PHAROL, SGPS, S.A.

Board/Management Information • Oct 21, 2016

Announcement | Lisbon | 21 October 2016

Resignation of Director

Pursuant to the terms of subparagraph a) of article 3 of the Portuguese Securities Commission Regulation no. 5/2008 and article 248 of the Portuguese Securities Code, PHAROL, SGPS S.A. ("PHAROL") announces that Ricardo Malavazi Martins has resigned, on 21 October 2016, from the respective office as nonexecutive member of PHAROL's Board of Directors.

PHAROL, SGPS S.A.

Public company Share capital Euro26,895,375 Registered in theCommercial Registry Office ofLisbon and Corporation no. 503 215058

PHAROL is listed on the Euronext (PHR). Information may be accessed onBloomberg under the symbol PHRPL.

Luis Sousa de Macedo Investor Relations Director ir@pharol.pt Tel.: +351 212 697698 Fax: +351 212 697949

pharol.pt