PHAROL, SGPS, S.A.

AGM Information • Jan 8, 2020

Announcement | Lisbon | 8 January 2020

PHAROL's Extraordinary General Meeting of Shareholders

PHAROL, SGPS S.A. ("PHAROL") informs that at the Extraordinary General Meeting of Shareholders held today, it was resolved to approve:

1: The reduction of the minimum and maximum number of members of the Board of Directors of the Company and therefore amend article eighteen, number 1, of the by-laws of the Company, which wording will be: "The Board of Directors is composed by a minimum of three and a maximum of seven members";

2: As a consequence of the approval of the reduction of the maximum and minimum number of members of the Board of Directors and amendment of the by-laws of the Company under item 1, to approve the termination of the office due to dismissal, with immediate effect, of directors Mr. Jorge Augusto Santiago das Neves, Mr. Aristóteles Luiz Menezes Vasconcellos Drummond and Mr. Nelson Sequeiros Rodriguez Tanure, which on 6.12.2019 had already presented his resignation letter as member of the Board of Directors.