FUNDO DE PENSÕES PPR PATRIMÓNIO REFORMA ACÇÕES

SGF - SOCIEDADE GESTORA DE FUNDOS DE PENSÕES, S.A. Rua Laura Alves, 12, 2.º dto. - 1069-171 Lisboa Tel: 21 324 06 40 / Fax: 21 346 01 85 Capital Social: 1 500 000 Matriculada na Conservatória do Registo Comercial de Lisboa sob o n.º 68 211 Pessoa Colectiva n.º 501 973 494 FUNDO DE PENSÕES PPR PATRIMÓNIO REFORMA ACÇÕES Valor Patrimonial Unitário em 31-10-2015 5.14367 N.º Unidades de Participação em circulação 410,423 1 Valores mobiliários cotados 11 Mercado cot. ofic. de B.V. Port. 111 Títulos de dívida pública OT 2.875% 10/2025 46,000.00 EUR 103.00 103.00 57.81 47,437.81 OT 4.1% 02/2045 15,000.00 EUR 109.72 109.72 478.52 16,935.77 OT 4.45% 2018 180,000.00 EUR 100.16 100.16 3,020.16 183,302.77 SUB-TOTAL 247,676.35 114 Acções BCP (NPR) 648,463.00 EUR 0.05 0.05 33,914.61 SUB-TOTAL 160,956.00 EUR 33,914.61 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública BUND 0.5% 02/2025 30,000.00 EUR 100.38 100.38 118.36 30,232.36 FRANCE 3.25% 05/2045 15,000.00 EUR 134.20 134.20 211.78 20,341.78 NETHERLAND 0.25 07/2025 30,000.00 EUR 95.98 95.98 22.16 28,814.66 Rep. Italy 1.50% 06/2025 30,000.00 EUR 100.22 100.22 187.40 30,251.90 Rep. Italy 3.50% 03/2030 30,000.00 EUR 119.09 119.09 172.13 35,897.63 Spanish Govt.. 5.15% 10/2044 9,000.00 EUR 146.88 146.88 13,219.47 SUB-TOTAL 158,757.80 123 Obrigações diversas AB INBEV 9.75% 11/2015 BRL 45,500.00 BRL 99.00 419.69 476.72 11,102.39 BOIRO FLOAT 2016 14,033.90 EUR 99.57 99.57 13,973.60 LEHMAN BROT. HOLD. 6,375% 2001/11 100,000.00 EUR 8.50 8.50 8,500.00 NOVO BANCO 7 04/03/2016 4,000.00 EUR 100.08 100.08 42.08 4,045.15 NOVO BANCO 7 29/03/2016 3,000.00 EUR 101.18 101.18 18.36 3,053.61 OREY Best Of 2018 30,000.00 EUR 100.00 100.00 105.42 30,105.42 SUB-TOTAL 70,780.17 124 Acções AMUNDI ETF EURO STOXX 50 C 276.00 EUR 66.89 66.89 18,461.64 AMUNDI ETF MSCI Emerging Markets 13,797.00 EUR 3.17 3.17 43,681.30 AMUNDI ETF MSCI Europe Dividend Yield 231.00 EUR 107.09 107.09 24,737.79 AMUNDI ETF MSCI Italy 207.00 EUR 104.65 104.65 21,662.55 AMUNDI ETF MSCI SPAIN 139.00 EUR 190.90 190.90 26,535.10 AMUNDI ETF MSCI UK 70.00 EUR 184.38 184.38 12,906.60 COMSTAGE ETF PSI20 2,831.00 EUR 6.18 6.18 17,495.58 GEMALTO 185.00 EUR 57.05 57.05 10,554.25 INFINEON TECHNOLOGIES AG-EUR 927.00 EUR 11.20 11.20 10,377.77 LYXOR ETF AUTOS 669.00 EUR 60.36 60.36 40,380.84 LYXOR ETF BRASIL 2,682.00 EUR 9.78 9.78 26,229.96 LYXOR ETF CAC 40 288.00 EUR 48.48 48.48 13,960.80 LYXOR ETF Eurostoxx Banks 422.00 EUR 109.87 109.87 46,365.14 LYXOR ETF IBEX 35 93.00 EUR 102.65 102.65 9,546.45 LYXOR ETF MSCI Europe 226.00 EUR 126.66 126.66 28,625.16 Lyxor ETF DAX 1,569.00 EUR 104.48 104.48 163,921.28 Lyxor S&P 500 4,961.00 EUR 19.37 19.37 96,074.73 POWERSHARES DYN PHARMA 426.00 USD 70.50 77.59 27,287.98 Renault SA - EUR 230.00 EUR 85.73 85.73 19,717.90 VANGUARD HIGH DVD YLD ETF 302.00 USD 67.92 74.75 18,637.06

SUB-TOTAL 677,159.88 13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções GoPro Inc 784.00 USD 25.00 27.51 17,808.56 SUB-TOTAL 17,808.56 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados AMUNDI ETF MSCI JP 166.00 EUR 163.60 163.60 27,157.60 Candriam Bond Emerging Markets Debt Local - I 18.00 EUR 1,121.80 1,121.80 20,192.40 FIDELITY Euro Blue Chip Fund 1,497.00 EUR 16.29 16.29 24,386.13 Groupama Asie - I 8.00 EUR 2,374.15 2,374.15 18,993.20 ING L Renta Europe High Yield 6.00 EUR 7,726.14 7,726.14 46,356.84 Jupiter Dynamic Bond Fund 2,589.00 EUR 11.26 11.26 29,152.14 LYXOR China Enterprises 131.00 EUR 131.50 131.50 17,226.50 LYXOR Japan Topix 345.00 EUR 113.44 113.44 39,136.80 Lyxor ETF ASX 200 Australia 343.00 EUR 36.08 36.08 12,375.44 PICTET Global Emerging Debt I 219.00 EUR 327.10 327.10 71,634.90 UBS Bond Fund AUD - Q 1,132.00 AUD 112.56 173.57 82,630.52 SUB-TOTAL 389,242.47 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 83,333.33 EUR 0.53 0.53 44,141.67 SUB-TOTAL 44,141.67 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 500.00 EUR 62.07 62.07 31,035.00 SEB Immoinvest 934.00 EUR 22.60 22.60 21,108.40 UBS 3 Kontinente Immobilien 4,902.00 EUR 3.55 3.55 17,402.10 SUB-TOTAL 69,545.50 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR 341,445.61 BBVA-USD USD 42,607.64 CGD - USD USD 7,525.19 CGD-EUR EUR 33,022.64 SUB-TOTAL 424,601.08 52 A prazo 521 Depósitos e outros equiparados Millenium bcp 60,000.00 EUR 512.03 SUB-TOTAL 512.03 9 Outros valores a regularizar -23,061.21 TOTAL DE APLICAÇÕES 2,134,140.12 TOTAL DO FUNDO 2,111,078.91 Lisboa, 31 de Outubro de 2015

SGF - SOCIEDADE GESTORA DE FUNDOS DE PENSÕES, S.A. Rua Laura Alves, 12, 2.º dto. - 1069-171 Lisboa Tel: 21 324 06 40 / Fax: 21 346 01 85 Capital Social: 1 500 000 Matriculada na Conservatória do Registo Comercial de Lisboa sob o n.º 68 211 Pessoa Colectiva n.º 501 973 494 FUNDO DE PENSÕES PPR PATRIMÓNIO REFORMA CONSERVADOR Valor Patrimonial Unitário em 31-10-2015 7.45629 EUR N.º Unidades de Participação em circulação 1,002,450 Quantidade Moeda Cot. Moeda Cot. Euro Jur Dec Valor (Euro) 1 Valores mobiliários cotados 11 Mercado cot. ofic. de B.V. Port. 111 Títulos de dívida pública GALP 3% 01/2021 100,000.00 EUR 100.27 100.27 2,383.56 102,654.92 MOTA ENGIL 5.5% 04/2019 200,000.00 EUR 103.50 103.50 275.00 207,280.12 OT 2.875% 10/2025 212,000.00 EUR 103.00 103.00 266.45 218,626.45 OT 4.1% 02/2045 60,000.00 EUR 109.72 109.72 1,914.08 67,743.08 OT 4.95% 10/2023 310,000.00 EUR 113.40 113.40 251.56 351,804.31 OT 5.65% 02/2024 200,000.00 EUR 117.74 117.74 7,987.40 243,465.74 PETROBRAS 3.25% 04/2019 300,000.00 EUR 98.90 98.90 5,674.18 302,384.98 SUB-TOTAL 1,493,959.60 114 Acções 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 309,682.00 EUR 0.00 121 Títulos de dívida pública BUND 0.5% 02/2025 120,000.00 EUR 100.38 100.38 473.42 120,929.42 FRANCE 3.25% 05/2045 60,000.00 EUR 134.20 134.20 847.13 81,367.13 NETHERLAND 0.25 07/2025 120,000.00 EUR 95.98 95.98 88.64 115,258.64 Rep. Italy 1.50% 06/2025 120,000.00 EUR 100.22 100.22 749.59 121,007.59 Rep. Italy 3.50% 03/2030 121,000.00 EUR 119.09 119.09 694.26 144,787.11 Rep. Italy Float 06/2017 180,000.00 EUR 103.95 103.95 1,758.81 188,859.81 Spanish Govt.. 5.15% 10/2044 43,000.00 EUR 146.88 146.88 63,159.69 SUB-TOTAL 835,369.39 123 Obrigações diversas AB INBEV 9.75% 11/2015 BRL 196,000.00 BRL 99.00 419.69 2,053.58 47,825.68 BCP 3.375% 02/2017 200,000.00 EUR 99.29 99.29 4,549.32 203,133.32 BOIRO FLOAT 2016 49,423.72 EUR 99.57 99.57 49,211.39 EDP Finance 2% 04/2025 100,000.00 EUR 88.55 88.55 1,054.64 89,601.49 ESF 6.875% 10/2019 100,000.00 EUR 0.14 0.14 136.00 GALP Float 05/2017 200,000.00 EUR 102.35 102.35 3,188.89 207,888.89 LEHMAN BROT. HOLD. 6,375% 2001/11 210,000.00 EUR 8.50 8.50 17,850.00 NOVO BANCO 5.875% 11/2015 200,000.00 EUR 99.70 99.70 11,460.27 210,868.27 NOVO BANCO 7 04/03/2016 16,000.00 EUR 100.07 100.07 168.31 16,180.01 NOVO BANCO 7 29/03/2016 14,000.00 EUR 101.17 101.17 85.68 14,250.08 OREY Best Of 2018 100,000.00 EUR 100.00 100.00 351.39 100,351.39 Oi (PT) 5% 2019 265,000.00 EUR 104.58 104.58 13,104.79 290,254.68 Oi (PT) 5.875% 04/2018 100,000.00 EUR 81.04 81.04 3,162.23 84,204.23 SUB-TOTAL 1,331,755.43 124 Acções AMUNDI ETF MSCI Europe Dividend Yield 830.00 EUR 107.09 107.09 88,884.70 LYXOR ETF MSCI Europe 810.00 EUR 126.66 126.66 102,594.60 Lyxor S&P 500 4,962.00 EUR 19.37 19.37 96,094.09 UNICAJA Banco 5,774.00 EUR 1.00 1.00 5,774.00 VANGUARD HIGH DVD YLD ETF 1,084.00 USD 67.92 74.75 66,895.93 SUB-TOTAL 360,243.32 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados AMUNDI ETF MSCI JP 595.00 EUR 163.60 163.60 97,342.00 Candriam Bond Emerging Markets Debt Local - I 66.00 EUR 1,121.80 1,121.80 74,038.80

Candriam Bonds Total Return 282.00 EUR 1,402.85 1,402.85 395,603.70 FIDELITY Euro Blue Chip Fund 5,367.00 EUR 16.29 16.29 87,428.43 Groupama Asie - I 26.00 EUR 2,374.15 2,374.15 61,727.90 ING L Renta Europe High Yield 36.00 EUR 7,726.14 7,726.14 278,141.04 Jupiter Dynamic Bond Fund 42,427.00 EUR 11.26 11.26 477,728.02 Lyxor ETF ASX 200 Australia 1,229.00 EUR 36.08 36.08 44,342.32 PICTET Global Emerging Debt I 543.00 EUR 327.10 327.10 177,615.30 UBS Bond Fund AUD - Q 4,207.00 AUD 112.56 173.57 307,090.64 SUB-TOTAL 2,001,058.15 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 171,666.67 EUR 0.53 0.53 90,931.83 SUB-TOTAL 90,931.83 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 6,003.00 EUR 62.07 62.07 372,606.21 SEB Immoinvest 4,969.00 EUR 22.60 22.60 112,299.40 UBS 3 Kontinente Immobilien 27,122.00 EUR 3.55 3.55 96,283.10 SUB-TOTAL 581,188.71 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR 123,224.07 BBVA-USD USD 48.75 CGD - GBP GBP -0.03 CGD - USD USD 21,363.38 CGD-EUR EUR 496,817.88 SUB-TOTAL 641,454.05 52 A prazo 521 Depósitos e outros equiparados Millenium bcp 150,000.00 EUR 314.73 Papel Comercial ABENGOA 4.0% 01/2016 100,000.00 EUR 99.21 99.21 99,206.00 Papel Comercial CONDURIL, 5ª 12/2015-3.40% 150,000.00 EUR 100.00 100.00 835.83 150,835.83 Papel Comercial Mota-Engil 88ª 11/2015-3.40% 50,000.00 EUR 100.00 100.00 80.28 50,080.28 SUB-TOTAL 300,436.84 9 Outros valores a regularizar -161,836.38 TOTAL DE APLICAÇÕES 7,636,397.32 TOTAL DO FUNDO 7,474,560.94 Lisboa, 31 de Outubro de 2015

SGF - SOCIEDADE GESTORA DE FUNDOS DE PENSÕES, S.A. Rua Laura Alves, 12, 2.º dto. - 1069-171 Lisboa Tel: 21 324 06 40 / Fax: 21 346 01 85 Capital Social: 1 500 000 Matriculada na Conservatória do Registo Comercial de Lisboa sob o n.º 68 211 Pessoa Colectiva n.º 501 973 494 FUNDO DE PENSÕES PPR PATRIMÓNIO REFORMA EQUILIBRADO Valor Patrimonial Unitário em 31-10-2015 6.36029 EUR N.º Unidades de Participação em circulação 533,398 Quantidade Moeda Cot. Moeda Cot. Euro Jur Dec Valor (Euro) 1 Valores mobiliários cotados 11 Mercado cot. ofic. de B.V. Port. 111 Títulos de dívida pública OT 2.875% 10/2025 106,000.00 EUR 103.00 103.00 133.22 109,313.22 OT 4.1% 02/2045 30,000.00 EUR 109.72 109.72 957.04 33,871.54 SUB-TOTAL 143,184.76 114 Acções BCP (NPR) 539,372.00 EUR 0.05 0.05 28,209.16 SUB-TOTAL 269,682.00 EUR 28,209.16 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública BUND 0.5% 02/2025 60,000.00 EUR 100.38 100.38 236.71 60,464.71 FRANCE 3.25% 05/2045 30,000.00 EUR 134.20 134.20 423.57 40,683.57 NETHERLAND 0.25 07/2025 60,000.00 EUR 95.98 95.98 44.32 57,629.32 Rep. Italy 1.50% 06/2025 60,000.00 EUR 100.22 100.22 374.79 60,503.79 Rep. Italy 3.50% 03/2030 60,000.00 EUR 119.09 119.09 344.26 71,795.26 Rep. Italy Float 06/2017 60,000.00 EUR 103.95 103.95 586.27 62,953.27 Spanish Govt.. 5.15% 10/2044 22,000.00 EUR 146.88 146.88 32,314.26 SUB-TOTAL 386,344.18 123 Obrigações diversas AB INBEV 9.75% 11/2015 BRL 98,000.00 BRL 99.00 419.69 1,026.79 23,912.84 BOIRO FLOAT 2016 29,898.30 EUR 99.57 99.57 29,769.85 LEHMAN BROT. HOLD. 6,375% 2001/11 250,000.00 EUR 8.50 8.50 21,250.00 NOVO BANCO 7 04/03/2016 8,000.00 EUR 100.07 100.07 84.15 8,089.78 NOVO BANCO 7 29/03/2016 7,000.00 EUR 101.17 101.17 42.84 7,125.04 OREY Best Of 2018 60,000.00 EUR 100.00 100.00 210.83 60,210.83 Oi (PT) 5% 2019 80,000.00 EUR 87.57 87.57 3,956.16 74,009.76 SUB-TOTAL 224,368.10 124 Acções AMUNDI ETF EURO STOXX 50 C 304.00 EUR 66.89 66.89 20,334.56 AMUNDI ETF MSCI Emerging Markets 15,300.00 EUR 3.17 3.17 48,439.80 AMUNDI ETF MSCI Europe Dividend Yield 385.00 EUR 107.09 107.09 41,229.65 AMUNDI ETF MSCI Italy 230.00 EUR 104.65 104.65 24,069.50 AMUNDI ETF MSCI SPAIN 153.00 EUR 190.90 190.90 29,207.70 AMUNDI ETF MSCI UK 78.00 EUR 184.38 184.38 14,381.64 COMSTAGE ETF PSI20 3,142.00 EUR 6.18 6.18 19,417.56 GEMALTO 154.00 EUR 57.05 57.05 8,785.70 INFINEON TECHNOLOGIES AG-EUR 770.00 EUR 11.20 11.20 8,620.15 LYXOR ETF AUTOS 558.00 EUR 60.36 60.36 33,680.88 LYXOR ETF BRASIL 2,226.00 EUR 9.78 9.78 21,770.28 LYXOR ETF CAC 40 269.00 EUR 48.48 48.48 13,039.78 LYXOR ETF Eurostoxx Banks 466.00 EUR 109.87 109.87 51,199.42 LYXOR ETF IBEX 35 77.00 EUR 102.65 102.65 7,904.05 LYXOR ETF MSCI Europe 376.00 EUR 126.66 126.66 47,624.16 Lyxor ETF DAX 1,460.00 EUR 104.48 104.48 152,533.50 Lyxor S&P 500 5,774.00 EUR 19.37 19.37 111,819.28 POWERSHARES DYN PHARMA 473.00 USD 70.50 77.59 30,298.63 Renault SA - EUR 194.00 EUR 85.73 85.73 16,631.62

UNICAJA Banco 2,887.00 EUR 1.00 1.00 2,887.00 VANGUARD HIGH DVD YLD ETF 503.00 USD 67.92 74.75 31,041.19 SUB-TOTAL 734,916.05 13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções GoPro Inc 648.00 USD 25.00 27.51 14,719.32 SUB-TOTAL 14,719.32 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados AMUNDI ETF MSCI JP 276.00 EUR 163.60 163.60 45,153.60 Candriam Bond Emerging Markets Debt Local - I 32.00 EUR 1,121.80 1,121.80 35,897.60 Candriam Bonds Total Return 104.00 EUR 1,402.85 1,402.85 145,896.40 FIDELITY Euro Blue Chip Fund 2,490.00 EUR 16.29 16.29 40,562.10 Groupama Asie - I 12.00 EUR 2,374.15 2,374.15 28,489.80 ING L Renta Europe High Yield 13.00 EUR 7,726.14 7,726.14 100,439.82 Jupiter Dynamic Bond Fund 11,896.00 EUR 11.26 11.26 133,948.96 LYXOR China Enterprises 113.00 EUR 131.50 131.50 14,859.50 LYXOR Japan Topix 383.00 EUR 113.44 113.44 43,447.52 Lyxor ETF ASX 200 Australia 570.00 EUR 36.08 36.08 20,565.60 M&G Optimal Income Fd C-H 7,449.00 EUR 19.16 19.16 142,719.86 PICTET Global Emerging Debt I 504.00 EUR 327.10 327.10 164,858.40 UBS Bond Fund AUD - Q 1,952.00 AUD 112.56 173.57 142,486.55 SUB-TOTAL 1,059,325.71 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 178,333.32 EUR 0.53 0.53 94,463.16 SUB-TOTAL 94,463.16 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 1,500.00 EUR 62.07 62.07 93,105.00 SEB Immoinvest 3,410.00 EUR 22.60 22.60 77,066.00 UBS 3 Kontinente Immobilien 17,566.00 EUR 3.55 3.55 62,359.30 SUB-TOTAL 232,530.30 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR 348,849.79 BBVA-USD USD 7,424.68 CGD - USD USD 18,580.53 CGD-EUR EUR 66,774.37 SUB-TOTAL 441,629.37 52 A prazo 521 Depósitos e outros equiparados Papel Comercial CONDURIL, 5ª 12/2015-3.40% 50,000.00 EUR 100.00 100.00 278.61 50,278.61 Papel Comercial Sonae Indústria 123 3.673% - 11/2015 50,000.00 EUR 100.00 100.00 168.35 50,168.35 SUB-TOTAL 100,446.96 9 Outros valores a regularizar -67,572.61 TOTAL DE APLICAÇÕES 3,460,137.07 TOTAL DO FUNDO 3,392,564.46 Lisboa, 31 de Outubro de 2015

SGF - SOCIEDADE GESTORA DE FUNDOS DE PENSÕES, S.A. Rua Laura Alves, 12, 2.º dto. - 1069-171 Lisboa Tel: 21 324 06 40 / Fax: 21 346 01 85 Capital Social: 1 500 000 Matriculada na Conservatória do Registo Comercial de Lisboa sob o n.º 68 211 Pessoa Colectiva n.º 501 973 494 FUNDO DE PENSÕES PPR PATRIMÓNIO REFORMA PRUDENTE Valor Patrimonial Unitário em 31-10-2015 1.45849 EUR N.º Unidades de Participação em circulação 3,832,590 Quantidade Moeda Cot. Moeda Cot. Euro Jur Dec Valor (Euro) 1 Valores mobiliários cotados 11 Mercado cot. ofic. de B.V. Port. 111 Títulos de dívida pública GALP 3% 01/2021 100,000.00 EUR 100.81 100.81 2,383.56 103,188.56 OT 2.875% 10/2025 268,000.00 EUR 103.00 103.00 336.83 276,376.83 OT 4.1% 02/2045 65,000.00 EUR 109.72 109.72 2,073.59 73,388.34 SUB-TOTAL 452,953.73 114 Acções BCP (NPR) 533,953.00 EUR 0.05 0.05 27,925.74 SUB-TOTAL 245,999.00 EUR 27,925.74 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública BUND 0.5% 02/2025 120,000.00 EUR 100.38 100.38 473.42 120,929.42 FRANCE 3.25% 05/2045 65,000.00 EUR 134.20 134.20 917.73 88,147.73 NETHERLAND 0.25 07/2025 120,000.00 EUR 95.98 95.98 88.64 115,258.64 Rep. Italy 1.50% 06/2025 120,000.00 EUR 100.22 100.22 749.59 121,007.59 Rep. Italy 3.50% 03/2030 120,000.00 EUR 119.09 119.09 688.52 143,590.52 Rep. Italy Float 06/2017 130,000.00 EUR 103.95 103.95 1,270.25 136,398.75 Spanish Govt.. 5.15% 10/2044 44,000.00 EUR 146.88 146.88 64,628.52 SUB-TOTAL 789,961.17 123 Obrigações diversas AB INBEV 9.75% 11/2015 BRL 166,000.00 BRL 99.00 419.69 1,739.26 40,505.42 BOIRO FLOAT 2016 98,237.28 EUR 99.57 99.57 97,815.23 EDP Finance 2% 04/2025 100,000.00 EUR 93.66 93.66 1,054.64 94,718.64 ESF 6.875% 10/2019 100,000.00 EUR 0.14 0.14 136.00 LEHMAN BROT. HOLD. 6,375% 2001/11 350,000.00 EUR 8.50 8.50 29,750.00 NOVO BANCO 7 04/03/2016 16,000.00 EUR 100.07 100.07 168.31 16,180.01 NOVO BANCO 7 29/03/2016 14,000.00 EUR 101.17 101.17 85.68 14,250.08 OREY Best Of 2018 75,000.00 EUR 100.00 100.00 263.54 75,263.54 Oi (PT) 5.875% 04/2018 230,000.00 EUR 81.04 81.04 7,273.12 193,669.72 SUB-TOTAL 562,288.64 124 Acções AMUNDI ETF EURO STOXX 50 C 252.00 EUR 66.89 66.89 16,856.28 AMUNDI ETF MSCI Emerging Markets 12,623.00 EUR 3.17 3.17 39,964.42 AMUNDI ETF MSCI Europe Dividend Yield 636.00 EUR 107.09 107.09 68,109.24 AMUNDI ETF MSCI Italy 189.00 EUR 104.65 104.65 19,778.85 AMUNDI ETF MSCI SPAIN 127.00 EUR 190.90 190.90 24,244.30 AMUNDI ETF MSCI UK 64.00 EUR 184.38 184.38 11,800.32 COMSTAGE ETF PSI20 2,592.00 EUR 6.18 6.18 16,018.56 GEMALTO 153.00 EUR 57.05 57.05 8,728.65 INFINEON TECHNOLOGIES AG-EUR 763.00 EUR 11.20 11.20 8,541.79 LYXOR ETF CAC 40 248.00 EUR 48.48 48.48 12,021.80 LYXOR ETF Eurostoxx Banks 386.00 EUR 109.87 109.87 42,409.82 LYXOR ETF IBEX 35 76.00 EUR 102.65 102.65 7,801.40 LYXOR ETF MSCI Europe 620.00 EUR 126.66 126.66 78,529.20 Lyxor ETF DAX 584.00 EUR 104.48 104.48 61,013.40 Lyxor S&P 500 5,439.00 EUR 19.37 19.37 105,331.67 POWERSHARES DYN PHARMA 388.00 USD 70.50 77.59 24,853.84

Renault SA - EUR 192.00 EUR 85.73 85.73 16,460.16 UNICAJA Banco 6,930.00 EUR 1.00 1.00 6,930.00 VANGUARD HIGH DVD YLD ETF 831.00 USD 67.92 74.75 51,282.77 SUB-TOTAL 620,676.47 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados AMUNDI ETF MSCI JP 455.00 EUR 163.60 163.60 74,438.00 Candriam Bond Emerging Markets Debt Local - I 54.00 EUR 1,121.80 1,121.80 60,577.20 Candriam Bonds Total Return 174.00 EUR 1,402.85 1,402.85 244,095.90 FIDELITY Euro Blue Chip Fund 4,109.00 EUR 16.29 16.29 66,935.61 Groupama Asie - I 20.00 EUR 2,374.15 2,374.15 47,483.00 ING L Renta Europe High Yield 23.00 EUR 7,726.14 7,726.14 177,701.22 Jupiter Dynamic Bond Fund 21,293.00 EUR 11.26 11.26 239,759.18 LYXOR Japan Topix 316.00 EUR 113.44 113.44 35,847.04 Lyxor ETF ASX 200 Australia 941.00 EUR 36.08 36.08 33,951.28 M&G Optimal Income Fd C-H 12,431.00 EUR 19.16 19.16 238,172.99 PICTET Global Emerging Debt I 737.00 EUR 327.10 327.10 241,072.70 UBS Bond Fund AUD - Q 3,259.00 AUD 112.56 173.57 237,891.23 SUB-TOTAL 1,697,925.35 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 232,666.72 EUR 0.53 0.53 123,243.56 SUB-TOTAL 123,243.56 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 2,400.00 EUR 62.07 62.07 148,968.00 SEB Immoinvest 8,105.00 EUR 22.60 22.60 183,173.00 UBS 3 Kontinente Immobilien 38,629.00 EUR 3.55 3.55 137,132.95 SUB-TOTAL 469,273.95 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR EUR 317,765.25 BBVA-USD USD 2.93 BPI-EURO EUR 464.31 CGD - GBP GBP 0.01 CGD - USD USD 22,521.13 CGD-EUR EUR 534,717.54 SUB-TOTAL 875,471.17 52 A prazo 521 Depósitos e outros equiparados Millenium bcp 400,000.00 EUR 88.15 Papel Comercial CONDURIL, 5ª 12/2015-3.40% 50,000.00 EUR 100.00 100.00 278.61 50,278.61 Papel Comercial Mota-Engil 88ª 11/2015-3.40% 100,000.00 EUR 100.00 100.00 160.56 100,160.56 SUB-TOTAL 150,527.32 9 Outros valores a regularizar -180,441.96 TOTAL DE APLICAÇÕES 5,770,247.10 TOTAL DO FUNDO 5,589,805.14 Lisboa, 31 de Outubro de 2015

SGF - SOCIEDADE GESTORA DE FUNDOS DE PENSÕES, S.A. Rua Laura Alves, 12, 2.º dto. - 1069-171 Lisboa Tel: 21 324 06 40 / Fax: 21 346 01 85 Capital Social: 1 500 000 Matriculada na Conservatória do Registo Comercial de Lisboa sob o n.º 68 211 Pessoa Colectiva n.º 501 973 494 FUNDO DE PENSÕES PPR SGF ACÇÕES DINÂMICO Valor Patrimonial Unitário em 31-10-2015 6.34218 EUR N.º Unidades de Participação em circulação 95,827 Quantidade Moeda Cot. Moeda Cot. Euro Jur Dec Valor (Euro) 1 Valores mobiliários cotados 11 Mercado cot. ofic. de B.V. Port. 111 Títulos de dívida pública OT 2.875% 10/2025 13,000.00 EUR 103.00 103.00 16.34 13,406.34 OT 4.1% 02/2045 5,000.00 EUR 109.72 109.72 159.51 5,645.26 SUB-TOTAL 19,051.60 114 Acções BCP (NPR) 353,290.00 EUR 0.05 0.05 18,477.07 SUB-TOTAL 113,832.00 EUR 18,477.07 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública BUND 0.5% 02/2025 10,000.00 EUR 100.38 100.38 39.45 10,077.45 FRANCE 3.25% 05/2045 5,000.00 EUR 134.20 134.20 70.59 6,780.59 NETHERLAND 0.25 07/2025 10,000.00 EUR 95.98 95.98 7.39 9,604.89 Rep. Italy 1.50% 06/2025 10,000.00 EUR 100.22 100.22 62.47 10,083.97 Rep. Italy 3.50% 03/2030 10,000.00 EUR 119.09 119.09 57.38 11,965.88 Spanish Govt.. 5.15% 10/2044 3,000.00 EUR 146.88 146.88 4,406.49 SUB-TOTAL 52,919.27 123 Obrigações diversas AB INBEV 9.75% 11/2015 BRL 14,000.00 BRL 99.00 419.69 146.68 3,416.12 NOVO BANCO 7 04/03/2016 1,000.00 EUR 100.06 100.06 10.52 1,011.15 NOVO BANCO 7 29/03/2016 1,000.00 EUR 101.16 101.16 6.12 1,017.74 OREY Best Of 2018 5,000.00 EUR 100.00 100.00 17.57 5,017.57 SUB-TOTAL 10,462.58 124 Acções AMUNDI ETF EURO STOXX 50 C 50.00 EUR 66.89 66.89 3,344.50 AMUNDI ETF MSCI Emerging Markets 2,505.00 EUR 3.17 3.17 7,930.83 AMUNDI ETF MSCI Italy 37.00 EUR 104.65 104.65 3,872.05 AMUNDI ETF MSCI SPAIN 24.00 EUR 190.90 190.90 4,581.60 AMUNDI ETF MSCI UK 12.00 EUR 184.38 184.38 2,212.56 COMSTAGE ETF PSI20 515.00 EUR 6.18 6.18 3,182.70 GEMALTO 101.00 EUR 57.05 57.05 5,762.05 INFINEON TECHNOLOGIES AG-EUR 505.00 EUR 11.20 11.20 5,653.48 LYXOR ETF AUTOS 273.00 EUR 60.36 60.36 16,478.28 LYXOR ETF BRASIL 1,092.00 EUR 9.78 9.78 10,679.76 LYXOR ETF CAC 40 121.00 EUR 48.48 48.48 5,865.48 LYXOR ETF Eurostoxx Banks 76.00 EUR 109.87 109.87 8,350.12 LYXOR ETF IBEX 35 50.00 EUR 102.65 102.65 5,132.50 Lyxor ETF DAX 601.00 EUR 104.48 104.48 62,789.48 Lyxor S&P 500 1,056.00 EUR 19.37 19.37 20,450.50 POWERSHARES DYN PHARMA 77.00 USD 70.50 77.59 4,932.34 Renault SA - EUR 127.00 EUR 85.73 85.73 10,887.71 SUB-TOTAL 182,105.94 13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções GoPro Inc 318.00 USD 25.00 27.51 7,223.37 SUB-TOTAL 7,223.37

3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados Candriam Bond Emerging Markets Debt Local - I 4.00 EUR 1,121.80 1,121.80 4,487.20 ING L Renta Europe High Yield 1.00 EUR 7,726.14 7,726.14 7,726.14 Jupiter Dynamic Bond Fund 516.00 EUR 11.26 11.26 5,810.16 LYXOR China Enterprises 56.00 EUR 131.50 131.50 7,364.00 LYXOR ETF EuroMTS 1-3 Y 300.00 EUR 126.26 126.26 37,876.50 LYXOR Japan Topix 62.00 EUR 113.44 113.44 7,033.28 PICTET Global Emerging Debt I 71.00 EUR 327.10 327.10 23,224.10 UBS Bond Fund AUD - Q 276.00 AUD 112.56 173.57 20,146.66 SUB-TOTAL 113,668.04 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 285.00 EUR 62.07 62.07 17,689.95 SEB Immoinvest 360.00 EUR 22.60 22.60 8,136.00 SUB-TOTAL 25,825.95 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR 159,975.83 BBVA-USD USD 14,245.41 CGD-EUR EUR 9,240.96 SUB-TOTAL 183,462.20 9 Outros valores a regularizar -5,442.74 TOTAL DE APLICAÇÕES 613,196.02 TOTAL DO FUNDO 607,753.28 Lisboa, 31 de Outubro de 2015

SGF - SOCIEDADE GESTORA DE FUNDOS DE PENSÕES, S.A. Rua Laura Alves, 12, 2.º dto. - 1069-171 Lisboa Tel: 21 324 06 40 / Fax: 21 346 01 85 Capital Social: 1 500 000 Matriculada na Conservatória do Registo Comercial de Lisboa sob o n.º 68 211 Pessoa Colectiva n.º 501 973 494 FUNDO DE PENSÕES PPR SGF GARANTIDO Valor Patrimonial Unitário em 31-10-2015 6.79052 EUR N.º Unidades de Participação em circulação 674,923 Quantidade Moeda Cot. Moeda Cot. Euro Jur Dec Valor (Euro) 1 Valores mobiliários cotados 11 Mercado cot. ofic. de B.V. Port. 111 Títulos de dívida pública NOVO BANCO 2.625 05/2017 100,000.00 EUR 99.00 99.00 1,262.30 100,266.36 GALP 3% 01/2021 200,000.00 EUR 100.23 100.23 4,767.12 205,235.73 MOTA ENGIL 5.5% 04/2019 110,000.00 EUR 103.50 103.50 151.25 114,003.49 MOTA ENGIL 6.85 03/2016 115,000.00 EUR 101.09 101.09 919.04 117,172.72 OT 2.875% 10/2025 189,000.00 EUR 103.00 103.00 237.54 194,907.54 OT 4.1% 02/2045 35,000.00 EUR 109.72 109.72 1,116.55 39,516.80 OT 4.75% 06/2019 100,000.00 EUR 100.22 100.22 1,803.96 102,026.76 OT 4.95% 10/2023 150,000.00 EUR 109.73 109.73 121.72 164,721.61 OT 5.65% 02/2024 109,000.00 EUR 116.24 116.24 4,353.13 131,057.63 PETROBRAS 3.25% 04/2019 100,000.00 EUR 95.64 95.64 1,891.39 97,529.63 SUB-TOTAL 1,266,438.27 114 Acções 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 247,038.00 EUR 0.00 121 Títulos de dívida pública BUND 0.5% 02/2025 70,000.00 EUR 100.38 100.38 276.16 70,542.16 FRANCE 3.25% 05/2045 35,000.00 EUR 134.20 134.20 494.16 47,464.16 NETHERLAND 0.25 07/2025 70,000.00 EUR 95.98 95.98 51.70 67,234.20 Rep. Italy 1.50% 06/2025 70,000.00 EUR 100.22 100.22 437.26 70,587.76 Rep. Italy 3.50% 03/2030 70,000.00 EUR 119.09 119.09 401.64 83,761.14 Spanish Govt.. 5.15% 10/2044 24,000.00 EUR 146.88 146.88 35,251.92 SUB-TOTAL 374,841.34 123 Obrigações diversas AB INBEV 9.75% 11/2015 BRL 147,000.00 BRL 99.00 419.69 1,540.18 35,869.25 BCP 3.375% 02/2017 100,000.00 EUR 99.29 99.29 2,274.66 101,566.66 BRISA 4.5% 12/2016 50,000.00 EUR 100.48 100.48 2,034.25 52,272.85 EDP Finance 2% 04/2025 100,000.00 EUR 99.92 99.92 1,054.64 100,977.52 ESF 6.875% 10/2019 100,000.00 EUR 0.14 0.14 136.00 GALP Float 05/2017 100,000.00 EUR 102.35 102.35 1,594.44 103,944.44 NOVO BANCO 5.875% 11/2015 200,000.00 EUR 99.70 99.70 11,460.27 210,868.27 NOVO BANCO 7 04/03/2016 9,000.00 EUR 100.07 100.07 94.67 9,101.29 NOVO BANCO 7 29/03/2016 8,000.00 EUR 101.17 101.17 48.96 8,142.78 OREY Best Of 2018 30,000.00 EUR 100.00 100.00 105.42 30,105.42 Oi (PT) 4.625% 05/2020 120,000.00 EUR 95.87 95.87 2,668.85 117,715.25 Oi (PT) 5% 2019 140,000.00 EUR 104.58 104.58 6,923.29 153,341.97 SUB-TOTAL 924,041.70 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados Candriam Bond Emerging Markets Debt Local - I 26.00 EUR 1,121.80 1,121.80 29,166.80 Candriam Bonds Total Return 56.00 EUR 1,402.85 1,402.85 78,559.60 Jupiter Dynamic Bond Fund 8,124.00 EUR 11.26 11.26 91,476.24 M&G Optimal Income Fd C-H 8,041.00 EUR 19.16 19.16 154,062.34 PICTET Global Emerging Debt I 408.00 EUR 327.10 327.10 133,456.80 UBS Bond Fund AUD - Q 1,054.00 AUD 112.56 173.57 76,936.90 SUB-TOTAL 563,658.68 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário

IMOSOCIAL 20,816.00 EUR 6.93 6.93 144,204.92 SEB IMMOPORTFOLIO TARGET RETURN 1,786.00 EUR 62.07 62.07 110,857.02 SEB Immoinvest 1,022.00 EUR 22.60 22.60 23,097.20 UBS 3 Kontinente Immobilien 5,269.00 EUR 3.55 3.55 18,704.95 SUB-TOTAL 296,864.09 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR 717,451.81 BBVA-USD USD 2.88 CGD-EUR EUR 83,067.03 SUB-TOTAL 800,521.72 52 A prazo 521 Depósitos e outros equiparados Millenium bcp 215,000.00 EUR -4.98 Papel Comercial ABENGOA 4.0% 01/2016 100,000.00 EUR 99.21 99.21 99,206.00 Papel Comercial CONDURIL, 5ª 12/2015-3.40% 100,000.00 EUR 100.00 100.00 557.22 100,557.22 Papel Comercial Mota-Engil 88ª 11/2015-3.40% 50,000.00 EUR 100.00 100.00 80.28 50,080.28 Papel Comercial Riberalves 2015 1ª - 3% 50,000.00 EUR 100.00 100.00 16.67 50,016.67 Papel Comercial SAG Gest 6ª 11/2015 3.25% 50,000.00 EUR 99.83 99.83 49,913.00 Papel Comercial Sonae Indústria 123 3.673% - 11/2015 100,000.00 EUR 100.00 100.00 336.69 100,336.69 SUB-TOTAL 450,104.88 9 Outros valores a regularizar -93,391.97 TOTAL DE APLICAÇÕES 4,676,470.68 TOTAL DO FUNDO 4,583,078.71 Lisboa, 31 de Outubro de 2015