Banco Comercial Portugues

Major Shareholding Notification • May 29, 2015

BANCO ESPÍRITO SANTO, S.A.

RELEASE CONCERNING THE ACQUISITION OF 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 a notification from Citigroup Global Markets Limited regarding the conclusion of a transaction acquisition following which a holding of 2,0137% of BES' shares and voting rights has been acquired.

The acquisition results from a transaction concluded on 21 May 2015, pursuant to which 3.753.415 BES' shares were acquired.

As a result of the transaction, the proportion of voting rights and share capital held by Citigroup Global Markets Limited in BES is as follows:

• Voting rights attached to shares:

No. of shares	No. of voting rights	% of voting rights and share
		capital
113,262,901	1,132,629	2,0136%

• Financial instruments:

Type	of	financial	No. of voting rights	% of voting rights
instrument
Swap			53	0,0001%

• Total:

No. of voting rights	% of voting rights
1.132.682	2,0137%

Information is also provided concerning the chain of controlled undertakings through which the holding is held:

• the parent company of Citigroup Global Markets Limited is Citigroup Global Markets Europe Limited;

• the parent company of Citigroup Global Markets Europe Limited is Citigroup Financial Products Inc;

• the parent company of Citigroup Financial Products Inc. is Citigroup Global Market Holdings Inc.

• the parent company of Citigroup Global Markets Holdings Inc. is Citigroup Inc.

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

Lisbon, 29 May 2015 BANCO ESPÍRITO SANTO, S.A.