%	n/a	-0,2%	1,0%	-1,9%
Data as of last month						Source: Inverco
AVERAGE ANNUAL BESTINVER RETURNS
	15 Years	10 Years	7 Years	5 Years	3 Years	1 Year
Bestinfond	13,6%	12,1%	6,8%	-0,5%	22,9%	-6,5%
B.Internacional		7,8%	7,7%	1,0%	29,0%	-2,8%
B.Bolsa		10,5%	4,6%	-4,6%	7,3%	-18,1%
B.Mixto		7,5%	3,5%	-2,5%	5,9%	-13,9%
B.Mixto Internacional					22,5%	-1,8%
B.Renta		3,4%	2,7%	1,6%	2,8%	0,1%

All returns are expressed in euros and as net, excluding fees and commissions. Past returns do not guarantee future returns.

All redemptions of our funds prior to one year are liable to a redemption fee.

COMPARE RETURNS VS OTHER EQUITY SPANISH FUNDS

SPANISH EQUITY MUTUAL FUNDS PERFORMANCE SINCE 1998
BESTINVER BOLSA		347,83%	Bestinver
METAVALOR		126,31%	Metagestión
FONBILBAO ACCIONES		107,61%	Seguros Bilbao
FIDELITY FNDS-IBERIA FUND A*		104,16%	Fidelity Fund Management
BANKPYME IBERBOLSA		96,26%	Bankpyme SA SGIIC
CREDIT SUISSE BOLSA		93,61%	Credit Suisse Gestión
EDM INVERSIÓN		89,75%	EDM Gestión
BBVA BOLSA PLUS		83,30%	BBVA Gestión
MADRID BOLSA OPORTUNIDAD		74,76%	Gesmadrid
BANKOA BOLSA		70,90%	Bankoa Gestión SGIIC SA
IGBM (Madrid Stockmarket Index)		38,62%	Benchmark
IBEX-35		20,91%	Benchmark
Data as of:	02/02/2012		Source: Bestinver & Bloomberg

Funds distributed in Spain

COMPARE RETURNS VS OTHER GLOBAL EQUITY FUNDS

EQUITY GLOBAL FUNDS PERFORMANCE SINCE 1998
CARMIGNAC INVESTISSEMENT		362,22%	Carmignac Gestion SA
BESTINVER INTERNACIONAL		264,28%	Bestinver Gestión SA SGIIC
AMUNDI INTERNATIONAL SICAV (SOCGEN)		259,80%	Societe Generale
BLACKROCK GLOBAL FUND - GLOBAL OPPORTUNITIES		84,28%	BlackRock Investment Management
DWS INVEST GLOBAL EQUITIES LC A		76,04%	DWS Investment GmbH
M&G INTERNATIONAL GROWTH		53,66%	M&G Group
BBVA DESARROLLO SOSTENIBLE		41,37%	BBVA Gestión SA SGIIC
PIONEER FUND - GLOBAL ECOLOGY		41,14%	Pioneer Asset Management S.A.
OYSTER WORLD OPPORTUN USD		36,42%	Oyster Asset Management S.A.
BANKPYME MULTI TOP FUND		29,54%	Bankpime SA SGIIC
S&P 500		36,59%	Benchmark
MSCI WORLD INDEX		13,80%	Benchmark
Data as of	02/02/2012		Source: Bestinver & Bloomberg

Funds distributed in Spain

COMPARE COMPARE FEES & COMMISSIONS

Fees = Management Fee + Deposit Fee

What fees and commissions does Bestinver charge to manage my capital? , Why do Bestinver’s funds have a redemption fee?

COMPARE RETURNS VS FEES

MAIN ASSET MANAGEMENT COMPANIES RANKING
Expressed in %	Total Weighted Returns*	Weighted Returns	Fees/Performance
Bestinver	0,8694	15,53	5,59
Caja España	0,567	1,79	31,63
Mapfre	0,9073	3,04	29,80
BBVA	0,61	2,25	27,08
Kutxa	0,6411	2,4	26,65
Caja Madrid	0,5107	1,92	26,52
Santander	0,636	2,52	25,21
Barclays	0,74	2,93	25,15
BBK	0,6775	2,75	24,62
Popular	0,66	2,71	24,45
CAM	0,4921	2,03	24,15
Ibercaja	0,6687	2,77	24,12
Ahorro	0,52	2,17	23,88
La Caixa	0,8324	3,99	20,82
Sabadell	0,5037	2,55	19,72
Caixa Catalunya	0,3999	2,13	18,77
UBS	0,5499	3,3	16,62
Bancaja	0,44	2,72	16,12
Morgan Stanley	0,5484	4,26	12,86
Bankinter	0,41	3,38	12,06
Total Funds	0,5902	2,88	20,47

*TER, expressed in % of capitalSource: Cinco Días 21/10/2007