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Consolidated Results 2003

Consolidated Results 2003. Conference Call February 13th, 2004. Performance Indicators. R$ Million. D%. 2003. 2002. 2003/2002. Net Income. 1,052. 1,010. 4.2%. Earnings/1000 shares (R$). 7.65. 7.29. 4.9%. Operating income. 1,906. 1,083. 76.0%. ROAE. 15.3%. 16.0%. -70. b.p.

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Consolidated Results 2003

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  1. Consolidated Results 2003 Conference Call February 13th, 2004

  2. Performance Indicators R$ Million D% 2003 2002 2003/2002 Net Income 1,052 1,010 4.2% Earnings/1000 shares (R$) 7.65 7.29 4.9% Operating income 1,906 1,083 76.0% ROAE 15.3% 16.0% -70 b.p. BIS Ratio 18.6% 15.7% 290 b.p. Total Loans 27,917 26,751 4.4% Deposits+Funds 52,302 44,372 17.9% Stockholders' Equity 7,156 6,559 9.1% Dividends/Interest on Capital Stock- net 362 340 6.5%

  3. Consolidated Results R$ Million 4Q03 3Q03 4Q02 Profit from Financial Intermediation 1,353 1,276 876 (+) Fee Income 785 702 713 (-) Personnel & Adm. Expenses (1,236) (1,182) (1,073) (+/-) Other Operating Income/Expenses (447) (368) (294) (=) Operating Income 455 428 222 (+/-) Non-Operating Income (expenses), Net 2 (7) 30 (=) Income Before Taxes & Profit Sharing 457 421 252 (+/-) Income Tax & Social Contrib. (66) (56) 79 (-) Profit Sharing/Minority Interest (100) (95) (65) Net Income 291 270 266 ROAE (%) 17.5% 17.1% 16.5% 13.8% 1Q03 2Q03 3Q03 4Q03

  4. Impacts on Investments Abroad R$ Million 2003 2002 Investments Abroad (US$ Million) 842 1,015 Exchange Rate (R$/US$) 2.8892 3.5333 -18.2% Exchange Rate Fluctuation on Investments Abroad (631) 1,187 Hedge on Investments Abroad 636 (794) Net Accounting Impact before Income Tax and Social Contribution 5 393 Fiscal Effects (215) 404 Net Impact after Income Tax and Social Contribution (210) 797

  5. Financial Margin R$ Million D % 4Q03 3Q03 4Q03/3Q03 Revenue from Financial Intermediation 3,016 3,486 -13.5% Expenses on Financial Intermediation (1,321) (1,794) -26.4% Financial Margin before Provisions for Loan Losses (A) 1,695 1,692 0.2% Provisions for Loan Losses (342) (416) -17.8% Financial Margin after Provisions for Loan Losses 1,353 1,276 6.0% Total Average Assets (-) Fixed Assets (B) 65,611 63,800 2.8% Net Financial Margin (A/B) 10.7% 11.0% -30 b.p.

  6. Securities Portfolio R$ Million Dec-03 % Porfolio Dec-02 % Porfolio Trading Securities 5,845 39% 4,957 28% Securities Available 3,452 23% 6,411 35% for Sale Securities Held to Maturity 5,773 38% 6,610 37% Total Securities 15,070 17,978

  7. Securities Portfolio – Market Value Adjustment R$ Million Market Market Value Value D Adjustment Adjustment Dec 31,2003 Dec 31,2002 Income Statement Impact 171 190 (19) Stockholders´ Equity Impact (318) 101 (419) Total Impact (147) 291 (438) Held to Maturity 394 1,397 (1,003)

  8. Loan Portfolio Breakdown R$ Million 4.4% +4.9% 27,917 -0.5% 26,751 26,624 Wholesale Bank +3.8% 15,794 -4.1% 15,223 15,870 +6.3% +4.8% Retail Bank 12,123 11,401 10,881 Dec-02 Sep-03 Dec-03

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

  10. AA A B C D-H AA-C Loan Porfolio / Total Loan Portfolio Loan Portfolio Breakdown 91.2% R$ Million 91.0% 90.5% 27,917 26,751 26,195 34.5% 34.9% 39.0% 29.0% 33.9% 34.5% 10.1% 9.9% 9.8% 17.0% 12.2% 7.9% 9.0% 9.5% 8.8% Dec-02 Jun-03 Dec-03

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

  12. Loan Portfolio Net Write-Off / Loan Portfolio Required Provision vs. Additional 13% 13% 14% 1.1% 1.1% 0.7% 87% 87% 86% 4Q02 2Q03 4Q03 Dec-02 Jun-03 Dec-03 Additional Provision / Total Provision Minimum Required Provision / Total Provision

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

  14. Issue Amount Date Term Maturity Coupon Return (p.y.) (Million) Issues – Capital Markets US$ 1.4 billion raised in 2003 EUROBONDS Jan-03 US$ 100 1 year Jan/04 6.875% 7.000% Jul-03 US$ 125 18 months Jan/05 4.000% 4.000% Jan-04* US$ 100 18 months Aug/05 3.000% 3.050% SECURITIZATION Libor + Libor + Jun-03 US$ 120 6 years Jul/09 4.250% 4.250% Jun-03 US$ 105 6 years Jul/09 6.150% 6.150% Libor + Libor + Nov-03 US$ 226 10 years Oct/13 2.860% 2.860% TIER II 1st to 5th year Dec/08 7.375% Dec-03 US$ 200 8.200% 6th to 10th year Dec/13 9.375%

  15. Net Revenue by Business 37% 46% 40% Net Financial Result 41% 27% 22% 25% 20% Banking Fees 15% 21% 21% 19% Credit Cards 12% 11% 11% 11% Insurance/Annuities/Pension Plans 7% 4% 4% Asset Management Fees 5% 1998 2000 2002 2003

  16. Tricard Consumer Companies Direct Management Indirect Management

  17. Consumer Companies R$ Million Main Indicators D % 2003 2002 2003/2002 Billings 23,067 20,139 14.5% Equity Income 504 407 23.8% Credit Portfolio 4,060 3,511 15.6% Loan Losses 765 881 -13.2% Loan Losses / Credit Portfolio 18.8% 25.1% -630 b.p. Volume of Transactions (in million) 338 274 23.4% Consumer Companies: Fininvest, Unicard, 50% LuizaCred, 50% PontoCred and 33.3% Credicard

  18. Consumer Companies Consumer Companies Managed by Unibanco R$ Million Main Indicators D % 2003 2002 2003/2002 Billings 10,088 9,277 8.7% Equity Income 308 163 89.2% Credit Portfolio 2,782 2,411 15.4% Loan Losses 647 778 -16.8% Loan Losses / Credit Portfolio 23.3% 32.2% -890 b.p. Volume of Transactions (in million) 122 111 9.9% Consumer Companies Under Management: Fininvest, Unicard, 50% PontoCred and 50% InvestCred.

  19. Consumer Companies R$ Million Main Indicators D % 2003 2002 2003/2002 Billings 3,574 3,440 3.9% Equity Income 159 53 200.0% Credit Portfolio 1,358 1,202 13.0% Loan Losses 355 498 -28.7% Loan Losses / Credit Portfolio 26.1% 41.4% -1530 b.p. ROAE 49.5% 23.5% 2600 b.p. Administrative and Personnel Expenses 387 424 -8.7%

  20. Consumer Companies R$ Million Main Indicators D% 2003 2002 2003/2002 Billings 5,428 4,823 12.5% Equity Income 130 96 35.4% Credit Portfolio 1,065 915 16.4% Loan Losses 234 233 0.4% Loan Losses / Credit Portfolio 22.0% 25.5% -350 b.p. Number of Credit Cards (in thousands) 4,385 3,853 13.8%

  21. Insurance + Private Pension Plans R$ Million D% 4Q03 3Q03 4Q02 2003 2002 2003/2002 Billings + Premiums Written 788 728 630 3,373 2,460 37.1% Net Income 54 57 62 258 254 1.6% Equity Income 27 28 31 129 127 1.6% Technical Reserves +40% 3,892 3,532 2,785 +10.2% +26.8% 3,071 2,723 2,004 821 781 809 825 825 Dec- 03 Dec-02 Jun-03 Insurance Private Pension Plans

  22. Insurance 7.21% Market Share – Premiums Written 6.65% 4.90% 2.88% 1998 2000 2002 Nov-2003 Source: SUSEP and ANS Administrative Expenses / Premiums Written 17.1% 13.0% 10.6% 9.8% 2000 2001 2002 2003

  23. Total Expenses - Unibanco Consolidated Personnel and Administrative Expenses x IPC-A 23.0% IPC-A 15.5% Unibanco R$ million IPC-A 9.3% Unibanco 8.2% 2001 2002 2003 Total Expenses

  24. Fee Income / Personnel and Administrative Expenses 177.7% 170.6% 160.1% 158.9% 143.0% 66.4% 61.8% 62.0% 59.4% 63.5% 4Q02 3Q03 4Q03 2002 2003 Fee Income / Personnel and Administrative Expenses Fee Income / Personnel Expenses

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

  26. Corporate Governance Board of Directors - after General Meeting on January 23th, 2004 Unibanco Unibanco Unibanco Holdings Chairman: Roberto Konder Bornhausen Chairman: Pedro Moreira Salles Vice-Chairman: Pedro Moreira Salles Vice-Chairmen: Gabriel Jorge Ferreira Pedro Sampaio Malan Board Members: Israel Vainboim Board Members: Israel Vainboim Tomas Zinner Pedro Bodin de Moraes Gabriel Jorge Ferreira Armínio Fraga Carlos Alberto Cruz Tomas Zinner Guilherme Affonso Ferreira Koji Yamada

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

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