Unibanco maintained its relevant participation in the local fixed-income markets during 2004. The bank took part in debentures and commercial paper issues that surpassed R$3.5 billion, or approximately 30% of total domestic issuance during the year. The R$1.2 billion debenture issue for Braskem was one of the highlights of the year. In the international market, Unibanco co-managed the issue of US$150 million in 5-year notes for Odebrecht Overseas Ltd. The bank also traded in the secondary market, turning over some R$305 million in domestic corporate securities and US$15.7 billion in sovereign and corporate bonds abroad.

Syndicated Loans

Unibanco in 2004 was the lead manager or co-manager in 11 syndicated loans and participant in another six operations, raising a total of R$5.7 billion for its clients.

Among those, it is worth mentioning the syndicated loan operations in local currency favoring Coelce, Global Telecom and Sanasa, totaling R$669 million. Unibanco worked as co-manager with Caixa Banco de Investimento, of a 8-year, US$100 million IDB-funded loan to Bandeirante Energia and a 4-year syndicated loan of R$200 million to Celpe. The bank was also the lead-manager of a R$256.8 million FGTS-funded loan to Copasa, and closed an US$109 million operation for Votorantim Metais, with the participation of the Japan-based Nexi foment agency.

The March 2004 issue of Trade Finance Magazine recognized a US$135 million export pre-payment transaction favoring Cosipa as "Deal of the Year" in the trade-finance structured loan operation category.

Equities

Just as the local stock market rallied in 2004, Unibanco consolidated its leadership position as an arranger, manager and distributor in equities transactions in Brazil, participating in seven of a total of 15 transactions during the year. Among the most important transactions were Braskem's global IPO (Braskem is the largest petrochemical company in Latin America); the IPO of Gol Linhas Aéreas Inteligentes S.A. and Dasa Diagnósticos da América S.A., both of them references in their respective industries. The Braskem offer totaled R$1.2 billion, with Unibanco acting as lead manager, joint bookrunner of the local offer and joint lead manager of the international offer. For Gol (the only low-cost airline operating in Brazil and Latin America), the IPO totaled R$878 million, with Unibanco acting as lead manager and joint bookrunner of the local offer. For the R$ 437 million IPO of Dasa (largest private diagnostic company and first of its industry in Latin America to open its capital), Unibanco acted as manager and joint bookrunner.

The Braskem global IPO was the largest stock offering of the year in Brazil, and Latin Finance magazine recognized Gol's offer as the "IPO of the Year" in Latin America.

Unibanco also acted as lead manager and joint bookrunner in the Sabesp R$688 million secondary stock offer. Furthermore, the bank participated in the following operations: Companhia de Concessões Rodoviárias (CCR) IPO totaling R$375 million; Natura Cosméticos S.A. IPO, totaling R$768 million; and América Latina Logística (ALL) IPO, totaling R$588 million.