1. O tempo todo com o Brasil 4Q03 Earnings

2. Highlights Largest Bank in Brazil in Total Assets Leadership in Assets Under Management Leadership in Credit Operations Leadership in Total Funding Customer Base Customers in BB’s Internet Largest ATM Network in Latin America Largest network service in the country 2

3. efficiency reflected in numbers Highlights R$ million 4Q023Q034Q03s/4Q02s/3Q03 Total Assets204,595215,134230,14412.57.0 Credit Operations 1 62,90072,60177,63623.46.9 Security Portfolio70,94374,05569,590-1.9-6.0 Deposits 2 97,253103,071110,01413.16.7 Asset Management - R$ bi66.291.8102.755.111.9 Shareholders’ Equity9,19711,68712,17232.34.1 Market Capitalization6,69911,71217,568162.250.0 Net Income6006656376.2-4.2 ROE % 3 30.225.723.1 Earnings Per Share - R$0.820.910.87 Change % 3 1- Credit operations, Leasing operations and others credits, according Res. 2682/99 2 - Demand, Time, Savings and Interbank 3 - Net Income included 4 - Annualized

4. 2,028 2,381 22.6 22.3 20022003 adding value to shareholders... Net Profit and Return On Equity R$ million 4 600 479 600 665 637 30.2 21.3 24.8 25.7 23.1 4Q021Q032Q033Q034Q03 Net ProfitROE % The result of the year allowed a R$ 745.7 millions remuneration to shareholders in the form of Interests on Equity, as dividends. This amount is 28.7% higher than the amount paid in the year of 2002.

5. result building up 55 Increase in Credit Operations Expansion in Service Fees “Other Administrative Expenses” under control Pricing increase in the security portfolio Reduction in the delinquency ratios Overall enhancement in Credit Global Risk

6. solid results Income Statement with Reallocations 6 R$ million 1,231 1,374 38.1%11.6%3,493 4,959 42.0% Income Tax and Social Contribution (352) (516) (453) 28.8%-12.2%(1,188) (2,067) 74.0% Profit sharing (43) (50) (155) 258.9%210.9%(145) (273) 88.7% Recurrent Result 600 665 765 27.6%15.1%2,160 2,619 21.2% Extraordinary items - - (128) (132) (238) 79.7% Net Income 600 665 637 6.2%-4.1%2,028 2,381 17.4% Quarterly FlowAnnual Flow

7. Analysis of volume and spread ready to a new environment 7 * average R$ million 4Q023Q034Q03s/4Q02s/3Q0320022003Year Gross Financial Margin 4,148 3,888 3,977 -4.1%2.3%13,575 15,318 12.8% Asset (-) Permanent 207,918 209,072 221,377 6.5%5.9%181,237 208,198 14.9% Spread Annualized 8.2 7.6 7.4 7.5 7.4 Quarterly FlowAnnual Flow 13,575 (241) 2,019 (36) Spread - % Volume - R$ million 2002 - 7.490365 2003 - 7.357317 2003 - 208,198 2002 - 181,237 Loss due to spread decrease Loss due to spread and volume increase Gain due to volume increase

8. asset quality preserved R$ million 8 4Q023Q034Q03s/4Q02s/3Q0320022003Year Gross Financial Margin 4,148 3,888 3,977 -4.1%2.3%13,575 15,318 12.8% Provision for NPL (855) (747) (827) -3.3%10.7%(2,876) (3,073) 6.9% Net Financial Margin 3,293 3,141 3,150 -4.4%0.3%10,699 12,245 14.4% Quarterly FlowAnnual Flow 6.0 5.6 5.3 5.0 4.7 5.9 5.5 5.1 4.8 4.6 3.3 3.0 3.2 3.0 4Q021Q032Q033Q034Q03 2.4 1.4 0.1 5.4 4.1 4.3 2.1 1.6 4.6 4.0 4Q023Q034Q0320022003 Loss / PortfolioExpenses with Provisions/Portfolio Overdue Loans/Total Credit Portfolio Overdue more than 15 days/Total Credit Portfolio Overdue more than 60 days/Total Credit Portfolio Delinquency ratio %Loss Ratio - Annualized %

9. margin growth guaranteed by business diversification 9 4Q023Q034Q03s/4Q02s/3Q0320022003Year Net Financial Margin 3,293 3,141 3,150 -4.4%0.3%10,699 12,245 14.4% Service Fees 1,159 1,412 1,511 30.3%7.0%4,454 5,491 23.3% Turnover Tax Expenses (249) (242) (289) 15.9%19.6%(703) (1,004) 42.8% Contribution Margin 4,203 4,312 4,372 4.0%1.4%14,450 16,732 15.8% Quarterly FlowAnnual Flow 4Q023Q034Q03s/4Q02s/3Q0320022003Year Receitas de Prestação de Serviços1,159 1,412 1,511 30.3%7.0%4,454 5,491 23.3% Customers Relations Fees336 407 451 34.0%10.7%1,280 1,647 28.7% Management of Investment Funds155 214 220 42.5%3.0%700 784 12.0% Loan Operations96 142 148 54.3%4.5%358 538 50.4% Collection107 130 143 34.0%10.3%401 500 24.8% Services to Related Companies22 34 27 18.8%-22.4%92 121 31.2% Third Revenue and Payments95 104 106 12.0%2.4%349 392 12.2% Credit Cards111 109 130 17.3%20.0%380 461 21.2% Others237 273 285 20.3%4.5%894 1,049 17.3% Quarterly FlowAnnual Flow R$ million

10. Asset Management customers’ loyalty and asset management leadership R$ billion Customer Base - in thousands 10 66.2 78.0 83.2 91.8 102.7 17.4 18.618.718.819.0 4Q021Q032Q033Q034Q03 Asset ManagementMarket Share % 14,399 14,905 15,645 15,937 17,534 992 1,005 1,073 1,112 1,217 4Q021Q032Q033Q034Q03 IndividualsCompanies

11. cost structure suitable with business generation R$ million 4Q023Q034Q03s/4Q02s/3Q0320022003Year Contribution Margin 4,203 4,312 4,372 4.0%1.4%14,450 16,732 15.8% Administrative Expenses (2,728) (2,931) (3,149) 15.4%7.4%(9,761) (11,298) 15.7% Commercial Income 1,476 1,381 1,223 -17.1%-11.4%4,689 5,435 15.9% Quarterly FlowAnnual Flow 4Q023Q034Q03s/4Q02s/3Q0320022003Year Administrative Expenses(2,728) (2,931) (3,149) 15.4%7.4%(9,761) (11,298) 15.7% Other Administrative Expenses(1,197) (1,221) (1,165) -2.7%-4.6%(4,097) (4,514) 10.2% Employees Expenses(1,504) (1,681) (1,949) 29.6%15.9%(5,548) (6,660) 20.0% Salaries(802) (779) -2.8% (2,782) (2,992) 7.6% Social Charges and Benefits(466) (495) (493) 5.7%-0.5%(1,604) (1,881) 17.2% Training(11) (10) (17) 53.7%70.9%(31) (41) 33.7% Labor Suits(86) (80) (435) 406.2%442.3%(373) (881) 136.5% Provisions for vacation/leaves(137) (292) (222) 62.7%-24.0%(753) (860) 14.3% Quarterly Flow Annual Flow 11

12. Points of Service - in thousands Human Resources- in thousands cost structure suitable with business generation 12 9,169 9,362 9,546 9,712 9,979 3,164 3,183 3,209 3,218 3,241 4Q021Q032Q033Q034Q03 OthersBranch 78.6 79.5 79.7 80.6 9.5 10.610.8 10.2 4Q021Q032Q033Q034Q03 EmployeesInterns

13. productivity equation completed by technology Automatization Electronic Transition / Operating Income - % Efficiency Ratio - % % 13 Coverage Ratio - % Service Income/Personnel Expenses 77.1 80.7 90.7 84.0 77.5 80.3 82.5 4Q021Q032Q033Q034Q0320022003 58.0 56.7 54.0 57.6 56.5 59.0 56.3 4Q021Q032Q033Q034Q0320022003 74.6% 76.9% 77.6% 79.6% 81.4% 82.5%82.4% 84.1% 84.6% 85.0% 85.2% 86.4% Charge/01JUN/01SEP/01DEC/01MAR/02JUN/02SEP/02DEC/02MAR/03JUN/03SEP/03DEC/03 53.4 51.5 10.7 14.8 16.3 15.9 13.6 2.12.3 9.0 5.6 4.8 dec/02dec/03 ATM InternetFinancial ManagerPOSCashier Administrative Expenses / Operational Income

14. R$ million BB - the bank that most invests in Brazil Market Funding - R$ billion Asset Composition - % 14 dec/02sep/03dec/03s/dec/02s/sep/03 Total Assets 204,595 215,134 230,144 12,5%7.0% Liquid Assets 90,343 91,627 102,439 13.4%11.8% Credit Operations 51,470 60,442 65,604 27.5%8.5% Tax Credit 11,847 9,897 9,406 -20.6%-5.0% Other Assets 50,935 53,168 52,695 3.5%-0.9% Total Liabilities 204,595 215,134 230,144 12.5%7.0% Deposits 97,253 103,071 110,014 13.1%6.7% Other Liabilities 98,145 100,376 107,959 10.0%7.6% Stockholders Equity 9,197 11,687 12,172 32.3%4.1% 44.2 42.2 38.6 42.6 44.5 25.2 25.6 27.5 28.1 28.5 24.9 27.0 28.8 24.7 22.9 5.8 5.2 5.1 4.6 4.1 dec-02mar-03jun-03sep-03dec-03 24.3 26.9 3.9 42.1 48.3 145.6 20.5 26.6 6.4 49.6 46.5 149.5 27.127.4 7.3 48.2 40.1 150.1 dec/02sep/03dec/03 Liquidity assets Credit Operations Tax Credit Other Assets Interbank Deposits Demand Deposits Savings Deposits Time Deposits Open Market Funds Total

15. Securities Portfolio liquidity preserved R$ million Securities Portfolio Maturity - % 15 22.8 26.8 21.6 18.9 16.7 61.0 58.2 64.1 70.5 72.0 12.6 3.0 1.7 1.82.1 8.7 9.3 13.2 13.3 dec/02mar/03jun/03sep/03dec/03 Up to 1 yearUp 5 to 1 yearsUp 10 to 5 yearsOver 10 years CostMarket V.CostMarket V.CostMarket V. Securities Portfolio 72,958 70,943 74,043 74,055 69,210 69,590 Available for trading 3,584 3,585 5,372 5,393 16,054 16,095 Available for sale 43,274 41,303 43,159 43,158 27,924 28,307 Held to Maturity 25,763 25,109 24,821 Derivatives 337 292 403 396 411 368 3Q034Q034Q02

16. well balanced credit portfolio - R$ 77.6 billions Credit Portfolio Dec/02 - R$ 62.9 billions Dec/03 16 20.0% 22.3% 26.7% 12.1% 16.4% 2.5% 20.6% 20.9% 35.0% 9.5% 12.2% 1.9% RetailCommercialAgribusinessInternationalAbroadOthers

17. BBNFS Retail Portfolio by Risk Level Shares % - December/03 strong position in retail portfolio 17 82.2 87.587.2 81.7 17.4 1.20.9 6.3 10.3 11.6 11.5 2.2 RetailCommercialAgribusinessInternational 85.2 10.2 4.6 BB 78.6 13.6 7.8 SFN

18. ability to increase businesses with customers Capital Adequacy R$ million BIS Ratio -% 18 8.4 9.3 9.7 10.1 9.7 3.8 4.1 4.2 4.0 dec/02mar/03jun/03sep/03dec/03 Level ILevel II 12.2 13.4 13.8 14.3 13.7 34,680 30,825 150.6%-11.1% Coefficient K % 12.24 14.30 13.71

19. insurance and private pension Insurance Revenue R$ million 19 Insurance / Net Aggregated Value 20022003 1,9% 71,1% 27,0% Insurance GFMOthers 456 77 203 110 37 4 24 655 76 277 172 72 4 54 Total Auto Life and Others Capitalization PLans Private Pension Health Manag. Insur. Funds 20022003 2.7% 80.6% 16.6% 3.2% 75.3% 21.4%

20. Market recognition 9.1 10.2 12.7 16.0 24.0 11.5 12.6 13.9 14.9 16.0 0.7 0.9 1.0 1.4 dec/02mar/03jun/03sep/03dec/03 PriceBook ValuePrice/BV - x Price X Book Value 20

21. Strategies lined up with the future 21 To add value to shareholders Adequacy between revenue and cost structures To keep BB as the main bank in foreign trade To establish BB as one of the main Banks in Capital Markets To enhance Corporate Governance practices To strength BB’s performance as a socially responsible company To stimulate banking throughout Banco Popular To strength customers relationship To keep the position of the most reminded Bank among Brazilians

22. Strategies lined up with the future 22 Return on equity15% Efficiency ratio61% Service Revenues / Administrative Expenses49% Customers ( Banco Popular)1 million Average customer product 4 Customers20 million Electronic transactions 88%

23. new site of IR

24. Investor Relations Division SBS - Quadra 1 - Bloco C - Ed. Sede III - 17° floor 70073-901 - Brasília (DF) Phone: 55 (61) 310.5920 Fax: 55 (61) 310.3735 www.bb.com.br ri@bb.com.br Disclaimer Disclaimer - This presentation contains references and statements, planned synergies, increasing estimates, projections of results and future strategy for Banco do Brasil, it’s Associated and Affiliated Companies and Subsidiaries. Although these references and statements reflect the management’s belief, it also involves imprecision and high difficult risks to be foreseen, consequently, it may conduct to a different result than the one anticipated here. These expectations are highly depended on market conditions, on the Brazilian economic performance, on the sector and the international market. Banco do Brasil is not responsible for bringing up to date any estimate in this presentation. For further information access www.bb.com.br/ri or: MD&A