The merger in question concerns CTT IMO YIELD, S.A. (the “CIY”), a company recently created and exclusively owned by CTT – Correios de Portugal, S.A. (“CTT”). CIY will be converted into an alternative real estate investment organization in corporate form with heteromanaged fixed capital and private subscription and will be managed by a management entity that is part of the corporate universe of Sierra Investments S.G.P.S., S.A. (“Sierra Investments”).