Société Anonyme

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

R.C.S. Luxembourg B 22.232

ESPÍRITO SANTO FINANCIAL GROUP S.A. INFORMS THAT ESPÍRITO SANTO FINANCIAL PORTUGAL - SGPS, S.A. HAS FILED UNDER PORTUGUESE CORPORATE INSOLVENCY AND RECOVERY CODE

Luxembourg/Portugal - 1 August 2014 - Espírito Santo Financial Group S.A. ("ESFG" or "The Company") (NYSE Euronext Lisbon: ESF; Bloomberg: ESF PL; Reuters ESF LS) informs on Espírito Santo Financial Portugal - SGPS, S.A. filing.

Espírito Santo Financial Group S.A. informs that on 1 August 2014 Espírito Santo Financial Portugal - SGPS, S.A. ("ESF(P)"), the fully owned Portuguese subsidiary of the Company, had filed under Article 17-A of the Portuguese Corporate Insolvency and Recovery Code ("Código da Insolvência e Recuperação de Empresas´' or "CIRE").
The filing aims to allow ESF(P) to best deal with circumstances that have led to the
Company to be unable to meet its outstanding debt obligations.
ESF(P) is a Portuguese holding company that was originally established for the purposes of allowing ESFG to participate in the privatisation of Banco Espírito Santo S.A. ("BES") and Companhia de Seguros Tranquilidade S.A.("Tranquilidade"). ESF(P) currently holds 19.1% of BES as well as a 45.0% stake in PARTRAN - SGPS, S.A. which in turn holds 100% of ESFG's stake in Tranquilidade.

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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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