Banco Comercial Portugues

Major Shareholding Notification • Dec 9, 2015

BANCO ESPÍRITO SANTO, S.A.

RELEASE CONCERNING QUALIFYING HOLDING

Pursuant to and for the purposes of article 17 of the Portuguese Securities Code, Banco Espírito Santo, SA (BES) informs that it has received the attached notice from Morgan Stanley & Co. International plc., pursuant to which, following the transposition deadline of Directive 2013/50/EU of the European Parliament and Council of 22 October 2013, amending Directive 2004/109/EC of the European Parliament and Council on the harmonization of transparency requirements as regards information of issuers whose securities are admitted to trading on a regulated market (Transparency Directive) and the Opinion of CMVM on the application of the Transparency Directive in Portugal¹ , Morgan Stanley and its controlled undertakings no longer have a notifiable legal or economic interest in the shares or voting rights of BES.

Contacts Representative for the relations with the market and with CMVM Francisco Boavida Salavessa E-mail: investor.relations@bes.pt

Lisbon, 9 December 2015 BANCO ESPÍRITO SANTO, S.A.

¹ Available here:http://www.cmvm.pt/en/Comunicados/Comunicados/Pages/20151127mm.aspx .

Morgan Stanley & Co. International plc

The Cerium Building 1 ne Cemili Bini
155 Douglas Street
Glasgow G2 7NP
Scotland tel +44 (0)141 245 8000 fax +44 (0)141 245 7493

Morgan Stanley

BANCO ESPIRITO SANTO Rua Barata Salguerio 28-6^th Floor 1250-044 Lishoa Portugal investor.relations@bes.pt

Comissão do Mercado de Valores Mobiliários Rua Laura Alves, nº. 4 Apartado 14258 1064-003 Lisboa Portugal Fax: (+351) 213 537 077

2^nd December 2015

PRIVATE AND CONFIDENTIAL BY FAX, EMAIL, AND COURIER

Dear Sirs

QUALIFYING HOLDINGS IN BANCO ESPIRITO SANTO - Trading book exemption disclosure.

In accordance with Directive 2013/50/EU, amending Directive 2004/109/EC ("ATD"), interests held in the trading book of an investment firm or credit institution are exempt from disclosure where (i) voting rights held in the trading book do not exceed 5%; and (ii) are not exercised or otherwise used to intervene in the management of the issuer (Article 9 (6) ATD).

Trading book is defined under Directive 2013/36/EU and Regulation (EU) No 575/2013 as all positions in financial instruments and commodities held by an institution either with trading intent, or in order to hedge positions held with trading intent (paragraph 54 of Article 3'1) of Directive 2013/36/EU and paragraph 86 of Article 4(1) of Regulation (EU) No. 575/2013).

Please accept this notice as confirmation that, following the transposition deadline of the ATD and the Pointing of CMVM on the application of the ATD in Portugal of 26 November 2015, Morgan Stanley and
its controlled undertakings, no longer has a notifiable legal or economic interest in the shares or voting rights of BANCO ESPIRITO SANTO.

Yours faithfully

aargtlasley

Craig Horsley Operations Risk & Control
+44 141 245 7736 Craig.Horsley@morganstanley.com

Registered in England and Wales, No. 2068222.
Registered Office: 25 Cabot Square. Canary Wharf. London E14 4QA
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority
and Prudenti

Banco Espírito Santo S.A. - Public Traded Company -Head Office: Rua Barata Salgueiro, no. 28, 6th floor, 1250-044 Lisbon Portugal Registered at Lisbon's Commercial Registry Office and Tax Identification number 500 852 367 Share Capital: 6.084.695.651,06 euros