Re Alliance

Banco Comercial Portugues S.A. 29 September 2000 Document Dated 28 September 2000 EDP AND BCP STRENGTHEN STRATEGIC ASSOCIATION FOR THE TMT NETWORK Electricidade de Portugal, S.A. ('EDP') and Banco Comercial Portugues, S.A. ('BCP') announced that, in the context of their strategic agreement for the TMT network, EDP agreed to sell a 27.5% stake in ONI SGPS S.A. and ONItelecom S.A. to BCP for a total amount of 205.7 million Euro. This transaction contributes to the strengthening of the strategic alliance between the two Groups, enhancing the development of joint initiatives not only within the e-finance area and non-financial services based in an Internet platform but also in the telecom area, and leveraging the respective leadership positions and skills with the objective of creating value. BCP will sell to the EDP Group 30.440.107 own shares of its treasury stock, enabling EDP to increase it's stake in BCP share capital to 4.25%. EDP has also bought from BCP 100% of Shopping Direct, Comercio Electronico, S.A. share capital for 24.9 million Euro. Having started operations only in January 2000, ONI is the leader among the new fixed line telecommunications operators. By the end of June, ONI had 187,000 registered telephone lines that represented an accumulated traffic of around 38.5 million minutes (40% of the new operators market) and 160,000 Calling Cards' clients. ONI owns more than 35,000 Km of optical fibre, covering more than 80 per cent of Portugal.