Share Capital Increase

Banco Comercial Portugues S.A.
27 March 2001

NOTICE TO SHAREHOLDERS

CAPITAL INCREASE
THROUGH A BONUS SHARE ISSUE
BY INCORPORATION OF RESERVES


Banco Comercial Portugues (BCP)informs its shareholders that, pursuant to a
resolution of BCP's Annual General Meeting of Shareholders on March 26, 2001, it
shall increase its share capital through a bonus issue of 57,027,325 new
ordinary registered shares with a nominal value of Euro 1 per share.

The 57,027,325 bonus shares shall be issued to those BCP shareholders who hold
shares of BCP corresponding to the current share capital of 2,101,562,549 Euros
represented by 2,101,562,549 shares. New shares, are to be issued in accordance
with the coefficient 0.0271356782 to be applied to the number of incorporation
rights held, rounded down to the nearest whole number.

BCP reminds its shareholders that the 168,125,003 new shares, to be issued in
its share capital increase from 2,101,562,549 Euros to 2,269,687,552 Euros do
not confer any right to participate in the present bonus issue/incorporation of
reserves, as explicitly stated in the conditions of that capital increase.

The rights of incorporation corresponding to the existing shares will be
traded in the Official Trading Market of the Lisbon and Oporto Stock Exchange,
from the 12th to the 26th of April, 2001.

Shareholders holding shares not deposited in book-entry form with the 'Central
de Valores Mobiliarios' should contact any branch of BCP (including NovaRede,
Atlantico and SottoMayor), where they will be advised of the required
procedures.

The shares to be issued in this bonus issue/incorporation of reserves shall be
subject to an application for listing on the Official Trading Market of the
Lisbon and Oporto Stock Exchange, which is expected to occur during the first
half of May. In consideration of the terms and conditions of the bonus issue and
pursuant to the provisions of number 1a) of article 240 of the  'Codigo dos
Valores Mobiliarios' (Securities Code), a waiver of the prospectus of admission
to listing of these securities shall be requested.

Lisbon, 27 March, 2001

Banco Comercial Portugues, S.A.