PHAROL, SGPS, S.A.

Major Shareholding Notification • Mar 8, 2018

Announcement | Lisbon | 8 March 2018

Qualified Holding – Norges Bank

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 Norges Bank, attached hereto.

PHAROL

$\Gamma$

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the competent authority)
	1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are
attached ® :
PHAROL SGPS SA
PTPTC0AM0009
	2. Reason for the notification (please tick the appropriate box or boxes):
	[.] An acquisition or disposal of voting rights [x] 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: Norges Bank			City and country of registered office (if applicable): Oslo,
	Norway
	4. Full name of shareholder(s) (if different from 3.).
5. Date on which the threshold was crossed or reached * :
07/03/2018
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
		7.B.2)
Resulting situation on the date on which
threshold was	1.21%	1.97%	3.18%	896,512,500
crossed or reached
Position of previous
notification (if applicable)	1.18%	2.01%	3.19%

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

٦

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 10,876,259 1.21% SUBTOTAL A 10,876,259 1.21%

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
Shares on Loan (right to recall)	N/A	At any time	17,623,702	1.97%
		SUBTOTAL B.1	17,623,702	1.97%

2004/109/EC			B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive
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):

[x] 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

[ ] 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

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:

Done at Oslo, Norway on 08/03/2018.