Société Anonyme

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

R.C.S. Luxembourg B 22.232

Espírito Santo Financial Group S.A. announce change in its Board of Directors

Luxembourg/Portugal - 22 July 2014 - Espírito Santo Financial Group S.A. ("The Company") (NYSE Euronext Lisbon: ESF; Bloomberg: ESF PL; Reuters ESF LS) informs that Mr. Othman Benjelloun resigned from its Board of Directors with immediate effect.

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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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