AMENDMENT NO. 2 TO DEPOSIT AGREEMENTDeposit Agreement • April 26th, 2016 • Deutsche Bank Trust Co Americas/ ADR Group • Radiotelephone communications • New York
AMENDMENT NO. 2 dated as of , 2016 (the "Amendment") to the Fourth Amended and Restated Deposit Agreement, dated as of January 25, 2013, as amended by Amendment No. 1 to Deposit Agreement, dated as of April 2, 2015 (as so previously amended, the "Deposit Agreement"), by and among Pharol, SGPS S.A., a company incorporated under the laws of Portugal (the "Company") , Deutsche Bank Trust Company Americas, as depositary (the "Depositary"), and all Owners and holders from time to time of American Depositary Receipts issued thereunder.
