| The year our controlled company, Unibanco, celebrated its 80th anniversary will,
no doubt, be etched into our memories. During 2004 the domestic economic growth
surpassed 5%, in synch with a global expansionary trend. The positive effects
to the average Brazilian were lower unemployment rates, credit expansion and a
greater sense of stability and credibility in the country.
Results were also rather positive for Unibanco, in a year of wide-ranging structural
changes, and also relevant acquisitions, such as Hipercard and Banca Nazionale
del Lavoro's Brazilian operations, in addition to partnerships, namely the one
firmed with Sonae Group. Our controlled company pioneered in Brazil the adoption
of the Equator Principles. Its stocks were added to the Bovespa's IBrX-50 index.
It successfully sold its stake in Credicard. The Retail, Wholesale, Insurance
and Private Pensions and Wealth Management businesses all registered significant
growth rates.
As a consequence, Unibanco Holdings earned R$708 million for the year, and
distributed R$263 million in interest on capital stock. Our return on average
net equity was 15.6%. Unibanco Holdings' total assets rose by 14.1% from 2003,
reaching R$79.4 billion.
The prospects for 2005 could hardly be more favorable. A renewed Unibanco is
emerging, stronger for its restructuring, eager for new challenges and great
growth expectations.
Cordially,
ROBERTO KONDER BORNHAUSEN
Chairman of the Board of Directors
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