Mr. Ricardo Espírito Santo Silva Salgado was appointed to the Board of Directors in 1984, and has served as Chairman since 1991. He is currently a Vice Chairman of the board of directors of Banco Espírito Santo and chairman of its executive committee. He is Chairman of : Banco Espírito Santo de Investimento, BES.com, Bespar SGPS SA, BEST- Banco Electronico de Serviço Total, Casa dos Porticos, ES Bankers (Dubai) Limited, ESAF-Espírito Santo Activos Financeiros S.A., ES Tech Ventures, Espírito Santo Financial (Portugal) SGPS SA, Espírito Santo Saúde SGPS, Espírito Santo Ventures - Sociedade de Capital de Risco SA, Partran SGPS SA, Sociedade de Administração de Bens Pedra da Nau,SA.
He is Vice Chairman of Espírito Santo Bank. He is a director of Banco Bradesco, Banque Espírito Santo et de la Vénétie S.A., Banque Privée Espírito Santo S.A., ESFG Overseas Ltd., Espírito Santo Resources Limited, Espírito Santo International SA. He is also a member of the Supervisory Board of NYSE Euronext , Conseil de Cooperation Economique (Europe) and a member of the Institut International d'Études Bancaires.

Mr. José Manuel Pinheiro Espírito Santo Silva was appointed to the Board of Directors in 1984, and has served as vice-chairman since 1991. He is Chairman of: Banque Privée Espírito Santo S.A., Espírito Santo Financial Consultants S.A., Fiduprivate - Sociedade de Serviços, Consultoria e Administração de Empresas, S.A.and Sociedade Imobiliária e Turística da Quinta do Perú S.A.
He is Vice Chairman of Espírito Santo Financial (Portugal), SGPS, S.A. and director of Banco Espírito Santo S.A., Banco Espírito Santo de Investimento S.A., Banque Espírito Santo de la Vénétie S.A., Bespar SGPS SA, ESAF - Espírito Santo Activos Financeiros SGPS, S.A., ESFG Overseas Limited, Espírito Santo Bank, Espírito Santo International S.A., Espírito Santo Resources Limited, Espírito Santo Services S.A., Europ Assistance - Companhia Portuguesa de Seguros de Assistência, S.A. and Espírito Santo Control S.A.

Mr. António Luís Roquette Ricciardi was appointed to the Board of Directors in 1984. He is chairman of Espírito Santo Control SA, Espírito Santo International S.A.. Espírito Santo Services S.A. and Espírito Santo Tourism (Europe) Ltd. He is Vice Chairman of Bespar SGPS SA and Partran SGPS SA and a director of a Banque Privée Espírito Santo S.A. ,Espírito Santo Resources Limited, Espírito Santo Services S.A., Casa do Guincho-sociedade de Administração de Bens, SA, Espírito Santo Toursim (Portugal) SA and Consultoria de Gestão Empresarial S.A.

Mr. Mário Mosqueira do Amaral was appointed to the Board of Directors in 1984. He is Chairman of Amaral & Pinto - Empreendimentos Imobiliários and Banco Espírito Santo North American Capital Corporation and Vice Chairman of E.S.Control S.A. and Espírito Santo International S.A. He is a director of Banque Privée Espírito Santo S.A., Banque Marocaine de Commerce Exterieur, BES Finance Ltd, Bespar SGPS SA, Espírito Santo Services, S.A., Espírito Santo Resources Ltd, Espírito Santo Empresa de Prestação de Serviços SA and Partran SGPS SA. Mr.Amaral joined the Espírito Santo family enterprises in 1956.

Mr. Manuel Fernando de Moniz Galvão Espírito Santo Silva was appointed to the Board of Directors in 1995. He is Chairman of Academia de Música de Santa Cecília, Espírito Santo Health & Spa,S.A., Espírito Santo Resources Ltd., Espírito Santo Tourism (Europe) S.A., Euroamerican Finance Corporation, Inc, and Herdade da Comporta- Actividades Agro Silvícolas e Turísticas S.A. He is a director of Banco Espírito Santo, Bespar SGPS SA, Espírito Santo Control , S.A., Espírito Santo Agriculture and Development Ltd., Espírito Santo Bank, Espírito Santo International S.A., Espírito Santo Industrial S.A., Espírito Santo Services S.A, PT Multimédia, Serviços de Telecomunicações e Multimédia SGPS, S.A., Santogal SGPS S.A., Sapec S.A., Sociedade de Investimentos Imobiliários Sodim, S.A. and Zon Multimedia. From 1984 to 1987, he worked with Morgan Grenfell London before joining the family businesses in 1988.

Mr.Jackson Behr Gilbert was appointed to the Board of Directors in 1990. He is Chairman Emeritus of Espírito Santo Bank in Florida. Prior to his association with the Group, Mr. Gilbert was with Morgan Guaranty Bank from 1968-1983, where he served as senior vie president and President of Morgan Guarantee International Finance Corporation and from 1983 to 1989 as vice-chairman of Riggs National Bank in the United States. He has more than 25 years experience in the banking industry.

Mr.Patrick Monteiro de Barros was appointed to the Board of Directors in 1992. He has been Chairman of Argus Resources (UK) Ltd an international oil, trading and finance company since 1987 and is a director of Petroplus. He has more than 30 years of experience in the oil industry having served on the Boards of Tosco Corp USA and Petrogal S.A. He was non-executive director of Portugal Telecom from 2002 to 2006.

Mr.Robert Studer was appointed to the Board of Directors in 1999. He worked for 41 years for Union Bank of Switzerland - UBS in Switzerland and abroad. From 1991 he was President of the Group Executive Board and from 1996 to 1998 he was Chairman of the Board of UBS. Mr. Studer was a director of Schindler Holding AG and Renault SA and a member of the supervisory board of BASF AG. He is a director of Schindler Switzerland.

Mr. Philippe Guiral was appointed to the Board of Directors in 2000 and is president of Banque Espírito Santo et de la Vénétie and Vice Chairman of Banco delle Tre Venezie. He was a Vice Chairman of Banco Espírito Santo in Portugal from 1996 to 1999. He worked for Credit Agricole du Midi and Caisse Nationale de Credit Agricole where he was Deputy Chief Executive Officer from 1991 to 1999. He was also Vice Chairman and Chief Executive Officer of Credit Agricole Indosuez, Chairman of Unicredit as well as Chairman or director of other Caisse Nationale de Credit Agricole's subsidiaries in France and in other countries. He was Chairman of Gamma Investissement and a director of Pragma Capital.

Mr. Manuel António Ribeiro Serzedelo de Almeida was appointed to the Board of Directors in 2001. He is a director of Estrela SGPS and Ipodec S.A.. Mr. Serzedelo has been a director of several companies including H.J.Heinz, Havanne, Baring Capital Investors, Sogrape, Parfil, Securitas, Brown Bovery Portugal, Alcatel Group, GEC and Vista Alegre Group.

Mr. José Maria Espírito Santo Silva Ricciardi was appointed to the Board of Directors in 2001. He is Chairman of BES Investimento do Brasil S.A., and chairman of the executive committee of Banco Espírito Santo de Investimento S.A., Espírito Santo Investimentos S.A., Espírito Santo Investimento, SAU,S.A. ESSI -Comunicações SGPS S.A., ESSI Investimentos SGPS, S.A., ESSI, SGPS S.A. He is Vice Chairman of Banco Espírito Santo de Investimento S.A., ESAF- Espírito Santo Activos Financeiros and of the Supervisory Board of Sporting Club de Portugal. He is a director of Banco Espírito Santo S.A. (and a member of its executive committee), Bespar SGPS S.A., Espírito Santo Cobranças, S.A. ,Espírito Santo Capital- Sociedade de Capital de Risco S.A. Espart - Espírito Santo Participações Financeiras SA. Mr. Ricciardi worked at Banco InterAtlântico in Brazil, for the Group's office in Brazil and in Luxembourg.

Mr.Pedro Guilherme Beauvillain de Brito e Cunha was appointed to the Board of Directors in 2001. He is Chairman of Advancecare, BES Seguros S.A., Espírito santo Contact Center, Esumédica and Europ-Assistance - Companhia Portuguesa de Seguros de Assistência S.A.. He is a director of Bespar, BES Vida, Companhia de Seguros Tranquilidade (and chairman of its executive committee) and Espírito Santo Saúde.
Previously he held management positions in Banco Espírito Santo, Alexander Howden International Insurance Brokers, Lloyds and Sedgwick James.

Mr. Carlos Augusto Machado de Almeida Freitas was appointed the Board of Directors in 2001. He was chairman of António de Almeida & Filhos- Texteis S.A. and a director of Predicónegos Imobiliária de Moreira de Cónegos Lda. And Casa de Passarinhos, Gestão e Investimento until 2006.

Mr. Aníbal da Costa Reis Oliveira was appointed to the Board of Directors in 2001. He is Chairman of Acro-SGPS, S.A., Diliva- Sociedade de Investimentos Imobiliários S.A. and Olinveste SGPS Ltd. . He is a director of Banco Espírito Santo S.A., Espírito Santo Financial (Portugal) SGPS S.A., Espírito Santo International S.A..

Mr.Juan Villalonga Navarro was appointed to the Board of Directors in 2001. He was formerly the Chairman and Chief Executive of Telefonica Group in Spain. Immediately prior to that he headed the activities of Bankers Trust Company in Spain and Portugal. Before that Mr. Villalonga worked for CS First Boston in Spain and McKinsey & Co. in the United States, Portugal, Italy and Spain. He was a director of Telekom Malysaia International, Telnic,McLeod USA Inc, MegaFon and Univision Communication. He is a member of the Advisory Board of the Ben-Gurion University in Israel.

Mr. Othman Benjelloun was appointed to the Board of Directors in 2002. Mr. Benjelloun is Chairman of: Banque Marocaine de Commerce Exterieur, BMCE Capital, BMCE International; RMA Watanya; Centre Monetique Interbancaire and Union des Banques Maghrébines. Mr.Benjelloun is Chairman of the Moroccan Bankers' Association and an advisor to the Center for Strategic International Studies in Washington D.C. In 1995 Mr. Benjelloun set up the Fondation BMCE, in Morocco, with the principal aims of improving levels of literacy in rural areas and protecting the environment.

Mr. José Pedro Torres Garcia Caldeira da Silva was appointed to the Board of Directors in 2002.He is a member of Espírito Santo Financial Group S.A.'s executive committee. Mr. Caldeira da Silva has been chief executive officer of Banque Privée Espírito Santo since 1998. He is a director of ES Bankers (Dubai) Limited and ESFG International Limited. He is a member of the Supervisory Board of Banco delle Tre Venezie.
He worked in the corporate finance division of BASF AG in Germany and abroad from 1985 to 1989.

Mr. Fernando Pedro Braga Pereira Coutinho was appointed to the Board of Directors in 2005. He is a member of Espírito Santo Financial Group S.A.'s Audit Committee. Mr. Pereira Coutinho is a Consultant of JP Morgan plc. He was the General Manager of JP Morgan Chase Bank in Lisbon, Portugal and the Executive in charge of all the bank's business in Portugal from 1990 to 2005. Prior to that he worked for Barclays Bank plc, Banco Fonssecas & Burnay, Finantia- Sociedade de Investimentos S.A., Banco Totta & Açores, where he was an Executive Board Member for seven years, during which he was Head of the Bank's International Department in Portugal.

Mr. Yves Alain Marie Morvan was appointed to the Board of Directors in 2005. He is a director of Banque Espírito Santo et de la Vénétie and of ES Bankers (Dubai) Limited. He worked for the New York Stock Exchange from 1988 to 2005 where he was senior vice president, international relations.
He had joined the Exchange in Paris where he was its representative and coordinator of its activities throughout Europe. In 1998 he moved to New York where he continued to coordinate the New York Stock Exchange's activities with all foreign governmental institutions and all non-US stock exchanges, and was responsible for the operations of the Exchange's Asia-Pacific, European and Latin America Advisory Committees. Prior to that, he had been director general of the Paris-based America- European Community Association International from 1985 to 1988, and had worked for the United Nations Development Programme (UNDP) from 1967 to 1984, both in New York as well as in Indonesia, the Sultanate of Oman and the Philippines.

Mr. Alexandre da Paixão Coelho was appointed to the Board of Directors in 2005. He is a member of Espírito Santo Financial Group S.A.'s Audit Committee. He was a partner of Thomson McLintock & Co. and KPMG until 1988 when, together with colleagues from KPMG, they set up A.J.Mackintoch & Associados where he was responsible for the audit department. When A.J. Mackintosh Associados merged with Ernst & Young in 1989, Mr. Coelho remained as a partner until 1998. He is a partner of O.Lima,N.Silva,F.Colaço, A.Coelho e L.Rosa, Sociedade de Revisores Oficiais de Contas,Lda., which is an independent member of Baker Tilly International. Mr. Coelho is a statutory auditor by profession. He is a member of the Quality Control Committee in the Portuguese Institute of Statutory Auditors.

Mr. José Carlos Cardoso Castella has worked for the Espírito Santo group of companies since 1986. He worked at BES from 1976 to 1978.Between 1986 and 2002 he was assistant controller of the group as well as director of several group companies. He is a member of Espírito Santo Financial Group S.A.'s Executive Committee. At present he is Controller of the Espírito Santo group of companies, chairman and director of several subsidiaries of Espírito Santo Resources Ltd and a senior manager of Espírito Santo International S.A. He is a director of ESFIL - Espírito Santo Financière S.A., Lausanne Branch, Espírito Santo Financial (Portugal) SGPS S.A. and ESFG International Limited.

Mr. Horácio Lisboa Afonso was appointed to the board of directors in 2007. He is a member of Espírito Santo Financial Group's Audit Committee.
After starting his career at Price Waterhouse in 1973 he left in 1982 to participate in the setting up of Consulteam S.A., a management consulting company which was later integrated in the network of Spicer & Oppenheim, now Nexia International. He was a partner in the areas of consultancy and audit and a member of the council and international contact partner at Spicer & Oppenheim.
Between 1993 and 1997 he was partner and coordinator of audit at Deloitte & Touche Portugal. In 1998 he was founding partner of GT Auditores and GT Consultores, both part of Grant Thornton International, where he was international contact partner until 2001.
He is one of the founding partners of Camacho Palma & Lisboa Afonso - SROC and as such acts as statutory auditor to several companies in Portugal. This firm integrated Nexia International's network in 2002 and as a partner of Nexia, Mr. Afonso is responsible for the audit of several international companies operating in Portugal and also Nexia's international contact partner. In 2006, Mr. Afonso was elected for a three year mandate as board member of the Portuguese Institute of Statutory Auditors.

Mr. Bernard Basecqz was appointed to the board of directors in 2008. Mr. Basecqz had an international career with Kredietbank Luxembourg, member of the KBC Group from 1973 until his retirement in 2007: Various managerial assignments in Luxembourg, Hong Kong and Switzerland in international banking,capital markets, corporate finance and private banking. He was a member of the bank's general management team since 1987; Chief Executive Office - Banque Continentale du Luxembourg:200-2003 and Chief Executive Office of Kredietbank Suisse: 2003-2007.
He was a non-executive board member of Lebanon Inves, Lebanon (1994-2001); Various Investment Funds Group KBC+KBL (1996-2003); EFA (European Fund Administration), Luxembourg (1996-2001); Gulfinvest International, Kuwait (1997-2002) and Fondation pour la Recherche en Ophtalmologie,Lausanne (2005-2007).
He is currently a non-executive director of Banco Espírito Santo de Investimento, Chairman of ESFIL- Espírito Santo Financière S.A. and Chairman of Benetton International, Luxembourg.

Mr. Gerard Laffineur Petracchini was appointed to the board of directors in 2008. He is a Chief Executive Officer of Espírito Santo Financial Group S.A..
Mr. Laffineur started his banking career with Crédit Lyonnais in Paris in 1988;
He worked for the Société Générale Group from 1989-2008 in France, Spain and Italy namely at Fimat (Futures Brokerage), in Paris and in Madrid where he was General Manager and Managing Director of Fimat Spain from 1992 to 1996 and International Marketing Manager in SG Fimat Asset Management for Latin America and Southern Europe in 1996-1997; in 1998 he moved to Milan where he was Managing Director, Head of Global Banking and Securities Services in SG Milan, between 1998 and 2004; Managing Director, Head of International Development in Fiditalia SpA (Consumer Finance) in 2005 and Managing Director of Locat Rent SpA (Long Term Car Rental), a 50/50 joint venture between SG and Unicredit Groups, until 2008.
He is a member of the Board of Directors of the CFCII (French Chamber of Commerce and Industry in Italy,Milan); Conseiller du Commerce Extérieur de la France (French Foreign Trade Advisor) and Academician of the Accademia Angelica Costantiniana of Rome in Italy.

Mr. Manuel Guerrero Pemán was appointed to the board of directors in 2008. Mr. Guerrero worked for Banco Hispano Americano in Madrid from 1975-1983.
He worked for BP Oil International in London from 1983-1987 and for Repsol Group in several countries from 1987- 2005, including as Chairman of Repsol Portugal for seven years and Chairman of Repsol Butano for nine years. He is currently President of the Advisory Board of Banco Espírito Santo de Investimento in Madrid; a Director and Assistant to the Chairman of Inveravante; a Director and Vice Chairman of Grupo CETSSA Seguridad, S.A.; Chairman of Parque Temático de Madrid (Parque Warner); Director of Grupo Prensa Joly; Director of Tradisa and a Director of Grupo Troll. He is Chairman of the Advisory Board of University Francisco de Vitoria and an Advisor for the Business School ESIC.