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| Disclaimer
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| This section of the Banco Espírito Santo website, called Investor Relations, and the documents herein may include certain statements relating to the Banco Espírito Santo Group that are neither reported financial results nor other historical information. These statements which include targets, forecasts, projections, descriptions of anticipated cost savings, statements regarding the possible development or possible assumed future results of operations and any statement preceded by, followed by or that includes the words "believes", "expects", "aims", "intends", "may" or similar expressions or negatives thereof are or may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, regulations, and case law.
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By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by forward-looking statements. These factors include, but are not limited to, changes in economic conditions in individual countries in which the BES Group conducts its business and internationally, fiscal or other policies adopted by various governments and regulatory authorities of Portugal and other jurisdictions, levels of competition from other banks and financial services companies as well as future exchange and interest rates. Certain of the factors that could affect actual results and developments are described in Banco Espírito Santo's Annual Report.
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| In addition, even if the BES Group's results of operations, financial condition and liquidity and the development of the industry in which it operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods.
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| Banco Espírito Santo does not undertake any responsibility to release publicly any revision to the forward-looking information included in this news release to reflect events, circumstances or unanticipated events occurring after the date hereof. |
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| Regulation nº. 1606/2002 of 19/Jul/02 of the European Council and Parliament determines that companies having securities admitted to trading on a regulated market of any Member State should prepare their consolidated accounts for each financial year starting on or after 1 January 2005 in accordance with International Financial Reporting Standards (IFRS), also known as International Accounting Standards (IAS). After this regulation was transposed into Portuguese national legislation, Banco de Portugal, through Notice no. 1/2005, established the standards and reporting model for the entities subject to its supervision.
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| Bearing in mind that BES is subject to these provisions, the financial information relative to financial year 2005 and onwards was prepared based on the application of IFRS. Having in mind the comparability of the financial statements, and in line with the recommendations of the Committee of European Securities Regulators (CESR) and the Portuguese Securities Market Commission (CMVM), BES Group has restated its financial statements for financial year 2004 based on application of the IAS/IFRS with the exceptions, as permitted by IFRS 1, of comparable information that would arise from application of IAS 32 and IAS 39. The information of 2004 presented in the following slides is therefore under IFRS.
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| This document may include certain statements relating to the Banco Espírito Santo Group that are neither reported financial results nor other historical information. These statements which include targets, forecasts, projections, descriptions of anticipated cost savings, statements regarding the possible development or possible assumed future results of operations and any statement preceded by, followed by or that includes the words "believes", "expects", "aims", "intends", "may" or similar expressions or negatives thereof are or may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, regulations, and case law.
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| By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by forward-looking statements. These factors include, but are not limited to, changes in economic conditions in individual countries in which the BES Group conducts its business and internationally, fiscal or other policies adopted by various governments and regulatory authorities of Portugal and other jurisdictions, levels of competition from other banks and financial services companies as well as future exchange and interest rates. Certain of the factors that could affect actual results and developments are described in Banco Espírito Santo's Annual Report.
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| In addition, even if the BES Group's results of operations, financial condition and liquidity and the development of the industry in which it operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods.
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| Banco Espírito Santo does not undertake any responsibility to release publicly any revision to the forward-looking information included in this news release to reflect events, circumstances or unanticipated events occurring after the date hereof. |
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