DOCUMENTO INFORMATIVO EUR BES ENERGIA NOTES PRODUTO FINANCEIRO COMPLEXO

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1 DOCUMENTO INFORMATIVO EUR BES ENERGIA NOTES PRODUTO FINANCEIRO COMPLEXO Advertências ao investidor: Remuneração não garantida Impossibilidade de solicitação de reembolso antecipado por parte do Investidor Risco de crédito do Emitente Informação relativa ao produto: DESCRIÇÃO DO PRODUTO As EUR BES ENERGIA NOTES, Produto Financeiro Complexo, são Notes com maturidade de 4 anos e 8 dias, cuja rentabilidade na maturidade está associada à evolução do fundo de investimento Espírito Santo Rockfeller Global Energy Fund ( Fundo ). Na maturidade, a remuneração corresponde a 100% da taxa de variação positiva do Fundo. A remuneração máxima é ilimitada e a remuneração mínima é de 0%. O capital está 100% garantido na maturidade. A taxa de variação do Fundo (Performance do Fundo) corresponde à média aritmética simples das observações semestrais face ao valor inicial. FACTORES DE RISCO Risco de Crédito: A presente emissão está sujeita ao risco de crédito do Emitente. Risco de Remuneração: A remuneração do capital investido depende da evolução de um fundo de investimento. Esta evolução é certificada pela entidade gestora de acordo com o legalmente estabelecido. No caso dessa evolução ser desfavorável não haverá lugar ao pagamento de juros. A remuneração não é garantida. Risco de Capital: O produto tem garantia de 100% do capital na maturidade, não havendo assim qualquer perda de capital para os investidores que subscrevam o produto durante o período de subscrição e o mantenham até ao seu vencimento, com excepção do risco de crédito referido anteriormente. Adverte-se para o facto da venda antecipada deste produto antes da sua maturidade poder implicar a perda parcial ou total de capital, dependendo, entre outros factores, da evolução das taxas de juro, da performance e da volatilidade do activo subjacente a que a remuneração do produto está indexada. Risco de Liquidez: Em condições normais de mercado, o Emitente garante a liquidez a todos os investidores que decidam vender antecipadamente as Notes. Riscos Gerais: A compra das Notes envolve riscos substanciais e é adequada apenas a investidores com conhecimento e experiência financeira necessária e suficiente para uma tomada de decisão quanto ao investimento nas Notes. O investidor deverá efectuar uma análise das circunstâncias financeiras pessoais e objectivos de investimento antes de tomar uma decisão de investimento. Deverá igualmente considerar a informação constante no presente Documento Informativo, nomeadamente os factores de risco apresentados. Risco de Conflito de Interesses: O Emitente é uma subsidiária do Agente Pagador e Calculador. A Instituição Colocadora detém em 100% o Banco 1/8 Documento Informativo EUR BES ENERGIA NOTES

2 Espírito Santo de Investimento, S.A. Risco de alterações legais principalmente a nível fiscal. PREÇO DE SUBSCRIÇÃO/VENDA PERFIL DO INVESTIDOR PRAZO RECOMENDADO PARA O INVESTIMENTO CATEGORIA MIFID NATUREZA DA OFERTA MODALIDADE MOEDA DE DENOMINAÇÂO DA EMISSÃO MONTANTE GLOBAL DA EMISSÃO VALOR NOMINAL LIMITES MÁXIMO E MÍNIMO DE CAPITAL A INVESTIR PERÍODO DE OFERTA 100% Dirigida a investidores com perfil conservador. O produto apresenta uma maturidade de 4 anos e 8 dias, sendo este o prazo recomendado para o investimento. Risco Médio, de acordo com os procedimentos habituais de classificação de Instrumentos Financeiros Complexos pela Entidade Colocadora. Oferta Pública Senior Notes (Títulos de Dívida Sénior) Euro Até (Até vinte milhões de Euros) 1,000 Eur (Mil Euros) por Note Mínimo de 1,000 Eur Máximo sujeito a quantidade disponível. 21 de Fevereiro de 2011 a 24 de Março de As Notes serão atribuídas pela ordem de subscrição, podendo o período de subscrição ser encerrado antes do final do mesmo, caso as ordens recebidas perfaçam o montante da emissão. DATA DE EMISSÃO 30 de Março de 2011 DATA DE MATURIDADE TAXA DE RENTABILIDADE TAXA DE CUPÃO (JUROS): 7 de Abril de 2015 Sujeito à Convenção de Dias Úteis Não determinável à data de início do Período de Subscrição dado depender da evolução do activo subjacente, de acordo com as presentes condições da emissão. Taxa de Juro Anual Nominal Bruta Máxima: não determinável Taxa de Juro Anual Nominal Bruta Mínima: 0%,p.a. Na Data de Maturidade, o valor do Cupão a ser pago é determinado da seguinte forma: Max [0; 100% x Performance Fundo] x Valor Nominal Em que: 2/8 Documento Informativo EUR BES ENERGIA NOTES

3 1 8 Fundo i 8 = 1 0 i Fundo Performance Fundo: 1 Fundoi: NAV de Fecho observado na Data de Observação i (i=1,..,8). Fundo0: NAV de Fecho observado no dia 24 de Março de 2011 Net Asset Value (NAV) é o valor de mercado de cada unidade de participação de um fundo face ao seu valor líquido global. Datas de Observação i: Cada dia 24 de Março e Setembro, com início em 24 de Setembro de 2011 (i=1) e fim em 24 de Março de 2015 (i=8). Num total de 8 observações. Se não for Dia Útil de Negociação será considerado o NAV de Fecho do Subjacente no dia útil imediatamente seguinte. A taxa de variação do Fundo (Performance do Fundo) corresponde à média aritmética simples das observações semestrais face ao valor inicial. REEMBOLSO DO VALOR NOMINAL ACTIVO SUBJACENTE 100% do Valor Nominal a 7 de Abril de 2015 Fundo Aberto Espírito Santo Rockefeller Global Energy Fund Data de Lançamento: 15 de Dezembro de 2008 Características: o fundo ES Rockefeller Global S.A. SICAV SIF Energy Fund, investe principalmente em acções de empresas relacionadas com o sector de energia. Pode também investir em obrigações dessas mesmas empresas. Procura beneficiar dos padrões de consumo de energia cada vez mais elevados na sociedade moderna, tal como beneficiar das novas fontes de energia. Moeda de Denominação: Euro Código ISIN: LU Código Bloomberg: ESPASIF LX Sociedade Gestora: ESAF Espírito Santo Gestão de Patrimónios, SA Sub-Gestor: Rockefeller & Co A sociedade gestora delegou alguns poderes ao sub-gestor, situação essa que poderá ser alterada no futuro. Fundo domiciliado no Luxemburgo. Para obter mais informações sobre o Fundo contactar a Sociedade Gestora. Contactos da Sociedade Gestora: Av. Álvares Cabral, nº 41, Lisboa; Tel: ; O Fundo não está admitido à cotação. Para obter informações sobre a evolução da sua performance poderá contactar a Sociedade Gestora, a Instituição Colocadora ou através do website: 3/8 Documento Informativo EUR BES ENERGIA NOTES

4 EVOLUÇÃO HISTÓRICA DO ACTIVO SUBJACENTE/ EVOLUÇÃO DA VOLATILIDADE HISTÓRICA DO ACTIVO SUBJACENTE/ RENDIBILIDADES PASSADAS O presente gráfico apresenta a Evolução Histórica do Activo Subjacente desde Dezembro de 2008 (Base 100): Dez-08 Fev-09 Abr-09 Jun-09 Ago-09 Out-09 Dez-09 Fev-10 Abr-10 Jun-10 Ago-10 Out-10 Dez-10 ES Rockefeller (Fonte: Bloomberg) A tabela seguinte apresenta a Volatilidade Histórica anualizada do Activo Subjacente à data de 8 de Fevereiro de 2011, para diferentes prazos: Período Volatilidade Últimos 30 Dias 14.11% Últimos 90 Dias 13.07% Últimos 180 Dias 16.39% Últimos 360 Dias 16.95% (Fonte: Bloomberg) Os valores apresentados constituem apenas dados históricos relativos à evolução do Activo Subjacente, não podendo ser entendidos de qualquer forma como uma garantia de rentabilidade futura. 3 EXEMPLOS DE EVOLUÇÃO DO PRODUTO (cuja probabilidade da sua ocorrência não é necessariamente igual) 3 EXEMPLOS DA REMUNERAÇÃO DO PRODUTO NA MATURIDADE (cuja probabilidade da sua ocorrência não é necessariamente igual): Os valores observados na Data de Emissão para o Activo Subjacente, considerados para efeitos de simulação, são os seguintes: Activo Subjacente Valor Inicial ES Rockefeller Global Energy Fund /8 Documento Informativo EUR BES ENERGIA NOTES

5 Hipótese 1: A média dos NAV de fecho observados nas Datas de Observação para o Activo Subjacente, considerada para efeitos de simulação, é a seguinte: Activo Subjacente Média Performance ES Rockefeller Global Energy Fund % A Performance do Activo Subjacente na Maturidade é de 47.60% (=216.47/ ) e o valor do Cupão a ser pago é o seguinte: Max [0; 100% x Performance Fundo] = Max [0; 100% x 47.60%] = 47.60% Hipótese 2: A média dos NAV de fecho observados nas Datas de Observação para o Activo Subjacente, considerada para efeitos de simulação, é a seguinte: Activo Subjacente Média Performance ES Rockefeller Global Energy Fund % A Performance do Activo Subjacente na Maturidade é de 16.80% (=171.30/ ) e o valor do Cupão a ser pago é o seguinte: Max [0; 100% x Performance Fundo] = Max [0; 100% x 16.80%] = 16.80% Hipótese 3: A média dos NAV de fecho observados nas Datas de Observação para o Activo Subjacente, considerada para efeitos de simulação, é a seguinte: Activo Subjacente Média Performance ES Rockefeller Global Energy Fund % A Performance do Activo Subjacente na Maturidade é de % (=117.91/ ) e o valor do Cupão a ser pago é o seguinte: Max [0; 100% x Performance Fundo] = Max [0; 100% x %] = 0% As hipóteses apresentadas são meramente indicativas e têm como objectivo exemplificar o cálculo do reembolso, não sendo vinculativas. 5/8 Documento Informativo EUR BES ENERGIA NOTES

6 AGENTE PAGADOR E CALCULADOR INSTITUIÇÃO COLOCADORA CONVENÇÃO DE DIAS ÚTEIS DIAS ÚTEIS DE LIQUIDAÇÃO ADMISSÃO À NEGOCIAÇÃO REGIME FISCAL Banco Espírito Santo de Investimento, S.A. Banco Espírito Santo, S.A., Banco Espírito Santo dos Açores, S.A. (BAC) e o Banco BEST, S.A. Following Business Day (caso a data de pagamento não seja um dia útil, esse pagamento será adiado para o dia útil seguinte). Dias úteis para Pagamento: London e TARGET2. Dias que sejam úteis para o sistema TARGET2 (Trans-European Automated Real-Time Gross Settlement Express Transfer System) e Londres. Qualquer informação sobre o sistema TARGET poderá ser obtido no endereço de internet Espera-se que o Emitente (ou alguém em seu nome) requeira a admissão à negociação e cotação das Notes no mercado regulamentado da Bolsa de Valores da Irlanda a partir de 30 de Março de Os rendimentos das EUR BES ENERGIA NOTES estão sujeitos a retenção na fonte, sendo à data actual: JUROS Titulares residentes em Portugal: Retenção na fonte de IRS, à taxa de 21.5%, nos termos do nº 2 do artigo 71º do Código do IRS, com possibilidade de opção pelo englobamento dos rendimentos. Esta retenção na fonte deve ser efectuada pela entidade residente em Portugal que pagar ou colocar à disposição o rendimento. Caso não seja sujeito a esta retenção na fonte, o titular dos rendimentos será tributado autonomamente a uma taxa de 21,5%. Estão sujeitos a retenção na fonte a título definitivo à taxa liberatória de 30% os rendimentos de capitais sempre que sejam pagos ou colocados à disposição em contas abertas em nome de um ou mais titulares mas por conta de terceiros não identificados, excepto quando seja identificado o beneficiário efectivo, termos em que se aplicam as regras gerais.. Não sujeição a retenção na fonte de IRC. Sujeição a IRC, a taxas progressivas de 12,5% (aplicável à matéria colectável até ) e de 25% (aplicável à matéria colectável que ultrapasse ) a que pode acrescer uma taxa municipal (Derrama Municipal) até ao limite máximo de 1,5% sobre o lucro tributável sujeito e não isento de IRC. Foi criado em 2010, um imposto adicional (Derrama Estadual) incidente a uma taxa de 2,5% sobre a parte do lucro tributável sujeito e não isento de imposto que exceda os 2 milhões de Euros. Titulares não residentes em Portugal: Não sujeitos a IRS/IRC. Titulares residentes na Região Autónoma dos Açores (RAA): A taxa de retenção na fonte de IRS é de 17.2% e de IRC é de 15.05%. Caso não seja sujeito a esta retenção na fonte de IRS, o titular dos rendimentos será tributado autonomamente a uma taxa de 17,2%. MAIS-VALIAS E MENOS-VALIAS Titulares residentes em Portugal: As mais-valias e menos-valias apuradas na alienação dos títulos contribuem para o cômputo do saldo anual de mais-valias e menos-valias decorrentes da venda de obrigações e outros títulos de dívida, de partes sociais e outros valores 6/8 Documento Informativo EUR BES ENERGIA NOTES

7 mobiliários e de operações com instrumentos financeiros derivados (excepto swaps de taxa de juro, swaps cambiais, swaps de taxa de juro e de divisa e operações cambiais a prazo), warrants autónomos e certificados. O referido saldo anual, quando seja positivo, está sujeito a tributação em IRS a uma taxa de 20%. O saldo positivo entre as mais-valias e as menos-valias resultantes da alienação de obrigações e de outros títulos de dívida está isento de IRS até ao valor anual de 500. Titulares não residentes em Portugal: Não sujeitos a IRS/IRC A presente cláusula constitui um resumo do regime fiscal que poderá vir a ser alterado e não dispensa a consulta da legislação aplicável. AJUSTAMENTO E FACTOS EXTRAORDINÁRIOS EMITENTE AUTORIDADE DE SUPERVISÃO DO EMITENTE AUTORIDADE DE SUPERVISÃO DO COMERCIALIZADOR IDENTIFICAÇÃO DE POTENCIAIS CONFLITOS DE INTERESSES DOCUMENTAÇÃO O Agente Calculador poderá proceder aos ajustamentos considerados necessários e adequados no Activo Subjacente, com base na prática normal de mercado, de forma a reflectir o mais fielmente possível os termos e o valor da operação inicialmente contratada, na eventualidade de, relativamente aos Activos Subjacentes, se verificar qualquer ocorrência que o Agente Calculador considere relevante. O Agente Calculador actuará sempre de boa fé e, salvo erro manifesto, os valores calculados serão finais e definitivos. Quaisquer eventuais ajustamentos e/ou substituições serão, sempre que possível, efectuados tendo por base as definições da International Swaps and Derivatives Association, Inc. (ISDA) 2002 ISDA Equity Derivatives Definitions e 2006 ISDA Fund Derivatives Definitions. Espírito Santo Investment p.l.c. sedeado em Dublin, Irlanda. O Emitente é uma subsidiária do Banco Espírito Santo de Investimento, S.A. encontrando-se no âmbito da supervisão em base consolidada desta entidade. O Emitente é supervisionado pela Irish Financial Services Regulatory Authority ( IFSRA ) no âmbito da sua actividade financeira na Irlanda. A autoridade competente para aprovação do prospecto de base ao abrigo do qual esta oferta se desenrola é a IFSRA. A autoridade de supervisão do Banco Espírito Santo de Investimento, S.A. é a Comissão do Mercado de Valores Mobiliários. Comissão do Mercado de Valores Mobiliários O Emitente é uma subsidiária do Agente Pagador e Calculador. A Instituição Colocadora detém em 100% o Banco Espírito Santo de Investimento, S.A.. A gestão do Activo Subjacente pode potenciar eventuais conflitos de interesse em função dos procedimentos explicitados no ponto sobre Ajustamentos e Factos Extraordinários e pelo facto da Sociedade Gestora do Activo Subjacente ser detida em 70% pelo Banco Espírito Santo, S.A. ( Instituição Colocadora) e em 15% pelo Agente Pagador e Calculador. A informação contida neste documento informativo deverá ser lida em conjunto com a documentação legal relativa à oferta, em particular: Offering Circular datada de 21 de Julho de Condições Finais da Oferta das Notes EUR BES ENERGIA NOTES (Código ISIN:XS ) datada de 7 de Fevereiro de 7/8 Documento Informativo EUR BES ENERGIA NOTES

8 2011. Ambos os documentos podem ser obtidos mediante pedido ao Emitente ou através do endereço do BES, BES Açores, ou da CMVM, CUSTOS Não existem quaisquer encargos ou comissões para o subscritor. Informações Adicionais: CÓDIGO ISIN DATA DA ÚLTIMA ACTUALIZAÇÃO DO DOCUMENTO INFORMATIVO DATA DE ELABORAÇÃO DO DOCUMENTO INFORMATIVO XS de Fevereiro de de Fevereiro de /8 Documento Informativo EUR BES ENERGIA NOTES

9 Date: 07 th February 2011 APPLICABLE FINAL TERMS ESPIRITO SANTO INVESTMENT p.l.c. EUR BES ENERGIA Notes due on 7 th April 2015 (the Notes ) issued pursuant to the 2,500,000,000 Euro Medium Term Note Programme With the benefit of a Keep Well Agreement provided by BANCO ESPIRITO SANTO DE INVESTIMENTO, S.A. The Offering Circular referred to below (as completed by these Final Terms) has been prepared on the basis that, except as provided in sub-paragraph (ii) below, any offer of Notes in any Member State of the European Economic Area which has implemented the Prospectus Directive (2003/71/EC) (each, a Relevant Member State) will be made pursuant to an exemption under the Prospectus Directive, as implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of the Notes. Accordingly any person making or intending to make an offer of the Notes may only do so: (i) in circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer; or (ii) in those Public Offer Jurisdictions mentioned in Paragraph 35 of Part A below, provided such person is one of the persons mentioned in Paragraph 35 of Part A below and that such offer is made during the Offer Period specified for such purpose therein. Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances PART A CONTRACTUAL TERMS Terms used herein shall be deemed to be defined as such for the purposes of the Terms and Conditions set forth in the Offering Circular dated 21 July 2010 which constitutes a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the Prospectus Directive). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Offering Circular. Full information on the relevant Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Offering Circular. The Offering Circular is available for viewing at and during normal business hours at Rua Alexandre Herculano, 38, Lisbon and copies may be obtained at the same address. The Offering Circular also comprises listing particulars for the purposes of giving information with regard to the issue of Notes with a maturity of less than 365 days as commercial paper of the Issuer under the Programme during the period of twelve months after the date thereof. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Contractual Terms and the Offering Circular. The definitions and provisions contained in the 2006 ISDA Definitions, the 2002 ISDA Equity Derivatives Definitions and the 2006 ISDA Fund Derivatives Definitions, as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Final Terms (the Final Terms ). In the event of any inconsistency between the Definitions and this Final Terms, this Final Terms will govern. 1. Issuer: Espirito Santo Investment p.l.c. 2. (i) Series Number: Specified Currency or Currencies: EUR 4. Aggregate Nominal Amount: EUR 10,000,000 1

10 5. (i) Issue Price for the Aggregate Nominal Amount: 100 per cent. of the Aggregate Nominal Amount (ii) Net Proceeds for the Aggregate Nominal Amount: EUR 10,000, Specified Denominations: EUR 1, (i) Issue Date for the Aggregate Nominal Amount: (ii) Interest Commencement Date (if different from the Issue Date): 30 th March th March Maturity Date: 7 th April 2015, subject to adjustment in accordance with the Following Business Day. 9. Interest Basis: Indexed Linked Redemption 10. Redemption/Payment Basis: Indexed Linked Redemption. 11. Change of Interest Basis or Redemption/Payment Basis: Not Applicable 12. Put/Call Options: Not Applicable 13. Status of the Notes: Senior 14. Method of distribution: Non-syndicated 15. Governing Law: English law PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 16. Fixed Rate Note Provisions: Not Applicable 17. Floating Rate Note Provisions: Not Applicable 18. Zero coupon Note Provisions: Not Applicable 19. Indexed Note Provisions: Not Applicable 20. Dual Currency Note Provisions: Not Applicable 21. Credit Linked Notes/First to Default Linked Notes provisions: Not Applicable PROVISIONS RELATING TO REDEMPTION 22. Issuer Call: Not Applicable 23. Investor Put: Not Applicable 2

11 24. Final Redemption Amount: Redemption Amount on the Maturity Date, subject to Asset Disruption Event, Asset Early Termination Event and Adjustment Events as defined in the Appendix: 100% x NA + 100% x Max [0; Asset Performance] x NA Asset Performance = Asset i 1 0 i Asset 1 Where: NA = Aggregate Nominal Amount 0 Asset : is the closing net asset value of the Asset on 24 th March 2011 i Asset : is the closing net asset value of the Asset on Observation Date i. Asset = Espirito Santo Rockefeller Global S.A. SICAV-SIF (Bloomberg Code: ESPASIF LX, ISIN: LU ) Observation Dates (i=1,2,8) : Every 24 th calendar day of each March and September from (and including) September 2011 to (and including) March 2015, subject to the Following Business Day Convention. 25. Early Redemption Amount of each Note payable on redemption for taxation reasons or on event of default and/or the method of calculating the same (if required or if different from that set out in Condition 7(e)): Not Applicable GENERAL PROVISIONS APPLICABLE TO THE NOTES 26. (a) Form of Notes: (b) New Global Note: 27. Additional Financial Centre(s) or other special provisions relating to Payment Dates: Bearer form, Permanent Global Note exchangeable for Definitive Notes only upon an Exchange Event. No Business Days for payments: London and TARGET2 28. Talons for further coupons to be attached to Definitive Notes (and dates on which such talons mature): 29. Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences (if any) of failure to pay, including any right of the Issuer to forfeit the Notes and interest due on late payment: 30. Details relating to Instalment Notes: (i) Instalment Amount(s): (ii) Instalment Date(s): No Not Applicable Not Applicable Not Applicable 3

12 31. Other final terms: (i) Asset Business days: (ii) Hedging Entity: Luxembourg Credit Suisse International or an investor holding the Asset as a hedge for the transaction (iii) Investment Manager: DISTRIBUTION 32. If syndicated, names and addresses of Managers and underwriting commitments: 33. If non syndicated, name and address of relevant Dealer: Investment Manager of the fund ESPÍRITO SANTO ROCKEFELLER GLOBAL S.A. SICAV-SIF: ESAF-Espirito Santo Gestao de Patrimonio S.A. Av. Alvares Cabral N 41 R/C/, 1, 2, P Lisbon Sub-Investment Manager of the sub-fund ESPÍRITO SANTO ROCKEFELLER GLOBAL S.A. SICAV SIF ENERGY FUND: Rockefeller & Co., Inc. 30 Rockefeller Plaza, Room 5600, New York, New York Not Applicable Banco Espírito Santo de Investimento, S.A. Rua Alexandre Herculano, Lisbon, Portugal See further Paragraph 10 of Part B below 34. Total commission and concession: 35. U.S. Selling Restrictions: 36. Non exempt Offer: Not Applicable Tefra C An offer of the Notes may be made by the Managers (together with the Managers, the Financial Intermediaries) other than pursuant to Article 3(2) of the Prospectus Directive in Ireland the United Kingdom and Portugal (Public Offer Jurisdictions) during the period from 17 th February 2011 until 24 th March 2011 (Offer Period). See further Paragraph 10 of Part B below. 37. Additional Selling Restrictions: Not Applicable PART B - OTHER INFORMATION 1. LISTING AND ADMISSION TO TRADING: Irish Stock Exchange Application has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on the Regulated Market of the Irish Stock Exchange with effect from 30th March RATINGS Ratings: Not Applicable 3. INTEREST OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE Save for any fees payable to the Dealer, as far as the Issuer is aware, no person involved in the issue of Notes has an interest material to the offer. 4. REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES 4

13 (i) Reasons for the offer: (ii) Estimated Net Proceeds for the Aggregate Nominal Amount: (iii) Estimated total expenses: The net proceeds will be applied by the Issuer in the ordinary course of its business, which includes making a profit. EUR 10,000,000 None 5. YIELD (Fixed Rate Notes Only): Not applicable 6. HISTORIC INTEREST RATES (Floating Rate Notes only): Not applicable 7. PERFORMANCE OF INDEX/FORMULA, EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS AND OTHER INFORMATION CONCERNING THE UNDERLYING (Index Linked Notes only) Not applicable 8. PERFORMANCE OF RATE[S] OF EXCHANGE AND EXPLANATION OF EFFECT ON VALUE OF INVESTMENT (Dual Currency Notes only): 9. OPERATIONAL INFORMATION (i) ISIN Code: XS (ii) Common Code: (iii) Any clearing system(s) other than Euroclear bank S.A./N.V. and Clearstream Banking, société anonyme and the relevant identification numbers: Not applicable (iv) Delivery: Delivery against payment (v) (vi) Names and addresses of additional Paying Agent(s) (if any): Intended to be held in a manner which would allow Eurosystem eligibility: Banco Espírito Santo de Investimento, S.A. No 10. TERMS AND CONDITIONS OF THE OFFER Re-offer Price: Other Information: Issue Price The Maximum Aggregate Nominal Amount is EUR 20,000,000 APPENDIX: Asset Terms Asset Termination Event An Asset Termination Event occurs if, in the determination of the Calculation Agent, (i) any of the following events occurs on or after the Issue Date in respect of investors generally, or such event actually occurs with respect to the Hedging Entity or (ii) publication of a notice or other dissemination of information in respect of the Asset which indicates that any such event will occur on or after the Issue Date. Unless otherwise specified, the Calculation Agent will make all determinations as to the occurrence of an Asset Termination Event in its sole discretion in good faith, including determinations as to materiality or the success or acceptability of any cure, mitigation or replacement: (a) in respect of the Asset, any of the events set out in paragraph (i) to (xiii) below: (i) the winding-up, dissolution, liquidation or other cessation of trading of the Asset or the Asset s Service Provider, unless the affected Service Provider is replaced with an acceptable successor; 5

14 (ii) any material litigation, arbitration, investigation, proceeding or regulatory or governmental action is made and is continuing in relation to the activities of the Asset or any Service Provider for reasons of any alleged wrongdoing, breach of any rule or any regulation or other similar reason, which allegation would, if true, in the determination of the Calculation Agent, have a material adverse effect on the Asset Unit Price; (iii) loss of an applicable licence or regulatory authorisation applying to the Asset or any Service Provider (unless the Calculation Agent determines that such event is immaterial); (iv) the instigation or resolution of any material legal action, arbitration or equivalent measure (including as a result of any allegation of fraud or misdealing) or the resolution of any material legal action, arbitration or equivalent measure (including when instigated prior to the Issue Date) against the Asset or any Service Provider which proceedings, if successful, would, in the determination of the Calculation Agent, have a material adverse effect on the Asset Unit Price; (v) a material change (as determined by the Calculation Agent) to the legal constitution or management of the Asset including, but not limited to, a change in the Investment Manager, or a material change in the Asset s or Investment Manager s organisation or management (including, but not limited to, a merger or other reorganisation event) which materially alters the nature of the Asset or the nature and role of the Investment Manager in relation to the Asset; (vi) a material modification (as determined by the Calculation Agent) of the provisions relating to investment objectives, strategies, restrictions and requirements of the Asset (the Investment Objective and Strategy ) as set out in the Asset s Prospectus; (vii) a material breach (as determined by the Calculation Agent) of the Investment Objective and Strategy as set out in the Asset s Prospectus where such breach has not been cured within 15 calendar days but such cure period shall not apply in respect of any third or subsequent such breach; (viii) a material breach of the Investment Objective and Strategy on three or more separate occasions, where the cure period set forth above shall not apply for the third or subsequent such breach; (ix) the aggregate net asset value of the Asset falls below EUR 40,000,000; (x) the aggregate net asset value of assets managed by the Investment Manager falls below EUR 100,000,000; (xi) the Asset s accounting currency changes; (xii) the Asset adopts series accounting or equalisation treatment or another similar mechanism, such that the Hedging Entity is not able to make a single unitised investment in the Asset equivalent to the single unitised investment used in the calculation of the NAV, unless such application has been agreed by the Calculation Agent; (xiii) a breach by the Investment Manager or any affiliate of the Investment Manager of any agreement with the Hedging Entity; (b) in respect of any of the events set out in paragraphs (i) to (viii) below that is not remedied reasonably promptly by the Asset (or within the applicable cure periods specified) to the reasonable satisfaction of the Calculation Agent and that, in the sole determination of the Calculation Agent acting in good faith, has a material effect on the ability of the Hedging Entity to hedge its obligations arising under this Issue. Liquidity (i) a mandatory redemption, imposed on the holders of the Asset Units, occurs (in whole or in part) in relation to any holding of Asset Units by the Hedging Entity; (ii) the Asset subscription or redemption terms in respect of the Asset Units provide (a) for subscriptions or redemptions less frequently than the Subscription Frequency and Redemption Frequency, respectively, stated below, (b) for notification periods in respect of subscriptions or redemptions longer than the Subscription Notice Period and Redemption Notice Period, respectively, as stated below, and (c) for settlement periods in respect of redemptions longer than that provided in the Redemption Settlement. Subscription Frequency: Daily Subscription Notice Period: 5.00 p.m. of the immediately preceding Asset Business Day Subscription Settlement: 5th Asset Business Day following to the Dealing Day Redemption Frequency: Daily Redemption Notice Period: 5.00 p.m. of the immediately preceding Asset Business Day Redemption Settlement: 5th Asset Business Day following to the Dealing Day 6

15 (iii) the Asset changes the fee levels of the Asset, including the fee for the purchase of Asset Units or the redemption fee for the redemption of Asset Units; (iv) the Hedging Entity is unable to subscribe or redeem Asset Units on a scheduled day on which the Asset affects the redemption and subscription of the Asset Units as stated in the Asset s prospectus. Implementation of taxes and of other charges (v) the Asset suffers a material adverse change in its legal, accounting, regulatory or tax treatment that would or does adversely affect the Hedging Entity as holder of the Asset Units or the Hedging Entity becomes subject to taxes or other similar fees payable in respect of a purchase or redemption of the Asset Units and in each case, such change has not been cured within 30 calendar days, provided that the Hedging Entity shall use reasonable efforts to mitigate any such effect, if possible to do so; (vi) as a result of (a) any adoption of, or change in, law or regulation or its interpretation, (b) any determination of a regulatory or taxation authority applicable to the Hedging Entity or Asset, or (c) the application of the Hedging Entity's regulatory capital treatment or funding treatment of the Securities or its associated hedging arrangements or any change thereto, whereupon: (1) it becomes unlawful or prohibited for the Hedging Entity (including any adverse change in restrictions imposed by or on the Hedging Entity) to hold, purchase, sell, redeem or otherwise create, transfer or receive any interest in the Asset; (2) the cost of the hedging arrangements in respect of the Securities would be materially increased (including circumstances (A) requiring the Hedging Entity to adversely modify any reserve, special deposit, funding arrangement or similar requirement imposed by or on the Hedging Entity, (B) that would adversely affect the amount or cost of regulatory capital that would have to be maintained in respect of its hedging arrangements, or (C) which subject the Hedging Entity to any loss or additional taxation); or (3) there would be a material decline in either the Asset Value or the value of the Asset. (vii) in respect of any of the events set out in paragraph (viii) below that is not remedied reasonably promptly by the Asset (or within the applicable cure periods specified) to the reasonable satisfaction of the Hedging Entity and that, in the sole determination of the Hedging Entity, has a material effect on the ability of the Hedging Entity to hedge its obligations arising under this Issue. Reporting Obligations (viii) the Asset, in the reasonable determination of the Calculation Agent, materially breaches any reporting obligations set out in the Asset s Prospectus. Asset Disruption Events An Asset Disruption Event occurs if there is a Fund Disruption Event or Market Disruption Event. Where the Calculation Agent determines that an Asset Disruption Event has occurred in respect of a Valuation Day (the Disrupted Valuation Day ), the Calculation Agent may choose to: (i) make any calculation, determination or adjustment of any variable in respect of the transaction and make any payment (in cash or other consideration), using an estimate of such variable determined in a commercially reasonable manner provided that such estimate shall take into account an amount, as determined by the Calculation Agent, in compensation for a Hypothetical Investor to reflect the risk that it would take in holding any Asset Units or other financial instrument as a hedge for the Transaction but which it is unable to redeem or liquidate in full and without any restriction imposed whatsoever as of or at any time after the Disrupted Valuation Day; or (ii) not make any payment, calculation in respect of the Disrupted Valuation Day and such Disrupted Valuation Day shall be postponed, until the day in respect of which an Asset Disruption Event ceases to exist, (such Valuation Day being the Postponed Valuation Day ). The Calculation Agent may declare an Asset Termination Event where the Asset Disruption Event exists and subsists as of the expiration of a number of days subsequent to the Disrupted Valuation Day equal to the Asset Disruption Period. Where the Postponed Valuation Day falls or, in the determination of the Calculation Agent, is expected to fall, after any interim payment date and/or the Termination Date then the respective interim payment date and/or Termination Date shall be postponed until the third Payment Business Day after which the Hypothetical Investor would receive in full the proceeds in respect of the redemption of the Asset that it would hold as a hedge for the transaction unless the Calculation Agent determined that an amount can be paid earlier. Fund Disruption Event means any of the following events in respect of the Asset: (i) A failure, suspension or postponement in the reporting or publishing of the Official Net Asset Value in respect of the Asset as regularly scheduled, taking into account the relevant cure period, or any event that prevents the Official Net Asset Value in respect of the Asset so published from being received by the people to whom it is published, whereby such event is, in the determination of the Calculation Agent, material; (ii) Any circumstances where, although the net asset value of the Asset is published, a. the Calculation Agent reasonably determines that such value is not accurate or that any transaction in respect of the Asset could not be transacted at such value or with a cash consideration in full, and to be received as regularly scheduled; and b. the Calculation Agent notifies the Investment Manager of its determination in this regard, and the Investment Manager does not remedy this to the satisfaction of the Calculation Agent within 5 Calculation Business Days. 7

16 (iii) The inability of a Hypothetical Investor, if holding Asset Units as a hedge for the Transaction, to liquidate the Asset Units or any other interest received by the Asset when scheduled (including any change to the notice period to redemption or subscriptions, any gating, side-pocketing or other arrangement affecting the Hypothetical Investor); (iv) A postponement, suspension or failure of the Asset to make any payment in respect of the redemption of any interest in the Asset on any day for which such payment is scheduled to be made in accordance with the Asset's Prospectus; (v) The Hedging Entity not being permitted by the Asset to subscribe for or redeem interests in the Asset on an Asset Business Day in accordance with the Asset's Prospectus. Market Disruption Event means any of the following events: (i) when the foreign exchange market or money market in U.S. dollars or EUR, is or are closed otherwise than for ordinary public holidays or if trading thereupon is restricted or suspended and, in the determination of the Calculation Agent, this would have a material impact on the ability of the Calculation Agent to determine the value of the transaction accurately, in a timely manner or at all or to execute a hedge in respect of the transaction in any such market; (ii) an event pursuant to which there is a breakdown in any means of communication normally used for the valuation by the Calculation Agent of all of or a substantial portion of the Asset or if the Investment Manager informs the Calculation Agent or the Option Seller or the Calculation Agent determines at its own discretion that the last reported net asset value should not be relied upon; (iii) an event pursuant to which the Calculation Agent determines that a substantial number of transactions in relation to hedging the transaction would be rendered impracticable or if purchases and sales in respect of hedging a substantial portion of the Transaction would not be capable of being effected; or (iv) any other event pursuant to which Calculation Agent determines that the value of the transaction cannot be promptly or accurately ascertained. Asset Adjustment Events The Calculation Agent may make any adjustment it deems appropriate to the Asset Value, Equity Amount or any other calculation item to reflect an Asset Adjustment Event if it determines any of the following events have occurred. in respect of the Asset: (i) the Asset subdivides, consolidates, or reclassifies the Asset Units (including any sidepocket issuance or following an Underlying Disruption to a material portion of the Asset) or a distribution or dividend of any Asset Unit or any other interest in the Asset to any existing holder by way of bonus, capitalization, reorganization of the Asset or similar issue; Underlying Disruption means a change in the liquidity, an inability to redeem, a suspension of redemption or a suspension in the publication of the net asset value in relation to its investments. (ii) any circumstances where, although the Official Net Asset Value of the Asset is published, a. the Calculation Agent reasonably determines that such value is not accurate or that any transaction in respect of the Asset could not be transacted at such value or with a cash consideration in full, and to be received as regularly scheduled; and b. the Calculation Agent notifies the Investment Manager of its determination in this regard, and the Investment Manager does not remedy this to the satisfaction of the Calculation Agent within 5 Calculation Business Days. (iii) the inability of the Hedging Entity to liquidate Asset Units in accordance with the Redemption Frequency, Redemption Notice Period and Redemption Settlement each as defined in the Redemptions Table (including the application of any gating, side-pocketing or other arrangement affecting the Hedging Entity) and any change in the subscription or redemption terms of the Asset Units including, but not limited to, the form of payment, schedule of payments or notice periods that were not otherwise applicable to the Hedging Entity as of the Effective Date. (iv) the Asset takes any action that may have a diluting or concentrative effect on the theoretical value of the Asset Units; (v) the Asset suffers a material adverse change in its accounting, regulatory or tax treatment which does or would adversely affect holders of the Asset Units, or where the Hedging Entity suffers or would suffer such adverse treatment as a result of the any adoption of any accounting, regulatory or tax treatment in respect of a holding of any Asset Units; (vi) the foreign exchange exposure in respect of a material part of the Asset is not being hedged; (vii) a material change in any fee arrangement that is in place on the Effective Date, temporary or otherwise, between the Hedging Entity and the Asset; (viii) a breach by the Investment Manager or any affiliate of the Investment Manager of any agreement with the Hedging Entity. 8