Acquisition

Banco Comercial Portugues S.A. 29 November 2001 FOR IMMEDIATE RELEASE 29 NOVEMBER 2001 Banco Comercial Portugues to Acquire remaining 50% stake of Banco Expresso Atlantico (Lisbon, Portugal, November 29, 2001) -- Banco Comercial Portugues 'BCP' (NYSE: BPC) has entered into an agreement to acquire 3,999,999 shares of Banco Expresso Atlantico (49.99% of its share capital) previously held by Jeronimo Martins, for a total consideration of EUR 17.7 million. The acquisition is pending the Bank of Portugal's approval. Established in 1996 as the world's first joint-venture between a financial group and a retail distribution group, Banco Expresso Atlantico was Europe's first commercial bank to operate solely within distribution outlets. Banco Expresso Atlantico has steadily increased its client base and achieved sustained business growth by offering a value proposition based on branch proximity and convenience, personalized client relations and a complete offering of financial services and products. As of September 2001, Banco Expresso Atlantico's loans and advances to customers amounted to EUR 408 million, EUR 366 million of which were mortgage loans, and total customers' funds were EUR 80 million. With a network of 82 shops located in popular Portuguese commercial centers such as Pingo Doce supermarkets and Feira Nova Superstores, Banco Expresso Atlantico's 275 employees now serve nearly 60,000 clients. After five years of activity Expresso Atlantico reached sufficient critical mass and technological capacities allowing for the automatization of an important part of the bank's transactions, leading to a significant operating costs reduction, while preserving the network's commercial effectiveness. Upon completion of the acquisition, Banco Expresso Atlantico will be wholly-owned by Banco Comercial Portugues, allowing for greater flexibility in realigning its competitive position and its strategy of 'in-store banking' within the context of BCP's multi-product and multi-channel retail model. The consolidation and restructuring of the retail banking operations acquired by BCP justifies its interest in obtaining the full ownership of Banco Expresso Atlantico as it will bring operational synergies, and enable the sharing of expertise with the other retail networks within the Group. Considering the common interest in exploiting an important business line through the offer of high quality banking services to a wide client base, BCP and Jeronimo Martins will continue to cooperate to expand the 'in-store banking' operation in prime location retail outlets and jointly explore opportunities in the payments card business. For further information: Miguel Duarte Banco Comercial Portugues Tel: +35 121 321 1081 Toby Moore / Emma Pickford Citigate Dewe Rogerson Tel: +44 20 7638 9571