FUNDO DE PENSÕES PPR PATRIMÓNIO REFORMA CONSERVADOR

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 31-12-2012 7.05154 EUR N.º Unidades de Participação em circulação 1,139,884 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 144,000.00 EUR 81.25 81.25 3,949.15 120,949.15 SUB-TOTAL 120,949.15 113 Obrigações diversas ESF 9.75% 12/2025 Convertible 56,000.00 EUR 92.62 92.62 179.51 52,046.71 SUB-TOTAL 52,046.71 114 Acções GALP ENERGIA SGPS 147.00 EUR 11.76 11.76 1,728.72 SUB-TOTAL 1,728.72 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública EFSF (Swap) 1% 03/2014 11,100.00 EUR 100.93 100.93 89.41 11,292.64 EFSF 0 17/06/2013 16,625.59 EUR 99.93 99.93 16,614.28 ICO 4.375% 03/2014 77,000.00 EUR 101.66 101.66 2,538.10 80,812.45 Rep. Greece (Swap) Zero GDP-Linked 10/2042 46,600.00 EUR 0.67 0.67 312.69 Rep. Itália 08/2017 75,000.00 EUR 108.79 108.79 1,626.36 83,218.86 Rep. Poland 3.375% 07/2024 46,000.00 EUR 102.90 102.90 353.03 47,687.95 SUB-TOTAL 239,938.87 123 Obrigações diversas BCP 5.625% 04/2014 150,000.00 EUR 100.17 100.17 5,825.34 156,078.84 BCP Floater 2013 200,000.00 EUR 98.98 98.98 24.77 197,990.77 BES 3.375% 02/2015 Covered 150,000.00 EUR 98.14 98.14 4,398.57 151,614.57 BES Float 02/2013 150,000.00 EUR 99.47 99.47 173.54 149,380.04 BMW 1.5% 06/2018 85,000.00 EUR 101.31 101.31 90.82 86,202.62 BOIRO FLOAT 2016 392,644.06 EUR 97.64 97.64 383,396.34 BPI 3.25% 01/2015 Covered 100,000.00 EUR 98.27 98.27 3,116.80 101,385.80 BRISA 4.5% 12/2016 100,000.00 EUR 100.49 100.49 320.55 100,809.55 CAJA Duero FRN 2003 Perpetual 50,000.00 EUR 30.00 30.00 15,000.00 CGD 02/2014 150,000.00 EUR 101.16 101.16 6,637.30 158,375.80 CGD 3.875% 12/2016 Covered 100,000.00 EUR 97.99 97.99 265.41 98,257.41 CGD 4.25% 01/2020 Covered 250,000.00 EUR 91.93 91.93 9,841.19 239,653.69 COMUNIDAD MADRID 4.75% 03/2015 152,000.00 EUR 97.82 97.82 5,538.63 154,220.47 DAIMLER 2.375% 09/2022 65,000.00 EUR 100.58 100.58 465.24 65,839.64 DEUTSCHE TELEKOM 2.75% 10/2024 162,000.00 EUR 101.02 101.02 829.97 164,480.75 DRESDNER zero 98/13 7,481.96 EUR 229.31 229.31 17,157.11 EDP Finance 5.5% 02/2014 157,000.00 EUR 102.81 102.81 7,478.95 168,887.51 ENEL 5.25% 06/2017 50,000.00 EUR 110.07 110.07 1,395.21 56,429.71 GAS Natural 4.5% 01/2020 50,000.00 EUR 105.15 105.15 2,084.02 54,656.52 Gen. Catalunya 5.375% 04/2013 76,000.00 EUR 98.97 98.97 3,032.97 78,250.93 Goldman Sachs Float CMS 2022 170,000.00 EUR 91.62 91.62 4,032.96 159,786.96 HVB 6% 02/2014 79,000.00 EUR 104.06 104.06 4,273.77 86,478.80 INTESA SP 4.75% 06/2017 150,000.00 EUR 107.40 107.40 3,884.59 164,981.59 LEHMAN BROT. HOLD. 6,375% 2001/11 210,000.00 EUR 22.25 22.25 46,725.00 Montepio Float 05/2013 500,000.00 EUR 96.64 96.64 195.11 483,370.11 NOKIA 5.5% 02/2014 155,000.00 EUR 103.13 103.13 7,709.77 167,558.17 OREY Best Of 2018 100,000.00 EUR 100.00 100.00 1,283.33 101,283.33

Parpública 3.5% 07/13 50,000.00 EUR 99.00 99.00 843.84 50,343.84 RCI Banque 2.125% 11/2014 53,000.00 EUR 101.27 101.27 120.34 53,793.97 RED Electrica 4.75% 09/2013 77,000.00 EUR 102.30 102.30 1,042.14 79,810.06 REN 6.375 12/2013 150,000.00 EUR 104.22 104.22 679.62 157,005.12 Santander totta 2.625 04/13 Covered 250,000.00 EUR 99.80 99.80 4,674.66 254,174.66 TELECOM ITALIA Float 06/2016 50,000.00 EUR 94.42 94.42 32.67 47,244.67 SUB-TOTAL 4,450,624.35 124 Acções AALBERTSINDUSTRIES 131.00 EUR 15.70 15.70 2,056.70 ABENGOA SA 659.00 EUR 2.39 2.39 1,574.35 AMUNDI ETF MIB Italy 64.00 EUR 26.47 26.47 1,694.08 AMUNDI ETF MSCI SPAIN 58.00 EUR 139.49 139.49 8,090.42 AMUNDI S&P 500 2,166.00 EUR 17.16 17.16 37,157.73 Amundi ETF MSCI World 31.00 EUR 129.64 129.64 4,018.84 DATALOGIC SPA 96.00 EUR 6.61 6.61 634.08 DEUTSCHE BOERSE 62.00 EUR 46.21 46.21 2,865.02 ELECTRICITE DE FRANCE 170.00 EUR 13.98 13.98 2,376.60 IMAGINATION TECH GROUP PLC 343.00 GBP 3.95 3.21 1,669.10 IPATH MSCI ITALY 333.00 USD 13.45 17.76 3,392.73 LVMH Moet Hennessy LV 16.00 EUR 138.80 138.80 2,220.80 NATIXIS 293.00 EUR 2.55 2.55 747.15 SAIPEM SPa 198.00 EUR 29.30 29.30 5,801.40 SOURCE STOXX-EU 600 OPT BRES 8.00 EUR 287.97 287.97 2,303.76 SOURCE STOXX-EU 600 OPT TEL 33.00 EUR 70.83 70.83 2,337.39 SUB-TOTAL 78,940.15 13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções 3M Company 26.00 USD 92.85 122.57 1,828.68 APACHE CORP 65.00 USD 78.50 103.63 3,865.14 BAKER HUGHES INC 87.00 USD 40.85 53.93 2,691.97 BARRICK GOLD CORP 135.00 USD 35.01 46.22 3,580.21 BOEING CO 33.00 USD 75.36 99.49 1,883.81 CATERPILLAR INC 18.00 USD 89.61 118.30 1,221.81 DELL INC 115.00 USD 10.14 13.39 883.32 ERICSSON ADR 258.00 USD 10.10 13.33 1,973.89 GENERAL DYNAMICS CORP 33.00 USD 69.27 91.45 1,731.58 GOOGLE INC 6.00 USD 707.38 933.83 3,215.04 HALLIBURTON HOLDINGS-USD 119.00 USD 34.69 45.80 3,127.04 J P MORGAN CHASE-USD 53.00 USD 43.97 58.05 1,765.25 MCDONALDS CORP 33.00 USD 88.21 116.45 2,205.03 MICROSOFT-USD 304.00 USD 26.71 35.26 6,150.71 TIME WARNER CABLE 20.00 USD 97.19 128.30 1,472.43 WALT DISNEY COMPANY 33.00 USD 49.79 65.73 1,244.63 SUB-TOTAL 38,840.54 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados Amundi ETF GOVT Bond EUR MTS 627.00 EUR 189.74 189.74 118,966.98 Amundi ETF GSCI Agriculture 168.00 EUR 66.95 66.95 11,247.60 Amundi ETF GSCI Metals 40.00 EUR 229.30 229.30 9,172.00 Amundi ETF S&P GSCI 114.00 EUR 258.08 258.08 29,421.12 DEXIA Bond Emerging Markets Debt Local - I 33.00 EUR 1,223.24 1,223.24 40,366.92 ETF WTI Crude Oil 195.00 USD 22.83 30.14 3,371.54 Groupama Asie - I 6.00 EUR 2,128.89 2,128.89 12,773.34 Groupama Avenir Euro - I 1.58 EUR 4,120.86 4,120.86 6,492.41 Groupama US Stock - I 9.00 USD 1,310.28 1,729.74 8,932.83 Lyxor EuroMTS Covered Bond 918.00 EUR 129.82 129.82 119,174.76 SUB-TOTAL 359,919.50 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 171,666.67 EUR 1.18 1.18 202,377.84 SUB-TOTAL 202,377.84 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 6,003.00 EUR 126.35 126.35 758,479.05

SEB Immoinvest 4,969.00 EUR 26.45 26.45 131,430.05 UBS 3 Kontinente Immobilien 27,122.00 EUR 4.90 4.90 132,897.80 SUB-TOTAL 1,022,806.90 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - JPY JPY 6,890.62 BBVA - EUR 230,579.15 BBVA-USD USD 29,954.52 Banco Popular Euro EUR 1,278.15 CGD - CHF CHF 2,394.49 CGD - USD USD 3,100.69 CGD-EUR EUR 923,605.74 Montepio EUR 10,077.88 SUB-TOTAL 1,207,881.24 52 A prazo 521 Depósitos e outros equiparados DP BANCO POPULAR EURO 106,000.00 EUR 1.00 1.00 108.40 106,108.40 DP BANCO POPULAR EURO 155,000.00 EUR 1.00 1.00 242.59 155,242.59 DP Montepio Geral 5.10% 01/2013 Trimestral 351,000.00 EUR 100.00 100.00 1,784.25 352,784.25 Millenium bcp EUR 995.73 SUB-TOTAL 615,130.97 9 Outros valores a regularizar -353,238.26 TOTAL DE APLICAÇÕES 8,391,184.94 TOTAL DO FUNDO 8,037,946.68 Lisboa, 31 de Dezembro de 2012

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 31-12-2012 1.36519 EUR N.º Unidades de Participação em circulação 4,707,039 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 145,000.00 EUR 81.25 81.25 3,976.58 121,789.08 SUB-TOTAL 121,789.08 113 Obrigações diversas ESF 9.75% 12/2025 Convertible 47,000.00 EUR 92.62 92.62 150.66 43,682.06 SUB-TOTAL 43,682.06 114 Acções GALP ENERGIA SGPS 259.00 EUR 11.76 11.76 3,045.84 SUB-TOTAL 3,045.84 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública EFSF (Swap) 1% 03/2014 16,500.00 EUR 100.93 100.93 132.90 16,786.35 EFSF 0 17/06/2013 24,713.77 EUR 99.93 99.93 24,696.96 ICO 4.375% 03/2014 64,000.00 EUR 101.66 101.66 2,109.59 67,168.79 Rep. Greece (Swap) Zero GDP-Linked 10/2042 69,300.00 EUR 0.67 0.67 465.00 Rep. Itália 08/2017 65,000.00 EUR 108.79 108.79 1,409.51 72,123.01 Rep. Poland 3.375% 07/2024 38,000.00 EUR 102.90 102.90 291.64 39,394.40 SUB-TOTAL 220,634.51 123 Obrigações diversas BCP 5.625% 04/2014 50,000.00 EUR 100.17 100.17 1,941.78 52,026.28 BCP Floater 2013 200,000.00 EUR 98.98 98.98 24.77 197,990.77 BES 3.375% 02/2015 Covered 100,000.00 EUR 98.14 98.14 2,932.38 101,076.38 BES Float 02/2013 100,000.00 EUR 99.47 99.47 115.69 99,586.69 BMW 1.5% 06/2018 65,000.00 EUR 101.31 101.31 69.45 65,919.65 BOIRO FLOAT 2016 780,440.67 EUR 97.64 97.64 762,059.39 BPI 3.25% 01/2015 Covered 50,000.00 EUR 98.27 98.27 1,558.40 50,692.90 BRISA 4.5% 12/2016 100,000.00 EUR 100.49 100.49 320.55 100,809.55 CAJA Duero FRN 2003 Perpetual 60,000.00 EUR 30.00 30.00 18,000.00 CGD 02/2014 50,000.00 EUR 101.16 101.16 2,212.43 52,791.93 CGD 3.875% 12/2016 Covered 100,000.00 EUR 97.99 97.99 265.41 98,257.41 CGD 4.25% 01/2020 Covered 100,000.00 EUR 91.93 91.93 3,936.48 95,861.48 COMUNIDAD MADRID 4.75% 03/2015 133,000.00 EUR 97.82 97.82 4,846.30 134,942.91 DAIMLER 2.375% 09/2022 55,000.00 EUR 100.58 100.58 393.66 55,710.46 DEUTSCHE TELEKOM 2.75% 10/2024 135,000.00 EUR 101.02 101.02 691.64 137,067.29 DRESDNER zero 98/13 90,781.22 EUR 229.31 229.31 208,173.14 EDP Finance 3.75% 2015 142,000.00 EUR 100.89 100.89 2,801.10 146,064.90 EDP Finance 5.5% 02/2014 138,000.00 EUR 102.81 102.81 6,573.85 148,448.89 ENEL 5.25% 06/2017 50,000.00 EUR 110.07 110.07 1,395.21 56,429.71 GAS Natural 4.5% 01/2020 50,000.00 EUR 105.15 105.15 2,084.02 54,656.52 Gen. Catalunya 5.375% 04/2013 66,000.00 EUR 98.97 98.97 2,633.90 67,954.76 Goldman Sachs Float CMS 2022 95,000.00 EUR 91.62 91.62 2,253.71 89,292.71 HVB 6% 02/2014 65,000.00 EUR 104.06 104.06 3,516.39 71,153.44 INTESA SP 4.75% 06/2017 100,000.00 EUR 107.40 107.40 2,589.73 109,987.73 LEHMAN BROT. HOLD. 6,375% 2001/11 350,000.00 EUR 22.25 22.25 77,875.00 NOKIA 5.5% 02/2014 130,000.00 EUR 103.13 103.13 6,466.26 140,532.66 OREY Best Of 2018 75,000.00 EUR 100.00 100.00 962.50 75,962.50

Parpública 3.5% 07/13 50,000.00 EUR 99.00 99.00 843.84 50,343.84 RCI Banque 2.125% 11/2014 44,000.00 EUR 101.27 101.27 99.90 44,659.14 RED Electrica 4.75% 09/2013 68,000.00 EUR 102.30 102.30 920.33 70,481.61 REN 6.375 12/2013 150,000.00 EUR 104.22 104.22 679.62 157,005.12 Santander totta 2.625 04/13 Covered 200,000.00 EUR 99.80 99.80 3,739.73 203,339.73 SUB-TOTAL 3,795,154.49 124 Acções AALBERTSINDUSTRIES 223.00 EUR 15.70 15.70 3,501.10 ABENGOA SA 1,085.00 EUR 2.39 2.39 2,592.07 AMUNDI ETF MIB Italy 107.00 EUR 26.47 26.47 2,832.29 AMUNDI ETF MSCI SPAIN 96.00 EUR 139.49 139.49 13,391.04 AMUNDI ETF STOXX 600 1,288.00 EUR 49.56 49.56 63,833.28 AMUNDI S&P 500 1,834.00 EUR 17.16 17.16 31,462.27 Amundi ETF MSCI World 1,699.00 EUR 129.64 129.64 220,258.36 DATALOGIC SPA 171.00 EUR 6.61 6.61 1,129.46 DEUTSCHE BOERSE 107.00 EUR 46.21 46.21 4,944.47 ELECTRICITE DE FRANCE 301.00 EUR 13.98 13.98 4,207.98 IMAGINATION TECH GROUP PLC 604.00 GBP 3.95 3.21 2,939.18 IPATH MSCI ITALY 552.00 USD 13.45 17.76 5,623.98 LVMH Moet Hennessy LV 27.00 EUR 138.80 138.80 3,747.60 NATIXIS 518.00 EUR 2.55 2.55 1,320.90 SAIPEM SPa 327.00 EUR 29.30 29.30 9,581.10 SOURCE STOXX-EU 600 OPT BRES 13.00 EUR 287.97 287.97 3,743.61 SOURCE STOXX-EU 600 OPT TEL 54.00 EUR 70.83 70.83 3,824.82 TECHNIP-EUR 33.00 EUR 86.84 86.84 2,865.72 SUB-TOTAL 381,799.23 13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções 3M Company 43.00 USD 92.85 122.57 3,024.36 APACHE CORP 109.00 USD 78.50 103.63 6,481.55 BAKER HUGHES INC 155.00 USD 40.85 53.93 4,796.03 BARRICK GOLD CORP 225.00 USD 35.01 46.22 5,967.02 BOEING CO 56.00 USD 75.36 99.49 3,196.77 CATERPILLAR INC 31.00 USD 89.61 118.30 2,104.23 DELL INC 197.00 USD 10.14 13.39 1,513.17 ERICSSON ADR 427.00 USD 10.10 13.33 3,266.87 GENERAL DYNAMICS CORP 54.00 USD 69.27 91.45 2,833.49 GOOGLE INC 8.00 USD 707.38 933.83 4,286.72 HALLIBURTON HOLDINGS-USD 207.00 USD 34.69 45.80 5,439.48 J P MORGAN CHASE-USD 87.00 USD 43.97 58.05 2,897.67 MCDONALDS CORP 56.00 USD 88.21 116.45 3,741.87 MICROSOFT-USD 513.00 USD 26.71 35.26 10,379.32 TIME WARNER CABLE 33.00 USD 97.19 128.30 2,429.51 WALT DISNEY COMPANY 54.00 USD 49.79 65.73 2,036.66 SUB-TOTAL 64,394.72 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados Amundi ETF GSCI Agriculture 140.00 EUR 66.95 66.95 9,373.00 Amundi ETF GSCI Metals 45.00 EUR 229.30 229.30 10,318.50 Amundi ETF S&P GSCI 100.00 EUR 258.08 258.08 25,808.00 DEXIA Bond Emerging Markets Debt Local - I 27.00 EUR 1,223.24 1,223.24 33,027.48 ETF WTI Crude Oil 330.00 USD 22.83 30.14 5,705.68 Groupama Asie - I 10.00 EUR 2,128.89 2,128.89 21,288.90 Groupama Avenir Euro - I 2.63 EUR 4,120.86 4,120.86 10,820.55 Groupama US Stock - I 16.00 USD 1,310.28 1,729.74 15,880.59 SUB-TOTAL 132,222.70 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 232,666.72 EUR 1.18 1.18 274,290.80 SUB-TOTAL 274,290.80 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 2,400.00 EUR 126.35 126.35 303,240.00 SEB Immoinvest 8,105.00 EUR 26.45 26.45 214,377.25

UBS 3 Kontinente Immobilien 38,629.00 EUR 4.90 4.90 189,282.10 SUB-TOTAL 706,899.35 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR EUR 1,079.62 BBVA - JPY JPY 9,110.33 BBVA-USD USD 50,971.93 BPI-EURO EUR 768.40 Banco Popular Euro EUR 498.55 CGD - CHF CHF 4,104.85 CGD - USD USD 4,546.83 CGD-EUR EUR 382,567.56 Montepio EUR 142.14 SUB-TOTAL 453,790.21 52 A prazo 521 Depósitos e outros equiparados DP BANCO POPULAR EURO 103,000.00 EUR 1.00 1.00 161.20 103,161.20 DP Montepio Geral 5.10% 01/2013 Trimestral 401,000.00 EUR 100.00 100.00 2,038.42 403,038.42 Millenium bcp EUR 769.15 SUB-TOTAL 506,968.77 9 Outros valores a regularizar -278,678.00 TOTAL DE APLICAÇÕES 6,704,671.76 TOTAL DO FUNDO 6,425,993.76 Lisboa, 31 de Dezembro de 2012

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 31-12-2012 5.95061 EUR N.º Unidades de Participação em circulação 640,776 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 75,000.00 EUR 81.25 81.25 2,056.85 62,994.35 SUB-TOTAL 62,994.35 113 Obrigações diversas ESF 9.75% 12/2025 Convertible 27,000.00 EUR 92.62 92.62 86.55 25,093.95 SUB-TOTAL 25,093.95 114 Acções GALP ENERGIA SGPS 396.00 EUR 11.76 11.76 4,656.96 SUB-TOTAL 4,656.96 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública EFSF (Swap) 1% 03/2014 3,370.00 EUR 100.93 100.93 27.14 3,428.48 ICO 4.375% 03/2014 38,000.00 EUR 101.66 101.66 1,252.57 39,881.47 Rep. Greece (Swap) Zero GDP-Linked 10/2042 14,100.00 EUR 0.67 0.67 94.61 Rep. Itália 08/2017 37,000.00 EUR 108.79 108.79 802.34 41,054.64 Rep. Poland 3.375% 07/2024 22,000.00 EUR 102.90 102.90 168.84 22,807.28 SUB-TOTAL 107,266.48 123 Obrigações diversas BCP 5.625% 04/2014 100,000.00 EUR 100.17 100.17 3,883.56 104,052.56 BCP Floater 2013 50,000.00 EUR 98.98 98.98 6.19 49,497.69 BES 3.375% 02/2015 Covered 50,000.00 EUR 98.14 98.14 1,466.19 50,538.19 BMW 1.5% 06/2018 39,000.00 EUR 101.31 101.31 41.67 39,551.79 BOIRO FLOAT 2016 237,525.42 EUR 97.64 97.64 231,931.12 BRISA 4.5% 12/2016 50,000.00 EUR 100.49 100.49 160.27 50,404.77 CAJA Duero FRN 2003 Perpetual 25,000.00 EUR 30.00 30.00 7,500.00 CGD 02/2014 50,000.00 EUR 101.16 101.16 2,212.43 52,791.93 CGD 3.875% 12/2016 Covered 50,000.00 EUR 97.99 97.99 132.71 49,128.71 CGD 4.25% 01/2020 Covered 50,000.00 EUR 91.93 91.93 1,968.24 47,930.74 COMUNIDAD MADRID 4.75% 03/2015 37,000.00 EUR 97.82 97.82 1,348.22 37,540.51 DAIMLER 2.375% 09/2022 32,000.00 EUR 100.58 100.58 229.04 32,413.36 DEUTSCHE TELEKOM 2.75% 10/2024 78,000.00 EUR 101.02 101.02 399.62 79,194.44 EDP Finance 3.75% 2015 80,000.00 EUR 100.89 100.89 1,578.08 82,290.08 EDP Finance 5.5% 02/2014 76,000.00 EUR 102.81 102.81 3,620.38 81,754.46 ENEL 5.25% 06/2017 50,000.00 EUR 110.07 110.07 1,395.21 56,429.71 GAS Natural 4.5% 01/2020 50,000.00 EUR 105.15 105.15 2,084.02 54,656.52 Gen. Catalunya 5.375% 04/2013 37,000.00 EUR 98.97 98.97 1,476.58 38,095.85 Goldman Sachs Float CMS 2022 61,000.00 EUR 91.62 91.62 1,447.12 57,335.32 HVB 6% 02/2014 38,000.00 EUR 104.06 104.06 2,055.74 41,597.40 INTESA SP 4.75% 06/2017 50,000.00 EUR 107.40 107.40 1,294.86 54,993.86 LEHMAN BROT. HOLD. 6,375% 2001/11 250,000.00 EUR 22.25 22.25 55,625.00 NOKIA 5.5% 02/2014 75,000.00 EUR 103.13 103.13 3,730.53 81,076.53 OREY Best Of 2018 60,000.00 EUR 100.00 100.00 770.00 60,770.00 Parpública 3.5% 07/13 50,000.00 EUR 99.00 99.00 843.84 50,343.84 RCI Banque 2.125% 11/2014 25,000.00 EUR 101.27 101.27 56.76 25,374.51 RED Electrica 4.75% 09/2013 75,000.00 EUR 102.30 102.30 1,015.07 77,737.07 REN 6.375 12/2013 100,000.00 EUR 104.22 104.22 453.08 104,670.08

Santander totta 2.625 04/13 Covered 100,000.00 EUR 99.80 99.80 1,869.86 101,669.86 SUB-TOTAL 1,856,895.90 124 Acções AALBERTSINDUSTRIES 256.00 EUR 15.70 15.70 4,019.20 ABENGOA SA 1,276.00 EUR 2.39 2.39 3,048.36 AMUNDI ETF EUR MID 152.00 EUR 53.81 53.81 8,179.12 AMUNDI ETF MIB Italy 125.00 EUR 26.47 26.47 3,308.75 AMUNDI ETF MSCI Italy 91.00 EUR 72.01 72.01 6,552.91 AMUNDI ETF MSCI SPAIN 176.00 EUR 139.49 139.49 24,550.24 AMUNDI ETF STOXX 600 2,695.00 EUR 49.56 49.56 133,564.20 AMUNDI S&P 500 876.00 EUR 17.16 17.16 15,027.78 Aeroports de Paris 119.00 EUR 58.37 58.37 6,946.03 Amundi ETF MSCI World 1,868.00 EUR 129.64 129.64 242,167.52 BOURSORAMA 1,815.00 EUR 4.99 4.99 9,056.85 DATALOGIC SPA 262.00 EUR 6.61 6.61 1,730.51 DEUTSCHE BOERSE 122.00 EUR 46.21 46.21 5,637.62 ELECTRICITE DE FRANCE 461.00 EUR 13.98 13.98 6,444.78 FRANCE TELECOM-EUR 457.00 EUR 8.34 8.34 3,810.92 FUGRO NV-CVA 91.00 EUR 44.52 44.52 4,051.32 IMAGINATION TECH GROUP PLC 922.00 GBP 3.95 3.21 4,486.63 IPATH MSCI ITALY 652.00 USD 13.45 17.76 6,642.82 LVMH Moet Hennessy LV 32.00 EUR 138.80 138.80 4,441.60 NATIXIS 790.00 EUR 2.55 2.55 2,014.50 SAIPEM SPa 382.00 EUR 29.30 29.30 11,192.60 SOURCE STOXX-EU 600 OPT BRES 14.00 EUR 287.97 287.97 4,031.58 SOURCE STOXX-EU 600 OPT TEL 65.00 EUR 70.83 70.83 4,603.95 TECHNIP-EUR 46.00 EUR 86.84 86.84 3,994.64 TELEFONICA SA-EUR 762.00 EUR 10.19 10.19 7,764.78 SUB-TOTAL 527,269.21 13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções 3M Company 51.00 USD 92.85 122.57 3,587.03 APACHE CORP 127.00 USD 78.50 103.63 7,551.90 BAKER HUGHES INC 235.00 USD 40.85 53.93 7,271.40 BARRICK GOLD CORP 262.00 USD 35.01 46.22 6,948.26 BOEING CO 63.00 USD 75.36 99.49 3,596.37 CANADIAN NATURAL RESOURCES 181.00 USD 28.87 38.11 3,958.29 CATERPILLAR INC 70.00 USD 89.61 118.30 4,751.49 DELL INC 415.00 USD 10.14 13.39 3,187.64 ERICSSON ADR 504.00 USD 10.10 13.33 3,855.98 FOREST OIL CORP 606.00 USD 6.69 8.83 3,071.01 GENERAL DYNAMICS CORP 65.00 USD 69.27 91.45 3,410.68 GOOGLE INC 12.00 USD 707.38 933.83 6,430.08 HALLIBURTON HOLDINGS-USD 234.00 USD 34.69 45.80 6,148.98 J P MORGAN CHASE-USD 102.00 USD 43.97 58.05 3,397.27 MCDONALDS CORP 63.00 USD 88.21 116.45 4,209.60 MICROSOFT-USD 594.00 USD 26.71 35.26 12,018.16 MINAS BUENAVENTURA 269.00 USD 35.95 47.46 7,325.44 PETROBRAS SA - ADR 226.00 USD 19.47 25.70 3,333.17 TIME WARNER CABLE 38.00 USD 97.19 128.30 2,797.61 WALT DISNEY COMPANY 65.00 USD 49.79 65.73 2,451.54 SUB-TOTAL 99,301.90 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados Amundi ETF GSCI Agriculture 164.00 EUR 66.95 66.95 10,979.80 Amundi ETF GSCI Metals 48.00 EUR 229.30 229.30 11,006.40 Amundi ETF S&P GSCI 98.00 EUR 258.08 258.08 25,291.84 DEXIA Bond Emerging Markets Debt Local - I 16.00 EUR 1,223.24 1,223.24 19,571.84 ETF Natural Gas 406,401.00 EUR 0.09 0.09 36,576.09 ETF WTI Crude Oil 381.00 USD 22.83 30.14 6,587.47 Groupama Asie - I 18.00 EUR 2,128.89 2,128.89 38,320.02 Groupama Avenir Euro - I 4.73 EUR 4,120.86 4,120.86 19,477.24 Groupama US Stock - I 31.00 USD 1,310.28 1,729.74 30,768.65 ipath S&P 500 Vix S/T Fut 754.00 USD 31.81 41.99 18,168.44 SUB-TOTAL 216,747.79

32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 178,333.32 EUR 1.18 1.18 210,237.15 SUB-TOTAL 210,237.15 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 1,500.00 EUR 126.35 126.35 189,525.00 SEB Immoinvest 3,410.00 EUR 26.45 26.45 90,194.50 UBS 3 Kontinente Immobilien 17,566.00 EUR 4.90 4.90 86,073.40 SUB-TOTAL 365,792.90 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - JPY JPY 16,980.60 BBVA - EUR 21,740.65 BBVA-USD USD 97,411.95 Banco Popular Euro EUR 842.93 CGD - CHF CHF 4,788.99 CGD - USD USD 10,417.43 CGD-EUR EUR 280,451.90 Montepio EUR 6,566.41 SUB-TOTAL 439,200.86 52 A prazo 521 Depósitos e outros equiparados DP BANCO POPULAR EURO 51,000.00 EUR 1.00 1.00 79.82 51,079.82 DP Montepio Geral 5.10% 01/2013 Trimestral 227,000.00 EUR 100.00 100.00 1,153.92 228,153.92 Millenium bcp EUR 562.61 SUB-TOTAL 279,796.35 9 Outros valores a regularizar -382,247.67 TOTAL DE APLICAÇÕES 4,195,253.80 TOTAL DO FUNDO 3,813,006.13 Lisboa, 31 de Dezembro de 2012

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 31-12-2012 4.66630 N.º Unidades de Participação em circulação 455,635 1 Valores mobiliários cotados 11 Mercado cot. ofic. de B.V. Port. 111 Títulos de dívida pública OT 4.45% 2018 180,000.00 EUR 100.33 100.33 4,367.10 184,954.74 SUB-TOTAL 184,954.74 113 Obrigações diversas ESF 9.75% 12/2025 Convertible 16,000.00 EUR 92.62 92.62 51.29 14,870.49 SUB-TOTAL 14,870.49 114 Acções GALP ENERGIA SGPS 444.00 EUR 11.76 11.76 5,221.44 SUB-TOTAL 5,221.44 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública EFSF (Swap) 1% 03/2014 10,870.00 EUR 100.93 100.93 87.56 11,058.65 EFSF 0 17/06/2013 16,288.65 EUR 99.93 99.93 16,277.57 ICO 4.375% 03/2014 20,000.00 EUR 101.66 101.66 659.25 20,990.25 Rep. Greece (Swap) Zero GDP-Linked 10/2042 45,600.00 EUR 0.67 0.67 305.98 Rep. Itália 08/2017 22,000.00 EUR 108.79 108.79 477.07 24,410.87 Rep. Poland 3.375% 07/2024 12,000.00 EUR 102.90 102.90 92.10 12,440.34 SUB-TOTAL 85,483.66 123 Obrigações diversas BASF 2% 12/2022 22,000.00 EUR 99.75 99.75 31.34 21,977.22 BCP Floater 2013 50,000.00 EUR 98.98 98.98 6.19 49,497.69 BES 3.375% 02/2015 Covered 50,000.00 EUR 98.14 98.14 1,466.19 50,538.19 BMW 1.5% 06/2018 22,000.00 EUR 101.31 101.31 23.51 22,311.27 BOIRO FLOAT 2016 111,491.52 EUR 97.64 97.64 108,865.63 BRISA 4.5% 12/2016 50,000.00 EUR 100.49 100.49 160.27 50,404.77 DAIMLER 2.375% 09/2022 19,000.00 EUR 100.58 100.58 135.99 19,245.43 EDP Finance 5.5% 02/2014 50,000.00 EUR 102.81 102.81 2,381.83 53,785.83 Gen. Catalunya 5.375% 04/2013 23,000.00 EUR 98.97 98.97 917.87 23,681.20 Goldman Sachs Float CMS 2022 31,000.00 EUR 91.62 91.62 735.42 29,137.62 HVB 6% 02/2014 22,000.00 EUR 104.06 104.06 1,190.16 24,082.70 INTESA SP 4.75% 06/2017 50,000.00 EUR 107.40 107.40 1,294.86 54,993.86 LEHMAN BROT. HOLD. 6,375% 2001/11 100,000.00 EUR 22.25 22.25 22,250.00 OREY Best Of 2018 30,000.00 EUR 100.00 100.00 385.00 30,385.00 RCI Banque 2.125% 11/2014 15,000.00 EUR 101.27 101.27 34.06 15,224.71 REN 6.375 12/2013 50,000.00 EUR 104.22 104.22 226.54 52,335.04 Santander totta 2.625 04/13 Covered 50,000.00 EUR 99.80 99.80 934.93 50,834.93 SUB-TOTAL 679,551.09 124 Acções AALBERTSINDUSTRIES 239.00 EUR 15.70 15.70 3,752.30 ABENGOA SA 1,146.00 EUR 2.39 2.39 2,737.79 AMUNDI ETF EUR MID 141.00 EUR 53.81 53.81 7,587.21 AMUNDI ETF MIB Italy 266.00 EUR 26.47 26.47 7,041.02 AMUNDI ETF MSCI Italy 82.00 EUR 72.01 72.01 5,904.82 AMUNDI ETF MSCI SPAIN 158.00 EUR 139.49 139.49 22,039.42 AMUNDI ETF STOXX 600 3,219.00 EUR 49.56 49.56 159,533.64

AMUNDI S&P 500 75.00 EUR 17.16 17.16 1,286.63 Aeroports de Paris 109.00 EUR 58.37 58.37 6,362.33 Amundi ETF MSCI World 2,962.00 EUR 129.64 129.64 383,993.68 BOURSORAMA 1,682.00 EUR 4.99 4.99 8,393.18 DATALOGIC SPA 297.00 EUR 6.61 6.61 1,961.69 DEUTSCHE BOERSE 122.00 EUR 46.21 46.21 5,637.62 ELECTRICITE DE FRANCE 518.00 EUR 13.98 13.98 7,241.64 FRANCE TELECOM-EUR 408.00 EUR 8.34 8.34 3,402.31 FUGRO NV-CVA 82.00 EUR 44.52 44.52 3,650.64 IMAGINATION TECH GROUP PLC 1,036.00 GBP 3.95 3.21 5,041.37 IPATH MSCI ITALY 600.00 USD 13.45 17.76 6,113.03 LVMH Moet Hennessy LV 31.00 EUR 138.80 138.80 4,302.80 NATIXIS 889.00 EUR 2.55 2.55 2,266.95 SAIPEM SPa 345.00 EUR 29.30 29.30 10,108.50 SOURCE STOXX-EU 600 OPT BRES 14.00 EUR 287.97 287.97 4,031.58 SOURCE STOXX-EU 600 OPT TEL 57.00 EUR 70.83 70.83 4,037.31 TECHNIP-EUR 54.00 EUR 86.84 86.84 4,689.36 TELEFONICA SA-EUR 741.00 EUR 10.19 10.19 7,550.79 SUB-TOTAL 678,667.61 13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções 3M Company 46.00 USD 92.85 122.57 3,235.36 APACHE CORP 118.00 USD 78.50 103.63 7,016.72 BAKER HUGHES INC 267.00 USD 40.85 53.93 8,261.55 BARRICK GOLD CORP 244.00 USD 35.01 46.22 6,470.90 BOEING CO 60.00 USD 75.36 99.49 3,425.11 CANADIAN NATURAL RESOURCES 165.00 USD 28.87 38.11 3,608.39 CATERPILLAR INC 64.00 USD 89.61 118.30 4,344.22 DELL INC 414.00 USD 10.14 13.39 3,179.95 ERICSSON ADR 463.00 USD 10.10 13.33 3,542.30 FOREST OIL CORP 545.00 USD 6.69 8.83 2,761.88 GENERAL DYNAMICS CORP 57.00 USD 69.27 91.45 2,990.91 GOOGLE INC 10.00 USD 707.38 933.83 5,358.40 HALLIBURTON HOLDINGS-USD 225.00 USD 34.69 45.80 5,912.48 J P MORGAN CHASE-USD 92.00 USD 43.97 58.05 3,064.21 MCDONALDS CORP 60.00 USD 88.21 116.45 4,009.14 MICROSOFT-USD 554.00 USD 26.71 35.26 11,208.86 MINAS BUENAVENTURA 247.00 USD 35.95 47.46 6,726.33 PETROBRAS SA - ADR 204.00 USD 19.47 25.70 3,008.70 TIME WARNER CABLE 34.00 USD 97.19 128.30 2,503.13 WALT DISNEY COMPANY 57.00 USD 49.79 65.73 2,149.81 SUB-TOTAL 92,778.35 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados Amundi ETF GSCI Agriculture 117.00 EUR 66.95 66.95 7,833.15 Amundi ETF GSCI Metals 40.00 EUR 229.30 229.30 9,172.00 Amundi ETF S&P GSCI 71.00 EUR 258.08 258.08 18,323.68 DEXIA Bond Emerging Markets Debt Local - I 9.00 EUR 1,223.24 1,223.24 11,009.16 ETF Natural Gas 375,639.00 EUR 0.09 0.09 33,807.51 ETF WTI Crude Oil 355.00 USD 22.83 30.14 6,137.93 Groupama Asie - I 17.33 EUR 2,128.89 2,128.89 36,900.69 Groupama Avenir Euro - I 4.55 EUR 4,120.86 4,120.86 18,755.68 Groupama US Stock - I 29.00 USD 1,310.28 1,729.74 28,783.58 ipath S&P 500 Vix S/T Fut 684.00 USD 31.81 41.99 16,481.72 SUB-TOTAL 187,205.10 32 Fundos não harmonizados BANIF Global Private Equity Fund - FCR 83,333.33 EUR 1.18 1.18 98,241.67 SUB-TOTAL 98,241.67 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 500.00 EUR 126.35 126.35 63,175.00 SEB Immoinvest 934.00 EUR 26.45 26.45 24,704.30 UBS 3 Kontinente Immobilien 4,902.00 EUR 4.90 4.90 24,019.80 SUB-TOTAL 111,899.10

5 Liquidez 51 À vista 511 Numerário BBVA - CHF CHF 4,447.55 SUB-TOTAL 4,447.55 512 Depósitos à ordem BBVA - GBP GBP -0.01 BBVA - JPY JPY 15,963.75 BBVA - EUR 253,299.06 BBVA-USD USD 72,123.43 Banco Popular Euro EUR 722.58 CGD - USD USD 4,191.72 CGD-EUR EUR 10,730.70 Montepio EUR 1,961.68 SUB-TOTAL 358,992.91 52 A prazo 521 Depósitos e outros equiparados Millenium bcp 60,000.00 EUR 1,193.03 SUB-TOTAL 1,193.03 9 Outros valores a regularizar -377,374.40 TOTAL DE APLICAÇÕES 2,503,506.74 TOTAL DO FUNDO 2,126,132.34 Lisboa, 31 de Dezembro de 2012

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 31-12-2012 6.44504 EUR N.º Unidades de Participação em circulação 517,602 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 55,000.00 EUR 81.25 81.25 1,508.36 46,195.86 SUB-TOTAL 46,195.86 113 Obrigações diversas ESF 9.75% 12/2025 Convertible 23,000.00 EUR 92.62 92.62 73.73 21,376.33 SUB-TOTAL 21,376.33 114 Acções GALP ENERGIA SGPS 60.00 EUR 11.76 11.76 705.60 SUB-TOTAL 705.60 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública ICO 4.375% 03/2014 32,000.00 EUR 101.66 101.66 1,054.79 33,584.39 Rep. Itália 08/2017 31,000.00 EUR 108.79 108.79 672.23 34,397.13 Rep. Poland 3.375% 07/2024 19,000.00 EUR 102.90 102.90 145.82 19,697.20 SUB-TOTAL 87,678.72 123 Obrigações diversas BCP 5.625% 04/2014 100,000.00 EUR 100.17 100.17 3,883.56 104,052.56 BCP Floater 2013 50,000.00 EUR 98.98 98.98 6.19 49,497.69 BES 3.375% 02/2015 Covered 50,000.00 EUR 98.14 98.14 1,466.19 50,538.19 BES Float 02/2013 50,000.00 EUR 99.47 99.47 57.85 49,793.35 BMW 1.5% 06/2018 32,000.00 EUR 101.31 101.31 34.19 32,452.75 BPI 3.25% 01/2015 Covered 50,000.00 EUR 98.27 98.27 1,558.40 50,692.90 BRISA 4.5% 12/2016 50,000.00 EUR 100.49 100.49 160.27 50,404.77 CGD 3.875% 12/2016 Covered 100,000.00 EUR 97.99 97.99 265.41 98,257.41 CGD 4.25% 01/2020 Covered 100,000.00 EUR 91.93 91.93 3,936.48 95,861.48 COMUNIDAD MADRID 4.75% 03/2015 68,000.00 EUR 97.82 97.82 2,477.81 68,993.37 DAIMLER 2.375% 09/2022 26,000.00 EUR 100.58 100.58 186.10 26,335.86 DEUTSCHE TELEKOM 2.75% 10/2024 62,000.00 EUR 101.02 101.02 317.64 62,949.42 EDP Finance 3.75% 2015 100,000.00 EUR 100.89 100.89 1,972.60 102,862.60 EDP Finance 5.5% 02/2014 70,000.00 EUR 102.81 102.81 3,334.56 75,300.16 ENEL 5.25% 06/2017 50,000.00 EUR 110.07 110.07 1,395.21 56,429.71 GAS Natural 4.5% 01/2020 50,000.00 EUR 105.15 105.15 2,084.02 54,656.52 Gen. Catalunya 5.375% 04/2013 34,000.00 EUR 98.97 98.97 1,356.86 35,007.00 General Electric Float 02/2016 113,000.00 EUR 97.95 97.95 40.55 110,724.05 Goldman Sachs Float CMS 2022 58,000.00 EUR 91.62 91.62 1,375.95 54,515.55 HVB 6% 02/2014 30,000.00 EUR 104.06 104.06 1,622.95 32,840.05 INTESA SP 4.75% 06/2017 50,000.00 EUR 107.40 107.40 1,294.86 54,993.86 NOKIA 5.5% 02/2014 60,000.00 EUR 103.13 103.13 2,984.43 64,861.23 OREY Best Of 2018 30,000.00 EUR 100.00 100.00 385.00 30,385.00 RCI Banque 2.125% 11/2014 22,000.00 EUR 101.27 101.27 49.95 22,329.57 RED Electrica 4.75% 09/2013 69,000.00 EUR 102.30 102.30 933.86 71,518.10 REN 6.375 12/2013 100,000.00 EUR 104.22 104.22 453.08 104,670.08 Santander totta 2.625 04/13 Covered 100,000.00 EUR 99.80 99.80 1,869.86 101,669.86 TELECOM ITALIA Float 06/2016 50,000.00 EUR 94.42 94.42 32.67 47,244.67 SUB-TOTAL 1,759,837.76 124 Acções DATALOGIC SPA 45.00 EUR 6.61 6.61 297.23

ELECTRICITE DE FRANCE 69.00 EUR 13.98 13.98 964.62 IMAGINATION TECH GROUP PLC 140.00 GBP 3.95 3.21 681.27 NATIXIS 120.00 EUR 2.55 2.55 306.00 SUB-TOTAL 2,249.12 13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções BAKER HUGHES INC 40.00 USD 40.85 53.93 1,237.69 DELL INC 20.00 USD 10.14 13.39 153.62 SUB-TOTAL 1,391.31 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados Amundi ETF GOVT Bond EUR MTS 866.00 EUR 189.74 189.74 164,314.84 Amundi ETF GSCI Agriculture 47.00 EUR 66.95 66.95 3,146.65 Amundi ETF GSCI Metals 6.00 EUR 229.30 229.30 1,375.80 Amundi ETF S&P GSCI 26.00 EUR 258.08 258.08 6,710.08 DEXIA Bond Emerging Markets Debt Local - I 13.00 EUR 1,223.24 1,223.24 15,902.12 Lyxor EuroMTS Covered Bond 1,268.00 EUR 129.82 129.82 164,611.76 SUB-TOTAL 356,061.25 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário IMOSOCIAL 20,816.00 EUR 6.92 6.92 144,140.39 SEB IMMOPORTFOLIO TARGET RETURN 1,786.00 EUR 126.35 126.35 225,661.10 SEB Immoinvest 1,022.00 EUR 26.45 26.45 27,031.90 UBS 3 Kontinente Immobilien 5,269.00 EUR 4.90 4.90 25,818.10 SUB-TOTAL 422,651.49 5 Liquidez 51 À vista 512 Depósitos à ordem BBVA - EUR 438,601.67 BBVA-USD USD 992.23 Banco Popular Euro EUR 100.60 CGD-EUR EUR 301,014.25 Montepio EUR 6,917.55 SUB-TOTAL 747,626.30 52 A prazo 521 Depósitos e outros equiparados DP Montepio Geral 5.10% 01/2013 Trimestral 222,000.00 EUR 100.00 100.00 1,128.50 223,128.50 SUB-TOTAL 223,128.50 9 Outros valores a regularizar -332,938.11 TOTAL DE APLICAÇÕES 3,668,902.24 TOTAL DO FUNDO 3,335,964.13 Lisboa, 31 de Dezembro de 2012

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 31-12-2012 5.40548 EUR N.º Unidades de Participação em circulação 76,493 Quantidade Moeda Cot. Moeda Cot. Euro Jur Dec Valor (Euro) 1 Valores mobiliários cotados 11 Mercado cot. ofic. de B.V. Port. 113 Obrigações diversas ESF 9.75% 12/2025 Convertible 3,000.00 EUR 92.62 92.62 9.62 2,788.22 SUB-TOTAL 2,788.22 114 Acções GALP ENERGIA SGPS 118.00 EUR 11.76 11.76 1,387.68 SUB-TOTAL 1,387.68 12 Mercado cot. ofic. de B.V. outros Est. Membro da UE 121 Títulos de dívida pública ICO 4.375% 03/2014 4,000.00 EUR 101.66 101.66 131.85 4,198.05 Rep. Itália 08/2017 4,000.00 EUR 108.79 108.79 86.74 4,438.34 Rep. Poland 3.375% 07/2024 3,000.00 EUR 102.90 102.90 23.02 3,110.08 SUB-TOTAL 11,746.47 123 Obrigações diversas BASF 2% 12/2022 4,000.00 EUR 99.75 99.75 5.70 3,995.86 BMW 1.5% 06/2018 5,000.00 EUR 101.31 101.31 5.34 5,070.74 COMUNIDAD MADRID 4.75% 03/2015 5,000.00 EUR 97.82 97.82 182.19 5,073.04 DAIMLER 2.375% 09/2022 5,000.00 EUR 100.58 100.58 35.79 5,064.59 DEUTSCHE TELEKOM 2.75% 10/2024 7,000.00 EUR 101.02 101.02 35.86 7,107.19 EDP Finance 3.75% 2015 10,000.00 EUR 100.89 100.89 197.26 10,286.26 Gen. Catalunya 5.375% 04/2013 4,000.00 EUR 98.97 98.97 159.63 4,118.47 General Electric Float 02/2016 10,000.00 EUR 97.95 97.95 3.59 9,798.59 Goldman Sachs Float CMS 2022 10,000.00 EUR 91.62 91.62 237.23 9,399.23 HVB 6% 02/2014 3,000.00 EUR 104.06 104.06 162.30 3,284.01 NESTLÉ 1.75% 09/2022 5,000.00 EUR 98.93 98.93 26.37 4,972.77 OREY Best Of 2018 5,000.00 EUR 100.00 100.00 64.17 5,064.17 RCI Banque 2.125% 11/2014 3,000.00 EUR 101.27 101.27 6.81 3,044.94 SUB-TOTAL 76,279.86 124 Acções AMUNDI ETF MIB Italy 26.00 EUR 26.47 26.47 688.22 AMUNDI ETF MSCI Italy 16.00 EUR 72.01 72.01 1,152.16 AMUNDI ETF MSCI SPAIN 11.00 EUR 139.49 139.49 1,534.39 AMUNDI ETF STOXX 600 672.00 EUR 49.56 49.56 33,304.32 AMUNDI S&P 500 153.00 EUR 17.16 17.16 2,624.72 Aeroports de Paris 22.00 EUR 58.37 58.37 1,284.14 Amundi ETF MSCI World 509.00 EUR 129.64 129.64 65,986.76 BOURSORAMA 167.00 EUR 4.99 4.99 833.33 DATALOGIC SPA 73.00 EUR 6.61 6.61 482.17 ELECTRICITE DE FRANCE 138.00 EUR 13.98 13.98 1,929.24 FRANCE TELECOM-EUR 81.00 EUR 8.34 8.34 675.46 FUGRO NV-CVA 16.00 EUR 44.52 44.52 712.32 IMAGINATION TECH GROUP PLC 278.00 GBP 3.95 3.21 1,352.80 LVMH Moet Hennessy LV 7.00 EUR 138.80 138.80 971.60 NATIXIS 236.00 EUR 2.55 2.55 601.80 TECHNIP-EUR 6.00 EUR 86.84 86.84 521.04 SUB-TOTAL 114,654.47 13 Mercado cot. ofic. de B.V. Estado não membro da UE 134 Acções

BAKER HUGHES INC 65.00 USD 40.85 53.93 2,011.24 CANADIAN NATURAL RESOURCES 26.00 USD 28.87 38.11 568.59 CATERPILLAR INC 5.00 USD 89.61 118.30 339.39 DELL INC 40.00 USD 10.14 13.39 307.24 FOREST OIL CORP 108.00 USD 6.69 8.83 547.31 HALLIBURTON HOLDINGS-USD 76.00 USD 34.69 45.80 1,997.10 MICROSOFT-USD 75.00 USD 26.71 35.26 1,517.44 MINAS BUENAVENTURA 44.00 USD 35.95 47.46 1,198.21 PETROBRAS SA - ADR 41.00 USD 19.47 25.70 604.69 SUB-TOTAL 9,091.21 3 U. P.'s de Instituições de Investimento Colectivo 31 Fundos harmonizados Amundi ETF GOVT Bond EUR MTS 51.00 EUR 189.74 189.74 9,676.74 Amundi ETF GSCI Agriculture 17.00 EUR 66.95 66.95 1,138.15 Amundi ETF GSCI Metals 3.00 EUR 229.30 229.30 687.90 Amundi ETF S&P GSCI 14.00 EUR 258.08 258.08 3,613.12 DEXIA Bond Emerging Markets Debt Local - I 2.00 EUR 1,223.24 1,223.24 2,446.48 ETF Natural Gas 56,945.00 EUR 0.09 0.09 5,125.05 Groupama Asie - I 2.00 EUR 2,128.89 2,128.89 4,257.78 Groupama Avenir Euro - I 5.53 EUR 4,120.86 4,120.86 22,768.58 Lyxor EuroMTS Covered Bond 76.00 EUR 129.82 129.82 9,866.32 ipath S&P 500 Vix S/T Fut 125.00 USD 31.81 41.99 3,012.01 SUB-TOTAL 62,592.13 4 Imobiliário 42 U. P.'s de fundos de investimento imobiliário SEB IMMOPORTFOLIO TARGET RETURN 285.00 EUR 126.35 126.35 36,009.75 SEB Immoinvest 360.00 EUR 26.45 26.45 9,522.00 SUB-TOTAL 45,531.75 5 Liquidez 51 À vista 511 Numerário BBVA - CHF CHF 74.44 SUB-TOTAL 74.44 512 Depósitos à ordem BBVA - JPY JPY 3,513.51 BBVA - EUR 114,400.32 BBVA-USD USD 15,294.39 Banco Popular Euro EUR 53.53 CGD-EUR EUR 18,720.20 Montepio EUR 702.09 SUB-TOTAL 152,684.04 52 A prazo 521 Depósitos e outros equiparados DP Montepio Geral 5.10% 01/2013 Trimestral 25,000.00 EUR 100.00 100.00 127.08 25,127.08 SUB-TOTAL 25,127.08 9 Outros valores a regularizar -88,478.69 TOTAL DE APLICAÇÕES 501,957.35 TOTAL DO FUNDO 413,478.66 Lisboa, 31 de Dezembro de 2012