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Press Release of Banco de Portugal on Novo Banco's new Board of Directors

The Resolution Fund and Banco de Portugal have invited Eduardo Stock da Cunha to take over the chairmanship of the Board of Directors of Novo Banco. He has been mandated to form and lead an experienced team, motivated for the development process and the creation of value for the bank.

Eduardo Stock da Cunha has long and successful experience in the financial sector, at both the national and international level. He was performing functions as Director in Lloyds Banking Group (LBG) in London, after having worked for 20 years as Member of the Board in Grupo Santander Totta and subsequently in Sovereign Bank/Santander Bank N.A. in the United States.

In accordance with the proposals advanced by Eduardo Stock da Cunha as CEO, Novo Banco's new Board of Directors will integrate Jorge Freire Cardoso, as CFO, and also Vítor Fernandes and José João Guilherme.

Jorge Freire Cardoso, until now Member of the Executive Committee of Caixa Geral de Depósitos (CGD), has had a distinguished career in investment banking. He was formerly Chairman of the Executive Committee of Caixa - Banco de Investimento. Vítor Fernandes was formerly Member of the Board of Banco Comercial Português and Caixa Geral de Depósitos, and CEO of Seguradora Mundial Confiança. José João Guilherme, after leaving office as Member of the Board of Banco Comercial Português and CEO of BIM – Banco Internacional de Moçambique, has been performing business management functions in non-financial companies.

The team will take office as soon as the required procedures are concluded within the next days, including the formalisation of leave of absence by Lloyds Banking Group (LBG) and Caixa Geral de Depósitos (CGD).

Since the resolution measures were applied to BES, the Resolution Fund and Banco de Portugal have always prioritised safeguarding the interests of Novo Banco's depositors, its employees and the financial system. This requires that within the shortest possible time Novo Banco may count on a stable shareholder structure to develop a project that will create value for the bank, its employees, the financial system and domestic economy.

Lisbon, 14 September 2014