Investor Relations | 1 Investor Relations April 2005

Investor Relations | 2 Favorable Outlook: Macro Real GDP GrowthPublic Debt and Primary Surplus (as % of GDP) Inflation¹ x Interest Rate ¹ IPCA 12-Month Moving Average Trade Balance – US$ Billion Source: Unibanco Research 3.7% 5.2% 0.5% 1.6% 1.5% 4.4% E E2005E jan/00 jul/00 jan/01 jul/01 jan/02 jul/02 jan/03 jul/03 jan/04 jul/04 jan/05 (%) CDIIPCA 45.0% 48.0% 51.0% 54.0% 57.0% 60.0% E2005E 3.0% 3.5% 4.0% 4.5% 5.0% Public Debt Primary Surplus

Investor Relations | 3 Favorable Outlook: Banking in Brazil Total Credit Expansion (R$ Billion) Loan Penetration Comparison: 2003 (as % of GDP) Loan Penetration: Chile vs Brazil (as % of GDP) Source: CSFB Research 54% 60% 63% 64% 62% 63% 66%67%66% 30% 25% 26% 27% 25% 27% 26% 23% 26% ChileBrazil 161%158% 139% 124% 114% 67% 26% 20% 14% 9% 7% China Korea US Hong Kong Spain Chile Brazil RussiaTurkey Mexico Argentina Source: Central Bank Source: CSFB Research % 26% 17.8%

Investor Relations | 4 R$ Billion – 2004 AssetsLoansDepositsStockholders´ Equity 1- Banco do Brasil13.8x 2- CEF8.2x 3- Bradesco2.9x 4- Itaú 2.3x 5- Banespa 2.3x 6- Bamerindus1.6x x 8- Econômico 0.9x 9- Nossa Caixa0.9x Net Income R$ 1,283 Million Snapshot of Unibanco Market Cap ¹ In terms of total assets Unibanco is Brazil’s third largest private bank 1 … …bridging the gap over it’s peers. Multiple of Assets ² Based on GDS price as of 02/25/2005 Source: Unibanco Research Banco do Brasil3.3x 2- Bradesco2.0x 3- CEF2.0x 4- Itaú1.7x x 6- Santander Banespa0.9x 7- ABN Real + Sudameris0.8x 8- Safra0.6x 9- HSBC + Lloyds0.5x

Investor Relations | 5 Universal banking strategy reinforced with: A single CEO; Consolidation of back-office & supporting units; Leaner structures and processes with lower costs; Further cooperation between business and supporting units; Cross-selling goals linked to variable compensation; Botton-line driven; New compensation policy; Full allocation of labor and civil provisions to business units; Elimination of double-counting. Leaner structures, faster decision-making processes Greater management involvement in day-to-day activities New Organizational Structure

Investor Relations | 6 Redesign of the wholesale area, focusing on client relationship; Insurance company restructured in life and P&C product lines; Closure of non-profitable business; Cost-control discipline; New marketing policy, new advertising agency and renewed brand. New Organizational Structure

Investor Relations | 7 Retail Márcio Schettini Wholesale and Wealth Management Demosthenes Madureira Insurance and Pensions José Rudge Auditing Committee Gabriel Jorge Ferreira Chairman Eduardo A. Guimarães Guy Almeida Andrade Members Legal, Auditing, and Risk Lucas Melo Planning, Control, Operations, and IR Geraldo Travaglia Corporate Communication and HR Marcos Caetano Treasury Daniel Gleizer Pedro Moreira Salles CEO Board of Directors Pedro Sampaio Malan Chairman Pedro Moreira Salles Vice-Chairman Armínio Fraga Joaquim F. Castro Neto João D. Amoedo Gabriel J. Ferreira Israel Vainboim Pedro Bodin Board Members New Organizational Structure

Investor Relations | 8 Renewed Brand

Investor Relations | 9 Business Units Investor Relations

Investor Relations | 10 Business Highlights CROSS- SELLING Insurance & Pensions  Loss ratio: improvement from 56.4% in 2003 to 46.9% in 2004;  # 4 rank in the Insurance & Pension industry with a 8.0% market share, as of November 2004;  Combined ratio: improvement from 99.8% in 2003 to 98.8% in 2004;  24.5% revenue growth in the pension business. As of December Retail  Strengthening of the consumer finance division:  Fininvest: 31% loan portfolio growth and 24% equity income growth;  HiperCard (acquired in March 2004): 53% loan portfolio growth.  SMEs: 40% loan portfolio growth, more than 450,000 clients;  Auto financing: 31% loan portfolio growth;  Funding: 25% core deposits growth. Wholesale  Focus in 2 thousand clients: regional approach;  New results-oriented compensation policy;  M&A: CEMAT, Cia. Suzano (Bahia Sul) and Galvasud (Thyssen Krupp);  Capital Markets:  Fixed Income: 7.7% market-share ranking 4th in # of transactions.  Equity: 10% market-share ranking 2nd in # of transactions. Wealth Management  22% growth in AUM (R$ 32.7 BN of Assets Under Management)  83% of retail mutual funds in the 1st profitability quartile;  Private Banking: 9.3% market-share (2nd in ranking).

Investor Relations | 11 Segmentation Strategy

Investor Relations | 12 Large Scale Distribution

Investor Relations | 13 Leading Consumer Finance Franchise

Investor Relations | 14 Acquisition Largest credit card issuer in the Northeast (2.7 million cards issued); Credit card brand accepted by approximately 70 thousand merchants. Partnerships and organic growth ,100 Mar-04 (acquisition) Sep-04 Dec % Credit Portfolio Acquisitions and Organic Growth Q04 4Q % Net Earnings (R$ million)

Investor Relations | Results Investor Relations

Investor Relations | 16 Net IncomeR$ 1,283 million Earnings per ShareR$ 0.92 Annualized ROAE (%) + 22% + 20% 16.1% 17.3% 17.8% 20.1% 1Q042Q043Q044Q04 Unibanco in 2004

Investor Relations | 17 4Q03 4Q Net Income Financial Margin Total Assets Stockholders’ Equity Annualized ROAE (%) Earnings per Share (R$) % 79,350 8, % % 69,632 7, % , % 79,350 8, % , % 69,632 7, %  BIS Ratio 18.6% 16.3% -230b.p. Fixed Asset Ratio 42.6% 39.5% -310b.p. R$ Million  28.9% -80b.p. 14.0% 13.3% 2.6% 28.1%  22.0% 30 b.p. 14.0% 13.3% 1.5% 20.1% Performance Indicators

Investor Relations | 18 Consolidated Results - Year 11.9% 14.0% 10.5% 44.2% 280.0% -31.2% 1.1% 5,112 3,241 (5,058) (1,334) 38 (339) (376) (1) 1,283 4,567 2,842 (4,577) (925) 10 (493) (372) - 1, % Profit from Financial Intermediation (+) Fee Income (-) Personnel & Adm. Expenses (+/-) Other Operating Income / Expenses (+/-) Non Operating Income (-) Income Tax and Social Contribution (+/-) Profit Sharing/ Minority Interest Net Income (+/-) Extraordinary items R$ Million 

Investor Relations | 19 Financial Margin Financial Margin after Provision Financial Margin Provision for loan losses / Financial margin 6.6% 7.1% 8.7% 9.0 % % 5.7% 8.7% % 20.3%

Investor Relations | 20 R$ Million Loan Portfolio Growth 4.6% 12.4% 9.6% 5.5% 7.2% 7.0% 31, % Y-o-Y Individuals +23.2% Corporate +10.3% 29,724 27,721  % Dec-04 / Dec-03 18,329 19,171 20,226 9,392 10,553 11,570 Dec-03Sep-04Dec-04 Note: Pro-Forma.

Investor Relations | 21 Other Products Commercial Bank Auto FinancingConsumer Finance Companies Credit CardsSMEsTotal Retail Continuous Retail Loan Portfolio Growth 2,110 13,833 2,328 16,050 2,794 17,795 2,783 2,901 2,859 2,807 3,347 3,682 1,692 1,977 2,235 4,441 5,497 6,225 Dec-03Sep-04Dec % 10.0% 32.1% 13.1% 40.2% 13.2% 32.4% 20.0% 2.7% -1.4% 28.6% 10.9% R$ million Note: Pro-Forma.

Investor Relations | 22 54% 50% 44% 46% 50% 56% Dec-02Dec-03Dec-04 Wholesale Retail 31,796 27,917 26,751 Loan Portfolio Mix R$ million

Investor Relations | 23 Loan Portfolio, by risk level R$ million

Investor Relations | 24 Loan Portfolio Quality Non-accrual portfolio/Loan portfolio Coverage ratio of non- accrual portfolio Loan portfolio E-H / Total portfolio Dec-03Dec % 131.2% 4.8% 4.0% 6.0% 4.9% Dec-03Dec-04 Dec-03Dec-04

Investor Relations | 25 Deposits and Funding Demand deposits18.0 Saving deposits0.8 SuperPoupe- Core Deposits (A)25.0 Time deposits and interbank deposits (B)36.0 Total deposits (A+B)32.2 Assets under management 3,220 5,966 1,625 10,811 22,720 33,531 32,979 2,729 5, ,647 16,710 25,357 26, R$ Million Dec-03 Dec-04 Annual Change (%)

Investor Relations | 26  Development of alternative sources of funding such as SuperPoupe;  Link individual variable compensation at branch level to core deposits;  Focus on cash management services, such as:  Payroll  Collection Main actions: SuperPoupe Core Deposits ,030 1,222 1,349 1,625 Apr-04May-04Jun-04Jul-04Aug-04Sep-04Oct-04Nov-04Dec-04 R$ million  12 Months 2004 / 2003 UnibancoBradescoItaúBB Demand Deposits18%19%15%7% Saving deposits + Superpoupe28%12%9%13% Market 20% 11% Core Deposits25%15%11%10% 14% Source: Companies and Central Bank data.

Investor Relations | 27 Fee Income Fee Income / Personnel and administrative expenses 62.0% 64.1% % 2002 Fee Income ,842 3, % R$ Million 4Q034Q  2004/2003

Investor Relations | 28 Personnel and Administrative Expenses Employees Commercial Bank Subsidiaries Excluding Acquired Companies and Credicard / Orbitall Acquired Companies Subtotal Credicard / Orbitall Total , , , ,237 3,176 1, , ,058 2,904 1, , ,576 29,025 27,408 Jun-04Dec-04 R$ Million 4Q034Q  11.7% 4.4% 2,600% 13.9% -39.5% 10.3%  9.4% 5.8% 7,150% 11.6% -4.2% 10.5%

Investor Relations | 29 Cash inflow of R$1.7 billion; Valuation: 17.1x earnings and 10.4x book value; Redecard (credit card acquirer) not included in the transaction; Unibanco’s presence in this market: 8.0 million credit cards; 9.5 million private label cards; Full processing capability. Income fully directed to strengthen balance sheet Credicard and Orbitall Sale Accretive to earnings. R$ million Price1,685 Book value of investment(150) Gross profit on sale1,381 Goodwill amortization of acquired companies(828) Provision for restructuring, credit and other assets, and tax litigation (826) Tax effects272 Net result(1) Provision for due-dilligence adjustments(154)

Investor Relations | 30  R$ Million Insurance and Pension Net Premium Written + Pension Revenues Insurance and Pension Reserves Net Income Loss Ratio Combined Ratio 1,025 5, % 97.3% 825 3, % 97.7% 4,253 5, % 98.8% 3,468 3, % 99.8% 46.9% 2,249 2, Net Premiums WrittenLoss Ratio 56.4% Premium vs. Loss Ratio 4Q034Q Combined Ratio UBB: (Operational + administrative + selling expenses) / (premium written). UASEG (including Garantech) x Market 99.8% 98.8% 104.7% 104.0% UnibancoMarket  24.2% 41.0% 35.7% -1,360 b.p. -40b.p. 22.6% 41.0% 13.2% -950 b.p b.p.

Investor Relations | 31 Branch Network Consumer Finance Credit Cards Autos Insurance & Pension UAM Private Focus on higher margin and fast growing businesses High Low Margin LowHigh Growth Wholesale SMEs 2005 Perspectives

Investor Relations | Perspectives: A Good Start

Investor Relations | 33 GDP growth5.2%3.7% FX Rate (R$ / US$) (year-end) SELIC (year-end) 17.75%16.75% IPC-A (inflation index)7.6%5.9% (E) 2005 Perspectives

Investor Relations | 34 Loan Portfolio Corporate Large Small / Medium Individuals Commercial bank and auto financing Consumer Finance Credit Cards Administrative Expenses % 10.0% 0.8% 40.2% 23.2% 17.0% 32.1% 32.4% 10.5% 2005 Guidance < 5% 15-20% 5-10% 25-30% 20-25% 25-30% 10-15% 20-25% 2005 Perspectives

Investor Relations | 35 Click to edit Master title style Click to edit Master text styles –Second level Third level –Fourth level »Fifth level For further information contact our Investor Relations Area at 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.