RNS Number:4251P
Espirito Santo Financial Group S.A.
04 September 2003



ESPIRITO SANTO FINANCIAL GROUP S.A. ANNOUNCES CHANGE IN SHAREHOLDER STRUCTURE

Luxembourg/Portugal - September 4,2003 - Espirito Santo Financial Group S.A.
("ESFG") (Euronext Lisbon and NYSE : ESF) announced that Exor S.A. sold in the
market, between 3rd and 21st August 2003 , 2,150,297 Espirito Santo Financial
Group S.A.'s shares (or ADSs) which corresponded to 4.49% of the capital and
voting rights of ESFG and was Exor's total participation in ESFG.


4th September 2003


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