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Unibanco and Unibanco Holdings, S.A.

Consolidated Earnings

4th Quarter 2005

February 17th, 2006

Investor Relations


Performance

23.0%

20.1%21.0%

Annualized ROAE (%)

23.3%

Stockholders’ Equity (R$ Bln)

24.2%

Net Income +43.3%

+49.0%

2005 / 20044Q05 2005

R$1,838 million

R$2,921 million

R$509 million

R$748 millionOperating Income

2004 2005

8.1

9.3

16.8%

21.1%

8.1

8.4

4Q04 1Q05

8.7

2Q05 3Q05

9.0

4Q05

9.3

3Q042Q041Q04

7.9

17.8%17.3%

16.1%

7.47.7


Highlights

43.3% net income growth, 2005 versus 2004

7.2% net income growth, 4Q05 versus 3Q05

Improvement in efficiency ratio: 49.2% in 4Q05 from 59.5% in 4Q04

Individuals: 31.1%

Credit Cards: 43.2%

SMEs: 30.3%

Large Corporate: 19.0%

1.0% decrease in personnel and administrative expenses, 4Q05 versus 4Q04

Over the year, an increase of 0.7%

25.4% total annual growth

Results

Loan Portfolio Growth

Cost Management

Units

Units were included in the Ibovespa Index in May

Ibovespa’s best performing stock during 2H05, with a 72% gain

The largest increase in weighting within Ibovespa, 59%

33% free float increase


2005 – A Retrospective


Macroeconomic View

Real GDP growth

Source: Brazilian Central Bank

Public accounts under control (% of GDP)

4.9%

0.5%

1.6%1.5%

4.4%

2000 2001 2002 2003 2004

+Total Credit Expansion (R$ Bln)

Loan portfolio/ GDP ratio: 31.3%1

+ 21.5%

2.5%

2005(E)

0

10

20

30

40

50

60

70

1998 1999 2000 2001 2002 2003 2004 2005

0

1

2

3

4

5

6

Public debt Primary surplus

418500

607

2003 2004 2005

1 preliminary data

+ 19.6%


Businesses Highlights

Retail

Wholesale 19.0% loan portfolio growth, 2005 versus 2004

Lead manager in the issuance of 18 debentures, ranking 1st by number of

transactions and 2nd in origination and distribution

2nd place in BNDES-Exim modality, reaching a 18% market share, and 3rd place in

BNDES general ranking

Manager in 4 of the main Brazilian stock public offerings, totaling approximately

US$1.5 billion - including the participation as lead manager of Unibanco’s Units and

GDSs offering, the largest equity deal in Brazil since 2002

Top 10 Research House, according to Institutional Investor. 1st place in Consumer

Goods category and 3rd place in Aerospace, Transportation and Industrials category

Retail segment surpassed 20 million clients

Expansion of Fininvest and Hipercard operations

SuperPoupe deposits reached R$3 billion

New positioning

New service model in the branch network, the “Novo Modelo de Atendimento”

New logoNew marketing campaign


Insurance

Wealth Management

Leadership in property, aviation, D&O, energy, and extended warranty products

Increase in the participation at IRB-Brasil Re to 11%

Issuance of the first environmental insurance policy in Brazil

Combined Ratio of 95.4% in 4Q05, the best ever for Unibanco AIG Seguros

31.4% growth in Insurance and Private Pension Plans Technical Reserves in 2005

Private Bank ranked 2nd in assets under management, with a 11.4% market

share

Rating AMP1 (very strong) by Standard & Poors Rating Services

Top “Gestão de Renda Variável” asset management award - by Valor

Econômico newspaper

Businesses Highlights


Jan Global Public Offering of Units and GDSs

Jan Quarterly Interest on Capital Stock

Mar New Marketing Campaign

2005 Highlights

New logo New Service Model A more transparent and agile bank, working to surpass client

expectations

Quarterly payments of Interest on Capital Stock Related to the year 2005, Unibanco declared R$ 617 million

in Interest on Capital Stock/Dividends, up 38% from 2004

Selling Shareholders: Commerzbank and BNL Offering size: 6.6% of Unibanco’s capital Price: R$15.65 per Unit Financial volume: R$718.3 million Demand: 4.9x Book


May Units Included in the Ibovespa

Jul Perpetual Bonds

0.984% weight at the time of inclusion in the Ibovespa index Since their inclusion in the Ibovespa, the Units achieved the largest

weighting gain in the index’s portfolio Units current weight in the Ibovespa is 1.564%

Issuance of Perpetual Bonds in July 2005: US$500 millions 8.70% annual coupon Call Option: subject to redemption, in whole, in Jul-2010 or in any

subsequent interest payment date occurring thereafter

2005 Highlights


Sep Global Public Offering of Units and GDSs

Dec Unibanco Units were Ibovespa’s best performers during 2H05

Selling Shareholder: CGD (Caixa Geral de Depósitos) Offering size: 12.3% of Unibanco’s capital Price: R$20.49 per Unit and US$44.00 per GDS Financial Volume: R$1,765 million Demand: 3.0x Book Until February 15, the Units and GDSs appreciated by 70% and

87%, respectively

72% return versus 34% of Ibovespa ADTV1 increased by 340.9%, reaching R$19.4 million in 2005,

from R$4.4 million in 2004 ADTV1 for 4Q05 peaked up to R$21.0 million at Bovespa and

US$43.8 million at NYSE

2005 Highlights

1 Average daily trading volume


Dec-05 Units included in the Corporate Sustainability Index - ISE

Feb-06 Moody's upgrades Unibanco's Financial Strength Rating

The index is an initiative of Bovespa, in partnership with IFC

(International Finance Corporation) ISE’s purpose is to measure the return of a theoretical portfolio

comprised by shares of companies committed to social

responsibility and corporate sustainability Units current weight in the ISE index is 9.569%

According to the agency, this upgrade “reflects Unibanco's

consistently robust core earnings and the management's ability to

steer the bank towards higher-yielding businesses, while

maintaining asset quality and controlling costs”.

2005 Highlights


Fundamentals


Dec-99

Wholesale

52%

48%

Dec-03 Dec-04

Shift in the Loan Portfolio Mix

Dec-05

50%

50% 46% 44%67%

33%

Retail54% 56%

Migration to fast growing segments with higher margins


Focus on higher margin and fast growing businesses

2,794

4,001

Dec-04 Dec-05

3,682

4,609

Dec-04 Dec-05

5,629

7,335

Dec-04 Dec-05

30.3 % 25.2%

43.2%

Credit Cards

SMEs Auto Financing

Consumer Finance Companies

2,235

2,941

Dec-04 Dec-05

31.6%

R$ millions


Deposits

Core deposits

Time deposits

2003

8,647

16,710

25,357

22,720

2004

10,811

33,531

2002

8,973

17,015

25,988Total deposits

12,451

23,048

35,499

2005

Growth in 2005

15.2%

8.5%National Financial System (1)

Core Deposits Evolution: Comparison

Improved Funding Structure

SuperPoupe

403

1,030

1,625

1,962

2,3502,628

3,044

Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05

R$ millions

1 preliminary data


Cost Management

4Q04 4Q05 2004 2005

2,293 8,310

5,058

60.9%

1,365

51.3%

5,092

9,878

51.5%

1,351

2,745

49.2%

18.9%

0.7%

%

R$ millions

3Q04 3Q052Q051Q05

59.5%63.4% 61.2% 59.5%

53.7% 52.8%

1Q04 2Q04

2,579

1,323

2,136

1,308

2,209

1,186

1,921

1,143

1,960

1,242

2,334

1,232

Efficiency Ratio Evolution

Expenses

Revenues

Efficiency Ratio


Financial Performance


Income Statement

R$ millions

4Q05 4Q04

Profit from Financial Intermediation 1,606 1,376 6,343

(+) Fees from Services Rendered 891 851 3,270

(-) Personnel & Administrative Expenses (1,351) (1,365) (5,092)

(+/-) Other Operating Income / Expenses (398) (329) (1,600)

(=) Operating Income 748 533 2,921

(+/-) Non-Operating Income 5 36 9

(+/-) Income Tax and Social Contribution (137) (101) (601)

(Effective Income Tax Rate) 20% 20% 23%

(-) Profit Sharing / Minority Interest (107) (93) (491)

Net Income 509 375 1,838

2005


Performance: 2005 versus 2004

100100

Loan Portfolio

125125

100100

Fee Income *

113113

Core Deposits

115115

100100

Adm. Expenses *

107107

Financial Margin before Provision

129129

100100

Operating Income

149149

Provision for Loan Losses

146

100100

Net Income

143143

20052004

Basis 100 = 2004

(*) Excludes Credicard/Orbitall

100100 100100100100


Financial Indicators

Total Assets (R$ millions)

79,350

82,10982,731

88,423

Dec-04 Mar-05 Jun-05 Sep-05 Dec-05

91,831 Loan Portfolio (R$ millions)

31,79633,176

35,154

36,872


39,875

Financial Margin(before Provision for Loan Losses)

9.4%

9.7%

10.3%

10.8%

4Q04 1Q05 2Q05 3Q05 4Q05

10.8%

BIS Ratio (%)

18.2%17.3%

16.3% 16.1%16.4%



Earnings per Share

0.600.70 0.73 0.76

0.92

1.32

2000 2001 2002 2003 2004 2005

17.1%CAGR

+ 43.5%

In R$


Loan Portfolio Growth

25.4%

Sep-05

36,872

Dec-05

8.1%

8.2%

8.1%

Dec-04

39,875

14,597

17,19920,820

16,052

31,796

17,370

22,505

WholesaleRetail

R$ millions


Loan Portfolio Growth – Individuals and Corporate

Corporate

Individuals (R$ millions)

(R$ millions)

Dec-04 Sep-05

7.9%

11,57014,061

Dec-05

15,170

31.1%

24,705

22.1%

20,226

8.3%

22,811

Dec-04 Sep-05 Dec-05

Main Highlights over 12 months:

Consumer Finance Companies 31.6%

26.6%

43.2%

Branch Network

Credit Cards

SMEs 30.3%

19.0%Large Corporate

25.2%Auto Financing


Loan Portfolio Coverage


Consumer Finance Companies 10.1% 10.0% 8.6%

Credit Cards 6.1% 5.2% 5.3%

Commercial Bank - Individuals 9.2% 8.1% 8.7%

Auto Financing 3.6% 3.3% 2.5%

SMEs 4.7% 4.2% 3.9%

Retail 6.1% 5.6% 5.2%

Wholesale 3.9% 3.9% 5.3%

Unibanco Consolidated 5.2% 4.9% 5.2%

Allowance for Loan Losses / Loan Portfolio


108%

112% 112%

4.9% 4.3% 4.6%

4.1%3.0% 3.1%

91.0% 92.7% 92.3% AA-C

D

E-H

Loan Portfolio, by risk level Allowance for Loan Losses/Loan Portfolio E-H

Loan Portfolio Quality

Dec-04 Sep-05 Dec-05Dec-04 Sep-05 Dec-05


Deposits and Assets under ManagementR$ millions


Demand deposits 3,778 3,505 3,220

Saving deposits 5,629 5,524 5,966

SuperPoupe 3,044 2,628 1,625

Core Deposits 12,451 11,657 10,811

Time deposits 23,048 22,897 22,720

Total Deposits (A) 35,499 34,554 33,531

Assets under Management (B) 37,396 35,700 32,979

Total Deposits + AUM (A+B) 72,895 70,254 66,510

Core Deposits / Total Deposits 35.1% 33.7% 32.2%


Financial Margin

Financial MarginFinancial Margin after Provision Provision for Loan Losses/Financial Margin

2004 2005

7.1%

8.9%

20.4%

7.7%

10.0%

23.1%

7.2%

4Q04

9.4%

22.6%

7.6%

4Q05

10.8%

29.0%


-

4Q05 4Q04

517 445

289 248

85 98

891 791

- 60

891 851

Fees from Services RenderedR$ millions

2005 2004

Banking fees and other fees and commissions 1,880 1,662

Credit Cards 1,051 841

Assets under management 339 385

Subtotal 3,270 2,888

Credicard and Orbitall - 353

Total Fees from Services Rendered 3,270 3,241891 851


Personnel and Administrative Expenses

Fees from Services Rendered/ Personnel Expenses

Fees from Services Rendered/ Personnel and Adm. Expenses

62%

66%64% 64%

156%

186%

161%

171%

4Q04 4Q05 2004 2005

R$ millions

4Q05 4Q04 2005 2004

Personnel Expenses 480 529 1,911 1,928

Other Administrative Expenses 871 787 3,181 2,834

Subtotal 1,351 1,316 5,092 4,762

Credicard and Orbitall - 49 - 296

Total 1,351 1,365 5,092 5,058


2006 Perspectives


2006 Outlook

2005 2006 (E)

GDP Growth 2.5% (E) 3.5%

FX Rate R$/US$ (end-of-year) 2.34 2.25

SELIC (end-of-year) 18.00% 14.75%

IPCA (Consumer Price Index) 5.7% 4.5%

Trade Balance Surplus (US$) 44.8 bln 39.0 bln


Main Challenges for 2006

Client base expansion

Consolidation of the new marketing positioning

Additional cross-selling initiatives

Cost of funding optimization

Tight cost control


For further information contact our Investor Relations Area atphone: 5511-3097-1980

fax: 5511-3097-1585email: [email protected]

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.