Société Anonyme

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

R.C.S. Luxembourg B 22.232

ESPÍRITO SANTO FINANCIAL GROUP S.A. ANNOUNCES REQUEST FOR CONTROLLED MANAGEMENT UNDER LUXEMBOURG LAW FOR ESFIL

Luxembourg/Portugal - 1 August 2014 - Espírito  Santo  Financial  Group  S.A.  ("The  Company")   (NYSE   Euronext   Lisbon:   ESF;;   Bloomberg:   ESF   PL;;   Reuters   ESF   LS)  informs on request for Controlled Management under Luxembourg law by ESFIL.

ESFIL - Espírito Santo Financière, a fully owned subsidiary of ESFG, has requested the Luxembourg Courts for controlled management ('Gestion   Contrôlée) following the ESFIL's'  conclusion  that  it  is  unable  to  meet  its  obligations  under  its  commercial  paper programme and obligations associated with the Company's   other debt obligations.
(Gestion Contrôlée is available in circumstances where there is a perspective for the business of each company, which is momentarily in difficulties and unable to face its obligations, to be restructured or where such a procedure would facilitate an orderly realisation of the assets in the best interests of all creditors.)
As from the day of the appointment of the investigating Judge, following the ruling, any subsequent enforcement proceedings or acts, even those initiated by privileged creditors (including creditors who have the benefit of guarantees and, subject to exceptions, pledges) are stayed.

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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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