PHAROL, SGPS, S.A.

Board/Management Information • Jul 25, 2016

Announcement | Lisbon | 25 July 2016

Changes regarding the composition of the Board Of Directors

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 Francisco Ravara Cary has resigned, on 25 July 2016, from the respective office as non-executive member of PHAROL's Board of Directors.

The Board of Directors has approved to appoint by co-optation, as member of the Board of Directors, to complete the current term of office (2015-2017), José Manuel Melo da Silva, to replace Francisco Ravara Cary. Such co-optation will be submitted to ratification at the next General Meeting of Shareholders of PHAROL.

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