Espirito Santo Financiere S.A., Luxembourg ("ESFIL") to Hold 40% Stake in ADEPA Luxembourg

LUXEMBOURG, March 2, 2011 - Espirito Santo Financiere S.A., Luxembourg ("ESFIL"), a fully owned
subsidiary of Espirito Santo Financial Group S.A. ('ESFG') and ADEPA Asset
Management SA ("ADEPA") are pleased to announce the signing of an agreement
that gives ESFIL a 40% stake in ADEPA through a capital increase. The
partnership will enable ADEPA to build on its successes and capitalise on the
increased market opportunities for its fund administration and investor
services and reinforces the presence of ESFG in Luxembourg.

ADEPA's focus will remain the provision of a diversified range of
services to institutional and professional investors worldwide.
Mr Carlos Alberto Morales Lopez and Mr Javier Valls Martinez, shareholders
and promoters of ADEPA, will continue to lead operations at ADEPA.

Carlos Alberto Morales Lopez, Managing Director of ADEPA: "We are
delighted with the arrival of ESFIL as a shareholder. After more than 3
decades providing solutions to our clients, this new partnership will allow
our Company to achieve the objectives established in our ambitious strategic
plan for the coming 7 years which foresees a significant growth and a strong
international expansion. At the same time, such a prestigious shareholder as
ESFG, through ESFIL, will help us preserve our quality standards; the basis
of the success achieved so far".

Bernard Basecqz, Chairman of ESFIL and Director of ESFG: "Our philosophy
is to invest in businesses with a sound structure and important growth
potential. Moreover in ADEPA we found a highly qualified and entrepreneurial
team, ready to assume new ventures. We are convinced that the Group will
benefit from this new relationship and from this foundation we will be
launching new projects across the European Union. The Espirito Santo Group
has been in Luxembourg since 1975, the participation in ADEPA is a new and
clear commitment towards this country and its financial centre".

ADEPA was advised by the London based specialist corporate finance house
Novitas Partners LLP. ESFIL was advised by Mandel Partners in Paris. The
transaction is subject to customary legal and regulatory approvals.

About ESFIL

ESFIL - Espirito Santo Financiere SA is a sub-holding of Espirito Santo
Financial Group ("ESFG"), which concentrates its financial investments in a
number of European jurisdictions.

About ESFG

ESFG is a fully integrated financial services holding company. It has a
leading position in the banking and insurance markets in Portugal and,
through its principal banking subsidiary Banco Espirito Santo ("BES") as well
as other banking affiliates has a broad geographic reach with emphasis in the
South Atlantic region. ESFG provides, through its subsidiaries, a global and
diversified range of financial services to its clients including Commercial
banking, Insurance, Investment banking, Stockbrokerage, Private banking and
Asset management. For additional information on ESFG, its subsidiaries,
operations and results, please visit the Company's website on
www.esfg.com

About ADEPA

ADEPA is a leading independent global provider of Investment Fund and
Corporate Services, Private Equity & Real Estate administration, UCIT III
Management Company and Asset Management addressed to institutional and
professional investors around the globe. Founded in 1980 and currently
headquartered in Luxembourg, Adepa provides clients with support oriented to
give tailor-made solutions for ideas in a global financial world. Adepa is
regulated by the Commission de Surveillance du Secteur Financier (CSSF) in
Luxembourg as a UCITS III Management Company and by the "Ordre des Experts-
Comptables" (OEC) as a fiduciary company. For additional information on ADEPA
please visit www.adepa.com

Additional Information: ESFIL-Espirito Santo Financiere S.A. Bernard Basecqz, Chairman Director, 21-25 Allee Scheffer 6A, L-2520 Luxembourg, T. +352-43-49-45-24, F. +352-43-49-45-31, mail at espiritosanto.com; ADEPA Asset Management SA. Javier Valls Martinez, 6A, rue Gabriel Lippmann, L-5365 Munsbach - Luxembourg, T. +352-26-89-80 - 1, F. +352-26-89-80-40, j.valls at adepa.com.