RNS Number:4822O
Espirito Santo Financial Group S.A.
08 August 2003


Espirito Santo Financial Group S.A. announces change in shareholder structure


Luxembourg/Portugal - August 8, 2003 - Espirito Santo Financial Group S.A.
("ESFG")

(Euronext Lisbon and NYSE:ESF) announced the sale , on the 23rd July 2003 on the
New York Stock Exchange of 380,000 ADSs by Exor S.A.. After this sale Exor S.A.
owns 2,150,297  shares (or ADSs) , equivalent to 4.49% of the capital and of the
votes of ESFG.

                      This information is provided by RNS
            The company news service from the London Stock Exchange
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