Fairness Opinion

Duff & Phelps Provided a Fairness Opinion to Novo Banco, S.A.

Duff & Phelps provided a fairness opinion to the board of directors of Novo Banco, S.A. in connection with the sale of Companhia de Seguros Tranquilidade, S.A. to Apollo Global Management LLC. The transaction closed in January 2015.

About Novo Banco, S.A.
Novo Banco S.A. is the successor to Banco Espirito Santo S.A. The company was founded in 2014 and is headquartered in Lisbon, Portugal.

About Campanhia de Seguros Tranquilidade, S.A.
Tranquilidade provides insurance products and services. Its distribution network encompasses 38 corporate stores, 78 franchise stores, and 270 agent stores nationwide. The company was founded in 1871 and is based in Lisbon, Portugal.

About Apollo Global Management LLC
Apollo Global Management, LLC is a leading global alternative investment manager. Apollo had assets under management of approximately $160 billion as of December 31, 2014.


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