The best corporate governance practices have long been

present at Unibanco and Unibanco Holdings. In 2001, the

bank upgraded its listing at Bovespa to Level 1, complying

with requirements of transparency and market credibility.

Backed by a professional management, the bank adopted

clear management procedures to safeguard impartial

decision-making, timely implementation of initiatives and

strategies, and the capacity to act promptly to changes in scenario.

DISCLOSURE AND MANAGAMENT PRACTICES

>Independent members at the Board of Directors, including one member indicated by minority shareholders.

> Audit Committee, established in 2004, with two independent members.

> Professional management.

> Differentiated disclosure: publication of financial statements in US GAAP since 1997.

> Conference Calls concerning quarterly results both in Portuguese and English.

> Public meetings, from time to time, with equity analysts.

> Policy of disclosure.

LISTING FACTS

>Listed at Bovespa since 1968.

>O Unibanco is present in the main Bovespa's indices: Ibovespa, IBrX-50, IBrX e IGC.

>First Brazilian bank to have Level 3 ADRs listed at NYSE (New York Stock Exchange).

>Unibanco and Unibanco Holdings were part of the first group of companies to adhere to BOVESPA's Level 1 of Corporate Governance in June 2001.

>Together, the Unibanco and Unibanco Holdings float (stock held by the public) represents 76,6% of the companies' stock.

>Market maker hired in May 2004, aiming at increasing the liquidity of Units in the local market.

SHAREHOLDERS' STRUCTURE

>Clearly defined controlling group: The Moreira Salles Group.

>Unibanco's minimum payout, as per its bylaws, is 35%, after constituting a 5% legal reserve, a higher percentage than the 25% defined in the Brazilian Corporate Law.

>Holders of preferred Unibanco Holdings shares are granted the right to receive a priority annual minimum dividend equivalent to 3% of the stock's book value.