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 30-11-2014 5.02898 N.º Unidades de Participação em circulação 413,120 1 Valores mobiliários cotados 11 Mercado cot. ofic. de B.V. Port. 111 Títulos de dívida pública O.T. 4.1% 04/2037 52,000.00 EUR 101.52 101.52 1,337.61 54,125.41 OT 3.875% 02/2030 52,000.00 EUR 102.26 102.26 447.16 53,622.36 OT 4.45% 2018 180,000.00 EUR 100.21 100.21 3,686.79 184,068.22 OT 5.65% 02/2024 33,000.00 EUR 122.44 122.44 1,471.17 41,874.72 SUB-TOTAL 333,690.71 114 Acções CTT - Correios de Portugal 455.00 EUR 7.65 7.65 3,480.75 BCP (NPR) 320,600.00 EUR 0.08 0.08 26,609.80 BPI-SGPS (NPR) 5,278.00 EUR 1.56 1.56 8,217.85 PORTUGAL TELECOM, SGPS 3,031.00 EUR 1.51 1.51 4,573.78 SUB-TOTAL 42,882.18 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública Intl Bk Rec. & Dev. 10% 01/2015 BRL 125,000.00 BRL 99.81 318.76 3,356.39 42,422.02 Rep. Greece (Swap) Zero GDP-Linked 10/2042 45,600.00 EUR 0.75 0.75 341.09 Rep. Greece 2% 2034 26,000.00 EUR 53.86 53.86 397.48 14,399.78 Rep. Italy 5% 09/2040 39,000.00 EUR 128.33 128.33 480.82 50,528.35 Spanish Govt.. 5.15% 10/2044 13,000.00 EUR 134.89 134.89 55.03 17,590.47 SUB-TOTAL 125,281.71 123 Obrigações diversas BOIRO FLOAT 2016 43,271.19 EUR 98.94 98.94 42,813.92 LEHMAN BROT. HOLD. 6,375% 2001/11 100,000.00 EUR 15.00 15.00 15,000.00 OREY Best Of 2018 30,000.00 EUR 100.00 100.00 242.92 30,242.92 Portugal Telecom 5% 2019 50,000.00 EUR 106.51 106.51 178.08 53,432.08 SUB-TOTAL 141,488.92 124 Acções AMUNDI ETF MSCI Emerging Markets 14,422.00 EUR 3.28 3.28 47,232.05 AMUNDI ETF MSCI Europe Dividend Yield 245.00 EUR 98.44 98.44 24,117.80 AMUNDI ETF MSCI Italy 306.00 EUR 92.16 92.16 28,200.96 AMUNDI ETF MSCI SPAIN 219.00 EUR 197.00 197.00 43,143.00 AMUNDI ETF MSCI UK 247.00 EUR 171.20 171.20 42,286.40 AMUNDI S&P 500 356.00 EUR 27.87 27.87 9,923.14 ARCELORMITTAL 714.00 EUR 9.87 9.87 7,043.61 COMSTAGE ETF PSI20 3,960.00 EUR 5.76 5.76 22,789.80 LYXOR ATHEX 20 6,539.00 EUR 1.50 1.50 9,775.81 LYXOR ETF AUTOS 683.00 EUR 54.40 54.40 37,155.20 LYXOR ETF BRASIL 1,425.00 EUR 15.75 15.75 22,443.75 LYXOR ETF Eurostoxx Banks 270.00 EUR 112.31 112.31 30,323.70 LYXOR ETF MSCI EMER MKTS 5,030.00 EUR 8.33 8.33 41,914.99 LYXOR ETF MSCI Europe 359.00 EUR 119.03 119.03 42,731.77 LYXOR ETF WORLD WATER 218.00 EUR 27.26 27.26 5,942.68 Lyxor ETF DAX 345.00 EUR 96.62 96.62 33,332.18 Lyxor S&P 500 4,093.00 EUR 17.06 17.06 69,834.77 POWERSHARES DYN PHARMA 796.00 USD 69.03 85.93 44,139.63 Renault SA - EUR 91.00 EUR 64.52 64.52 5,871.32 TESCO PLC 3,562.00 GBP 1.86 1.48 8,344.19

VANGUARD HIGH DVD YLD ETF 223.00 USD 70.11 87.28 12,559.22 ishares US Aerospace&Defense 98.00 USD 114.55 142.60 9,017.77 SUB-TOTAL 598,123.74 13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções FACEBOOK Inc. 249.00 USD 77.70 96.73 15,541.69 GOOGLE INC 28.00 USD 549.08 683.53 12,350.13 SUB-TOTAL 27,891.82 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados AMUNDI ETF MSCI JP 264.00 EUR 135.47 135.47 35,764.08 COMSTAGE Short Bund 275.00 EUR 68.72 68.72 18,898.00 Candriam Bond Emerging Markets Debt Local - I 18.00 EUR 1,187.00 1,187.00 21,366.00 ETF WTI Crude Oil 410.00 USD 18.36 22.86 6,046.92 FIDELITY Euro Blue Chip Fund 2,339.00 EUR 14.16 14.16 33,120.24 Groupama Asie - I 12.00 EUR 2,320.92 2,320.92 27,851.04 ING L Renta Europe High Yield 6.00 EUR 7,759.98 7,759.98 46,559.88 Jupiter Dynamic Bond Fund 2,589.00 EUR 11.32 11.32 29,307.48 Lyxor ETF ASX 200 Australia 546.00 EUR 39.16 39.16 21,381.36 Morgan Stanley Diversified Alpha Plus I 1,191.00 EUR 36.05 36.05 42,935.55 Pictet Emerging Local Curncy Debt - I 268.00 EUR 150.41 150.41 40,309.88 SPDR GOLD ETF 61.00 USD 113.06 140.74 5,540.09 UBS Bond Fund AUD - Q 1,132.00 AUD 107.59 157.48 83,208.21 SUB-TOTAL 412,288.73 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 83,333.33 EUR 0.51 0.51 42,791.67 SUB-TOTAL 42,791.67 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 500.00 EUR 100.08 100.08 50,040.00 SEB Immoinvest 934.00 EUR 23.15 23.15 21,622.10 UBS 3 Kontinente Immobilien 4,902.00 EUR 5.55 5.55 27,206.10 SUB-TOTAL 98,868.20 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - GBP GBP -0.01 BBVA - EUR 190,968.69 BBVA-USD USD 30,287.29 BES EUR 4.35 CGD - USD USD 19,506.30 CGD-EUR EUR -15,319.14 SUB-TOTAL 225,447.48 52 A prazo 521 Depósitos e outros equiparados Millenium bcp 60,000.00 EUR 843.03 SUB-TOTAL 843.03 9 Outros valores a regularizar 27,974.55 TOTAL DE APLICAÇÕES 2,049,598.19 TOTAL DO FUNDO 2,077,572.74 Lisboa, 30 de Novembro de 2014

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 30-11-2014 7.35425 EUR N.º Unidades de Participação em circulação 1,047,436 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 308,000.00 EUR 101.52 101.52 7,922.77 320,588.97 OT 3.875% 02/2030 308,000.00 EUR 102.26 102.26 2,648.59 317,609.39 OT 4.95% 10/2023 310,000.00 EUR 114.94 114.94 1,513.48 357,839.98 OT 5.65% 02/2024 200,000.00 EUR 119.70 119.70 8,916.16 248,317.35 PETROBRAS 3.25% 04/2019 300,000.00 EUR 98.61 98.61 6,491.10 302,317.50 SUB-TOTAL 1,546,673.19 114 Acções CTT - Correios de Portugal 1,012.00 EUR 7.65 7.65 7,741.80 BCP (NPR) 276,037.00 EUR 0.08 0.08 22,911.07 BPI-SGPS (NPR) 3,896.00 EUR 1.56 1.56 6,066.07 PORTUGAL TELECOM, SGPS 6,749.00 EUR 1.51 1.51 10,184.24 SUB-TOTAL 46,903.18 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública Intl Bk Rec. & Dev. 10% 01/2015 BRL 480,000.00 BRL 99.81 318.76 12,888.53 162,900.56 Rep. Greece (Swap) Zero GDP-Linked 10/2042 46,595.00 EUR 0.75 0.75 348.53 Rep. Greece 2% 2034 154,000.00 EUR 53.86 53.86 2,354.30 85,291.00 Rep. Italy 5% 09/2040 231,000.00 EUR 128.33 128.33 2,847.95 299,283.32 Rep. Italy Float 06/2017 180,000.00 EUR 105.00 105.00 2,379.72 191,379.72 Spanish Govt.. 5.15% 10/2044 77,000.00 EUR 134.89 134.89 325.93 104,189.69 SUB-TOTAL 843,392.82 123 Obrigações diversas BOIRO FLOAT 2016 152,389.83 EUR 98.94 98.94 150,779.47 ESF 6.875% 10/2019 100,000.00 EUR 104.38 104.38 104,375.05 GALP Float 05/2017 200,000.00 EUR 102.90 102.90 194.44 205,994.44 LEHMAN BROT. HOLD. 6,375% 2001/11 210,000.00 EUR 15.00 15.00 31,500.00 NOVO BANCO 4% 01/2019 100,000.00 EUR 93.56 93.56 3,430.14 96,993.14 OREY Best Of 2018 100,000.00 EUR 100.00 100.00 809.72 100,809.72 Portugal Telecom 5% 2019 265,000.00 EUR 105.63 105.63 943.84 280,870.88 Portugal Telecom 5.875% 04/2018 100,000.00 EUR 108.97 108.97 3,653.77 112,621.77 REN 4.75% 10/202 100,000.00 EUR 114.82 114.82 585.62 115,400.62 SUB-TOTAL 1,199,345.09 124 Acções AMUNDI ETF MSCI Emerging Markets 24,961.00 EUR 3.28 3.28 81,747.28 AMUNDI ETF MSCI Europe Dividend Yield 425.00 EUR 98.44 98.44 41,837.00 COMSTAGE ETF PSI20 540.00 EUR 5.76 5.76 3,107.70 LYXOR ETF Eurostoxx Banks 115.00 EUR 112.31 112.31 12,915.65 LYXOR ETF MSCI Europe 620.00 EUR 119.03 119.03 73,798.60 Lyxor S&P 500 7,687.00 EUR 17.06 17.06 131,155.59 Renault SA - EUR 203.00 EUR 64.52 64.52 13,097.56 UNICAJA Banco 5,775.00 EUR 1.00 1.00 5,775.00 VANGUARD HIGH DVD YLD ETF 497.00 USD 70.11 87.28 27,990.72 SUB-TOTAL 391,425.10 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados

AMUNDI ETF MSCI JP 458.00 EUR 135.47 135.47 62,045.26 Candriam Bond Emerging Markets Debt Local - I 66.00 EUR 1,187.00 1,187.00 78,342.00 Candriam Bonds Total Return 282.00 EUR 1,379.68 1,379.68 389,069.76 ETF WTI Crude Oil 708.00 USD 18.36 22.86 10,442.00 FIDELITY Euro Blue Chip Fund 4,048.00 EUR 14.16 14.16 57,319.68 Groupama Asie - I 20.00 EUR 2,320.92 2,320.92 46,418.40 ING L Renta Europe High Yield 36.00 EUR 7,759.98 7,759.98 279,359.28 Jupiter Dynamic Bond Fund 42,427.00 EUR 11.32 11.32 480,273.64 Lyxor ETF ASX 200 Australia 945.00 EUR 39.16 39.16 37,006.20 Morgan Stanley Diversified Alpha Plus I 4,439.00 EUR 36.05 36.05 160,025.95 Pictet Emerging Local Curncy Debt - I 1,020.00 EUR 150.41 150.41 153,418.20 SPDR GOLD ETF 135.00 USD 113.06 140.74 12,260.85 UBS Bond Fund AUD - Q 4,207.00 AUD 107.59 157.48 309,237.59 SUB-TOTAL 2,075,218.81 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 171,666.67 EUR 0.51 0.51 88,150.83 SUB-TOTAL 88,150.83 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 6,003.00 EUR 100.08 100.08 600,780.24 SEB Immoinvest 4,969.00 EUR 23.15 23.15 115,032.35 UBS 3 Kontinente Immobilien 27,122.00 EUR 5.55 5.55 150,527.10 SUB-TOTAL 866,339.69 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR 13,228.59 BBVA-USD USD 20,603.11 CGD - GBP GBP -0.03 CGD - USD USD 3,184.84 CGD-EUR EUR 126,811.20 SUB-TOTAL 163,827.71 52 A prazo 521 Depósitos e outros equiparados Millenium bcp 150,000.00 EUR 645.73 Papel Comercial Mota-Engil 54ª 12/2014 3.70% 100,000.00 EUR 100.00 100.00 195.28 100,195.28 Papel Comercial Mota-Engil 55ª 02/2015 4.00% 100,000.00 EUR 100.00 100.00 188.89 100,188.89 Papel Comercial SAG Gest 190ª 12/2014 100,000.00 EUR 99.91 99.91 99,910.00 Papel Comercial Sonae Indústria PRG 13-20ª - 12/2014 150,000.00 EUR 100.00 100.00 2,828.13 152,828.13 Papel Comercial Sonae Indústria PRG 36ª - 01/2015 50,000.00 EUR 100.00 100.00 177.78 50,177.78 SUB-TOTAL 503,945.81 9 Outros valores a regularizar -22,117.02 TOTAL DE APLICAÇÕES 7,725,222.23 TOTAL DO FUNDO 7,703,105.21 Lisboa, 30 de Novembro de 2014

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 30-11-2014 6.23939 EUR N.º Unidades de Participação em circulação 574,260 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 112,000.00 EUR 101.52 101.52 2,881.01 116,577.81 OT 3.875% 02/2030 112,000.00 EUR 102.26 102.26 963.12 115,494.32 OT 5.65% 02/2024 73,000.00 EUR 122.44 122.44 3,254.40 92,631.95 SUB-TOTAL 324,704.08 114 Acções CTT - Correios de Portugal 799.00 EUR 7.65 7.65 6,112.35 BCP (NPR) 366,883.00 EUR 0.08 0.08 30,451.29 BPI-SGPS (NPR) 5,733.00 EUR 1.56 1.56 8,926.28 PORTUGAL TELECOM, SGPS 5,323.00 EUR 1.51 1.51 8,032.41 SUB-TOTAL 53,522.33 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública Intl Bk Rec. & Dev. 10% 01/2015 BRL 220,000.00 BRL 99.81 318.76 5,907.24 74,662.76 Rep. Greece (Swap) Zero GDP-Linked 10/2042 14,100.00 EUR 0.75 0.75 105.47 Rep. Greece 2% 2034 56,000.00 EUR 53.86 53.86 856.11 31,014.91 Rep. Italy 5% 09/2040 84,000.00 EUR 128.33 128.33 1,035.62 108,830.30 Rep. Italy Float 06/2017 60,000.00 EUR 105.00 105.00 793.24 63,793.24 Spanish Govt.. 5.15% 10/2044 28,000.00 EUR 134.89 134.89 118.52 37,887.16 SUB-TOTAL 316,293.84 123 Obrigações diversas BOIRO FLOAT 2016 92,186.44 EUR 98.94 98.94 91,212.28 EDP Finance 3.75% 2015 80,000.00 EUR 101.44 101.44 1,323.29 82,472.09 LEHMAN BROT. HOLD. 6,375% 2001/11 250,000.00 EUR 15.00 15.00 37,500.00 OREY Best Of 2018 60,000.00 EUR 100.00 100.00 485.83 60,485.83 Portugal Telecom 5% 2019 80,000.00 EUR 106.51 106.51 284.93 85,491.33 SUB-TOTAL 357,161.53 124 Acções AMUNDI ETF MSCI Emerging Markets 16,870.00 EUR 3.28 3.28 55,249.25 AMUNDI ETF MSCI Europe Dividend Yield 291.00 EUR 98.44 98.44 28,646.04 AMUNDI ETF MSCI Italy 356.00 EUR 92.16 92.16 32,808.96 AMUNDI ETF MSCI SPAIN 256.00 EUR 197.00 197.00 50,432.00 AMUNDI ETF MSCI UK 205.00 EUR 171.20 171.20 35,096.00 COMSTAGE ETF PSI20 4,740.00 EUR 5.76 5.76 27,278.70 LYXOR ATHEX 20 7,649.00 EUR 1.50 1.50 11,435.26 LYXOR ETF AUTOS 384.00 EUR 54.40 54.40 20,889.60 LYXOR ETF Eurostoxx Banks 349.00 EUR 112.31 112.31 39,196.19 LYXOR ETF MSCI EMER MKTS 2,550.00 EUR 8.33 8.33 21,249.15 LYXOR ETF MSCI Europe 417.00 EUR 119.03 119.03 49,635.51 LYXOR ETF WORLD WATER 256.00 EUR 27.26 27.26 6,978.56 Lyxor ETF DAX 403.00 EUR 96.62 96.62 38,935.85 Lyxor S&P 500 5,497.00 EUR 17.06 17.06 93,789.81 POWERSHARES DYN PHARMA 602.00 USD 69.03 85.93 33,381.98 Renault SA - EUR 159.00 EUR 64.52 64.52 10,258.68 UNICAJA Banco 2,887.00 EUR 1.00 1.00 2,887.00 VANGUARD HIGH DVD YLD ETF 246.00 USD 70.11 87.28 13,854.56 ishares US Aerospace&Defense 115.00 USD 114.55 142.60 10,582.07

SUB-TOTAL 582,585.17 13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções FACEBOOK Inc. 1.00 USD 77.70 96.73 62.42 SUB-TOTAL 62.42 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados AMUNDI ETF MSCI JP 309.00 EUR 135.47 135.47 41,860.23 COMSTAGE Short Bund 321.00 EUR 68.72 68.72 22,059.12 Candriam Bond Emerging Markets Debt Local - I 32.00 EUR 1,187.00 1,187.00 37,984.00 Candriam Bonds Total Return 104.00 EUR 1,379.68 1,379.68 143,486.72 ETF WTI Crude Oil 485.00 USD 18.36 22.86 7,153.07 FIDELITY Euro Blue Chip Fund 2,736.00 EUR 14.16 14.16 38,741.76 Groupama Asie - I 14.00 EUR 2,320.92 2,320.92 32,492.88 ING L Renta Europe High Yield 13.00 EUR 7,759.98 7,759.98 100,879.74 Jupiter Dynamic Bond Fund 11,896.00 EUR 11.32 11.32 134,662.72 Lyxor ETF ASX 200 Australia 641.00 EUR 39.16 39.16 25,101.56 Morgan Stanley Diversified Alpha Plus I 2,080.00 EUR 36.05 36.05 74,984.00 Pictet Emerging Local Curncy Debt - I 483.00 EUR 150.41 150.41 72,648.03 SPDR GOLD ETF 105.00 USD 113.06 140.74 9,536.22 UBS Bond Fund AUD - Q 1,952.00 AUD 107.59 157.48 143,482.71 SUB-TOTAL 885,072.76 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 178,333.32 EUR 0.51 0.51 91,574.16 SUB-TOTAL 91,574.16 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 1,500.00 EUR 100.08 100.08 150,120.00 SEB Immoinvest 3,410.00 EUR 23.15 23.15 78,941.50 UBS 3 Kontinente Immobilien 17,566.00 EUR 5.55 5.55 97,491.30 SUB-TOTAL 326,552.80 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR 12,984.28 BBVA-USD USD 16,532.74 CGD - USD USD 23,987.31 CGD-EUR EUR 354,860.06 SUB-TOTAL 408,364.39 52 A prazo 521 Depósitos e outros equiparados Millenium bcp 300,000.00 EUR 212.61 Papel Comercial Mota-Engil 55ª 02/2015 3.85% 50,000.00 EUR 100.00 100.00 90.90 50,090.90 Papel Comercial SAG Gest 190ª 12/2014 100,000.00 EUR 99.91 99.91 99,910.00 Papel Comercial Sonae Indústria PRG 13-20ª - 12/2014 50,000.00 EUR 100.00 100.00 942.71 50,942.71 SUB-TOTAL 201,156.22 9 Outros valores a regularizar 35,982.11 TOTAL DE APLICAÇÕES 3,547,049.70 TOTAL DO FUNDO 3,583,031.81 Lisboa, 30 de Novembro de 2014

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 30-11-2014 1.44507 EUR N.º Unidades de Participação em circulação 4,114,654 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 220,000.00 EUR 101.52 101.52 5,659.12 228,992.12 OT 3.875% 02/2030 220,000.00 EUR 102.26 102.26 1,891.85 226,863.85 OT 5.65% 02/2024 143,000.00 EUR 122.44 122.44 6,375.06 181,457.11 SUB-TOTAL 637,313.08 114 Acções CTT - Correios de Portugal 777.00 EUR 7.65 7.65 5,944.05 BCP (NPR) 285,721.00 EUR 0.08 0.08 23,714.84 BPI-SGPS (NPR) 4,309.00 EUR 1.56 1.56 6,709.11 PORTUGAL TELECOM, SGPS 5,180.00 EUR 1.51 1.51 7,816.62 SUB-TOTAL 44,184.62 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública Intl Bk Rec. & Dev. 10% 01/2015 BRL 370,000.00 BRL 99.81 318.76 9,934.91 125,569.19 Rep. Greece (Swap) Zero GDP-Linked 10/2042 69,300.00 EUR 0.75 0.75 518.36 Rep. Greece 2% 2034 110,000.00 EUR 53.86 53.86 1,681.64 60,922.14 Rep. Italy 5% 09/2040 165,000.00 EUR 128.33 128.33 2,034.25 213,773.80 Rep. Italy Float 06/2017 130,000.00 EUR 105.00 105.00 1,718.69 138,218.69 Spanish Govt.. 5.15% 10/2044 55,000.00 EUR 134.89 134.89 232.81 74,421.21 SUB-TOTAL 613,423.39 123 Obrigações diversas BOIRO FLOAT 2016 302,898.31 EUR 98.94 98.94 299,697.47 EDP Finance 3.75% 2015 142,000.00 EUR 101.44 101.44 2,348.84 146,387.96 ESF 6.875% 10/2019 100,000.00 EUR 104.52 104.52 104,517.50 LEHMAN BROT. HOLD. 6,375% 2001/11 350,000.00 EUR 15.00 15.00 52,500.00 OREY Best Of 2018 75,000.00 EUR 100.00 100.00 607.29 75,607.29 Portugal Telecom 5% 2019 130,000.00 EUR 106.51 106.51 463.01 138,923.41 Portugal Telecom 5.875% 04/2018 100,000.00 EUR 108.97 108.97 3,653.77 112,621.77 SUB-TOTAL 930,255.40 124 Acções AMUNDI ETF MSCI Emerging Markets 27,373.00 EUR 3.28 3.28 89,646.58 AMUNDI ETF MSCI Europe Dividend Yield 467.00 EUR 98.44 98.44 45,971.48 AMUNDI ETF MSCI Italy 115.00 EUR 92.16 92.16 10,598.40 AMUNDI ETF MSCI SPAIN 83.00 EUR 197.00 197.00 16,351.00 AMUNDI ETF MSCI UK 67.00 EUR 171.20 171.20 11,470.40 COMSTAGE ETF PSI20 1,407.00 EUR 5.76 5.76 8,097.29 LYXOR ATHEX 20 2,483.00 EUR 1.50 1.50 3,712.09 LYXOR ETF AUTOS 123.00 EUR 54.40 54.40 6,691.20 LYXOR ETF Eurostoxx Banks 170.00 EUR 112.31 112.31 19,092.70 LYXOR ETF MSCI EMER MKTS 828.00 EUR 8.33 8.33 6,899.72 LYXOR ETF MSCI Europe 681.00 EUR 119.03 119.03 81,059.43 LYXOR ETF WORLD WATER 82.00 EUR 27.26 27.26 2,235.32 Lyxor ETF DAX 131.00 EUR 96.62 96.62 12,656.57 Lyxor S&P 500 7,540.00 EUR 17.06 17.06 128,647.48 POWERSHARES DYN PHARMA 193.00 USD 69.03 85.93 10,702.20 Renault SA - EUR 154.00 EUR 64.52 64.52 9,936.08

UNICAJA Banco 6,930.00 EUR 1.00 1.00 6,930.00 VANGUARD HIGH DVD YLD ETF 545.00 USD 70.11 87.28 30,694.05 ishares US Aerospace&Defense 37.00 USD 114.55 142.60 3,404.67 SUB-TOTAL 504,796.66 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados AMUNDI ETF MSCI JP 502.00 EUR 135.47 135.47 68,005.94 COMSTAGE Short Bund 104.00 EUR 68.72 68.72 7,146.88 Candriam Bond Emerging Markets Debt Local - I 54.00 EUR 1,187.00 1,187.00 64,098.00 Candriam Bonds Total Return 174.00 EUR 1,379.68 1,379.68 240,064.32 ETF WTI Crude Oil 778.00 USD 18.36 22.86 11,474.40 FIDELITY Euro Blue Chip Fund 4,440.00 EUR 14.16 14.16 62,870.40 Groupama Asie - I 22.00 EUR 2,320.92 2,320.92 51,060.24 ING L Renta Europe High Yield 23.00 EUR 7,759.98 7,759.98 178,479.54 Jupiter Dynamic Bond Fund 21,293.00 EUR 11.32 11.32 241,036.76 Lyxor ETF ASX 200 Australia 1,038.00 EUR 39.16 39.16 40,648.08 Morgan Stanley Diversified Alpha Plus I 3,408.00 EUR 36.05 36.05 122,858.40 Pictet Emerging Local Curncy Debt - I 807.00 EUR 150.41 150.41 121,380.87 SPDR GOLD ETF 104.00 USD 113.06 140.74 9,445.39 UBS Bond Fund AUD - Q 3,259.00 AUD 107.59 157.48 239,554.39 SUB-TOTAL 1,458,123.61 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 232,666.72 EUR 0.51 0.51 119,474.36 SUB-TOTAL 119,474.36 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 2,400.00 EUR 100.08 100.08 240,192.00 SEB Immoinvest 8,105.00 EUR 23.15 23.15 187,630.75 UBS 3 Kontinente Immobilien 38,629.00 EUR 5.55 5.55 214,390.95 SUB-TOTAL 642,213.70 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR EUR 287,354.21 BBVA-USD USD 32,424.20 BPI-EURO EUR 685.37 CGD - GBP GBP 0.01 CGD - USD USD 849.74 CGD-EUR EUR 242,626.65 SUB-TOTAL 563,940.18 52 A prazo 521 Depósitos e outros equiparados Millenium bcp 400,000.00 EUR 471.15 Papel Comercial Mota-Engil 54ª 12/2014 3.70% 100,000.00 EUR 100.00 100.00 195.28 100,195.28 Papel Comercial Mota-Engil 55ª 02/2015 4.00% 100,000.00 EUR 100.00 100.00 188.89 100,188.89 Papel Comercial SAG Gest 190ª 12/2014 100,000.00 EUR 99.91 99.91 99,910.00 Papel Comercial Sonae Indústria PRG 13-20ª - 12/2014 150,000.00 EUR 100.00 100.00 2,828.13 152,828.13 SUB-TOTAL 453,593.45 9 Outros valores a regularizar -21,335.55 TOTAL DE APLICAÇÕES 5,967,318.45 TOTAL DO FUNDO 5,945,982.90 Lisboa, 30 de Novembro de 2014

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 30-11-2014 5.75751 EUR N.º Unidades de Participação em circulação 91,062 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 16,000.00 EUR 101.52 101.52 411.57 16,653.97 OT 3.875% 02/2030 16,000.00 EUR 102.26 102.26 137.59 16,499.19 OT 5.65% 02/2024 11,000.00 EUR 122.44 122.44 490.39 13,958.24 SUB-TOTAL 47,111.40 114 Acções CTT - Correios de Portugal 367.00 EUR 7.65 7.65 2,807.55 BCP (NPR) 132,210.00 EUR 0.08 0.08 10,973.43 BPI-SGPS (NPR) 2,000.00 EUR 1.56 1.56 3,114.00 PORTUGAL TELECOM, SGPS 2,448.00 EUR 1.51 1.51 3,694.03 SUB-TOTAL 20,589.01 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública Intl Bk Rec. & Dev. 10% 01/2015 BRL 25,000.00 BRL 99.81 318.76 671.28 8,484.41 Rep. Greece 2% 2034 8,000.00 EUR 53.86 53.86 122.30 4,430.70 Rep. Italy 5% 09/2040 12,000.00 EUR 128.33 128.33 147.95 15,547.19 Spanish Govt.. 5.15% 10/2044 4,000.00 EUR 134.89 134.89 16.93 5,412.45 SUB-TOTAL 33,874.75 123 Obrigações diversas EDP Finance 3.75% 2015 10,000.00 EUR 101.44 101.44 165.41 10,309.01 OREY Best Of 2018 5,000.00 EUR 100.00 100.00 40.49 5,040.49 SUB-TOTAL 15,349.50 124 Acções AMUNDI ETF MSCI Emerging Markets 970.00 EUR 3.28 3.28 3,176.75 AMUNDI ETF MSCI Europe Dividend Yield 17.00 EUR 98.44 98.44 1,673.48 AMUNDI ETF MSCI Italy 21.00 EUR 92.16 92.16 1,935.36 AMUNDI ETF MSCI SPAIN 14.00 EUR 197.00 197.00 2,758.00 AMUNDI ETF MSCI UK 41.00 EUR 171.20 171.20 7,019.20 AMUNDI S&P 500 144.00 EUR 27.87 27.87 4,013.86 ARCELORMITTAL 286.00 EUR 9.87 9.87 2,821.39 COMSTAGE ETF PSI20 593.00 EUR 5.76 5.76 3,412.72 LYXOR ATHEX 20 439.00 EUR 1.50 1.50 656.31 LYXOR ETF AUTOS 165.00 EUR 54.40 54.40 8,976.00 LYXOR ETF BRASIL 575.00 EUR 15.75 15.75 9,056.25 LYXOR ETF Eurostoxx Banks 56.00 EUR 112.31 112.31 6,289.36 LYXOR ETF MSCI EMER MKTS 1,296.00 EUR 8.33 8.33 10,799.57 LYXOR ETF MSCI Europe 24.00 EUR 119.03 119.03 2,856.72 LYXOR ETF WORLD WATER 14.00 EUR 27.26 27.26 381.64 Lyxor ETF DAX 23.00 EUR 96.62 96.62 2,222.15 Lyxor S&P 500 1,174.00 EUR 17.06 17.06 20,030.79 POWERSHARES DYN PHARMA 148.00 USD 69.03 85.93 8,206.87 Renault SA - EUR 74.00 EUR 64.52 64.52 4,774.48 TESCO PLC 1,438.00 GBP 1.86 1.48 3,368.60 VANGUARD HIGH DVD YLD ETF 19.00 USD 70.11 87.28 1,070.07 ishares US Aerospace&Defense 6.00 USD 114.55 142.60 552.11 SUB-TOTAL 106,051.68

13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções FACEBOOK Inc. 100.00 USD 77.70 96.73 6,241.64 GOOGLE INC 12.00 USD 549.08 683.53 5,292.91 SUB-TOTAL 11,534.55 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados AMUNDI ETF MSCI JP 17.00 EUR 135.47 135.47 2,302.99 COMSTAGE Short Bund 18.00 EUR 68.72 68.72 1,236.96 Candriam Bond Emerging Markets Debt Local - I 4.00 EUR 1,187.00 1,187.00 4,748.00 ETF WTI Crude Oil 28.00 USD 18.36 22.86 412.96 FIDELITY Euro Blue Chip Fund 157.00 EUR 14.16 14.16 2,223.12 Groupama Asie - I 1.00 EUR 2,320.92 2,320.92 2,320.92 ING L Renta Europe High Yield 1.00 EUR 7,759.98 7,759.98 7,759.98 Jupiter Dynamic Bond Fund 516.00 EUR 11.32 11.32 5,841.12 Lyxor ETF ASX 200 Australia 36.00 EUR 39.16 39.16 1,409.76 Morgan Stanley Diversified Alpha Plus I 259.00 EUR 36.05 36.05 9,336.95 Pictet Emerging Local Curncy Debt - I 47.00 EUR 150.41 150.41 7,069.27 SPDR GOLD ETF 49.00 USD 113.06 140.74 4,450.23 UBS Bond Fund AUD - Q 276.00 AUD 107.59 157.48 20,287.51 SUB-TOTAL 69,399.77 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 285.00 EUR 100.08 100.08 28,522.80 SEB Immoinvest 360.00 EUR 23.15 23.15 8,334.00 SUB-TOTAL 36,856.80 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - GBP GBP 0.01 BBVA - EUR 128,891.53 BBVA-USD USD 5,155.26 CGD-EUR EUR 34,787.92 SUB-TOTAL 168,834.72 9 Outros valores a regularizar 14,686.44 TOTAL DE APLICAÇÕES 509,602.18 TOTAL DO FUNDO 524,288.62 Lisboa, 30 de Novembro de 2014

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 30-11-2014 6.67499 EUR N.º Unidades de Participação em circulação 610,727 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 168,000.00 EUR 101.52 101.52 4,321.51 174,866.71 OT 3.35% 10/2015 100,000.00 EUR 98.96 98.96 422.19 99,380.66 OT 3.875% 02/2030 168,000.00 EUR 102.26 102.26 1,444.68 173,241.48 OT 4.75% 06/2019 100,000.00 EUR 100.28 100.28 2,199.32 102,479.07 OT 4.95% 10/2023 150,000.00 EUR 110.85 110.85 732.33 167,010.57 OT 5.65% 02/2024 109,000.00 EUR 118.04 118.04 4,859.31 133,521.72 SUB-TOTAL 850,500.21 114 Acções 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 247,038.00 EUR 0.00 121 Títulos de dívida pública Intl Bk Rec. & Dev. 10% 01/2015 BRL 210,000.00 BRL 99.81 318.76 5,638.73 71,269.00 Rep. Italy 5% 09/2040 126,000.00 EUR 128.33 128.33 1,553.42 163,245.44 Spanish Govt.. 5.15% 10/2044 42,000.00 EUR 134.89 134.89 177.78 56,830.74 SUB-TOTAL 291,345.18 123 Obrigações diversas BCP 3.375% 02/2017 100,000.00 EUR 101.57 101.57 2,552.05 104,121.05 BPI 3.25% 01/2015 Covered 150,000.00 EUR 100.03 100.03 4,260.62 154,308.23 BRISA 4.5% 12/2016 50,000.00 EUR 100.88 100.88 2,219.18 52,657.10 EDP Finance 3.75% 2015 100,000.00 EUR 100.47 100.47 1,654.11 102,124.33 ESF 6.875% 10/2019 100,000.00 EUR 104.38 104.38 104,375.05 GALP Float 05/2017 100,000.00 EUR 102.90 102.90 97.22 102,997.22 NOVO BANCO 3.375% 02/2015 Covered 50,000.00 EUR 100.12 100.12 1,322.26 51,380.33 OREY Best Of 2018 30,000.00 EUR 100.00 100.00 242.92 30,242.92 Oi (PT) 4.625% 05/2020 120,000.00 EUR 103.24 103.24 3,132.33 127,016.73 Portugal Telecom 5% 2019 140,000.00 EUR 105.63 105.63 498.63 148,384.61 SUB-TOTAL 977,607.57 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados Candriam Bond Emerging Markets Debt Local - I 26.00 EUR 1,187.00 1,187.00 30,862.00 Candriam Bonds Total Return 56.00 EUR 1,379.68 1,379.68 77,262.08 Jupiter Dynamic Bond Fund 8,124.00 EUR 11.32 11.32 91,963.68 Morgan Stanley Diversified Alpha Plus I 2,112.00 EUR 36.05 36.05 76,137.60 Pictet Emerging Local Curncy Debt - I 431.00 EUR 150.41 150.41 64,826.71 UBS Bond Fund AUD - Q 1,054.00 AUD 107.59 157.48 77,474.78 SUB-TOTAL 418,526.85 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário IMOSOCIAL 20,816.00 EUR 6.59 6.59 137,121.24 SEB IMMOPORTFOLIO TARGET RETURN 1,786.00 EUR 100.08 100.08 178,742.88 SEB Immoinvest 1,022.00 EUR 23.15 23.15 23,659.30 UBS 3 Kontinente Immobilien 5,269.00 EUR 5.55 5.55 29,242.95 SUB-TOTAL 368,766.37 5 Liquidez 51 À vista 512 Depósitos à ordem

BBVA - EUR 524,018.15 CGD-EUR EUR 288,858.96 SUB-TOTAL 812,877.11 52 A prazo 521 Depósitos e outros equiparados Papel Comercial Mota-Engil 55ª 02/2015 4.15% 100,000.00 EUR 100.00 100.00 195.97 100,195.97 Papel Comercial SAG Gest 190ª 12/2014 100,000.00 EUR 99.91 99.91 99,910.00 Papel Comercial SAG Gest 192ª 12/2014 3.25% 50,000.00 EUR 99.79 99.79 49,896.50 Papel Comercial Sonae Indústria PRG 32ª - 04/2015 100,000.00 EUR 100.00 100.00 489.58 100,489.58 Papel Comercial Sonae Indústria PRG 36ª - 01/2015 50,000.00 EUR 100.00 100.00 177.78 50,177.78 SUB-TOTAL 400,669.83 9 Outros valores a regularizar -43,701.62 TOTAL DE APLICAÇÕES 4,120,293.12 TOTAL DO FUNDO 4,076,591.50 Lisboa, 30 de Novembro de 2014