Espírito Santo Investment p.l.c. Banco Espírito Santo de ... - BES

All references in this document to U.S. dollars and U.S.$ refer to the currency of the United States of America,
those to Sterling and £ refer to the currency of the United Kingdom, those to euro refer to the currency introduced at
the start of the third stage of European economic and monetary union pursuant to the Treaty establishing the European
Community, as amended, and those to Reais and R$ refer to the currency of the Republic of Brazil.
The language of the Offering Circular is English. Any foreign language text that is included with or within this
document has been included for convenience purposes only and does not form part of the Offering Circular.
ENFORCEABILITY OF JUDGMENTS
ESIP is incorporated with limited liability in Ireland and BESI is incorporated with limited liability in the
Republic of Portugal. A substantial part of the assets of ESIP and BESI are located outside the United States. In
addition, a majority of the officers and directors of ESIP and BESI reside outside the United States and a substantial
part of the assets of these persons are located outside the United States. As a result, it may not be possible for investors
to effect service of process within the United States upon the Issuers or such persons or to enforce against any of them
judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the
securities laws of the United States or any State or territory within the United States.
FORWARD-LOOKING STATEMENTS
This Offering Circular contains forward-looking statements, including statements regarding strategies, business
plans, targets, forecasts, projections, possible future results of operations and other statements that are not statements of
historical fact. These statements can be identified by the use of forward-looking terminology, including the terms
“targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “should”, “anticipates” or similar expressions.
Forward-looking statements are included in sections entitled “Summary of the Programme”, “Overview of the
Programme”, “Risk Factors”, “General Description of the Programme”, “Description of ESIP”, “Description of BESI”
and other sections of this Offering Circular.
By their nature, forward-looking statements involve risks, uncertainties and other factors that may cause the
actual results, performance or achievements of the Issuers to be materially different from those suggested in this
Offering Circular. Such forward-looking statements are based on numerous assumptions regarding the Issuers' present
and future business strategies and the environment in which the Issuers will operate in the future, and many of the
factors that will determine the Issuers' actual results, performance and achievements are beyond its control. The
important factors that could cause the Issuers' results, performance or achievements to differ materially from those
discussed in the forward-looking statements include, but are not limited to, those discussed under “Risk Factors”.
These forward-looking statements are made only as of the date of this Offering Circular. Subject to any
obligations under Article 16 of the Prospectus Directive, the Issuers expressly disclaim any obligation or undertaking to
release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in the
Issuers' expectations with regard thereto or any change in events, conditions or circumstances on which any statement is
based.
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