BESTINVER

In 2003 Bestinver was chosen by Sycomore Asset Management among all Spanish fund managers to co-manage the Synergy Smaller Companies , a pan-European mutual fund managed by several fund managers in France, Germany, Holland, Italy and Spain with a Value investment approach and an excellent long term track-record. Bestinver currently has several management contracts for both its national and international portfolios with a range of international financial entities that have set up their own funds and Sicavs and entrusted Bestinver with their management (Manager of manager). ur Bestinver Bolsa, Bestinfond and Bestinver Internacional funds have been selected by various foreign financial institutions and advisors for inclusion in their funds of funds portfolios and Sicav (open-end investment) funds. In 2006, Bestinver's two managers have been awarded the top rating (triple A) by Citywire, Europe's foremost fund manager analysis agency. Only ten people in Spain have been awarded this rating. Bestinver Bolsa and Bestinfond were the only Spanish equity funds to end 2002 with positive returns, generating 8.25% and 8.17% respectively, compared to a correction in the IBEX-35 that year of 28.1%, its biggest loss since 1991. ince 1994, Bestinver's investment funds have received 89 prizes from the three leading investment fund analysis houses: Morningstar, Lipper and Standard & Poors.