Société Anonyme

Registered Office: 22/24 boulevard Royal, L-2449 Luxembourg

R.C.S. Luxembourg B 22.232

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

Press release May 28, 2014

Crédit Agricole, S.A. Group and Espírito Santo Financial Group, S.A. announce the completion of the placement of rights of Banco Espírito Santo

Luxembourg/Portugal - Espírito Santo Financial Group S.A. ("ESFG") (NYSE Euronext Lisbon: ESF;

Bloomberg: ESF PL; Reuters: ESF LS) today announces:

Crédit Agricole, S.A. Group and Espírito Santo Financial Group, S.A. (directly and through Espírito

Santo Financial (Portugal), SGPS, S.A., together "ESFG"), concluded the placing of 667.3 million and

332.3 million pre-emptive subscription rights ("Rights") of Banco Espírito Santo ("BES") respectively, exclusively to qualified investors outside of the United States via an accelerated bookbuilding process (the "Placing") at a price of €0.11 per Right.

The settlement of the sale of Rights is expected to occur on 2nd June 2014.Crédit Agricole S.A. Group and ESFG will not sell any further rights or shares prior to closing of the BES Rights Issue and will not sell their remaining shareholding in BES through the 180 days following the phys ical settlement of the Rights Issue.

Crédit Agricole CIB, Espirito Santo Investment Bank, Morgan Stanley and UBS Investment Bank acted as Joint Bookrunners of the Placing.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES.
This announcement is for information purposes only and shall not constitute an offer to buy, sell, issue, or subscribe for, or the solicitation of an offer to buy, sell, issue, or subscribe for any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This announcement has been issued by and is the sole responsibility of Crédit Agricole, S.A. and Espírito Santo Financial Group, S.A.
The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, absent registration or an exemption from registration. Nothing in this communication shall constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer or sale would be unlawful.
In the United Kingdom, this communication is only being distributed to, and is directed solely at persons who are "qualified investors" within the meaning of Article 2(1)(E) of the Prospectus Directive and who are (i) persons who have professional experience in matters relating to investments and falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order
2005, as amended (the "Order"), or (ii) persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associates, etc.") of the Order, or (iii) other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). This communication must not be acted on or relied on by persons who are not Relevant

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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

Société Anonyme

Registered Office: 22/24 boulevard Royal, L-2449 Luxembourg

R.C.S. Luxembourg B 22.232

Persons. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Contacts: Filipe Worsdell

Espírito Santo Financial Group S.A.

+44 203 429 2100 fworsdell@esfg.com

Miles Chapman

Taylor Rafferty

+44 207 614 2916 miles.chapman@taylor-rafferty.com

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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

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