PHAROL, SGPS, S.A.

Major Shareholding Notification • Apr 17, 2018

Announcement | Lisbon | 17 April 2018

Qualified Holding – Discovery Capital Management, LLC

PHAROL, SGPS S.A. ("PHAROL") hereby informs, pursuant to the terms and for the purposes of articles 16 of the Portuguese Securities Code and 2 of the Portuguese Securities Commission Regulation no. 5/2008, that received a communication from Discovery Capital Management, LLC, attached hereto.

▲ PHAROL

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the competent authority)
attached ® :	1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are
PHAROL SGPS SA
	2. Reason for the notification (please tick the appropriate box or boxes):
	[x] An acquisition or disposal of voting rights
	[ ] An acquisition or disposal of financial instruments
	[ ] An event changing the breakdown of voting rights
[ ] Other (please specify)":
	3. Details of person subject to the notification obligation ® :
Name:	City and country of registered office (if applicable):
Discovery Capital Management, LLC	4. Full name of shareholder(s) (if different from 3.) v :		South Norwalk, United States of America
	Discovery Capital Management, LLC is held by its sole shareholder Discovery Capital
	Management Holding Co, L.P., the majority and principal legal owner and the only beneficial
	owner of which is Mr. Robert K. Citrone. The city and country of their registered office / professional domicile is the same as above under 3. Both entities have for such reason only
been included in table 8 below.
5. Date on which the threshold was crossed or reached ® :
12 April 2018
6. Total positions of person(s) subject to the notification obligation:
		% of voting rights
	% of voting rights attached to shares	through financial instruments	Total of both in %	Total number of voting rights of
	(total of 7.A)	(total of $7.B.1 +$	$(7.A + 7.B)$	issuer vii
Resulting situation		7.B.2		896,512,500
on the date on which	1.99%		1.99%
threshold was
crossed or reached Position of previous
notification (if	4.89%		4.89%
applicable)

PHAROL, SGPS S.A.

Public Company Share capital Euro 26,895,375 Registered in the Commercial Registry Office of Lisbon and Corporation no. 503 215 058

PHAROL is listed on the Euronext Luis Sousa de Macedo (PHR).

Information may be accessed on ir@pharol.pt Bloomberg under the symbol PHR Tel.: +351 212 697 698 PL.

Investor Relations Director Fax: +351 212 697 649

pharol.pt

7. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii:

A: Voting rights attached to shares

Class/type of shares ISIN code (if possible)	Number of voting rightsix		% of voting rights
	Direct (Art 9 of Directive 2004/109/EC)	Indirect (Art 10 of Directive 2004/109/EC)	Direct (Art 9 of Directive 2004/109/EC)	Indirect (Art 10 of Directive 2004/109/EC)
PTPTC0AM0009		17,806,503 (and same number of shares)		1.99%
SUBTOTAL A		17,806,503 (and same number of shares)		1.99%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC
Type of financial instrument	Expiration datex	Exercise/ Conversion Periodxi	Number of voting rights that may be acquired if the instrument is exercised/ converted.	% of voting rights
		SUBTOTAL B.1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC
Type of financial instrument	Expiration datex	Exercise/ Conversion Period x i	Physical or cash settlementxii	Number of voting rights	% of voting rights
			SUBTOTAL B.2

8. Information in relation to the person subject to the notification obligation (please tick the applicable box):

[ ] Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.xiii

X Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv:

Namexv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
Mr. Robert K. Citrone	1.99%		1.99%
Discovery Capital	1.99%		1.99%
Management Holding Co, L.P.
Discovery Capital	1.99% (aggregate,		1.99% (aggregate,
Management, LLC	considering		considering
(as investment manager for the	all managed		all managed
below entities)	entities below in this		entities below in this
	table)		table)
Discovery Global Opportunity	1.10%		1.10%
Master Fund, Ltd
Discovery Global Macro Master Fund, Ltd	0.40%		0.40%
Discovery Global Focus	0.28%		0.28%
Master Fund, Ltd
Quantum Partners LP	0.20%		0.20%

9. In case of proxy voting: [name of the proxy holder] will cease to hold [% and number] voting rights as of [date]

10. Additional informationxvi:

The crossing of this disclosable threshold resulted from on-exchange disposal of shares.

Done at South Norwalk on 16 April 2018.

On behalf of Discovery Capital Management, LLC