FUNDO DE PENSÕES PPR PATRIMÓNIO REFORMA ACÇÕES

SGF - SOCIEDADE GESTORA DE FUNDOS DE PENSÕES, S.A. Largo do Chiado, 12, 4.º - 1200-108 Lisboa Tel: 21 324 06 40 / Fax: 21 346 01 85 Capital Social: 1 000 000 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 31-07-2011 4.93265 N.º Unidades de Participação em circulação 593,262 1 Valores mobiliários cotados 11 Mercado cot. ofic. de B.V. Port. 111 Títulos de dívida pública OT 3.85% 2021 55,000.00 EUR 59.20 59.20 619.05 33,176.30 OT 4.45% 2018 180,000.00 EUR 100.41 100.41 1,006.72 181,747.47 OT 4.8% 06/2020 74,000.00 EUR 59.84 59.84 446.43 44,728.03 SUB-TOTAL 259,651.80 114 Acções BCP (NPR) 163,510.00 EUR 0.32 0.32 52,650.22 BES (NPR) 10,561.00 EUR 2.64 2.64 27,902.16 SUB-TOTAL 80,552.38 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública EUROPEAN Investement Bk Vatriable 2025 2,000.00 EUR 85.74 85.74 23.97 1,738.77 REP. Greece 07/2017 135,000.00 EUR 98.94 98.94 174.47 133,742.35 REP. Greece Fix-to-Float 10,000.00 EUR 42.13 42.13 20.36 4,233.36 Rep. Greece 08/2012 31,000.00 EUR 72.13 72.13 1,201.36 23,560.11 Rep. Greece 08/2014 30,000.00 EUR 58.13 58.13 1,559.59 18,997.09 Rep. Irlanda 03/2012 20,000.00 EUR 96.34 96.34 315.41 19,583.41 Rep. Irlanda 04/2016 31,000.00 EUR 75.11 75.11 405.20 23,689.30 Rep. Irlanda 4% 2014 112,000.00 EUR 79.34 79.34 2,417.97 91,273.17 SUB-TOTAL 316,817.56 123 Obrigações diversas BANCAJA 4.5% Perpetual 2015 96,000.00 EUR 55.50 55.50 1,560.00 54,840.00 BCP Floater 2013 100,000.00 EUR 76.50 76.50 259.23 76,759.23 BOIRO FLOAT 2016 111,491.52 EUR 96.70 96.70 1,173.76 108,981.55 BPI Capital Finance Perpetual Floater 72,000.00 EUR 50.50 50.50 422.88 36,782.88 BRISA Concessões Rod. 4.797% 2013 33,000.00 EUR 92.75 92.75 1,335.80 31,943.30 General Electric 4.25% 2014 225,000.00 EUR 98.73 98.73 4,584.76 226,729.06 Goldman Sachs Float CMS 2022 40,000.00 EUR 87.12 87.12 724.76 35,572.76 LEHMAN BROT. HOLD. 6,375% 2001/11 100,000.00 EUR 27.00 27.00 27,000.00 Merrill Lynch 4.45% 2014 115,000.00 EUR 96.66 96.66 2,537.72 113,699.30 OREY Best Of 2018 30,000.00 EUR 100.00 100.00 105.42 30,105.42 SUB-TOTAL 742,413.50 124 Acções ALCATEL-EUR 13,908.00 EUR 2.76 2.76 38,316.54 COMMERZBANK AG - EUR 20,001.00 EUR 2.66 2.66 53,162.66 CREDIT AGRICOLE 8,886.00 EUR 8.62 8.62 76,579.55 DB X TRACKERS DAX ETF 2,000.00 EUR 71.13 71.13 142,260.00 GAMESA - EUR 13,090.00 EUR 5.11 5.11 66,889.90 I-Shares S&P 500 15,000.00 EUR 9.04 9.04 135,525.00 LYXOR ETF Banks 1,844.00 EUR 17.28 17.28 31,855.10 LYXOR ETF CAC 40 1,714.00 EUR 36.62 36.62 62,766.68 PEUGEOT S.A. 1,700.00 EUR 26.54 26.54 45,118.00 Renault SA - EUR 960.00 EUR 37.27 37.27 35,774.40 SOCIETE Generale 309.00 EUR 34.74 34.74 10,733.12 SUB-TOTAL 698,980.95

3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados Amundi ETF GSCI Agriculture 237.00 EUR 66.93 66.93 15,862.41 Amundi ETF GSCI Metals 154.00 EUR 261.31 261.31 40,241.74 Amundi ETF S&P GSCI 217.00 EUR 259.52 259.52 56,315.84 Groupama Asie - I 77.00 EUR 2,128.64 2,128.64 163,905.28 Groupama US Stock - I 89.00 USD 1,203.08 1,732.30 74,362.98 ING Invest Latin America 81.00 EUR 352.48 352.48 28,550.88 LYXOR China Enterprises 606.00 EUR 109.93 109.93 66,617.58 LYXOR ETF INDIA 6,940.00 EUR 11.26 11.26 78,109.70 PICTET U.S. Equity Growth Selection P 793.00 USD 118.07 170.01 65,025.69 SUB-TOTAL 588,992.10 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 83,333.33 EUR 1.04 1.04 86,966.67 SUB-TOTAL 86,966.67 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 1,225.00 EUR 125.40 125.40 153,615.00 SEB Immoinvest 934.00 EUR 48.45 48.45 45,252.30 UBS 3 Kontinente Immobilien 4,902.00 EUR 7.81 7.81 38,284.62 SUB-TOTAL 237,151.92 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR 58,024.05 CGD-EUR EUR -1,267.41 SUB-TOTAL 56,756.64 9 Outros valores a regularizar -141,927.43 TOTAL DE APLICAÇÕES 3,068,283.52 TOTAL DO FUNDO 2,926,356.09 Lisboa, 31 de Julho de 2011

SGF - SOCIEDADE GESTORA DE FUNDOS DE PENSÕES, S.A. Largo do Chiado, 12, 4.º - 1200-108 Lisboa Tel: 21 324 06 40 / Fax: 21 346 01 85 Capital Social: 1 000 000 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 31-07-2011 6.24371 EUR N.º Unidades de Participação em circulação 1,357,122 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 3.85% 2021 500,000.00 EUR 59.20 59.20 5,627.73 301,602.73 OT 4.8% 06/2020 474,000.00 EUR 59.84 59.84 2,859.54 286,501.14 SUB-TOTAL 588,103.87 113 Obrigações diversas CELULOSE do Caima SGPS Var. 2011 350,000.00 EUR 100.03 100.03 4,568.11 354,682.56 Portucel Float 2012 219,000.00 EUR 99.89 99.89 1,592.16 220,351.26 SUB-TOTAL 575,033.82 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública EUROPEAN Investement Bk Vatriable 2025 156,000.00 EUR 85.74 85.74 1,869.92 135,624.32 REP. Greece Fix-to-Float 148,000.00 EUR 42.13 42.13 301.35 62,653.75 Rep. Greece 08/2014 15,000.00 EUR 58.13 58.13 779.79 9,498.54 Rep. Irlanda 03/2012 88,000.00 EUR 96.34 96.34 1,387.80 86,167.00 Rep. Irlanda 4% 2014 631,000.00 EUR 79.34 79.34 13,622.68 514,226.53 SUB-TOTAL 808,170.14 123 Obrigações diversas BANCAJA 4.5% Perpetual 2015 574,000.00 EUR 55.50 55.50 9,327.50 327,897.50 BCP 5.625% 04/2014 150,000.00 EUR 72.00 72.00 2,282.27 110,282.27 BCP Floater 2013 450,000.00 EUR 76.50 76.50 1,166.55 345,416.55 BOIRO FLOAT 2016 392,644.06 EUR 96.70 96.70 4,133.67 383,804.60 BPI Capital Finance Perpetual Floater 200,000.00 EUR 50.50 50.50 1,174.67 102,174.67 BRISA Concessões Rod. 4.797% 2013 168,000.00 EUR 92.75 92.75 6,800.44 162,620.44 CAJA Duero FRN 2003 Perpetual 50,000.00 EUR 45.00 45.00 149.96 22,649.96 CGD 02/2014 500,000.00 EUR 82.13 82.13 11,373.29 421,998.29 DRESDNER zero 98/13 7,481.96 EUR 211.85 211.85 15,850.64 General Electric 4.25% 2014 950,000.00 EUR 98.73 98.73 19,357.88 957,320.44 Goldman Sachs Float 2013 103,000.00 EUR 98.52 98.52 426.76 101,902.36 Goldman Sachs Float CMS 2022 220,000.00 EUR 87.12 87.12 3,986.16 195,650.16 LEHMAN BROT. HOLD. 6,375% 2001/11 210,000.00 EUR 27.00 27.00 56,700.00 Merrill Lynch 4.45% 2014 475,000.00 EUR 96.58 96.58 10,481.88 469,256.96 Montepio Float 05/2013 500,000.00 EUR 74.14 74.14 775.00 371,460.00 OREY Best Of 2018 100,000.00 EUR 100.00 100.00 351.39 100,351.39 PORTUGAL TELECOM 03/2012 95,000.00 EUR 98.10 98.10 1,236.17 94,431.17 RENAULT 2.875% 07/2012 240,000.00 EUR 100.18 100.18 150.82 240,580.42 SCOR Fix to Float Perp 2016 200,000.00 EUR 88.19 88.19 100.89 176,476.89 TELECOM ITALIA Float 06/2016 50,000.00 EUR 92.79 92.79 166.95 46,562.95 SUB-TOTAL 4,703,387.66 124 Acções DB X TRACKERS DAX ETF 1,077.00 EUR 71.13 71.13 76,607.01 I-Shares S&P 500 6,893.00 EUR 9.04 9.04 62,278.26 LYXOR ETF CAC 40 648.00 EUR 36.62 36.62 23,729.76 SUB-TOTAL 162,615.03 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados

Amundi ETF GSCI Agriculture 346.00 EUR 66.93 66.93 23,157.78 Amundi ETF GSCI Metals 228.00 EUR 261.31 261.31 59,578.68 Amundi ETF S&P GSCI 313.00 EUR 259.52 259.52 81,229.76 ING Invest Latin America 61.00 EUR 352.48 352.48 21,501.28 LYXOR China Enterprises 222.00 EUR 109.93 109.93 24,404.46 LYXOR ETF INDIA 2,542.00 EUR 11.26 11.26 28,610.21 PICTET U.S. Equity Growth Selection P 588.00 USD 118.07 170.01 48,215.77 SUB-TOTAL 286,697.94 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 171,666.67 EUR 1.04 1.04 179,151.34 SUB-TOTAL 179,151.34 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 6,003.00 EUR 125.40 125.40 752,776.20 SEB Immoinvest 4,969.00 EUR 48.45 48.45 240,748.05 UBS 3 Kontinente Immobilien 27,122.00 EUR 7.81 7.81 211,822.82 SUB-TOTAL 1,205,347.07 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR 107,970.82 CGD - USD USD -199.14 CGD-EUR EUR -44,355.50 SUB-TOTAL 63,416.18 9 Outros valores a regularizar -98,451.48 TOTAL DE APLICAÇÕES 8,571,923.05 TOTAL DO FUNDO 8,473,471.57 Lisboa, 31 de Julho de 2011

SGF - SOCIEDADE GESTORA DE FUNDOS DE PENSÕES, S.A. Largo do Chiado, 12, 4.º - 1200-108 Lisboa Tel: 21 324 06 40 / Fax: 21 346 01 85 Capital Social: 1 000 000 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 31-07-2011 5.70403 EUR N.º Unidades de Participação em circulação 767,088 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 3.85% 2021 150,000.00 EUR 59.20 59.20 1,688.32 90,480.82 OT 4.8% 06/2020 106,000.00 EUR 59.84 59.84 639.48 64,069.88 SUB-TOTAL 154,550.70 114 Acções BCP (NPR) 151,893.00 EUR 0.32 0.32 48,909.55 BES (NPR) 15,497.00 EUR 2.64 2.64 40,943.07 SUB-TOTAL 89,852.62 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública EUROPEAN Investement Bk Vatriable 2025 30,000.00 EUR 85.74 85.74 359.60 26,081.60 REP. Greece Fix-to-Float 45,000.00 EUR 42.13 42.13 91.63 19,050.13 Rep. Greece 08/2012 5,000.00 EUR 72.13 72.13 193.77 3,800.02 Rep. Greece 08/2014 10,000.00 EUR 58.13 58.13 519.86 6,332.36 Rep. Irlanda 03/2012 50,000.00 EUR 96.34 96.34 788.52 48,958.52 Rep. Irlanda 04/2016 5,000.00 EUR 75.11 75.11 65.36 3,820.86 Rep. Irlanda 4% 2014 125,000.00 EUR 79.34 79.34 2,698.63 101,867.38 SUB-TOTAL 209,910.87 123 Obrigações diversas BANCAJA 4.5% Perpetual 2015 239,000.00 EUR 55.50 55.50 3,883.75 136,528.75 BCP 5.625% 04/2014 100,000.00 EUR 72.00 72.00 1,521.52 73,521.52 BCP Floater 2013 100,000.00 EUR 76.50 76.50 259.23 76,759.23 BOIRO FLOAT 2016 237,525.42 EUR 96.70 96.70 2,500.61 232,178.09 BPI Capital Finance Perpetual Floater 150,000.00 EUR 50.50 50.50 881.00 76,631.00 BRISA Concessões Rod. 4.797% 2013 80,000.00 EUR 92.75 92.75 3,238.30 77,438.30 CAJA Duero FRN 2003 Perpetual 25,000.00 EUR 45.00 45.00 74.98 11,324.98 CGD 02/2014 100,000.00 EUR 82.13 82.13 2,274.66 84,399.66 General Electric 4.25% 2014 825,000.00 EUR 98.73 98.73 16,810.79 831,343.63 Goldman Sachs Float CMS 2022 80,000.00 EUR 87.12 87.12 1,449.51 71,145.51 LEHMAN BROT. HOLD. 6,375% 2001/11 250,000.00 EUR 27.00 27.00 67,500.00 Merrill Lynch 4.45% 2014 423,000.00 EUR 96.66 96.66 9,334.39 418,211.27 OREY Best Of 2018 60,000.00 EUR 100.00 100.00 210.83 60,210.83 SUB-TOTAL 2,217,192.77 124 Acções ALCATEL-EUR 11,641.00 EUR 2.76 2.76 32,070.96 COMMERZBANK AG - EUR 18,119.00 EUR 2.66 2.66 48,160.30 CREDIT AGRICOLE 7,435.00 EUR 8.62 8.62 64,074.83 DB X TRACKERS DAX ETF 939.00 EUR 71.13 71.13 66,791.07 GAMESA - EUR 11,645.00 EUR 5.11 5.11 59,505.95 I-Shares S&P 500 12,000.00 EUR 9.04 9.04 108,420.00 LYXOR ETF Banks 1,708.00 EUR 17.28 17.28 29,505.70 LYXOR ETF CAC 40 1,784.00 EUR 36.62 36.62 65,330.08 PEUGEOT S.A. 1,424.00 EUR 26.54 26.54 37,792.95 Renault SA - EUR 884.00 EUR 37.27 37.27 32,942.26 SOCIETE Generale 259.00 EUR 34.74 34.74 8,996.37 SUB-TOTAL 553,590.47

3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados Amundi ETF GSCI Agriculture 339.00 EUR 66.93 66.93 22,689.27 Amundi ETF GSCI Metals 226.00 EUR 261.31 261.31 59,056.06 Amundi ETF S&P GSCI 312.00 EUR 259.52 259.52 80,970.24 Groupama Asie - I 78.00 EUR 2,128.64 2,128.64 166,033.92 Groupama US Stock - I 92.00 USD 1,203.08 1,732.30 76,869.59 ING Invest Latin America 79.00 EUR 352.48 352.48 27,845.92 LYXOR China Enterprises 559.00 EUR 109.93 109.93 61,450.87 LYXOR ETF INDIA 6,429.00 EUR 11.26 11.26 72,358.40 PICTET U.S. Equity Growth Selection P 768.00 USD 118.07 170.01 62,975.70 SUB-TOTAL 630,249.97 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 178,333.32 EUR 1.04 1.04 186,108.65 SUB-TOTAL 186,108.65 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 1,500.00 EUR 125.40 125.40 188,100.00 SEB Immoinvest 3,410.00 EUR 48.45 48.45 165,214.50 UBS 3 Kontinente Immobilien 17,566.00 EUR 7.81 7.81 137,190.46 SUB-TOTAL 490,504.96 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR 988.21 CGD - USD USD -424.58 CGD-EUR EUR 16,448.73 SUB-TOTAL 17,012.36 9 Outros valores a regularizar -173,479.86 TOTAL DE APLICAÇÕES 4,548,973.37 TOTAL DO FUNDO 4,375,493.51 Lisboa, 31 de Julho de 2011

SGF - SOCIEDADE GESTORA DE FUNDOS DE PENSÕES, S.A. Largo do Chiado, 12, 4.º - 1200-108 Lisboa Tel: 21 324 06 40 / Fax: 21 346 01 85 Capital Social: 1 000 000 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 31-07-2011 1.27973 EUR N.º Unidades de Participação em circulação 6,011,114 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 3.85% 2021 400,000.00 EUR 59.20 59.20 4,502.19 241,282.19 OT 4.8% 06/2020 210,000.00 EUR 59.84 59.84 1,266.89 126,930.89 SUB-TOTAL 368,213.08 114 Acções BCP (NPR) 123,341.00 EUR 0.32 0.32 39,715.80 BES (NPR) 11,210.00 EUR 2.64 2.64 29,616.82 SUB-TOTAL 69,332.62 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública EUROPEAN Investement Bk Vatriable 2025 125,000.00 EUR 85.74 85.74 1,498.33 108,673.33 REP. Greece Fix-to-Float 220,000.00 EUR 42.13 42.13 447.95 93,133.95 Rep. Irlanda 4% 2014 275,000.00 EUR 79.34 79.34 5,936.99 224,108.24 SUB-TOTAL 425,915.52 123 Obrigações diversas BANCAJA 4.5% Perpetual 2015 350,000.00 EUR 55.50 55.50 5,687.50 199,937.50 BCP 5.625% 04/2014 50,000.00 EUR 72.00 72.00 760.76 36,760.76 BCP Floater 2013 450,000.00 EUR 76.50 76.50 1,166.55 345,416.55 BOIRO FLOAT 2016 780,440.67 EUR 96.70 96.70 8,216.31 762,870.87 BPI Capital Finance Perpetual Floater 294,000.00 EUR 50.50 50.50 1,726.76 150,196.76 BRISA Concessões Rod. 4.797% 2013 200,000.00 EUR 92.75 92.75 8,095.76 193,595.76 CAJA Duero FRN 2003 Perpetual 60,000.00 EUR 45.00 45.00 179.95 27,179.95 CGD 02/2014 250,000.00 EUR 82.13 82.13 5,686.64 210,999.14 DRESDNER zero 98/13 90,781.22 EUR 211.85 211.85 192,321.37 General Electric 4.25% 2014 1,300,000.00 EUR 98.73 98.73 26,489.73 1,309,990.02 Goldman Sachs Float CMS 2022 125,000.00 EUR 87.12 87.12 2,264.86 111,164.86 LEHMAN BROT. HOLD. 6,375% 2001/11 350,000.00 EUR 27.00 27.00 94,500.00 Merrill Lynch 4.45% 2014 635,000.00 EUR 96.66 96.66 14,012.62 627,807.50 OREY Best Of 2018 75,000.00 EUR 100.00 100.00 263.54 75,263.54 PORTUGAL TELECOM 03/2012 190,000.00 EUR 98.10 98.10 2,472.34 188,862.34 RENAULT 2.875% 07/2012 100,000.00 EUR 100.18 100.18 62.84 100,241.84 SUB-TOTAL 4,627,108.76 124 Acções ALCATEL-EUR 8,067.00 EUR 2.76 2.76 22,224.59 ARCELORMITTAL 994.00 EUR 21.81 21.81 21,674.17 COMMERZBANK AG - EUR 12,626.00 EUR 2.66 2.66 33,559.91 CREDIT AGRICOLE 5,154.00 EUR 8.62 8.62 44,417.17 DB X TRACKERS DAX ETF 1,902.00 EUR 71.13 71.13 135,289.26 GAMESA - EUR 8,106.00 EUR 5.11 5.11 41,421.66 I-Shares S&P 500 12,173.00 EUR 9.04 9.04 109,983.06 LYXOR ETF Banks 1,193.00 EUR 17.28 17.28 20,609.08 LYXOR ETF CAC 40 1,190.00 EUR 36.62 36.62 43,577.80 PEUGEOT S.A. 986.00 EUR 26.54 26.54 26,168.44 Renault SA - EUR 622.00 EUR 37.27 37.27 23,178.83 SOCIETE Generale 179.00 EUR 34.74 34.74 6,217.57 SUB-TOTAL 528,321.54

3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados Amundi ETF GSCI Agriculture 287.00 EUR 66.93 66.93 19,208.91 Amundi ETF GSCI Metals 196.00 EUR 261.31 261.31 51,216.76 Amundi ETF S&P GSCI 270.00 EUR 259.52 259.52 70,070.40 Groupama Asie - I 50.00 EUR 2,128.64 2,128.64 106,432.00 Groupama US Stock - I 60.00 USD 1,203.08 1,732.30 50,132.34 ING Invest Latin America 53.00 EUR 352.48 352.48 18,681.44 LYXOR China Enterprises 392.00 EUR 109.93 109.93 43,092.56 LYXOR ETF INDIA 4,489.00 EUR 11.26 11.26 50,523.70 PICTET U.S. Equity Growth Selection P 518.00 USD 118.07 170.01 42,475.80 SUB-TOTAL 451,833.91 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 232,666.72 EUR 1.04 1.04 242,810.99 SUB-TOTAL 242,810.99 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 3,200.00 EUR 125.40 125.40 401,280.00 SEB Immoinvest 8,105.00 EUR 48.45 48.45 392,687.25 UBS 3 Kontinente Immobilien 38,629.00 EUR 7.81 7.81 301,692.49 SUB-TOTAL 1,095,659.74 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR EUR 9,903.69 BPI-EURO EUR 851.43 CGD - USD USD -351.69 CGD-EUR EUR 53,460.56 SUB-TOTAL 63,863.99 9 Outros valores a regularizar -180,463.52 TOTAL DE APLICAÇÕES 7,873,060.15 TOTAL DO FUNDO 7,692,596.63 Lisboa, 31 de Julho de 2011

SGF - SOCIEDADE GESTORA DE FUNDOS DE PENSÕES, S.A. Largo do Chiado, 12, 4.º - 1200-108 Lisboa Tel: 21 324 06 40 / Fax: 21 346 01 85 Capital Social: 1 000 000 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 31-07-2011 5.16125 EUR N.º Unidades de Participação em circulação 107,561 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 3.85% 2021 35,000.00 EUR 59.20 59.20 393.94 21,112.19 OT 4.8% 06/2020 26,000.00 EUR 59.84 59.84 156.85 15,715.25 SUB-TOTAL 36,827.44 113 Obrigações diversas Portucel Float 2012 10,000.00 EUR 99.89 99.89 72.70 10,061.70 SUB-TOTAL 10,061.70 114 Acções BCP (NPR) 24,919.00 EUR 0.32 0.32 8,023.92 SUB-TOTAL 8,023.92 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública Rep. Greece 08/2012 6,000.00 EUR 72.13 72.13 232.52 4,560.02 Rep. Irlanda 04/2016 6,000.00 EUR 75.11 75.11 78.43 4,585.03 Rep. Irlanda 4% 2014 20,000.00 EUR 79.34 79.34 431.78 16,298.78 SUB-TOTAL 25,443.83 123 Obrigações diversas BANCAJA 4.5% Perpetual 2015 5,000.00 EUR 55.50 55.50 81.25 2,856.25 BRISA Concessões Rod. 4.797% 2013 25,000.00 EUR 92.75 92.75 1,011.97 24,199.47 CGD 02/2014 50,000.00 EUR 82.13 82.13 1,137.33 42,199.83 Goldman Sachs Float CMS 2022 25,000.00 EUR 87.12 87.12 452.97 22,232.97 OREY Best Of 2018 5,000.00 EUR 100.00 100.00 17.57 5,017.57 PORTUGAL TELECOM 03/2012 12,000.00 EUR 98.10 98.10 156.15 11,928.15 RENAULT 2.875% 07/2012 8,000.00 EUR 100.18 100.18 5.03 8,019.35 SUB-TOTAL 116,453.59 124 Acções ALCATEL-EUR 2,867.00 EUR 2.76 2.76 7,898.59 ARCELORMITTAL 271.00 EUR 21.81 21.81 5,909.16 COMMERZBANK AG - EUR 3,663.00 EUR 2.66 2.66 9,736.25 CREDIT AGRICOLE 1,832.00 EUR 8.62 8.62 15,788.18 DB X TRACKERS DAX ETF 1,718.00 EUR 71.13 71.13 122,201.34 GAMESA - EUR 2,469.00 EUR 5.11 5.11 12,616.59 I-Shares S&P 500 3,315.00 EUR 9.04 9.04 29,951.03 LYXOR ETF Banks 324.00 EUR 17.28 17.28 5,597.10 LYXOR ETF CAC 40 334.00 EUR 36.62 36.62 12,231.08 PEUGEOT S.A. 350.00 EUR 26.54 26.54 9,289.00 Renault SA - EUR 170.00 EUR 37.27 37.27 6,335.05 SOCIETE Generale 64.00 EUR 34.74 34.74 2,223.04 SUB-TOTAL 239,776.41 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados Amundi ETF GSCI Agriculture 39.00 EUR 66.93 66.93 2,610.27 Amundi ETF GSCI Metals 24.00 EUR 261.31 261.31 6,271.44 Amundi ETF S&P GSCI 34.00 EUR 259.52 259.52 8,823.68 Groupama Asie - I 6.00 EUR 2,128.64 2,128.64 12,771.84

Groupama Avenir Euro - I 7.00 EUR 3,863.77 3,863.77 27,046.39 Groupama US Stock - I 7.00 USD 1,203.08 1,732.30 5,848.77 ING Invest Latin America 14.00 EUR 352.48 352.48 4,934.72 LYXOR China Enterprises 107.00 EUR 109.93 109.93 11,762.51 LYXOR ETF INDIA 1,223.00 EUR 11.26 11.26 13,764.87 PICTET U.S. Equity Growth Selection P 139.00 USD 118.07 170.01 11,397.95 SUB-TOTAL 105,232.44 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 285.00 EUR 125.40 125.40 35,739.00 SEB Immoinvest 360.00 EUR 48.45 48.45 17,442.00 SUB-TOTAL 53,181.00 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR -19,735.75 CGD-EUR EUR 461.10 SUB-TOTAL -19,274.65 9 Outros valores a regularizar -20,577.78 TOTAL DE APLICAÇÕES 575,725.68 TOTAL DO FUNDO 555,147.90 Lisboa, 31 de Julho de 2011

SGF - SOCIEDADE GESTORA DE FUNDOS DE PENSÕES, S.A. Largo do Chiado, 12, 4.º - 1200-108 Lisboa Tel: 21 324 06 40 / Fax: 21 346 01 85 Capital Social: 1 000 000 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 31-07-2011 5.51440 EUR N.º Unidades de Participação em circulação 578,083 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 3.85% 2021 115,000.00 EUR 59.20 59.20 1,294.38 69,368.63 OT 4.8% 06/2020 128,000.00 EUR 59.84 59.84 772.20 77,367.40 SUB-TOTAL 146,736.03 113 Obrigações diversas Portucel Float 2012 100,000.00 EUR 99.89 99.89 727.01 100,617.01 SUB-TOTAL 100,617.01 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública Rep. Greece 08/2012 53,000.00 EUR 72.13 72.13 2,053.93 40,280.18 Rep. Greece 08/2014 50,000.00 EUR 58.13 58.13 2,599.32 31,661.82 Rep. Irlanda 03/2012 25,000.00 EUR 96.34 96.34 394.26 24,479.26 Rep. Irlanda 04/2016 53,000.00 EUR 75.11 75.11 692.77 40,501.07 Rep. Irlanda 4% 2014 111,000.00 EUR 79.34 79.34 2,396.38 90,458.23 SUB-TOTAL 227,380.56 123 Obrigações diversas BANCAJA 4.5% Perpetual 2015 28,000.00 EUR 55.50 55.50 455.00 15,995.00 BCP 5.625% 04/2014 100,000.00 EUR 72.00 72.00 1,521.52 73,521.52 BCP Floater 2013 100,000.00 EUR 76.50 76.50 259.23 76,759.23 BRISA Concessões Rod. 4.797% 2013 40,000.00 EUR 92.75 92.75 1,619.15 38,719.15 CGD 02/2014 200,000.00 EUR 82.13 82.13 4,549.32 168,799.32 General Electric Float 02/2016 100,000.00 EUR 96.11 96.11 303.60 96,417.60 Goldman Sachs Float 2013 130,000.00 EUR 98.52 98.52 538.63 128,614.63 Goldman Sachs Float CMS 2022 75,000.00 EUR 87.12 87.12 1,358.92 66,698.92 MONTEPIO Float 05/2012 76,000.00 EUR 88.21 88.21 307.20 67,347.56 OREY Best Of 2018 30,000.00 EUR 100.00 100.00 105.42 30,105.42 PORTUGAL TELECOM 03/2012 160,000.00 EUR 98.10 98.10 2,081.97 159,041.97 PORTUGAL TELECOM 6% 04/2013 125,000.00 EUR 96.86 96.86 1,885.25 122,962.75 RENAULT 2.875% 07/2012 136,000.00 EUR 100.18 100.18 85.46 136,328.90 SCOR Fix to Float Perp 2016 50,000.00 EUR 88.19 88.19 25.22 44,119.22 TELECOM ITALIA Float 06/2016 50,000.00 EUR 92.79 92.79 166.95 46,562.95 SUB-TOTAL 1,271,994.14 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados Amundi ETF GSCI Agriculture 94.00 EUR 66.93 66.93 6,291.42 Amundi ETF GSCI Metals 60.00 EUR 261.31 261.31 15,678.60 Amundi ETF S&P GSCI 85.00 EUR 259.52 259.52 22,059.20 ISHARES EURO GOVT 1-3 1,847.00 EUR 135.12 135.12 249,566.64 LYXOR ETF EuroMTS 1-3 Y 965.00 EUR 116.71 116.71 112,625.15 SUB-TOTAL 406,221.01 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário IMOSOCIAL 20,816.00 EUR 6.69 6.69 139,265.28 SEB IMMOPORTFOLIO TARGET RETURN 1,786.00 EUR 125.40 125.40 223,964.40 SEB Immoinvest 1,022.00 EUR 48.45 48.45 49,515.90

UBS 3 Kontinente Immobilien 5,269.00 EUR 7.81 7.81 41,150.89 SUB-TOTAL 453,896.47 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR 63,729.16 CGD-EUR EUR 93,552.88 SUB-TOTAL 157,282.04 52 A prazo 521 Depósitos e outros equiparados DP CGD-EUR 80,000.00 EUR 1.00 1.00 8.00 80,074.11 DP Millennium EUR 250,000.00 EUR 1.00 1.00 281.25 250,281.25 DP-BBVA-EUR 100,000.00 EUR 1.00 1.00 9.11 100,009.11 SUB-TOTAL 430,364.47 9 Outros valores a regularizar -6,710.15 TOTAL DE APLICAÇÕES 3,194,491.73 TOTAL DO FUNDO 3,187,781.58 Lisboa, 31 de Julho de 2011