Board of Directors Reduced

Banco Comercial Portugues S.A. 8 January 2002 8 JANUARY 2002 FOR IMMEDIATE RELEASE Banco Comercial Portugues, S.A. BCP's Board of Directors reduced from 13 to 9 members Lisbon, January 8, 2002 - Banco Comercial Portugues 'BCP' (NYSE: BPC, BCPPRA) announced today the resignation of Mr.Pedro Libano Monteiro, Mr. Miguel Ribeiro Cadilhe and Mr. Rui Amaral Barata from their positions as BCP Board Members. As a consequence, and including the recently announced resignation of Mr. Joao Ramalho Talone, BCP's Board of Directors now comprises nine members, all with executive functions, in line with the number of Board members BCP had prior to the acquisition and subsequent merger of Banco Portugues do Atlantico, Banco Pinto & SottoMayor and Banco Mello. Experience has shown this composition to be adequate for an entity with the size and profile of BCP, particularly bearing in mind the restructuring and concentration process of the past two years, and the fact that three members of the Board of Directors have international roles: Mr. Francisco Lacerda is a vice chairman of BBG in Poland on a full-time basis, and Mr. Christopher de Beck and Mr. Antonio Castro Henriques are involved part-time as members of the executive board of Eureko B.V. The thirteen member composition of the Board resulted from the integration of three former Board members of Banco Portugues do Atlantico and one from Banco Mello, following the merger of these entities into BCP. Having successfully concluded its acquisitions and its commercial and operational integration programmes, BCP's internal structure is now adequate to successfully carry out its strategic growth and profitability objectives. To the members of the Board of Directors who have resigned, BCP recognises and thanks them for the contribution they have made, at the highest level, to BCP' s development. Note to Editors Current composition of BCP Board of Directors: Jorge Jardim Goncalves - Chairman and CEO Filipe Pinhal - Vice-Chairman Christopher de Beck - Vice-Chairman Alexandre Magalhaes Antonio Rodrigues Antonio Castro Henriques Alipio Dias Alexandre Bastos Gomes Francisco Lacerda 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