1. 1 Consolidating a Growth, Segmented and Comprehensive Strategy Mr. Israel Vainboim - December 20, 2000 1

2. 2 The Transaction Banco Fininvest Valuation Strategic Rationale Continuous Focus on Growth Contents

3. 3 The Transaction Unibanco acquired, from Grupo Icatu, 50% of the total capital of Banco Fininvest S.A. Unibanco acquired, from Grupo Icatu, 50% of the total capital of Banco Fininvest S.A. Unibanco which held 50% of Fininvest´s capital is now the latter´s sole owner, in a transaction valued at R$ 480 million Unibanco which held 50% of Fininvest´s capital is now the latter´s sole owner, in a transaction valued at R$ 480 million

4. 4 Organizational Structure Unibanco Banco Fininvest Equity R$ 159 MM Loans R$ 800 MM Administradora Equity R$ 80 MM Loans R$ 460 MM Financeira Matrix Equity R$ 9 MM Leasing Equity R$ 7 MM DTVM Equity R$ 5 MM Corretora de Seguros Equity R$ 0.3 MM Icatu 99.9%99.9%99.9%99.9%99.9% 50%50% Total Credit R$ 1,260 MM Banco Fininvest

5. 5 Market leadership (top of mind) Market leadership (top of mind) - 3.0 million active customers - 7.3 million customer database (75 % with bank accounts) - 3.3 million consumer credit operations - 1.3 million Private Label cards - 900 thousand loan cards - 600 thousand credit cards - 3,300 employees TOTAL: 6.1 million current operations TOTAL: 6.1 million current operations 2.03 Product per Customer Banco Fininvest

6. 6 14% 4% 2% 20% 10% 32% 0% 5% 10% 15% 20% 25% 30% 35% Fininvest FininvestLosangoPanamericanoCacique Don´t know/ Don´t remember None Source: Research International November/2000 RJ, SP, Brasília, Curitiba, Porto Alegre, Belo Horizonte Banco Fininvest Top of Mind - Brand Awareness

7. 7 Stand alone business case - Developed by Morgan Stanley Dean Witter hired jointly by Unibanco and IcatuStand alone business case - Developed by Morgan Stanley Dean Witter hired jointly by Unibanco and Icatu - Discounted cash flow Impact of synergies - based on study by Speer & AssociatesImpact of synergies - based on study by Speer & Associates Tax impact of goodwill - to be amortized by Fininvest itselfTax impact of goodwill - to be amortized by Fininvest itself Impact of strategic opportunities identified by Fininvest with the support of McKinsey & Co. - Not valuedImpact of strategic opportunities identified by Fininvest with the support of McKinsey & Co. - Not valued Valuation Methodology

8. 8 Spreads net of losses will be 30% lower in 2004Spreads net of losses will be 30% lower in 2004 Loan annual growth rate of 15% until 2004Loan annual growth rate of 15% until 2004 Discount rate of 18% p.a. in US$Discount rate of 18% p.a. in US$ Perpetuity growth rate of 2.0% p.a.Perpetuity growth rate of 2.0% p.a. Equity equivalent to 12% of credit portfolioEquity equivalent to 12% of credit portfolio Basic Premisses

9. 9 Potential Synergies 11.5% cost reduction on total expenses of R$760 million incurred by Fininvest, Cartão Unibanco and Unibanco Financeira11.5% cost reduction on total expenses of R$760 million incurred by Fininvest, Cartão Unibanco and Unibanco Financeira Fundamentals underlying the cost reductions:Fundamentals underlying the cost reductions:  management and brands to remain independent  back office integration Full cost reduction to be achieved within 3 yearsFull cost reduction to be achieved within 3 years Valuation

10. 10 Synergy Potential - Integration Targets Credit Processing Billing Customer Service Centralized Management Credit Department Processing Center Collections Credit Card Issuance Department Financial Settlement Department Fraud Control Credit Processing Billing Customer Service Centralized Management Credit Department Processing Center Collections Credit Card Issuance Department Financial Settlement Department Fraud Control Valuation

11. 11 Nature of estimated savings Data processing 23% Collection 18% Collection 18% Management 15% Management 15% Customer service 12% Customer service 12% Others 32% Others 32% Total 100% Total 100% Synergy Potential Net savings(in R$ MM) Year 1 Year 2 Year 3 ---> time table Net savings 11 55 86 Net savings 11 55 86 Savings Priorities Schedule Integration of management areas 15% Back office (includes credit cards) 33% Back office (includes credit cards) 33% Unibanco finance 14% Unibanco finance 14% Other staff (HR, Legal, etc) 15% Other staff (HR, Legal, etc) 15% Data processing 23% Data processing 23% Total 100% Total 100% Valuation

12. 12 Recent Financials 19981999E2000 Credit Portfolio9639191,260 Total Revenue732712741 Losses(387)(425)(413) Expenses (333)(274)(293) Taxes23(14) Net Income141721 In R$ million Valuation

13. 13 Increase customer base 18% p.a. Increase customer base 18% p.a. Open 52 new branches in 2001 Open 52 new branches in 2001 Increase cross selling Increase cross selling New products introduction New products introduction Fininvest´s 2001 Growth Plan Valuation

14. 14 2001 Budget 2001 Budget Business as Usual Financeira Matrix New Projects Total Total Revenue9024435981 Losses(434)(14)18(430) Expenses(353)(18)(47)(418) Provisions(9)(1)(1)(11) Taxes(38)(4)(2)(44) Net Income687378 In R$ million Valuation Not valued

15. 15 Valuation Business Stand Alone 560 700 Synergies (after tax)338 338 Tax shield (goodwill) 6262 New Strategies 0 0 TOTAL9601,100 Internal Rate of Return18% 22% In R$ million Summary Summary More favorable scenario Conservative scenario

16. 16 Value at Unibanco 1996: acquisition of 50% US$ 10 MM 2000: proportional equity value R$ 80 MM acquisition of 50% R$ 480 MM acquisition of 50% R$ 480 MM 100% => R$ 560 MM 100% => R$ 560 MM Implied Economic Value: R$ 960 MM (*) (*)Morgan Stanley: Stand Alone Valuation Speers & Associates: Synergies Studies McKinsey: Strategic Planning of Fininvest Valuation

17. 17 Year 2000: Unibanco Furthers its Segmentation Strategic Rationale Wholesale Banking Group Retail Banking Group Note: For visual representation. Corporate Banking (Annual Sales > R$ 80 MM) Private Banking (Financial Investment > R$ 1,000,000) Exclusive Client (R$ 1,300 < Monthly income < R$ 4,000) Upper Middle Market (R$ 25 MM < Annual Sales < R$ 80 MM) Lower Middle Market (R$ 10 MM < Annual Sales <R$ 25 MM) R$ 350 R$1,300 Special Client Banco 1 (Virtual Bank) (Monthly Income > R$ 1,000 ) Uni Class (Monthly Income > R$ 4,000 ) Exclusive Client (Annual Sales < R$ 10 MM) Small Businesses INDIVIDUALSCORPORATE

18. 18 Customer Base Distribution - Unibanco 10,000 7,500 4,450 3,600 2,500 1,500 700 0 255018303537404555606565 70 Age Income Source: Brazil IBGE (PNAD/1996) - All sources Young Affluent Affluent Successful Beginner Upper Middle Family Older Up-scale Middle Family Middle Core Young Mass Market Mass Market Younger Lower Older Lower 19.9% 2.1% Strategic Rationale Clients: 287,636 Clients: 93,588 Clients: 170,246 Clients: 88,098 Clients: 447,502 Clients: 131,665 Clients: 120,140 Clients: 481,478Clients: 626,354 Clients: 1,412,663 Clients: 330,355

19. 19 10,000 7,500 4,450 3,600 2,500 1,500 700 0 2550 18303537404555 60 65 65 70 AgeIncome Source: Brazil IBGE (PNAD/1996) - All sources Young Affluent Affluent Successful Beginner Upper Middle Family Older Up-scale Middle Family Middle Core Young Mass Market Mass Market Younger Lower Older Lower 19.9% 10.8% Customer Base Distribution - Unibanco + Fininvest Strategic Rationale

20. 20 Transaction Rationale - Summary Strategic Strategic Increase scale by adding 3 million active clients Increase scale by adding 3 million active clients Increase Market Share in Low income segment Increase Market Share in Low income segment High Potential Growth segment High Potential Growth segment Powerful Brand Name ( top of mind) Powerful Brand Name ( top of mind) Cross Sell Opportunities (Capitalization, Insurance etc.) Cross Sell Opportunities (Capitalization, Insurance etc.) Financial IRR of 18% + IRR of 18% + Premium for control Premium for control Low Client Acquisition Cost Low Client Acquisition Cost Synergies Cost savings of 11.5 % incurred on similar activities Cost savings of 11.5 % incurred on similar activities Full cost reduction to be achieved in 3 years Full cost reduction to be achieved in 3 years

21. 21 Continuous Focus on Growth Earnings per Share (R$) Total Funding (R$ million) 5,410 12,075 29,703 41,057 52,654 90939699 CAGR = 25.55% 5,906 11,546 26,268 35,997 44,437 90939699 Sep/00 Pro Forma Total Assets (R$ million) CAGR = 22.36% 1.43 2.22 2.99 5.57 90939699 CAGR = 16.31% Sep/00 Pro Forma

22. 22 Total Assets - Relative Positioning Source: Austin Asis, Central Bank of Brazil Banco do Brasil vs. UNIBANCO13,03,2 Bradesco vs. UNIBANCO2,91,9 Itaú vs. UNIBANCO2,31,3 Banespa vs. UNIBANCO2,20,6 1990 Highest Relative Growth in the Decade 2000 Continuous Focus on Growth

23. 23 Growth Objectives - New clients - Increased distribution - Increase cross selling Strategy Maintain segmentation focus while maximizing one-to-one sales approach Focus - Organic Growth Plan - Acquisitions Next 3-year Strategy Next 3-year Strategy Continuous Focus on Growth

24. 24 66 new branches 66 new branches 135 Corporate-site branches 135 Corporate-site branches 58 In-store 58 In-store Acquire : 1,857,000 customers Investments : R$ 181 million Investments : R$ 181 million Expense Growth : R$ 199 million Expense Growth : R$ 199 million Incremental Income : R$ 513 million Incremental Income : R$ 513 million Organic Growth Plan - 3-year Objectives Continuous Focus on Growth

25. 25 Acquisitions Credibanco108 Bandeirantes1,044 Fininvest480 TOTAL1,632 Year 2000 - Strategic Initiatives Quatro/A109 Zip.net68 Banco1.net114 BUS215 TOTAL506 Divestitures/Associations In R$ million Continuous Focus on Growth

26. 26 For more information contact our Investor Relations Area at phone : 55-11-3097-1626 / 1313 fax: 55-11-3813-6182 email: investor.relations@unibanco.com.br The following presentation contains forward looking statements regarding Banco Fininvest, anticipated synergies, Banco Fininvest’s growth plan, Unibanco and its projected results and future strategy. Although these forward looking statements reflect management’s good faith beliefs, they involve known and unknown risks and uncertainties that may cause Unibanco’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 on the timetable projected, as well as economic, competitive, governmental and technological factors affecting Fininvest’s and 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.