1. Consolidated Results
1st Half 2004
Conference Call
August 13, 2004

2. Performance Indicators
R$ Million
2Q04
1Q04
1H04
1H03
Net Income
305
276
581
491
Earnings/1000 shares (R$)
2.21
2.01
4.22
3.56
ROAE (%)
17.3%
16.1%
16.4%
15.2%
BIS Ratio (%)
16.7%
18.1%
16.7%
16.7%
Total Assets
80,011
71,505
80,011
66,091
Total Loans
30,045
27,343
30,045
26,195
Deposits+Funds
59,831
56,738
59,831
47,003
Stockholders' Equity
7,704
7,358
7,704
6,847

3. Consolidated Results 2Q04 1Q04 1H04 1H03
R$ Million
2Q04
1Q04
1H04
1H03
Profit from Financial Intermediation
1,142
1,205
2,347
2,202
(+) Fee Income
820
741
1,561
1,371
(-) Personnel & Adm. Expenses
(1,242)
(1,143)
(2,385)
(2,159)
(+/-) Other Operating Income/Expenses
(319)
(332)
(651)
(391)
(=) Operating Income
401
471
872
1,023
(+/-) Non-Operating Income (expenses), Net 18
(12) 6 16
(+/-) Income Taxes & Social Contribution
(18)
(79)
(97)
(371)
(-) Profit Sharing/Minority Interest
(96)
(104)
(200)
(177)
Net Income
305
276
581
491

4. Financial Margin
R$ Million
2Q04
1Q04
1H04
1H03
Revenue from financial intermediation
3,414
2,891
6,305
4,950
Expenses on financial intermediation
(1,956)
(1,373)
(3,329)
(2,051)
Financial margin before provision for loan losses (A)
1,458
1,518
2,976
2,899
Provision for loan losses
(316)
(313)
(629)
(697)
Financial margin (after provision for loan losses)
1,142
1,205
2,347
2,202
Total Average Assets (-) Average Permanent Assets (B)
71,791
67,045
69,741
67,398
Net Financial Margin Annualized (%) (A/B)
8.4%
9.4%
8.7%
8.8%

5. Financial Margin 2Q04 1Q04 Financial Margin 8.4% 9.4%
Extraordinary Restatement on Insurance and Pension Plans
0.15%
-0.15%
Comparable Financial Margins
8.55%
9.25%
Domestic Treasury Losses
0.15% -
D Increase in Interbank Investments
0.20% -
Financial Margin Simulation
8.90%
9.25%
35 b.p.

6. Fiscal Effects 2Q04 1Q04 1H04 Income before Taxes and Profit Sharing
R$ Million
2Q04
1Q04
1H04
Income before Taxes and Profit Sharing
419
459
878
Profit Sharing
(57)
(69)
(126)
( A ) Income before Taxes and after Profit Sharing
362
390
752
Income 25% and Social 9%
(123)
(132)
(256)
Adjustments to derive effective tax rate:
Interest on capital stock 42 49 91
Permanent differences (net) 30
(0) 30
Subtotal
(51)
(84)
(135)
Exchange rate fluctuation non taxable / (non deductible)
and Equity Income 33 5 38
( B ) Income Tax & Social Contribution for the period
(18)
(79)
(97)
( B / A ) Effective Income Tax & Social Contribution Rate 5%
20%
13%

7. Main Changes Other Operating Income and Expenses (651) (391) (260)
R$ Million
Main Changes
1H04
1H03 D
(651)
(391)
(260)
Provision for labour, civil and fiscal contingence
(113)
Credit Cards selling expenses
(48)
Other Taxes Expenses
(26)
Goodwill Amortization
(23)
Early Retirement Program
(15)

8. Impact on Investments Abroad
R$ Million
2Q04
1Q04
1H04
1H03
Investments Abroad (US$ Million)
606
674
606
953
Exchange Rate (R$/US$)
3.1075
2.9086
3.1075
2.8720
Exchange rate fluctuation on investments abroad 97 8
105
(642)
Hedge on investments abroad
(63) 34
(28)
605
Net Accounting Impact before Income Tax and Social Contribution 34 42 77
(37)
Fiscal Effects 33 3 36
(218)
Net Impact after Income Tax and Social Contribution 67 45
113
(255)

9. Securities Portfolio Securities Portfolio Market Value Adjustment
R$ Million
Jun-04
% Portfolio
Jun-03
Trading Securities
9,177
49%
5,582
35%
Securities Available for Sale
3,237
18%
5,051
32%
Securities Held to Maturity
6,174
33%
5,183
Total Securities
18,588
15,816
Market Value Adjustment
Market
Market
Value D
2Q04
Value D
1Q04
Adjustment
Adjustment
06/30/2004
03/31/2004
Income Statement Impact 65
-46
111 7
Stockholders´ Equity Impact
(165) 92
(257) 61

10. Fees from Services Rendered
R$ Million
13.9%
1,561
28.1%
1,371
187
Assets under Management
146
565
Credit Cards
16.7%
484
9.2%
809
Banking fees and other fees and comissions
741
1H03
1H04

11. Total Expenses - Unibanco
Personnel and Administrative Expenses
R$ Million
10.5%
2,385
2,159 38
1,338
4.9%
1,404
Acquisitions 12
Administrative
13.4%
821
931
Personnel
1H03
1H04
Fee Income from Services Rendered / Personnel and Administrative Expenses
65.4%
63.5%
1H04
1H03

12. Loan Portfolio Breakdown
R$ milion
Non-Accrual Portfolio / Total Portfolio
90.5%
91.9%
110.0%
108.6%
26,195
27,343
30,045
102.8%
D-H A C AA B
5.5% AA
34.5%
37.1%
39.2%
4.7%
4.7%
Jun-03
Mar-04
Jun-04
33.9% A
37.4%
37.7%
Coverage Ratio of Non-Accrual Portfolio
Net Write-Off / Total Portfolio
9.9%
9.9%
8.1% B
1.5%
12.2%
7.5%
6.9% C
1.1%
9.5%
8.1%
8.1%
D-H
0.8%
Jun-03
Mar-04
Jun-04
AA-C Loan Portfolio
2Q03
1Q04
2Q04

13. Loan Portfolio Growth 14.7% 30,045 27,343 26,195 Individuals 10,969
R$ Million
14.7%
9.9%
4.4%
30,045
27,343
26,195
Individuals
D% Jun-04/Jun-03
+23.3%
15.1%
10,969
7.1%
9,527
8,898
7.1%
Corporate
19,076
17,297
3.0%
17,816
D% Jun-04/Jun-03
+10.3%
Jun-03
Mar-04
Jun-04

14. Loan Portfolio Growth – QoQ
R$ Million
15.1%
Individuals
10,969
9,527
5.8%
44.5%
5,682
6,012
8.1%
3,178
2,199
1,646
1,779
Credit Cards
Consumer Finance
Companies
Multiple bank and
other companies
Individuals
Corporate
7.1%
19,076
6.7%
17,816
14,021
13,139
8.1%
4,677
5,055
Small and
middle companies
Large Companies
Corporate
Mar-04
Jun-04

15. Loan Portfolio Growth - YoY
R$ Million
23.3%
Individuals
10,969
8,898
13.6%
51.0%
5,294
6,012
18.6%
3,178
2,104
1,779
1,500
Credit Cards
Consumer Finance
Companies
Multiple bank and
other companies
Individuals
10.3%
Corporate
19,076
7.5%
17,297
14,021
13,045
18.9%
5,055
4,252
Small and
middle companies
Large Companies
Corporate
Jun-03
Jun-04

16. Consumer Companies Equity Income 287 195 186 111 Billings 9,898 7,507
R$ Million
Consumer Companies
Consumer Companies
under Management
1H04
1H03
1H04
1H03
Equity Income
287
195
186
111
Billings
9,898
7,507
6,913
4,727
Volume of Transactions (million)
132 93 93 57
Credit Portfolio
4,943
3,622
3,647
2,488
Loan Losses
370
344
312
283
Loan Losses / Credit Portfolio
7.5%
9.5%
8.6%
11.4%
ROAE %
56.4%
69.7%
42.0%
50.9%
Consumer Companies: Fininvest, Unicard, 50% LuizaCred, 50% PontoCred, 33.3% Credicar and HiperCard.
Consumer Companies Under Management: Fininvest, Unicard, 50% PontoCred, 50% PontoCred and HiperCard.

17. Consumer Companies + Net Income Billings Credit Portfolio
R$ Million
Net Income
Billings
2,213 91
82.0%
12.6% 50
1,965
1H03
1H04
1H03
1H04
Credit Portfolio
Number of Transactions (million)
1,552
14.1% 29
31.8% 22
1,360
Jun-04
1H03
1H04
Jun-03

18. Consumer Companies Net Income Credit Portfolio and Financed Volume
R$ Million
Net Income
Credit Portfolio and Financed Volume
8.1%
1,045
967
7.0%
16.7% 63
400
428 54
1H03
1H04
1H03
1H04
Credit Portfolio
Financed Volume
Billings
Number of Transactions (million) 41
3,006
17.1%
19.5%
2,516 35
1H03
1H04
1H03
1H04

19. Consumer Companies Financial Information Equity Income 20
R$ Million
Financial Information
Equity Income 20
Loan Portfolio
836
Fees 44
Provisions for Loan Losses 19
Provisions for Loan Losses / Credit Portfolio
2.3%
Annualized ROAE %
31%
Business Information
Portfolio (number of cards - million)
2.5
Billings
1,400
Volume of Transactions (million)
23.5
Average Ticket (R$)
59.60
From March 1st to June 30th, 2004.

20. Assets under Management
Funding
R$ Million
27.3%
5.5%
59,831
Assets under Management
56,738
20.7%
47,003
% Jun-04-Jun-03
+32.5%
4.0%
30,503
29,324
27.4%
23,025
Deposits
7.0%
14.3%
% Jun-04-Jun-03
+22.3%
27,414
29,328
23,978
Jun-03
Mar-04
Jun-04

21. Insurance
R$ Million
2Q04
1Q04
1H04
1H03
Net Premiums Written + Extended Warranty + Private Pension Plans
1,163
1,027
2,191
1,891
Technical Reserves: Insurance+Extended Warranty+Private Pension Plans
4,847
4,326
4,847
3,559
Net Income 79 69
148
151
Combined Ratio (%)
99.6%
98.8%
99.3%
98.8%
Technical Reserves: Insurance, Extended Warranty and Private Pension Plans
21.6%
12.0%
4,847
4,326
3,559
1,077
Total
947
836
% Jun-04-Jun-03
+36.2%
3,379
3,770
2,723
Jun-03
Mar-04
Jun-04
Private Pension Plans
Insurance + Extended Warranty

22. Insurance Claims Ratio Administrative Expenses / Net Premiums Written
51.9%
51.7%
50.5%
2Q03
1Q04
2Q04
Administrative Expenses / Net Premiums Written
14.3%
11.7%
11.3%
2Q03
1Q04
2Q04

23. will establish the Italian Desk.
BNL Brasil Acquisition
Banca Nazionale del Lavoro (BNL) received 1,000,000,000 of Units (one billion of Units) from Unibanco and Unibanco Holdings. After the conclusion of the transaction, BNL will own, directly and indirectly, 1.43% of Unibanco’s capital.
BNL Brasil (acquisition information):
Credit Portfolio of R$698.5 million
107 thousand clients
96 thousand cards issued
400 corporate clients, majority of Italian and European companies
will establish the Italian Desk.

24. Stocks Liquidity Increase (UBBR11)
Aumento de Liquidez na Bovespa
Stocks Liquidity
Stocks Liquidity Increase (UBBR11)
Daily Average
Volume
Trades
290
39,219
121
31,453
102 94
30,371
28,757
25,157 44 46
22,674 31
16,835
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04
3Q04*
* Until August 08th, 2004.

25. 100 shares will become 1 share.
Reverse Stock Split
As of August 30, 2004 every
100 shares will become 1 share.
REVERSE STOCK SPLIT
Price on Aug.12,2004
BEFORE
AFTER
Unit R$ / 1,000 Units
GDS US$ / 500 Units
Unit R$ / Units
GDS US$ / 5 Units

26. Macroeconomic Perspectives 2004
On May 13, 2004
On Aug 13, 2004
GDP % 3.7%
Exchange Rate (R$ / US$)
SELIC (end of the year) % 15.5%
IPC-A % 7.2%

27. Unibanco Guidelines 2004 Loan Portfolio 20% 15% 18% Corporate 13% 10%
Guidelines on
May 13, 2004
1H04
vs.1H03
Guidelines on
Aug 13, 2004
Loan Portfolio
20%
15%
18%
Corporate
13%
10% 9%
Large
10% 7% 5%
Small and Medium
23%
20%
22%
Individuals
32%
23%
30%
Multiple bank and other companies
25%
14%
22%
Consumer Companies
25%
19%
23%
Credit Cards
55%(1)
51%(2)
54%(3)
HiperCard: (1) 30% (2) 40% (3) 41%
Administrative Expenses 7%
10% 9%
Fee Income
10-15%
14%
12-16%

28. 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.