PHAROL, SGPS, S.A.

AGM Information • Nov 4, 2015

Announcement | Lisbon | 4 November 2015

General Meeting of Shareholders of PHAROL, SGPS S.A.

PHAROL, SGPS S.A. ("PHAROL") announces that the General Meeting of Shareholders held today has approved the following proposals under the items on the agenda:

Approval of the authorisation for the acquisition and disposition of own shares, under the terms of the proposal of the Board of Directors dated 6 October 2015.

Ratification of the co-option of Maria do Rosário Pinto-Correia and André Cardoso de Meneses Navarro as directors of the company to complete the 2015-2017 term of office.

At the General Meeting, Shareholders holding 47.4% of the share capital were present or represented.

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.: +351 212 697 698 Fax: +351 212 697 949