1. Consolidated Results
1st Quarter 2004
Conference Call
May 14, 2004

2. Performance Indicators
R$ Million D %
1Q04
1Q03
1Q04/1Q03
Net Income
276
218
26.6%
Earnings/1,000 shares (R$)
2.01
1.58
27.2%
ROAE (Annualized)
16.1%
13.8%
231
b.p.
BIS Ratio
18.1%
16.2%
190
b.p.
Total Assets
71,505
70,014
2.1%
Total Risk
27,343
25,991
5.2%
Deposits+Funds
56,738
44,867
26.5%
Stockholders' Equity
7,358
6,717
9.5%

3. Income Statement 1Q04 1Q03 D% 1Q04/1T03
R$ Million
1Q04
1Q03 D%
1Q04/1T03
Profit from Financial Intermediation
1,205
1,033
16.7%
(+) Fee Income
741
662
11.9%
(-) Personnel & Adm. Expenses
(1,143)
(1,062)
7.6%
(+/-) Other Operating Income/Expenses
(332)
(175)
89.7%
(=) Operating Income
471
458
2.8%
(+/-) Non-Operating Income (expenses), Net
(12) 10
(+/-) Income Tax & Social Contrib.
(79)
(148)
-46.6%
(-) Profit Sharing/Minority Interest
(104)
(102)
2.0%
Net Income
276
218
26.6%

4. Impact on Investments Abroad
R$ Million
1Q04
1Q03
Investments Abroad (US$ Million)
674
999
Exchange Rate (R$/US$)
2.9086
3.3531
Exchange Rate Fluctuation on Investments Abroad 8
(200)
Hedge on Investments Abroad 34
135
Net Accounting Impact before Income Tax and Social Contribution 42
(65)
Fiscal Effects 3
(68)
Net Impact after Income Tax and Social Contribution 45
(133)

5. Effective Tax Rate
1Q04
1Q03
459
468
Income before Taxes and Profit Sharing
Profit Sharing
(69)
(56)
(A) Income before Taxes and after Profit Sharing
390
412
Income 25% and Social 9%
(133)
(140)
Adjustments to Derive Effective Tax Rate:
Interest on Capital Stock 50 51
Permanent Differences (net)
(1) 18
Exchange Rate Fluctuation non Taxable / (non Deductible) 5
(77)
(B) Income Tax & Social Contribution for the Period
(79)
(148)
(B/A) Effective Income Tax & Social Contribution Rate
20%
36%

6. Financial Margin D% 1Q04 1Q03 1Q04/1Q03
R$ Million D%
1Q04
1Q03
1Q04/1Q03
Revenue from Financial Intermediation
2,891
2,854
1.3%
Expenses on Financial Intermediation
(1,373)
(1,537)
-10.7%
Financial Margin before Provision for Loan Losses (A)
1,518
1,317
15.3%
Provision for Loan Losses
(313)
(284)
10.2%
Financial Margin after Provision for Loan Losses
1,205
1,033
16.7%
Total Average Assets (-) Fixed Assets (B)
67,045
69,321
-3.3%
Net Financial Margin (A/B)
9.4%
7.8%
160 b.p.

7. Securities Portfolio Trading Securities 8,185 47% 5,482 30%
R$ Million % %
Mar-04
Mar-03
Portfolio
Portfolio
Trading Securities
8,185
47%
5,482
30%
Securities Available for Sale
3,544
20%
6,458
36%
Securities Held to Maturity
5,795
33%
6,230
34%
Total Securities Portfolio
17,524
18,170

8. Market Value Adjustment 03/31/2004
Securities Portfolio – Market Value Adjustment
R$ Million
Market Value Adjustment 03/31/2004 D
Income Statement Impact
111 7
Stockholders´ Equity Impact
(257) 61
Total Impact
(146) 68

9. Loan Portfolio Evolution
R$ Million
5.2%
-2.1%
7.4%
27,917
27,343
25,991
Wholesale Bank
-4.5%
5.4%
15,794
15,084
D% Mar-04/Mar-03
+0.7%
14,979
10.1%
1.1%
Retail Bank
12,123
12,259
11,012
D% Mar-04/Mar-03
+11.3%
Mar-03
Dec-03
Mar-04

10. Loan Portfolio Breakdown by Type of Client
R$ Million
3.0%
Corporate
17,816
0.9%
17,299
13,025
13,139
9.4%
4,274
4,677
Middle Market and
Small Companies
Large Corporate
Total
9.6%
Individuals
9,527
7.5%
8,692
12.8%
5,682
5,284
3,845
3,408
Consumer Finance
Companies
Multiple Bank and
Other Companies
Total
Mar-03
Mar-04

11. Loan Portfolio Consumer Finance Companies - Individuals Total 12.8%
R$ Million
Consumer Finance Companies - Individuals
12.8%
3,845
3,408
16.3%
6.5%
7.2%
1,215
984
1,045
1,141
1,071
918
28.9%
50.0%
343
266
162
108
Total
Mar-03
Mar-04

12. Loan Portfolio Breakdown
R$ Million
R$ Million
Non-Accrual Portfolio / Total Risk
91.9%
91.3%
91.2%
25,991
27,917
27,343
34.4% AA
39.0%
37.1%
4.8%
4.7%
4.4% A
32.7%
34.5%
37.4%
10.6% B
9.8%
9.9%
Mar-03
Dec-03
Mar-04 C
13.6%
7.9%
7.5%
D-H
8.7%
8.8%
8.1%
Mar-03
Dec-03
Mar-04
AA-C Loan Porfolio

13. Funding
R$ Million
+26.5%
6.4%
56,738
18.8%
53,302
44,867
D% Mar-04/Mar-03
+48.9%
29,324
26,945
19,691
36.8%
8.8%
D% Mar-04/Mar-03
+8.9%
25,176
25,357
8.1%
27,414
0.7%
Mar-03
Dec-03
Mar-04
Deposits
Funds

14. Net Revenue by Business
Net Financial Result
40%
41%
25%
24%
Banking Fees
19%
19%
Credit Cards
12%
11%
Insurance/Annuities/Pension Plans 4% 5%
Asset Management Fees
1Q03
1Q04

15. Consumer Finance Companies
Direct Management
Indirect Management

16. Consumer Finance Companies
R$ Million
Consumer Finance
Consumer Finance
Companies under
Companies
Direct Management
1Q04
1Q03
1Q04
1Q03
Equity Income
131 93 85 53
Billings
3,986
3,637
2,566
2,286
Volume of Transactions (# million) 52 45 33 28
Credit Portfolio
3,891
3,408
2,676
2,363
Provision for Loan Losses
164
170
136
143
Provision for Loan Losses / Credit Portfolio
4.2%
5.0%
5.1%
6.1%
ROAE
74.3%
76.0%
57.7%
55.6%
Consumer Finance Companies: Fininvest, Unicard, 50% LuizaCred, 50% PontoCred and 33.3% Credicard
Consumer Finance Companies Under Direct Management: Fininvest, Unicard, 50% PontoCred and 50% LuizaCred.

17. Consumer Finance Companies
R$ Million
Net Income
Credit Portfolio 44
69.2%
13.1%
1,333 26
1,179
1Q03
1Q04
1Q03
1Q04
Billings
Number of Transactions (million)
13.7
30.5%
10.5
958
5.3%
910
1Q03
1Q04
1Q03
1Q04
Note: All numbers Include Luizacred.

18. Consumer Finance Companies
R$ Million
Net Income
Credit Portfolio and Revolving Credit
1,000
43.5% 33
918
8.9% 23
10.6%
387
428
1Q03
1Q04
1Q03
1Q04
Credit Portfolio
Revolving Credit
Billings
Number of Transactions (million)
1,412 20
17.4%
17.6%
1,203 17
1Q03
1Q04
1Q03
1Q04

19. Insurance and Private Pension Plans
R$ Million D %
R$ Million
1Q04
1Q03
1Q04/1Q03
Billings + Gross Premiums Written
982
912
7.7%
Technical Reserves
4,281
3,134
36.6%
Operating Income 2
(5)
Combined Ratio
99.5%
101.4%
-190 b.p.
Financial Income / Technical Reserves 81
123
-34.1%
Net Income 67 90
-25.6%
Technical Reserves
4,281
3,892
10%
24%
3,134
902
821
825
3,071
3,379
2,309
1Q03
4Q03
1Q04
Insurance
Private Pension Plans

20. Insurance Claims Ratio Administrative Expenses / Net Premiums Written
62.8%
59.7%
56.8%
1Q03
4Q03
1Q04
Administrative Expenses / Net Premiums Written
14.6%
13.0%
12.3%
1Q03
4Q03
1Q04

21. Total Expenses Personnel and Other Administrative Expenses -7.5%
1,236
1,143
776
-11.9%
684
460
459
-0.2%
4Q03
1Q04
Other Administrative Expenses
Personnel Expenses

22. Total Expenses Personnel and Administrative Expenses
R$ Million
IPC-A 5.9%
7.6%
1,143 23
5.5%
1,062
1,120
1Q03
1Q04
Administrative Expenses
Organic Growth / Acquisitions
Fee Income / Personnel and Administrative Expenses
64.8%
62.4%
1Q03
1Q04

23. Number of Employees Branch Network 15,152 13,473 1,679
Mar-04
Mar-03 D
Branch Network
15,152
13,473
1,679
Consumer Division
3,142
2,936
206
Wholesale Bank
1,053
1,239
-186
Insurance
1,341
1,400
-59
Wealth Management
330
280 50
Others
7,211
7,075
136
Total
28,229
26,403
1,826

24. Highlights Over 2.4 million cards issued to 1.6 million clients
More than 60,000 affiliated stores
Billings of R$3.6 billion in 2003
Main means of payment at the stores
5% Credit Card Market Share
Strong client base
57% are clients for more than 3 years, representing more than 73% of total billings
low client overlap (92% of the individuals and 93% of the affiliated stores are not clients of the bank)
more than 82% of loans outstanding are not past due
Opportunities
Loan portfolio increase –minimum required payment of credit card bill from 50% up to 15%
Unibanco´s checking account holders growth
Cross selling with Unibanco´s companies
Cost of funding decrease

25. The Transaction
Unibanco paid R$630 million to Ahold for HiperCard´s total capital
Goodwill of R$237 million and deferred tax assets of R$107 million
HiperCard’s stockholders’ equity was R$286 million as of January 2004
Unicard, HiperCard, and Bompreço (acquired by Wal Mart) signed, at the same date, a long- term service agreement (“Master Services Agreement”) that:
guarantees HiperCard remain Bompreço’s sole private label credit card;
guarantees the maintenance of the current relationship and cooperative environment between HiperCard and Bompreço.

26. Organizational Structure
Board of Directors
Pedro Sampaio Malan
Chairman
Pedro Moreira Salles
Vice-Chairman
Armínio Fraga Castro Neto Fernando Sotelino Gabriel J. Ferreira Israel Vainboim Pedro Bodin
Board Members
Audit Committee
Gabriel Jorge Ferreira
President
Eduardo A. Guimarães
Guy Almeida Andrade
Members
Pedro Moreira Salles
CEO
Retail
Márcio Schettini
Wholesale
João Dionísio Amoêdo
Insurance
José Rudge
Wealth Management
César Sizenando
Legal, Auditing and Inst.Relations
Lucas Melo
Efficiency Planning
Adalberto Schettert
Planning, Control and Operations
Geraldo Travaglia
Risk Management and Macroeconomic Research
Daniel Gleizer
Unibanco Pessoas Human Resources
Marcelo Orticelli

27. Audit Committee Members Responsibilities Gabriel Jorge Ferreira
Member of Unibanco’s Board of Directors and President of the National Confederation of Financial Institutions (CNF – Confederação Nacional das Instituições Financeiras).
Eduardo Augusto de Almeida Guimarães
Ex-President of Banco do Brasil ( ) and Banco do Estado de São Paulo – BANESPA ( ), he also worked for the Institute of Economic and Social Planning – IPEA and was a Research Director and President of the Brazilian Institute of Geography and Statistics - IBGE ( and ).
Guy Almeida Andrade
President of the Institute of Independent Accountants of Brazil (IBRACON - Instituto dos Auditores Independentes do Brasil). He is also a Member of the board of IFAC - International Federation of Accountants and President of its audit committee. He is a partner at Magalhães Andrade Auditores Independentes.
Responsibilities
Indicate, ad referendum of the Board of Directors, the External Independent Auditor
Review the half-yearly financial statements
Evaluate the External Auditors as well as the Internal Auditing
Establish, divulge, monitor, and oversee procedures regarding compliance with legal requirements
Recommendations on the correction and improvement of internal policies and strategies

28. Units Liquidity Growth at Bovespa
Initiatives to Increase Units Liquidity at Bovespa (UBBR11)
Aug-03 –Conversion Offer - Common Shares into Preferred
Sep-03 – 1st. Exchange Offer - Preferred Shares into UNITs
Sep-03 –UNITs Secondary Offer (R$191MM in the Local Market)
Oct-03 – 2nd. Exchange Offer - Preferred Shares into UNITs
Nov-03 to Nov-05 – Conversion Program - Preferred Shares into Units
Jan-04 – Change in Round Lot (from 100,000 shares to 10,000)
Apr-04 – Reverse Stock Split Approval*
May-04 –Market Maker Hiring for the Units traded at Bovespa
May-04 to Jul-04 – Reduction on ADRs Cancellation Fee (from US$0.05 to US$0.03)
* Pending Brazilian Central Bank’s homologation.

29. Units Liquidity Growth (UBBR11)
Liquidity Growth at Bovespa
Units Liquidity Growth (UBBR11)
Average Daily Volume –Units (In 1,000 of Shares)
39,219
34,007
30,371
25,157
22,674
16,835
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04*
* Until 05/10/2004.

30. Macroeconomic Perspectives 2004
GDP %
Exchange Rate (R$ / US$)
SELIC (end of year) %
IPC-A %

31. Unibanco´s Perspectives for 2004
Loan Portfolio %
Corporate %
Large %
Middle %
Retail %
Consumer Finance Companies* 43%
Others %
(*) HiperCard 18%
Administratives Expenses %
Baseline %
Acquisitions / Organic Growth 3%
Fee Income %

32. For further information contact our site: www.ir.unibanco.com
Investor Relations Area at phone: / 1313 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.