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Banco Espirito Santo Joins BondVision as First Portuguese Dealer

Milan, October 16, 2003 – BondVision today announced the addition of Banco Espirito Santo to join the platform, marking the first Portuguese Dealer to join the system and the third new BondVision dealer to join in the past two months. The presence of Banco Espirito Santo, the largest contributor on MTS Portugal, will further enhance the liquidity and quality of prices for all listed Portuguese products.

Amilcar Morais Pires, Chief Financial Officer of Banco Espirito Santo said: "Joining BondVision is a natural development in our continued support of the Portuguese debt market. Being active participants of both EuroMTS and MTS Portugal, we are now ready to focus on increasing buy-side client distribution, not only in Portugal but also on an international level. We are confident that BondVision will help us to achieve this goal."

BondVision offers investors the unique opportunity to access the exceptional concentration of bond market liquidity on MTS, the leading electronic market for European fixed income. In addition to offering the widest pool of fixed income products, BondVision supports FIX and allows for full Straight-Through-Processing (STP). Clients access and trade on BondVision free of charge.

A brief note to editors:

1. BondVision
   The Internet-based multi-Dealer to Client Market powered by MTS, the leading fixed-income wholesale market in Europe and Japan. BondVision is the only regulated Internet-based multi Dealer to Client Market with an ISD European passport. Institutional Clients connect via the Internet and request for quotes from a number of Dealers prior to trading the best incoming price. BondVision Dealers are amongst those currently participating on the wholesale trading platform of the MTS Markets. Listed securities include euro Government bonds, Agencies, Asset backed securities and corporate bonds. Cash and Switch trading are supported.
   
   For more information, please go to www.bondvision.com
   
2. List of BondVision Dealers
   One of the largest commercial banks in Portugal. BES (together with its subsidiaries) is a diversified global financial services firm whose businesses provide a broad range of financial services to individual and corporate customers. BES is the leading market maker in MTS Portugal market as well as an active participant on EuroMTS. BES has been named by the Portuguese Government Debt Agency (IGCP) as the number one Primary Dealer for two consecutive years. Its recent membership to the BondVision market is the latest initiative in their presence within the MTS Group.
   
   

   ABN Amro Banca IMI Banc of America Securities Banco Espirito Santo Barclays Capital Banco Bilbao Viscaya Argentaria BNP Paribas Caboto SIM Capitalia CDC Ixis CM Commerzbank Crédit Agricole Indosuez Credit Suisse First Boston Danske Bank

   Dresdner Bank Deutsche Bank AG Fortis Bank Goldman Sachs ING Bank NV JP Morgan Securities Lehman Brothers Merrill Lynch Morgan Stanley Nykredit Bank Société Générale UBM UBS

   
   
3. Contacts
   
   Europe
   Allan Malvar
   Communications
   Tel. +44 20 7786 6049
   Email. malvar_allan@mtsgroup.org
   
   USA
   Rebecca Smith
   Communications
   Tel. +1 212 514 5880
   Email. smith_rebecca@mtsspa.it