Monumental Residence Sociedade De Invest Coletivo Imobiliaria Fech SA

Capital/Financing Update • Jul 8, 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

Privileged Information

Pursuant to applicable law, namely to article no. 249, section 2 c) of the Portuguese Securities Code, Sociedade Comercial Orey Antunes, S.A. (the "Company"), hereby informs that the General Meeting of Noteholders of the up to €30.000.000 Best of Fixed/Floating Callable Notes due 2018 (the "Notes") that took place today, at first call, approved the following proposals in respect of Item Two to Item Five of the Agenda:

• Item Two: Approval of the amendment of the Notes' Maturity Date, from 8 July 2018 to 8 July 2021, with the accordant subsequent amendment to section one of condition seven of the Terms and Conditions of the Notes;
• Item Three: Approval of the amendment of the periodicity of payment of the Notes' interest, with the interest payment dates being annual and their respective payment occurring on 8 July of each year, with the accordant subsequent amendment to section A of condition five of the Terms and Conditions of the Notes;
• Item Four: Approval of the amendment of the interest rate applicable to the Notes, with such rate being of 3% per annum for the Interest Periods that take place between 8 July 2016 and the Maturity Date, with the accordant subsequent amendment to section B of condition five of the Terms and Conditions of the Notes; and
• Item Five: Approval of the amendment to the term sheet containing the terms and conditions, in order to mirror the amendments approved pursuant to the above referred items on the Agenda.

The Company further informs that the Board of Directors withdrew its proposal in respect of Item One of the Agenda as published, in accordance to applicable law, together with the respective convening notice. Accordingly, the Company will proceed with payment of interest accrued on the Bonds up to this date. Payment will take place up till the end of the waiting period (as foreseen in paragraph (1) of condition 10 of the Terms and Conditions of the Notes), i.e. up till (and including) the 20 July 2016.

Lisbon, 8 July 2016

The Board of Directors