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Performance

Brazilian INVESTORS FUNDS

Date Share Value (R$)             Month (%)     Year (%)     12 months (%)     60 months (%)    

IP-PARTICIPAÇÕES

02/20 48.42082925 1.33 8.71 5.77 93.02

IP-VALUE HEDGE

02/20 836.44073268 0.55 4.07 6.67 88.43

IP-PARTICIPAÇÕES IPG

02/20 2.66229065 1.23 7.69 3.79 80.84

Benchmark

Date Value              Month (%)     Year (%)     12 months (%)     60 months (%)    
CDI (IN R$) 02/20 --- 0.35 0.89 6.47 66.71
IBOVESPA (IN R$) 02/20 96,544.82 -0.87 9.85 12.52 104.16
IGPM (IN R$) 01/31 --- 0.01 0.01 6.75 30.94
S&P 500 (IN US$) 02/20 5,552.90 3.14 11.41 4.57 67.75