Global Tender Offer

Banco Comercial Portugues S.A.
12 May 2000

                     ANNOUNCEMENT OF THE LAUNCH BY
                    BANCO COMERCIAL PORTUGUES, S.A.
      OF A GLOBAL TENDER OFFER FOR THE ACQUISITION OF SHARES OF
                    BANCO PINTO & SOTTO MAYOR, S.A.

Pursuant to the provisions of articles 545, paragraph a), 546 and 556 of the
Codigo do Mercado de Volores Mobiliarios(i) and other applicable regulations,
the launch by Banco Comercial Portugues, S.A. of a global tender offer for the
acquisition of shares of Banco Pinto & Sotto Mayor, S.A., in the terms and
conditions of this announcement and other offer documentation, is hereby made
public. The offer was registered with the Comissao do Mercado de Valores
Mobiliarios(ii) under nr. 8845.

1  The offerer is Banco Comercial Portugues, S.A. (hereinafter 'BCP' or
'offerer'), a listed joint-stock company whose registered address is in Oporto,
at Rua Julio Dinis, 705-719, company nr. 501525882, with a share capital of
1,000,000,000 euro, registered in the Oporto Commercial Registry under nr.
40043/850717.

2  The target company is Banco Pinto & Sotto Mayor, S.A. (hereinafter 'BPSM' or
'target company'), a listed joint-stock company whose registered address is in
Lisbon, at Rua do Ouro, nr. 28, company nr. 500726302, with a share capital of
PTE 165,511,228,000, registered in the Lisbon Commercial Registry under nr.
1701.

3  The financial intermediary who represents the offerer, responsible for
organising and launching the global tender offer, in the terms and for the
purposes of nr. 2 of article 533 of the Codigo do Mercado de Valores
Mobiliarios, is BCPA - Banco de Investimento, S.A. (hereinafter 'BCPA'), a
joint-stock company whose registered address is in Lisbon, at Avenida Jose
Malhoa, Lot 1686, company nr. 501451250, with a share capital of 50,000,000
euro, registered in the Lisbon Commercial Registry under nr. 59521/840529.

4  The securities that are the subject of the offer are the ordinary shares
representing the share capital of BPSM.

The offer is global, the offerer undertaking, under the terms of this
announcement, to acquire all shares that are the subject of offer acceptances. 
All ordinary shares which meet all the conditions for disposal free of liens or
charges by the final deadline for this offer, save for those held by the offerer
itself, may be the subject of offer acceptances.

5  The offer is a global exchange offer, as defined in article 524, paragraph
b), of the Codigo do Mercado de Valores Mobiliarios, the consideration offered
being composed of ordinary shares representing BCP's share capital, to be
delivered in the proportion of 125 (one hundred and twenty five) shares of the
offerer (*) for every 27 (twenty seven) shares of the target company to be
acquired (or biggest lower proportional integer, in case of smaller lots), the
provisions of point 10 being applicable.

In order to include a mandatory alternative under the law in the terms of nr. 6
of article 528 of the Codigo do Mercado de Valores Mobiliarios, there will be an
alternative of consideration in cash, amounting to 23.156 euro per share.

6  By way of security for full compliance by the offerer with its obligation to
pay the alternative cash consideration referred to in point 5 before, a deposit
has been made with Banco Portugues do Atlantico, S.A., in the terms of the
provisions of nr. 3 of article 550 of the Codigo do Mercado de Valores
Mobiliarios.

7  At the offerer's general meeting of shareholders held on 15 March 2000, BCP's
capital share increase of up to 880,724,099 euro, through the emission of up to
880,724,099 nominal ordinary shares with nominal value of 1 euro each, was
approved. The part of this share capital increase aimed to the acquisition of
the shares subject of the offer, to deliver under the terms and conditions of
point 5 above, could amount, attending to the maximum potential size of this
operation, to 766,255,685 euro, through the emission of up to 766,255,685
shares.

The new shares to be issued will give, from their issuance date, the right to
the same dividend and other income that may be given to existing shares,
becoming consumable with those existing shares after its issuance, registration
and market listing.

8  The offer stands for 30 days. Sale orders may be received between 8:30 on 15
May 2000 and 15:00 on 14 June 2000.

9  Acceptance of the offer by the addressees should be expressed by means of
sale orders transmitted in special bulletins to this end, made available to the
interested parties as from this date, and during the period of the offer, at the
legally authorised financial intermediaries.

10 For the purposes of accepting the offer, its addressees should transmit their
sale orders indicating the quantity of shares of the target company they hold
that are intended for exchange for shares of the offerer and those that are
intended for sale for a consideration in cash.

With regard to exchange orders, each complete lot of 27 shares of the target
company will give entitlement to the allocation of 125 shares of the offerer,
remaining shares giving entitlement to the allocation of BCP's shares and/or
cash, in accordance with the following rules and calculations:

A) 125 ordinary shares representing BCP's share capital will be delivered for
each complete lot of 27 shares of the target company.

B) Ordinary shares representing BCP's share capital will also be delivered, with
regard to presented shares of the target company that remain after those
referred to in paragraph A) and which do no constitute a lot of 27 shares, thus
being delivered the integer number of shares of BCP which results from
multiplying the aforementioned number of shares of the target company by the
following coefficient 125/27.

C) When applicable, the offerer will deliver cash corresponding to 4.968 euro
for each share of BCP which may eventually not be delivered in the context of
paragraph B) before due to rounding.


The calculations to be made to determine the amounts identified in paragraph A),
B) and C) before are, respectively:

A=int(BPSM/27)x125
B=int(BPSM/27x125)-A
C=(BPSM/27x125-A-B)x4.968 euro (rounded to euro cents)

Where:
A:      integer number, a multiple of 125, of ordinary shares representing      
       BCP's share capital, to be delivered in consideration for complete lots  
      of 27 shares of the target company;
int:    rounding to the immediately preceding integer;
BPSM:   number of shares of the target company that are the subject of          
       acceptance of the exchange offer;
B:      integer number of ordinary shares representing BCP's share capital to   
       be delivered in consideration of shares presented in the target          
      company which do no constitute a lot of 27 shares;
C:      the remaining amount in cash, denominated in euro, corresponding to the 
       implied value of the part not delivered in BCP shares.

With regard to acceptance of the offer for a cash consideration, 23.156 euro
will be paid for each share acquired in the target company, rounded to the euro
cent.

11  The transaction contemplated in this announcement will be effect in a
special session of the Lisbon and Oporto Stock Exchange.

12  The transaction will imply the costs and charges applicable under the law to
buyers and sellers in securities transactions effected in national stock
exchanges sessions - in particular brokerage fees and stock exchange fees - and
other agreed or contracted costs, which should be communicated by the financial
intermediaries at the time of the sale orders delivery, as well as the taxes
applicable to their respective tax status.

In the exchange of shares of BPSM for new shares of BCP, to the issuance price
may be applicable fees to be paid by the addressees of the offer who subscribe
shares of BCP, the same depending on the financial institution who receives the
exchange orders.

13  Listing of the shares to be issued by BCP, offered in consideration of the
offer, on the Official Market of the Lisbon and Oporto Stock Exchange will be
applied for until the end of the offer.

BCP has 1,000,000,000 shares - with a nominal value of 1 euro each, representing
its total share capital - listed on the Official Market of the Lisbon Stock
Exchange.

BCP also has securities representing its share capital listed on the Frankfurt
and London Stock Exchanges, markets where it is foreseen that the new shares
offered in consideration of the offer will be listed, as well as in New York
(NYSE) as ADRs ('American Depositary Receipts').

14  The physical or legal entities referred to in nr. 2 of article 546 of the
Codigo do Mercado de Valores Mobiliarios are only those which, pursuant to the
provisions of paragraph d) of nr. 1 of article 525, nr. 2 of the same article
525 and nr. 1 of article 530, all of the aforementioned Code, may be covered by
the assumption of acting jointly with the offerer and are:

 A) Companies which are, directly or indirectly, controlled by or which control
BCP or are in group relation with it, as well as any other companies which are
directly or indirectly controlled by or which control any of the latter or are
in group relation with them:
- Seguros e Pensoes Gere, S.G.P.S., S.A.
- Bonanca Gest, S.G.P.S., S.A.
- Companhia de Seguros Bonanca, S.A.
- Bonanca Vida - Companhia de Seguros, S.A.
- BPA Seguros Gest, S.G.P.S., S.A.
- BPA Seguros Vida, S.A.
- BPA - Seguros, S.A.
- Luso Atlantica - Mediadors de Seguros, S.A.
- Corretoresgest, S.G.P.S., S.A.
- L.M.B. - Corretores de Resseguros e Consultores de Riscos, Lda.
- Luiz Megre Beca & Companhia, Lda.
- Oliveira & Ribas - Mediadora de Seguros, Lda.
- Solucao - Corretores e Consultores de Seguros, Lda.
- Ocidental Seguros Gest, S.G.P.S., S.A.
- Ocidental - Companhia Portuguesa de Seguros de Vida, S.A.
- S & P Reinsurance Limited
- Ocidental - Companhia Portuguesa de Seguros, S.A.
- Auto Gere - Companhia Portuguesa de Seguros, S.A.
- Pensoesgere, Sociedade Gestora de Fundos de Pensoes, S.A.
- Seguros e Pensoes International, B.V.
- Companhia Portuguesa de Seguros de Saude, S.A.
- Seguro Directo Gere - Companhia de Seguros, S.A.
- Companhia de Seguros de Macau, S.A.R.L.
- Companhia de Seguros Macau Vida, S.A.R.L.
- Servicomercial - Consultoria e Informatica, Lda.
- AF Investimentos, S.G.P.S., S.A.
- AF Investimentos, Fundos Mobiliarios, S.A.
- AF Investimentos, Fundos Imobiliarios, S.A.
- AF Investimentos, Gestao de Patrimonios, S.A.
- AF Internacional, S.G.P.S., Sociedade Unipessoal, Lda.
- AF Investments, Limited
- AF Investimentos Internacional, S.A.
- BCP Investimentos International, S.A.
- Prime International, S.A.
- BCPA - Banco de Investimento, S.A.
- CISF Imobiliaria - Companhia de Investimentos e Gestao de Imoveis, S.A.
- CISF Risco - Companhia Portuguesa de Capital de Risco, S.A.
- CISF Dealer - Sociedade Financeira de Corretagem, S.A.
- Leasefactor, S.G.P.S., S.A.
- Nacional Factoring, S.A.
- Nacional Leasing - Locacao Financeira, S.A.
- Comercial Leasing, S.A.
- Leasing Atlantico - Sociedade de Locacao Financeira Mobiliaria, S.A.
- BCP Internacional II, Sociedade Unipessoal, S.G.P.S., Lda.
- BCP - Empresas, S.G.P.S., Lda.
- BCP-IF, S.G.P.S. Sociedade Unipessoal, Lda.
- SPASA - Sociedade de Participacoes Atlantico, S.G.P.S., S.A.
- SPR - Sociedade Portuguesa de Capital de Risco, S.A.
- Bitalpart, B.V.
- Comercial Imobiliaria, S.A.
- Servibanca - Empresa de Prestacao de Servicos, A.C.E.
- CrediBanco - Banco de Credito Pessoal, S.A.
- Soficre - Sociedade Financeira para Acquiscoes a Credito, S.A.
- Banco Comercial de Macau, S.A.R.L.
- BCP Bank & Trust Company (Cayman) Limited
- BCP International Bank Limited
- BCP Finance Bank LTD
- BCP Finance Company
- BCP Capital Finance Limited
- BCP Overseas Limited
- BCP IFSC, Limited
- Banco Portugues do Atlantico, S.A.
- Banco Expresso Atlantico, S.A.
- BPA Internacional, S.G.P.S., Sociedade Unipessoal, Lda.
- BPA Ireland Limited
- BPA Ireland Investments Incorporated
- BPA Overses Bank LTD
- Corretora Atlantico - Sociedade Financeira de Corretagem, S.A.
- SLAC - Soceidade Luso-Atlantica de Empreendimentos Comerciais, S.A.
- SLEI - Sociedade Luso-Atlantico de Empreendimentos Industriais, S.G.P.S., S.A.
- BCP - Assessores Financeiros, Lda.
- BPA Trade Finance e SErvicos, Lda.
- Caracas Financial Services, Limited
- CATERI 2 - Restaurants, Lda.
- CETRA - Centro Tecnico de Reparacao de Automoveis, S.A.
- CISF Veiculos -  Sociedade de Aluguer, Lda.
- Conselho - Gestao e Investimentos, S.A.
- Contimaro - Industria de Marmores, Lda.
- David Ferreira da Silva & Filhos, S.A.
- Fomento - Sociedade de Gestao, S.G.P.S., S.A.
- Luso Atlantica - Aluguer de Viaturas, S.A.
- Novafacar - Imobiliaria, S.A.
- Paco da Palmeira - Sociedade Agricola e Comercial, Lda.
- Rendimo - Sociedade Imobiliaria, S.A.
- Servitrust - Trust Management SErvice, S.A.
- Shopping Direct, Comercio Electonico, S.A.
- Tecnilease - Comercio e Aluguer de Equipamentos, S.A.
- Vilamouratenis - Empreendimentos Desportivos e Turisticos, Lda.
- Uniparticipa - S.G.P.S., S.A.
- Finimper - Sociedade Gestora de Participacoes Sociais, S.A.
- Piramide Estudos e Participacoes, S.G.P.S., S.A.
- Banco Mello, S.A.
- Banco Mello de Investimentos, S.A.
- Banco Mello Imobiliario, S.A.
- Banco Mello (Luxembourg), S.A.
- BMI, S.G.P.S., Sociedade Unipessoal, S.A.
- Emprur - Empresa de Projectos e Urbanizacoes, S.A.
- Finantejo - Sociedade Desenvolvimento Regional Ribatejo, S.A.
- Mello Activos Financeiros, Gestora Fundos Investimento Mobiliario, S.A.
- Mello Activos Financeiros, Gestora Fundos Pensoes, S.A.
- Mello Activos Financeiros, Gestora Fundos Patrimonios, S.A.
- Mello Credito, Sociedade Financeira Aquisicoes a Credito, S.A.
- Mello Finance (Ireland) Limited
- Mello Financiamento Especializado, S.G.P.S., Sociedade Unipessoal, Lda.
- Mello Leasing, Sociedade Locacao Financeira, S.A.
- Mello Valores, Sociedade Financeira de Corretagem, S.A.
- Mello Capital, Ltd
- M-Conseil, S.A.
- Mello Imperio Servicos Partilhados, ACE
- Sociedade Imobiliaria Colinas D'Arge, Lda.
- Companhia Seguros Imperio, S.A.
- Impar, Companyhia Seguros de Mocambique, S.A.R.L.
- Imperio Imobiliaria, Sociedade Gestao e Investimento Imobiliario, S.A.
- Imperio, Assurances et Capitalisation, S.A.
- Impermarketing, Services Publicitarios e Estudos de Mercado, Lda.
- Imperservices, S.A.
- Monchateau, Societe Civile et Imobiliere
- Imperio Adeslas, Companhia de Seguros, S.A.
- Holdigeste, Gabinete de Gestao e Consultoria, Lda.
- Impergesto, Assistencia e Servicos, S.A.
- Imperio, Sistemas de Informacion, S.A.     
- Imperio, Arag, Seguros de Proteccao Juridica, S.A.
- Imperio Life AE
- Imperio Netherlands BV
- Audaper, Sociedade de Peritagens e Servicos, S.A.
- Realimo, Estudos e Realizacoes Imobiliarias, S.A.
- Residence de L'Isle, Societe Civile et Immobiliere
- Imperio Vida y Diversos, S.A.
- Les Iris, Societe Civile et Immobiliere
- Interpierr, Societe Civile et Immobiliere
- Le Village, Societe Civile et Immobiliere
- Imperio XXI, Socidad Gestora de Fonds de Pensiones, S.A.
- MHM - Comapanhia Mocambicana de Higiene e Manutencao, Limitada
- Impar - Seguranca, Limitada
- Interbanco, S.A.
- Polyfinances, S.A.
- Polyfinances Holding Limited
- Multifinance Corporation Limited

Additionally, the offerer indirectly controls 49.99% of the following company:

- Heller Factoring Portuguesa, S.A.

Also included in this point are the target company and the companies that it
controls or are in group relation with it:

- Banco Pinto & Sotto Mayor, S.A.
- Coprur - Coordencao de Projectos Urbanisticos, S.A.
- Eurociber - Tecnologias de Informacao, S.A.
- Imosotto - Sociedade Gestora de Fundos de Investimento Imobiliario, S.A.
- MC - Mediacao - Sociedade Mediadora de Seguros, S.A.
- S.E. & O. - Servicos a Empresas e Organizacao, S.A.
- Sifta - Sociedade de Gestao do Fundo De Tesouraria Atlantica, S.A.
- Simotra - Sociedade de Imoveis e Transaccoes, S.A.
- Sottomayor Bank Canada
- MC Rent, Aluguer de Longa Duracao
- Sottotour - Estudo e Promocao de Viagens, Turismo e Lazer, S.A.
- Telinac - Gestao de Telecomunicaoes e Informatica
- Tottafimo - Sociedade de Gestao de Patrimonios, S.A.
- Tottagest - Sociedade de Gestao de Patrimonios, S.A.
- Tottaservicos - Sociedade Corretora de Seguros, S.A.
- Tottatur - Viagens e Turismo, S.A.
- MC - Teleservicos, Servios de Comercio Electronico, S.A.
- Banco Totta e Sottomayor de Investimentos, SA
- BC Ireland Ltd.
- BC Investments Ireland
- MC - Corretagem, Sociedade Correctora de Valores Mobiliarios, SA
- BCF Investimentos, SGPS, SA

B)  Members of the Board of Directors of the offerer:

Jorge Manuel Jardim Goncolves                         (Chairman)
Filipe de Jesus Pinhal                                (Vice-Chairman)
Christopher de Beck                                   (Vice-Chairman)
Joao Luis Ramalho de Carvalho Talone                  (Member)
Pedro Manuel Rocha Libano Monteiro                    (Member)
Alexandre Augusto Morais Guedes de Magalhaes          (Member)
Antonio Manuel de Seabra e Melo Rodrigues             (Member)
Antonio Manuel Pereira Caldas de Castro Henriques     (Member)
Alipio Barrosa Pereira Dias                           (Member)
Alexandre Alberto Bastos Gomes                        (Member)
Miguel Jose Ribeiro Cadilhe                           (Member)
Rui Fernando da Cunha Amaral Barata                   (Member)
Francisco Jose Queiroz de Barros de Lacerda           (Member)


C) Members of the Supervisory Board of the offerer:

Ricardo Manuel Simoes Bayao Horta                     (Chairman)
Mario Augusto de Paiva Neto                           (Effective Member)
Mario Branco Trindade                                 (Statutory Auditor)
Jose Eduardo Faria Neiva dos Santos              (Substitute Statutory Auditor) 


D) If deemed included under the provisions of article 20 of the Codigo dos
Valores Mobiliarios, the members of the board of directors and supervisory
boards of the controlled companies identified in A).


E) Financial intermediary organising and executing the offer:

   BCPA - Banco de Investimento, S.A.


15  By communications of 20 October 1999 and 6 April 2000, Banco de
Portugal(iii) has informed that it does not oppose to the acquisiton of
qualified stakes in BPSM and in controlled credit institutions and financial
companies, in the terms of articles 102 and 103 of the Regime Geral das
Institucoes de Credito e Sociedades Financeiras(iv), approved by Decree-Law
298/92, of 31 December.

16  This offer announcement is the subject of publication in the 'Boletim de
Cotacoes da Bolsa de Valores de Lisboa e Porto'(v) and in the newspaper
'Publico'.

A brochure containing, in adiition to this announcement, the informative note of
the offer, the report of the Board of Directors of the target company, the
announcement of the global subscription offer of shares of BCP and its
respective prospectus, is available for consultation by the interested parties
at the aforementioned offerer's registered address and at the aforementioned
BCPA's registered address and office, located at Rua Julio Dinis, nr. 705-719,
1st and 2nd floor, Oporto, and at the Lisbon and Oporto Stock Exchange.

Lisbon, 11 May 2000

The financial intermediary                      The offerer

BCPA - Banco de Investimento, S.A.        Banco Comercial Portugues, S.A.


Notes:

* This proportion corresponds to that defined in the preliminary offer
announcement (25 BCP shares for every 27 shares to be acquired in the target
company) after re-denomination of the offerer's share capital, which are now
represented by shares with a nominal value of 1 euro each.

(i)   TN: The Capital Markets Code.
(ii)  TN: The Capital Markets Authority
(iii) TN: The Bank of Portugal.
(iv)  TN: General Regulations on Credit Institutions and Financial Companies.
(v)   TN: The Official Bulletin of the Lisbon Stock Exchange.