Agreement with Eureko

Banco Comercial Portugues S.A. 22 October 2002 FOR IMMEDIATE RELEASE 22 OCTOBER 2002 BANCO COMERCIAL PORTUGUES ('BCP') Corporate Announcement Lisbon, 22nd October 2002 -Banco Comercial Portugues S.A. (BCP, NYSE: BPC, LSE: BCP) hereby announces that it has reached an agreement with Eureko B.V., based in Amsterdam, Netherlands, and with Achmea Association, based in Zeist, Netherlands, on the following: a) BCP sells 20.86% of Eureko B.V. share capital. These shares will be acquired by Eureko B.V. As result of this operation, the remaining participation of Banco Comercial Portugues in Eureko B.V. voting capital will be of 5.0% b) Banco Comercial Portugues will, in exchange, acquire 100% of the capital of Seguros & Pensoes SGPS, based in Lisbon. c) The difference in value of the two shareholdings has resulted in a payment in cash of € 150 million by Banco Comercial Portugues to Eureko B.V., half of which will be used to repay an intra-group loan granted by Seguros e Pensoes to Eureko B.V. The consideration for accounting purposes of this transaction is € 798 million. The completion of this transaction is subject to documentation and statutory and regulatory approvals. This will enable Banco Comercial Portugues to pursue its strategy focused on retail, namely in Bancassurance, leveraging the existing operational platforms and the domestic branch network, reducing its exposure to non-core insurance activities and to foreign markets. The ownership of the capital of Seguros & Pensoes SGPS allows for further strategic flexibility to future development and focus of the insurance activity of the Group in Portugal. Additionally, by maintaining its participation in Eureko B.V. Group, though at a significant lower level when compared to the previous participation, BCP and Eureko will be enabled to continue to develop joint initiatives, namely in Asset Management and in Bancassurance in Poland and Greece. In order to finance the above transaction and maintain an adequate capital position, BCP's Board of Directors hereby informs that it will, according to its statutory powers as approved by the General Shareholders Meeting, issue, through one of its subsidiary companies, preferred shares with a mandatory conversion into BCP ordinary shares, in the amount of € 500 millions, with preferential rights to BCP shareholders. BCP with the advice of Goldman Sachs International has identified certain alternatives to strengthen its capital base. These include the structuring of the mandatory convertible preference shares as well as the co-investment by minority partners in non-core and acquired assets. Both of these initiatives will substantially contribute to reach BCP's target Tier I Capital of 7%. Goldman Sachs International acted as financial advisor to Banco Comercial Portugues in connection with the acquisition of Seguros e Pensoes and the partial sale of its stake in Eureko B.V. Banco Comercial Portugues End of Announcement. This information is provided by RNS The company news service from the London Stock Exchange