Merger Proposal

Banco Comercial Portugues S.A. 4 February 2000 Banco Comercial Portugues, S.A. Sociedade aberta Sede: Rua Julio Dinis, 705-719, Porto N.I.P.C.: 501.525.882 Matriculado na CRC. do Porto sob o no: 40043/850717 Capital social: 1.000.000.000 de euros Banco Portugues do Atlantico, S.A. Sociedade aberta Sede: Praca D. Joao I, 29, Porto N.I.P.C.: 500.697.477 Matriculado na C. R.C. do Porto sob o no: 1/790910 Capital social: 630.500.000 euros Banco Mello, S.A. Sociedade aberta Sede: Praca D. Joao I, 80, Porto N.I.P.C.: 500.792.739 Matriculado na C.R-C. do Porto sob o no: 23969/790628 Capital social: 385.000.000 de euros Under the article 339 of the 'Codigo do Mercado de Valores Mobiliarios', it is hereby made public that the Board of Directors of the following institutions: Banco Comercial Portugues, S.A. (BCP), Banco Portugues do Atlantico, S.A. (Atlantico) and Banco Mello, S.A. (B. Mello) have approved and will propose to the shareholders, at General Meetings to take place during the month of March, the approval of a project to split and merge, including a proposal of merger by incorporation, with the total transference of assets from Atlantico and B.Mello to BCP. In the course of this action, Atlantico's shareholders will receive 4 BCP shares per each 5 Atlantico shares held and Mello's shareholders will receive 213 BCP shares per 100 B. Mello shares held (each of the BCP and Atlantico, shares have a face value of 1 Euro and B. Mello shares have a face value of 5 Euro each). Moreover, and in the legal terms, the above mentioned proposal will be available, at the headquarters of each of the institutions, to be consulted by the shareholders and creditors of each of them.