1. 0 December 2003 Institutional Presentation

2. 1 Founded in 1924 Controlled by Moreira Salles Group Brazil’s oldest private sector bank 3 rd largest private sector bank Country’s largest consumer finance operation Universal Banking model – Retail banking – Wholesale banking – Insurance / Pensions – Wealth Management (R$ billion - as of December 2003) $69.6 Assets $27.9 Loans $25.4 Deposits $7.2 Shareholders Equity BIS Ratio 18.6% Snapshot

3. 2 Core Businesses RetailWholesaleInsuranceWealth Bank and PensionsManagement December 31, 2003 Higher and Middle Income Individuals Lower Income Individuals Small Companies Credit Cards Consumer Finance Mortgage Finance Savings Account Holders and Retirees Savings, Capitalization, and Annuities Large and Middle Market Corporations Trade Finance Corporate Finance and Brokerage Project Finance Leasing Treasury Cash management Mergers and Acquisitions Life Automobile Property & Casualty Health Homeowners Pensions and Retirement Plans Asset Management Private Banking

4. 3 Special Segment (R$350 R$ 1,300) (R$1,300 < Monthly Income < R$4,000) Large Companies (Annual Sales > R$150 million) Upper Middle Market (R$40 million < Annual Sales < R$150 million) Lower Middle Market (R$5 million < Annual Sales < R$40 million) (Annual Sales < R$5 million) Small Business Private Bank (Financial Investment > R$1 million) UniClass Segment (Monthly Income > R$4,000) Banco1.net (Virtual Bank) (Monthly Income > R$800) Exclusive Segment Payroll Private Bank Wholesale Bank Retail Bank IndividualsCorporate Segmentation

5. 4 The Businesses

6. 5 Brand Positioning Monthly income over R$1,000 Monthly income beetween R$350 and R$1,000 Monthly Income under R$350 17 million people 37 million people 12 million people - Retirees - Payroll Brands targeted for all segments - Checking-account holders Source: IBGE - 2000 census - Economically active population, over 10 years old

7. 6 In Million 0.8 3.7 4.0 5.2 5.6 6.0 0.7 3.0 3.9 3.5 4.0 2.9 3.0 1.1 Dec-94Dec-99Dec-00Dec-01Dec-02Dec-03 7.7 13.1 13.2 14.1 Note: Unibanco includes saving account holders and retirees, from 1999. Operational Highlights Client Base

8. 7 1,080 1,383 3,400 350 3,772 111 1,559 Dec- 99Dec-00Dec-01 500 5,459 5,616 CAGR = 34% 1,279 333 8,076 173 Dec-03 9,861 1,314 347 8,442 127 Dec-02 10,230 Dec-94... 711 226 + Note: Fininvest includes Fininvest stores and points-of-sale at retailers Distribution Network Evolution

9. 8 Wide Distribution Network Fininvest Stores PontoCred LuizaCred Network TOTAL Fininvest - Points of Sale Branches & in-store branches Corporate-site branches Banco 24 Horas (ATMs) 1105725181 654258 1,384 814 53 3625 105 North Northeast Mid-West Southeast South 632251404,559 1686 6258376 65 52 297 4 217 1,02122 1,792 111 336 173 11,884 7,965 873 406 2,020

10. 9 Direct ManagementIndirect Management Consumer Companies

11. 10 Main Indicators R$ Million Consumer Companies: Fininvest, Unicard, 50% LuizaCred, 50% PontoCred and 33.3% Credicard Consumer Companies 20032002  % 2003/2002 Billings23,067 20,139 14.5% Equity Income504 407 23.8% Credit Portfolio4,060 3,511 15.6% Loan Losses765 881 -13.2% Loan Losses / Credit Portfolio18.8%25.1%-630b.p. Volume of Transactions (in million)338 274 23.4% Consumer Companies (including Credicard Group)

12. 11 R$ Million Consumer Companies Under Management: Fininvest, Unicard, 50% PontoCred and 50% InvestCred. Consumer Companies Managed by Unibanco Main Indicators Consumer Companies Billings10,088 9,277 8.7% Equity Income308 163 89.2% Credit Portfolio2,782 2,411 15.4% Loan Losses647 778 -16.8% Loan Losses / Credit Portfolio23.3%32.2%-890b.p. Volume of Transactions (in million)122 111 9.9% 20032002  % 2003/2002 ROAE51.7%36.8%1,490b.p.

13. 12 Main Indicators R$ Million Consumer Companies 20032002  2003/2002 Billings5,4284,82312.5% Equity Income1309635.4% Credit Portfolio1,06591516.4% Loan Losses2342330.4% Loan Losses / Credit Portfolio22.0%25.5%-350b.p. Number of Credit Cards (in thousands)4,3853,85313.8% ROAE 76.5%64.0%1,250b.p.

14. 13 R$ Million Main Indicators Consumer Companies Billings3,574 3,440 3.9% Equity Income159 53 200.0% Credit Portfolio1,358 1,202 13.0% Loan Losses355 498 -28.7% Loan Losses / Credit Portfolio26.1%41.4%-1530b.p. ROAE49.5%23.5% Administrative and Personnel Expenses387 424 -8.7% 2600b.p. 20032002  % 2003/2002

15. 14 Insurance + Private Pension Plans Technical Reserves R$ Million Dec-02Jun-03 Dec-03 Insurance Private Pension Plans 4Q033Q034Q0220032002  2003/2002 Billings + Premiums Written7887286303,3732,46037.1% Net Income5457622582541.6% Equity Income2728311291271.6% 825 2,785 3,532 +26.8% 3,892 +10.2% +40% 825 781 2,004 809 2,723 821 3,071

16. 15 Market Share – Premiums Written Insurance Source: SUSEP and ANS Administrative Expenses / Premiums Written 199820002002Nov-2003 7.21% 6.65% 4.90% 2.88% 17.1% 13.0% 10.6% 9.8% 2000200120022003

17. 16 Combined Ratio * Includes Garantech Source: Susep December 2003 Market Average 104.7 84.57% 93.87% 99.80% 102.43% 103.06% 104.75% 107.07% 108.28% 108.91% 112.99% AGF BRADESCO VERA CRUZPORTO SEGURO REALITAÚSUL AMERICA UASEGHSBCCAIXA SEGUROS

18. 17 Ranking 2003 Leadership  Fire  Transportation  Petrochemical  Aviation  D&O  Extended Warranty  Home*  Corporate Pension* * Second Position on this segments.

19. 18 Consolidated Results

20. 19 R$ Million Performance Indicators 20032002  2003/2002 Net Income1,052 1,010 4.2% Earnings/1000 shares (R$)7.65 7.29 4.9% Operating income1,906 1,083 76.0% ROAE15.3%16.0%-70b.p. BIS Ratio18.6%15.7%290b.p. Total Loans27,917 26,751 4.4% Deposits+Funds52,302 44,372 17.9% Stockholders' Equity7,156 6,559 9.1% Dividends/Interest on Capital Stock- net362 340 6.5%

21. 20 R$ Million Financial Margin 20032002  % 2003/2002 11,43114,062 (4,923)(8,366) 6,5085,696 (1,455) (1,837) 5,0533,859 69,20862,021 9.4%9.2%b.p. -18.7% -41.2% 14.3% -20.8% 30.9% 11.6% 2.2 Revenue from Financial Intermediation Expenses on Financial Intermediation Financial Margin before Provisions for Loan Losses (A) Provisions for Loan Losses Financial Margin after Provisions for Loan Losses Total Average Assets (-) Fixed Assets (B) Net Financial Margin (A/B)

22. 21 In R$ Million Consolidated Results 20032002  % 5,0533,85931% 2,8382,6168% (4,578)(4,233)8% (1,407)(1,159)21% 1,9061,08376% 1129-62% 1,9171,11272% (493)216-328% (372)(318)17% 1,0521,0104% Profit from Financial Intermediation (+) Fee Income (-) Personnel & Adm. Expenses (+/-) Other Operating Income/Expenses (=) Operating Income (+/-) Non-Operating Income (expenses), Net (=) Income Before Taxes & Profit Sharing (+/-) Income Tax & Social Contrib. (-) Profit Sharing/Minority Interest Net Income

23. 22 R$ Million Securities Portfolio Dec-03% PorfolioDec-02% Porfolio Trading Securities5,845 39%4,957 28% Securities Available3,452 23%6,411 35% for Sale Securities Held to Maturity5,773 38%6,610 37% Total Securities15,070 17,978

24. 23 R$ Million Loan Portfolio Breakdown 4.4% Retail Bank Wholesale Bank 10,881 11,401 12,123 15,870 15,223 15,794 Dec-02Sep-03Dec-03 +4.8% -4.1% -0.5% +6.3% +3.8% +4.9% 26,75126,624 27,917

25. 24 Loan Portfolio Breakdown Corporate 14,566 1,159 2,324 18,049 13,888 1,514 3,064 18,466 Large CorporateMiddle MarketSmall CompaniesTotal Corporate -4.7% +30.6% +31.8% +2.3% 5,225 1,462 2,015 8,702 5,453 1,672 2,326 9,451 Total Individuals +4.4% +8.6% +15.4% +14.4% Fininvest / PontoCred / LuizaCred Unicard / Credicard 2002 Individuals 2003 R$ Million Multiple Bank and Other Companies

26. 25 Loan Portfolio Breakdown R$ Million 27,917 17.0% 12.2% 7.9% 10.1% 9.9% 9.8% 29.0% 33.9% 34.5% 34.9% 34.5% 39.0% 9.0% 9.5%8.8% Dec-02Jun-03Dec-03 26,75126,195 91.0% 90.5% 91.2% AA-C Loan Porfolio / Total Loan Portfolio AA D-H A B C

27. 26 Non-Accrual Portfolio / Loan Portfolio 4.2% 4.4% 5.5% 6.0% 4.8% 140.5% 126.5% 102.8% 96.6% 115.1% Dec-02Mar-03Jun-03Sep-03Dec-03 Non-Accrual Portfolio / Loan Porfolio Coverage Ratio of Non-Accrual Portfolio

28. 27 Net Write-Off / Loan Portfolio Required Provision vs. Additional Loan Portfolio Additional Provision / Total Provision Minimum Required Provision / Total Provision 20022003 5.2% 3.9% 87% 86% 13% 14% Dec-02 Dec-03

29. 28 R$ Million Funding 25,988 25,357 18,384 26,945 Dec-02Dec-03 FundsDeposits 44,372 52,302 -2.4% +46.6% +17.9%

30. 29 Deposits and Funds Under Management Sep-03 Dec-02  Dec03-Sep03  Dec03-Dec02 R$ Million Demand Deposits 2,729 2,309 3,251 420 (522) Savings Deposits 5,918 5,509 5,722 409 196 Time Deposits 16,710 17,168 17,015 (458) (305) Total Deposits 25,357 24,986 25,988 371 (631) Funds 26,945 24,336 18,384 2,609 8,561 Deposits + Funds 52,302 49,322 44,372 2,980 7,930 Dec-03

31. 30 Issues – Capital Markets Date Issue Amount (Million) TermMaturityCouponReturn (p.y.) US$ 1.4 billion raised in 2003 EUROBONDS Jan-03US$ 1001 yearJan/046.875% 7.000% Jul-03US$ 12518 monthsJan/054.000% Jun-03US$ 1056 yearsJul/096.150% Nov-03US$ 22610 yearsOct/13 Libor + 2.860% SECURITIZATION Dec-03US$ 200 1 st to 5 th year Dec/087.375% 8.200% 6 th to 10 th yearDec/139.375% TIER II Jan-04*US$ 10018 monthsAug/053.000% 3.050% Jun-03US$ 1206 yearsJul/09 Libor + 4.250% Libor + 4.250%

32. 31 Net Revenue by Business Net Financial Result Banking Fees Credit Cards Insurance/Annuities/Pension Plans Asset Management Fees 11% 7% 5% 4% 12% 11% 15% 21% 19% 20% 22% 27% 25% 46% 40% 37% 41% 1998200020022003

33. 32 Fee Income / Personnel Expenses Fee Income / Personnel and Administrative Expenses 61.8%62.0% 158.9% 160.1% 2002 2003

34. 33 15.5% 23.0% IPC-A Unibanco 8.2% Total Expenses IPC-A Unibanco 9.3% 3,963 4,233 4,578 200120022003 R$ million Personnel and Administrative Expenses x IPC-A Total Expenses - Unibanco Consolidated

35. 34 Unibanco Pessoas Human Resources

36. 35 Human Resources Critical Conditions to Strategy Positioning  Business units aligned with Unibanco’s goals  Employees’ commitment  Allows the long term strategy tracking  Objectives and challenges transparent to all employees Balanced Scorecard (BSC) Internally known as PDG – Painel de Gestão

37. 36 ORGANIZATION FOCUSED ON STRATEGY Mobilize change through leadership Strategic Management: 5 Main Principles Executives’ Commitment Performance Culture Mission / Vision Strategic Maps Objectives, Ratios and Initiatives Relationship: Unibanco and Businesses Units Businesses Units and Support Units Strategy Communication Performance and Potential Evaluation Bonus based on performance Planning and budget linked to BSC Data systems and analysis Translate the strategy into operational terms Align the organization to the strategy Make strategy a continual process Make strategy everyone’s everyday job Human Resources

38. 37 Balanced Scorecard Hall of Fame Human Resources Unibanco is now the first and only Latin American institution to appear in the Balanced Scorecard Hall of Fame, title reserved for the companies that excel in the implementation of the Balanced Scorecard (BSC) model.

39. 38 PDG as an achiever to EVA (Economic Value Added) Managing from a value creation standpoint Making decisions intended at adding market value to Unibanco Results Clients InternalProcesses PeopleandTechnology ACHIEVER: PDG GVU Managing from a value creation standpoint Making decisions intended at adding market value to Unibanco Results Clients InternalProcesses PeopleandTechnology ACHIEVER: PDG GVU Human Resources

40. 39 Social Responsibility

41. 40 Social Responsibility – Instituto Moreira Salles Created in 1990, committed exclusively to promote and develop cultural programs Conceives and executes the majority of its initiatives Priority to medium/long-term activities and projects Aiming to make culture even more accessible to the public Web Site: www.ims.com.br Instituto Moreira Salles

42. 41 The country’s largest private complex dedicated to culture and arts in Brazil. Cultural Centers dedicated to photography, literature, music and history of Brazil. Espaços Unibanco de Cinema, a network of 35 movie theatres showing high quality / independent films. Cultural Centers Espaços Unibanco de Cinema Poços de Caldas São Paulo Belo Horizonte Rio de Janeiro São Paulo Rio de Janeiro Belo Horizonte Porto Alegre Fortaleza Juíz de Fora Social Responsibility – Instituto Moreira Salles

43. 42 Brazilian Literature Brochures Published twice a year by the Instituto Moreira Salles Institute since March 1996. Each publication is a monography that leans over the most important Brazilian authors Literary features, interviews, biographical data, declarations, photo’s archive and bibliography are some of the items that can found in these brochures. Since 2003, São Paulo State Bureau has addopted the Brazilian Literature Brochures to supply public schools and libraries. Social Responsibility – Instituto Moreira Salles

44. 43 2002 – New Concept Main focus definition, concentrating on Unibanco’s social activities. To Promote Education Support dedicated to Non-Governamental Organizations or foundations focused on education and Unibanco Ecologia efforts directed to Environmental Education (Environment Defense and Preservation) Social Responsibility – Unibanco Institute

45. 44 Target: Mainly teenagers and young grown-ups Formal Education Teacher´s Skill Development Professional Education Employability Social Responsibility – Unibanco Institute

46. 45 Closing Remarks

47. 46 Corporate Governance Unibanco Holdings Unibanco Chairman:Pedro Moreira Salles Vice-Chairmen:Gabriel Jorge Ferreira Pedro Sampaio Malan Board Members:Israel Vainboim Pedro Bodin de Moraes Armínio Fraga Chairman:Roberto Konder Bornhausen Vice-Chairman:Pedro Moreira Salles Board Members:Israel Vainboim Tomas Zinner Gabriel Jorge Ferreira Carlos Alberto Cruz Guilherme Affonso Ferreira Koji Yamada Unibanco Board of Directors – as of end of January 2004 Tomas Zinner

48. 47 Unibanco: Positioned for Growth In the year of its 80th anniversary, Unibanco enjoys an unique position in the Brazilian financial market. The largest consumer credit franchise in Brazil. Cutting-edge wealth management expertise. Wholesale bank Benchmark for the industry. Alliance with the world’s largest insurance company. Great opportunities of cross-selling. Improving eficciency ratios. Massive use of technology. Experienced Management Team Widespread distribution network Comfortable capital adequacy ratio. The largest credit card operation in Brazil. A full-range product offering

49. 48 For further information contact our Investor Relations Area at phone: 5511-3097-1626 / 1313 fax: 5511-3813-6182 email: investor.relations@unibanco.com.br site: www.unibanco.com (select Investor Relations option) 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.