Monumental Residence Sociedade De Invest Coletivo Imobiliaria Fech SA

Capital/Financing Update • Jun 22, 2017

SOCIEDADE COMERCIAL OREY ANTUNES, S.A., Sociedade Aberta Share capital: €12,000,000.00 Registered Office: Rua Maria Luísa Holstein, 20 1300-388 Lisbon (Portugal) Registered at the Commercial Registry Office of Lisbon under the registration and collective person number 500 255 342

Privileged Information

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 Items TWO, FOUR, FIVE and SIX of the Agenda:

ITEM TWO: To decide on the amendment of the Rate of Interest for each Interest Period to 1.5 per cent per annum for each Interest Period starting from 8 July 2017;

ITEM FOUR: To decide on the granting of a first ranking pledge over (a) 6.3 senior units (quotas) and 7.5 junior units, each in the collective investment scheme governed by the laws of the Republic of Brazil Fundo de Investimentos em Direitos Creditórios Não Padronizados Araras (the "Scheme") and (b) the income distributed by the Scheme to guarantee payment of interest on the Notes.

ITEM FIVE: To decide on the amendment of the terms and conditions of the Notes so that these contemplate the possibility of the Issuer redeeming the Notes in whole, or in part, in case of liquidation of the Scheme (the "Scheme") or the obligation to redeem the Notes in whole, or in part, in case of distribution of dividends to the shareholders.

ITEM SIX: To decide on the amendment of the terms and conditions of the Notes so that the Maturity Date is changed from 8 July 2021 to 8 July 2031.

The Company further informs that the Board of Directors withdrew its proposal in respect of Items ONE and THREE of the Agenda as published together with the respective convening notice, in accordance with applicable law. Items FOUR, FIVE and SIX, as referred above, reflect the alternative drafting proposed by Bondholders at the General Meeting. The Board of Directors withdrew its proposals in respect of these items.

This press release is made pursuant to applicable law, namely to article no. 249, section 2 c) of the Portuguese Securities Code.

Lisbon, 21 June 2017

The Board of Directors