The results attached were calculated based on the assumptions and methodologies defined by the
European Banking Authority for the capital exercise conducted in cooperation with the Bank of Portugal
and are the ones used by ESFG in the estimation of the consolidated results of this entity, which were
published by EBA and BoP. The results of ESFG were calculated by consolidating the results of Banco
Espírito Santo with the remaining entities of ESFG.
Based on the referred methodology, the capital needed to reach a core tier I of 9% for BES Group was 810
million euros as at 30 September 2011, of which 121 million euros correspond to sovereign capital buffer.
BES had as at 30 September 2011 European public debt of 3.6 billion euros (4% of Net Assets), composed
of Portuguese sovereign debt, of which 84% maturing within 1 year.
On 5 December 2011, Banco Espírito Santo concluded a capital increase with new entries in kind, resulting
from an exchange offer on debt securities, which permitted to reinforce Core Tier I by 622 million euros.
Lisbon 8 December 2011
BANCO ESPÍRITO SANTO, S.A.
