Société Anonyme

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

R.C.S. Luxembourg B 22.232

ESPÍRITO SANTO FINANCIAL GROUP S.A. CONFIRMS THAT IT HAS BEEN ADMITTED TO CONTROLLED MANAGEMENT BY THE LUXEMBOURG COURTS

Luxembourg/Portugal - 29 July 2014 - Espírito Santo Financial Group S.A. ("ESFG" or "The Company") (NYSE Euronext Lisbon: ESF; Bloomberg: ESF PL; Reuters ESF LS) confirms admission to Controlled Management by the Luxembourg courts.

Espírito Santo Financial Group S.A. has been admitted to controlled management ('Gestion Contrôlée') following the Luxemburg Court's decision announced on the morning of 29 July 2014. The decision follows a Court hearing held on 28 July 2014. The Court's decision includes the appointment of a Judge to deal with the process.
The decision follows the Company's request to the Luxembourg Courts on 24 July
2014. The Company's move to seek Gestion Contrôlée followed its conclusion that it was unable to meet its obligations under its commercial paper programme and
obligations associated with the Company's standalone 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.)
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. The Judge is expected to make her report on ESFG's case on 6 October 2014.
The same Court on 29 July 2014 announced that Rio Forte S.A., a major indirect shareholder of ESFG, had also been admitted to Gestion Contrôlée.

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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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