1. 80 years of innovation. 1 Conference Call November 12, 2004 Consolidated Results 3 rd Quarter 2004

2. 80 years of innovation. 2 Performance Indicators (1) In August, 2004, a reverse stock split in a ratio of 100 shares per share was performed. Amounts from previous periods were adapted for better comparison. R$ Million 3Q042Q043Q03 Operating Income556 401 428 Net income327 305 270 Earnings per share (R$) (1) 0.23 0.22 0.20 ROAE (%)17.8%17.3%16.5% Total assets84,06280,01168,066 Total loans30,667 30,045 26,624 Deposits + Funds64,698 59,831 49,322 Stockholders' equity7,9327,7047,023

3. 80 years of innovation. 3 9M049M03 1,428 1,451 908 761 0.65 0.55 16.4%15.2% Performance Indicators Operating Income Net income Earnings per share (R$) (1) ROAE R$ Million (1) In August, 2004, a reverse stock split in a ratio of 100 shares per share was performed. Amounts from previous periods were adapted for better comparison.

4. 80 years of innovation. 4 R$ Million Consolidated Results 3Q042Q043Q03 Profit from financial intermediation1,400 1,142 1,116 (+) Fees from services rendered829 820 685 (-) Personnel & Adm. Expenses(1,308) (1,242) (1,181) (+/-) Other Operating Income/ Expenses(365) (319) (192) (=) Operating Income556 401 428 (+/-) Non-operating Income (Expenses), net(5)18(7) (+/-) Income tax and social contribution(141) (18) (56) (-) Profit Sharing / Minority Interest(83)(96)(95) Net Income327 305 270

5. 80 years of innovation. 5 Financial Margin R$ Million 3Q042Q043Q03 Revenue from Financial Intermediation3,0953,4143,419 Expenses on Financial Intermediation(1,420)(1,956)(1,887) Financial Margin (Before Provision for Loan Losses) (A) 1,6751,4581,532 Provision for Loan Losses275 316 416 Financial Margin (After Provision for Loan Losses)1,4001,1421,116 Total Average Assets (-) Average balance of interbank loans (=) Adjusted total assets (=) Adjusted total assets – Fixed assets (B) Adjusted annualized financial margin (A / B) 82,03675,75867,079 15,31612,2869,623 66,72063,47257,456 63,18359,50554,178 11.0%10.2%11.8% Note: Unadjusted net financial margin would be 8.8%, 8.4% and 10.0% in 3Q04, 2Q04 and 3Q03, respectively.

6. 80 years of innovation. 6 Effective income tax rate R$ Million 3Q042Q043Q03 Income before taxes and profit sharing to employees551 419 421 Profit sharing to employees(46) (57) (59) (A) Income before taxes and after profit sharing505 362 Income Tax @ 25% and Social Contribution @ 9%(172) (123) Tax deductible dividends (interest on capital) / Permanent differences (net) 67 72 54 Non-taxable / non-deductible exchange rate fluctuation and equity income (36) 33 13 (B) Income Tax & Social Contribution for the period(141) (18) (56) (B /A ) Effective Income Tax & Social Contribution Rate28%5%15%

7. 80 years of innovation. 7 Other Operational Income / Expenses R$ Million Analysis of Q-o-Q changes 3Q042Q043Q03  3Q04-3Q03 Other Operating Income / Expenses(365) (319) (192) (173) Main Changes Provision for labor, fiscal and civil contingencies (114) (106) (74) (40) Credit Card issuance expenses (92) (87) (63) (29) Levies on fees and interest (199) (174) (160) (39) Goodwill amortization (39) (36) (20) (19) Early Retirement Program (9) (15) - (9) Total Changes Above(136)

8. 80 years of innovation. 8 Securities Portfolio Market Value Adjustment R$ Million Held To Maturity + 283 Market Value Adjustment 09/30/2004  3Q04 Market Value Adjustment 06/30/2004  2Q04 Income Statement Impact771165-46 Stockholders´ Equity Impact(111)54(165)92 Amortized Cost Market Value Adjustment Securities Held to Maturity 5,338 5,621 Unrealized gains R$ Million

9. 80 years of innovation. 9 Fees from Services Rendered R$ Million Banking fees and other fees and commissions408 403 372 Credit Cards321 232 Unibanco’s cards + Redecard214220148 Credicard107 101 84 Asset management100 96 82 Total fees from services rendered829 820 685 3Q042Q043Q03

10. 80 years of innovation. 10 Personnel and Administrative Expenses 3Q042Q043Q03 Personnel Expenses527 484 491 Administrative Expenses781 758 690 Total1,308 1,242 1,181 Efficiency Ratio61.2%63.4%58.2% R$ Million

11. 80 years of innovation. 11 Loan Portfolio Breakdown Non-Accrual Portfolio AA-C Loan Portfolio R$ million D-H A C AA B 8.4% 6.9% 6.8% 11.6% 8.1% 34.4% 37.7% 40.9% 36.0% 39.2% 36.4% 9.6% 8.1% 7.8% Sep 03Jun 04Sep 04 26,62430,04530,667 AA A B C D-H 90.4% 91.9% 92.2% 99.2% 96.6% 3Q033Q04 1.0% 6.0% 4.7% Non-Accrual Portfolio/ Loan Portfolio Coverage ratio of non-accrual Portfolio Net Write-Off / Total Portfolio

12. 80 years of innovation. 12 Loan Portfolio – Individuals Sep-03Sep-04Jun-04 3.9% 15.0% 10.1% 26.2% 5.1% 103.1% 1.3% 20.3% 4.8% 27.0% R$ million 973 9,050 6,012 1,7791,881 1,297 11,496 1,551 5,434 1,092 10,969 1,958 1,314 1,976 6,248 Multiple Bank and Other Companies Consumer Finance Companies Unibanco's Credit Cards CredicardTotal Individuals

13. 80 years of innovation. 13 Loan Portfolio – Corporate Sep-03Sep-04Jun-04 8.7% 30.5% -2.5% 2.3% 0.5% 9.1% R$ million 4,213 13,361 17,574 5,055 14,021 19,076 5,497 13,674 19,171 Micro, Small and Middle CompaniesLarge CorporateTotal Corporate

14. 80 years of innovation. 14 47% Loan Portfolio Mix 54% 50% 45% 46% 50% 55% Dec-01Dec-02Dec-03Sep-04 25,82730,667 26,75127,917 53% RetailWholesale Note: Wholesale includes only large corporates R$ Million

15. 80 years of innovation. 15 Loan Portfolio Mix 8.5% 21.2% 4.8% 0.5% 12.8% 2.1% 26,624 30,045 30,667 15.2% Individuals +27.0% Corporate +9.1%  % Sep-04/Sep-03 R$ Million R$6.3 Bln US$2.2 Bln US Dollar indexed portfolio 17,574 19,07619,171 9,050 10,969 11,496 Sep-03Jun-04Sep-04 R$5.9 Bln US$2.0 Bln R$6.8 Bln US$2.2 Bln

16. 80 years of innovation. 16 Consumer Companies (including Credicard Group) Includes: Fininvest, Unicard, HiperCard, 50% LuizaCred, 50% PontoCred, 33.3% Credicard, 33.3% Orbitall and 31.94% Redecard. 3Q042Q043Q03 R$ Million Contribution to Unibanco’s results Revenues Credit Portfolio Provision for Loan Losses Provision for Loan Losses / Credit Portfolio 161 150 134 5,915 5,919 3,974 5,286 4,992 3,641 188 193 199 3.6%3.9%5.5%

17. 80 years of innovation. 17 Consumer Companies (without Credicard and Orbitall) Includes: Fininvest, Unicard, HiperCard, 50% LuizaCred, 50% PontoCred and 31.94% Redecard. 3Q042Q043Q03 R$ Million 137 123 110 Revenues4,325 4,353 2,502 Credit Portfolio3,972 3,695 2,550 Provision for Loan Losses155 163 167 Provision for Loan Losses / Credit Portfolio3.9%4.4%6.5% Contribution to Unibanco’s results

18. 80 years of innovation. 18 Funding Sep-04Jun-04Sep-03  % Q-o-Q  % Y-o-Y R$ Million Deposits31,014 28,925 24,986 7.2%24.1% SuperPoupe1,030 403 - 155.6%- Funds32,654 30,503 24,336 7.1%34.2% 64,698 59,831 49,322 8.1%31.2%

19. 80 years of innovation. 19 Total Reserves Insurance, Extended Warranty and Pension R$ Million 3Q042Q043Q03 Net Premium Written + Pension Contributions1,0391,163753 Insurance and Pension Reserves5,1064,8473,682 Net Income767958 Combined Ratio99.4%99.6%103.9% Loss Ratio 44.1%50.5%58.4% 3,682 4,847 5,106 5.3% 31.6% Insurance + Warranty +26.8% Private Pension +42.2%  % Sep-04/Sep-03 2,840 3,770 4,039 842 1,077 1,067 Sep-03Jun-04Sep-04 38.7%

20. 80 years of innovation. 20 Macroeconomic Perspectives GDP growth4.2%4.0% Fx Rate (R$ / US$) 2.903.00 SELIC (end of the year) 17.75%15.50% IPC-A7.1%6.1% 2004 2005

21. 80 years of innovation. 21 Unibanco Guidelines 2004 Loan Portfolio Corporate Large Small / Medium Individuals Multiple Bank and Other Companies Consumer Finance Unibanco’s Credit Cards Administrative Expenses Fee Income Credicard Sept-04 / Sept-03 15% 9.1% 2.3% 30.5% 27% 15.0% 26.2% 103.1% 11% 16% GUIDANCE Aug 13, 2004 18% 9% 5% 22% 30% 22% 23% 54% 9% 12-16% NEW GUIDANCE 9% 14-16% 15% 11% 2% 37% 15% 20% 34% 107% 20.3%

22. 80 years of innovation. Credicard Shareholders’ Restructuring

23. 80 years of innovation. Credicard – Transaction background 7.5 million credit card portfolio places Unibanco as a leading player in this segment. Unibanco has its own credit card processing unit. Main issuer of private label in Brazil: 9.5 million cards. Accretive transaction to shareholders. Unibanco has kept equity in Redecard, a highly profitable company, which manages the merchants’ relationship. Promising partnerships and alliances with major retail chains.

24. 80 years of innovation. Credicard: Before and After the Transaction Before After 33.3% 50%

25. 80 years of innovation. Orbitall: Before and After the Transaction Before After 33.3% 100%

26. 80 years of innovation. Redecard: No Changes 32% 4%

27. 80 years of innovation. (99)(63)(162) (90)(10)(100) 1.354671.421 Price / Book 1.3 – 1.4 Price / Earnings CredicardOrbitallTotal Transaction amount1,5431401,683 (99)(63)(162) (-) Allowance for future contingencies(90)(10)(100) Pre-tax non-operational result1,354671,421 Price / Book value15.62.210.4 Price / Earnings18.49.517.1 Price / Book value Price / Earnings8.1 Shareholders’ Restructuring – Credicard Group (-) Book value Transaction multiples Unibanco’s multiples (Unit @ R$15.15) R$ Million

28. 80 years of innovation. Balance Sheet and P&L Impacts

29. 80 years of innovation. 29 Transaction impacts – Estimates for 2005  Cash proceeds + R$1.7 billion  46% reduction in goodwill balance - R$778 million (Bandeirantes)  Improvement in goodwill/equity ratio from 21.4% to 11.4% (as of Sep/04)  Reduction in investments account - R$162 million  Loan portfolio reduction - R$1.3 billion  Interest income from transaction proceeds + R$284 million (CDI @16.6% 2005)  Reduction of goodwill amortization +R$95 million  Credicard / Orbitall equity pick-up elimination - R$112 million  Maintenance of Redecard equity pick-up R$ 102 million Balance SheetP&L

30. 80 years of innovation. Estimated 2005 impacts R$ million Additional interest income (interbank rate (CDI) @ 16.6% 2005)284 Elimination of goodwill amortization95 Equity pick-up lost (2004 + interbank rate (CDI) @16.6% 2005)(112) Income tax(129) Incremental net income for 2005138 ROE improvement 1.5%

31. 80 years of innovation. Our Credit Card and Private Label Businesses

32. 80 years of innovation. 32 CredicardUnibanco’s cards* September - 2004 December-1999 Credit cards issued (million cards) * Unicard, HiperCard and Fininvest 2.0 4.1 7.5 7.6 7.5 million credit cards 9.5 million private label cards High potential retail client base (Ponto Frio and Magazine Luiza) Credit Card business Unibanco’s portfolio, as of September 2004: R$ million

33. 80 years of innovation. 33 Unibanco and Credicard’s revenues comparison Credicard100.0 Unibanco’s cards44.345.348.178.0 Private Label Unibanco10.914.316.320.9 Total Unibanco55.2%59.6%64.4%98.9% 3Q023Q033Q043Q01 %

34. 80 years of innovation. 34 Market total: Abecs Credicard Banco do Brasil Itaú Bradesco UBB = Visa + MasterCard 14.2% 7.6% 13.9% 12.7% 10.8% Billing – Credit cards – without HiperCard 23.0% 21.0% 19.0% 17.0% 15.0% 13.0% 11.0% 9.0% 7.0% 5.0%

35. 80 years of innovation. 35 Credicard Banco do Brasil Itaú Bradesco UBB = Visa + MasterCard + HiperCard 14.2% 11.7% 13.9% 12.7% 10.8% Billing – Credit cards – with HiperCard Market total: Abecs 23.0% 21.0% 19.0% 17.0% 15.0% 13.0% 11.0% 9.0% 7.0% 5.0%

36. 80 years of innovation. Total Cards Issued – Sept/04 Before After TOTAL Cards Issued (thousand) 4,2062,6218,4861,4223052,45319,49417,041 Hipercard-2,621---- Visa / MC4,206-708--2,4537,3684,914 Private Label--7,7791,422305-9,505 Billings (R$ million) 4,6033,0932,2514791224,59915,14610,548 Loan Portfolio (R$ million) 1,4008911,071156341,1714,7233,553

37. 80 years of innovation. 37 For further information contact our Investor Relations Area at phone: 5511-3097-1980 fax: 5511-3813-6182 email: investor.relations@unibanco.com site: www.ir.unibanco.com 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.