Communiqué

On 26 August, Vanguard Properties learnt through a journalist from the online business news site ECO of an alleged legal action brought by Amorim Luxury Comporta against a group of companies under the Vanguard Properties umbrella, including Vanguardeagle - Asset Management, Lda, Engineer Paulo Duarte, project manager for the aforementioned company and also Dcr & Hdc Developments - Atividades Imobiliárias Lda., (Real Estate Activities Ltd) 50% of which is held by one of the largest and most well-respected German developers as well as by the Fundo da Herdade da Comporta (Comporta Estate Fund).   

To date, Vanguard Properties has not been notified of any legal action whatsoever, and therefore will not be issuing any statements given that it is unaware of the existence and substance of the legal action referred.

On verification of the existence of the said action, Vanguard Properties reserves the right to make any comments that it believes to be relevant when the time is judged to be right.

Vanguard Properties would also like to take this opportunity to inform that it has always acted in an ethical and legal manner and is therefore calmly awaiting further developments on the matter.

José Cardoso Botelho                         Claude Alain Berda

   Managing Director                                    President