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Conference Call August 13, 2004

Consolidated Results. 1 st Half 2004. Conference Call August 13, 2004. Performance Indicators. R$ Million. 2Q04. 1Q04. 1H04. 1H03. Net Income. 305. 276. 581. 491. Earnings/1000 shares (R$). 2.21. 2.01. 4.22. 3.56. ROAE (%). 17.3%. 16.1%. 16.4%. 15.2%. BIS Ratio (%).

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Conference Call August 13, 2004

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  1. Consolidated Results 1st Half 2004 Conference Call August 13, 2004

  2. Performance Indicators R$ Million 2Q04 1Q04 1H04 1H03 Net Income 305 276 581 491 Earnings/1000 shares (R$) 2.21 2.01 4.22 3.56 ROAE (%) 17.3% 16.1% 16.4% 15.2% BIS Ratio (%) 16.7% 18.1% 16.7% 16.7% Total Assets 80,011 71,505 80,011 66,091 Total Loans 30,045 27,343 30,045 26,195 Deposits+Funds 59,831 56,738 59,831 47,003 Stockholders' Equity 7,704 7,358 7,704 6,847

  3. Consolidated Results R$ Million 2Q04 1Q04 1H04 1H03 Profit from Financial Intermediation 1,142 1,205 2,347 2,202 (+) Fee Income 820 741 1,561 1,371 (-) Personnel & Adm. Expenses (1,242) (1,143) (2,385) (2,159) (+/-) Other Operating Income/Expenses (319) (332) (651) (391) (=) Operating Income 401 471 872 1,023 (+/-) Non-Operating Income (expenses), Net 18 (12) 6 16 (97) (18) (371) (+/-) Income Taxes & Social Contribution (79) (-) Profit Sharing/Minority Interest (96) (104) (200) (177) Net Income 305 276 581 491

  4. Financial Margin R$ Million 2Q04 1Q04 1H04 1H03 Revenue from financial intermediation 3,414 2,891 6,305 4,950 Expenses on financial intermediation (1,956) (1,373) (3,329) (2,051) Financial margin before provision for loan losses (A) 1,458 1,518 2,976 2,899 Provision for loan losses (316) (313) (629) (697) Financial margin (after provision for loan losses) 1,142 1,205 2,347 2,202 Total Average Assets (-) Average Permanent Assets (B) 71,791 67,045 69,741 67,398 Net Financial Margin Annualized (%) (A/B) 8.4% 9.4% 8.7% 8.8%

  5. Financial Margin 2Q04 1Q04 Financial Margin 8.4% 9.4% Extraordinary Restatement on Insurance and Pension Plans 0.15% -0.15% 8.55% 9.25% Comparable Financial Margins Domestic Treasury Losses 0.15% - 0.20% - D Increase in Interbank Investments 8.90% 9.25% Financial Margin Simulation 35 b.p.

  6. Fiscal Effects R$ Million 2Q04 1Q04 1H04 Income before Taxes and Profit Sharing 419 459 878 Profit Sharing (57) (69) (126) ( A ) Income before Taxes and after Profit Sharing 362 390 752 Income Tax @ 25% and Social Contribution @ 9% (123) (132) (256) Adjustments to derive effective tax rate: Interest on capital stock 42 49 91 Permanent differences (net) 30 (0) 30 Subtotal (51) (84) (135) Exchange rate fluctuation non taxable / (non deductible) and Equity Income 33 5 38 ( B ) Income Tax & Social Contribution for the period (18) (79) (97) ( B / A ) Effective Income Tax & Social Contribution Rate 5% 20% 13%

  7. Other Operating Income and Expenses R$ Million Main Changes 1H04 1H03 D (651) (391) (260) Provision for labour, civil and fiscal contingence (113) Credit Cards selling expenses (48) Other Taxes Expenses (26) Goodwill Amortization (23) Early Retirement Program (15)

  8. Impact on Investments Abroad R$ Million 2Q04 1Q04 1H04 1H03 Investments Abroad (US$ Million) 606 674 606 953 Exchange Rate (R$/US$) 3.1075 2.9086 3.1075 2.8720 Exchange rate fluctuation on investments abroad 97 8 105 (642) Hedge on investments abroad (63) 34 (28) 605 Net Accounting Impact before Income Tax and Social Contribution 34 42 77 (37) Fiscal Effects 33 3 36 (218) Net Impact after Income Tax and Social Contribution 67 45 113 (255)

  9. Jun-04 % Portfolio Jun-03 % Portfolio Trading Securities 9,177 49% 5,582 35% Securities Available for Sale 3,237 18% 5,051 32% Securities Held to Maturity 6,174 33% 5,183 33% Total Securities 18,588 15,816 Securities Portfolio Securities Portfolio R$ Million Market Value Adjustment Market Market D 2Q04 Value Value D 1Q04 Adjustment Adjustment 06/30/2004 03/31/2004 Income Statement Impact 65 -46 111 7 Stockholders´ Equity Impact (165) 92 (257) 61

  10. Fees from Services Rendered R$ Million 13.9% 1,561 28.1% 1,371 187 Assets under Management 146 Credit Cards 565 16.7% 484 9.2% Banking fees and other fees and comissions 809 741 1H03 1H04

  11. Total Expenses - Unibanco Personnel and Administrative Expenses R$ Million 10.5% 2,385 2,159 38 4.9% 1,338 1,404 Acquisitions Administrative 12 13.4% 821 931 Personnel 1H03 1H04 Fee Income from Services Rendered / Personnel and Administrative Expenses 65.4% 63.5% 1H04 1H03

  12. 91.9% 91.9% 90.5% AA A B C D-H AA-C Loan Portfolio Loan Portfolio Breakdown R$ milion Non-Accrual Portfolio / Total Portfolio 110.0% 108.6% 102.8% 26,195 27,343 30,045 5.5% AA 34.5% 37.1% 39.2% 4.7% 4.7% Jun-03 Mar-04 Jun-04 33.9% A 37.4% Coverage Ratio of Non-Accrual Portfolio 37.7% Net Write-Off / Total Portfolio 9.9% 9.9% B 1.5% 8.1% 12.2% 7.5% 6.9% C 1.1% 9.5% 8.1% 8.1% D-H 0.8% Jun-03 Mar-04 Jun-04 2Q03 1Q04 2Q04

  13. Loan Portfolio Growth R$ Million 14.7% 9.9% 30,045 4.4% 27,343 Individuals 26,195 D% Jun-04/Jun-03 +23.3% 10,969 15.1% 7.1% 9,527 8,898 7.1% Corporate 19,076 17,816 3.0% 17,297 D% Jun-04/Jun-03 +10.3% Jun-03 Mar-04 Jun-04

  14. Loan Portfolio Growth – QoQ R$ Million 15.1% Individuals 10,969 9,527 5.8% 44.5% 6,012 5,682 8.1% 3,178 2,199 1,779 1,646 Credit Cards Consumer Finance Companies Multiple bank and other companies Individuals Corporate 7.1% 19,076 17,816 6.7% 14,021 13,139 8.1% 5,055 4,677 Small and middle companies Large Companies Corporate Mar-04 Jun-04

  15. Loan Portfolio Growth - YoY R$ Million 23.3% Individuals 10,969 8,898 13.6% 6,012 5,294 51.0% 18.6% 3,178 2,104 1,779 1,500 Credit Cards Consumer Finance Companies Multiple bank and other companies Individuals 10.3% Corporate 19,076 7.5% 17,297 14,021 13,045 18.9% 5,055 4,252 Small and middle companies Large Companies Corporate Jun-03 Jun-04

  16. Consumer Companies R$ Million Consumer Companies Consumer Companies under Management 1H04 1H03 1H04 1H03 Equity Income 287 195 186 111 Billings 9,898 7,507 6,913 4,727 Volume of Transactions (million) 132 93 93 57 Credit Portfolio 4,943 3,622 3,647 2,488 Loan Losses 370 344 312 283 Loan Losses / Credit Portfolio 7.5% 9.5% 8.6% 11.4% ROAE % 56.4% 69.7% 42.0% 50.9% Consumer Companies: Fininvest, Unicard, 50% LuizaCred, 50% PontoCred, 33.3% Credicar and HiperCard. Consumer Companies Under Management: Fininvest, Unicard, 50% PontoCred, 50% PontoCred and HiperCard.

  17. Consumer Companies + R$ Million Net Income Billings 2,213 91 12.6% 82.0% 50 1,965 1H03 1H04 1H03 1H04 Credit Portfolio Number of Transactions (million) 1,552 29 14.1% 31.8% 22 1,360 1H03 1H04 Jun-04 Jun-03

  18. Consumer Companies R$ Million Net Income Credit Portfolio and Financed Volume 8.1% 1,045 967 7.0% 16.7% 63 428 400 54 1H03 1H04 1H03 1H04 Financed Volume Credit Portfolio Billings Number of Transactions (million) 41 17.1% 3,006 19.5% 35 2,516 1H03 1H04 1H03 1H04

  19. Consumer Companies R$ Million Financial Information Equity Income 20 Loan Portfolio 836 Fees 44 Provisions for Loan Losses 19 Provisions for Loan Losses / Credit Portfolio 2.3% Annualized ROAE % 31% Business Information Portfolio (number of cards - million) 2.5 Billings 1,400 Volume of Transactions (million) 23.5 Average Ticket (R$) 59.60 From March 1st to June 30th, 2004.

  20. Funding R$ Million 27.3% Assets under Management 59,831 5.5% 56,738 20.7% 47,003 • % Jun-04-Jun-03 +32.5% 30,503 4.0% 29,324 27.4% 23,025 Deposits 7.0% 14.3% • % Jun-04-Jun-03 +22.3% 29,328 27,414 23,978 Jun-03 Mar-04 Jun-04

  21. 2Q04 1Q04 1H04 1H03 Insurance R$ Million Net Premiums Written + Extended Warranty + Private Pension Plans 1,163 1,027 2,191 1,891 Technical Reserves: Insurance+Extended Warranty+Private Pension Plans 4,847 4,326 4,847 3,559 Net Income 79 69 148 151 Combined Ratio (%) 99.6% 98.8% 99.3% 98.8% Technical Reserves: Insurance, Extended Warranty and Private Pension Plans 12.0% 21.6% 4,847 4,326 3,559 1,077 Total 947 836 • % Jun-04-Jun-03 +36.2% 3,770 3,379 2,723 Jun-03 Mar-04 Jun-04 Private Pension Plans Insurance + Extended Warranty

  22. Insurance Claims Ratio 51.9% 51.7% 50.5% 2Q03 1Q04 2Q04 Administrative Expenses / Net Premiums Written 14.3% 11.7% 11.3% 2Q03 1Q04 2Q04

  23. BNL Brasil Acquisition Banca Nazionale del Lavoro (BNL) received 1,000,000,000 of Units (one billion of Units) from Unibanco and Unibanco Holdings. After the conclusion of the transaction, BNL will own, directly and indirectly, 1.43% of Unibanco’s capital. BNL Brasil (acquisition information): • Credit Portfolio of R$698.5 million • 107 thousand clients • 96 thousand cards issued • 400 corporate clients, majority of Italian and European companies will establish the Italian Desk.

  24. Stocks Liquidity Aumento de Liquidez na Bovespa • Stocks Liquidity Increase (UBBR11) • Daily Average • Volume • Trades 290 39,219 121 31,453 102 94 30,371 28,757 25,157 44 46 22,674 31 16,835 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04* * Until August 08th, 2004.

  25. Reverse Stock Split As of August 30, 2004 every 100 shares will become 1 share. REVERSE STOCK SPLIT Price on Aug.12,2004 AFTER BEFORE Unit R$ 12.71 / Units GDS US$ 21.01 / 5 Units Unit R$ 127.10 / 1,000 Units GDS US$ 21.01 / 500 Units

  26. Macroeconomic Perspectives 2004 On May 13, 2004 On Aug 13, 2004 GDP 3.5% 3.7% Exchange Rate (R$ / US$) 3.05 3.10 SELIC (end of the year) 13.0% 15.5% IPC-A 6.8% 7.2%

  27. Unibanco Guidelines 2004 Guidelines on May 13, 2004 Guidelines on Aug 13, 2004 1H04 vs.1H03 Loan Portfolio 20% 18% 15% Corporate 13% 9% 10% Large 10% 5% 7% Small and Medium 23% 22% 20% Individuals 32% 30% 23% Multiple bank and other companies 25% 22% 14% Consumer Companies 25% 23% 19% Credit Cards 55%(1) 54%(3) 51%(2) HiperCard: (1) 30% (2) 40% (3) 41% Administrative Expenses 7% 9% 10% Fee Income 10-15% 12-16% 14%

  28. For further information contact our Investor Relations Area atphone: 5511-3097-1626 / 1313fax: 5511-3813-6182email: 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.

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