Announcement

Banif SGPS, elected Dr. Joaquim Filipe Marques dos Santos as Chairman of the Board of Directors of the Holding Company. Dr. Marques dos Santos, previously occupied the role as Vice-Chairman of the Group and most recently he held the position as acting Chairman of the Board of Directors of Banif SGPS.

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Dr. Carlos David Duarte de Almeida, remains Vice-Chairman of the Group.

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Rentipar SGPS, the major shareholder of Banif SGPS, elected its Board of Directors during yesterday’s Annual General Meeting.  The Board of Directors has expressed its full confidence in Dr. Joaquim Filipe Marques dos Santos and the rest of the administration team, reaffirming the Holding Company’s commitment to seek continuity in the development of all its projects.

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Dr. Fernando José Inverno da Piedade, was elected as Chairman of the Board of Rentipar SGPS. He was formerly Vice Chairman of the same organisation and has also occupied the role of interim Chairman.

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Lisbon, 1st June 2010