PHAROL, SGPS, S.A.

Legal Proceedings Report • Feb 1, 2019

Announcement | Lisbon | 1 February 2019

PHAROL receives subpoena from Espírito Santo

International, S.A.

PHAROL, SGPS, S.A. ("PHAROL") informs that the curators of Espírito Santo International SA, a Luxemburg law company, declared bankrupted in October 2014 ("ESI"), have summoned PHAROL as a precautionary measure to interrupt any period of limitation, in view of a possible cancellation of Notes' payments, made by ESI, during the month of January 2014.

This subpoena follows on the actions referred by PHAROL on November 14, 2017. At the time, the curators of ESI have declared their intention of suing PHAROL for reimbursement of 750 million euro.

PHAROL reaffirms that it does not owe any moneys whatsoever to ESI. PHAROL will therefore challenge the proceedings and exercise all available and adequate rights, for the protection of PHAROL's stakeholders. PHAROL furthermore reaffirms that the case is totally ungrounded.