Banco Espírito Santo, S.A.
 
Banco Espírito Santo informs that the Board of Directors, at its meeting of Friday, 30 May  2003,  approved the
appointment by co-option of two new members, who will complete the present mandate of the Board of Directors.
 
Mr. José Manuel Ruivo da Pena was appointed as an independent director by co-option to replace Mr. Manuel Serzedelo de
Almeida, who had handed in his resignation as Member of the Board of Directors of Banco Espírito Santo, S.A. on 25
March 2003. Mr. José Manuel Ruivo da Pena will integrate the Audit Committee of  Banco Espírito Santo, S.A..
 
Mr. Michel Marin Le Masson, currently Director for International Development at Credit Agricole, S.A., was appointed by
co-option to replace Mr. Gilles François Gramat, who had handed in his resignation as Member of the Board of Directors
of Banco Espírito Santo, S.A. on 29 May 2003.
 
The appointed Directors will start their functions as soon as the definitive registration of the co-option  with the
Bank of Portugal is concluded.
 
 
Lisbon, 5 June 2003