PHAROL, SGPS, S.A.

Legal Proceedings Report • Nov 14, 2017

Announcement | Lisbon | 14 November 2017

PHAROL INFORMS ON POTENTIAL COURT ACTION BY ESPIRITO SANTO INTERNATIONAL ( "IN INSOVENCY")

PHAROL, SGPS, S.A., as timely informed, has a credit over Rio Forte S.A. ("in Insolvency") for the amount of 897 million euros, which has been duly claimed with the insolvency receivers in Luxembourg.

PHAROL, SGPS, S.A. has been made aware today of a notice from the receivers of Espírito Santo International S.A. ("in Insolvency"), in which the receivers declare that such insolvent entity will file a court action against PHAROL, SGPS, S.A. claiming from PHAROL, SGPS, S.A. the reimbursement of 750 million euros, but do not disclose the reasons for such request.

PHAROL, SGPS, S.A., does not owe any amounts to Espírito Santo International, S.A. ("in Insolvency") and thus will wait to be notified of the announced court action in order to answer and exercise all PHAROL, SGPS, S.A. stakeholders' protection rights.

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 (PHR). Information may be accessed on Bloomberg under the symbol PHR PL.

Luis Sousa de Macedo Investor Relations Director ir@pharol.pt Tel.: +351 21 500 1701 Fax: +351 21 500 0800