Relações com Investidores | 1 Investor Relations | 1 Investor Relations 2006 Consolidated Earnings February 15 th, 2007 Unibanco and Unibanco Holdings,

Relações com Investidores | 1Investor Relations | 1

Investor Relations

2006 Consolidated Earnings

February 15th, 2007

Unibanco and Unibanco Holdings, S.A.


Net Income (R$ Million)

Stockholders’ Equity (R$ Million)

ROAE (%)

576

9,921

25.8

4Q06 Performance


R$ Millions

Reduction in goodwill amortization period

During 3Q06, Unibanco reduced its goodwill amortization period from 10 to 5 years

2006 2005

1,750 1,838

Net income without goodwill amortization

Net income with goodwill amortization

Stockholders’ equity without goodwill amortization

Stockholders’ equity with goodwill amortization

ROAE without goodwill amortization (%)

ROAE with goodwill amortization (%)

2,210 1,838

9,921 9,324

10,381 9,324

18.2 21.1

22.4 21.1

Acceleration of goodwill amortization (460) -


2006 Performance

ROAE (1)

ROAA (1)

Efficiency Ratio

BIS Ratio

Earnings per share (R$) (1)

(1) Before the extraordinary event of goodwill amortization

49.3% 51.5%

16.0% 15.6%

0.79 0.66

2.3% 2.1%

22.4% 21.1%

-220 b.p.

40 b.p.

19.7%

20 b.p.

130 b.p.

2006 2005


2006

2,210

3,521

2005 20062004

9.3

8.1

10.41

2006/2005

+ 20.2%

+ 20.5%

21.1%

16.8%

22.4%

ROAE (%) Stockholders’ Equity (R$ Bln)

Net Income (1)

Operating Income

(1) Before the extraordinary event.

R$ Millions

2006 Performance


Highlights

6.6% growth in the Retail portfolio in 4Q06, with Credit Cards up 17.1% and SMEs up 7.0%

Loan portfolio quality improvement: 18.8% reduction in provisions for loan losses, 4Q06 versus 4Q05 Better ratio of D-H portfolio over total loans (6.4% vis-à-vis 7.7% in December 2005) Higher E-H portfolio coverage ratio, 115%, compared to 112% in December 2005

Loan

Portfolio

Results

20.2% net income growth, 2006 versus 2005 20.5% operating income growth, 2006 versus 2005 Improvement in Efficiency Ratio: 49.3% in 2006 from 51.5% in 2005

UnitsUBBR11

Up 47% in 2006 compared to a 33% growth of Ibovespa. The greatest growth among Brazilian private-owned banks listed on Bovespa in 2006

Ibovespa weighting: 1.923%. A 95% increase since its inclusion (May 2005)

Financial

Margin

Gross Financial Margin grew to 10.2% in 2006, vis-à-vis 10.0% in 2005, despite the 475 b.p. Selic rate decline

Net Financial Margin improved to 8.0% in 4Q06, higher than the 7.5% in 4Q05


Top 3 in BNDES overall ranking with 8.6% market share

30% increase in cash management revenues

Lead coordinator of Ambev´s debentures issuance, which was awarded “Local Currency Financing Deal” in 2006, by LatinFinance magazine

Investment Banking department made 31 deals, valued at approximately R$18 billion

Top 10 Research House, according to Institutional Investor magazine. 1st place in Natural Resources category, and 3rd place in Consumer Goods

Operational results: 33% of net income in 2006, vis-à-vis 9% in 2005

Leadership in commercial lines, energy, environment, D&O (Directors and Officers) and extended warranty products

Combined ratio of 94.5% in 2006, better than 98.3% in 2005

AUM reached R$44 billion

Private Bank AUM grew 25% in 2006

Awarded “Top Equity Management” by Valor Econômico newspaper, for the 4th consecutive year

17% overall client base growth, reaching 23.8 million, with a 13% increase in branch customers

New partnerships and alliances: Sonae/Wal-Mart, Ipiranga, Grupo VR (UniVR), and Banco Cruzeiro do Sul

Expansion of Hipercard to the South and Southeast, with 145% growth in total points-of-sale 26.7% credit card portfolio growth over the last 12 months Core deposits funding surpassed R$16 billion, +30% in the year

2006 Businesses Highlights

Wholesale

Retail

Insurance andPension Plans

WealthManagement


Retrospectiva

Financial

Information


Personnel and Administrative Expenses

Fees from Services Rendered

Income Statement Summary

R$ Millions

1,6011,956

889909

(1,348)(1,527)

759912

509 576

7,297 6,343

3,582 3,270

(5,713) (5,092)

3,521 2,921

2,210 1,838

2006 2005

Gross Profit from Financial Intermediation Provisions for Loans Losses

Net Profit from Financial Intermediation

Operating Income

Net Income before the extraordinary event

4Q06 4Q05

(656)(533) (2,422) (1,904)

2,2572,489 9,719 8,247


Financial Indicators

Gross Profit from Financial Intermediation

Total Assets Loan Portfolio

Earnings per Unit (R$)

4Q05 1Q06 2Q06

91,831

93,770

98,217

Dec-05 Mar-06 Jun-06

39,875 39,684

2,481

2,257

2,357

4Q05 1Q06 2Q06

2,392

3Q06

101,999

Sep-06

41,929

3Q06

0.37 0.35

0.38

R$ Millions

Dec-05 Mar-06 Jun-06 Sep-06

43,323

0.39

Dec-06 Dec-06

45,361

2,489

4Q06 4Q06

0.42

103,777


Risk Management

Macroeconomic

Scenario

As anticipated by Unibanco in 2005

2,292

3,068 2,910

Dec-04 Dec-05 Dec-06

R$ MillionsLoan Portfolio

Consumer Finance Companies

R$ Millions

107154

4Q04 4Q05 4Q06

232

6.0%6.7%

7.2%

Jun-05 Dec-05 Jun-06

7.6%

Dec-06

5.9%

Feb-05

24% 26% 27%31%

2002 2003 2004 2006

33%

2006

Credit / GDP

Conservative credit approach

41%

10%

22%

Jun-05 Apr-06 4Q06

Approval rate – Fininvest Personal Loans

Financial System

Delinquency ratio

(Individuals)

Risk Management

Provisions for Loan Losses

Consumer Finance Companies Credit restriction


Personal Loans – Mix of Brazilian Financial System

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-01 Apr-02 Sep-02 Feb-03 Jul-03 Dec-03 May-04 Oct-04 Mar-05 Aug-05 Jan-06 Jun-06 Dec-06

Overdraft loans

Personal Loans

Vehicles

Mortgage Loans

Durable Goods Financing - Others

Credit Cards

Others

Payroll loans 60%

40%


Base 100 = 2005 Base 100 = 2005

1472006

114

120

2006

97

MarketMarket

Cars + Trucks & Buses Loans

Dec-05 Dec-06

4,029

4,833

+20.0%

Motorcycle Loans (run-off)

-51.4%

Dec-05 Dec-06

580

282

Business Repositioning

Auto Financing

Focus: New Cars (Financed Units) Focus: New Trucks & Buses (Financed Units)

R$ MillionsR$ Millions


Loan Portfolio (Unicard + Hipercard)

Credit Cards

Number of cards (In millions)

+26.7%

4,001

5,070

Dec-05 Dec-06

+27.7%

14,435

18,433

R$ MillionsR$ Millions

2005 2006

Billings (Unicard + Hipercard)

Jun-04 Dec-04 Jun-05 Dec-05 Jun-06

Total Cards

9

Credit Cards

21

30

5.0

10.0

15.0

20.0

25.0

Private Label cards

30.0

Sep-06 Dec-06


Hipercard

+67%

122

204

Dec-05 Dec-06

Points of sale

+145%

93

228

2005 2006

2.4 2.7

4.2

6.5

Mar-04Acquisition

Dec-04 Dec-05 Dec-06

+171%

Affiliated Retailers

Number of cards (In millions)

In thousands


Loan Portfolio Growth

+13.8%

Sep-06 Dec-06

+4.7%

6.6%

Dec-05

Wholesale

Retail

R$ Millions

39,875

45,361

2.3%

25,940

22,949

19,42116,926

43,323

24,338

18,985


Corporate

Individuals R$ Millions

R$ Millions

Dec-05 Sep-06

+6.4%

15,614

16,383

Dec-06

17,425

+11.6%

+15.1%

24,261

+3.7%

26,940

Main Highlights

27,936

-4.5%

1.9%

17.1%

16.1%

14.7%

6.8%

Quarter

6.0%

17.6%

26.7%

7.0%

2.3%

20.0%

Year

Loan Portfolio Growth

-20.8%-51.4%

Dec-05 Sep-06 Dec-06

Branch Network

Credit Cards

Car Loans


Motorcycle Financing

SMEs

Large Corporate


Financial Margin

Net Financial MarginFinancial Margin

23.3%

29.1%27.2% 27.9%

Provisions for Loan Losses / Financial Margin

-770 b.p.

4Q05 2Q06 3Q061Q06

21.4%

4Q06

18.00%

13.25%

Selic Interest Rate

2005 2006

10.2%

10.0%

7.7% 7.7%


Asset Quality

D-H Portfolio/ Loan Portfolio


6.4%6.7%7.7%115%

114%

112%


Coverage E-H Portfolio

Coverage D-H Portfolio

92%87%

67%



441

548

599

Dec-05 Jun-06 Dec-06

+35.8%

R$ Millions

Additional Allowance for Loan Losses



12.4%

9.8%

9.4%

4.6%

6.6%

7.9%

3.4%

5.8%

15.3%

9.4%

9.6%

4.2%

6.6%

8.1%

3.2%

5.9%

10.1%

6.1%

9.2%

3.6%

4.7%

6.1%

3.9%

5.2%

Loan Portfolio Coverage


Credit Cards

Retail Bank - Individuals

Auto Financing

SMEs

Retail

Wholesale

Unibanco Consolidated

Allowance for Loan Losses / Loan Portfolio


3,963 4,469 3,778

6,757 5,558 5,629

5,452 4,648 3,044

16,172 14,675 12,451

29,631 29,130 25,946

89,583 86,280 75,793

45,803 43,805 38,397

43,780 42,475 37,396


40%45% 35%

Deposits and Assets under Management

Demand Deposits

Savings Deposits

Core Deposits CDs

Core Deposits

Time Deposits + Debentures

Assets Under Management (B)

Total Deposits + Debentures + AUM (A+B)

Total Deposits + Debentures (A)

Core Deposits / Total Deposits

R$ Millions


Core DepositsR$ Millions

10,81112,451

Dec-04 Dec-05

16,172

Dec-06

(1) Source: Brazilian Central Bank, preliminary data.

29.9%

14.3%Brazilian Financial System (1)

Dec 06vs

Dec 05

Dec 06vs

Dec 04

49.6%

23.9%

+49.6%

Core Deposits Growth

Core Deposits Comparison


4Q06 4Q05

540 521

294 289

75 79

909 889

Fee Income

R$ Millions

2006 2005

2,115 1,892

1,137 1,051

330 327

Total 3,582 3,270

Banking fees, commissions and other fees

Credit Cards

Assets under management


561

930

480

868

2,190

3,450

1,911

3,181

Personnel and Administrative Expenses

Personnel Expenses

Other Administrative Expenses

(1) Does not include the impact of the accouting reclassification at Redecard´s operations (R$36 million in 4Q06 and R$73 million in 2006).

4Q06 4Q05

R$ Millions

2006 2005

1,491 1,348 5,640 5,092Total (1)


Revenues

R$ MillionsEfficiency Ratio Evolution

Efficiency Ratio Expenses

Efficiency Ratio

9,878

5,092

11,593

5,713

2005 2006

51.5%49.3%

8,310

5,058

2004

60.9%


Insurance and Pension Plans

Technical ReservesR$ Millions

Premiums Earned

Pension Plans

Insurance

1,713

2,038

2005 2006

+19.0%

5,3766,345

1,470

1,9536,846

8,298+21.2%

2005 2006

Combined Ratio

98.3%

2005

94.5%

2006

Loss Ratio

48.8%

2006

53.0%

2005


Weighting (%)Jan to Apr-07

Ibovespa 1.923

IBrX-50 3.879

IBrX-100 3.369

IGC Corporate Governance Index 3.967

ISE Sustainability Index* 5.884

Index

* Valid from December 2006 to November 2007.

Units and GDSs

Unibanco Units gained 47% in 2006

Unit continues to increase its weighting

within the Ibovespa. Since its inclusion in the

Ibovespa in May 2005, its participation

increased more than 95%

Units (UBBR11) versus Ibovespa

GDSs (UBB) versus Dow JonesUnits Weighting in Brazilian Stock Indices

Dec-05 Mar-06 Jun-06 Sep-06 Dec-06

UBBR11: 47%

IBOV: 33%

Dec-05 Mar-06 Jun-06 Sep-06 Dec-06

UBB: 46%

Dow:16%


Human Resources

Great Place to Work

Unibanco is one of the 100 best

companies to work for in Brazil,

according to the “Great Place to

Work” consulting group

The company selection

methodology is recognized all over

the world and has been used in over

60 countries

In 2006, the employee motivation

index hit a record of 79%

Employee Motivation Index

70%

74% 74%

76%77%

79%

2000 2001 2002 2003 2005 2006


2007 Outlook

2006 2007 (E)

GDP Growth

Exchange Rate R$/US$ (year end)

SELIC Interest Rate (year end)

IPCA (Consumer Price Index)

Trade Balance (US$)

2.7%(E) 3.5%

2.14 2.20

13.25% 11.75%

4.00%3.14%

39.0 bln46.1 bln


Investor Relationsphone: 5511-3584-1980

fax: 5511-3584-1585email: [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, Junkets, 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 in duty to update any of the projections contained herein.

Documents

Relações com Investidores | 1 Investor Relations | 1 Investor Relations 2006 Consolidated Earnings February 15 th, 2007 Unibanco and Unibanco Holdings,