Revises Estimated Charges

Banco Comercial Portugues S.A. 8 January 2002 8 JANUARY 2002 FOR IMMEDIATE RELEASE Banco Comercial Portugues, S.A. BCP revises estimated charges for branch closure and staff reduction programmes Lisbon, January 8, 2002 - Banco Comercial Portugues 'BCP' (NYSE: BPC, BCPPRA) announced today that, in compliance with instructions received from the Bank of Portugal, with whom BCP has been in consultation, it will reclassify as at 31 December 2001 the accounting of the estimated restructuring charges for its branch closure programme, amounting to Euro 115 million, charged against reserves at 30 June 2001. Additionally BCP has since conducted a reassessment of the amount of such charges and has revised them down to Euro 66 million, due to the fact that a number of the closed branches had low closing costs and the estimated costs for the remaining ones, revised upon more recent data, are well below the initial estimation. This amount will be classified as restructuring costs in the Year 2001 Income Statement. Consequently a positive adjustment of Euro 49 million will be made to reserves due to the difference in estimates. At the time of its 2001 Half Year earnings presentation, BCP announced that the charge of such restructuring costs against reserves was subject to approval from the Bank of Portugal. Charges for BCP's staff reduction programme have also been revised downwards by Euro 29 million, based on actual costs being below the originally estimated charge (Euro 280 million), resulting in a positive correction to reserves. Also dated 31 December 2001, BCP has revised by Euro 27.9 million the accumulated amount of 'Income from Securities' booked at 30 September 2001, due to the fact that actual contributions from participated companies, namely Eureko B.V., were below the estimates considered for third quarter. BCP notes the non-recurrent nature of these corrections and revisions, related to branch closure, staff reduction and differences in Eureko B.V.'s estimated contribution, which will reduce 2001 year-end earnings per share compared to the previous year without, however, affecting the recurrent performance indicators of the Bank. 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