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 31-01-2015 5.15184 N.º Unidades de Participação em circulação 409,035 1 Valores mobiliários cotados 11 Mercado cot. ofic. de B.V. Port. 111 Títulos de dívida pública O.T. 4.1% 04/2037 65,000.00 EUR 112.05 112.05 2,124.70 74,957.20 OT 3.875% 02/2030 52,000.00 EUR 109.62 109.62 789.44 57,789.24 OT 4.1% 02/2045 32,500.00 EUR 110.90 110.90 40.16 36,081.04 OT 4.45% 2018 180,000.00 EUR 100.20 100.20 5,047.40 185,410.54 OT 5.65% 02/2024 33,000.00 EUR 126.34 126.34 1,787.88 43,478.43 SUB-TOTAL 397,716.45 114 Acções BCP (NPR) 461,491.00 EUR 0.06 0.06 28,520.14 BPI-SGPS (NPR) 30,301.00 EUR 0.82 0.82 24,968.02 SUB-TOTAL 53,488.16 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública Rep. Greece (Swap) Zero GDP-Linked 10/2042 45,600.00 EUR 0.56 0.56 256.27 Rep. Italy 5% 09/2040 39,000.00 EUR 144.02 144.02 812.05 56,980.63 Spanish Govt.. 5.15% 10/2044 13,000.00 EUR 155.25 155.25 168.75 20,351.25 SUB-TOTAL 77,588.15 123 Obrigações diversas BOIRO FLOAT 2016 43,271.19 EUR 99.06 99.06 42,863.13 LEHMAN BROT. HOLD. 6,375% 2001/11 100,000.00 EUR 15.63 15.63 15,625.00 OREY Best Of 2018 30,000.00 EUR 100.00 100.00 105.42 30,105.42 Portugal Telecom 5% 2019 50,000.00 EUR 102.26 102.26 602.74 51,734.24 SUB-TOTAL 140,327.79 124 Acções AMUNDI ETF MSCI Emerging Markets 14,422.00 EUR 3.44 3.44 49,640.52 AMUNDI ETF MSCI Europe Dividend Yield 245.00 EUR 105.00 105.00 25,725.00 AMUNDI ETF MSCI Italy 306.00 EUR 94.05 94.05 28,779.30 AMUNDI ETF MSCI SPAIN 219.00 EUR 190.38 190.38 41,693.22 AMUNDI ETF MSCI UK 247.00 EUR 183.83 183.83 45,406.01 AMUNDI S&P 500 356.00 EUR 29.81 29.81 10,612.72 CIE FINANCIERE RICHEMON 25.00 CHF 77.00 80.12 1,849.93 COMSTAGE ETF PSI20 3,960.00 EUR 5.77 5.77 22,849.20 DEUTSCHE BANK-EUR 356.00 EUR 25.65 25.65 9,131.40 LYXOR ATHEX 20 6,539.00 EUR 1.05 1.05 6,865.95 LYXOR ETF AUTOS 647.00 EUR 62.14 62.14 40,204.58 LYXOR ETF BRASIL 1,425.00 EUR 14.09 14.09 20,078.25 LYXOR ETF CAC 40 140.00 EUR 45.83 45.83 6,416.20 LYXOR ETF Eurostoxx Banks 326.00 EUR 101.50 101.50 33,089.00 LYXOR ETF MSCI EMER MKTS 5,030.00 EUR 8.78 8.78 44,168.43 LYXOR ETF MSCI Europe 359.00 EUR 125.33 125.33 44,993.47 LYXOR ETF WORLD WATER 218.00 EUR 29.90 29.90 6,518.20 Lyxor ETF DAX 453.00 EUR 103.75 103.75 46,998.75 Lyxor S&P 500 2,881.00 EUR 18.10 18.10 52,146.10 POWERSHARES DYN PHARMA 796.00 USD 70.15 79.17 49,479.29 VANGUARD HIGH DVD YLD ETF 223.00 USD 66.77 75.35 13,193.77 ishares US Aerospace&Defense 98.00 USD 116.16 131.09 10,087.08

SUB-TOTAL 609,926.37 13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções FACEBOOK Inc. 249.00 USD 75.91 85.67 16,748.70 GOOGLE INC 28.00 USD 537.55 606.65 13,337.05 NOVARTIS,AG-CHF 25.00 CHF 90.80 94.48 2,181.47 SUB-TOTAL 32,267.22 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados AMUNDI ETF MSCI JP 264.00 EUR 148.52 148.52 39,209.28 COMSTAGE Short Bund 275.00 EUR 66.48 66.48 18,282.00 Candriam Bond Emerging Markets Debt Local - I 18.00 EUR 1,243.04 1,243.04 22,374.72 ETF Natural Gas 288,502.00 EUR 0.07 0.07 19,618.14 FIDELITY Euro Blue Chip Fund 2,339.00 EUR 15.15 15.15 35,435.85 Groupama Asie - I 12.00 EUR 2,542.09 2,542.09 30,505.08 ING L Renta Europe High Yield 6.00 EUR 7,759.55 7,759.55 46,557.30 Jupiter Dynamic Bond Fund 2,589.00 EUR 11.49 11.49 29,747.61 LYXOR ETF EuroMTS 1-3 Y 200.00 EUR 125.90 125.90 25,180.00 Lyxor ETF ASX 200 Australia 546.00 EUR 40.51 40.51 22,118.46 Morgan Stanley Diversified Alpha Plus I 1,191.00 EUR 36.34 36.34 43,280.94 PICTET Global Emerging Debt I 219.00 EUR 310.75 310.75 68,054.25 SPDR GOLD ETF 61.00 USD 120.76 136.28 6,527.33 UBS Bond Fund AUD - Q 1,132.00 AUD 110.71 160.71 86,335.51 SUB-TOTAL 493,226.47 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 83,333.33 EUR 0.43 0.43 35,458.33 SUB-TOTAL 35,458.33 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 500.00 EUR 100.68 100.68 50,340.00 SEB Immoinvest 934.00 EUR 23.76 23.76 22,191.84 UBS 3 Kontinente Immobilien 4,902.00 EUR 5.82 5.82 28,529.64 SUB-TOTAL 101,061.48 5 Liquidez 51 À vista 511 Numerário BBVA - CHF CHF 4,113.57 SUB-TOTAL 4,113.57 512 Depósitos à ordem BBVA - GBP GBP 8,836.92 BBVA - EUR 147,527.72 BBVA-USD USD 3,998.73 CGD - USD USD 250.51 CGD-EUR EUR 21,154.69 SUB-TOTAL 181,768.57 52 A prazo 521 Depósitos e outros equiparados Millenium bcp 60,000.00 EUR 668.03 SUB-TOTAL 668.03 9 Outros valores a regularizar -20,328.42 TOTAL DE APLICAÇÕES 2,127,610.59 TOTAL DO FUNDO 2,107,282.17 Lisboa, 31 de Janeiro 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 31-01-2015 7.54110 EUR N.º Unidades de Participação em circulação 1,028,264 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 O.T. 4.1% 04/2037 279,000.00 EUR 112.05 112.05 9,119.86 321,739.36 OT 3.875% 02/2030 308,000.00 EUR 109.62 109.62 4,675.90 342,290.10 OT 4.1% 02/2045 192,500.00 EUR 110.90 110.90 237.86 213,710.74 OT 4.95% 10/2023 310,000.00 EUR 114.66 114.66 4,120.03 359,563.03 OT 5.65% 02/2024 200,000.00 EUR 119.34 119.34 10,835.62 249,510.79 PETROBRAS 3.25% 04/2019 300,000.00 EUR 98.66 98.66 8,147.26 304,137.34 SUB-TOTAL 1,790,951.36 114 Acções BCP (NPR) 589,559.00 EUR 0.06 0.06 36,434.75 BPI-SGPS (NPR) 15,073.00 EUR 0.82 0.82 12,420.15 SUB-TOTAL 48,854.90 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública Rep. Greece (Swap) Zero GDP-Linked 10/2042 46,595.00 EUR 0.56 0.56 261.86 Rep. Italy 5% 09/2040 231,000.00 EUR 144.02 144.02 4,809.86 337,500.68 Rep. Italy Float 06/2017 180,000.00 EUR 105.02 105.02 629.57 189,656.57 Spanish Govt.. 5.15% 10/2044 77,000.00 EUR 155.25 155.25 999.52 120,542.02 SUB-TOTAL 647,961.13 123 Obrigações diversas BOIRO FLOAT 2016 152,389.83 EUR 99.06 99.06 150,952.78 ESF 6.875% 10/2019 100,000.00 EUR 16.48 16.48 16,477.00 GALP Float 05/2017 200,000.00 EUR 101.70 101.70 1,400.00 204,800.00 LEHMAN BROT. HOLD. 6,375% 2001/11 210,000.00 EUR 15.63 15.63 32,812.50 NOVO BANCO 4% 01/2019 100,000.00 EUR 100.75 100.75 109.59 100,859.59 OREY Best Of 2018 100,000.00 EUR 100.00 100.00 351.39 100,351.39 Portugal Telecom 5% 2019 265,000.00 EUR 105.44 105.44 3,194.52 282,607.58 Portugal Telecom 5.875% 04/2018 100,000.00 EUR 104.67 104.67 4,651.71 109,318.71 REN 4.75% 10/202 100,000.00 EUR 115.44 115.44 1,392.47 116,829.97 SUB-TOTAL 1,115,009.52 124 Acções AMUNDI ETF MSCI Emerging Markets 24,961.00 EUR 3.44 3.44 85,915.76 AMUNDI ETF MSCI Europe Dividend Yield 425.00 EUR 105.00 105.00 44,625.00 CIE FINANCIERE RICHEMON 56.00 CHF 77.00 80.12 4,143.83 COMSTAGE ETF PSI20 540.00 EUR 5.77 5.77 3,115.80 LYXOR ETF CAC 40 799.00 EUR 45.83 45.83 36,618.17 LYXOR ETF Eurostoxx Banks 240.00 EUR 101.50 101.50 24,360.00 LYXOR ETF MSCI Europe 620.00 EUR 125.33 125.33 77,704.60 Lyxor ETF DAX 240.00 EUR 103.75 103.75 24,900.00 Lyxor S&P 500 4,986.00 EUR 18.10 18.10 90,246.60 UNICAJA Banco 5,775.00 EUR 1.00 1.00 5,775.00 VANGUARD HIGH DVD YLD ETF 497.00 USD 66.77 75.35 29,404.95 SUB-TOTAL 426,809.71 13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções

NOVARTIS,AG-CHF 56.00 CHF 90.80 94.48 4,886.49 SUB-TOTAL 4,886.49 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados AMUNDI ETF MSCI JP 458.00 EUR 148.52 148.52 68,022.16 Candriam Bond Emerging Markets Debt Local - I 66.00 EUR 1,243.04 1,243.04 82,040.64 Candriam Bonds Total Return 282.00 EUR 1,411.33 1,411.33 397,995.06 ETF Natural Gas 404,207.00 EUR 0.07 0.07 27,486.08 FIDELITY Euro Blue Chip Fund 4,048.00 EUR 15.15 15.15 61,327.20 Groupama Asie - I 20.00 EUR 2,542.09 2,542.09 50,841.80 ING L Renta Europe High Yield 36.00 EUR 7,759.55 7,759.55 279,343.80 Jupiter Dynamic Bond Fund 42,427.00 EUR 11.49 11.49 487,486.23 LYXOR ETF EuroMTS 1-3 Y 700.00 EUR 125.90 125.90 88,130.00 Lyxor ETF ASX 200 Australia 945.00 EUR 40.51 40.51 38,281.95 Morgan Stanley Diversified Alpha Plus I 4,439.00 EUR 36.34 36.34 161,313.26 PICTET Global Emerging Debt I 543.00 EUR 310.75 310.75 168,737.25 SPDR GOLD ETF 135.00 USD 120.76 136.28 14,445.73 UBS Bond Fund AUD - Q 4,207.00 AUD 110.71 160.71 320,859.98 SUB-TOTAL 2,246,311.14 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 171,666.67 EUR 0.43 0.43 73,044.17 SUB-TOTAL 73,044.17 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 6,003.00 EUR 100.68 100.68 604,382.04 SEB Immoinvest 4,969.00 EUR 23.76 23.76 118,063.44 UBS 3 Kontinente Immobilien 27,122.00 EUR 5.82 5.82 157,850.04 SUB-TOTAL 880,295.52 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - BRL BRL 174,319.20 BBVA - EUR 12,743.50 BBVA-USD USD 42.61 CGD - BRL BRL -174,319.20 CGD - CHF CHF 9,501.93 CGD - GBP GBP -0.03 CGD - USD USD 176,942.96 CGD-EUR EUR 80,020.47 SUB-TOTAL 279,251.44 52 A prazo 521 Depósitos e outros equiparados Millenium bcp 150,000.00 EUR 470.73 Papel Comercial Mota-Engil 55ª 02/2015 4.00% 100,000.00 EUR 100.00 100.00 877.78 100,877.78 Papel Comercial Mota-Engil 59ª 03/2015 3.9% 100,000.00 EUR 100.00 100.00 541.67 100,541.67 Papel Comercial Sonae Indústria PRG 61ª - 03/2015 50,000.00 EUR 100.00 100.00 10.49 50,010.49 SUB-TOTAL 251,900.67 9 Outros valores a regularizar -11,031.57 TOTAL DE APLICAÇÕES 7,765,276.05 TOTAL DO FUNDO 7,754,244.48 Lisboa, 31 de Janeiro 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 31-01-2015 6.42965 EUR N.º Unidades de Participação em circulação 562,912 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 O.T. 4.1% 04/2037 140,000.00 EUR 112.05 112.05 4,576.27 161,446.27 OT 3.875% 02/2030 112,000.00 EUR 109.62 109.62 1,700.33 124,469.13 OT 4.1% 02/2045 70,000.00 EUR 110.90 110.90 86.49 77,712.99 OT 5.65% 02/2024 73,000.00 EUR 126.34 126.34 3,955.00 96,179.55 SUB-TOTAL 459,807.94 114 Acções BCP (NPR) 614,094.00 EUR 0.06 0.06 37,951.01 BPI-SGPS (NPR) 14,548.00 EUR 0.82 0.82 11,987.55 SUB-TOTAL 49,938.56 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública Rep. Greece (Swap) Zero GDP-Linked 10/2042 14,100.00 EUR 0.56 0.56 79.24 Rep. Italy 5% 09/2040 84,000.00 EUR 144.02 144.02 1,749.04 122,727.52 Rep. Italy Float 06/2017 60,000.00 EUR 105.02 105.02 209.86 63,218.86 Spanish Govt.. 5.15% 10/2044 28,000.00 EUR 155.25 155.25 363.46 43,833.46 SUB-TOTAL 229,859.08 123 Obrigações diversas BOIRO FLOAT 2016 92,186.44 EUR 99.06 99.06 91,317.11 EDP Finance 3.75% 2015 80,000.00 EUR 101.02 101.02 1,832.88 82,648.08 LEHMAN BROT. HOLD. 6,375% 2001/11 250,000.00 EUR 15.63 15.63 39,062.50 OREY Best Of 2018 60,000.00 EUR 100.00 100.00 210.83 60,210.83 Portugal Telecom 5% 2019 80,000.00 EUR 102.26 102.26 964.38 82,774.78 SUB-TOTAL 356,013.30 124 Acções AMUNDI ETF MSCI Emerging Markets 16,870.00 EUR 3.44 3.44 58,066.54 AMUNDI ETF MSCI Europe Dividend Yield 291.00 EUR 105.00 105.00 30,555.00 AMUNDI ETF MSCI Italy 356.00 EUR 94.05 94.05 33,481.80 AMUNDI ETF MSCI SPAIN 256.00 EUR 190.38 190.38 48,737.28 AMUNDI ETF MSCI UK 205.00 EUR 183.83 183.83 37,685.15 CIE FINANCIERE RICHEMON 45.00 CHF 77.00 80.12 3,329.87 COMSTAGE ETF PSI20 4,740.00 EUR 5.77 5.77 27,349.80 LYXOR ATHEX 20 7,649.00 EUR 1.05 1.05 8,031.45 LYXOR ETF AUTOS 384.00 EUR 62.14 62.14 23,861.76 LYXOR ETF CAC 40 377.00 EUR 45.83 45.83 17,277.91 LYXOR ETF Eurostoxx Banks 449.00 EUR 101.50 101.50 45,573.50 LYXOR ETF MSCI EMER MKTS 2,550.00 EUR 8.78 8.78 22,391.55 LYXOR ETF MSCI Europe 417.00 EUR 125.33 125.33 52,262.61 LYXOR ETF WORLD WATER 256.00 EUR 29.90 29.90 7,654.40 Lyxor ETF DAX 592.00 EUR 103.75 103.75 61,420.00 Lyxor S&P 500 3,368.00 EUR 18.10 18.10 60,960.80 POWERSHARES DYN PHARMA 602.00 USD 70.15 79.17 37,420.27 UNICAJA Banco 2,887.00 EUR 1.00 1.00 2,887.00 VANGUARD HIGH DVD YLD ETF 246.00 USD 66.77 75.35 14,554.56 ishares US Aerospace&Defense 115.00 USD 116.16 131.09 11,836.88 SUB-TOTAL 605,338.13

13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções FACEBOOK Inc. 1.00 USD 75.91 85.67 67.26 NOVARTIS,AG-CHF 45.00 CHF 90.80 94.48 3,926.65 SUB-TOTAL 3,993.91 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados AMUNDI ETF MSCI JP 309.00 EUR 148.52 148.52 45,892.68 COMSTAGE Short Bund 321.00 EUR 66.48 66.48 21,340.08 Candriam Bond Emerging Markets Debt Local - I 32.00 EUR 1,243.04 1,243.04 39,777.28 Candriam Bonds Total Return 104.00 EUR 1,411.33 1,411.33 146,778.32 ETF Natural Gas 318,717.00 EUR 0.07 0.07 21,672.76 FIDELITY Euro Blue Chip Fund 2,736.00 EUR 15.15 15.15 41,450.40 Groupama Asie - I 14.00 EUR 2,542.09 2,542.09 35,589.26 ING L Renta Europe High Yield 13.00 EUR 7,759.55 7,759.55 100,874.15 Jupiter Dynamic Bond Fund 11,896.00 EUR 11.49 11.49 136,685.04 LYXOR ETF EuroMTS 1-3 Y 150.00 EUR 125.90 125.90 18,885.00 Lyxor ETF ASX 200 Australia 641.00 EUR 40.51 40.51 25,966.91 M&G Optimal Income Fd C-H 7,449.00 EUR 19.51 19.51 145,334.46 Morgan Stanley Diversified Alpha Plus I 2,080.00 EUR 36.34 36.34 75,587.20 PICTET Global Emerging Debt I 504.00 EUR 310.75 310.75 156,618.00 SPDR GOLD ETF 105.00 USD 120.76 136.28 11,235.57 UBS Bond Fund AUD - Q 1,952.00 AUD 110.71 160.71 148,875.37 SUB-TOTAL 1,172,562.48 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 178,333.32 EUR 0.43 0.43 75,880.83 SUB-TOTAL 75,880.83 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 1,500.00 EUR 100.68 100.68 151,020.00 SEB Immoinvest 3,410.00 EUR 23.76 23.76 81,021.60 UBS 3 Kontinente Immobilien 17,566.00 EUR 5.82 5.82 102,234.12 SUB-TOTAL 334,275.72 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR 4,029.83 BBVA-USD USD 71.80 CGD - CHF CHF 8,166.41 CGD - USD USD 82,067.13 CGD-EUR EUR 93,361.78 SUB-TOTAL 187,696.95 52 A prazo 521 Depósitos e outros equiparados Millenium bcp 300,000.00 EUR 37.61 Papel Comercial Mota-Engil 55ª 02/2015 3.85% 50,000.00 EUR 100.00 100.00 422.43 50,422.43 Papel Comercial SAG Gest 195ª 02/2015 3.25% 100,000.00 EUR 99.89 99.89 99,892.00 SUB-TOTAL 150,352.04 9 Outros valores a regularizar -6,392.47 TOTAL DE APLICAÇÕES 3,625,718.94 TOTAL DO FUNDO 3,619,326.47 Lisboa, 31 de Janeiro 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 31-01-2015 1.48610 EUR N.º Unidades de Participação em circulação 4,039,876 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 O.T. 4.1% 04/2037 319,000.00 EUR 112.05 112.05 10,427.37 367,866.87 OT 3.875% 02/2030 220,000.00 EUR 109.62 109.62 3,339.93 244,492.93 OT 4.1% 02/2045 137,500.00 EUR 110.90 110.90 169.90 152,650.53 OT 5.65% 02/2024 143,000.00 EUR 126.34 126.34 7,747.47 188,406.52 SUB-TOTAL 953,416.85 114 Acções BCP (NPR) 526,398.00 EUR 0.06 0.06 32,531.40 BPI-SGPS (NPR) 12,888.00 EUR 0.82 0.82 10,619.71 SUB-TOTAL 43,151.11 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública Rep. Greece (Swap) Zero GDP-Linked 10/2042 69,300.00 EUR 0.56 0.56 389.47 Rep. Italy 5% 09/2040 165,000.00 EUR 144.02 144.02 3,435.62 241,071.92 Rep. Italy Float 06/2017 130,000.00 EUR 105.02 105.02 454.69 136,974.19 Spanish Govt.. 5.15% 10/2044 55,000.00 EUR 155.25 155.25 713.95 86,101.45 SUB-TOTAL 464,537.03 123 Obrigações diversas BOIRO FLOAT 2016 302,898.31 EUR 99.06 99.06 300,041.94 EDP Finance 3.75% 2015 142,000.00 EUR 101.02 101.02 3,253.36 146,700.34 ESF 6.875% 10/2019 100,000.00 EUR 16.48 16.48 16,477.00 LEHMAN BROT. HOLD. 6,375% 2001/11 350,000.00 EUR 15.63 15.63 54,687.50 OREY Best Of 2018 75,000.00 EUR 100.00 100.00 263.54 75,263.54 Portugal Telecom 5% 2019 130,000.00 EUR 102.26 102.26 1,567.12 134,509.02 Portugal Telecom 5.875% 04/2018 100,000.00 EUR 104.67 104.67 4,651.71 109,318.71 SUB-TOTAL 836,998.05 124 Acções AMUNDI ETF MSCI Emerging Markets 27,373.00 EUR 3.44 3.44 94,217.87 AMUNDI ETF MSCI Europe Dividend Yield 467.00 EUR 105.00 105.00 49,035.00 AMUNDI ETF MSCI Italy 115.00 EUR 94.05 94.05 10,815.75 AMUNDI ETF MSCI SPAIN 83.00 EUR 190.38 190.38 15,801.54 AMUNDI ETF MSCI UK 67.00 EUR 183.83 183.83 12,316.61 CIE FINANCIERE RICHEMON 43.00 CHF 77.00 80.12 3,181.87 COMSTAGE ETF PSI20 1,407.00 EUR 5.77 5.77 8,118.39 LYXOR ATHEX 20 2,483.00 EUR 1.05 1.05 2,607.15 LYXOR ETF AUTOS 123.00 EUR 62.14 62.14 7,643.22 LYXOR ETF CAC 40 531.00 EUR 45.83 45.83 24,335.73 LYXOR ETF Eurostoxx Banks 265.00 EUR 101.50 101.50 26,897.50 LYXOR ETF MSCI EMER MKTS 828.00 EUR 8.78 8.78 7,270.67 LYXOR ETF MSCI Europe 681.00 EUR 125.33 125.33 85,349.73 LYXOR ETF WORLD WATER 82.00 EUR 29.90 29.90 2,451.80 Lyxor ETF DAX 315.00 EUR 103.75 103.75 32,681.25 Lyxor S&P 500 5,468.00 EUR 18.10 18.10 98,970.80 POWERSHARES DYN PHARMA 193.00 USD 70.15 79.17 11,996.86 UNICAJA Banco 6,930.00 EUR 1.00 1.00 6,930.00 VANGUARD HIGH DVD YLD ETF 545.00 USD 66.77 75.35 32,244.87

ishares US Aerospace&Defense 37.00 USD 116.16 131.09 3,808.39 SUB-TOTAL 536,675.00 13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções NOVARTIS,AG-CHF 43.00 CHF 90.80 94.48 3,752.13 SUB-TOTAL 3,752.13 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados AMUNDI ETF MSCI JP 502.00 EUR 148.52 148.52 74,557.04 COMSTAGE Short Bund 104.00 EUR 66.48 66.48 6,913.92 Candriam Bond Emerging Markets Debt Local - I 54.00 EUR 1,243.04 1,243.04 67,124.16 Candriam Bonds Total Return 174.00 EUR 1,411.33 1,411.33 245,571.42 ETF Natural Gas 310,289.00 EUR 0.07 0.07 21,099.65 FIDELITY Euro Blue Chip Fund 4,440.00 EUR 15.15 15.15 67,266.00 Groupama Asie - I 22.00 EUR 2,542.09 2,542.09 55,925.98 ING L Renta Europe High Yield 23.00 EUR 7,759.55 7,759.55 178,469.65 Jupiter Dynamic Bond Fund 21,293.00 EUR 11.49 11.49 244,656.57 LYXOR ETF EuroMTS 1-3 Y 144.00 EUR 125.90 125.90 18,129.60 Lyxor ETF ASX 200 Australia 1,038.00 EUR 40.51 40.51 42,049.38 M&G Optimal Income Fd C-H 12,431.00 EUR 19.51 19.51 242,536.27 Morgan Stanley Diversified Alpha Plus I 3,408.00 EUR 36.34 36.34 123,846.72 PICTET Global Emerging Debt I 737.00 EUR 310.75 310.75 229,022.75 SPDR GOLD ETF 104.00 USD 120.76 136.28 11,128.57 UBS Bond Fund AUD - Q 3,259.00 AUD 110.71 160.71 248,557.80 SUB-TOTAL 1,876,855.48 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 232,666.72 EUR 0.43 0.43 98,999.69 SUB-TOTAL 98,999.69 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 2,400.00 EUR 100.68 100.68 241,632.00 SEB Immoinvest 8,105.00 EUR 23.76 23.76 192,574.80 UBS 3 Kontinente Immobilien 38,629.00 EUR 5.82 5.82 224,820.78 SUB-TOTAL 659,027.58 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR EUR 6,912.96 BBVA-USD USD 56.49 BPI-EURO EUR 602.34 CGD - CHF CHF 7,126.60 CGD - GBP GBP 0.01 CGD - USD USD 136,703.18 CGD-EUR EUR 86,284.10 SUB-TOTAL 237,685.68 52 A prazo 521 Depósitos e outros equiparados Millenium bcp 400,000.00 EUR 244.15 Papel Comercial Mota-Engil 55ª 02/2015 4.00% 100,000.00 EUR 100.00 100.00 877.78 100,877.78 Papel Comercial Mota-Engil 59ª 03/2015 3.9% 100,000.00 EUR 100.00 100.00 541.67 100,541.67 Papel Comercial SAG Gest 195ª 02/2015 3.25% 100,000.00 EUR 99.89 99.89 99,892.00 SUB-TOTAL 301,555.60 9 Outros valores a regularizar -9,000.44 TOTAL DE APLICAÇÕES 6,012,654.20 TOTAL DO FUNDO 6,003,653.76 Lisboa, 31 de Janeiro 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 31-01-2015 5.99313 EUR N.º Unidades de Participação em circulação 91,855 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 O.T. 4.1% 04/2037 20,000.00 EUR 112.05 112.05 653.75 23,063.75 OT 3.875% 02/2030 16,000.00 EUR 109.62 109.62 242.90 17,781.30 OT 4.1% 02/2045 10,000.00 EUR 110.90 110.90 12.36 11,101.86 OT 5.65% 02/2024 11,000.00 EUR 126.34 126.34 595.96 14,492.81 SUB-TOTAL 66,439.72 114 Acções BCP (NPR) 245,974.00 EUR 0.06 0.06 15,201.19 BPI-SGPS (NPR) 6,054.00 EUR 0.82 0.82 4,988.50 SUB-TOTAL 20,189.69 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública Rep. Italy 5% 09/2040 12,000.00 EUR 144.02 144.02 249.86 17,532.50 Spanish Govt.. 5.15% 10/2044 4,000.00 EUR 155.25 155.25 51.92 6,261.92 SUB-TOTAL 23,794.42 123 Obrigações diversas EDP Finance 3.75% 2015 10,000.00 EUR 101.02 101.02 229.11 10,331.01 OREY Best Of 2018 5,000.00 EUR 100.00 100.00 17.57 5,017.57 SUB-TOTAL 15,348.58 124 Acções AMUNDI ETF MSCI Emerging Markets 970.00 EUR 3.44 3.44 3,338.74 AMUNDI ETF MSCI Europe Dividend Yield 17.00 EUR 105.00 105.00 1,785.00 AMUNDI ETF MSCI Italy 21.00 EUR 94.05 94.05 1,975.05 AMUNDI ETF MSCI SPAIN 14.00 EUR 190.38 190.38 2,665.32 AMUNDI ETF MSCI UK 41.00 EUR 183.83 183.83 7,537.03 AMUNDI S&P 500 144.00 EUR 29.81 29.81 4,292.78 CIE FINANCIERE RICHEMON 20.00 CHF 77.00 80.12 1,479.94 COMSTAGE ETF PSI20 593.00 EUR 5.77 5.77 3,421.61 DEUTSCHE BANK-EUR 144.00 EUR 25.65 25.65 3,693.60 LYXOR ATHEX 20 439.00 EUR 1.05 1.05 460.95 LYXOR ETF AUTOS 76.00 EUR 62.14 62.14 4,722.64 LYXOR ETF BRASIL 575.00 EUR 14.09 14.09 8,101.75 LYXOR ETF CAC 40 275.00 EUR 45.83 45.83 12,603.25 LYXOR ETF Eurostoxx Banks 101.00 EUR 101.50 101.50 10,251.50 LYXOR ETF MSCI EMER MKTS 1,296.00 EUR 8.78 8.78 11,380.18 LYXOR ETF MSCI Europe 24.00 EUR 125.33 125.33 3,007.92 LYXOR ETF WORLD WATER 14.00 EUR 29.90 29.90 418.60 Lyxor ETF DAX 110.00 EUR 103.75 103.75 11,412.50 Lyxor S&P 500 194.00 EUR 18.10 18.10 3,511.40 POWERSHARES DYN PHARMA 148.00 USD 70.15 79.17 9,199.67 VANGUARD HIGH DVD YLD ETF 19.00 USD 66.77 75.35 1,124.13 ishares US Aerospace&Defense 6.00 USD 116.16 131.09 617.58 SUB-TOTAL 107,001.14 13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções FACEBOOK Inc. 100.00 USD 75.91 85.67 6,726.39

GOOGLE INC 12.00 USD 537.55 606.65 5,715.88 NOVARTIS,AG-CHF 20.00 CHF 90.80 94.48 1,745.18 SUB-TOTAL 14,187.45 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados AMUNDI ETF MSCI JP 17.00 EUR 148.52 148.52 2,524.84 COMSTAGE Short Bund 18.00 EUR 66.48 66.48 1,196.64 Candriam Bond Emerging Markets Debt Local - I 4.00 EUR 1,243.04 1,243.04 4,972.16 ETF Natural Gas 189,808.00 EUR 0.07 0.07 12,906.94 FIDELITY Euro Blue Chip Fund 157.00 EUR 15.15 15.15 2,378.55 Groupama Asie - I 1.00 EUR 2,542.09 2,542.09 2,542.09 ING L Renta Europe High Yield 1.00 EUR 7,759.55 7,759.55 7,759.55 Jupiter Dynamic Bond Fund 516.00 EUR 11.49 11.49 5,928.84 LYXOR ETF EuroMTS 1-3 Y 595.00 EUR 125.90 125.90 74,910.50 Lyxor ETF ASX 200 Australia 36.00 EUR 40.51 40.51 1,458.36 Morgan Stanley Diversified Alpha Plus I 259.00 EUR 36.34 36.34 9,412.06 PICTET Global Emerging Debt I 71.00 EUR 310.75 310.75 22,063.25 SPDR GOLD ETF 49.00 USD 120.76 136.28 5,243.27 UBS Bond Fund AUD - Q 276.00 AUD 110.71 160.71 21,050.00 SUB-TOTAL 174,347.05 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 285.00 EUR 100.68 100.68 28,693.80 SEB Immoinvest 360.00 EUR 23.76 23.76 8,553.60 SUB-TOTAL 37,247.40 5 Liquidez 51 À vista 511 Numerário BBVA - CHF CHF 3,755.54 SUB-TOTAL 3,755.54 512 Depósitos à ordem BBVA - GBP GBP 4,471.80 BBVA - EUR 79,623.02 BBVA-USD USD 566.39 CGD-EUR EUR 4,227.75 SUB-TOTAL 88,888.96 52 A prazo 521 Depósitos e outros equiparados Millenium bcp EUR 5.00 SUB-TOTAL 5.00 9 Outros valores a regularizar -706.74 TOTAL DE APLICAÇÕES 551,204.95 TOTAL DO FUNDO 550,498.21 Lisboa, 31 de Janeiro 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 31-01-2015 6.77222 EUR N.º Unidades de Participação em circulação 622,726 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 O.T. 4.1% 04/2037 210,000.00 EUR 112.05 112.05 6,864.41 242,169.41 OT 3.35% 10/2015 100,000.00 EUR 99.16 99.16 991.23 100,152.13 OT 3.875% 02/2030 168,000.00 EUR 109.62 109.62 2,550.49 186,703.69 OT 4.1% 02/2045 105,000.00 EUR 110.90 110.90 129.74 116,569.49 OT 4.75% 06/2019 100,000.00 EUR 100.27 100.27 3,006.16 103,275.37 OT 4.95% 10/2023 150,000.00 EUR 110.65 110.65 1,993.56 167,961.18 OT 5.65% 02/2024 109,000.00 EUR 117.71 117.71 5,905.41 134,205.60 SUB-TOTAL 1,051,036.87 114 Acções 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 247,038.00 EUR 0.00 121 Títulos de dívida pública Rep. Italy 5% 09/2040 126,000.00 EUR 144.02 144.02 2,623.56 184,091.28 Spanish Govt.. 5.15% 10/2044 42,000.00 EUR 155.25 155.25 545.19 65,750.19 SUB-TOTAL 249,841.47 123 Obrigações diversas BCP 3.375% 02/2017 100,000.00 EUR 101.57 101.57 3,125.34 104,696.34 BRISA 4.5% 12/2016 50,000.00 EUR 100.80 100.80 351.37 50,752.40 EDP Finance 3.75% 2015 100,000.00 EUR 100.33 100.33 2,291.10 102,618.41 ESF 6.875% 10/2019 100,000.00 EUR 16.48 16.48 16,477.00 GALP Float 05/2017 100,000.00 EUR 101.70 101.70 700.00 102,400.00 HiperCor Corte Ingles 3.875% 01/2022 100,000.00 EUR 100.92 100.92 127.40 101,043.40 NOVO BANCO 3.375% 02/2015 Covered 50,000.00 EUR 100.03 100.03 1,608.90 51,621.40 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 98.40 98.40 4,075.07 122,153.87 Portugal Telecom 5% 2019 140,000.00 EUR 105.44 105.44 1,687.67 149,302.09 SUB-TOTAL 831,170.33 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados Candriam Bond Emerging Markets Debt Local - I 26.00 EUR 1,243.04 1,243.04 32,319.04 Candriam Bonds Total Return 56.00 EUR 1,411.33 1,411.33 79,034.48 Jupiter Dynamic Bond Fund 8,124.00 EUR 11.49 11.49 93,344.76 LYXOR ETF EuroMTS 1-3 Y 3,000.00 EUR 125.90 125.90 377,700.00 M&G Optimal Income Fd C-H 8,041.00 EUR 19.51 19.51 156,884.73 Morgan Stanley Diversified Alpha Plus I 2,112.00 EUR 36.34 36.34 76,750.08 PICTET Global Emerging Debt I 408.00 EUR 310.75 310.75 126,786.00 UBS Bond Fund AUD - Q 1,054.00 AUD 110.71 160.71 80,386.60 SUB-TOTAL 1,023,205.69 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário IMOSOCIAL 20,816.00 EUR 6.53 6.53 136,030.48 SEB IMMOPORTFOLIO TARGET RETURN 1,786.00 EUR 100.68 100.68 179,814.48 SEB Immoinvest 1,022.00 EUR 23.76 23.76 24,282.72 UBS 3 Kontinente Immobilien 5,269.00 EUR 5.82 5.82 30,665.58 SUB-TOTAL 370,793.26 5 Liquidez

51 À vista 512 Depósitos à ordem BBVA - GBP GBP 902.63 BBVA - EUR 211,257.21 CGD-EUR EUR 132,468.99 SUB-TOTAL 344,628.83 52 A prazo 521 Depósitos e outros equiparados Millenium bcp 215,000.00 EUR 5.00 Papel Comercial Mota-Engil 55ª 02/2015 4.15% 100,000.00 EUR 100.00 100.00 910.69 100,910.69 Papel Comercial SAG Gest 195ª 02/2015 3.25% 100,000.00 EUR 99.89 99.89 99,892.00 Papel Comercial Sonae Indústria PRG 32ª - 04/2015 100,000.00 EUR 100.00 100.00 1,135.42 101,135.42 Papel Comercial Sonae Indústria PRG 61ª - 03/2015 50,000.00 EUR 100.00 100.00 10.49 50,010.49 SUB-TOTAL 351,953.60 9 Outros valores a regularizar -5,390.89 TOTAL DE APLICAÇÕES 4,222,630.05 TOTAL DO FUNDO 4,217,239.16 Lisboa, 31 de Janeiro de 2015