| In 2004, Unibanco reached R$1,283 million in net income, up 22% over 2003. Stockholders'
equity rose by 13.3% to R$8,106 million at year-end 2004. Annualized return on
average equity (ROAE) also improved throughout the year, exceeding 20% on the
fourth quarter.

Operating income reached R$1,961 million, representing a CAGR of 26.6% since
the year 2000.

The bank paid a gross total of R$527 million (R$448 million net) in interest on capital stock during the year, considering an additional provision of R$28 million; the increase over 2003 disbursements was 23.7%. The 2004 outlays were split into two payments,
of R$240 million and R$259 million in July 2004 and January 2005, respectively.
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