Conversion Price Fixed

Banco Comercial Portugues S.A.
24 December 2002

For immediate release                                          December 23, 2002


                                 Announcement

                        Mandatory Convertible securities
                               Capital BCP 2005


Lisbon, December 23, 2002  - Banco Comercial Portugues (BCP, NYSE: BPC, LSE:
BCG) hereby announces that the conversion price set in accordance with point
2.5.4 of the prospectus of the offer is 2.449 euros.


                        Banco Comercial Portugues, S.A.



End of release.


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