Espirito Santo Financial : ESFG Statement on BES Participation

ESPÍRITO SANTO FINANCIAL GROUP DISCLOSES ITS INTENTION TO HOLD 25% OF B AN CO E S P ÍRITO SAN TO' S S H ARES I MME DI ATEL Y FOLLOW ING THE CLOSING O F THE RIGHTS ISSUE, AS ANNOUNCED 15 MAY 2014

Luxembourg/Portugal - 27 May 2014 - Espírito Santo Financial Group S.A. ('ESFG') (NYSE Euronext Lisbon: ESF; Bloomberg: ESF PL; Reuters: ESF LS) today discloses intention to hold 25% of BES immediately following the close of the rights issue (as announced 15 May 2014):

ESPÍRITO SANTO FINANCIAL GROUP, S.A. ('ESFG'), which currently holds 27.4% of the share capital of BES, hereby announces its decision to exercise a number of rights to subscribe for new shares in the Banco Espírito Santo, S.A. ('BES') rights issue in process that would enable ESFG to hold approximately 25% of the share capital of BES immediately following the closing of said rights issue.

Contacts: Filipe Worsdell

Espírito Santo Financial Group S.A.

[phone] [e-mail]

Miles Chapman

Taylor Rafferty

[phone] [e-mail]

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The Espírito Santo Financial Group provides, through its subsidiaries, a global and diversified range of
financial services to its clients including Commercial banking, Insurance, Investment banking, Stockbrokerage and Asset management in Portugal and internationally. For additional information on Espírito
Santo Financial Group, its subsidiaries, operations and results, please visit the Company's website on
www.esfg.com