Notice to Shareholders

Banco Comercial Portugues S.A.
15 February 2001


                            BANCO COMERCIAL PORTUGUES

                             NOTICE TO SHAREHOLDERS

Lisbon, 15 February 2001: Banco Comercial Portugues (BCP, NYSE: BPC,  BCPPRA)
today issued the following notice to shareholders regarding its proposed capital
increase:

1. BCP informs its shareholders that, pursuant to a resolution of the Board of
Directors dated February 9, 2001, Banco Comercial Portugues SA, shall increase
its share capital from Euro 2,101,562,549 to Euro 2,269,687,552 through the
issuance of 168,125,003 new ordinary registered shares with a nominal value
of Eur 1 per share.  The shares are offered for subscription to existing
shareholders, through the exercise of their rights of preference at a price  of
Euro 4.25 per share.

Holders of rights may individually subscribe for a number of new shares equal to
the product of 0.08 multiplied by the number of subscription rights held at the
subscription dare, rounded down to the nearest whole number.

Shares not initially subscribed for shall be subject to pro-rata distribution
to holders of subscription rights who have stated an intention to subscribe for
a number of shares greater than that to which they would proportionally have the
right to in proportion to the value of the respective subscriptions, rounded
downwards.

2. The rights exercise period shall run from 8:30 a.m. (Lisbon time) on March 2,
2001,  until 3:00 p.m. on March 16, 2001. These dates are still subject to
confirmation and any change to the expected timetable will be communicated in 
due time.

3. Subscription orders  may be placed at any branch of Banco Comercial
Portugues, S.A., or through authorized financial intermediaries.

4. Payment for shares subscribed will be made in cash and in its  entirety
at the time of subscription.

5. Shareholders are informed, in accordance with the offering  prospectus,
that:

    a)  The shares covered by the current offer shall not grant any right to
        dividends or any other distribution which may be approved with respect  
        to fiscal year 2000;

    b)  In addition, they shall nor confer any right to participate in the
        capital increase by incorporation of reserves which may he determined   
        in the General Meeting of Shareholders of BCP to be held on March 26,   
        2001.  It is expected  that the public deed of the current share capital
        increase will occur after that General Meeting of Shareholders.

6. The public offering for subscription of this share capital increase will
be subject to registration with the CMVM (the Portuguese Securities Exchange
Commission), without which the offering will not occur.