Banif - SGPS, S.A. announces that it has received a statement from its controlling shareholder, Rentipar Financeira - SGPS, S.A., reproduced bellow:

"Results of the On-site Inspections Programme on exposures to construction and real estate sectors

Statement by Grupo Rentipar

The On-site Inspections Programme (OIP) on exposures on the construction and real estate sectors in Portugal and Spain, as of 30th June 2012, was concluded on the 29th November 2012.
The OIP, involving the eight largest banking groups in Portugal, including Grupo Rentipar, aimed to assess the adequacy of impairment levels on exposures to the above mentioned sectors, reference date 30th June 2012, based on a conservative valuation criteria.
The assessment concluded that the need to reinforce impairment levels in Grupo Rentipar amounted to Eur 86 million, corresponding to 4.8% of the analyzed exposures.
Of the Eur 86 million, €ur 12 million resulted from the analysis of information and events subsequent to the reference date, such as new insolvencies or bankruptcies and revaluation of collaterals, as illustrated on the left side of the chart below.
The impairments Grupo Rentipar reinforced in the meanwhile, reference date 30th September 2012, already covered part of the identified needs, thus reducing the amount from Eur 86 million to Eur 59 million, which will be accounted up to 31st
December 2012, as illustrated on the right side of the chart below.

BANIF SGPS, SA Sociedade Aberta

Sede Social: Rua de João Tavira, 30 - 9004-509 Funchal

Capital Social: 570.000.000 Euros

Número Único de Matrícula e Pessoa Colectiva: 511 029 730

Impairment Charges (Eur Mln)

100

Needs identified in the OIP Reinforcements

74 86 27

75

59

50

25

12

Impairments


The identified impairment reinforcement needs not yet covered are totally absorbed by the prudential buffer of Eur 173 held by Grupo Rentipar as of 30th June 2012. Therefore, there is no impact in the Group's capital ratios."
Lisbon 3rd December 2012
Banif - SGPS, S.A.

BANIF SGPS, SA Sociedade Aberta

Sede Social: Rua de João Tavira, 30 - 9004-509 Funchal

Capital Social: 570.000.000 Euros

Número Único de Matrícula e Pessoa Colectiva: 511 029 730

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