Investor Relations | page 1 Investor Relations 1 Institutional Presentation December 2006 Investor Relations Unibanco and Unibanco Holdings, S.A.

Investor Relations | page 2 Investor Relations 2 Overview of Unibanco

Investor Relations | page 3 Investor Relations 3 Highlights *In 4Q06 Controlled by the Moreira Salles group Publicly traded at Bovespa (Brazil) and NYSE Level I Corporate Governance on the Bovespa Level III ADR on the NYSE and a member of IBOVESPA Very liquid stock: R$30.4 mln / US$14.1 mln ADTV* at Bovespa R$117.1 / US$54.5 mln ADTV* at NYSE Financial statements in US GAAP since 1997

Investor Relations | page 4 Investor Relations 4 Offers investment products via Unibanco Asset Management to individuals and institutional investors and covers high net worth individuals, in the private banking segment Total assets under management: R$43,7 billion Awarded “Top Equity Management “ by Valor Economico newspaper for the 4 th consecutive year 2 nd place in Private Banking (Anbid), with 10% market share A Snapshot of Unibanco As of December 2006 Joint venture with AIG Individuals and corporate: life, auto, assets, disability, pension funds and annuities Unibanco AIG operational results: 33% of net income in Unibanco Insurance and Pension Plans placed 4 th in the ranking of private pension plans published by Susep. The company ranked 2 nd in sales of corporate pension plans Balanced business mix Aggressive expansion in the retail segment Benchmark in consumer finance and wholesale business Serves individuals and SMEs with annual revenues lower than R$150 million. Approximately 24 million clients Leading Consumer Finance franchise Improvement of the credit card portfolio, which posted a 27% growth over the past 12 months Retail and Consumer Credit Wholesale Full coverage of more than 2,000 corporations with annual revenues greater than R$150 million, in addition to institutional investors in Brazil and internationally Investment Banking: M&A, Capital Markets & Project Finance The Wholesale loan portfolio reached R$19,421, up 14.7% over the past 12 months Wealth Management CROSS SELLING Insurance & Annuity – Unibanco AIG

Investor Relations | page 5 Investor Relations 5 Corporate Communication and HR Marcos Caetano Legal, Tax, Audit, Compliance, and Risk Lucas Melo Wholesale and Wealth Management Demosthenes Madureira Audit Committee Gabriel Jorge Ferreira Chairman Members Board of Directors Pedro Malan Chairman Pedro Moreira Salles Vice-Chairman Gabriel J. FerreiraIsrael VainboimPedro Bodin Board Members Eduardo A. Guimarães Guy Almeida Andrade Armínio FragaJoaquim F. Castro Neto João Dionisio CEO Pedro Moreira Salles Retail Márcio Schettini Treasury Daniel Gleizer Planning. Control. Operations and IR Geraldo Travaglia Operational Efficiency Marcos Lisboa Insurance and Pensions José Rudge Organizational Structure  Prominent Board Members  Independent Audit Committee

Investor Relations | page 6 Investor Relations 6 Over 80 years of history to become one of the leading full service banks in Brazil Timeline

Investor Relations | page 7 Investor Relations 7 Segmentation and Distribution Client Focus Nationwide Distribution (As of December 2006) Lower Middle Market

Investor Relations | page 8 Investor Relations 8 Client Base In Millions of Clients Dec Dec Dec Mar Jun Sep Dec

Investor Relations | page 9 Investor Relations 9 Retail Business Model

Investor Relations | page 10 Investor Relations 10 Risk Management Macroeconomic Scenario As anticipated by Unibanco in ,292 3,068 2,910 Dec-04Dec-05Dec-06 R$ Millions Loan Portfolio Consumer Finance Companies R$ Millions Q044Q054Q % 6.7% 7.2% Jun-05Dec-05Jun % Dec % Feb-05 24% 26% 27% 31% % 2006 Credit / GDP Conservative credit approach 41% 10% 22% Jun-05Apr-064Q06 Approval rate – Fininvest Personal Loans Financial System Delinquency ratio (Individuals) Risk Management Provisions for Loan Losses Consumer Finance Companies Credit restriction

Investor Relations | page 11 Investor Relations 11 Personal Loans – Mix of Brazilian Financial System 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Dec-01Apr-02Sep-02Feb-03Jul-03Dec-03May-04Oct-04Mar-05Aug-05Jan-06Jun-06Dec-06 Overdraft loans Personal Loans Vehicles Mortgage Loans Durable Goods Financing - Others Credit Cards Others Payroll loans 60% 40%

Investor Relations | page 12 Investor Relations 12 Base 100 = Market Cars + Trucks & Buses Loans Dec-05Dec-06 4,029 4, % Motorcycle Loans (run-off) -51.4% Dec-05Dec Business Repositioning Auto Financing Focus: New Cars (Financed Units) Focus: New Trucks & Buses (Financed Units) R$ Millions

Investor Relations | page 13 Investor Relations 13 Loan Portfolio (Unicard + Hipercard) Credit Cards Number of cards (In millions) +26.7% 4,001 5,070 Dec-05Dec-06 R$ Millions Jun-04Dec-04Jun-05Dec-05Jun-06 Total Cards 9 Credit Cards Private Label cards 30.0 Sep-06Dec-06 Highlights Acquirer, issuer and processor of credit cards Accepted by more than 200 thousand retailers Issues Visa and Mastercard cards Alliances with retailers

Investor Relations | page 14 Investor Relations 14 Hipercard +67% Dec-05Dec-06 Points of sale +145% Mar-04 Acquisition Dec-04Dec-05Dec % Affiliated Retailers Number of cards (In millions) In thousands

Investor Relations | page 15 Investor Relations : 9 Northeast capitals Presence troughout the country 2006: 18 capitals among Northeast, South and Southeast Credit Cards: Hipercard

Investor Relations | page 16 Investor Relations 16 New Joint - Ventures Establishment of credit, financing and investment society with the following partners:  VR Group (one of the leading benefit companies in Brazil): - Offering of employee’s benefit products to Unibanco’s clients - Offering of financial products, such as payroll loans, credit lines, credit card receivables accounts, among others - VR has relationship with 20 thousand HR departments and agreements with 200 thousand retailers BanCred  Banco Cruzeiro do Sul (one of the leaders in payroll loans) - Banco Cruzeiro do Sul has expertise in managing alternative distribution channel mainly for the public sector - Development of business in the payroll loan segment  Ipiranga Group (second largest oil company in the country): - Offering of financial products, such as credit cards, personal credit, consumer credit and insurance. - 4,200 service centers and 9 million Ipiranga’s clients

Investor Relations | page 17 Investor Relations 17 Financial Performance

Investor Relations | page 18 Investor Relations 18 Annualized ROAE (%)Stockholders’ Equity (R$ Bln) Performance R$ Millions % 16.8% 22.4% Net Income (1) Operating Income % %  4Q06/4Q05 4Q (1) 2,210 3, ,2% + 20,5%  2006/ (1) (1) Before the extraordinary event 24.8% 10.1 (1) 3Q % 9.3 4Q054Q % % 9.9 4Q06

Investor Relations | page 19 Investor Relations 19 R$ Millions Reduction in goodwill amortization period During 3Q06, Unibanco reduced its goodwill amortization period from 10 to 5 years ,7501,838 Net income without goodwill amortization Net income with goodwill amortization Stockholders’ equity without goodwill amortization Stockholders’ equity with goodwill amortization ROAE without goodwill amortization (%) ROAE with goodwill amortization (%) 2,2101,838 9,9219,324 10,3819, Acceleration of goodwill amortization (460)-

Investor Relations | page 20 Investor Relations Performance ROAE (1) ROAA (1) Efficiency Ratio BIS Ratio Earnings per share (R$) (1) (1) Before the extraordinary event of goodwill amortization 49.3%51.5% 16.0%15.6% %2.1% 22.4%21.1% -220 b.p. 40 b.p. 19.7% 20 b.p. 130 b.p 

Investor Relations | page 21 Investor Relations 21 Highlights  6.6% growth in the Retail portfolio in 4Q06, with Credit Cards up 17.1% and SMEs up 7.0%  Loan portfolio quality improvement:  18.8% reduction in provisions for loan losses, 4Q06 versus 4Q05  Better ratio of D-H portfolio over total loans (6.4% vis-à-vis 7.7% in December 2005)  Higher E-H portfolio coverage ratio, 115%, compared to 112% in December 2005 Loan Portfolio Results  20.2% net income growth, 2006 versus 2005  20.5% operating income growth, 2006 versus 2005  Improvement in Efficiency Ratio: 49.3% in 2006 from 51.5% in 2005 Units UBBR11  Up 47% in 2006 compared to a 33% growth of Ibovespa. The greatest growth among Brazilian private-owned banks listed on Bovespa in 2006  Ibovespa weighting: 1.923%. A 95% increase since its inclusion (May 2005) Financial Margin  Gross Financial Margin grew to 10.2% in 2006, vis-à-vis 10.0% in 2005, despite the 475 b.p. Selic rate decline  Net Financial Margin improved to 8.0% in 4Q06, higher than the 7.5% in 4Q05

Investor Relations | page 22 Investor Relations 22  Top 3 in BNDES overall ranking with 8.6% market share  30% increase in cash management revenues  Lead coordinator of Ambev´s debentures issuance, which was awarded “Local Currency Financing Deal” in 2006, by LatinFinance magazine  Investment Banking department made 31 deals, valued at approximately R$18 billion  Top 10 Research House, according to Institutional Investor magazine. 1 st place in Natural Resources category, and 3 rd place in Consumer Goods  Operational results: 33% of net income in 2006, vis-à-vis 9% in 2005  Leadership in commercial lines, energy, environment, D&O (Directors and Officers) and extended warranty products  Combined ratio of 94.5% in 2006, better than 98.3% in 2005  AUM reached R$44 billion  Private Bank AUM grew 25% in 2006  Awarded “Top Equity Management” by Valor Econômico newspaper, for the 4 th consecutive year  17% overall client base growth, reaching 23.8 million, with a 13% increase in branch customers  New partnerships and alliances: Sonae/Wal-Mart, Ipiranga, Grupo VR (UniVR), and Banco Cruzeiro do Sul  Expansion of Hipercard to the South and Southeast, with 145% growth in total points-of- sale  26.7% credit card portfolio growth over the last 12 months  Core deposits funding surpassed R$16 billion, +30% in the year 2006 Business Highlights Wholesale Retail Insurance and Pension Plans Wealth Management

Investor Relations | page 23 Investor Relations 23 Financial Indicators Gross Profit from Financial Intermediation Total Assets Loan Portfolio Earnings per Unit (R$) 4Q051Q062Q06 91,831 93,770 98,217 Dec-05Mar-06Jun-06 39,875 39,684 2,481 2,257 2,357 4Q051Q062Q06 2,392 3Q06 101,999 Sep-06 41,929 3Q R$ Millions Dec-05Mar-06Jun-06Sep-06 43, Dec-06 45,361 2,489 4Q ,777

Investor Relations | page 24 Investor Relations 24 Personnel and Administrative Expenses Fees from Services Rendered Income Statement Summary R$ Millions 1,6011, (1,348)(1,527) ,2976,343 3,5823,270 (5,713)(5,092) 3,5212,921 2,2101, Gross Profit from Financial Intermediation Provisions for Loans Losses Net Profit from Financial Intermediation Operating Income Net Income before the extraordinary event 4Q064Q05 (656)(533)(2,422)(1,904) 2,2572,489 9,7198,247 3Q06 2,481 (579) 1, (1,458)

Investor Relations | page 25 Investor Relations 25 Loan Portfolio Growth +13.8% Sep-06Dec % 6.6% Dec-05 Wholesale Retail R$ Millions 39,875 45, % 25,940 22,949 19,421 16,926 43,323 24,338 18,985

Investor Relations | page 26 Investor Relations 26 Corporate Individuals R$ Millions Dec-05Sep % 15,614 16,383 Dec-06 17, % +15.1% 24, % 26,940 Main Highlights 27, % 1.9% 17.1% 16.1% 14.7% 6.8%  Quarter 6.0% 17.6% 26.7% 7.0% 2.3% 20.0%  Year Loan Portfolio Growth -20.8%-51.4% Dec-05Sep-06 Dec-06 Branch Network Credit Cards Car Loans Consumer Finance Companies Motorcycle Financing SMEs Large Corporate

Investor Relations | page 27 Investor Relations 27 Financial Margin Net Financial Margin Financial Margin 23.3% 29.1% 27.2% 27.9% Provisions for Loan Losses / Financial Margin -770 b.p. 4Q052Q063Q061Q % 4Q % 13.25% Selic Interest Rate % 10.0% 7.7%

Investor Relations | page 28 Investor Relations 28 Asset Quality D-H Portfolio/ Loan Portfolio Dec-05Sep-06Dec %6.7%7.7% 115% 114% 112% Dec-05Sep-06Dec-06 Coverage E-H Portfolio Coverage D-H Portfolio 92% 87% 67% Dec-05Sep-06Dec-06

Investor Relations | page 29 Investor Relations Dec-05Jun-06Dec % R$ Millions Additional Allowance for Loan Losses

Investor Relations | page 30 Investor Relations 30 Dec-06Sep-06Dec % 9.8% 9.4% 4.6% 6.6% 7.9% 3.4% 5.8% 15.3% 9.4% 9.6% 4.2% 6.6% 8.1% 3.2% 5.9% 10.1% 6.1% 9.2% 3.6% 4.7% 6.1% 3.9% 5.2% Loan Portfolio Coverage Consumer Finance Companies Credit Cards Retail Bank - Individuals Auto Financing SMEs Retail Wholesale Unibanco Consolidated Allowance for Loan Losses / Loan Portfolio

Investor Relations | page 31 Investor Relations 31 3,9634,4693,778 6,7575,5585,629 5,4524,6483,044 16,17214,67512,451 29,63129,13025,946 89,58386,28075,793 45,80343,80538,397 43,78042,47537,396 Dec-06Sep-06Dec-05 40%45%35% Deposits and Assets under Management Demand Deposits Savings Deposits Core Deposits CDs Core Deposits Time Deposits + Debentures Assets Under Management (B) Total Deposits + Debentures + AUM (A+B) Total Deposits + Debentures (A) Core Deposits / Total Deposits R$ Millions

Investor Relations | page 32 Investor Relations 32 Core Deposits R$ Millions 10,811 12,451 Dec-04Dec-05 16,172 Dec-06 (1) Source: Brazilian Central Bank, preliminary data. 29.9% 14.3% Brazilian Financial System (1) Dec 06 vs Dec 05 Dec 06 vs Dec % 23.9% +49.6% Core Deposits Growth Core Deposits Comparison

Investor Relations | page 33 Investor Relations 33 Revenues R$ Millions Efficiency Ratio Evolution Efficiency RatioExpenses Efficiency Ratio 9,878 5,092 11,593 5, % 49.3% 8,310 5, %

Investor Relations | page 34 Investor Relations 34 Insurance and Pension Plans Technical Reserves R$ Millions Premiums Earned Pension Plans Insurance 1,713 2, % 5,376 6,345 1,470 1,953 6,846 8, % Combined Ratio 98.3% % 2006 Loss Ratio 48.8% % 2005

Investor Relations | page 35 Investor Relations 35 Shareholders’ Structure and Stocks

Investor Relations | page 36 Investor Relations 36 Moreira Salles Group Float Units +GDS Others Total 513,068 1,073,969 40,668 1,627,705 Unibanco Holdings Float Units +GDS Others Total 1,627,705 1,073,969 98,515 2,800,189 18% 38% 2% 58% 38% 4% 100% PN Unibanco Holdings PN Unibanco + UNITs 76,7% Shareholders’ Structure % of Unibanco shares Thousands of Shares 1 GDS=10 Units

Investor Relations | page 37 Investor Relations 37 Weighting (%) Jan to Apr-07 Ibovespa1.923 IBrX IBrX IGC Corporate Governance Index3.967 ISE Sustainability Index*5.884 Index * Valid from December 2006 to November Units and GDSs  Unibanco Units gained 47% in 2006  Unit continues to increase its weighting within the Ibovespa. Since its inclusion in the Ibovespa in May 2005, its participation increased more than 95% Units (UBBR11) versus Ibovespa GDSs (UBB) versus Dow Jones Units Weighting in Brazilian Stock Indices

Investor Relations | page 38 Investor Relations 38 Annex I Dividends

Investor Relations | page 39 Investor Relations Dividend History 35 % 38 % 37 % 38 % 35 % 36 % 37 % 35 % CAGR = 20% % 1 st Half 2 nd Half R$ Millions Unibanco has paid semi-annual dividends for more than 3 decades From 2005 on, Unibanco started paying quarterly dividends Pay Out Ratio 354

Investor Relations | page 40 Investor Relations 40 Annex II Ratings

Investor Relations | page 41 Investor Relations 41 Unibanco Ratings Fitch Ratings Unibanco BB Foreign Currency Brazil Long Term Short Term BB+ B B BB Local Currency Brazil Long Term Short Term - Unibanco BB+B Standard and Poor’s Unibanco BB Foreign Currency Brazil Long Term Short Term BB B B BB+ Local Currency Brazil Long Term Short Term B Unibanco BBB Moody’s Long Term Debt Long Term Deposits Short Term Deposits Financial Strength Unibanco Baa3 (1) NPC-Ba3 Brazil Ba2Ba3NP- Global Scale: Foreign Currency Global Scale: Local Currency Long Term Deposits Short Term Deposits Unibanco P-1A1 Brazil A1P-1 (1) The Baa3 rating was attributed to the MTN Programme (Medium Term Note Programme) of Unibanco and also to the notes indexed to the IGP-M (General Market Price Index) and payable in US dollars issued by Unibanco Grand Cayman Branch.

Investor Relations | page 42 Investor Relations 42 Brazilian Economy

Investor Relations | page 43 Investor Relations 43 Perspectives (E) Real GDP Growth (%) 2.9% 3.5% SELIC (End of Year) 13.25% 11.50% IPCA (Inflation) 3.1% 4.0% Trade Balance (US$) 46.1 bi 45.5 bi Macroeconomic Perspectives Exchange Rate R$/US$ (Enf of Year)

Investor Relations | page 44 Investor Relations 44 Investor Relations phone: fax: site: This presentation contains forward-looking statements regarding Unibanco. its subsidiaries and affiliates - anticipated synergies. growth plans. projected results and future strategies. Although these forward-looking statements reflect management’s good faith beliefs. they involve known and unknown risks and uncertainties that may cause the Company’s actual results or outcomes to be materially different from those anticipated and discussed herein. These risks and uncertainties include. but are not limited to. our ability to realize the amount of the projected synergies and the timetable projected. as well as economic. competitive. governmental and technological factors affecting Unibanco’s operations. markets. products and prices. and other factors detailed in Unibanco’s filings with the Securities and Exchange Commission which readers are urged to read carefully in assessing the forward-looking statements contained herein. Unibanco undertakes no duty to update any of the projections contained herein.