Result of Equity Issue

Banco Comercial Portugues S.A.
02 April 2003


                                   CAPITAL INCREASE
                    FROM 2,326,714,877 EURO TO 3,257,400,827 EURO

                                    OFFERING RESULTS

Pursuant to the applicable legislation, Banco Comercial Portugues announces that
the above-mentioned capital increase, comprising the issue of 930,685,950
ordinary registered shares, nominal value Euro 1 per share, was fully
subscribed.

A total of 915.578.119 shares were subscribed for through the exercise of
pre-emptive rights (proportional rights), representing approximately 98.4% of
the total number of shares to be issued in the offering.

A total of 15.107.831 shares will be issued pursuant to exercise of
oversubscription rights by holders of rights who also subscribed for 275,654,759
shares pursuant to the exercise of their proportional rights. A total of
2,511,763,534 shares were applied for pursuant to oversubscription rights.

Shares to be issued pursuant to the exercise of oversubscription rights were
allocated among all subscribers who exercised their oversubscription rights in
proportion to the value of their respective subscription, according to the
following factors:

              Iteration                                Allocation Factor (a)

                  01                                       5.480707481%
                  02                                       0.053542658%
                  03                                       0.001155827%
                  04                                       0.000125585%
                  05                                       0.000028525%
                  06                                       0.000012966%
                  07                                       0.000007779%
                  08                                       0.000005927%
                  09                                       0.000004445%
                  10                                       0.000003334%
                  11                                       0.000002593%
                  12                                       0.000002222%
                  13                                       0.000001852%
                  14                                       0.000001481%
                15 (b)                                     0.000001111%

(a)     Allocation factor applicable to the number of shares subscribed for
pursuant to the exercise of proportional rights, taking into consideration the
maximum number of shares applied for by each subscriber.

(b)    No shares were allocated through the 15th iteration. As such, the 3
remaining shares were subject to random allocation.

Financial settlement of the shares subscribed for pursuant to the exercise of
the proportional rights is expected to take place on April 3, 2003 and financial
settlement of the shares subscribed for pursuant to the exercise of
oversubscription rights is expected to take place on April 4, 2003.

Further notice is made that on March 3, 2003, Banco Comercial Portugues
requested the Executive Committee of Euronext Lisbon - Sociedade Gestora de
Mercados Regulamentados, S.A. to accept for trading on the official market of
Euronext Lisbon the total number of shares offered in the current capital
increase.

Lisbon, April 2, 2003


                         Banco Comercial Portugues, SA

This document does not constitute an offer to sell or the solicitation of an
offer to buy BCP's ordinary shares.  Offers should only be made on the basis of
information in a prospectus issued in connection with the offering and any
supplements thereto, containing detailed information about BCP and its
management, as well as financial statements. The offer of any ordinary shares in
certain jurisdictions may be restricted by law and therefore potential investors
should inform themselves about and observe any such restrictions. BCP's ordinary
shares issuable upon exercise of the rights have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the 'U.S.
Securities Act') and may not be offered or sold within the United States, or to
or for the benefit of a U.S. Person, absent an exemption from the registration
requirements under the U.S. Securities Act and applicable state securities laws.


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