Banco Espírito Santo, S.A.                                               
"Banco Espírito Santo, S.A." (BES) informs the market that the Boards of Directors of its subsidiaries Besleasing
Mobiliária - Sociedade de Locação Financeira, S.A. (83.72% BES), Besleasing Imobiliária - Sociedade Locação Financeira,
S.A. (82.70% BES) and Espírito Santo Euroges Factoring, S.A. (100% BES) have decided to merge these three companies
into a single entity having the nature of a "Financial Credit Institution" that will incorporate the businesses of the
current companies.
No significant changes are expected as a result of this merger in terms of the turnover or expected return of the
companies that exist at present.
Lisbon, 22 May 2003