PHAROL, SGPS, S.A.

Share Issue/Capital Change • Aug 7, 2015

Announcement | Lisbon | August 7, 2015

Pharol informs about the decision of its Executive Committee

PHAROL, SGPS S.A. ("PHAROL") informs that on August 6, 2015, it was decided at the Executive Committee meeting to present to the Board of Directors a proposal for a program of buying own shares of the company to be submitted to a General Meeting of Shareholders.

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