Agreement with Banco Sabadell

Banco Comercial Portugues S.A. 22 October 2002 FOR IMMEDIATE RELEASE 22 OCTOBER 2002 BANCO COMERCIAL PORTUGUES ('BCP') Agreement with Banco Sabadell SA Lisbon, October 22, 2002 - In accordance with article 248 of the Portuguese Securities Code (Codigo dos Valores Mobiliarios), Banco Comercial Portugues S.A. hereby announces having reached an agreement with Banco Sabadell S.A, to further develop ActivoBank7 in Portugal and ActivoBank in Spain in a more coordinated way with their respective domestic operations, with each bank controlling the local operations of their subsidiaries. Accordingly, Banco Comercial Portugues will sell 46.62% of the share capital of ActivoBank Spain to Banco Sabadell, maintaining full control of ActivoBank7 in Portugal. For this transaction BCP will receive a total amount of € 49.7 million. This transaction will have a € 26 million positive impact in the Bank's capital base. Both entities make a very positive evaluation of the performance of ActivoBank7 and ActivoBank Spain in their respective markets. The above mentioned transaction is the starting point of a new phase of consolidation of this innovative project creating the conditions to further improve operational and commercial efficiency and to develop commercial strategies focused on their respective market segments. The activity of ActivoBank7, launched in Portugal in May 2001, was supported by the large experience acquired by Banco 7 since 1994, and is a pioneer initiative in direct banking promoted by Banco Comercial Portugues. It has experienced a strong development with more than 20,000 accounts opened, € 268 in clients financial assets under deposit and an unquestionable leadership in stock exchange transactions with a market share of 30%. Banco Comercial Portugues and Banco Sabadell will pursue the strategic partnership aggreement signed by the two entities in 2000 and will continue to develop joint initiatives that will be of interest to both institutions considering the strong commercial ties between Spain and Portugal. The execution of the above mentioned transaction is subject to the applicable legal procedures. Banco Comercial Portugues End of Announcement. This information is provided by RNS The company news service from the London Stock Exchange