Monumental Residence Sociedade De Invest Coletivo Imobiliaria Fech SA

Capital/Financing Update • Jul 15, 2016

Sociedade Comercial Orey Antunes, S.A., Sociedade Aberta Share capital: €12,000,000.00 Registered Office: Rua Carlos Alberto da Mota Pinto, number 17, 6th floor 1070-313 Lisbon (Portugal) Registered at the Commercial Registry Office of Lisbon under the registration and collective person number 500 255 342

Notice

Sociedade Comercial Orey Antunes, S.A. ("SCOA") hereby informs that on 29 June 2016 ARC Ratings downgrade, the issuer and issue medium and long-term ratings assigned to SCOA and to OFH S.à.r.l. ("OFH") to "CC", with negative outlook, from "BB", with stable outlook.

Lisbon, 15 July 2016

The Board of Directors