Investor Relations

1. Investor Relations April 2005

2. 5.2% 4.4% 3.7% 1.6% 1.5% 0.5% 2000 2001 2002 2003 2004 2005E Favorable Outlook: Macro Real GDP Growth Public Debt and Primary Surplus (as % of GDP) 60.0% 5.0% 57.0% 4.5% 54.0% 4.0% 51.0% 3.5% 48.0% 45.0% 3.0% 1999 2000 2001 2002 2003 2004E 2005E Public Debt Primary Surplus Trade Balance – US$ Billion Inflation¹ x Interest Rate 25.0 33.07 20.0 26.70 24.83 15.0 (%) 13.11 10.0 5.0 2.65 -0.69 2000 2001 2002 2003 2004E 2005E jul/00 jul/01 jul/02 jul/03 jul/04 jan/00 jan/01 jan/02 jan/03 jan/04 jan/05 Source: Unibanco Research ¹ IPCA 12-Month Moving Average CDI IPCA

3. Favorable Outlook: Banking in Brazil Total Credit Expansion (R$ Billion) 17.8% 484 411 380 2002 2003 2004 Source: Central Bank Loan Penetration: Chile vs Brazil (as % of GDP) Loan Penetration Comparison: 2003 (as % of GDP) 63% 66% 66% 67% 64% 63% 63% 62% 60% 161% 158% 54% 139% 124% 114% 30% 27% 27% 26% 67% 26% 25% 25% 26% 26% 23% 26% 20% 14% 9% 7% US 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Chile China Spain Brazil Korea Russia Turkey Mexico Argentina Hong Kong Chile Brazil Source: CSFB Research Source: CSFB Research

4. Snapshot of Unibanco R$ Billion – 2004 79.4 33.5 Unibanco is Brazil’s third largest private bank1… 31.8 13.92 8.1 Market Cap Stockholders´ Equity Loans Deposits Assets Net Income R$ 1,283 Million …bridging the gap over it’s peers. 1990 2004 Multiple of Assets Multiple of Assets 1- Banco do Brasil 13.8x 2- CEF 8.2x 3- Bradesco 2.9x 4- Itaú 2.3x 5- Banespa 2.3x 6- Bamerindus 1.6x 7- 1.0x 8- Econômico 0.9x 9- Nossa Caixa 0.9x 1- Banco do Brasil 3.3x 2- Bradesco 2.0x 3- CEF 2.0x 4- Itaú 1.7x 5- 1.0x 6- Santander Banespa 0.9x 7- ABN Real + Sudameris 0.8x 8- Safra 0.6x 9- HSBC + Lloyds 0.5x ¹ In terms of total assets Source: Unibanco Research ² Based on GDS price as of 02/25/2005

5. NewOrganizational Structure • Universal banking strategy reinforced with: • A single CEO; • Consolidation of back-office & supporting units; • Leaner structures and processes with lower costs; • Further cooperation between business and supporting units; • Cross-selling goals linked to variable compensation; • Botton-line driven; • New compensation policy; • Full allocation of labor and civil provisions to business units; • Elimination of double-counting. Leaner structures, faster decision-making processes Greater management involvement in day-to-day activities

6. NewOrganizational Structure Redesign of the wholesale area, focusing on client relationship;Insurance company restructured in life and P&C product lines; Closure of non-profitable business; Cost-control discipline; New marketing policy, new advertising agency and renewed brand.

7. NewOrganizational Structure Board of Directors Pedro Sampaio Malan Chairman Pedro Moreira Salles Vice-Chairman Armínio Fraga Joaquim F. Castro Neto João D. Amoedo Gabriel J. Ferreira Israel Vainboim Pedro Bodin Board Members Auditing Committee Gabriel Jorge Ferreira Chairman Eduardo A. Guimarães Guy Almeida Andrade Members Pedro Moreira Salles CEO Retail Márcio Schettini Wholesale and Wealth Management Demosthenes Madureira Insurance and Pensions José Rudge Treasury Daniel Gleizer Legal, Auditing, and Risk Lucas Melo Planning, Control, Operations, and IR Geraldo Travaglia Corporate Communication and HR Marcos Caetano

8. Renewed Brand

9. Business Units Investor Relations

10. Business Highlights As of December 2004. Retail • Strengthening of the consumer finance division: • Fininvest: 31% loan portfolio growth and 24% equity income growth; • HiperCard (acquired in March 2004): 53% loan portfolio growth. • SMEs: 40% loan portfolio growth, more than 450,000 clients; • Auto financing: 31% loan portfolio growth; • Funding: 25% core deposits growth. Wholesale • Focus in 2 thousand clients: regional approach; • New results-oriented compensation policy; • M&A: CEMAT, Cia. Suzano (Bahia Sul) and Galvasud (Thyssen Krupp); • Capital Markets: • Fixed Income: 7.7% market-share ranking 4th in # of transactions. • Equity: 10% market-share ranking 2nd in # of transactions. CROSS- SELLING Wealth Management • 22% growth in AUM (R$ 32.7 BN of Assets Under Management) • 83% of retail mutual funds in the 1st profitability quartile; • Private Banking: 9.3% market-share (2nd in ranking). Insurance & Pensions • Loss ratio: improvement from 56.4% in 2003 to 46.9% in 2004; • # 4 rank in the Insurance & Pension industry with a 8.0% market share, as of November 2004; • Combined ratio: improvement from 99.8% in 2003 to 98.8% in 2004; • 24.5% revenue growth in the pension business.

11. Segmentation Strategy

12. Large Scale Distribution

13. Leading Consumer Finance Franchise

14. Acquisitions and Organic Growth • Acquisition • Largest credit card issuer in the Northeast (2.7 million cards issued); • Credit card brand accepted by approximately 70 thousand merchants. Credit Portfolio Net Earnings (R$ million) 53.0% 1,100 44.4% 52 894 36 719 4Q04 Dec-04 3Q04 Mar-04 (acquisition) Sep-04 Partnerships and organic growth

15. 2004 Results Investor Relations

16. Unibanco in 2004 + 22% Net Income R$ 1,283 million Earnings per Share R$ 0.92 Annualized ROAE (%) + 20% 20.1% 17.8% 17.3% 16.1% 1Q04 2Q04 3Q04 4Q04

17. Performance Indicators 375 291 1,283 1,052 9.3% 10.1% 9.0% 8.7% 79,350 69,632 79,350 69,632 8,106 7,156 8,106 7,156 20.1% 17.5% 16.8% 15.3% 0.27 0.21 0.92 0.77 R$ Million D 4Q04 D 2003 2004 4Q03 22.0% 28.9% Net Income 30 b.p. -80b.p. Financial Margin 14.0% 14.0% Total Assets 13.3% 13.3% Stockholders’ Equity 1.5% 2.6% Annualized ROAE (%) 20.1% 28.1% Earnings per Share (R$) 2003 2004 D BIS Ratio 18.6% 16.3% -230b.p. Fixed Asset Ratio 42.6% 39.5% -310b.p.

18. Consolidated Results - Year 5,112 4,567 3,241 2,842 (5,058) (4,577) (1,334) (925) 38 10 (339) (493) (376) (372) (1) - 1,283 1,052 R$ Million 2003 2004 D 11.9% Profit from Financial Intermediation 14.0% (+) Fee Income 10.5% (-) Personnel & Adm. Expenses 44.2% (+/-) Other Operating Income / Expenses 280.0% (+/-) Non Operating Income -31.2% (-) Income Tax and Social Contribution 1.1% (+/-) Profit Sharing/ Minority Interest (+/-) Extraordinary items Net Income 22.0%

19. Financial Margin 34.0% 20.3% 24.0% 9.0% 8.7% 8.7% 7.1% 5.7% 6.6% 2002 2003 2004 Provision for loan losses / Financial margin Financial Margin Financial Margin after Provision

20. Loan Portfolio Growth 14.7% Y-o-Y R$ Million 7.0% 7.2% D% Dec-04 / Dec-03 31,796 29,724 27,721 9.6% Individuals +23.2% 12.4% 11,570 10,553 9,392 5.5% Corporate +10.3% 4.6% 20,226 19,171 18,329 Dec-03 Sep-04 Dec-04 Note: Pro-Forma.

21. Other Products Commercial Bank Auto Financing Consumer Finance Companies SMEs Credit Cards Total Retail Continuous Retail Loan Portfolio Growth 28.6% R$ million 10.9% 17,795 16,050 13,833 40.2% 31.2% 13.2% 2.7% 32.4% 32.1% 10.0% 6,225 -1.4% 5,497 20.0% 13.1% 4,441 3,682 3,347 2,859 2,901 2,794 2,783 2,807 2,328 2,235 1,977 1,692 2,110 Note: Pro-Forma. Dec-03 Sep-04 Dec-04

22. Loan Portfolio Mix 27,917 26,751 31,796 R$ million 46% 50% 56% 54% 50% 44% Dec-02 Dec-03 Dec-04 Retail Wholesale

23. Loan Portfolio, by risk level R$ million

24. Loan Portfolio Quality Non-accrual portfolio/Loan portfolio Coverage ratio of non-accrual portfolio Loan portfolio E-H / Total portfolio 131.2% 4.8% 6.0% 4.0% 4.9% 115.1% Dec-03 Dec-04 Dec-03 Dec-04 Dec-03 Dec-04

25. 3,220 2,729 5,966 5,918 1,625 0 10,811 8,647 22,720 16,710 33,531 25,357 32,979 26,945 Deposits and Funding R$ Million Annual Change (%) Dec-04 Dec-03 Demand deposits 18.0 Saving deposits 0.8 SuperPoupe - Core Deposits (A) 25.0 Time deposits and interbank deposits (B) 36.0 Total deposits (A+B) 32.2 Assets under management 22.4

26. Core Deposits Main actions: R$ million • Development of alternative sources of funding such as SuperPoupe; • Link individual variable compensation at branch level to core deposits; • Focus on cash management services, such as: • Payroll • Collection D 12 Months 2004 / 2003 Unibanco Bradesco Itaú BB Market Demand Deposits 18% 19% 15% 7% 20% Saving deposits + Superpoupe 28% 12% 9% 13% 11% Core Deposits 25% 15% 11% 10% 14% Source: Companies and Central Bank data. SuperPoupe 1,625 1,349 1,222 1,030 844 604 403 202 104 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04

27. 64.1% 62.0% 61.8% 2003 2004 2002 Fee Income R$ Million D 2003 4Q03 4Q04 2004 2004/2003 Fee Income 786 851 2,842 3,241 14.0% Fee Income / Personnel and administrative expenses

28. 879 3,176 787 2,904 383 1,440 367 1,361 54 145 2 2 1,316 1,155 4,761 4,267 49 81 297 310 1,365 1,237 5,058 4,576 Personnel and Administrative Expenses R$ Million D D 4Q03 4Q04 2003 2004 Commercial Bank 9.4% 11.7% Subsidiaries Excluding Acquired Companies and Credicard / Orbitall 5.8% 4.4% 7,150% Acquired Companies 2,600% 11.6% Subtotal 13.9% -4.2% Credicard / Orbitall -39.5% 10.5% Total 10.3% Employees 29,025 27,408 Jun - 04 Dec - 04

29. Credicard and Orbitall Sale Income fully directed to strengthen balance sheet • Cash inflow of R$1.7 billion; • Valuation: 17.1x earnings and 10.4x book value; • Redecard (credit card acquirer) not included in the transaction; • Unibanco’s presence in this market: • 8.0 million credit cards; • 9.5 million private label cards; • Full processing capability. R$ million Price 1,685 Provision for due-dilligence adjustments (154) Book value of investment (150) Gross profit on sale 1,381 Goodwill amortization of acquired companies (828) Provision for restructuring, credit and other assets, and tax litigation (826) Tax effects 272 Net result (1) • Accretive to earnings.

30. Insurance and Pension R$ Million 4Q03 4Q04 D 2003 2004 D 24.2% Net Premium Written + Pension Revenues 825 1,025 3,468 4,253 22.6% 41.0% Insurance and Pension Reserves 3,923 5,533 3,923 5,533 41.0% 35.7% Net Income 56 76 265 300 13.2% -1,360 b.p. Loss Ratio 55.3% 41.7% 56.4% 46.9% -950 b.p. Combined Ratio -40b.p. 97.7% 97.3% 99.8% 98.8% -100 b.p. Premium vs. Loss Ratio Combined Ratio 56.4% UASEG (including Garantech) x Market 46.9% 104.0% 104.7% 99.8% 98.8% 2,735 2,249 2003 2004 2004 2003 Unibanco Market UBB: (Operational + administrative + selling expenses) / (premium written). Net Premiums Written Loss Ratio

31. 2005 Perspectives Focus on higher margin and fast growing businesses Consumer Finance Branch Network Credit Cards High SMEs Autos Private Margin UAM Insurance & Pension Low Wholesale Low High Growth

32. 2005 Perspectives: A Good Start

33. 2005 Perspectives 2004 2005(E) GDP growth 5.2% 3.7% FX Rate (R$ / US$) (year-end) 2.6544 2.80 SELIC (year-end) 17.75% 16.75% IPC-A (inflation index) 7.6% 5.9%

34. 2005 Perspectives 2005 Guidance 2004 Loan Portfolio 14.7% 15-20% Corporate 10.0% 10-15% Large 0.8% 5-10% Small / Medium 40.2% 25-30% Individuals 23.2% 20-25% Commercial bank and auto financing 17.0% 20-25% Consumer Finance 32.1% 20-25% Credit Cards 32.4% 25-30% < 5% Administrative Expenses 10.5%

35. Click to edit Master title style For further information contact our Investor Relations Area atphone: 5511-3097-1980fax: 5511-3813-6182email: investor.relations@unibanco.com site: www.ir.unibanco.com • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level • 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.