Document:

EXHIBIT10.6

 Exhibit 10.6 
  
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD,
PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 

 

			
	 	  	WARRANT TO PURCHASE STOCK
		
	 Corporation:
	  	InPhonic, Inc., a Delaware Corporation
	 Number of Shares:
	  	202,423
	 Class of Stock:
	  	Common Stock
	 Initial Exercise Price:
	  	The “price to public” per share price specified in the final prospectus relating to the initial public offering of the equity securities of the Corporation, or if no such
“price to public” exists at the time of exercise, $1.96 per share
	 Issue Date:
	  	June 2, 2004
	 Expiration Date:
	  	June 2, 2011 (Subject to Section 4.1)

  
 THIS WARRANT CERTIFIES
THAT, for good and valuable consideration, the receipt of which is hereby acknowledged, COMERICA BANK, successor by merger with Comerica Bank-California or its assignee (“Holder”) is entitled to purchase the number of fully paid and
nonassessable shares of the class of securities (the “Shares”) of the corporation (the “Company”) at the initial exercise price per Share (the “Warrant Price”) all as set forth above and as adjusted pursuant to Article
2 of this warrant, subject to the provisions and upon the terms and conditions set forth in this warrant. 
  
 Article 1. EXERCISE. 
  
 1.1 Method of Exercise. Holder may exercise this warrant by delivering this warrant and a duly executed Notice of Exercise in substantially the
form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Section 1.2, Holder shall also deliver to the Company a check for the aggregate Warrant Price for the Shares being
purchased. 
  
 1.2 Conversion Right. In lieu of exercising
this warrant as specified in Section 1.1, Holder may from time to time convert this warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable
upon exercise of this warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Section 1.4. 
  
 1.3 Intentionally Omitted. 
  
 1.4 Fair Market Value. If the Shares are traded regularly in a public
market, the fair market value of the Shares shall be the closing price of the Shares (or the closing price of the Company’s stock into which the Shares are convertible) reported for the business day immediately before Holder delivers its Notice
of Exercise to the Company. If the Shares are not regularly traded in a public market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith judgment. 
  

 1 

 1.5 Delivery of Certificate and New Warrant. Promptly after Holder exercises or converts this
warrant, the Company shall deliver to Holder certificates for the Shares acquired and, if this warrant has not been fully exercised or converted and has not expired, a new warrant representing the Shares not so acquired. 
  
 1.6 Replacement of Warrants. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case
of mutilation, on surrender and cancellation of this warrant, the Company at its expense shall execute and deliver, in lieu of this warrant, a new warrant of like tenor. 
  
 1.7 Repurchase on Sale, Merger, or Consolidation of the Company. 
  
 1.7.1 “Acquisition.” For the purpose of
this warrant, “Acquisition” means any sale, license (other than in the ordinary course of business), or other disposition of all or substantially all of the assets (including intellectual property) of the Company, or any reorganization,
consolidation, or merger of the Company where the holders of the Company’s securities before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction. 
  
 1.7.2 Assumption of Warrant. If upon the closing of
any Acquisition the successor entity assumes the obligations of this warrant, then this warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the unexercised portion of
this warrant as if such Shares were outstanding on the record date for the Acquisition and subsequent closing. The Warrant Price shall be adjusted accordingly. The Company shall use reasonable efforts to cause the surviving corporation to assume the
obligations of this warrant. 
  
 1.7.3
Nonassumption. If upon the closing of any Acquisition the successor entity does not assume the obligations of this warrant and Holder has not otherwise exercised this warrant in full, then Holder shall have the option either to (a) deem this
warrant to have been automatically converted pursuant to Section 1.2 and thereafter Holder shall participate in the Acquisition on the same terms as other holders of the same class of securities of the Company; or (b) require the Company to purchase
this warrant for cash upon the closing of the Acquisition for an amount per Share equal to three (3) times the Warrant Price. 
  
 Article 2. ADJUSTMENTS TO THE SHARES. 
  
 2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on its common stock payable in common stock, or other securities,
subdivides the outstanding common stock into a greater amount of common stock, then upon exercise of this warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to which Holder would
have been entitled had Holder owned the Shares of record as of the date the dividend or subdivision occurred. 
  
 2.2 Reclassification, Exchange or Substitution. Upon any reclassification, exchange, substitution, or other event that results in a change of the
number and/or class of the securities issuable upon exercise or conversion of this warrant, Holder shall be entitled to receive, upon exercise or conversion of this warrant, the number and kind of securities and property that Holder would have
received for the Shares if this warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. Such an event shall include any automatic conversion of the outstanding or issuable securities of the
Company of the same class or series as the Shares to common stock pursuant to the terms of the Company’s Certificate of Incorporation upon the closing of a registered public offering of the Company’s common stock. The Company or its
successor shall promptly issue to 

  

 2 

 
Holder a new warrant for such new securities or other property. The new warrant shall provide for adjustments which shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Article 2 including, without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new warrant. The provisions of this Section 2.2
shall similarly apply to successive reclassifications, exchanges, substitutions, or other events. 
  
 2.3 Adjustments for Combinations, Etc. If the outstanding Shares are combined or consolidated, by reclassification or otherwise, into a lesser
number of shares, the Warrant Price shall be proportionately increased. If the outstanding Shares are combined or consolidated, by reclassification or otherwise, into a greater number of shares, the Warrant Price shall be proportionately decreased.

  
 2.4 Adjustments for Diluting Issuances. The Warrant
Price and the number of Shares issuable upon exercise of this warrant shall be subject to adjustment, from time to time, in the manner set forth on Exhibit A. 
  
 2.5 No Impairment. The Company shall not, by amendment of its Certificate of Incorporation or through a
reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this
warrant by the Company, but shall at all times in good faith assist in carrying out all the provisions of this Article 2 and in taking all such action as may be necessary or appropriate to protect Holder’s rights under this Article against
impairment. 
  
 2.6 Certificate as to Adjustments. Upon
each adjustment of the Warrant Price, the Company at its expense shall promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment is
based. The Company shall, upon written request, furnish Holder a certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 
  
 2.7 Fractional Shares. No fractional Shares shall be issuable upon
exercise or conversion of the Warrant and the Number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company shall eliminate such
fractional share interest by paying Holder amount computed by multiplying the fractional interest by the fair market value of a full Share. 
  
 Article 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 
  
 3.1 Representations and Warranties. The Company hereby represents and warrants to the Holder as follows: 

 
 (a) The initial Warrant Price referenced on the first
page of this warrant is not greater than the fair market value of the Shares as of the date of this warrant. 
  
 (b) All Shares which may be issued upon the exercise of the purchase right represented by this warrant, and all securities, if any,
issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable
federal and state securities laws. 
  
 (c) The
Company’s capitalization table previously provided to Holder is true and complete as of the Issue Date. 
  

 3 

 3.2 Notice of Certain Events. If the Company proposes at any time (a) to declare any dividend or
distribution upon its common stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for subscription pro rata to the holders of any class or series of its stock any additional shares of
stock of any class or series or other rights; (c) to effect any reclassification or recapitalization of common stock; or (d) to merge or consolidate with or into any other corporation, or sell, lease, license (other than in the ordinary course of
business), or convey all or substantially all of its assets, or to liquidate, dissolve or wind up, then, in connection with each such event, the Company shall give Holder (1) at least 20 days prior written notice of the date on which a record will
be taken for such dividend or distribution (and specifying the date on which the holders of common stock will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (a) and (b) above; and (2) in the
case of the matters referred to in (c) and (d) above at least 20 days prior written notice of the date when the same will take place (and specifying the date on which the holders of common stock will be entitled to exchange their common stock for
securities or other property deliverable upon the occurrence of such event). 
  
 3.3 Information Rights. So long as the Holder holds this warrant and/or any of the Shares, the Company shall deliver to the Holder (a) promptly after mailing, copies of all communiqués to the
shareholders of the Company, (b) within one hundred twenty (120) days after the end of each fiscal year of the Company, the annual audited financial statements of the Company certified by independent public accountants of recognized standing
and (c) within forty-five (45) days after the end of each of the first three quarters of each fiscal year, the Company’s quarterly, unaudited financial statements. 
  
 3.4 REGISTRATION UNDER SECURITIES ACT OF 1933, AS AMENDED. THE COMPANY AGREES THAT THE SHARES OR, IF THE SHARES ARE
CONVERTIBLE INTO COMMON STOCK OF THE COMPANY, SUCH COMMON STOCK, SHALL BE SUBJECT TO THE REGISTRATION RIGHTS SET FORTH ON EXHIBIT C, IF ATTACHED. 
  
 Article 4. MISCELLANEOUS. 
  
 4.1 Term: Notice of Expiration. This warrant is exercisable in whole or in part, at any time and from time to time on or before the Expiration Date
set forth above; provided, however, that if the Company completes its initial public offering within the three-year period immediately prior to the Expiration Date, the Expiration Date shall automatically be extended until the third anniversary of
the effective date of the Company’s initial public offering. If this warrant has not been exercised prior to the Expiration Date, this warrant shall be deemed to have been automatically exercised on the Expiration Date by “cashless”
conversion pursuant to Section 1.2. 
  
 4.2 Legends. This
warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form: 
  
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED
WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 
  
 4.3 Compliance with Securities Laws on Transfer. This warrant and the
Shares issuable upon exercise of this warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable federal and state
securities laws by the transferor and the transferee (including, without limitation, the delivery of 

  

 4 

 
investment representation letters and legal opinions reasonably satisfactory to the Company). The Company shall not require Holder to provide an opinion of
counsel if the transfer is to an affiliate of Holder or if there is no material question as to the availability of current information as referenced in Rule 144(c), Holder represents that it has complied with Rule 144(d) and (e) in reasonable
detail, the selling broker represents that it has complied with Rule 144(f), and the Company is provided with a copy of Holder’s notice of proposed sale. 
  

4.4 Transfer Procedure. Subject to the provisions of Section 4.3, Holder may transfer all or part of this warrant or the Shares issuable upon
exercise of this warrant (or the securities issuable, directly or indirectly, upon conversion of the Shares, if any) by giving the Company notice of the portion of the warrant being transferred setting forth the name, address and taxpayer
identification number of the transferee and surrendering this warrant to the Company for reissuance to the transferee(s) (and Holder, if applicable); provided, however, that Holder may transfer all or part of this warrant to its affiliates,
including, without limitation, Comerica Incorporated, at any time without notice to the Company, and such affiliate shall then be entitled to all the rights of Holder under this warrant and any related agreements, and the Company shall cooperate
fully in ensuring that any stock issued upon exercise of this warrant is issued in the name of the affiliate that exercises the warrant. The terms and conditions of this warrant shall inure to the benefit of, and be binding upon, the Company and the
holders hereof and their respective permitted successors and assigns. The Company shall have the right to refuse to transfer any portion of this warrant to any person who directly competes with the Company, unless the Company is filing financial
information with the SEC pursuant to the Securities Exchange Act of 1934. 
  
 4.5 Notices. All notices and other communications from the Company to the Holder, or vice versa, shall be deemed delivered and effective when given personally or mailed by first-class registered or certified
mail, postage prepaid, at such address as may have been furnished to the Company or the Holder, as the case may be, in writing by the Company or such Holder from time to time. All notices to the Holder shall be addressed as follows: 
  
 Comerica Bank 
 Attn: Warrant Administrator 
  
 With a copy to 
  
 Comerica Bank 
 Attn: Warrant Administrator

  
 4.6 Amendments. This warrant and any term hereof may be
changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 
  
 4.7 Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this
warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 
  

 5 

 4.8 Governing Law. This warrant shall be governed by and construed in accordance with the laws of
the State of California, without giving effect to its principles regarding conflicts of law. 
  
 4.9 Market Standoff. Holder hereby agrees that Holder shall not sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same
economic effect of as a sale, any common stock (or other securities) of the Company held by Holder for a period specified by the underwriters of common stock (or other securities) of the Company not to exceed one hundred eighty (180) days following
the effective date of a registration statement of the Company filed under the Securities Act of 1933, as amended; provided that: 
  
 (a) such agreement shall apply only to the Company’s initial public offering and any subsequent offering effective within one hundred
eighty (180) days after the Company’s initial public offering; and 
  
 (b) all officers and directors of the Company and holders of at least one percent (1%) of the Company’s voting securities enter into similar agreements. 
  
 Holder agrees to execute and deliver such other agreements as may be reasonably requested by
the Company or the underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. 
  

			
	InPhonic, Inc.
		
	By:	 	/s/    David Steinberg
		
	 Name:
	 	 David Steinberg

		
	 Title:
	 	CEO
		
	By:	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 

  
 Authorized signatories under
Corporate Resolutions to Borrow or an authorized signer(s) under a resolution covering warrants must sign the warrant. 
  

 6 

 APPENDIX 1 
  
 NOTICE OF EXERCISE 
  
 1. The undersigned hereby elects to purchase
                     shares of the
                     stock of InPhonic, Inc. pursuant to the terms of the attached warrant, and tenders herewith payment of the
purchase price of such shares in full. 
  
 1. The undersigned
hereby elects to convert the attached warrant into shares in the manner specified in the warrant. This conversion is exercised with respect to
                     of the shares covered by the warrant. 
  
 [Strike paragraph that does not apply.] 
  
 2. Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name
as is specified below: 
  
 Comerica Bank 
 Attn: Warrant Administrator 
  
 3. The undersigned represents it is acquiring the shares solely for its own account and not as a nominee for any other party and not with a view toward
the resale or distribution thereof except in compliance with applicable securities laws. 
  

	
	COMERICA BANK or Registered Assignee
	
	  
	 (Signature)

	
	  
	 (Date)

  

 7 

 Exhibit A 
  
 COMERICA BANK 
 ANTI-DILUTION AGREEMENT

 (for Common Stock Warrants) 
  
 The Warrant Price shall adjust as and when the Company issues Common Shares of Company Stock for less than $1.96 per share which adjustment shall be a
weighted average adjustment implemented in accordance with the anti-dilution provisions in the Company’s 10th Amended and Restated Certificate of Incorporation (as amended). 
  

 8 

 EXHIBIT B 
  

Registration Rights 
  
 The Shares (if common stock), or the common stock issuable upon conversion of the Shares, shall be deemed “registrable securities” or otherwise
entitled to “piggy back” registration rights in accordance with the terms of the following agreement (the “Agreement”) between the Company and its investor(s): 
  
 InPhonic, Inc. Seventh Amended and Restated Investor Rights Agreement dated June 12, 2003 by and among Company and the
Investors named therein. 
  

 The Company agrees that no amendments will be made to the Agreement which would have an adverse impact on Holder’s registration rights thereunder without the consent of Holder. By acceptance of the Warrant to
which this Exhibit B is attached, Holder shall be deemed to be a party to the Agreement. 
  
 If no Agreement exists, then the Company and the Holder shall enter into Holder’s standard form of Registration Rights Agreement as in effect on the Issue Date of the Warrant. 
  

 9Exhibit 4.1  

INDENTURE 

between 

UNIBANCO – União de
Bancos Brasileiros S.A., 

acting through its
Grand Cayman Branch, 

as Issuer, 

and 

THE BANK OF NEW YORK, 

as Trustee and
Luxembourg Paying and Transfer Agent 

Initially Relating to
US$ 200,000,000 Step-Up Subordinated Callable Notes due 2013 

Dated as of December
12, 2003 

Table of Contents 

Page  

ARTICLE I 

DEFINITIONS AND OTHER
PROVISIONS
                                                        OF GENERAL
APPLICATION 

	SECTION 1.1 Definitions	1 
	 
	SECTION 1.2 Construction	12 

ARTICLE II
                                                               THE
NOTES 

	SECTION 2.1 Designation	13 
	 
	SECTION 2.2 Authentication and Delivery of Notes	13 
	 
	SECTION 2.3 Aggregate Amount; Additional Notes	14 
	 
	SECTION 2.4 Form of Trustee’s Authentication	15 
	 
	SECTION 2.5 Form of the Notes	15 
	 
	SECTION 2.6 Maturity of the Notes	17 
	 
	SECTION 2.7 Interest	18 
	 
	SECTION 2.8 Deferral of Interest and Principal	18 
	 
	SECTION 2.9 Record Date	20 
	 
	SECTION 2.10 Issuance	20 
	 
	SECTION 2.11 Denominations, etc	20 
	 
	SECTION 2.12 Execution of Notes	20 
	 
	SECTION 2.13 Registration; Restrictions on Transfer and Exchange	21 
	 
	SECTION 2.14 Exchange Offer	27 
	 
	SECTION 2.15 Mutilated, Destroyed, Lost and Stolen Notes	27 
	 
	SECTION 2.16 Payments	28 

i

	SECTION 2.17 Taxation	30 
	 
	SECTION 2.18 Persons Deemed Owners; Etc	32 
	 
	SECTION 2.19 Cancellation	32 
	 
	SECTION 2.20 Allocation of Principal and Interest	33 
	 
	SECTION 2.21 CUSIP and ISIN Numbers	33 
	 
	SECTION 2.22 Noteholder Lists	33 

ARTICLE III
                                                             SUBORDINATION 

	SECTION 3.1 Notes Subordinate to Prior Creditors	33 
	 
	SECTION 3.2 Payment Permitted in Certain Situations	34 
	 
	SECTION 3.3 Notice to Trustee	34 
	 
	SECTION 3.4 Provisions Solely to Define Relative Rights	35 
	 
	SECTION 3.5 Trustee to Effectuate Subordination	35 
	 
	SECTION 3.6 Trustee Not Fiduciary for Holders of Other Obligations	35 
	 
	SECTION 3.7 Consolidation, Merger Sale or Conveyance	35 
	 
	SECTION 3.8 Remedy	35 

ARTICLE IV
                                                              REDEMPTION 

	SECTION 4.1 Redemption at Maturity	36 
	 
	SECTION 4.2 Early Redemption for Taxation Reasons	36 
	 
	SECTION 4.3 Optional Early Redemption	37 
	 
	SECTION 4.4 Notice of Redemption	37 
	 
	SECTION 4.5 Deposit of Redemption Price	38 
	 
	SECTION 4.6 Notes Payable on Optional Early Redemption Date	38 
	 
	SECTION 4.7 Open Market Purchases	39 

ii

ARTICLE V
                                                            PAYMENT
SUPPORT 

	SECTION 5.1 Establishment and Administration of Reserve Account	39 
	 
	SECTION 5.2 Letters of Credit	42 
	 
	SECTION 5.3 The Insurance Policy	43 

ARTICLE VI
                                                               COVENANTS 

	SECTION 6.1 Payment of Principal and Interest	45 
	 
	SECTION 6.2 Performance Under the Transaction Documents	45 
	 
	SECTION 6.3 Maintenance of Corporate Existence	45 
	 
	SECTION 6.4 Compliance with Laws	45 
	 
	SECTION 6.5 Maintenance of Government Approvals	45 
	 
	SECTION 6.6 Payments of Taxes and Other Claims	46 
	 
	SECTION 6.7 Maintenance of Books and Records	46 
	 
	SECTION 6.8 Maintenance of Office or Agency	46 
	 
	SECTION 6.9 Ranking	46 
	 
	SECTION 6.10 Notice of Defaults and Events of Default	46 
	 
	SECTION 6.11 Certificate of Compliance	46 
	 
	SECTION 6.12 Operational Limits	47 
	 
	SECTION 6.13 Notice of Expropriation or Inconvertibility Events	47 
	 
	SECTION 6.14 Limitation on Consolidation, Merger, Sale or Conveyance	47 
	 
	SECTION 6.15 Transactions with Affiliates	48 
	 
	SECTION 6.16 Listing	48 
	 
	SECTION 6.17 Additional Information for Ratings	48 
	 
	SECTION 6.18 Provision of Financial Statements and Reports	49 
	 
	SECTION 6.19 Further Actions	49 

iii

	SECTION 6.20 Available Information	49 
	 
	SECTION 6.21 Appointment to Fill a Vacancy in Office of Trustee	50 
	 
	SECTION 6.22 Payments and Paying Agents	50 

ARTICLE VII
                                                    events
of default and remedies 

	SECTION 7.1 Events of Default	51 
	 
	SECTION 7.2 Remedies upon Occurrence of an Event of Default	52 
	 
	SECTION 7.3 Delay or Omission Not Waiver	54 
	 
	SECTION 7.4 Waiver of Past Defaults	54 
	 
	SECTION 7.5 Trustee May File Proofs of Claim; Appointment of Trustee as

                              Attorney-in-Fact in Judicial Proceedings	54 
	 
	SECTION 7.6 Trustee May Enforce Claims Without Possession of Notes	55 
	 
	SECTION 7.7 Application of Money Collected	55 
	 
	SECTION 7.8 Limitation on Suits	55 
	 
	SECTION 7.9 Unconditional Right of Noteholders to Receive Principal and Interest and Other Amounts	56 
	 
	SECTION 7.10 Restoration of Rights and Remedies	56 
	 
	SECTION 7.11 Rights and Remedies Cumulative	56 
	 
	SECTION 7.12 Control by Noteholders	56 
	 
	SECTION 7.13 Undertaking for Costs	57 
	 
	SECTION 7.14 Waiver of Stay or Extension Laws	57 

ARTICLE VIII
                                                        CONCERNING
THE TRUSTEE 

	SECTION 8.1 Certain Rights and Duties of Trustee	57 
	 
	SECTION 8.2 Trustee Not Responsible for Recitals; Etc	60 
	 
	SECTION 8.3 Trustee and Others May Hold Notes	60 

iv

	SECTION 8.4 Moneys Held by Trustee or Paying Agent	60 
	 
	SECTION 8.5 Compensation of the Trustee and its Lien	61 
	 
	SECTION 8.6 Right of Trustee to Rely on Officer’s Certificates and Opinions of Counsel	62 
	 
	SECTION 8.7 Persons Eligible for Appointment as Trustee	62 
	 
	SECTION 8.8 Resignation and Removal of Trustee; Appointment of Successor	63 
	 
	SECTION 8.9 Acceptance of Appointment by Successor Trustee	64 
	 
	SECTION 8.10 Merger, Conversion or Consolidation of Trustee	64 
	 
	SECTION 8.11 Maintenance of Offices and Agencies	65 
	 
	SECTION 8.12 Reports by Trustee	66 
	 
	SECTION 8.13 Trustee Risk	67 
	 
	SECTION 8.14 Appointment of Co-Trustee	67 
	 
	SECTION 8.15 Knowledge of Default	68 

ARTICLE IX
                                                        CONCERNING
THE HOLDERS 

	SECTION 9.1 Acts of Noteholders	69 
	 
	SECTION 9.2 Notes Owned by Unibanco and Affiliates Deemed Not Outstanding	70 

ARTICLE X
                                                           HOLDERS’ MEETINGS 

	SECTION 10.1 Purposes for Which Noteholders’ Meetings May Be Called	70 
	 
	SECTION 10.2 Trustee, Unibanco and Noteholders May Call Meeting	71 
	 
	SECTION 10.3 Persons Entitled to Vote at Meeting	71 
	 
	SECTION 10.4 Determination of Voting Rights; Conduct and Adjournment of Meeting	71 
	 
	SECTION 10.5 Counting Votes and Recording Action of Meeting	72 

v

ARTICLE XI
                                                        SUPPLEMENTAL
INDENTURES 

	SECTION 11.1 Supplemental Indenture with Consent of Noteholders	73 
	 
	SECTION 11.2 Supplemental Indentures Without Consent of Noteholders	74 
	 
	SECTION 11.3 Execution of Supplemental Indentures	75 
	 
	SECTION 11.4 Effect of Supplemental Indentures	75 
	 
	SECTION 11.5 Conformity with Trust Indenture Act	75 
	 
	SECTION 11.6 Reference in Notes to Supplemental Indentures	75 

ARTICLE XII
                                                      SATISFACTION
AND DISCHARGE 

	SECTION 12.1 Satisfaction and Discharge of Notes	75 
	 
	SECTION 12.2 Satisfaction and Discharge of Indenture	76 
	 
	SECTION 12.3 Application of Trust Money	77 

ARTICLE XIII

DEFEASANCE 

	SECTION 13.1 Unibanco’s Option to Effect Defeasance or Covenant Defeasance	77 
	 
	SECTION 13.2 Defeasance and Discharge	77 
	 
	SECTION 13.3 Covenant Defeasance	78 
	 
	SECTION 13.4 Conditions to Defeasance or Covenant Defeasance	78 
	 
	SECTION 13.5 Deposited Money and U.S. Government Obligations to Be Held in Trust;

                              Other Miscellaneous Provisions	79 
	 
	SECTION 13.6 Reinstatement	80 

ARTICLE XIV

MISCELLANEOUS 

	SECTION 14.1 Compliance Certificates and Opinions	80 
	 
	SECTION 14.2 Form of Documents Delivered to Trustee	81 

vi

	SECTION 14.3 Pledge of Interest in Accounts and Related Collateral	81 
	 
	SECTION 14.4 Notices, etc. to Trustee	82 
	 
	SECTION 14.5 Notices to Noteholders; Waiver	83 
	 
	SECTION 14.6 Conflict with Trust Indenture Act	83 
	 
	SECTION 14.7 Effect of Headings and Table of Contents	84 
	 
	SECTION 14.8 Successors and Assigns	84 
	 
	SECTION 14.9 Severability Clause	84 
	 
	SECTION 14.10 Benefits of Indenture	84 
	 
	SECTION 14.11 Legal Holidays	84 
	 
	SECTION 14.12 Currency Rate Indemnity	84 
	 
	SECTION 14.13 Communication by Noteholders with other Noteholders	85 
	 
	SECTION 14.14 Governing Law	85 
	 
	SECTION 14.15 Waiver of Jury Trial	85 
	 
	SECTION 14.16 Waiver of Immunity	85 
	 
	SECTION 14.17 Submission to Jurisdiction, etc	86 
	 
	SECTION 14.18 Execution in Counterparts	86 
	 
	SECTION 14.19 Entire Agreement	87 
	 
	SECTION 14.20 Joint Liability of Branch and Unibanco	87 

vii

CROSS-REFERENCE TABLE

	TIA Section 	Indenture Section 

	310	(a)(1)	8.7 
	 	(a)(2)	8.7 
	 	(a)(3)	8.14 
	 	(a)(4)	not applicable
	 	(a)(5)	8.7 
	 	(b)	8.1(e),8.8(b)
	 	(c)	not applicable
	 
	311	(a)	8.3(b)
	 	(b)	8.3(b)
	 	(c)	not applicable
	 
	312	(a)	2.22 
	 	(b)	14.13 
	 	(c)	14.13 
	 
	313	(a)	8.12 
	 	(b)	8.12 
	 	(c)	8.12 
	 	(d)	8.12 
	 
	314	(a)	6.18 
	 	(b)	not applicable
	 	(c)(1)	14.1 
	 	(c)(2)	14.1 
	 	(c)(3)	not applicable
	 	(d)	not applicable
		(e)	14.1 
	 
	315	(a)	8.1,8.6 
	 	(b)	8.15 
	 	(c)	8.1(a)
	 	(d)	8.1(b)
	 	(e)	7.13 
	 
	316	(a)(last sentence)	9.2 
	 	(a)(1)(A)	7.12 
	 	(a)(1)(B)	7.4 
	 	(a)(2)	not applicable
	 	(b)	7.9 
	 	(c)	9.1(g)
	 
	317	(a)(1)	7.6 
	 	(a)(2)	7.5(a)
	 	(b)	6.23,8.11(e)
	 
	318	(a)	14.6 

Note: This
Cross-Reference Table shall not, for any purpose, be deemed to be part of this indenture. 

viii

INDENTURE
(the “Indenture”) dated as of December 12, 2003 between Unibanco –
União de Bancos Brasileiros S.A., acting through its Grand Cayman Branch
(“Unibanco”), a sociedade anônima organized and existing
under the laws of the Federative Republic of Brazil (“Brazil”) and The
Bank of New York, a New York banking corporation, as trustee (the
“Trustee”) and as Paying Agent in New York and Paying Agent and Transfer
Agent in Luxembourg (the “Paying Agent”). 

W I T N E S S E T H: 

WHEREAS,
Unibanco has duly authorized the issuance of its notes in such principal amount or amounts
as may from time to time be authorized in accordance with the Indenture and is, on the
date hereof, issuing U.S.$ 200,000,000 of its Step-Up Subordinated Callable Notes due 2013
under this Indenture (the “Initial Notes”); 

WHEREAS,
Unibanco has duly authorized the execution and delivery of this Indenture to provide for
the issuance of the Initial Notes and the authentication and delivery thereof by the
Trustee; 

WHEREAS,
pursuant to the Registration Rights Agreement (the “Registration Rights
Agreement”), dated December 12, 2003 among Unibanco and certain other parties,
Unibanco has agreed to effect an exchange offer pursuant to which Unibanco will issue
notes registered under the United Stated Securities Act of 1933, as amended (the
“Securities Act”) having identical terms as the Initial Notes (except for
restrictions on transfer) in exchange for the Initial Notes (the “Exchange
Notes”, and collectively with the Initial Notes, the “Notes”);
and 

WHEREAS,
it is the intention of Unibanco to be bound by the terms of this Indenture and the Notes
and Unibanco has done all things necessary to make the Notes, when executed by Unibanco
acting through its Grand Cayman Branch (the “Branch”) and authenticated
and delivered by the Trustee as provided in this Indenture, the valid, binding and legal
obligations of Unibanco (including the Branch), and to constitute these presents a valid
indenture and agreement according to its terms, have been done; 

WHEREAS,
each of the parties hereto is entering into this Indenture for the benefit of the other
party and for the equal and ratable benefit of the holders of the Notes. 

NOW,
THEREFORE, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS AND OTHER
PROVISIONSOF 
GENERAL APPLICATION 

SECTION 1.1 Definitions. The
following capitalized terms shall have the meanings set forth below: 

“Account
Control Agreement” means the Account Control Agreement related to the Reserve
Account entered into and between Unibanco, The Bank of New York acting as Trustee,
depository bank and as securities intermediary dated as of December 12, 2003. 

“Act”
when used with respect to any Noteholder, has the meaning set forth in Section 9.1. 

“Additional
Amounts” has the meaning set forth in Section 2.17(a). 

“Additional Interest
Amounts” has the meaning set forth in Section 2.8(b). 

“Additional
Notes” has the meaning set forth in Section 2.3(b). 

“Affiliate”
with respect to any Person, means any other Person that, directly or indirectly, controls,
is controlled by or is under common control with such Person; it being understood that for
purposes of this definition, the term “control” (including the terms
“controlling”, “controlled by” and “under common
control with”) of a Person shall mean the possession, direct or indirect, of the
power to vote 10% or more of the equity or similar voting interests of such Person or to
direct or cause the direction of the management and policies of such Person, whether
through the ownership of such interests, by contract or otherwise. 

“Amounts
in Arrears” has the meaning set forth in Section 2.8(b). 

“Applicable
Procedures” has the meaning set forth in Section 2.13(e). 

“Arrears
Rate” has the meaning set forth in Section 2.8(b). 

“Authenticating
Agent” means the Person acting as Authenticating Agent hereunder pursuant to
Section 8.11. 

“Authorized
Agent” means any Paying Agent, Authenticating Agent or Note Registrar or other
agent appointed by the Trustee in accordance with this Indenture to perform any function
that this Indenture authorizes the Trustee or such agent to perform. 

“Authorized
Representative” of Unibanco or any other Person means the person or persons
authorized to act on behalf of such entity by its chief executive officer, president,
chief operating officer, chief financial officer or any vice president or its Board of
Directors or any other governing body of such entity. 

“Authorized
Signatory” means any officer of the Trustee or any other individual who shall be
duly authorized by appropriate corporate action on the part of the Trustee to authenticate
Notes. 

“Board
of Directors” when used with respect to a corporation, means either the board of
directors of such corporation or any committee of that board duly authorized to act for
it, and when used with respect to a limited liability company, partnership or other entity
other than a corporation, any Person or body authorized by the organizational documents or
by the voting equity owners of such entity to act for them, including, in the case of a
Brazilian corporation (sociedade anônima) or limited liability company
(sociedade limitada), such corporation’s conselho de
administração and diretoria or such limited liability
company’s administrador(es). 

2

“Board
Resolution” means, when used with respect to a corporation, a copy of a
resolution certified by the secretary or an assistant secretary of such corporation to
have been adopted by the Board of Directors of such corporation and to be in full force
and effect on the date of such certification. 

“Branch”
has the meaning set forth in the preamble to this Indenture. 

“Brazil” has
the meaning set forth in the preamble to this Indenture. 

“Brazilian
GAAP” means the generally accepted accounting practices adopted in Brazil
determined in accordance with the Brazilian corporate law. 

“Business
Day” means any day except a Saturday, a Sunday or a legal holiday or a day on
which banking institutions (including, without limitation, the members of the Federal
Reserve System) are authorized or required by law, regulation or executive order to close
in The City of New York, the Cayman Islands or Brazil. 

“Call
Settlement Date” has the meaning set forth in Section 4.3(a). 

“Central
Bank” means the Central Bank of Brazil (Banco Central do Brasil). 

“Clearstream”
means Clearstream Banking, société anonyme. 

“Closing
Date” means December 12, 2003, being the date that the Initial Notes are issued
hereunder, representing the initial issuance under this Indenture. 

“Corporate
Trust Office” means the principal office of the Trustee or Note Registrar at
which the corporate trust business of the Trustee or Note Registrar, as the case may be,
shall at any particular time be principally administered, which at the time of the
execution of this Indenture is, in each case, located at 101 Barclay Street, 21W, New
York, NY, 10286. 

“Covenant
Defeasance” has the meaning set forth in Section 13.3. 

“CVM”
means the Brazilian Securities and Exchange Commission (Comissão de Valores
Mobiliários). 

“Custodian”
has the meaning set forth in Section 2.5(e). 

“CUSIP”
means the CUSIP Service Bureau. 

“Default”
means an event or condition that, with the giving of notice, the lapse of time or failure
to satisfy certain specified conditions, or any combination thereof, would become an Event
of Default if not cured or remedied. 

“Default
Rate” has the meaning set forth in Section 2.7(b). 

“Defeasance”
has the meaning set forth in Section 13.2. 

“Denomination
Currency” has the meaning set forth in Section 14.12(b). 

3

“Distribution Compliance
Period” means, with regard to Notes offered and sold in their initial
distribution outside the United States in reliance on Regulation S, the period of 40
consecutive days beginning on the later of (a) the date on which the Notes are first
offered to persons other than distributors (as defined in Regulation S) in reliance on
Regulation S (according to a written notice to the Trustee by the initial purchasers
thereof) and (b) the date on which the Notes are initially issued, authenticated and sold. 

“DTC”
means The Depository Trust Company, having a principal office at 55 Water Street, New
York, New York 10041-0099, together with any Person succeeding thereto by merger,
consolidation or acquisition of all or substantially all of its assets, including
substantially all of its securities payment and transfer operations. 

“Early
Tax Redemption” has the meaning set forth in Section 4.2(a). 

“Early Tax
Redemption Date” has the meaning set forth in Section 4.2(b). 

“Early
Tax Redemption Price” has the meaning set forth in Section 4.2(b). 

“Euroclear”
means Euroclear Bank S.A./N.V., as operator of the Euroclear System. 

“Event
of Default” has the meaning set forth in Section 7.1. 

“Exchange
Act” means the United States Securities Exchange Act of 1934, as amended and in
effect from time to time. 

“Exchange
Global Note” has the meaning set forth in Section 2.5(c). 

“Exchange Notes”
has the meaning set forth in the preamble to this Indenture. 

“Exchange
Offer” means an offer by Unibanco, pursuant to the Registration Rights Agreement,
to holders of the Initial Notes to issue and deliver to such holders, in exchange for
their Initial Notes, a like aggregate principal amount of Exchange Notes registered under
the Securities Act. 

“Excluded
Additional Amounts” has the meaning set forth in Section 2.17(a). 

“Expected Maturity
Date” has the meaning set forth in Section 2.6(a). 

“Expropriation
Event” shall mean an event of “Expropriation” as defined in the
Insurance Policy. 

“Extended
Maturity Date” has the meaning set forth in Section 2.6(a). 

“Fees
Reserve Allowance” has the meaning set forth in Section 5.1(f). 

 “Fitch”
means Fitch, Inc.  

“Global
Note” has the meaning set forth in Section 2.5(c). 

4

“Governmental
Approval” means any concession, authorization, consent, approval, grant, order,
license, franchise, ruling, permit, certification, waiver, exemption, filing or
registration by or with any Governmental Authority (including, without limitation, any
approval from the Central Bank necessary for transfer or remittances abroad of funds from
Brazil). 

“Governmental
Authority” means any regulatory, administrative or other legal body, any court,
tribunal or authority or any public legal entity or public or other agency (including any
supervisory authority or agency) of Brazil or the United States of America or any other
jurisdiction whether created by federal, state, provincial, municipal or local government,
or any other legal entity now existing or hereafter created, or now or hereafter
controlled, directly or indirectly, by any public legal entity or public agency of any of
the foregoing (including, without limitation, the Central Bank and the CVM). 

“Grace
Period” means, in respect of each Payment Date, the 15-calendar day grace period
for the payment of interest specified in Section 7.1(b) hereto. 

“Inconvertibility
Event” means “Currency Inconvertibility” as such term is defined in the
Insurance Policy. 

“Indenture”
has the meaning set forth in the preamble to this Indenture. 

“Initial
Notes” has the meaning set forth in the preamble to this Indenture. 

“Initial
Purchasers” means Citigroup Global Capital Markets, Inc. and Unibanco Securities
Limited acting as such pursuant to the Purchase Agreement. 

“Insurance
Documents” means the Insurance Policy Application, the Insurance Side Agreement
and the Insurance Policy, including all documents related thereto. 

“Insurance
Policy” means the Insurance Policy for Expropriation and Currency
Inconvertibility, dated as of December 12, 2003, between the Insurer and the Trustee, as
amended or modified from time to time in accordance with the terms thereof. 

“Insurance
Policy Application” means the application for the Insurance Policy submitted by
the Trustee to the Insurer on December 12, 2003. 

“Insurance
Side Agreement” means the Agreement Regarding the Insurance Policy for
Expropriation and Currency Inconvertibility, dated as of December 12, 2003, among the
Trustee, the Insurer and Unibanco, as amended or modified from time to time in accordance
with the terms thereof. 

“Insurer”
means Steadfast Insurance Company, a Delaware insurance company and a wholly owned
subsidiary of Zurich American Insurance Company, an insurance company organized under the
laws of the State of New York. 

“Interest
Payment Date” has the meaning set forth in Section 2.7(a). 

5

“Interest Period”
means the period beginning on an Interest Payment Date and ending on the day before the
next Interest Payment Date. 

“Issue
Date” has the meaning set forth in Section 2.7(a). 

“Issuer
Order” means a written request or order signed in the name of Unibanco by one or
more of its Authorized Representatives and, in the case of an Issuer Order given pursuant
to Section 2.2, substantially in the form of Exhibit B. 

“Judgment
Currency” has the meaning set forth in Section 14.12(b). 

“Law”
means any constitutional provision, law, statute, rule, regulation, ordinance, treaty,
order, decree, judgment, decision, certificate, holding, injunction, enforceable at law or
in equity, along with the interpretation and administration thereof by any Governmental
Authority charged with the interpretation or administration thereof. 

“Legend”
has the meaning set forth in Section 2.13(k). 

“Letter
of Credit” means an issued and outstanding irrevocable standby letter of credit
that (i) is issued by a commercial bank with a long term debt rating of not less than
“A1” or “P-1” by Moody’s, “A+" by S&P and
“A+” by Fitch (if rated by Fitch), (ii) names the Trustee as the sole
beneficiary thereof, (iii) is unconditionally drawable in full or in part upon the
Trustee’s submission of a certification that (A) the conditions to drawing thereunder
(as set forth in Section 5.2(a) hereof) have been satisfied, (B) the Trustee serves as
trustee for the benefit of the Noteholders under this Indenture and (C) the Trustee is
making a drawing under such letter of credit for the benefit of the Noteholders, (iv) is
drawable no later than the Business Day after a conforming request for drawing is
submitted by the Trustee, and (v) expires not less than 364 days from the date of issuance
thereof and is automatically renewed in accordance with its terms unless Unibanco thereof
notifies the Trustee in writing of its decision not to renew no later than 60 calendar
days prior to the expiry thereof. 

“Lien”
means any mortgage, pledge, security interest, aval, encumbrance, lien or charge of
any kind (including, without limitation, any conditional sale or other title retention
agreement or lease in the nature thereof or any agreement to give any security interest). 

“Majority
Noteholders” means the holders of more than 50% in aggregate principal amount of
the Notes then Outstanding at any time. 

“Material
Adverse Effect” means a material adverse effect on (a) the condition
(financial or otherwise) or results of operation Unibanco and its Subsidiaries, taken as a
whole, (b) the ability of Unibanco to perform its material obligations under this
Indenture or any other Transaction Document, or (c) the rights of the Trustee, acting on
behalf of the holders of the Notes, or such holders, under any of the Transaction
Documents. 

“Material
Subsidiary” means any “significant subsidiary” of Unibanco as such term
is defined in Rule 12b-2 under the Securities Exchange Act of 1934. 

“Moody’s”
means Moody’s Investors Service, Inc.  

6

     
 “Non-U.S.
          Person” means any person who is not a “U.S. Person” as
          defined in Regulation S under the Securities Act. 

“Noteholder”
means a Person in whose name a Note is registered in the Note Register. 

“Note
Rate” has the meaning set forth in Section 2.7(a). 

“Note Register”
has the meaning set forth in Section 2.13(a). 

“Note
Registrar” means any Person acting as Note Registrar pursuant to Section 2.13. 

“Notes”
has the meaning set forth in the preamble to this Indenture. 

“Officer’s
Certificate” means a certificate of an Authorized Representative of Unibanco in
compliance with the requirements of Section 14.1. 

“Opinion
of Counsel” means a written opinion of counsel in compliance with the
requirements of Section 14.1 hereof from any Person either expressly referred to
herein or otherwise reasonably satisfactory to the Trustee which may include, without
limitation, counsel for Unibanco, whether or not such counsel is an employee of Unibanco. 

“Operational
Limits” has the meaning set forth in Section 2.8(a). 

“Optional
Early Redemption” has the meaning set forth in Section 4.3(a). 

“Optional Early
Redemption Date” has the meaning set forth in Section 4.3(b). 

“Optional
Early Redemption Price” has the meaning set forth in Section 4.3(b). 

“Outstanding”,
when used with respect to Notes or any principal amount thereof, means, as of the date of
determination, all Notes theretofore authenticated and delivered under this Indenture,
except: 

(i)                 Notes
theretofore cancelled by the Trustee or delivered to the Trustee for
               cancellation;  

(ii)
                Notes for which redemption money in the necessary amount has been
theretofore                deposited in trust with the Trustee; provided that if such
Notes are to be                redeemed prior to the maturity thereof, notice of such
redemption has been duly                given pursuant to Article III or provision
therefor satisfactory to the Trustee                has been made;  

(iii)
                Notes or portions thereof deemed to have been paid within the meaning of
Section                12.1;  

(iv)
                Notes as to which defeasance has been effected pursuant to Article XIII;
and  

7

(v)                 Notes
which have been paid pursuant to Section 2.14 or that have been exchanged
               for other Notes or Notes in lieu of which other Notes have been
authenticated                and delivered pursuant to this Indenture other than any
Notes in respect of                which there shall have been presented to the Trustee
proof satisfactory to it                that such Notes are held by a bona fide purchaser
in whose hands such Notes                constitute valid obligations of Unibanco;  

provided, however, that in
determining whether the Noteholders of the requisite principal amount of the Outstanding
Notes have given any request, demand, authorization, direction, notice, consent or waiver
hereunder, Notes owned by Unibanco or any of its Subsidiaries or Affiliates shall be
disregarded and deemed not to be Outstanding, except that, in determining whether the
Trustee shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Notes which the Trustee knows to be so owned
shall be so disregarded. Notes so owned which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right to act with respect to such Notes and that the pledgee is not
Unibanco or a Subsidiary thereof or any Affiliate of Unibanco or any Subsidiary thereof. 

“Pari
Passu Claims” has the meaning set forth in Section 3.1(c). 

“Paying
Agent” means the person named as Paying Agent in the preamble to this Indenture
and its successors and assigns. 

“Payment
Account” means the account contemplated in Section 2.16(a) hereof. 

“Payment Date”
means any of the Interest Payment Dates, the Expected Maturity Date, the Extended Maturity
Date, or any other date on which payments on the Notes in respect of principal, interest
or other amounts, including as a result of any acceleration of the Notes, are required to
be paid pursuant to this Indenture and the Notes. 

“Permitted
Investments” shall consist of (i) direct obligations of the United States of
America, or of any agency or instrumentality of the United States of America, the timely
payment of which is unconditionally guaranteed as a full faith and credit obligation of
the United States of America which are not callable or redeemable at the option of the
issuer thereof at a price less than what was paid, (ii) demand and time deposit
certificates of deposit of, banker’s acceptances issued by, or Federal funds sold by,
any depository institution or trust company incorporated under the laws of the United
States of America or any state thereof and subject to supervision and examination by
United States federal or state authorities, so long as at the time of such investment or
contractual commitment providing for such investment the commercial paper or other short
term debt obligations of such depository institution or trust company have a short term
credit rating of at least “P-1” by Moody’s, “A-1” by S&P and
“F-1” by Fitch (if rated by Fitch), (iii) repurchase obligations with respect to
(A) any security described in clause (i) above or (B) any other security issued and/or
guaranteed by an agency or instrumentality of the United States of America, in either case
entered into with a depository institution or trust company (acting as principal)
described in clause (ii) above, (iv) commercial paper which has at the time of such
investment a rating of at least “P-1” by Moody’s, “A-1” by
S&P and “F-1” by Fitch (if rated by Fitch); provided, however, that
Permitted Investments shall not include any 

8

debt obligations (or other securities) issued
by Unibanco or any Affiliate thereof, (v) any money market funds investing in any of the
foregoing Permitted Investments, and (vi) The Bank of New York Cash Reserve, or any
successor to The Bank of New York Cash Reserve, so long as in each case such fund
maintains a rating of not less than “Aaa” by Moody’s, “AAA” by
S&P and “AAA” by Fitch (if rated by Fitch) or any equivalent money market
mutual fund rated not less than “Aaa” by Moody’s, “AAA” by
S&P and “AAA” by Fitch (if rated by Fitch). 

“Permitted
Payments” has the meaning set forth in Section 3.1(a). 

“Person”
means an individual, partnership, corporation, limited liability company, business trust,
joint stock company, trust, unincorporated association, joint venture or any nation or
government, any state, province or other political subdivision thereof, any central bank
(or similar monetary or regulatory authority) thereof, and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining
to government. 

“Place
of Payment”, when used with respect to the Notes, means the office or agency of
the Trustee maintained pursuant to Section 8.11 and such other place or places, if any,
where the principal of and interest on the Notes are payable as specified herein. 

“Predecessor
Notes”, with respect to any particular Note, means any previous Note evidencing
all or a portion of the same debt as that evidenced by such particular Note; for the
purposes of this definition, any Note authenticated and delivered under Section 2.15 in
lieu of a lost, destroyed or stolen Note shall be deemed to evidence the same debt as the
lost, destroyed or stolen Note. 

“Prior
Creditors” means creditors of Unibanco (i) who benefit from a statutory
preference or (ii) who are depositors or other unsubordinated creditors of Unibanco or
(iii) whose claims are, or are expressed to be, subordinated (whether only in the event of
the bankruptcy, liquidation, dissolution or winding up of Unibanco or otherwise) to the
claims of depositors and other unsubordinated creditors of Unibanco and whose claims rank,
or are expressed to rank, ahead of or senior to the claims of the Noteholders. 

“Process
Agent” has the meaning set forth in Section 14.17(b). 

“Purchase
Agreement” means the Purchase Agreement, dated as of December 5, 2003 between
Unibanco and the Initial Purchasers. 

“QIB”
means a qualified institutional buyer as defined in Rule 144A under the Securities Act. 

“Rating
Agency” means Moody’s.  

“Record
Date” means, with respect to any payment to be made on an Interest Payment Date,
the Business Day that is ten Business Days prior to such Interest Payment Date. 

“Registration
Rights Agreement” has the meaning set forth in the preamble to this Indenture. 

9

“Regulation
S” means Regulation S promulgated under the Securities Act, as amended and in
effect from time to time and including any successor provision. 

“Regulation
S Note” means a Note, including a Regulation S Unrestricted Global Note, required
to bear the Restrictive Legend applicable to Regulation S Notes provided for in Exhibit
A-2. 

“Regulation
S Unrestricted Global Note” has the meaning set forth in Section 2.5(b). 

“Reimbursement
Agreement” means any reimbursement agreement entered into by Unibanco and/or any
of its Affiliates in connection with any Letter of Credit. 

“Required
Amount” means the sum of (i) 6 months interest on the Notes at the Note Rate;
(ii) prior to Unibanco satisfying its obligations under the Registration Rights Agreement,
an amount equal to the interest that would accrue on the Notes for a period of three
Interest Periods at a rate equal to 0.5% per annum; (iii) an amount equal to 45 days of
interest at the Note Rate on the amount of interest payable under the Notes on each
Interest Payment Date; (iv) an amount representing the fees due and payable by Unibanco to
the Trustee during any three Interest Periods, but not representing any costs or expenses
potentially due in any such period; and (v) any Additional Amounts as may be made
available under each Letter of Credit (or any permitted replacement thereof) or deposited
by Unibanco in the Reserve Account as a result of the involuntary cancellation or
termination of the Insurance Policy or certain other related events as described in
Section 7.1(f). 

“Reserve
Account” has the meaning set forth in Section 5.1(a). 

“Reserve Account
Transfer Date” means, in respect of any Payment Date, the earlier to occur of (i)
the last day of the Grace Period in respect of such Payment Date and (ii) the date on
which the Trustee receives from the Insurer amounts in respect of any claim under the
Insurance Policy in respect of interest due on the Notes on the current Payment Date;
provided that, in the case of (ii) above, if any amounts are actually received by the
Trustee after 1:00 p.m. (New York time) on any calendar day, such amounts shall be deemed
to have been received on the next succeeding Business Day. 

“Resolution
2837” means Resolution No. 2837 of May 30, 2001 issued by the Conselho
Monetário Nacional (National Monetary Council) of Brazil, as amended, modified
or superseded from time to time. 

“Responsible
Officer”, when used with respect to the Trustee, means any officer in the
Corporate Trust Office (or any successor group of the Trustee) including any vice
president, assistant vice president, assistant secretary, assistant treasurer or any other
officer of the Trustee customarily performing functions similar to those performed by the
persons who at the time shall be such officers, respectively, or to whom any corporate
trust matter is referred because of his knowledge and familiarity with the particular
subject and who shall have direct responsibility for the administration of this Indenture. 

10

“Restricted
Note” means a Note, including a Rule 144A Restricted Global Note, required to
bear the Restrictive Legend applicable to Restricted Notes provided for in Exhibit A-1. 

“Restrictive
Legend ” means the legends required by the forms of Note attached hereto as
Exhibit A-1 and A-2. 

“Rule
144” means Rule 144 promulgated under the Securities Act, as amended and in
effect from time to time and including any successor provision. 

“Rule
144A” means Rule 144A promulgated under the Securities Act, as amended and in
effect from time to time and including any successor provision. 

“Rule
144A Restricted Global Note” has the meaning set forth in Section 2.5(a) hereof. 

“Securities
Act” has the meaning set forth in the preamble to this Indenture. 

“SEC”
means the Securities and Exchange Commission. 

“Subsidiary”
means, as to any Person, a corporation, company, partnership or other entity of which
shares of stock or other ownership interests having ordinary voting power (other than
stock or such other ownership interests having such power only by reason of the happening
of a contingency) to elect a majority of the Board of Directors (or similar governing
body) of such corporation, company, partnership or other entity are at the time owned, or
the management of which is otherwise controlled, directly or indirectly, through one or
more intermediaries, or both, by such Person. Unless otherwise specified, all references
to a “Subsidiary” or to “Subsidiaries” in this Agreement
shall refer to a Subsidiary or Subsidiaries of Unibanco. 

“Successor
Company” has the meaning set forth in Section 6.14. 

“S&P”
means Standard & Poor’s. 

“Tax”
has the meaning set forth in Section 2.17(a). 

“Taxing
Jurisdiction” has the meaning set forth in Section 2.17(a). 

“Tier
2 Capital” means amounts classified as “Tier II” of Unibanco’s
patrimônio de referência (reference net worth) under Resolution 2837. 

“Transaction
Documents” means, collectively, this Indenture, the Purchase Agreement, the
Notes, the Exchange Notes, the Registration Rights Agreement, the Insurance Policy and the
other Insurance Documents, each Letter of Credit and the DTC Letter of Representations
completed by Unibanco and the Trustee in connection with the Notes. 

“Trust
Indenture Act” means the United States Trust Indenture Act of 1939, as amended. 

11

“Trustee”
means the person named as the “Trustee” in the preamble to this Indenture and
its successors and assigns. 

“Unibanco”
has the meaning set forth in the preamble to this Indenture. 

“United
States” or “U.S.” means the United States of America. 

      “U.S.
          GAAP” means generally accepted accounting principles in effect in the
          United States applied on a basis consistent with the principles, methods,
          procedures and practices employed in the preparation of Unibanco’s audited
          financial statements, including, without limitation, those set forth in the
          opinions and pronouncements of the Accounting Principles Board of the American
          Institute of Certified Public Accountants and statements and pronouncements of
          the Financial Accounting Standards Board or in such other statements by such
          other entity as approved by a significant segment of the accounting profession. 

SECTION 1.2 Construction. For
all purposes of this Indenture (and for all purposes of any other Transaction Document or
any other instrument or agreement that incorporates provisions of this Indenture by
reference), except as otherwise expressly provided or unless the context otherwise
requires: 

     (a)
          the terms defined in this Article have the meanings assigned to them in this
          Article I, and include the plural as well as the singular; 

     (b)
          all other terms used herein that are defined in the Trust Indenture Act, either
          directly or by reference therein, have the meanings assigned to them therein; 

     (c)
          except as otherwise expressly provided herein, (i) all accounting terms
          used herein shall be interpreted, (ii) all financial statements and all
          certificates and reports as to financial matters required to be delivered to the
          Trustee hereunder shall be prepared and (iii) all calculations made for the
          purposes of determining compliance with this Indenture shall (except as
          otherwise expressly provided herein) be made in accordance with, or by
          application of, Brazilian GAAP; 

     (d)
          unless otherwise specified, all references in this Indenture (including the
          Appendices and Schedules hereto) to designated “Articles”,
          “Sections” and other subdivisions are to the designated Articles,
          Sections and other subdivisions of this Indenture; 

     (e)
          the words “herein”, “hereof” and “hereunder” and
          other words of similar import refer to this Indenture as a whole and not to any
          particular Article, Section or other subdivision; 

     (f)
          unless the context clearly indicates otherwise, pronouns having a masculine or
          feminine gender shall be deemed to include the other; 

     (g)
          unless otherwise expressly specified, any agreement, contract or document
          defined or referred to herein shall mean such agreement, contract or document as
          in effect as of the date hereof, as the same may thereafter be amended,
          supplemented or otherwise modified from time to time in accordance with the
          terms of this Indenture and the other Transaction 

12

     
Documents and shall include
          any agreement, contract, instrument or document in substitution or replacement
          of any of the foregoing entered into in accordance with the terms of this
          Indenture and the other Transaction Documents; 

     (h)
          any reference to any Person shall include its permitted successors and assigns
          in accordance with the terms of this Indenture and the other Transaction
          Documents including, in the case of any Governmental Authority, any Person
          succeeding to its functions and capacities; and 

     (i)
          unless the context clearly requires otherwise, references to “Law” or
          to any particular Law shall include Laws or such particular Law as in effect at
          each, every and any of the times in question, including any amendments,
          replacements, supplements, extensions, modifications, consolidations,
          restatements, revisions or reenactments thereto or thereof, and whether or not
          in effect at the date of this Indenture. 

ARTICLE II 

THE NOTES 

SECTION 2.1 Designation. (a)
There is hereby created a series of “Step-Up Subordinated Callable Notes due
2013” in the aggregate principal amount of U.S.$ 200,000,000 which are to be issued
pursuant to this Indenture. 

     (b)
          Each Note shall constitute indebtedness of Unibanco payable out of
          Unibanco’s general assets and properties. The Notes shall be direct
          unsecured indebtedness of Unibanco and shall at all times rank (i) junior in
          right of payment of all of Unibanco’s indebtedness other than the Notes and
          other subordinated indebtedness of Unibanco, (ii) pari passu among
          themselves, (iii) at least pari passu in right of payment with all of
          Unibanco’s other similarly direct unsecured subordinated indebtedness, and
          (iv) in priority to payments to holders of all classes of Unibanco’s share
          capital, all according to the terms and provisions of Article III hereof. 

SECTION 2.2 Authentication and
Delivery of Notes. (a) Any time and from time to time after the execution and delivery
of this Indenture, Unibanco may deliver Notes executed by Unibanco to the Trustee for
authentication, together with an Issuer Order for the authentication and delivery of such
Notes, and the Trustee shall thereupon authenticate and make available for delivery such
Notes in accordance with such Issuer Order, without any further action by Unibanco. 

     (b)
          No Note shall be secured by or entitled to any benefit under this Indenture or
          be valid or obligatory for any purpose unless there appears on such Note a
          certificate of authentication, in the form provided for in Section 2.4 hereof,
          executed by the Trustee by the manual signature of any Authorized Signatory, and
          such certificate upon any Notes shall be conclusive evidence, and the only
          evidence, that such Note has been duly authenticated and delivered hereunder.
          Each Note shall be dated the date of its authentication. 

13

     
(c)
          The Trustee shall have the right to decline to authenticate and deliver the
          Notes under this Section 2.2 if the Trustee, after receipt of an Opinion of
          Counsel, determines that such action may not lawfully be taken by Unibanco or
          the Trustee or if the Trustee in good faith by its Board of Directors, board of
          trustees, executive committee, a trust committee of directors or trustees or
          Responsible Officer shall determine that such action does not comply with the
          provisions of this Indenture or any document or instrument delivered in
          connection herewith, or could expose the Trustee to personal liability. Prior to
          the authentication and delivery of the Notes, the Trustee shall also receive
          such other funds, accounts, documents, certificates, instruments or opinions as
          may be required thereunder or it may request in order to provide it with
          assurances that all action necessary in connection therewith has been taken. 

     (d)
          Notwithstanding the foregoing, if any Note shall have been authenticated and
          delivered hereunder but never issued or sold by Unibanco, and Unibanco shall
          deliver such Note to the Trustee for cancellation as provided in Section 2.19
          together with a written statement (which need not comply with Section 14.2 and
          need not be accompanied by an Opinion of Counsel) stating that such Note has
          never been issued or sold by Unibanco, for all purposes of this Indenture such
          Note shall be deemed never to have been authenticated and delivered hereunder
          and shall never have been or be entitled to the benefits hereof. 

SECTION 2.3 Aggregate Amount;
Additional Notes. (a) The aggregate principal amount of Notes that may be
authenticated and delivered under this Indenture is unlimited. 

      (b)
          Additional notes of the same series as the Notes (such additional notes being
          “Additional Notes”) may be issued from time to time under this
          Indenture so long as, on the date of issuance of such Additional Notes: (i) such
          issuance of Additional Notes shall be subject to the prior written consent of
          the Central Bank as regards its compliance with the subordination conditions of
          Resolution 2837, (ii) the requirements of Section 2.2 have been complied with,
          (iii) no Default or Event of Default shall have occurred and then be continuing
          or shall occur as a result of the issuance of such Additional Notes, (iv) such
          Additional Notes shall rank pari passu with the Notes referred to in
          Section 2.1 and shall have equivalent terms and benefits as the Notes and shall
          be part of the same series as the Notes, (v) to the extent that the Insurance
          Policy has not been voluntarily cancelled in accordance with Section 8.3(A) of
          the Insurance Policy and Section 5.3(d) hereof, the Insurance Policy shall have
          been amended to increase the “Maximum Aggregate Limit of Liability”
          and the “Limit of Liability” under the Insurance Policy
          proportionately with the amount of Additional Notes to be issued hereunder and
          to make such other changes to the Insurance Policy as are necessary to reflect
          the issuance of such Additional Notes, (vi) regardless of whether the Insurance
          Policy is in effect or has been voluntarily cancelled in accordance with Section
          8.3(A) of the Insurance Policy, Section 5.3(d) hereof or otherwise, if any
          Letters of Credit have not been allowed to expire in accordance with Section
          5.2(c) hereof, the amount available under such Letters of Credit (together with
          any amounts then on deposit in the Reserve Account) shall have been increased to
          take into account the amount of Additional Notes to be issued hereunder and the
          amount available under any such replacement Letter of Credit (together with any
          amounts on deposit in the Reserve Account) shall be at least equal to the
          Required Amount (after giving effect to any such increase), (vii) the Rating
          Agency shall have confirmed to the Trustee in writing, prior to the issuance of
          such Additional Notes, that the issuance of such Additional Notes will not
          result in a lowering or a withdrawal of the rating of the Notes in effect
          immediately prior to any such issuance, (viii) Unibanco and the 

14

Trustee shall
          have executed and delivered a supplemental indenture to this Indenture providing
          for the issuance of such Additional Notes and reflecting such amendments to this
          Indenture as may be required to reflect the increase in aggregate principal
          amount of the Notes resulting from the issuance of such Additional Notes, (ix)
          in the event that Unibanco has not satisfied in full its obligations under
          Registration Rights Agreement, Unibanco and the Initial Purchasers shall have
          executed and, contemporaneously with the issuance of such Additional Notes,
          delivered an amendment to the Registration Rights Agreement reflecting the
          increase in the aggregate principal amount of the Notes resulting from the
          issuance of such Additional Notes, and (x) the Trustee shall have received all
          such opinions and other documents as it shall have reasonably requested. 

      (c)
          All Additional Notes issued hereunder will, when issued, be considered Notes for
          all purposes hereunder and will be subject to and take benefit of all the terms,
          conditions and provisions of this Indenture. 

SECTION 2.4 Form of Trustee’s
Authentication. The Trustee’s certificate of authentication on all Notes shall be
in substantially the following form: 

“This
Note is one of the Notes referred to in the within-mentioned Indenture. 

The Bank of New York, 

as Trustee 

By:
 _________________________
             Authorized
Signatory" 

SECTION 2.5 Form of the Notes.
(a) Notes offered and sold in reliance on Rule 144A will be initially represented by
one or more permanent Global Notes (in substantially the form of Exhibit A-1) in
definitive, fully registered book-entry form without interest coupons (collectively, the
“Rule 144A Restricted Global Note”) which will be registered in the name
of a nominee of DTC and deposited on behalf of the purchasers of the Notes represented
thereby with a custodian for DTC for credit to the respective accounts of such purchasers
(or to such other accounts as they may direct) at DTC. The aggregate principal amount of
the Rule 144A Restricted Global Note may from time to time be increased or decreased by
adjustments made on the records of the Note Registrar and DTC as hereinafter provided. 

     (b)
          Notes offered and sold in reliance on Regulation S will be initially
          represented by one or more permanent Global Notes without interest coupons (in
          substantially the form of Exhibit A-2) in definitive, fully registered
          book-entry form (collectively, the “Regulation S Unrestricted Global
          Note”) which will be registered in the name of a nominee of DTC and
          deposited on behalf of the purchasers of the Notes represented thereby with a
          custodian for DTC for credit to the respective accounts of such purchasers (or
          to such other accounts as they may direct) at DTC, Euroclear or Clearstream. The
          aggregate principal amount of the Regulation S Unrestricted Global Note may from
          time to time be increased or decreased by adjustments made on the records of the
          Note Registrar and DTC as hereinafter provided. 

15

     
(c)
          Exchange Notes exchanged for interests in the Rule 144A Restricted Global Note,
          the Regulation S Unrestricted Global Note or any Initial Notes in definitive
          form will be issued in the form of one or more permanent Global Notes (in
          substantially the form of Exhibit A-1 or A-2, as applicable, but without the
          restrictive legend) in definitive, fully registered book-entry form
          (collectively, the “Exchange Global Notes”; and together with
          the Rule 144A Restricted Global Note and the Regulation S Unrestricted Global
          Note, the “Global Notes”), which will be registered in the name
          of a nominee of DTC and deposited on behalf of the purchasers of the Notes
          represented thereby with a custodian for DTC for credit to the respective
          accounts of such purchasers (or such accounts as they may direct). 

     (d)
          The Notes shall be in registered form and may have such letters, numbers or
          other marks of identification and such legends or endorsements printed,
          lithographed, engraved, typewritten or photocopied thereon as may be required to
          comply with the rules of any securities exchange upon which the Notes are to be
          listed, if any, or to conform to any usage in respect thereof, or as may,
          consistently herewith, be prescribed by the Board of Directors of Unibanco or by
          the Authorized Representative executing such Notes, such determination by said
          Authorized Representative to be evidenced by its signing the Notes. 

     (e)
          The Notes may be issued in the form of (a) definitive Notes under the
          circumstances described in Sections 2.13(c), (d) and (e) hereto or (b) one or
          more Global Notes. Notes issued in definitive form shall be registered in the
          name or names of such Persons and for the principal amounts as Unibanco may
          request. Unibanco initially appoints DTC to act as depositary for the Global
          Notes. Notes issued in the form of a Global Note shall be registered in the name
          of DTC or its nominee. In the event any of the Notes are issued in a transaction
          under Rule 144A of the Securities Act, any such Person shall purchase such Notes
          in transactions complying with Rule 144A under the Securities Act. The Trustee,
          as custodian (“Custodian”), will act as custodian of each
          Global Note for DTC or appoint a sub-custodian to act in such capacity. So long
          as DTC or its nominee is the registered owner of the Global Note, it shall be
          considered the holder of the Notes represented thereby for all purposes
          hereunder and under the Global Note. None of Unibanco, the Trustee or any Paying
          Agent shall have any responsibility or liability for any aspect of the records
          relating to or payments made by DTC on account of beneficial interests in the
          Global Note. Interests in the Global Note shall be transferred on DTC’s
          book-entry settlement system. 

     (f)
          At such time as all beneficial interests in a particular Global Note have been
          exchanged for Notes in definitive form or a particular Global Note has been
          redeemed, repurchased or canceled in whole and not in part, such Global Note
          shall be returned to or retained and canceled by the Trustee in accordance with
          Section 2.19. At any time prior to such cancellation, if any beneficial interest
          in a Global Note is exchanged for or transferred to a Person who will take
          delivery thereof in the form of a beneficial interest in another Global Note or
          in the form of Notes in definitive form, the principal amount of Notes
          represented by such Global Note shall be reduced accordingly and an endorsement
          shall be made on such Global Note by the Trustee or by DTC at the direction of
          the Trustee to reflect such reduction; and if the beneficial interest is being
          exchanged for or transferred to a Person who will take delivery thereof in the
          form of a beneficial interest in another Global Note, such other Global Note
          shall be increased accordingly and an endorsement shall be made on such Global
          Note by the Trustee or by DTC at the direction of the Trustee to reflect such
          increase. 

16

     
(g)
          The forms of Notes may have such appropriate insertions, omissions,
          substitutions and other variations as are required or permitted by this
          Indenture and may have such letters, numbers or other marks of identification
          and such legends or endorsements placed thereon as may, consistent herewith, be
          applicable thereto or determined by officers of Unibanco executing such Notes,
          as evidenced by their execution thereof. Any portion of the text of any Note may
          be set forth on the reverse thereof, with an appropriate reference thereof on
          the face of the Note. If the Notes conflict or are inconsistent with the
          provisions of the Indenture, then this Indenture shall control. 

      (h)
          At such time as all beneficial interests in a particular Global Note have been
          exchanged for notes in definitive form or a particular Global Note has been
          redeemed, repurchased or cancelled in whole and not in part, such Global Note
          shall be returned to or retained and cancelled by the Trustee in accordance with
          Section 2.19. At any time prior to such cancellation, if any beneficial interest
          in a Global Note is exchanged for or transferred to a person who will take
          delivery thereof in the form of a beneficial interest in another Global Note or
          in the form of a definitive Note, the principal amount of Notes represented by
          such Global Note shall be reduced accordingly and an endorsement shall be made
          on such Global Note by the Trustee or by DTC at the direction of the Trustee to
          reflect such reduction and if the beneficial interest is being exchanged for or
          transferred to a person who will take delivery thereof in the form of a
          beneficial interest in another Global Note, such other Global Note shall be
          increased accordingly and an endorsement shall be made on such Global Note by
          the Trustee or by DTC at the direction of the Trustee to reflect such increase. 

SECTION 2.6 Maturity of the
Notes(a) . Subject to Section 2.8 below, the Notes shall mature on December 15, 2013
(the “Expected Maturity Date”); provided, however, that if on or
before the Business Day prior to the Expected Maturity Date Unibanco delivers a
certificate, substantially in the form of Exhibit F hereto, to the Trustee stating that
(i) either (A) the Insurance Policy and the other Insurance Documents are in effect and
the amount available under any Letters of Credit (together with any amounts then on
deposit in the Reserve Account) is at least equal to the Required Amount or (B) the
Insurance Policy or any of the other Insurance Documents is not in effect and the amount
available under any Letters of Credit (together with any amounts then on deposit in the
Reserve Account) is at least equal to the Required Amount and (ii) an Expropriation Event
or an Inconvertibility Event has occurred, then if such certificate shall be received by
the Trustee on or before the Expected Maturity Date, the Expected Maturity Date shall be
extended to a date (the “Extended Maturity Date”), which shall be the
earliest to occur of (i) June 15, 2015 (a date which is eighteen calendar months
after the Expected Maturity Date), (ii) the latest date for which funds are available
under any Letters of Credit or on deposit in the Reserve Account and under the Insurance
Policy to pay interest on the Notes, and (iii) 30 calendar days after the date on which
the Expropriation Event or the Inconvertibility Event has ended. 

     (b)
          In the case of any extension of the Expected Maturity Date, the Expected
          Maturity Date shall be considered a Payment Date under the terms of this
          Indenture, and interest at the Note Rate shall be due on the Notes on such
          Expected Maturity Date and on each Payment Date occurring thereafter until the
          Extended Maturity Date. 

17

     
(c)
          Upon the occurrence of any extension of the Expected Maturity Date under this
          Section 2.6, Unibanco shall promptly, but in any event within five Business Days
          thereafter, deliver notice thereof to the Trustee, to the Noteholders, to the
          Luxembourg Stock Exchange and to the Rating Agency in accordance with the notice
          provisions of this Indenture. 

     (d)
          No payments in respect of the principal of the Notes shall be paid prior to the
          Extended Maturity Date except in the case of the occurrence of an Event of
          Default and acceleration of the aggregate outstanding principal amount of the
          Notes or upon redemption prior to the Extended Maturity Date pursuant to Article
          IV hereof. 

      (e)
          The extension of the Expected Maturity Date shall not have any effect on the
          rights of the Noteholders, including any right upon the occurrence of any Event
          of Default. 

SECTION 2.7 Interest. (a)
Interest shall accrue on the Notes from and including December 12, 2003 (the
“Issue Date”) up to but excluding December 15, 2008 at the rate of 7.375%
per annum, payable in arrears on June 15 and December 15 in each year commencing on June
15, 2004, and thereafter at the rate of 9.375 % per annum (each such rate, the
“Note Rate”), payable in arrears on June 15 and December 15 each year
commencing and excluding June 15, 2009 accruing up to but excluding December 15, 2013
(each an “Interest Payment Date”), provided that if Unibanco shall have
failed to have a registration statement declared effective by the SEC pursuant to the
Registration Rights Agreement prior to December 12, 2004 the Note Rate shall be increased
for all purposes hereunder to 7.875% per annum or 9.875%, as the case may be (0.5% above
the otherwise applicable interest rate on the Notes) until such time as such registration
statement shall have been declared effective as contemplated in the Registration Rights
Agreement, in which case the Note Rate shall decrease to the relevant rate stated above.
All interest shall be paid by Unibanco to the Trustee and distributed by the Trustee in
accordance with this Indenture at each Interest Payment Date to the Person in whose name a
Note is registered at the close of business on the preceding Record Date. Interest shall
be calculated based on a 360-day year of twelve 30-day months. Notwithstanding anything
herein to the contrary, interest on the Notes at the Note Rate shall continue to accrue in
the event such interest is not paid on a scheduled Interest Payment Date or the Extended
Maturity Date (or earlier as contemplated in Section 2.16). 

     (b)
          Upon the occurrence and during the continuation of a Event of Default under
          Sections 7.1(a) and (b), (i) interest shall accrue on the Notes at a rate equal
          to 1.0% per annum above the Note Rate (the “Default Rate”) and
          (ii) without giving effect to the applicable Grace Period, to the fullest extent
          permitted by law, interest shall accrue on the amount of any interest, fee,
          Additional Amounts, or other amount payable under this Indenture and the Notes
          that is not paid when due, from the date such amount was due until such amount
          shall be paid in full, excluding the date of payment, at a rate equal to the
          Default Rate; provided, however, that interest on the Notes shall accrue
          at the Note Rate and not the Default Rate during the continuance of any
          suspension of Unibanco’s obligations to make payments of principal under
          the Notes where the Noteholders are otherwise receiving payments of interest at
          the Note Rate from the Insurer, under the Insurance Policy or otherwise. 

SECTION 2.8 Deferral of Interest
and Principal. (a) Notwithstanding the provisions of Sections 2.6 and 2.7, if on
any Interest Payment Date in respect of which interest is

18

 
due, Unibanco is not in
compliance with operational limits, including capital adequacy ratios, established by the
Central Bank as in effect from time to time (collectively, the “Operational
Limits”) or the payment of interest on any such Interest Payment Date would cause
Unibanco to no longer be in compliance with such Operational Limits, no interest shall be
payable on the Notes until the date which is five days after the date on which no such
conditions exists, but only if such deferral of interest is necessary for the subordinated
debt represented by the Notes to qualify as Tier 2 Capital pursuant to Resolution 2837. If
on the second Business Day prior to the Expected Maturity Date, the Extended Maturity Date
or any Optional Early Redemption Date in respect of which a payment of principal or
redemption amount is due, Unibanco is not, or on such maturity date or Optional Early
Redemption Date will not be, in compliance with such Operational Limits on such maturity
date or Optional Early Redemption Date, such payment will be deferred until the date which
is 5 days after the date on which no such condition exists but only if such deferral is
necessary for the subordinated debt represented by the Notes to qualify as Tier 2 Capital
pursuant to Resolution 2837. The deferral of any payment in accordance with this
Section 2.8(a) shall not constitute an Event of Default. 

     (b)
          Any amount of interest or principal in respect of the Notes not paid on an
          Interest Payment Date, the Expected Maturity date, the Extended Maturity Date or
          the Optional Early Redemption Date, as the case may be, or on any other date
          payment is due hereunder as a result of the deferral provided for in Section
          2.8(a) shall, so long as the same remains outstanding, constitute
          “Amounts in Arrears”. Each Amount in Arrears shall bear
          interest (in the case of any interest amount, as if it constituted the principal
          of the Notes) at the relevant Note Rate plus 1.0% (the “Arrears
          Rate”) from and including the date when such Amount in Arrears was due
          to (but excluding) the date of payment and the amount of such interest (the
          “Additional Interest Amounts”) with respect to each Amount in
          Arrears shall only become due and payable at such time as the Amount in Arrears
          in respect of which it has accrued becomes due and payable in accordance with
          this Section 2.8(b). The Additional Interest Amounts accrued up to any Interest
          Payment Date shall be added, for the purpose only of calculating the Additional
          Interest Amounts accruing thereafter, to the Amounts in Arrears remaining unpaid
          on such Interest Payment Date so that it will itself become an Amount in
          Arrears. 

     (c)
          Unibanco shall use its reasonable efforts to give not more than 14 nor less than
          two Business Days’ prior notice to the Noteholders and the Luxembourg Stock
          Exchange (with a copy to the Insurer), in accordance with Section 14.4: 

(i)            of any
Interest Payment Date or Optional Early Redemption Date on which,                pursuant
to Section 2.8(a), interest will not be paid;  

(ii)           of any
portion of the principal otherwise payable on the maturity date or any
               Optional Early Redemption Date which, pursuant to Section 2.8(a),
will not                be paid; and  

(iii)          of any
date upon which amounts in respect of any Amount in Arrears and/or
               Additional Interest Amounts shall become due and payable;  

provided always that any
failure by Unibanco to comply with its obligations to notify the Noteholders in
accordance with this Section 2.8(c) shall not affect the  

19

obligation of Unibanco to
defer any payment or pay any Amount in Arrears when due in accordance with the provisions
of Section 2.8(a).  

     (d)
          If amounts in respect of Amounts in Arrears and Additional Interest Amounts are
          at any time only partially payable: 

(i)               all
unpaid amounts of Amounts in Arrears shall be payable before any Additional
               Interest Amounts;  

(ii)            Amounts
in Arrears accrued for any Interest Period shall not be payable until                full
payment has been made of all Amounts in Arrears that have accrued during
               any earlier Interest Period and the order of payment of Additional
Interest                Amounts shall follow that of the Amounts in Arrears to which they
relate; and  

(iii)             the
Amounts in Arrears or Additional Interest Amounts payable in respect of any
               Note in respect of any Interest Period shall be pro rated to the
total                amount of all unpaid Amounts in Arrears or, as the case may be,
Additional                Interest Amounts accrued in respect of that period to the date
of payment.  

SECTION 2.9 Record Date. The
Trustee may treat the Person in whose name any Note is registered on the applicable Record
Date as the Noteholder for all purposes under this Indenture. 

SECTION 2.10 Issuance. The
Initial Notes shall be issued only in a transaction exempt from registration under the
Securities Act to (a) Persons and entities that are QIBs, and (b) other permitted Persons
or entities pursuant to Regulation S. The Notes shall be subject to restrictions on
transfer and resale as provided in Section 2.13 hereof. 

SECTION 2.11 Denominations,
etc. The Notes shall be issued only in fully registered form, without coupons and as
otherwise provided herein. Notes sold pursuant to Rule 144A shall be issued in the form of
beneficial interests in one or more Global Notes in minimum denominations of U.S.$100,000
and integral multiples of U.S.$1,000 in excess thereof. Notes sold pursuant to Regulation
S and any Exchange Notes shall be issued in the form of beneficial interests in one or
more Global Notes in minimum denominations of $10,000 and integral multiplies of $1,000 in
excess thereof. Beneficial interests in any Global Notes shall be shown on, and transfers
thereof shall be effected only through, the book-entry records maintained by DTC and its
participants. Notes issued in physical, certificated form shall not be permitted to be
traded through the facilities of DTC, except in connection with a transfer of a Note in
certificated form to a transferee that takes delivery in the form of beneficial interests
in a Global Note pursuant to Rule 144A or Regulation S, as the case may be. 

SECTION 2.12 Execution of
Notes. (a) The Notes shall be executed on behalf of Unibanco by one of its Authorized
Representatives. The signature of any such officers on the Notes may be manual or
facsimile. Notes bearing the manual or facsimile signatures of individuals who were, at
the time such signatures were affixed, the proper officers of Unibanco shall bind
Unibanco, notwithstanding that such individuals or any of them have ceased to hold

20

such offices prior to the
authentication and delivery of such Notes or did not hold such offices at the date of
such Notes.  

     (b)
          Pending the preparation of definitive Notes as contemplated in Section 2.13,
          Unibanco may execute, and upon instructions from Unibanco, the Trustee shall
          authenticate and deliver, temporary Notes that are printed, lithographed,
          typewritten, mimeographed or otherwise reproduced, in any authorized
          denomination, substantially of the tenor of the definitive Notes in lieu of
          which they are issued and with such appropriate insertions, omissions,
          substitutions and other variations as the Authorized Representatives executing
          such Notes may determine, as conclusively evidenced by their execution of such
          Notes. 

      (c)
          Following the issuance of temporary Notes, Unibanco will cause definitive Notes
          to be prepared without unreasonable delay. The definitive Notes shall be
          printed, lithographed or engraved, or provided by any combination thereof, or in
          any other manner permitted by the rules and regulations of any applicable
          securities exchange, all as determined by the Authorized Representatives
          executing such definitive Notes. After the preparation of definitive Notes, the
          temporary Notes shall be exchangeable for definitive Notes upon surrender of the
          temporary Notes at the office or agency maintained by Unibanco for such purpose
          pursuant to Section 8.11, without charge to the Noteholder. Upon surrender
          for cancellation of any one or more temporary Notes, Unibanco shall execute, and
          the Trustee shall authenticate and deliver, in exchange therefor the same
          aggregate principal amount of definitive Notes of authorized denominations.
          Until so exchanged, the temporary Notes shall in all respects be entitled to the
          same benefits under this Indenture as definitive Notes. 

SECTION 2.13 Registration;
Restrictions on Transfer and Exchange. (a) Unibanco shall cause to be kept at the
Corporate Trust Office of the Note Registrar a register which, subject to such reasonable
regulations as Unibanco may prescribe, shall provide for the registration of Notes and for
the registration of transfers and exchanges of Notes. This register and, if there shall be
more than one Note Registrar, the combined registers maintained by all such note
registrars, are herein sometimes referred to as the “Note Register”. The
Trustee is hereby appointed the initial Note Registrar for the purpose of registering
Notes and transfers and exchanges of Notes as herein provided. Upon any resignation or
removal of the Note Registrar, Unibanco shall promptly appoint a successor, or in the
absence of such appointment, assume the duties of such Note Registrar. Unibanco may
appoint one or more co-registrars. 

     (b)
          If a Person other than the Trustee is appointed by Unibanco as Note Registrar,
          Unibanco will give the Trustee prompt written notice of the appointment of a
          Note Registrar and of the location, and any change in the location of the Note
          Register, and the Trustee shall have the right to inspect the Note Register at
          all reasonable times and to obtain copies thereof, and the Trustee shall have
          the right to rely upon such Note Register as to the names and addresses of the
          Noteholders and the principal amounts and numbers of such Notes. 

     (c)
          Any Global Note deposited with DTC shall be exchanged for definitive Notes,
          without coupons, and delivered to and registered in the name of Persons named by
          DTC, rather than to the nominee for DTC, if (i) Unibanco advises the Trustee in
          writing that DTC is no longer willing or able to discharge properly its
          responsibilities as registered depositary with respect to the Notes and Unibanco
          is unable to appoint a qualified successor, or that DTC has 

21

     
ceased to be a
          clearing agency registered under the Exchange Act, (ii) Unibanco, at its option,
          elects to terminate the book-entry system through DTC with respect to the Notes
          and cause issuance of certificated Notes or (iii) after the occurrence and
          continuation of an Event of Default, beneficial owners holding interests
          representing an aggregate principal amount of Notes of more than 50% of the
          Notes represented by the Global Note advise the Trustee through DTC in writing
          that the continuation of a book-entry system through DTC with respect to the
          Notes is no longer in such owners’ best interests; provided that in no
          event shall a Regulation S Unrestricted Global Note be exchanged for Notes in
          definitive form prior to the expiration of the Distribution Compliance Period. 

     (d)
          Upon the occurrence of any of the events in clauses (i) through (iii) of the
          preceding paragraph, the Trustee shall, by forwarding any notice received from
          Unibanco to DTC, be deemed to have notified all Persons who hold a beneficial
          interest in the Global Note through participants in DTC or indirect participants
          through participants in DTC of the availability of certificated Notes. Any
          Global Note that is transferable to the beneficial owners thereof pursuant to
          Section 2.13(c) shall be surrendered by DTC to the Note Registrar, to be so
          transferred, in whole or from time to time in part, without charge, and the
          Trustee shall authenticate and deliver, upon such transfer of each portion of
          such Global Note, an equal aggregate principal amount of Notes of authorized
          denominations. Any portion of a Global Note transferred pursuant to Section
          2.13(c) and this Section 2.13(d) shall be executed, authenticated and delivered
          only in the denominations specified in the form of Note and registered in such
          names as DTC shall direct. Any certificated Note delivered in exchange for an
          interest in the Rule 144A Restricted Global Note shall bear the legend regarding
          transfer restrictions applicable to the Rule 144A Restricted Global Note set
          forth on the form of Note attached as Exhibit A-1 hereto. Any Note
          delivered in exchange for an interest in the Regulation S Unrestricted Global
          Note shall bear the legend regarding transfer restrictions applicable to the
          Regulation S Unrestricted Global Note set forth on the form of Note attached as
          Exhibit A-2 hereto. In the event of the occurrence of any of the events
          specified in Section 2.13(c), Unibanco will promptly make available to the
          Trustee a reasonable supply of certificated Notes in certificated, fully
          registered form without interest coupons. 

     (e)
          Notwithstanding any provisions to the contrary herein, so long as any Global
          Note remains outstanding and is held by or on behalf of DTC, transfers of such
          Global Note, in whole or in part, shall only be made in accordance with this
          Section 2.13(e) and Section 2.13(d). 

(i)
                Subject to this Section 2.13(e) and Section 2.13(d), transfers of a
Global Note                shall be limited to transfers of such Global Note in whole, or
in part, to                nominees of DTC or to a successor of DTC or such successor’s
nominee.  

(ii) Transfers of
beneficial interests in Global Notes may be effected only through the book entry system
maintained by DTC in compliance with applicable rules and procedures of DTC and its
direct or indirect participants (including Euroclear and Clearstream, if applicable), in
each case to the extent applicable to such transaction and in effect from time to time
the “Applicable Procedures”).  

(iii)                 In
the event that a Global Note is exchanged for Notes in certificated
               registered form without interest coupons pursuant to Section 2.13(d)
hereof,                such Notes 

22

may be exchanged for one another only in accordance
with such                procedures as are substantially consistent with the provisions
of                clauses (iv) and (v) below (including the certification
requirements) and                as may be from time to time adopted by Unibanco and the
Trustee. 

(iv)                 If
the owner of a beneficial interest in a Rule 144A Restricted Global Note
               wishes at any time to transfer such interest (or portion thereof) to a
Non-U.S.                Person pursuant to Regulation S who wishes to hold its
interest in the                Notes through a beneficial interest in the Regulation S
Unrestricted Global                Note, such transfer may be effected only (A) upon
receipt by the Note Registrar                of:  

(1)            an order
given by DTC or its authorized representative directing the Note           Registrar to
credit or cause to be credited a beneficial interest in the           Regulation S
Unrestricted Global Note equal to the principal amount of the           beneficial
interest in the Rule 144A Restricted Global Note to be transferred,           and  

(2)            a
certificate in the form of Exhibit C duly executed by the transferor, or
          his attorney duly authorized in writing,  

and (B) subject to the
Applicable Procedures, the Note Registrar shall increase the Regulation S Unrestricted
Global Note and decrease the Rule 144A Restricted Global Note by such amount in
accordance with the foregoing. Any beneficial interest in the Restricted Global Note that
is transferred to a Person that takes delivery in the form of a beneficial interest in
the Regulation S Global Note will, upon transfer, cease to be an interest in the
Restricted Global Note and will become an interest in the Regulation S Global Note
subject to all transfer restrictions and other procedures applicable to beneficial
interests in the Regulation S Global Note.  

(v)                 If
the owner of an interest in a Regulation S Unrestricted Global Note wishes at
               any time to transfer such interest (or any portion thereof) to a Person
who                wishes to take delivery thereof in the form of a beneficial interest
in the Rule                144A Restricted Global Note, such transfer may be effected
only, (A) upon                receipt by the Note Registrar of:  

(1)            an order
given by DTC or its authorized representative directing the Note           Registrar to
credit or cause to be credited a beneficial interest in the Rule           144A
Restricted Global Note equal to the principal amount of the beneficial           interest
in the Regulation S Unrestricted Global Note to be transferred, and  

(2)          if such
transfer is to occur during (but only during) the Distribution           Compliance
Period, a certificate in the form of Exhibit D duly executed by the           transferor
or his attorney duly authorized in writing, (accompanied, in the case           of a
transfer under an exemption from the registration requirements under the
          Securities Act other than pursuant to Rule 144A or Rule 144 under the

23

Securities           Act,
by an opinion of counsel stating that such exemption is available to the
          transferor), and  

(B)                    in
accordance with the Applicable Procedures, the Note Registrar shall increase
                    the Rule 144A Restricted Global Note and decrease the Regulation S
Unrestricted                     Global Note by such amount in accordance with the
foregoing. Any beneficial                     interest in the Regulation S Unrestricted
Global Note that is transferred to a                     Person that takes delivery in
the form of a beneficial interest in the Rule 144A                     Restricted Global
Note will, upon transfer, cease to be an interest in the                     Regulation S
Unrestricted Global Note and will become an interest in the Rule                     144A
Restricted Global Note subject to all transfer restrictions and other
                    procedures applicable to beneficial interest in the Rule 144A
Restricted Global                     Note.  

(vi)                 If
the holder of a Restricted Note (other than a Global Note) wishes at any time
               to transfer such Restricted Note (or a portion thereof) to a Person who
wishes                to take delivery thereof in the form of a beneficial interest in
the Rule 144A                Restricted Global Note or the Regulation S Unrestricted
Global Note, such                transfer may be effected only, (A) upon receipt by the
Note Registrar of:  

      (1)
          such Restricted Note, duly endorsed as provided herein, 

(2)          instructions
from such holder directing the Note Registrar to credit or cause           to be credited
a beneficial interest in the Rule 144A Restricted Global Note or           Regulation S
Unrestricted Global Note equal to the principal amount (or portion           thereof) of
such certificated Note to be transferred, and  

(3)          a
certificate in the form of Exhibit C if the specified account to be credited
          with a beneficial interest in the Regulation S Unrestricted Global Note, or a
          certificate in the form of Exhibit D if the specified account is to be credited
          with a beneficial interest in the Rule 144A Restricted Global Note, in either
          case duly executed by the transferor or his attorney duly authorized in
writing,           and  

      (B)
          subject to the Applicable Procedures of DTC, the Note Registrar shall: 

(1)          cancel the
Restricted Note delivered to it (and issue a new Note in respect of           any
untransferred portion thereof), and  

(2)          increase the
Rule 144A Restricted Global Note or the Regulation S Unrestricted           Global Note,
as the case may be, in accordance with the foregoing;  

(vii)                 If the
holder of a Regulation S Note (other than a Global Note) wishes to
               transfer such Regulation S Note (or a portion thereof) to a Person who
wishes to                take delivery thereof in the form of a beneficial interest in
the Rule 144A                Restricted Global Note or the Regulation S Unrestricted
Global Note, such                transfer may be effected only, (A) upon receipt by
the Note Registrar of:  

24

(1)          such
Regulation S Note, duly endorsed as provided herein,  

(2)          instructions
from the holder of such certificated Note directing the Registrar           to credit or
cause to be credited a beneficial interest in the Rule 144A           Restricted Global
Note or the Regulation S Unrestricted Global Note equal to the           principal amount
of the certificated Note (or portion thereof) to be           transferred, and  

(3)          if the
transfer is to occur during (but only during) the Distribution           Compliance
Period and the specified account is to be credited with a beneficial           interest
in the Rule 144A Restricted Global Note, a certificate in the form of           Exhibit D,
or if the specified account is to be credited with a beneficial           interest in the
Regulation S Unrestricted Global Note, a certificate in the form           of Exhibit C,
in each case, duly executed by the transferor or his attorney duly           authorized
in writing,  

and
(B) subject to the Applicable Procedures of DTC, the Note Registrar shall: 

(1) cancel the Regulation
S Note delivered to it, (and issue a new Note in respect           of any untransferred
portion thereof) and  

(2)  increase the Rule
144A Restricted Global Note or the Regulation S Unrestricted           Global Note, as
the case may be, for such amount in accordance with the           foregoing.  

(viii) A beneficial
interest in a Rule 144A Restricted Global Note or a Regulation S Unrestricted
Global Note may be exchanged for a Note that is not a Global Note as provided
in Section 2.13(c) and (d); provided that, if such interest is a
beneficial interest in the Restricted Global Note, or if such interest is a
beneficial interest in the Regulation S Unrestricted Global Note and such
exchange is to occur during the Distribution Compliance Period, then such
interest shall be exchanged for a Restricted Note or a Regulation S Note, as
the case may be. A Restricted Note or Regulation S Note that is not a Global
Note may be exchanged for a beneficial interest in a Global Note only if (A)
such exchange occurs in connection with clause (e)(vi) or (vii) above, (B) such
Note is a Regulation S Note and such exchange occurs after the Distribution
Compliance Period or (C) such exchange occurs pursuant to an Exchange Offer or
for Exchange Notes registered under a shelf registration statement pursuant to
the Registration Rights Agreement.  

      (f)
          After the expiration of the Distribution Compliance Period, at the option of the
          Noteholder, beneficial interests in Global Notes may be exchanged in whole or in
          part for certificated Notes to be registered in the name of such Noteholder, of
          authorized denominations and of like tenor, maturity, interest rate and
          aggregate principal amount, upon prior written notice to the Trustee by or on
          behalf of DTC and surrender of the Notes to be exchanged at any office or agency
          maintained for such purpose pursuant to Section 8.11. Whenever any Notes are so
          surrendered for exchange, Unibanco shall execute, and the Trustee shall
          authenticate and 

25

     
make available for delivery, the Notes which the Noteholder
          making the exchange is entitled to receive. Unibanco shall execute and deliver
          to the Trustee, on the Closing Date and from time to time thereafter, for
          safekeeping and subsequent authentication, a stock of physical registered Notes
          of such quantities as Unibanco, after consultation with the Trustee, determines
          to be sufficient to permit the issuance of physical Notes and the exchanges
          contemplated by this Section. 

      (g)
          Upon surrender for registration of transfer of any Note, together with a written
          instrument of transfer satisfactory to the Note Registrar, as the case may be,
          at an office or agency of Unibanco appointed in or pursuant to Section 8.11 for
          such purposes, Unibanco shall execute, and the Trustee shall authenticate and
          deliver, in the name of the designated transferee or transferees, one or more
          new Notes of any authorized denomination or denominations and of the same
          aggregate principal amount. At the option of each Noteholder, Notes may be
          exchanged for other Notes of any authorized denomination or denominations and of
          the same aggregate principal amount, upon surrender of the Notes to be exchanged
          at any such office or agency. Whenever any Notes are so surrendered for
          exchange, Unibanco shall execute, and the Trustee shall authenticate and
          deliver, the Notes that the Noteholder making the exchange is entitled to
          receive. All Notes issued upon any registration of transfer or exchange of Notes
          shall be the valid obligations of Unibanco, evidencing the same debt, and
          entitled to the same security and benefits under this Indenture and the other
          Transaction Documents, as the Notes surrendered upon such registration of
          transfer or exchange. 

      (h)
          Every Note presented or surrendered for registration of transfer or exchange
          shall be duly endorsed, or be accompanied by a written instrument of transfer in
          form satisfactory to Unibanco and the Note Registrar or any transfer agent, duly
          executed by the Noteholder thereof or such Noteholder’s attorney duly
          authorized in writing. 

      (i)
          No service charge shall be required of any Noteholders participating in any
          transfer or exchange of Notes in respect of such transfer or exchange, but the
          Note Registrar may require payment of a sum sufficient to cover any Tax that may
          be imposed in connection with any transfer or exchange of Notes, other than
          exchanges pursuant to Section 2.13(c), 2.14 or 11.6 not involving any transfer. 

      (j)
          The Note Registrar shall not be required (x) to issue, register the transfer of
          or exchange any Note during a period beginning at the opening of business in the
          City of New York 15 days before the day of the mailing of a notice of redemption
          of Notes selected for redemption under Sections 4.2 and 4.3 and ending at the
          close of business on the day of such mailing, (y) to issue, register the
          transfer of or exchange any Note so selected for redemption in whole or in part,
          except the unredeemed portion of any Note redeemed in part or (z) to issue,
          register the transfer of or exchange any Note during a period beginning on any
          Record Date and the next Interest Payment Date. 

      (k)
          If Notes are issued upon the transfer, exchange or replacement of Notes subject
          to restrictions on transfer and bearing the legends set forth on the forms of
          Note attached hereto as Exhibit A-1 and Exhibit A-2, setting forth such
          restrictions (collectively, the “Legend”), or if a request is
          made to remove the Legend on a Note, the Notes so issued shall bear the Legend,
          or the Legend shall not be removed, as the case may be, unless there is 

26

     
 delivered to Unibanco and the Note Registrar such satisfactory evidence, which
          shall include an Opinion of Counsel, as may be reasonably required by Unibanco,
          that neither the Legend nor the restrictions on transfer set forth therein are
          required to ensure that transfers thereof comply with the provisions of
          Rule 144A, Rule 144 or Regulation S under the Securities Act or
          that such Notes are not “restricted securities” within the meaning of
          Rule 144 under the Securities Act. Upon provision of such satisfactory
          evidence, the Trustee, at the direction of Unibanco, shall authenticate and
          deliver a Note that does not bear the Legend. If a Legend is removed from the
          face of a Note and the Note is subsequently held by an Affiliate of Unibanco,
          the Legend shall be reinstated. 

      (l)
          None of the Trustee or the Note Registrar shall have any obligation or duty to
          monitor, determine or inquire as to compliance with any restrictions on transfer
          imposed under this Indenture or under applicable law with respect to any
          transfer of any interest in any Note (including transfers between or among
          participants in DTC or beneficial owners of interest in any Global Note) other
          than to require delivery of such certificates and other documentation or
          evidence as are expressly required by, and to do so if and when expressly
          required by the terms of, this Indenture, and to examine the same to determine
          substantial compliance as to form with the express requirements hereof. 

SECTION 2.14 Exchange Offer.
Upon occurrence of the Exchange Offer or the effectiveness of a registration statement
pursuant to the Securities Act in accordance with the Registration Rights Agreement,
Unibanco will issue, and upon receipt of an Issuer Order in accordance with Section 2.4
hereof, the Trustee shall authenticate, (a) the Exchange Global Note in a principal amount
equal to the principal amount of the beneficial interests in the Rule 144A Restricted
Global Note and the Regulation S Unrestricted Global Note tendered for exchange in the
Exchange Offer or for exchange for Exchange Notes registered under the registration
statement, as the case may be, by Persons that certify in the applicable letters of
transmittal or via DTC’s book-entry system that (i) they are not broker-dealers, (ii)
they are not participating in a distribution of Exchange Notes, and (iii) they are not
affiliates (as defined in Rule 144 under the Securities Act) and (b) Exchange Notes in
definitive form in an aggregate principal amount equal to the principal amount of the
Initial Notes in definitive form accepted for exchange in the Exchange Offer or for
exchange for Exchange Notes registered under the registration statement, as the case may
be. Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate
principal amount of the Rule 144A Restricted Global Note and Regulation S Unrestricted
Global Note to be reduced accordingly, and Unibanco shall execute, and the Trustee shall
authenticate and make available for delivery to the Persons designated by the holders of
Initial Notes in definitive form so accepted, Exchange Notes in definitive form in the
appropriate principal amount. 

SECTION 2.15 Mutilated, Destroyed,
Lost and Stolen Notes. (a) If (i) any mutilated or defaced Note is surrendered to the
Trustee, or Unibanco and the Note Registrar and the Trustee receive evidence to their
satisfaction of the destruction, loss or theft of any Note, and (ii) there is
delivered to Unibanco, the Note Registrar and the Trustee evidence to their satisfaction
of the ownership and authenticity thereof, and such security or indemnity as may be
required by them to save each of them harmless, then, in the absence of notice to
Unibanco, the Note Registrar or the Trustee that such Note has been acquired by a bona
fide purchaser, Unibanco shall execute and upon Unibanco’s request the Trustee shall
authenticate and make 

27

available for delivery, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Note, a new Note of like tenor, interest rate and
principal amount, bearing a number not then outstanding and registered in the same manner.
If, after the delivery of such new Note, a bona fide purchaser of the original Note in
lieu of which such new Note was issued presents for payment such original Note, Unibanco
and the Trustee shall be entitled to recover such new Note from the Person to whom it was
delivered or any Person taking therefrom, except a bona fide purchaser, and shall be
entitled to recover upon the security or indemnity provided therefor to the extent of any
loss, damage, cost or expenses incurred by Unibanco or the Trustee in connection
therewith. 

     (b)
          Notwithstanding the foregoing, in case any such mutilated, destroyed, lost or
          stolen Note has become or is about to become due and payable, Unibanco, upon
          satisfaction of the conditions set forth in clauses (i) and (ii) of clause (a)
          hereof and subject to the prior written consent of the Central Bank may, instead
          of issuing a new Note, pay such Note. 

     (c)
          Upon the issuance of any new Note under this Section 2.15, Unibanco may require
          the payment of a sum sufficient to cover any Tax that may be imposed in relation
          thereto and any other expenses connected therewith. 

     (d)
          Every new Note issued pursuant to this Section 2.15 in lieu of any mutilated,
          destroyed, lost or stolen Note shall constitute an original additional
          contractual obligation of Unibanco, whether or not the mutilated, destroyed,
          lost or stolen Note shall be at any time enforceable by anyone, and shall be
          entitled to all the benefits of this Indenture equally and proportionately with
          any and all other Notes duly issued hereunder. 

     (e)
          The provisions of this Section 2.15 are exclusive and shall preclude (to the
          extent lawful) all other rights and remedies with respect to the replacement or
          payment of mutilated, destroyed, lost or stolen Notes. 

SECTION 2.16 Payments. (a) On
the Closing Date, the Trustee shall establish and, until the Notes and all accounts due in
respect thereof have been paid in full, maintain a special purpose non-interest bearing
trust account (the “Payment Account”) into which all payments required to
be made by Unibanco under or with respect to the Notes shall be deposited. Unibanco agrees
that the Payment Account shall be maintained in the name of the Trustee and under its sole
dominion and control (acting on behalf of the Noteholders) and used solely to make
payments of principal, interest and other amounts from time to time due and owing on, or
with respect to, the Notes. No funds contained in the Payment Account shall be used for
any other purpose or in any manner not expressly provided for herein nor shall Unibanco or
any other Person have an interest therein or amounts on deposit therein. 

     (b)
          Unibanco hereby acknowledges and confirms that it is and at all times shall
          remain absolutely and unconditionally obligated to pay all amounts due and owing
          by Unibanco hereunder and under any other Transaction Document, as the same
          shall become due and owing until such time as Noteholders shall have received
          the same, subject however to it being in compliance with the subordination
          conditions of Resolution 2837. If in respect of any Interest Period there are
          insufficient funds in the Reserve Account to meet Unibanco’s interest
          payment obligations on the relevant Interest Payment Date, Unibanco shall
          deposit funds necessary to pay 

28

     
such obligations, unless an Inconvertibility
          Event has occurred and is continuing on such date and unless otherwise stated in
          the subordination conditions of Resolution 2837, in immediately available funds
          in U.S. dollars to the Payment Account provided for herein by 11.00 a.m.
          (New York City time) on the relevant Interest Payment Date. In the event that
          there are sufficient funds in the Reserve Account and no Inconvertibility Event
          has occurred and is continuing on the relevant date, all payments of principal
          and interest required to be made by Unibanco hereunder and under the other
          Transaction Documents shall be made, pursuant to the terms hereof, by Unibanco
          to the Trustee by 1:00 p.m. (New York time) one Business Day prior to the
          scheduled date therefor (which shall include, without limitation, any Payment
          Date). All such payments to the Trustee shall be made by Unibanco by depositing
          immediately available funds in U.S. dollars to the Payment Account provided for
          herein; provided, however, that Unibanco’s payment
          obligations to the Trustee hereunder shall not be satisfied as a result of any
          transfer funds to the Payment Account from funds on deposit in the Reserve
          Account or amounts paid by the Insurer under the Insurance Policy, to the extent
          that the Insurer is or may be subrogated to any right to receive such amounts or
          any such payment obligations in connection with a claim for such amounts under
          the Insurance Policy. 

     (c)
          So long as any of the Notes remain Outstanding, Unibanco will maintain one or
          more agents in New York City to whom (i) the Notes may be presented for payment,
          (ii) the Notes may be presented for exchange, transfer, redemption or
          registration of transfer as provided in this Indenture, and (iii) where notices
          to and demands upon Unibanco in respect of the Indenture and the Notes may be
          served. Unibanco may have one or more additional paying agents. Unless otherwise
          specified, Unibanco hereby initially designates the Corporate Trust Office as
          the office to be maintained by it for each such purpose and where the Note
          Register will be maintained. If Unibanco shall fail to so designate or maintain
          any such office or agency or shall fail to give such notice of the location or
          of any change in the location thereof, presentations and demands may be made and
          notices may be served at the Corporate Trust Office. Principal or interest on
          any Note that is payable, and punctually paid or duly provided for, on any
          Interest Payment Date or the Expected Maturity Date (as the same may be extended
          as provided hereunder) or earlier as provided herein upon any acceleration of
          the Notes shall be paid to the Person in whose name that Note (or one or more
          Predecessor Notes) is registered at the close of business on the Record Date for
          such payment. Payment of principal of and interest on the Notes shall be made at
          the Place of Payment (or, if such office is not in the City of New York, at
          either such office or an office to be maintained in such city) payable as
          provided herein. No Notes need be surrendered in order to receive payment of
          principal interest or other amounts as provided herein. 

     (d)
          Subject to the foregoing provisions of this Section 2.16, each Note delivered
          under this Indenture upon registration of transfer of or in exchange for or in
          lieu of any other Note shall carry the rights to interest accrued and unpaid,
          and to accrue, which were carried by such other Note. 

     (e)
          The Trustee shall deliver to the Rating Agency, no later than 30 calendar days
          after each Interest Payment Date, a notice substantially in the form of Exhibit
          G hereto. 

     (f)
          The Trustee shall apply all such amounts as from time to time are on deposit in
          the Payment Account to all such amounts as are due to the Noteholders pursuant
          to this 

29

     
Indenture or otherwise. All such amounts shall be applied ratably,
          without preference or priority of any kind among Noteholders, in accordance with
          this Indenture. 

SECTION 2.17 Taxation. (a)
Except as provided below, Unibanco will make all payments of principal, redemption amount,
and interest on the Notes without withholding or deducting any present or future taxes,
duties, assessments or other governmental charges of any nature (“Tax”)
imposed by Brazil, the Cayman Islands or, in the event Unibanco appoints paying agents in
a jurisdiction other than Luxembourg, by the jurisdictions of such paying agents, or in
each case, any political subdivision or governmental authority of those jurisdictions
having the power to tax (each a “Taxing Jurisdiction”). If Unibanco is
required by law to withhold or deduct any such Tax, except as provided below, Unibanco
will pay the Noteholders any additional amounts necessary to ensure that they receive the
same amount as they would have received without such withholding or deduction
(“Additional Amounts”). Unibanco will not, however, pay any Additional
Amounts in connection with any Tax that is imposed due to any of the following
(“Excluded Additional Amounts”): 

(i)           the
Noteholder or beneficial owner has some connection (present or former) with           the
Taxing Jurisdiction other than merely holding the Notes or receiving           principal
or interest payments on the Notes (such as, without limitation,           citizenship,
nationality, residence, domicile, or existence of a business, a           permanent
establishment, a dependent agent, a place of business or a place of           management
present or deemed present within the Taxing Jurisdiction);  

(ii)           any tax
imposed on, or measured by, net income;  

(iii)           the
Noteholder or beneficial owner fails to comply with any certification,
          identification or other reporting requirements concerning its nationality,
          residence, identity or connection with the Taxing Jurisdiction, if (i) such
          compliance is required by applicable law, regulation, administrative practice
or           treaty as a precondition to exemption from all or a part of the Tax, and
          (ii) at least 30 calendar days prior to the relevant payment date with
          respect to which such requirements under the applicable law, regulation,
          administrative practice or treaty shall apply, Unibanco or the Trustee has
          notified all Noteholders that they will be required to comply with such
          requirements (except that such 30 calendar day period shall be shortened to 10
          calendar days where there is a change in a relevant certification,
          identification or other reporting requirements within the 30 calendar days
prior           to such relevant payment date);  

(iv)           the
Noteholder fails to present (where presentation is required) its Note within           30
calendar days after Unibanco has made available to the Noteholder a payment           of
principal or interest, provided that Unibanco will pay Additional Amounts           which
such Noteholder would have been entitled to had the Note owned by such
          Noteholder been presented on any day (including the last day) within such
30-day           period;  

(v)           any estate,
inheritance, gift, value added, use or sales taxes or any similar           Taxes;  

30

(vi)           where any
Tax is imposed on a payment on the Notes and is required to be made           pursuant to
Council Directive 2003/48/EC of the Council of the European Union on           the
taxation of savings income in the form of interest payments (or any European
          Union Directive otherwise implementing the conclusions of the meeting of the
          Economic and Financial Council of Ministers of the member states of the
European           Union (“ECOFIN”) Council of 26 and 27 November, 2000)
or any           law implementing or complying with, or introduced in order to conform
to, any           such Directive;  

(vii)           where the
Noteholder or beneficial owner could avoid any Tax by requesting that           a payment
on the Notes be made by, or presenting the relevant Notes for payment           to,
another Paying Agent located in a Member State of the European Union; or  

(viii)           any
combination of (i), (ii), (iii), (iv), (v), (vi) and (vii) above.  

(b)           Unibanco
will also (i) make such withholding or deduction and (ii) remit the           full amount
withheld or deducted to the relevant taxing authority in accordance           with
applicable law. Upon written request from the Trustee, Unibanco will           furnish to
the trustee, within 30 Business Days after the delivery of such           written
request, certified copies of tax receipts or, if such receipts are not
          obtainable, documentation reasonably satisfactory to the Trustee evidencing
such           payment by Unibanco. Upon written request of the Noteholders to the
Trustee,           copies of such receipts or other documentation, as the case may be,
will be made           available to the Noteholders. At least 10 business days prior to
each date on           which any payment under or with respect to the Notes is due and
payable, if           Unibanco is obligated to pay Additional Amounts with respect to
such payment,           Unibanco will deliver to the Trustee an Officers’ Certificate
stating that           Additional Amounts will be payable, the amounts so payable and
setting forth           such other information as the Trustee shall reasonably require
for tax purposes.  

(c)           To give
effect to the foregoing, Unibanco will, upon the written request of any
          Noteholder, indemnify and hold harmless and reimburse such Noteholder for the
          amount of any Tax of any nature imposed by any Taxing Jurisdiction (other than
          any such taxes, duties, assessments or other governmental charges for which the
          Noteholder would not have been entitled to receive Additional Amounts pursuant
          to any of the conditions described in Section 2.17.(a) so imposed on, and paid
          by, such Noteholder as a result of any payment of principal or interest on the
          Notes, so that the net amount received by such Noteholder after such
          reimbursement would not be less than the net amount the Noteholder would have
          received if such Tax had not been imposed or levied and so paid. Noteholders
          shall provide reasonable documentation and to cooperate with Unibanco in
          connection with the foregoing.  

(d)           Unibanco
will pay any stamp, administrative, court, documentary, excise or           similar taxes
arising in a Taxing Jurisdiction in connection with the Notes and           will
indemnify the Noteholders for any such taxes paid by Noteholders.  

(e)           All
references in this Indenture to principal, interest, and other amounts           payable
hereunder shall be deemed to include references to any Additional           Amounts
payable under this Article. The obligations under 2.17.(b), (c) and (d)           shall
survive any termination, defeasance or discharge of the Notes and this
          Indenture.  

31

(f)           If Unibanco
shall at any time be required to pay Additional Amounts to           Noteholders pursuant
to the terms of this Indenture, Unibanco will use its           reasonable endeavors to
obtain an exemption from the payment of (or otherwise           avoid the obligation to
pay) the Tax which has resulted in the requirement that           it pay such Additional
Amounts.  

(g)           If the
Trustee or a Noteholder is entitled to an exemption from or reduction of           Taxes
with respect to payments under this Indenture, the Trustee or such           Noteholder
(as applicable) shall provide to Unibanco, as reasonably requested by           Unibanco
(who shall provide the Trustee or the Noteholder, as the case may be,           the
relevant documentation, forms and instructions prescribed by applicable           law),
such documentation as will permit payments under this Indenture to be made
          without withholding or at a reduced rate; provided, however, if any
          documentation or form referred to in this subsection required the disclosure of
          information that the Trustee or the Noteholder, as the case may be, reasonably
          considers to be confidential, the Trustee or such Noteholder shall give notice
          thereof to Unibanco and shall not be obligated to include in such documentation
          or form such confidential information.  

(i)            Unibanco
agrees that, if the European Council Directive 2003/48/EC or any other
          Directive implementing the conclusions of the ECOFIN Council meeting of
November           26-27, 2000 is brought into force, Unibanco will use reasonable
efforts to           maintain a paying agent in an EU Member State that will not be
obligated to           withhold or deduct tax pursuant to the Directive, provided that
Unibanco           shall not be required to maintain any such Paying Agent if doing so,
in the           reasonable judgment of Unibanco, would be detrimental to Unibanco.  

SECTION 2.18 Persons Deemed
Owners; Etc. Subject to Section 2.13, prior to due presentment of a Note for
registration of transfer, the Person in whose name any Note is registered shall be deemed
to be the owner of such Note for the purpose of receiving payment of principal of and
interest on such Note and for all other purposes whatsoever, whether or not such Note be
overdue, regardless of any notice to anyone to the contrary. The Noteholder may grant
proxies and otherwise authorize any Person, including members of, or participants in, DTC
and Persons that may hold interests through such members of, or participants in, DTC, to
take any action that a Noteholder is entitled to take under this Indenture or the Notes. 

SECTION 2.19 Cancellation. All
Notes surrendered for payment, redemption, registration of transfer or exchange or deemed
lost or stolen shall, if surrendered to any Person other than the Trustee, be delivered to
the Trustee for cancellation and may not be reissued or sold, unless, in the case of Notes
redeemed by Unibanco, Unibanco (i) procures a person who purchases the Notes to be
redeemed on the relevant date of redemption and at the relevant redemption price (in which
event the Notes may be so resold and need not be cancelled) or (ii) notifies the Trustee
in writing on or prior to the relevant date of redemption that the Notes so redeemed by
Unibanco will not be cancelled (in which event the Notes may be held by Unibanco pending
resale as provided in clause (i) above and need not be cancelled). Unibanco may at any
time deliver to the Trustee for cancellation any Notes previously authenticated and
delivered hereunder which Unibanco may have acquired in any manner whatsoever. All Notes
so delivered shall be promptly cancelled by the Trustee. No Notes shall be authenticated
in lieu of or in exchange for any Notes cancelled as provided in this Section, except as
expressly permitted by this Indenture. All cancelled Notes held by the Trustee shall be
held by the Trustee in 

32

accordance with its standard retention policy, unless Unibanco
shall direct by an Issuer Order that they be returned to it. 

SECTION 2.20 Allocation of
Principal and Interest. Each payment of principal of and interest on each Note shall
be applied, first, to the payment of accrued but unpaid interest on such Note (as
well as any interest on overdue principal or, to the extent permitted by applicable Law,
overdue interest) to the date of such payment, second, to the payment of the
principal amount of and interest on such Note then due (including any overdue installment
of principal) thereunder, and third, the balance, if any, to the payment of the
principal amount of such Note remaining unpaid. 

SECTION 2.21 CUSIP and ISIN
Numbers. Unibanco in issuing the Notes may use CUSIP and ISIN numbers (if then
generally in use), and, if so, the Trustee shall use CUSIP and ISIN numbers in notices of
redemption as a convenience to Noteholders; provided that any such notice may state
that no representation is made as to the correctness of such numbers either as printed on
the Notes or as contained in any notice of a redemption and that reliance may be placed
only on the other identification numbers printed on the Notes, and any such redemption
shall not be affected by any defect in or omission of such numbers. Unibanco will promptly
notify the Trustee of any initial CUSIP and/or ISIN numbers and any change in the CUSIP or
ISIN numbers. 

SECTION 2.22 Noteholder Lists.
The Trustee shall preserve in as current form as is reasonably practicable the most
recent list available to it of the names and addresses of Noteholders and shall otherwise
comply with Section 312(a) of the Trust Indenture Act. If the Trustee is not the Note
Registrar, or to the extent otherwise required under the Trust Indenture Act, Unibanco
shall furnish to the Trustee, in writing at least seven Business Days before each Interest
Payment Date and at such other times as the Trustee may request in writing, a list in such
form and as of such date as the Trustee may reasonably require of the names and addresses
of the Noteholders, and Unibanco shall otherwise comply with Section 312(a) of the Trust
Indenture Act. 

ARTICLE III 

SUBORDINATION 

SECTION 3.1 Notes
Subordinate to Prior Creditors. 

(a)           The claims
of the Trustee and the Noteholders in relation to the Notes against           Unibanco,
in respect of the principal of and interest on the Notes will, in the           event of
the bankruptcy, liquidation, dissolution or winding up of Unibanco, be
          subordinated and postponed in right of payment to the claims of the Prior
          Creditors. No payments of amounts due under the Notes will be made to the
          Noteholders (and no claim in respect thereof shall be provable against
Unibanco)           following the commencement of the bankruptcy, liquidation,
dissolution or           winding up of Unibanco except where all sums payable by Unibanco
in respect of           all claims of Prior 

33

Creditors are paid in full or provision
therefor has been           made (in such circumstances such amounts which are permitted
to be proved are           referred to as the “Permitted Payments”).
If the           Trustee receives amounts which are not Permitted Payments in relation to
the           Notes in the bankruptcy, liquidation, dissolution or winding-up of
Unibanco,           such amounts will be held in trust for distribution in satisfaction
of all           claims of Prior Creditors and only thereafter in or towards payment of
the           amounts due under the Notes relating thereto and any other claims with
which the           Notes rank pari passu.  

(b)           Any payment
postponed under this Section 3.1, but ultimately paid to the Trustee           and
constituting a Permitted Payment shall be applied in respect of the
          entitlements of the Noteholders pari passu and ratably in accordance
with           the provisions of Section 7.7.  

(c)           For the
purpose of establishing whether an amount is a Permitted Payment, the           Trustee
shall be entitled and is hereby authorized by Unibanco to call for (and           shall
be entitled to accept as conclusive evidence thereof) a certificate from           the
liquidator or other representative of Unibanco as to:  

(i)           the amount
of the claims of the Prior Creditors and as to whether they shall or           shall not
have been fully satisfied or otherwise fully provided for;  

(ii)          the
identity of the Prior Creditors and their respective entitlements,  

(iii)           the
amount of the claims with which the Notes rank pari passu (the           “Pari
Passu Claims”) and whether they shall or shall not have           been fully
satisfied or otherwise fully provided for or paid out on an           equivalent ratable
basis to the subject payment to the Trustee; and  

(iv)           the
identity of the holders of the Pari Passu Claims and their respective
          entitlements.  

SECTION 3.2 Payment Permitted in
Certain Situations. Subject to Section 3.3, nothing contained in this Article III, or
elsewhere in this Indenture or in any of the Notes shall prevent (a) Unibanco, subject to
the provisions of Section 2.8 hereof, at any time except during any bankruptcy,
liquidation, dissolution or winding up referred to in Section 3.1(a), from making payments
at any time of principal of or interest on the Notes or (b) the application by the Trustee
of any money deposited with it hereunder to the payment of or on account of the principal
of or interest on the Notes of any series or the retention of such payment by the
Noteholder, if, at the time of such application by the Trustee, it did not have actual
knowledge that such payment would have been prohibited by the provisions of this Article
III. 

SECTION 3.3 Notice to Trustee.
Unibanco shall give prompt written notice to the Trustee of any fact known to Unibanco
which would prohibit the making of any payment to or by the Trustee in respect of the
Notes. Notwithstanding the provisions of this Section 3.3, or any other provision of this
Indenture, the Trustee shall not be charged with knowledge of the existence of any facts
which would prohibit the making of any payment to or by the Trustee in respect of the
Notes, unless and until a Responsible Officer of the Trustee shall have received written
notice thereof from Unibanco or the liquidator or other representative of Unibanco; and,
prior to the receipt of any such written notice, the Trustee, subject to the duties and

34

responsibilities of the Trustee hereunder and under the Trust indenture Act, shall be
entitled in all respects to assume that no such facts exist; provided,
however, that if the Trustee shall not have received the notice provided for
in this Section 3.3 at least two Business Days prior to the date upon which by the terms
hereof any money may become payable for any purpose (including, without limitation, the
payment of the principal or interest on any security) then notwithstanding anything to the
contrary herein, the Trustee shall have full power and authority to receive such money and
to apply the same to the purpose for which such money was received and shall not be
affected by any notice to the contrary which may be received by it within two Business
Days prior to such date. 

SECTION 3.4 Provisions Solely to
Define Relative Rights. The provisions of this Article III are and are intended solely
for the purpose of defining the relative rights of the Noteholders on the one hand and the
Prior Creditors on the other hand. Nothing contained in this Article III, or elsewhere in
this Indenture or in the Notes is intended to or shall (a) impair, as among Unibanco, its
creditors other than the Prior Creditors and the Noteholders, the obligation of Unibanco,
which is absolute and unconditional (and which, subject to the rights under this Article
III of the Prior Creditors, is intended to rank equally with all other general obligations
of Unibanco except those that benefit from a statutory preference), to pay to the
Noteholders the principal of and interest on the Notes as and when the same shall become
due and payable in accordance with their terms; or (b) affect the relative rights against
Unibanco of the Noteholders and creditors of Unibanco other than the Prior Creditors; or
(c) prevent the Trustee or any Noteholder from exercising all remedies otherwise permitted
by applicable law upon default under this Indenture, subject to the rights, if any, under
this Article III of the Prior Creditors. 

SECTION 3.5 Trustee to Effectuate
Subordination. Each Noteholder by its acceptance thereof authorizes and directs the
Trustee on such Noteholder’s behalf to take such action as may be necessary or
appropriate to effectuate the subordination provided in this Article III and appoints the
Trustee as such Noteholder’s attorney-in-fact for any and all such purposes. 

SECTION 3.6 Trustee Not Fiduciary
for Holders of Other Obligations. The Trustee shall not be deemed to owe any fiduciary
or other duty to the Prior Creditors and shall not be liable to any Prior Creditors if it
shall in good faith mistakenly pay over or distribute to Noteholders or to Unibanco or to
any other person cash, property or securities to which any Prior Creditors shall be
entitled by virtue of this Article III or otherwise. 

SECTION 3.7 Consolidation, Merger
Sale or Conveyance. The consolidation of Unibanco with, or the merger of Unibanco
into, another Person or the liquidation or dissolution of Unibanco following the
conveyance or transfer of its properties and assets substantially as an entirety to
another Person in accordance with the provisions of Section 6.14 shall not be deemed a
bankruptcy, liquidation, dissolution or winding up of Unibanco for the purposes of this
Article III, if the Person formed by such consolidation or into which Unibanco is merged
or the Person which acquires by conveyance or transfer such properties and assets
substantially as an entirety, as the case may be, shall, as a part of such consolidation,
merger, conveyance or transfer, comply with the conditions set forth in Section 6.14. 

SECTION 3.8 Remedy. No remedy
against Unibanco, other than the institution of proceedings for bankruptcy, liquidation,
dissolution or winding-up of Unibanco in Brazil or 

35

the proving or claiming in any
bankruptcy, liquidation, dissolution or winding up of Unibanco, shall be available to the
Trustee or the Noteholders for amounts owing in respect of the Notes or under this
Indenture (other than for recovery of the costs, charges, liabilities, expenses or
remuneration of the Trustee). 

ARTICLE IV 

REDEMPTION 

SECTION 4.1 Redemption at
Maturity. Unless previously redeemed, or purchased and cancelled at their principal
amount in U.S. dollars on the maturity date as the same may be extended or deferred as
provided herein. The redemption price payable at such time shall be the original principal
amount of the Notes plus accrued and unpaid interest thereon at the Note Rate and all
other amounts due and payable under the terms of the Notes and this Indenture. Unibanco
shall have no right to redeem all or any portion of the Notes prior to their maturity date
as the same may be extended or deferred as provided herein and except as provided in
Sections 4.2. and 4.3. 

SECTION 4.2 Early Redemption for
Taxation Reasons. (a) Subject to any required approval by the Central Bank, the Notes
may be redeemed at the election of Unibanco, as a whole, but not in part, in accordance
with this Section 4.2 (the “Early Tax Redemption”) at any time upon the
giving of notice as provided in Section 4.4, if (i) Unibanco or the Branch would otherwise
become obligated to pay Additional Amounts based on a rate in excess of (x) 15% in the
case of any taxes imposed by Brazil (including as a result of actions taken (or failed to
be taken) by Unibanco that results in the Branch being disregarded for any reason), (y) 0%
in the case of any taxes imposed by the Cayman Islands, or (z) the applicable tax rate in
effect with respect to any other Taxing Jurisdiction in which a paying agent is located on
the date Unibanco appoints such paying agent, in each case of the gross amount payable
with respect to the Notes as a result of any generally applicable change in or amendment
to the laws or regulations of a Taxing Jurisdiction, or any generally applicable change in
the application or official interpretation of such laws or regulations (including a
determination by a court of competent jurisdiction), in each case, which change or
amendment becomes effective after the date of the original issuance of any of the Notes
(or in the case of clause (z), after the date Unibanco appoints a paying agent in such
jurisdiction) and (ii) Unibanco or the Branch, as the case may be, cannot avoid its
obligations to pay such Additional Amounts by taking reasonable measures available to
Unibanco or the Branch, as the case may be; provided, however, any such notice of
redemption shall be given within 90 calendar days of the earliest date on which Unibanco
would be obligated to pay such Additional Amounts if a payment in respect of the Notes
were then due. Prior to the giving of any notice of redemption described in this Section
4.2, Unibanco will deliver to the trustee a Officers’ Certificate stating that (i)
Unibanco is entitled to redeem the Notes in accordance with the terms of this Indenture
and stating the facts relating to such redemption, (ii) Unibanco has become obligated to
pay such Additional Amounts as a result of a change or amendment described above, and
(iii) Unibanco reasonably believes that it cannot avoid payment of such Additional Amounts
by taking reasonable measures available to Unibanco and that all governmental approvals
necessary for Unibanco to effect such redemption 

36

     
have been obtained and are in full force
and effect or specifying any necessary approvals that have not been obtained. 

     (b)
          In the event Unibanco determines to redeem the Notes as permitted hereunder,
          Unibanco shall specify in its notice the proposed date of redemption (the
          “Early Tax Redemption Date”) and shall pay to the Trustee (on
          behalf of the Noteholders) on the Early Tax Redemption Date an amount in U.S.
          dollars equal to the sum of (i) the then Outstanding principal amount of the
          Notes, (ii) all unpaid interest accrued to the date fixed for redemption and
          (iii) all other amounts owed to Noteholders under the terms of this
          Indenture or the Notes (collectively, the “Early Tax Redemption
          Price”). The Notes shall not be deemed repaid and cancelled unless and
          until the Trustee shall have received in the Payment Account the Early Tax
          Redemption Price. 

      (c)
          Notwithstanding the above, Unibanco may not redeem the Notes pursuant to this
          Section 4.2 before the fifth anniversary of the date of issuance of the Notes
          unless the Central Bank grants Unibanco an authorization to do so on an earlier
          date. 

SECTION 4.3 Optional Early
Redemption. (a) Unibanco may redeem or repurchase the Notes, subject to any required
approval by the Central Bank, in whole, but not in part, in accordance with this Section
4.3 (the “Optional Early Redemption”) on December 15, 2008 and on each
interest payment date thereafter (each a “Call Settlement Date”) upon the
giving of notice as provided in Section 4.4; provided that, if Unibanco so elects,
Unibanco may, in lieu of redeeming the Notes, procure that any Person designated by
Unibanco purchases such Notes on the date and price specified in this Section 4.3.
Notwithstanding any arrangements between Unibanco and such Person to redeem or repurchase
the Notes as set forth above, Unibanco shall remain obligated to redeem or repurchase the
Notes pursuant to this Section 4.3 that are not withdrawn in the event that any such
Person does not redeem or repurchase the Notes; and provided further that (i)
Unibanco has obtained the approval of the Central Bank for the issue of Tier 2 Capital to
replace the Notes, and (ii) Unibanco is in compliance with the Operational Limits
immediately prior to and immediately after such redemption. The replacement Tier 2 Capital
must be issued prior to or simultaneously with the redemption of the Notes. 

      (b)
          In the event Unibanco determines to redeem the Notes as permitted under this
          Section 4.3, Unibanco shall specify in its notice the proposed date of
          redemption determined pursuant to Section 4.4 (the “Optional Early
          Redemption Date”) and shall pay to the Trustee (on behalf of the
          Noteholders) on the Optional Early Redemption Date an amount equal to the sum of
          (i) the aggregate principal amount of the Notes that are then Outstanding, and
          (ii) all accrued but unpaid interest on the Notes at the applicable Note Rate up
          to but excluding the Optional Early Redemption Date and all other amounts then
          due and payable on or with respect thereto (collectively, the “Optional
          Early Redemption Price”). The Notes shall not be deemed repaid and
          cancelled unless and until the Trustee shall have received in the Payment
          Account the Optional Early Redemption Price. 

SECTION 4.4 Notice of
Redemption. (a) Notice of redemption contemplated by Sections 4.2 and 4.3 shall be
given by Unibanco by first-class mail, postage prepaid, mailed not less than 30 and 45
days, respectively, and not more than 90 days prior to the proposed Optional 

37

Early
Redemption Date or the proposed Early Tax Redemption Date, as the case may be, to each
Noteholder, at its address appearing in the Note Register. All notices of redemption shall
state: 

(i)           the
proposed date and type of the redemption;  

(ii)           the
applicable redemption price;  

(iii)           the names
and addresses of the Paying Agents;  

(iv)           that Notes
called for redemption must be surrendered to a Paying Agent to           collect the
applicable redemption price;  

(v)           that, once
the redemption price has been paid with respect the Notes, interest,           if any,
thereon shall cease to accrue from and after said date; and  

(vi)           the CUSIP
number, if any.  

      (b)
          In the event that on the date for redemption specified pursuant to Section 4.4
          (a)(i) hereof, an Expropriation Event or Inconvertibility Event has occurred
          that prohibits Unibanco from paying the redemption price to the Trustee, the
          redemption notice provided under this Section 4.4 shall be deemed to be
          withdrawn and Unibanco shall not be obligated to pay the redemption price on
          such date. 

SECTION 4.5 Deposit of Redemption
Price. At least one Business Day prior to any Optional Early Redemption Date or Early
Tax Redemption Date, as the case may be, Unibanco shall deposit with the Trustee an amount
of money sufficient to pay the Optional Early Redemption Price or the Early Tax Redemption
Price, as applicable, of all the Notes. Unibanco will cause the bank through which payment
on the Notes is to be made to deliver to the Paying Agent and Trustee by 1:00 p.m. New
York time, one Business Day prior to the due date for such irrevocable confirmation (by
tested telex, facsimile or authenticated Swift MT 100 Message) of its intention to make
such payment. At least one Business Day prior to any Optional Early Redemption Date or
Early Tax Redemption Date, as the case may be, Unibanco will provide to the Paying Agent a
notice regarding the payment by Unibanco to the Paying Agent of the Optional Early
Redemption Price or the Early Tax Redemption Price, as applicable. 

SECTION 4.6 Notes Payable on
Optional Early Redemption Date. Notice of Optional Early Redemption or Early Tax
Redemption having been given as aforesaid, the Notes so to be redeemed shall, on the
Optional Early Redemption Date or the Early Tax Redemption Date, as the case may be,
become due and payable at the Optional Early Redemption Price or the Early Tax Redemption
Price, as applicable, therein specified and from and after such date (unless Unibanco
shall default in the payment of the Optional Early Redemption Price or the Early Tax
Redemption Price, as applicable) such Notes shall cease to bear interest. Upon surrender
of such Notes for redemption in accordance with the notice, such Notes shall be paid by
Unibanco at the Optional Early Redemption Price or the Early Tax Redemption Price, as
applicable. Installments of interest due on or prior to the Early Redemption Date or the
Early Tax Redemption Date shall be payable to the Noteholders registered as such on the
relevant Record Dates. If any Note called for redemption shall not be so paid upon
surrender thereof for redemption, the principal 

38

shall, until paid, bear interest from the
Optional Early Redemption Date or the Early Tax Redemption Date, as applicable, at the
Note Rate. 

SECTION 4.7 Open Market
Purchases. Subject to any required approval of the Central Bank, Unibanco and its
Material Subsidiaries or Affiliates may at any time purchase any Notes in the open market
or otherwise at any price; provided that, in determining whether Noteholders
holding any requisite principal amount of Notes have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Notes owned by Unibanco and
its Material Subsidiaries or Affiliates shall be deemed not Outstanding for purposes of
this Indenture. All Notes purchased by Unibanco or Affiliates may, at the option of
Unibanco, continue to be Outstanding or be cancelled. 

ARTICLE V 

PAYMENT SUPPORT 

SECTION 5.1 Establishment and
Administration of Reserve Account. (a) On the Closing Date, the Trustee shall
establish a segregated trust account (the “Reserve Account”) with The
Bank of New York for the benefit of the Noteholders (account no. GLA/111-565 and
sub-account no. 367564). All of the proceeds of a drawing on any Letter of Credit shall,
pursuant to the terms hereof and thereof, be required to be deposited in the Reserve
Account when, as and if a drawing is made on any such Letter of Credit pursuant to Section
5.2(a) hereof and the terms thereof. Unibanco agrees that, pending any deposits in the
Reserve Account as provided for herein, the Reserve Account shall be maintained in the
name of the Trustee and under its sole dominion and control (acting on behalf of the
Noteholders) and used solely to make payments of principal, interest and other amounts
from time to time due and owing on, or with respect to, the Notes, but only to the extent
provided or contemplated in paragraphs (e) and (f) of this Section 5.1. No funds contained
in the Reserve Account shall be used for any other purpose or in any manner not expressly
provided for herein nor shall Unibanco or any other Person have any right of withdrawal or
any other interest therein or in any Permitted Investments purchased pursuant to Section
5.1(b) or any proceeds thereof except that the Trustee shall, so long as no Event of
Default shall have occurred and be continuing, transfer, on the tenth calendar day of each
month (or if such day is not a Business Day, the next succeeding Business Day following
such calendar day), the interest earned on the Permitted Investments purchased pursuant to
Section 5.1(b) or any proceeds thereof deposited in the Reserve Account to an account
specified in writing by Unibanco. If the Trustee shall not have received any direction in
writing from Unibanco with respect to the account where such interest or proceeds shall be
transferred, such interest or proceeds shall be maintained in the Reserve Account.
Notwithstanding anything herein to the contrary, Unibanco shall be required at all times
to maintain in the Reserve Account an amount which, together with the amount available
under any Letters of Credit, is equal to, or greater than, the Required Amount. 

     (b)
          So long as no Default or Event of Default shall have occurred and be continuing
          (i) the amounts on deposit in the Reserve Account shall be invested by the
          Trustee in Permitted Investments as directed by Unibanco in writing;
          provided, however, that all Permitted Investments purchased by the
          Trustee during any Interest Period must mature no later than two 

39

     
Business Days
          prior to the next succeeding Interest Payment Date occurring after the
          investment of such amounts; and (ii) interest earned on Permitted Investments
          deposited in the Reserve Account shall be paid on the ninth calendar day of each
          month (or if such calendar day is not a Business Day, the next succeeding
          Business Day following such calendar day), to the extent that cash is on deposit
          in the Reserve Account on such date, to an account specified by Unibanco. On the
          Closing Date, Unibanco shall provide account details for the payments mentioned
          in clause (ii) above which shall remain valid until the Extended Maturity Date
          unless Unibanco informs the Trustee in writing otherwise. Upon the occurrence
          and during the continuance of a Default or an Event of Default, all interest
          earned on amounts on deposit in the Reserve Account shall be retained by the
          Trustee in the Reserve Account and all such interest shall be available to the
          Trustee to make any payment of principal, interest and/or other amounts due
          under the Notes and this Indenture, but only to the extent provided or
          contemplated in paragraphs (e) and (f) of this Section 5.1. The Trustee shall,
          within two Business Days after the Trustee receives written notice thereof,
          notify Unibanco in writing (with a copy of such notice to the Rating Agency) of
          the occurrence of any decrease in the rating of any Permitted Investment of the
          type referred to in clauses (ii) and (iv) thereof to a level below
          “P-1” by Moody’s (or “Aaa” by Moody’s in the case
          of a money market fund), “A-1” by S&P or “F-1” by Fitch
          (if rated by Fitch). 

     (c)
          The Trustee shall promptly deposit in the Reserve Account any and all amounts
          received from the Insurer as payment under the Insurance Policy. 

     (d)
          If a Default or Event of Default shall have occurred and be continuing or the
          Trustee shall not have received any direction in writing from Unibanco as to the
          Permitted Investments to be purchased as provided in Section 5.1(b), all amounts
          on deposit in the Reserve Account will be invested by the Trustee in investments
          of the type described in clause (vi) of the definition of Permitted Investments. 

     (e)
          On each Reserve Account Transfer Date during the continuance of an
          Inconvertibility Event or an Expropriation Event where Unibanco has certified to
          the Trustee in writing that they are unable to satisfy their payment obligations
          under this Indenture and the Notes, as applicable and where the funds on deposit
          in the Payment Account are insufficient to pay all accrued and unpaid interest
          due on the Notes on such Payment Date the Trustee shall withdraw from the
          Reserve Account and pay to the Payment Account, to the extent that funds are
          available therefor, an amount equal to the amount of accrued and unpaid interest
          due on the Notes on such Reserve Account Transfer Date less any amounts
          on deposit in the Payment Account therefor on such Reserve Account Transfer
          Date. 

     (f)
          During the continuance of an Inconvertibility Event or an Expropriation Event
          where Unibanco has certified to the Trustee in writing that they are unable to
          make payments of amounts due from time to time to the Trustee, in respect of
          fees (but not expenses) as set forth in Section 8.5, the Trustee shall, on the
          date such payment shall become due, withdraw from the Reserve Account and pay to
          itself an amount equal to such compensation then due to the Trustee and the
          Paying Agent under this Indenture; provided, however, that the
          Trustee shall not be entitled to withdraw from the Reserve Account more than
          US$5,000 during any Interest Period (the “Fees Reserve
          Allowance”) to pay the amounts specified under this Section 5.1(f). 

40

     
(g)
          Upon Unibanco having satisfied its obligations under the Registration Rights
          Agreement in respect of the Notes, the Trustee shall, (i) upon the receipt of an
          Officer’s Certificate from Unibanco certifying to the registration of the
          Exchange Notes under the Securities Act and the satisfaction of its obligations
          under the Registration Rights Agreement, and (ii) so long as no Default or Event
          of Default is continuing, withdraw from the Reserve Account and pay to Unibanco
          all amounts, if any, on deposit in the Reserve Account (together with all
          amounts available under any Letters of Credit after giving effect to any
          reduction in any such Letter of Credit made pursuant to Section 5.2(c))
          representing the amount described in clause (ii) of the definition of Required
          Amount. 

     (h)
          Upon the voluntary cancellation of the Insurance Policy by the Trustee at the
          request of Unibanco in accordance with Section 8.3(A) of the Insurance Policy
          and Section 5.3(d) hereof and so long as no Default or Event of Default is
          continuing, the Trustee shall withdraw from the Reserve Account and pay to
          Unibanco, within two Business Days from the date such cancellation becomes
          effective, all funds on deposit in the Reserve Account and shall terminate the
          Reserve Account or cause the Reserve Account to be terminated. 

     (i)
          Unibanco shall deposit funds in the Reserve Account within five Business Days of
          the cessation of the Inconvertibility Event or the Expropriation Event, or
          otherwise, so that the aggregate amount then deposited in the Reserve Account
          shall be sufficient to increase the amounts then on deposit therein (together
          with all amounts available under any Letters of Credit) to the Required Amount. 

     (j)
          If, upon the involuntary termination or cancellation of the Insurance Policy as
          contemplated by Section 7.1(f), Unibanco deposits additional funds in the
          Reserve Account and thereafter replaces the terminated or cancelled Insurance
          Policy with a comparable insurance policy in accordance with clause (y) of
          Section 7.1(f), the Trustee shall release from the Reserve Account and pay to
          Unibanco, within five Business Days from the date such comparable insurance
          policy becomes effective, any such additional funds deposited by Unibanco on the
          Reserve Account. 

     (k)
          Upon all obligations on the Notes and this Indenture being satisfied in full and
          this Indenture being terminated, the Trustee shall release from the Reserve
          Account and promptly pay to Unibanco any funds then on deposit in the Reserve
          Account and shall terminate the Reserve Account or cause the Reserve Account to
          be terminated. 

     (l)
          In the event that Unibanco wishes to replace amount on deposit in the Reserve
          Account with a Letter of Credit, Unibanco shall submit a draft of such Letter of
          Credit to the Trustee not less than two Business Days prior to the proposed
          delivery thereof. 

     (m)
          On the date that such executed Letter of Credit is delivered, Unibanco shall
          deliver, or cause to be delivered an executed Letter of Credit in the form
          supplied to the Trustee in subsection (l) above. 

     (n)
          Upon receipt of the executed Letter of Credit as specified in subsection (l)
          above, the Trustee shall, on the next Business Day after such receipt, release
          from the Reserve Account and pay to Unibanco an amount equal to the amount
          available under any such Letter of

41

     
Credit delivered in accordance with
          subsection (l) above; provided, that if the executed Letter of Credit submitted
          to the Trustee in accordance with subsection (l) above is received by the
          Trustee after 4:00 p.m. (New York time) on any Business Day such Letter of
          Credit shall be deemed to have been received on the next Business Day after such
          receipt. 

SECTION 5.2 Letters
of Credit. (a) The Trustee shall draw upon any Letter of Credit:  

      (i)
          in full 

(A)
                promptly, but in any event within one Business Day after the Trustee
receives                written notice that Moody’s, S&P or Fitch has either
withdrawn the long                term debt rating of the issuer of such Letter of Credit
or lowered such rating                to below “A1” or “P-1” by Moody’s
“A+" by                S&P and “A+” by Fitch; or  

(B)                 on
the tenth Business Day prior to the stated expiry of such Letter of Credit in
               connection with its terms, if the issuer of such Letter of Credit shall
have                notified the Trustee of its intention to not renew or replace such
Letter of                Credit prior to its expiry and Unibanco shall not have caused a
replacement                Letter of Credit to be delivered to the Trustee prior to such
tenth Business                Day; or  

(ii)(A)
                an amount equal to the amount of accrued and unpaid interest on the Notes
three                Business Days prior to the relevant Reserve Account Transfer Date
plus an amount                equal to the Fees Reserve Allowance and less any amounts on
deposit in the                Payment Account and the Reserve Account therefor on such
day (which such amount                shall be determined by Unibanco as specified in an
Officer’s Certificate                from Unibanco furnished to the Trustee no
sooner than ten Business Days but no                less than five Business Days prior to
such drawing date; provided,                however, that if no such Officer’s
Certificate is received by the                Trustee, the Trustee shall draw upon each
Letter of Credit in full) on the third                Business Day prior to each Reserve
Account Transfer Date related to any Payment                Date occurring during the
continuation of an Inconvertibility Event or an                Expropriation Event where
the funds on deposit in the Payment Account on such                second Business Day
prior to such Reserve Account Transfer Date are insufficient                to pay all
accrued and unpaid interest due on the Notes on the last Business Day                of
the Grace Period on which such funds are due; and  

(B)                 to
the extent that more than one Letter of Credit is outstanding on any drawing
               date as set forth in Section 5.2(a)(ii)(A) above, the Trustee shall, in
relation                to a drawing made under Section 5.2(a)(ii)(A), draw from each
such Letter of                Credit in an amount which is equal to the pro-rata portion
(based on the then                outstanding amounts of all such Letters of Credit) of
the amounts required to be                drawn under Section 5.2(a)(ii)(A); provided,
however, that if the issuer of any                Letter of Credit fails to pay any
amount due under such Letter of Credit by                10:00 a.m. (New York time) on
the day after any request for drawing has been                made pursuant to Section
5.2(a)(ii)(A), the Trustee shall draw on each other                Letter of Credit in
the manner specified in this subsection (B) for the unpaid                balance of
amounts drawn under this Section 5.2(a)(ii).  

42

(b)                 The
Trustee shall initially deposit all of the proceeds from any drawing under
               each Letter of Credit into the Reserve Account. All withdrawals from the
Reserve                Account shall be made strictly in accordance with the provisions
of Section 5.1                hereof.  

(c)
                Notwithstanding the provisions of Section 5.2(a)(i)(B), in the event that
the                Trustee receives notice from Unibanco and the Insurer that the
coverage provided                by the Insurance Policy is to be voluntarily cancelled
as of any date as set                forth in Section 5.3(d) or Section 5.3(e) and so
long as no Default or Event of                Default is then in effect or continuing,
the Trustee shall allow each Letter of                Credit to expire in accordance with
its terms without drawing on such Letter of                Credit, if such Letter of
Credit expires on or after the date specified by                Unibanco and the Insurer
for such voluntary cancellation of coverage.                Additionally, upon Unibanco
having satisfied its obligations under the                Registration Rights Agreement
in respect of the Notes, the Trustee shall (at the                request of Unibanco)
and (i) upon the receipt of an Officer’s Certificate                from Unibanco
certifying to the registration of the Exchange Notes under the                Securities
Act and the satisfaction of its obligations under the Registration                Rights
Agreement, and (ii) so long as no Default or Event of Default is in                effect
or continuing, exchange the then current Letter of Credit for a new or
               replacement Letter of Credit in an amount (together with all amounts then
on                deposit in the Reserve Account after giving effect to any reduction in
such                account pursuant to Section 5.1(g)) equal to the Required Amount
(less any                amounts described in clause (iii) of the definition of Required
Amount).  

(d)
                Within five Business Days of the cessation of an Inconvertibility Event
or an                Expropriation Event, or otherwise, Unibanco shall replace the then
existing                Letter of Credit (or amend the existing Letter of Credit) with an
equivalent                Letter of Credit so that the aggregate amount available under
any Letter of                Credit shall be (together with all amounts on deposit in the
Reserve Account                after giving effect to any deposit on such account
pursuant to Section 5.1(i))                equal to the Required Amount.  

SECTION 5.3 The Insurance
Policy. (a) The Trustee acknowledges that Unibanco has secured the Insurance Policy to
initially provide limited insurance against the inability of Unibanco to convert reais
into U.S. dollars and transfer any U.S. dollars to the Trustee in satisfaction of amounts
to be paid by it under this Indenture and the Notes. Unibanco hereby confirms that the
premium for the Insurance Policy has been paid by Unibanco on or prior to the Closing
Date. In addition, the Trustee and Unibanco acknowledge that the Insurance Policy provides
similar protection for any inability of the Trustee to convert any reais amounts received
by the Trustee in satisfaction of Unibanco’s obligations under this Indenture and the
Notes, including any reais amounts received in connection with any insolvency or similar
proceedings involving Unibanco or any enforcement of this Indenture and the Notes against
Unibanco. The Trustee and Unibanco further acknowledge that the Insurance Policy provides
limited insurance against an act or series of acts of any Governmental Authority of Brazil
that deprive Unibanco, or in certain limited circumstances, the Trustee, of the use or
control of funds to satisfy Unibanco’s obligations under the Indenture and the Notes. 

      (b)
          The Trustee agrees to give written notice to the Insurer in substantially the
          form of Exhibit E hereto of the occurrence of (i) any failure by Unibanco to
          make any payment on or in respect of the Notes required under this Indenture,
          (ii) the occurrence of any Default or Event of Default, or (iii) the occurrence
          of an Inconvertibility Event or an Expropriation Event. 

43

     
Upon receipt from the
          Insurer of amounts payable under the Insurance Policy, the Trustee shall hold
          such amounts in trust in the Payment Account for use in making any required
          payments of principal, interest and other amounts due under this Indenture. 

      (c)
          The Trustee shall give all notices, make all filings and take all actions
          required of it pursuant to the terms of the Insurance Policy including, without
          limitation, the filing of a claim with the procedures and subject to the time
          limitations set forth in Article VII of the Insurance Policy. In connection with
          its satisfaction of its obligations hereunder and under the Insurance Policy,
          the Trustee shall request, under the terms of the Indenture and the Insurance
          Side Agreement, that Unibanco provide all such information and take all such
          actions as are required to ensure the continued enforceability of the Insurance
          Policy, and in connection with the submission of any claim thereunder and the
          satisfaction of any requirement provided therein. 

      (d)
          At any time on or after December 15, 2006 and so long as no Default or Event of
          Default has occurred and is continuing, the Trustee, at the direction of
          Unibanco, may cancel the Insurance Policy upon the receipt of confirmation from
          Moody’s that its then current rating of the Notes is at least
          “Baa1” and that such rating will not be lowered or withdrawn as a
          result of such cancellation. The Trustee shall effect such cancellation by
          submission to the Insurer of the appropriate notice as specified in Section
          8.3(A) of the Insurance Policy. Any such cancellation that occurs after December
          15, 2006 shall be deemed effective as of the immediately succeeding anniversary
          thereof provided that the ratings set forth above are still effective as of such
          immediately succeeding anniversary thereof. The Trustee shall, at the request of
          Unibanco, make all such applications and submit all such documents as Unibanco
          shall reasonably request to comply with the provisions of Section 8.3(A) of the
          Insurance Policy. Upon the Insurer making any payment to the Trustee pursuant to
          Section 8.3(A) of the Insurance Policy, the Trustee shall, so long as no Default
          or Event of Default has occurred and is continuing, direct the Insurer to pay
          all such amounts due to the Trustee to Unibanco and pay any amounts so received
          by the Insurer to Unibanco within two Business Days after receipt thereof. 

      (e)
          At any time on or after Optional Early Redemption Date and so long as all Notes
          have been redeemed in full, the Trustee, at the direction of Unibanco, may
          cancel the Insurance Policy. The Trustee shall effect such cancellation by
          submission to the Insurer of the appropriate notices as specified in Section
          8.3(A) of the Insurance Policy. Any such cancellation that occurs after the
          Optional Early Redemption Date shall be deemed effective as of the immediately
          succeeding Interest Payment Date provided that the Notes are redeemed in full on
          such Interest Payment Date. The Trustee shall, at the request of Unibanco, make
          all such applications and submit all such documents as Unibanco shall reasonably
          request to comply with the provisions of Section 8.3(A) of the Insurance Policy.
          Upon the Insurer making any payment to the Trustee pursuant to Section 8.3(A) of
          the Insurance Policy, the Trustee shall, so long as no Default or Event of
          Default has occurred and is continuing, direct the Insurer to pay all such
          amounts due to the Trustee to Unibanco and pay any amounts so received by the
          Insurer to Unibanco within two Business Days after receipt thereof. 

      (f)
          Unibanco shall deliver notice to the Rating Agency of any amendment or waiver to
          the Insurance Policy or the Insurance Side Agreement prior to the execution of
          such amendment or waiver to the Insurance Policy or Insurance Side Agreement. 

44

ARTICLE VI  

 
COVENANTS  

For so long as the
Notes remain outstanding or any amount remains unpaid on such Notes under this Indenture,
Unibanco will, and will cause each of its Subsidiaries to, comply with the terms and
covenants set forth below (except as otherwise provided in a duly authorized amendment to
this Indenture as provided herein). 

SECTION 6.1
Payment of Principal and Interest. Unibanco shall duly and punctually pay all
amounts owed by it, and comply with all its other obligations, under the terms of the
Notes and this Indenture.  

SECTION 6.2
Performance Under the Transaction Documents. Unibanco will duly and punctually
perform, comply with and observe all obligations and agreements to be performed by it set
forth in the Transaction Documents.  

SECTION 6.3
Maintenance of Corporate Existence. Unibanco will, and will cause each of its
Material Subsidiaries to, maintain in effect its corporate existence (subject to Unibanco’s
ability to consummate certain transactions as described below in Section 6.14.) and all
registrations necessary therefor and take all actions to maintain all rights, privileges,
titles to property, franchises and the like necessary for or desirable in the normal
conduct of its business, activities or operations, provided that this Section 6.3 shall
not require Unibanco or any of its Material Subsidiaries to maintain any such right,
privilege, title to property, franchise or the like or require Unibanco to preserve the
corporate existence of such Material Subsidiary, if Unibanco certifies to the Trustee its
reasonable belief that the failure to do so does not and will not have a Material Adverse
Effect.  

SECTION 6.4
Compliance with Laws. Unibanco will use its best efforts, and will cause its
Material Subsidiaries to use their best efforts, to comply at all times with all
applicable Laws of any Governmental Authority having jurisdiction over Unibanco, Unibanco’s
business or any of the transactions contemplated herein, except where in Unibanco’s
reasonable belief the failure by Unibanco or such Material Subsidiary to so comply would
not have a Material Adverse Effect.  

SECTION 6.5
Maintenance of Government Approvals. Unibanco will use its best efforts, and will
cause its Material Subsidiaries to use their best efforts, to obtain and maintain in full
force and effect all Government Approvals, consents or licenses of any Governmental
Authority or any third party under the laws of Brazil, the Cayman Islands or any other
jurisdiction having jurisdiction over Unibanco or necessary in all cases for Unibanco to
perform its obligations under the Transaction Documents (including, without limitation
any authorization required to obtain and transfer U.S. dollars or any other currency,
which at that time is legal tender in the United States, out of Brazil, in connection
with this Indenture and the Notes) or for the validity or enforceability of any thereof,
except where Unibanco certifies to the Trustee its reasonable belief that the failure to
do so would not have a Material Adverse Effect.  

45

SECTION 6.6
Payments of Taxes and Other Claims. Unibanco will use its best efforts, and will
cause each of its Material Subsidiaries to use their best efforts, to pay or discharge or
cause to be paid or discharged, before the same shall become delinquent, (i) all Taxes
levied or imposed upon Unibanco or such Material Subsidiary, as the case may be, and (ii)
all lawful claims for labor, which, if unpaid, might by law become a Lien upon the
property of Unibanco or such Material Subsidiary, as the case may be; provided, however,
that this Section 6.6 shall not require Unibanco to, or cause any Material Subsidiary to,
pay or discharge or cause to be paid or discharged any such Tax or claim whose amount,
applicability or validity is being contested in good faith and, if appropriate, by
appropriate legal proceedings or where the failure to pay or discharge or cause to be
paid or discharged would not in Unibanco’s reasonable belief have a Material Adverse
Effect.  

SECTION 6.7
Maintenance of Books and Records. Unibanco shall, and shall cause each of its
Material Subsidiaries to, maintain books, accounts and records in all material respects
in accordance with applicable law.  

SECTION 6.8
Maintenance of Office or Agency. So long as any of the Notes are Outstanding,
Unibanco will maintain in the Borough of Manhattan, The City of New York, an office or
agency where notices to and demands upon Unibanco in respect of this Indenture and the
Notes may be served. Initially this office will be at 65 East 55th Street, New York, New
York 10022 and Unibanco will not change the designation of such office without prior
notice to the Trustee and designation of a replacement office in the same general
location.  

SECTION 6.9
Ranking. Unibanco will ensure that the Notes will be direct and unsecured
subordinated obligations of Unibanco and will rank pari passu, without any preference
among themselves, with all other present and future direct and unsecured subordinated
obligations of Unibanco other than with respect to (i) the rights of Prior Creditors as
set forth in Article III and (ii) other obligations preferred by statute or by operation
of law. Unless permitted by the Central Bank, Unibanco will not issue any debt that is
subordinated and junior in right of payment to the Notes.  

SECTION 6.10
Notice of Defaults and Events of Default. Unibanco will give notice to the Trustee,
as soon as is practicable and in any event within ten calendar days, after Unibanco
becomes aware of the occurrence of any Event of Default or Default, accompanied by a
certificate of a responsible officer of Unibanco setting forth the details of such Event
of Default or Default and stating what action Unibanco proposes to take with respect
thereto.  

SECTION 6.11
Certificate of Compliance. Unibanco will provide the Trustee within ten days of any
request by the Trustee and at the time it provides the Trustee with its annual financial
statements, and in any event not later than 180 days after the end of Unibanco’s fiscal
year, a certificate in English certifying that up to a specified date no earlier than
seven days prior to the date of such certificate, Unibanco has complied with its
obligations under this Indenture (or, if such is not the case, giving the details of the
circumstances of such non-compliance) and that as of such date there did not exist, nor
had there existed at any time prior thereto since the date of delivery of the previous
such certificate (or, in the case of the first such certificate, the date of this
Indenture), any Default or Event of Default or other matter which would affect Unibanco's
ability to perform its obligations under this Indenture.  

46

SECTION 6.12
Operational Limits. (a) Unibanco will give notice to the Trustee, as soon as
practicable and in any event within two business days, after Unibanco becomes aware or
should reasonably become aware that it is not in compliance with Operational Limits, and
will comply with all other notification requirements contained in this Indenture.  

(b)      If Unibanco
defers payment of interest or principal due to non-compliance with the Operational
Limits, Unibanco will use reasonable efforts to re-enter into compliance with such
Operational Limits as soon as possible and, in any event, within 180 days after Unibanco
gives notice of such non-compliance to the Trustee. 

SECTION 1.13
Notice of Expropriation or Inconvertibility Events. Unibanco will give notice to
the Trustee, as soon as is practicable and in any event within five Business Days after
Unibanco becomes aware of any action taken by the Brazilian government that could give
rise to an Expropriation Event or an Inconvertibility Event; provided, however, that if
an Inconvertibility Event or an Expropriation Event has occurred in the five Business
Days preceding a Payment Date that limits or restricts the ability of Unibanco to convert
reais into U.S. dollars or transfer U.S. dollars outside of Brazil in satisfaction of its
obligations under the Transaction Documents, Unibanco shall give notice to the Trustee of
such event promptly and in any event not later than the Business Day prior to such
Payment Date; and provided further that, if any of such events occurs on a Payment Date,
Unibanco shall give notice of such event no later than on such Payment Date.  

SECTION 1.14
Limitation on Consolidation, Merger, Sale or Conveyance. (i) Unibanco will not, in
one or a series of transactions, consolidate or amalgamate with or merge into any Person
or convey, lease or transfer all or substantially all of its properties, assets or net
sales to any Person or permit any Person to merge with or into it unless:  

(A) either
Unibanco is the continuing entity or the Person formed by such consolidation or
into which Unibanco is merged or that acquired or leased such property or assets
of Unibanco (the “Successor Company”) will be a company organized and validly
existing under the laws of its jurisdiction of incorporation and shall assume
(jointly and severally with Unibanco unless Unibanco shall have ceased to exist
as part of such merger, consolidation or amalgamation), by a supplemental
indenture (the form and substance of which shall be previously approved by the
Trustee), all of Unibanco’s obligations on the Notes and under this Indenture;  

(B)      the Successor
Company (jointly and severally with Unibanco unless Unibanco shall          have ceased
to exist as a result of such merger, consolidation or amalgamation) agrees to
         indemnify each Noteholder against any tax, assessment or governmental charge
thereafter imposed on          such Noteholder solely as a consequence of such
consolidation, merger, conveyance, transfer or          lease with respect to the payment
of principal of, or interest on, the Notes; 

(C)      immediately
after giving effect to the transaction, no Event of Default or          Default has
occurred and is continuing; and 

47

(D)      Unibanco has
delivered to the Trustee an Officer’s Certificate and an Opinion of          Counsel,
each stating that the transaction and the supplemental indenture, if applicable, comply
         with this Indenture and that all conditions precedent provided for in this
Indenture and relating          to such transaction have been complied with. 

(ii)
   Notwithstanding anything to the contrary in the foregoing, so long as no Default or
Event of Default under this Indenture or the Notes shall have occurred and be continuing
at the time of such proposed transaction or would result therefrom: 

(A)      Unibanco may
merge or consolidate with or into, or convey, transfer, lease or          otherwise
dispose of assets to a Subsidiary of Unibanco in cases when Unibanco is the surviving
         entity in such transaction and such transaction would not have a Material
Adverse Effect, it being          understood that if Unibanco is not the surviving
entity, Unibanco shall comply with the          requirements set forth in clause (i)
above; or 

(B)      any
Subsidiary of Unibanco may merge or consolidate with or into, or convey,
         transfer, lease or otherwise dispose of assets to, any Person in cases when such
transaction would          not have a Material Adverse Effect; or 

(C)      any
Subsidiary of Unibanco may merge or consolidate with or into, or convey,
         transfer, lease or otherwise dispose of assets to, any other Subsidiary of
Unibanco; or 

(D)      any
Subsidiary of Unibanco may liquidate or dissolve if Unibanco determines in          good
faith that such liquidation or dissolution is in the best interests of Unibanco, and
would          not result in a Material Adverse Effect and if such liquidation or
dissolution is part of a          corporate reorganization of Unibanco. 

SECTION 6.15
Transactions with Affiliates. Unibanco shall not, and shall not permit any of its
Material Subsidiaries to, enter into or carry out (or agree to enter into or carry out)
any transaction or arrangement with any Affiliate, except for any transaction or
arrangement entered into or carried out on terms no less favorable to Unibanco or such
Material Subsidiary than those which could have been obtained on an arm’s-length basis
with a Person that is not an Affiliate; provided, however, that the foregoing shall not
apply to transactions between or among Unibanco and/or any of its Material Subsidiaries
not involving any other Person so long as consummation of any such transaction will not
have a Material Adverse Effect.  

SECTION 6.16
Listing. Unibanco will at all times use its best efforts to maintain the listing of
the Notes on the Luxembourg Stock Exchange or, if it is unable to do so having used all
reasonable efforts or if the maintenance of such listing is agreed by the Trustee to be
unduly burdensome or impractical, use its best efforts to obtain and maintain a quotation
or listing of the Notes on such other stock exchange or exchanges or securities market or
markets as Unibanco (with the approval of the Trustee) decides and will give notice of
the identity of such other stock exchange or exchanges or securities market or markets to
the Noteholders.  

SECTION 6.17
Additional Information for Ratings. So long as any Notes remain outstanding, and to
the extent permitted by law, Unibanco will provide Moody’s (or any other rating agency
which has assigned a rating to the notes) such information as it shall reasonably  

48

request in order to
perform its function as a rating agency in respect of the notes and inform Moody’s (or
any other rating agency which has assigned a rating to the notes) as soon as reasonably
practicable of any supplemental indentures or any amendments that have been or are
proposed to be made hereto. 

SECTION 1.18
Provision of Financial Statements and Reports. (a) In the event Unibanco shall file
any financial statements or reports with the SEC or shall publish or otherwise make such
statements or reports publicly available in Brazil, the United States or elsewhere,
Unibanco shall furnish a copy of such statements or reports to the Trustee within 15
calendar days of the date of filing or the date the information is published or otherwise
made publicly available, as the case may be.  

(b)      Delivery of
such reports, information and documents to the Trustee is for informational purposes only
and the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein,
including Unibanco’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officer’s Certificates). 

SECTION 1.19
Further Actions. Unibanco will, at its own cost and expense, satisfy any condition
or take any action (including the obtaining or effecting of any necessary consent,
approval, authorization, exemption, filing, license, order, recording or registration) at
any time required, as may be necessary or as the Trustee may reasonably request, in
accordance with applicable Law, to be taken, fulfilled or done in order (a) to perfect
and maintain the validity, effectiveness and priority of any Liens created hereunder, (b)
to enable Unibanco to lawfully enter into, exercise its rights and perform and comply
with its obligations under the Notes, this Indenture and each of the other Transaction
Documents, as the case may be, (c) to ensure that Unibanco’s obligations under the Notes,
the Indenture and each of the other Transaction Documents are legally binding and
enforceable, (d) to make the Notes, the Indenture and each of the other Transaction
Documents admissible in evidence in the courts of the State of New York, Brazil or the
Cayman Islands, (e) to enable the Trustee to exercise and enforce its rights under and
carry out the terms, provisions and purposes of this Indenture and each of the other
Transaction Documents, (f) to take any and all action necessary to preserve the
enforceability of, and maintain the Trustee’s rights under, this Indenture and each of
the other Transaction Documents and (g) to assist the Trustee in the Trustee’s
performance of its obligations under the Indenture and each of the other Transaction
Documents.  

SECTION 6.20
Available Information. For as long as the Notes are “restricted securities” within
the meaning of Rule 144(a)(3) under the Securities Act, Unibanco will, to the extent
required, furnish to any holder of a Note issued under Rule 144A or to any prospective
purchaser designated by such Noteholder, upon request of such Noteholder, financial and
other information described in paragraph (d)(4) of Rule 144A with respect to Unibanco to
the extent required in order to permit such Noteholder to comply with Rule 144A with
respect to any resale of such Note, unless, at the time of such request, Unibanco is
subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act
or is exempt from such requirements pursuant to Rule 12g3-2(b) under the Exchange Act (as
amended from time to time and including any successor provision) and no such information
about Unibanco is otherwise required pursuant to Rule 144A.  

49

SECTION 6.21
Appointment to Fill a Vacancy in Office of Trustee. Unibanco, whenever necessary to
avoid or fill a vacancy in the office of Trustee, will appoint in the manner provided in
Section 8.8, a successor Trustee, so that there shall at all times be a Trustee with
respect to the Notes.  

SECTION 6.22
Payments and Paying Agents. (a) Unibanco will, at least one Business Day prior to
each due date of the principal of or interest on the Notes or other amounts (including
Additional Amounts), deposit with the Trustee a sum sufficient to pay such principal,
interest or other amounts (including Additional Amounts) so becoming due.  

(b)      Whenever
Unibanco shall appoint a Paying Agent other than the Trustee with respect to the Notes,
it will cause such Paying Agent to execute and deliver to the Trustee an instrument in
which such agent shall agree with the Trustee, subject to the provisions of this Section: 

(i)      that it will
hold all sums received by it as such agent for the payment of the principal of or
         interest on any Notes (whether such sums have been paid to it by or on behalf of
Unibanco or by          any other obligor on the Notes) in trust for the benefit of the
Noteholders or of the Trustee. 

(ii)     that it will
give the Trustee notice of any failure by Unibanco (or by any other obligor on the
         Notes) to make any payment of the principal of or interest on any Notes
(including Additional          Amounts) and any other payments to be made by or on behalf
of Unibanco under this Indenture or the          Notes when the same shall be due and
payable; and 

(iii)    that it will
pay any such sums so held in trust by it to the Trustee upon the Trustee’s written
         request at any time during the continuance of the failure referred to in clause
(ii) above. 

(c)      The Trustee
shall arrange with all such Paying Agents for the payment, from funds furnished by
Unibanco to the Trustee pursuant to this Indenture, of the principal of and interest and
other amounts due on the Notes (including Additional Amounts) and of the compensation of
such Paying Agents for their services as such. 

(d)      If Unibanco
shall act as its own Paying Agent with respect to any Notes, it will, on or before each
due date of the principal of or interest on such Notes, set aside, segregate and hold in
trust for the benefit of the Noteholders of such Notes a sum sufficient to pay such
principal or interest (including Additional Amounts) so becoming due.  Unibanco will
promptly notify the Trustee of any failure to take action. 

(e)      Anything in
this Section 6.22 to the contrary notwithstanding, Unibanco may at any time, for the
purpose of obtaining a satisfaction and discharge with respect to any Notes hereunder, or
for any other reason, pay or cause to be paid to the Trustee all sums held in trust for
such Notes by Unibanco or any Paying Agent hereunder, as required by this Section, such
sums to be held by the Trustee upon the trusts herein contained. 

50

(f)      Anything in
this Section 6.22, to the contrary notwithstanding, the agreements to hold sums in trust
as provided in this Article VI are subject to the provisions of Section 12.3. 

(g)      Unibanco
agrees to indemnify the Noteholders against any failure on the part of any Paying Agent
to pay, in accordance with the terms hereof, any sum due in respect of the Notes on the
applicable Payment Date. 

ARTICLE VII

EVENTS OF DEFAULT AND REMEDIES 

SECTION 7.1
      Events of Default.  The following events shall each be an “Event of Default” under
the terms of the Notes and this Indenture: 

(a)       Unibanco
shall fail to make any principal payment (and the Noteholders shall for any reason not
receive any such payment) on any of the Notes, whether on the maturity date, upon
redemption or otherwise, other than due to a deferral of principal or an extension or
deferral of the maturity date described under Sections 2.6 and 2.8 for so long as
Unibanco shall be entitled to not make payments as a result of any such deferral or
extension pursuant to Sections 2.6 and 2.8; or 

(b) Unibanco
shall fail to make any interest payment or any payment of Additional Amounts (and the
Noteholders shall for any reason not receive any such payment) in accordance with the
terms of the Notes and this Indenture, other than due to a deferral of interest described
under Sections 2.6. and 2.8., and this non-payment continues for 15 days and the Trustee
has not otherwise received those amounts from the Insurer under the Insurance Policy,
from the Reserve Account or otherwise; provided, however, that if the Insurer
acknowledges that any interest payment is due and payable by the Insurer under the
Insurance Policy, Unibanco’s failure to make that payment will not be an Event of
Default; or  

(c)      a
Governmental Authority in the Cayman Islands or Brazil (1) institutes a proceeding or
enters a decree or order for relief under any bankruptcy, liquidation, dissolution,
winding up, insolvency, rehabilitation, readjustment of debt, marshalling of assets and
liabilities or similar law, or adjudging Unibanco bankrupt or insolvent, (2) enters a
decree or order approving as properly filed a petition seeking Unibanco’s reorganization,
arrangement, adjustment or composition under any applicable law except a reorganization
permitted under the Indenture, (3) enters a decree or order appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official for
Unibanco or all or substantially all of Unibanco’s assets, and such decree or order has
not been vacated or has remained in force undischarged or unstayed for 60 days, or (4)
any event that under the laws of Brazil or the Cayman Islands occurs that has an
analogous effect to any of the foregoing events; or 

(d)      the
commencement by Unibanco of a voluntary case or proceeding under any applicable
bankruptcy, insolvency, reorganization or other similar law or of any other case or
proceeding to be adjudicated bankrupt or insolvent, or Unibanco’s consent by answer or
otherwise to the entry of a decree or order for relief in respect of Unibanco in an
involuntary case  

51

or proceeding under
any applicable bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding against Unibanco or the
dissolution of Unibanco or any event which under the laws of Brazil or the Cayman Islands
has an analogous effect to any of the foregoing events; or 

(e)      Any of the
Transaction Documents, or any part thereof, shall cease to be in full force and effect or
binding and enforceable against Unibanco or admissible in evidence in the courts of
Brazil, or it becomes unlawful for Unibanco to perform any material obligation under any
Transaction Document to which it is a party, or Unibanco shall contest the enforceability
of any Transaction Document or deny that it has liability under any Transaction Document
to which it is a party; or 

(f)      Any of (i) the
Insurance Policy shall have been cancelled or terminated by the Insurer or shall
otherwise cease to be in full force and effect, binding and enforceable against the
Insurer (other than in connection with a voluntary cancellation of the Insurance Policy
by the Trustee at the request of Unibanco as set forth in Section 5.3(d)), (ii) the
Insurer shall fail to pay the full amount of any claim submitted to it under the
Insurance Policy by the end of the Waiting Period (as such term is defined in the
Insurance Policy) applicable to such claim, or (iii)  Unibanco shall fail to satisfy its
obligations under the Insurance Side Agreement, unless, with regard to items (i) and (ii)
above, within 10 calendar days, Unibanco (x) irrevocably deposits into the Reserve
Account an amount in U.S. dollars equal to the then current face amount of the Insurance
Policy or (y) obtains an insurance policy comparable to the Insurance Policy with an
insurer which has been given a long-term debt rating or a financial strength rating
comparable to that of the Insurer as of the date any of such events shall have occurred,
and the Rating Agency reaffirms its ratings on the Notes which were in effect immediately
prior to such event; or 

(g)      Unibanco
shall fail to comply with its obligations with respect to the Reserve Account within five
business days after being obligated to do so; or 

(h)      Other than in
connection with the Trustee allowing for the expiration thereof as provided for in this
Indenture, any Letter of Credit shall have been cancelled or terminated by the issuer
thereof or otherwise shall have ceased to be in full force and effect, binding and
enforceable against the issuer thereof in accordance with its terms unless a
substantially equivalent Letter of Credit or U.S. dollars in an amount equal to the
amount available under any such Letter of Credit immediately prior to its cancellation is
promptly provided to the Trustee. 

SECTION 7.2
Remedies upon Occurrence of an Event of Default. (a) Upon the occurrence and
continuation of an Event of Default described in (c) or (d) of Section 7.1 arising under
Cayman Islands law, the Trustee may at its discretion or Noteholders holding no less than
33?% in aggregate principal amount of the Notes then Outstanding may declare the
principal of and accrued and unpaid interest, if any, on all the Notes to be due and
payable. Upon such a declaration, such principal and accrued and unpaid interest will be
immediately due and payable. If an event of Default described in (c) or (d) of Section
7.1 occurs other than under Cayman Islands law and is continuing, the principal of and
accrued and unpaid interest on all the Notes will become immediately due and payable
without any declaration or other act on the part of the  

52

Trustee or any
Noteholders; provided, however, that Unibanco shall only be required to make the payments
described in this Section 7.2(a) after Unibanco has been declared bankrupt, put into
liquidation or otherwise dissolved for purposes of Brazilian law, and those payments will
be subject to the subordination provisions of Article III. In addition, if Unibanco
makes payments described in this Section 7.2(a) from Brazil, Unibanco will be required to
obtain the approval of the Central Bank for the remittance of funds outside Brazil.
There is no right of acceleration in the case of a Default in the payment of principal
of or interest on the Notes or the failure by Unibanco to perform any other obligation
hereunder.  

(b)      If an Event
of Default occurs or if Unibanco breaches any covenant or warranty hereunder or under the
Notes, the Trustee may pursue any available remedy to enforce any provision of the Notes
or this Indenture. 

(c)      At any time
after a declaration of acceleration in accordance with Section 7.2(a) above has been made
with respect to the Notes and before a judgment or decree for payment of the money due
has been obtained by the Trustee as hereinafter provided in this Article VII, the
Majority Noteholders, by written notice to Unibanco and the Trustee, may rescind and
annul such declaration and its consequences if: 

(i)      there shall
have been paid to or deposited with the Trustee a sum sufficient to pay: 

(A)      all overdue
installments of interest on the Notes (including all Amounts in Arrears and Additional
                                    Interest Amounts); 

(B)      the principal
of any Notes that have become due other than by such declaration of acceleration and
                                    interest thereon at the Arrears Rate; 

(C)      to the extent
that payment of such interest is lawful, interest on overdue interest at the Arrears
                                    Rate; and 

(D)      all sums paid
or advanced by the Trustee hereunder and the reasonable compensation, expenses,
                                    disbursements, and advances of the Trustee, its
agents and counsel; and 

(ii)     all Events of
Default, other than the nonpayment of the principal of the Notes that has become due
         solely by such acceleration, have been cured or waived as provided in Section 7.4. 

(d)      The Majority
Noteholders shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or power
conferred on the Trustee, subject to the limitations specified herein.  Subject to the
provisions of this Indenture relating to the Trustee’s duties, the Trustee shall be under
no obligation to exercise any of its rights an powers under this Indenture unless it has
been offered an indemnity to its reasonable satisfaction against the costs, expenses and
liabilities it may reasonably incur. 

53

(e) No Noteholder
will have any right to institute any proceeding with respect to the indenture or the
Notes or for any remedy thereunder unless the Noteholder has previously given written
notice to the Trustee of a continuing Event of Default under the Notes of the continuing
breach of a covenant contained herein, the Noteholders of not less than 331/3% in aggregate
principal amount of the Outstanding Notes have made a written request to the Trustee to
institute proceedings in respect of the Event of Default or breach in its own name as
Trustee, the Noteholders have offered to the Trustee indemnity satisfactory to it, the
Trustee for 60 days thereafter has failed to institute any such proceeding and no
direction inconsistent with that request has been given to the Trustee during that 60-day
period by the holders of a majority in aggregate principal amount of the Outstanding
Notes, provided, however, that the right of any Noteholder institute a suit for the
enforcement of the payment of principal or interest on the due date therefore may not be
impaired without its consent.  

SECTION 7.3
Delay or Omission Not Waiver. No delay or omission of the Trustee or of any
Noteholder to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an
acquiescence therein. Every right and remedy given by this Article or by law to the
Trustee or to the Noteholders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Noteholders, as the case may be. No waiver of
any Event of Default, whether by the Trustee or by the Noteholders, shall extend to or
shall affect any subsequent Event of Default or shall impair any remedy or right
consequent thereon.  

SECTION 7.4
Waiver of Past Defaults. The Majority Noteholders may waive any past Default
hereunder except an uncured Default in the payment of principal of or interest on the
Notes or an uncured Default relating to a covenant or provision of this Indenture that
cannot be modified or amended without the consent of each affected Noteholder.  

SECTION 7.5
Trustee May File Proofs of Claim; Appointment of Trustee as Attorney-in-Fact in
Judicial Proceedings. (a) In case of pendency in any receivership, insolvency,
bankruptcy, liquidation, readjustment, reorganization or any other judicial proceedings
relating to Unibanco or any obligor on the Notes or the property of Unibanco or of such
other obligor or their creditors, the Trustee (irrespective of whether the principal of
the Notes shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand on Unibanco
for payment of overdue principal or interest) shall be entitled and empowered by
intervention in such proceedings or otherwise to:  

(i)      file and
prove a claim for the whole amount of principal and interest owed and unpaid in respect
         of the Notes and to file such other papers or documents as may be necessary and
advisable in order          to have the claims of the Trustee (including any claim for
the reasonable compensation, expenses,          disbursements and advances of the
Trustee, its agents and counsel and all other amounts due to the          Trustee under
Section 8.5) and of the Noteholders allowed in such judicial proceeding; and 

(ii)     collect and
receive any moneys or other property payable or deliverable on any such claims and to
         distribute same. 

54

(b)      In any such
event, any receiver, assignee, trustee, liquidator or sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Noteholder to make
such payment to the Trustee and in the event that the Trustee shall consent to the making
of such payments directly to the Noteholders, to pay to the Trustee any amount due to it
for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due to the Trustee under Section 8.5. 

(c)      Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or
accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Noteholder thereof, or
to authorize the Trustee to vote in respect of the claim of any Noteholder in any such
proceeding. 

SECTION 7.6
Trustee May Enforce Claims Without Possession of Notes. All rights of action and
claims under this Indenture or the Notes may be prosecuted and enforced by the Trustee
without the possession of any of the Notes or the production thereof in any proceeding
relating thereto, and any such proceeding instituted by the Trustee shall be brought in
its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agent and counsel, be for the ratable benefit of the
Noteholders.  

SECTION 7.7
Application of Money Collected. Any money collected by the Trustee with respect to
the Notes shall be applied in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money on account of principal or
interest, upon presentation of the Notes and the notation thereon of the payment if only
partially paid and upon surrender thereof if fully paid:  

FIRST:  To the payment
of all amounts due the Trustee under Section 8.5 hereof. 

SECOND:  To the
payment of the amounts then due and unpaid upon the Notes for principal          and
interest, in respect of which or for the benefit of which such money has been collected,
         ratably among Notes, without preference or priority of any kind, according to
the amounts due and          payable on such Notes for principal and interest,
respectively. 

SECTION 7.8
Limitation on Suits. No Noteholder shall have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture or the Notes or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless:  

(a)      such
Noteholder has previously given written notice to the Trustee of a continuing Event of
         Default with respect to Notes; 

(b)      the
Noteholders of not less than 331/3% in aggregate principal amount of the then Outstanding
Notes          shall have made written request to the Trustee to institute proceedings in
respect of such Event          of Default in its own name as Trustee hereunder; 

55

(c)      such
Noteholder or Noteholders have offered to the Trustee adequate security and indemnity
         satisfactory to it against the costs, expenses and liabilities to be incurred in
compliance with          such request; 

(d)      the Trustee
for 60 calendar days after its receipt of such notice, request and offer of indemnity
         has failed to institute any such proceeding; and 

(e)      no direction
inconsistent with such written request has been given to the Trustee during such
         60-day period by the Majority Noteholders; 

it being understood
and intended that no one or more Noteholders shall have any right in any manner
whatsoever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other Noteholder, or to obtain or to seek to
obtain priority or preference over any other such Noteholder or to enforce any right
under this Indenture, except in the manner herein provided and for the equal and
proportionate benefit of all the Noteholders. 

SECTION 7.9
Unconditional Right of Noteholders to Receive Principal and Interest and Other
Amounts. Notwithstanding any other provisions in this Indenture, the Noteholders shall
have the right, which is absolute and unconditional (subject always however to the terms
of the Transaction Documents and the subordination conditions of Resolution 2837), to
receive payment of the principal of and interest and other amounts (including Additional
Amounts) on such Note on the respective maturities or due dates expressed in such Note
(or, in the case of redemption or repayment, on the Early Tax Redemption Date or the
maturity date, as the case may be) and to institute suit for the enforcement of any such
payment, and such right shall not be impaired without the consent of such Noteholder.  

SECTION 7.10
Restoration of Rights and Remedies. If the Trustee or any Noteholder has instituted
any proceeding to enforce any right or remedy under this Indenture and such proceeding
has been discontinued or abandoned for any reason, then and in every such case Unibanco,
the Trustee and the Noteholders shall, subject to any determination in such proceeding,
be restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Trustee and the Noteholders shall continue as
though no such proceeding had been instituted.  

SECTION 7.11
Rights and Remedies Cumulative. Except as otherwise provided in Section 2.15(e), no
right or remedy herein conferred upon or reserved to the Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy.  

SECTION 7.12
Control by Noteholders. Subject to Section 316(a) of the Trust Indenture Act, the
Majority Noteholders shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising any trust
or power conferred on the Trustee with respect to the Notes; provided that:  

56

(a)      the Trustee
shall have the right to decline to follow any such direction if the Trustee, being
         advised by counsel, determines that the action so directed may not lawfully be
taken or would          conflict with this Indenture or if the Trustee in good faith
shall, by a Responsible Officer,          determine that the proceedings so directed
would involve it in personal liability or it reasonably          believes it will not
adequately be indemnified against the costs, expenses and liabilities which
         might be incurred by it in complying with its request or be unjustly prejudicial
to the          Noteholders not taking part in such direction; and 

(b)      the Trustee
may take any other action deemed proper by the Trustee that is not inconsistent with
         such direction. 

SECTION 7.13
Undertaking for Costs. All parties to this Indenture agree, and each Noteholder by
its acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken or omitted by it as
Trustee, the filing by any part litigant in such suit, in the manner and to the extent
provided in the Trust Indenture Act of an undertaking to pay the costs of such suit, and
that such court may in its discretion assess reasonable costs, including reasonable
attorneys’fees and expenses, against any party litigant in such suit, having due regard
to the merits and good faith of the claims or defenses made by such party litigant; but
neither the provisions of this Article nor the Trust Indenture Act shall be deemed to
authorize any court to require such an undertaking or to make such assessment in any suit
instituted by the Trustee, to any suit instituted by any Noteholder, or group of
Noteholders, holding in the aggregate more than 10% in principal amount of then
Outstanding Notes, or to any suit instituted by any Noteholder for the enforcement of the
payment of the principal of or interest on any Note on or after the respective maturities
expressed in such Note (or, in the case of redemption or repayment, on or after the
applicable redemption date or the Expected Maturity Date (as the same may be extended as
provided hereunder)).  

SECTION 7.14
Waiver of Stay or Extension Laws. Unibanco covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law wherever
enacted, now or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and Unibanco (to the extent that it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law, and covenants that it
will not hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though no such
law had been enacted.  

ARTICLE VIII

CONCERNING THE TRUSTEE  

SECTION 8.1
Certain Rights and Duties of Trustee. (a) The Trustee, prior to the occurrence of
an Event of Default and after curing or waiving all Events of Default that may have
occurred, undertakes to perform only such duties as are specifically set forth in this
Indenture and no implied covenants or obligations shall be read into this Indenture
against the  

57

Trustee.  In case an
Event of Default has occurred (which has not been cured or waived) and prior to the
receipt of instructions (if any) from the Noteholders, the Trustee shall exercise such of
the rights and powers vested in it by this Indenture, and use the same degree of care and
skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs. 

(b)      Except as
otherwise provided in Section 315 of the Trust Indenture Act: 

(i) The Trustee
may conclusively rely and shall be fully protected in acting, or refraining from
acting, upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, Note, debenture or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by
the proper party or parties; provided that in the case of any such certificates
or opinions which by the provisions hereof are specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to examine the same
to determine whether or not they conform to the requirements of this Indenture but need
not verify the contents thereof;  

(ii)     Any request,
direction, order or demand of Unibanco mentioned herein shall be          sufficiently
evidenced by an Officer’s Certificate (unless other evidence in respect thereof be
         herein specifically prescribed); and any resolution of the Board of Directors
shall be evidenced          to the Trustee by a copy thereof certified by the secretary
or an assistant secretary of Unibanco; 

(iii)    The Trustee
shall be under no obligation to exercise any of the trusts or powers          vested in
it by this Indenture, and may refuse to perform any duty or exercise any such rights or
         powers unless it shall have been offered reasonable security or indemnity to its
reasonable          satisfaction against the costs, expenses and liabilities which may
reasonably be incurred therein          or thereby; 

(iv)     The Trustee
shall not be liable for any action taken, suffered or omitted by it          in good
faith and reasonably believed by it to be authorized or within the discretion or rights
or          powers conferred upon it by this Indenture (provided that the Trustee’s
conduct does not          constitute negligence or willful misconduct) or with respect to
any action it takes or omits to          take in good faith in accordance with a
direction received by it from Noteholders holding a          sufficient percentage of
Notes to give such direction as permitted by this Indenture; 

(v) Subject to
Section 8.1(a), the Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval,
appraisal, note, debenture or other paper or document with respect to the Notes
unless requested in writing so to do by the Majority Noteholders, provided that,
if the payment within a reasonable time to the Trustee of the reasonable costs,
expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the
Trustee by the security afforded to it by the terms of this Indenture, the
Trustee may require indemnity reasonably satisfactory to it against such
expenses or liabilities as a condition to such proceeding. The reasonable
expense of  

58

 

every such
investigation shall be paid by Unibanco or, if          paid by the Trustee, shall be
repaid by Unibanco upon demand; 

(vi)     The Trustee
may execute any of the trusts or powers hereunder or perform any          duties
hereunder either directly or by or through agents, attorneys, custodians or nominees and
         the Trustee shall not be responsible for any misconduct or negligence on the
part of any agent,          attorney custodian or nominee appointed with due care by it
hereunder; 

(vii)    The Trustee
shall not be liable for any error of judgment made in good faith by          a
Responsible Officers of the Trustee unless it shall be proved that the Trustee was
negligent in          ascertaining the pertinent facts or the action or failure to act by
such Responsible Officers was          unreasonable. 

(viii)   The Trustee
shall not be liable with respect to any action taken or omitted to          be taken by
it in good faith in accordance with any direction of Unibanco given under this
         Indenture, provided that the Trustee’s conduct does not constitute negligence or
willful          misconduct; 

(ix)     The Trustee
shall not be bound to make any investigation into the facts or          matters stated in
any resolution, certificate, statement, instrument, opinion, report, notice,
         request, consent, entitlement order, approval or other paper or document; 

(x)      The Trustee
shall have no obligation to invest and reinvest any cash held          pursuant to this
Indenture in the absence of timely and specific written investment direction from
         Unibanco.  In no event shall the Trustee be liable for the selection of
investments or for          investment losses incurred thereon.  The Trustee shall have
no liability in respect of losses          incurred as a result of the liquidation of any
investment prior to its stated maturity or the          failure of Unibanco to provide
timely written investment direction; 

(xi) The Trustee
shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written
notice of any event which is in fact such a default is received by the Trustee
at the Corporate Trust Office of the Trustee, and such notice references the
Notes and this Indenture; provided, however, that the Trustee shall be deemed to
have actual knowledge of the existence of any Default or Event of Default which
has arisen pursuant to the provisions of Sections 7.1(a) or (b);  

(xii)    The rights,
privileges, protections, immunities and benefits given to the          Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
         enforceable by, the Trustee in each of its capacities hereunder and under the
Registration Rights          Agreement and each Letter of Credit, and each agent,
custodian and other Person employed to act          hereunder; and 

(xiii)   Unibanco
shall deliver an Officer’s Certificate setting forth the names of          individuals
and/or titles of officers authorized at such time to take specified actions pursuant
         to this Indenture, which Officer’s Certificate may be signed by any person  

59

authorized to sign an
         Officer’s Certificate, including any person specified as so authorized in any
such certificate          previously delivered and not superseded. 

(c)      None of the
provisions contained in this Indenture shall require the Trustee to expend or risk its
own funds or otherwise incur personal financial liability in the performance of any of
its duties or in the exercise of any of its rights or powers, if there shall be a
reasonable ground for believing that the repayment of such funds or indemnity
satisfactory to it against such liability is not reasonably assured to it. 

(d)      The Trustee
may reasonably request information, including an Officer’s Certificate, from time to
time, as necessary or appropriate in order to ascertain compliance with the requirements
of this Indenture and the Notes and may consult with counsel and the written advice or
opinion of counsel shall be full and complete authorization and protection in respect of
any action taken or omitted by it hereunder in good faith and in accordance with such
advice or opinion of counsel. 

(e) If the Trustee has
or shall acquire a conflicting interest within the meaning of the Trust Indenture Act,
the Trustee shall either eliminate such interest or resign, to the extent and in the
manner provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture. 

SECTION 8.2
Trustee Not Responsible for Recitals; Etc. The recitals contained herein and in
the Notes, except the Trustee’s certificate of authentication, shall be taken as the
statements of Unibanco and the Trustee assumes no responsibility for the correctness of
the same. The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Notes. The Trustee shall not be accountable for the use or
application by Unibanco of any of the Notes or of the proceeds of such Notes.  

SECTION 3.3
Trustee and Others May Hold Notes. (a) The Trustee or any Paying Agent or Note
Registrar or any other Authorized Agent of the Trustee, or any Affiliate thereof, in its
individual or any other capacity, may become the owner or pledgee of Notes and may
otherwise deal with Unibanco, or any other obligor on the Notes with the same rights it
would have if it were not Trustee, Paying Agent, Note Registrar or such other Authorized
Agent.  

(b)      The Trustee
is subject to Section 311(a) of the Trust Indenture Act, excluding any creditor
relationship listed in Section 311(b) of the Trust Indenture Act.  If the Trustee resigns
or is removed, such Trustee shall be subject to Section 311(a) of the Trust Indenture Act
to the extent indicated therein. 

SECTION 8.4
Moneys Held by Trustee or Paying Agent. (a) Whenever Unibanco shall have one or
more Paying Agents, Unibanco will make the payments contemplated by Sections 6.1 and 6.2
by depositing with a Paying Agent an amount sufficient to make such payments, such amount
to be held in trust by the Paying Agent for the benefit of the Persons entitled thereto,
and (unless such Paying Agent is the Trustee) will promptly notify the Trustee of its
action or failure so to act. Each Paying Agent other than the Trustee shall execute and
deliver to the Trustee an instrument in which such Paying Agent shall agree with the
Trustee, subject to the provisions of this Section, to the effect that such Paying Agent
will:  

60

(i) hold all amounts
held by it for the making of payments in respect of the Notes in trust for the benefit of
the Persons entitled thereto until such amounts shall be paid to such Persons or
otherwise disposed of as herein provided; 

(ii) provide the
Trustee notice of any Default by Unibanco in the making of payments in respect of the
Notes; and 

(iii) at any time
during the continuance of any such Default, upon the written request of the Trustee,
forthwith pay to the Trustee all amounts so held in trust by such Paying Agent. 

(b) Unibanco may at
any time, for the purpose of obtaining the satisfaction and discharge of this Indenture
or for any other purpose, pay or deliver, or direct any Paying Agent to pay or deliver,
to the Trustee all amounts held in trust by Unibanco or such Paying Agent, such amounts
to be held by the Trustee upon the same trusts as those upon which such amounts were held
by Unibanco or such Paying Agent; and, upon such payment by any Paying Agent to the
Trustee, such Paying Agent shall be released from all further liability with respect to
such sums. 

(c) Any money
deposited with the Trustee or any Paying Agent, or then held by Unibanco in trust for the
making of any payment in respect of any Note and remaining unclaimed for two years after
such payment has become due and payable (if then held by the Trustee or any Paying Agent)
shall be paid or returned to Unibanco upon request by Unibanco or (if then held by
Unibanco) shall be discharged from such trust; and Noteholders shall thereafter, as
unsecured general creditors, seek recourse only to Unibanco for payment thereof (unless
an applicable abandoned property law designates another Person), and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of
Unibanco, as trustee thereof, shall thereupon cease; provided that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the expense of
Unibanco provide notice to Noteholders in the manner set forth in Section 14.4, that such
money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the latest date of mailing, any unclaimed balance of such money then
remaining will be repaid or redelivered to Unibanco. 

SECTION 8.5 Compensation
of the Trustee and its Lien. (a) Unibanco covenants and agrees to pay to the Trustee
(all references in this Section 8.5 to the Trustee shall be deemed to apply to the
Trustee in its capacities as Trustee, Paying Agent and Note Registrar) from time to time,
and the Trustee shall be entitled to, reasonable compensation for all services rendered
by it hereunder (which shall be agreed to from time to time by Unibanco and the Trustee
and which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust), and, except as herein otherwise expressly provided,
Unibanco will pay or reimburse the Trustee upon its request for all reasonable expenses
and disbursements incurred or made by the Trustee in accordance with any of the
provisions of this Indenture (including the reasonable compensation and the reasonable
expenses, advances and disbursements of its counsel and of all persons not regularly in
its employ) except any such expense or disbursement as may arise from its gross
negligence or bad faith. Each of Unibanco and the Branch, jointly and severally, also
covenants and agrees to indemnify the Trustee and 

61

any predecessor
Trustee for, defend, and hold harmless the Trustee and any predecessor Trustee and their
officers, directors, employees, representatives and agents from and against, any loss,
liability, claim, damage or expense incurred without gross negligence or bad faith on the
part of the Trustee or any of its employees, officers or agents, arising out of or in
connection with the acceptance or administration of the trust or trusts hereunder, this
Indenture or the Account Control Agreement, including liability which the Trustee may
incur as a result of failure to withhold, pay or report Taxes. The obligations of
Unibanco under this Article shall constitute additional indebtedness hereunder.  In no
event shall the Trustee be liable for special, indirect or consequential loss or damages
whatsoever (including, but not limited to lost profits), even if the Trustee has been
advised of the likelihood of such damage and regardless of the form of action taken. 

(b)     The
obligations of Unibanco under this Section 8.5 shall survive payment in full of the
Notes, the resignation or removal of the Trustee and the termination of this Indenture. 

(c)     When the
Trustee or any predecessor Trustee incurs expenses or renders services in connection with
the performance of its obligations hereunder (including its services as Paying Agent, if
so appointed by Unibanco) after an Event of Default occurs, the expenses and compensation
for such services are intended to constitute expenses of administration under applicable
bankruptcy, insolvency or other similar United States federal or state law to the extent
provided in Section 503(b)(5) of the Federal Bankruptcy Code. 

(d)     The Trustee
shall have a lien prior to the Notes as to all property and funds held by it hereunder
for any amount owing it or any predecessor Trustee pursuant to this Section 8.5, except
with respect to funds held in trust for the benefit of the holders of particular Notes. 

SECTION 8.6
Right of Trustee to Rely on Officer’s Certificates and Opinions of Counsel. Before
the Trustee acts or refrains from acting with respect to any matter contemplated by this
Indenture, it may require an Officer’s Certificate of Unibanco or an Opinion of Counsel,
which shall conform to the provisions of Section 14.1. The Trustee shall not be liable
for any action it takes or omits to take in good faith in reliance on such certificate or
opinion as set forth in Section 8.1(b)(v).  

SECTION 8.7
Persons Eligible for Appointment as Trustee. There shall at all times be a Trustee
hereunder which shall at all times be a bank which complies with the eligibility
requirements of the Trust Indenture Act, having a combined capital and surplus of at
least $100,000,000 and have a long term unsecured debt rating of at least “A2” by Moody’s.
If such corporation publishes reports of condition at least annually, pursuant to law or
to the requirements of a supervising or examining authority referred to in Section 310(a)
of the Trust Indenture Act, then for the purposes of this Section 8.7, the combined
capital and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In case at any
time the Trustee shall cease to be eligible in accordance with this Section 8.7, the
Trustee shall resign immediately in the manner and with the effect specified in Section
8.8.  

62

SECTION 8.8 Resignation
and Removal of Trustee; Appointment of Successor. (a) The Trustee, or any trustee or
trustees hereafter appointed, may at any time resign by giving written notice to Unibanco
and by giving notice of such resignation to the Noteholders in the manner provided in
Section 14.4. 

(b) In case at any
time any of the following shall occur with respect to any Notes: 

(i) the Trustee shall
fail to comply with the provisions of Section 310(b) of the Trust Indenture Act, after
written request thereafter by Unibanco or by any Noteholder who has been a bona fide
Noteholder for at least six months, 

(ii) the Trustee shall
cease to be eligible under Section 8.7 and shall fail to resign after written request
therefore by Unibanco or by any Noteholder, or 

(iii) the Trustee
shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation; 

then, in any such
case, (A) Unibanco may remove the Trustee, and appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of Directors of Unibanco, or (B)
subject to the requirements of Section 315(e) of the Trust Indenture Act, any Noteholder
who has been a bona fide Noteholder for at least six months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee. Such court may
thereupon after such notice, if any, as it may deem proper and prescribe, remove the
Trustee and appoint a successor Trustee. 

(c) The Majority
Noteholders may at any time remove the Trustee and appoint a successor Trustee by
delivering to the Trustee so removed, to the successor Trustee so appointed and to
Unibanco, the evidence provided for in Section 8.1 of the action taken by the
Noteholders, provided that unless a Default or Event of Default shall have occurred and
be continuing, Unibanco shall consent (such consent not to be unreasonably withheld). 

(d) If the Trustee
shall resign, be removed, or become incapable of acting or if a vacancy shall occur in
the office of Trustee with respect to the Notes for any cause, Unibanco shall promptly
appoint a successor Trustee or Trustees by written instrument, in duplicate, executed by
order of the Board of Directors of Unibanco, one copy of which instrument shall be
delivered to the former Trustee and one copy to the successor Trustee. If no successor
Trustee shall have been so appointed and have accepted such appointment pursuant to
Section 8.9 within 30 days after the mailing of such notice of resignation or removal,
the former Trustee may, at Unibanco’s expense, petition any court of competent
jurisdiction for the appointment of a successor Trustee, or any Noteholder who has been a
bona fide Noteholder for at least six months may, subject to the requirements of Section
315(e) of the Trust Indenture Act, on behalf of himself and all others similarly
situated, petition any such court for the appointment of a successor Trustee. Such court
may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a
successor Trustee. 

63

(e) Any resignation or
removal of the Trustee and any appointment of a successor Trustee pursuant to this
Article shall become effective only upon acceptance of appointment by the successor
Trustee as provided in Section 8.9. 

SECTION 8.9 Acceptance
of Appointment by Successor Trustee. (a)  Any successor Trustee appointed under Section
8.8 shall execute, acknowledge and deliver to Unibanco and to its predecessor Trustee an
instrument accepting such appointment hereunder, and thereupon the resignation or removal
of the predecessor Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts,
duties and obligations of its predecessor Trustee hereunder, with like effect as if
originally named as Trustee herein; but, nevertheless, on the written request of Unibanco
or of the successor Trustee, the Trustee ceasing to act shall, upon payment of any such
amounts then due it pursuant to the provisions of Section 8.5, execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and trusts of
the Trustee so ceasing to act, and shall assign, transfer and deliver to such successor
Trustee all property and money as may be held by such Trustee ceasing to act. Upon
request of any such successor Trustee, Unibanco shall execute any and all instruments in
writing for more fully and certainly vesting in and confirming to such successor Trustee
all such rights and powers. Any Trustee ceasing to act shall, nevertheless, retain a lien
upon all property or funds held or collected by such Trustee to secure any amounts then
due it pursuant to Section 8.5.  

(b) No successor
Trustee shall accept appointment as provided in this Section 8.9 unless at the time of
such acceptance such successor Trustee shall be eligible under Section 8.7. 

(c) Upon acceptance of
appointment by a successor Trustee, Unibanco shall give notice of the succession of such
Trustee hereunder to the Noteholders in the manner provided in Section 14.4. If Unibanco
fails to give such notice within 10 days after acceptance of appointment by the successor
Trustee, the successor Trustee shall cause such notice to be given at the expense of
Unibanco. 

SECTION 8.10 Merger,
Conversion or Consolidation of Trustee. (a) Any Person into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a party, or
any Person succeeding to all or substantially all the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder without the execution or filing
of any paper or any further act on the part of any of the parties hereto; provided that
such successor Trustee shall be qualified under the Trust Indenture Act and eligible
under the provisions of Section 8.7 hereof and Section 310(a) of the Trust Indenture Act.  

(b) In case at the
time such successor to the Trustee shall succeed to the trusts created by this Indenture,
any of the Notes shall have been authenticated but not delivered, any such successor to
the Trustee may adopt the certificate of authentication of any predecessor Trustee and
deliver such Notes so authenticated and, in case at that time any of the Notes shall not
have been authenticated, any successor to the Trustee may authenticate such Notes either
in the name of any predecessor hereunder or in the name of the successor trustee, and in
such cases such certificate shall have the same force under the Notes and under this
Indenture as if authenticated by such predecessor Trustee; provided that the certificate
of the Trustee shall have  

64

provided that the
right to adopt the certificate of authentication of any predecessor Trustee or the
authenticated Notes in the name of any predecessor Trustee shall apply only to its
successor or successors by merger, conversion or consolidation.  

SECTION 8.11
Maintenance of Offices and Agencies. (a) There shall at all times be maintained in the
Borough of Manhattan, The City of New York, and in such other Places of Payment, if any,
as shall be specified for the Notes, an office or agency where Notes may be presented or
surrendered for registration of transfer or exchange and for payment of principal and
interest. Such office shall be initially located at the address set forth in Section 14.4
hereto. Notices and demands to or upon the Trustee in respect of the Notes or this
Indenture may be served at the Corporate Trust Office. Written notice of the location of
each of such other office or agency and of any change of location thereof shall be given
by Unibanco to the Trustee and by the Trustee to the Noteholders in the manner specified
in Section 14.4. In the event that no such office or agency shall be maintained or no
such notice of location or of change of location shall be given, presentations,
surrenders and demands may be made and notices may be served at the Corporate Trust
Office.  

(b) There shall at all
times be a Note Registrar and a Paying Agent hereunder. In addition, at any time when any
Notes remain Outstanding, the Trustee may appoint an Authenticating Agent or Agents with
respect to the Notes which shall be authorized to act on behalf of the Trustee to
authenticate Notes issued upon original issuance, exchange, registration of transfer or
redemption thereof or pursuant to Section 2.13, and Notes so authenticated shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for all
purposes as if authenticated by the Trustee hereunder (it being understood that wherever
reference is made in this Indenture to the authentication and delivery of Notes by the
Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an Authenticating Agent
and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent). 

(c) Any Authorized
Agent shall be a bank or trust company and shall be a Person (i) organized and doing
business under the laws of the United States or any State thereof, (ii) with a combined
capital and surplus of at least $50,000,000, (iii) authorized under such laws to exercise
corporate trust powers, subject to supervision by United States Federal or state
authorities and (iv) be rated at least “A2” by Moody’s. If such Authorized Agent
publishes reports of its condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the purposes
of this Section 8.11, the combined capital and surplus of such Authorized Agent shall be
deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authorized Agent shall cease to be eligible in
accordance with the provisions of this Section 8.11, such Authorized Agent shall resign
immediately in the manner and with the effect specified in this Section 8.11. 

(d) The Trustee at its
office specified in the first paragraph of this Indenture, is hereby appointed as Paying
Agent and Note Registrar hereunder. 

(e) Any Paying Agent
(other than the Trustee) from time to time appointed hereunder shall execute and deliver
to the Trustee an instrument in which said Paying Agent 

65

shall agree with the
Trustee, subject to the provisions of this Section 8.11, that such Paying Agent will: 

(i) hold all sums held
by it for the payment of principal of and interest on Notes in trust for the benefit of
the Persons entitled thereto until such sums shall be paid to such Persons or otherwise
disposed of as herein provided; 

(ii) give the Trustee
within five days thereafter notice of any Default by any obligor upon the Notes in the
making of any such payment of principal or interest; and 

(iii) at any time
during the continuance of any such Default, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 

(f) Notwithstanding
any other provision of this Indenture, any payment required to be made to or received or
held by the Trustee may, to the extent authorized by written instructions of the Trustee,
be made to or received or held by a Paying Agent in the Borough of Manhattan, The City of
New York, for the account of the Trustee. 

(g) Any Person into
which any Authorized Agent may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, consolidation or conversion to
which any Authorized Agent shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of any Authorized Agent, shall be the
successor of such Authorized Agent hereunder, if such successor Person is otherwise
eligible under this Section 8.11, without the execution or filing of any paper or any
further act on the part of the parties hereto or such Authorized Agent or such successor
Person. 

(h) Any Authorized
Agent may at any time resign by giving written notice of resignation to the Trustee and
Unibanco. Unibanco may, and at the request of the Trustee shall, at any time, terminate
the agency of any Authorized Agent by giving written notice of such termination to the
Authorized Agent and to the Trustee. Upon the resignation or termination of an Authorized
Agent or in case at any time any such Authorized Agent shall cease to be eligible under
this Section 8.11 (when, in either case, no other Authorized Agent performing the
functions of such Authorized Agent shall have been appointed), Unibanco shall promptly
appoint one or more qualified successor Authorized Agents approved by the Trustee to
perform the functions of the Authorized Agent which has resigned or whose agency has been
terminated or who shall have ceased to be eligible under this Section 8.11. Unibanco
shall give written notice of any such appointment to all Noteholders as their names and
addresses appear on the Note Register. 

(i) Unibanco initially
appoints The Bank of New York as Note Registrar and Paying Agent in connection with the
Notes. 

(j) If the Notes are
listed on any securities exchange, Unibanco will satisfy any requirement at such
securities exchange as to paying agents. 

SECTION 8.12 Reports
by Trustee. On or before June 15 in every year, so long as any Notes are Outstanding
hereunder, the Trustee shall transmit to the Noteholders specified 

66

in Section 313(a) of
the Trust Indenture Act a brief report, dated as of the preceding December 31, to the
extent required by Section 313 of the Trust Indenture Act in accordance with the
procedures set forth in said Section. A copy of such report at the time of its mailing to
Noteholders shall be filed with the SEC and each stock exchange, if any, on which the
Notes are listed. Unibanco shall promptly notify the Trustee if the Notes become listed
on any stock exchange or any de-listing thereof, and the Trustee shall comply with
Section 313(d) of the Trust Indenture Act. 

SECTION 8.13 Trustee
Risk. None of the provisions contained in this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur personal financial liability in the
performance of any of its duties or in the exercise of any of its rights or powers, if it
shall have reasonable ground for believing that the repayment of such funds or liability
is not reasonably assured to it. Whether or not expressly provided herein, every
provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to Section 8.1 and the requirements
of the Trust Indenture Act.  

SECTION 8.14
Appointment of Co-Trustee. (a) It is the purpose of this Indenture that there shall be no
violation of any law of any jurisdiction, denying or restricting the right of banking
corporations or associations to transact business as Trustee in such jurisdiction. It is
recognized that in case of litigation under this Indenture or any Transaction Document,
and in particular in case of the enforcement of any such document on default, or in case
the Trustee deems that by reason of any present or future law of any jurisdiction it may
not exercise any of the powers, rights or remedies herein granted to the Trustee or hold
title to the properties, in trust, as herein granted, or take any other action which may
be desirable or necessary in connection therewith, it may be necessary that the Trustee
appoint an additional individual or institution as a separate or co-trustee. The
following provisions of this Section 8.14 are adopted to these ends.  

(b) In the event that
the Trustee appoints an additional individual or institution as a separate or co-trustee,
each and every remedy, power, right, claim, demand, cause of action, immunity, estate,
title, interest and lien expressed or intended by this Indenture to be exercised by or
vested in or conveyed to the Trustee with respect thereto shall be exercisable by and
vested in such separate or co-trustee but only to the extent necessary to enable such
separate or co-trustee to exercise such powers, rights and remedies, and every covenant
and obligation necessary to the exercise thereof by such separate or co-trustee shall run
to and be enforceable by either of them. 

(c) Should any
instrument in writing be required by the separate trustee or co-trustee so appointed by
the Trustee for more fully and certainly vesting in and confirming to him or it such
properties, rights, powers, trusts, duties and obligations, any and all such instruments
in writing shall, on request, be executed, acknowledged and delivered by Unibanco. In
case any separate trustee or co-trustee, or a successor to either, shall die, become
incapable of acting, resign or be removed, all the estates, properties, rights, powers,
trusts, duties and obligations of such separate trustee or co-trustee, so far as
permitted by law, shall vest in and be exercised by the Trustee until the appointment of
a new trustee or successor to such separate trustee or co-trustee. 

67

(d) Every separate
trustee and co-trustee shall, to the extent permitted by law, be appointed and act
subject to the following provisions and conditions: 

(i) all rights,
powers, duties and obligations conferred or imposed upon the Trustee shall be conferred
or imposed upon and exercised or performed by the Trustee and such separate trustee or
co-trustee jointly (it being understood that such separate trustee or co-trustee is not
authorized to act separately without the Trustee joining in such act), except to the
extent that under any law of any jurisdiction in which any particular act or acts are to
be performed the Trustee shall be incompetent or unqualified to perform such act or acts,
in which event such rights, powers, duties and obligations (including the holding of
title to any property or any portion thereof in any such jurisdiction) shall be exercised
and performed singly by such separate trustee or co-trustee, but solely at the direction
of the Trustee; 

(ii) no trustee
hereunder shall be personally liable by reason of any act or omission of any other
trustee hereunder; 

(iii) the Trustee may
at any time accept the resignation of or remove any separate trustee or co-trustee, and 

(iv) each co-trustee
appointed hereunder shall at all times be a bank that complies with the eligibility
requirements set forth in Section 310(a) of the Trust Indenture Act, have a combined
capital and surplus of U.S.$100,000,000, have its corporate trust office in the Borough
of Manhattan, the city of New York and have a long-term unsecured debt rating of at least
“A2” by Moody’s. If such bank publishes reports of condition at least annually, pursuant
to law or to the requirements of a supervising or examining authority referred to in
Section 301(a) of the Trust Indenture Act, then for the purposes of this subsection, the
combined capital and surplus of such bank shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. 

SECTION 8.15 Knowledge
of Default. If a Default or Event of Default occurs and is continuing, and if the Trustee
has actual knowledge thereof, as determined pursuant to Section 8.1(b)(xi) hereof, the
Trustee shall transmit to each Noteholder, in the manner and to the extent provided in
Section 313(c) of the Trust Indenture Act, notice of the Default or Event of Default by
the earlier of 90 days after it occurs or 30 days after the Trustee has knowledge of such
Default or Event of Default. Except in the case of a Default or Event of Default in
payment of principal, interest or other amounts due on any Note, the Trustee may withhold
the notice if and so long as its Board of Directors in good faith determines that
withholding the notice is in the interest of the Noteholders.  

68

ARTICLE IX

 CONCERNING
THE HOLDERS  

SECTION 9.1 Acts of
Noteholders. (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Noteholders
(collectively, an “Act” of such Noteholders, which term also shall refer to the
instruments or record evidencing or embodying the same) may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such Noteholders in
person or by an agent duly appointed in writing or, alternatively, may be embodied in and
evidenced by the record of Noteholders voting in favor thereof, either in person or by
proxies duly appointed in writing, at any meeting of Noteholders duly called and held in
accordance with the provisions of Article X, or a combination of such instruments and any
such record. Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments or record, or both, are delivered to the
Trustee, and when it is specifically required herein, to Unibanco. Proof of execution of
any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 8.1) conclusive in favor of the Trustee
and Unibanco, if made in the manner provided in this Section 9.1. The record of any
meeting of Noteholders shall be proved in the manner provided in Section 10.5.  

(b) The fact and date
of the execution by any Person of any such instrument or writing may be proved by the
certificate of any public or other officer of any jurisdiction authorized to take
acknowledgments of deeds or administer oaths that the Person executing such instrument
acknowledged to such officer the execution thereof, or by an affidavit of a witness to
such execution sworn to before any such notary or other such officer, and where such
execution is by an officer of a corporation or association or of Unibanco, on behalf of
such corporation, association or Unibanco, such certificate or affidavit shall also
constitute sufficient proof of such Person’s authority. The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the
same, may also be proved in any other manner which the Trustee deems sufficient. 

(c) The ownership of
the Notes, the principal amount and serial numbers of Notes held by any Person, and the
date or dates of holding the same, shall be proved by the Note Register and the Trustee
shall not be affected by notice to the contrary. 

(d) Any act of any
Noteholder (i) shall bind the holder of such Note and every future Noteholder of the same
Note and the Noteholder of every Note issued upon the transfer thereof or the exchange
therefore or in lieu thereof, whether or not notation of such action is made upon such
Note and whether or not such Noteholder has given its consent (unless required under this
Indenture) to such Act or was present at any duly held meeting, and (ii) shall be valid
notwithstanding that such Act is taken in connection with the transfer of such Note to
any other Person, including Unibanco or any Affiliate thereof. 

(e) Until such time as
written instruments shall have been delivered with respect to the requisite percentage of
principal amount of Notes for the Act contemplated by such instruments, any such
instrument executed and delivered by or on behalf of a Noteholder may be  

69

revoked with respect
to any or all of such Notes by written notice by such Noteholder (or its duly appointed
agent) or any subsequent Noteholder (or its duly appointed agent), proven in the manner
in which such instrument was proven unless such instrument is by its terms expressly
irrevocable. 

(f) Notes
authenticated and delivered after any Act of Noteholders may, and shall if required by
Unibanco, bear a notation in form approved by Unibanco as to any action taken by such Act
of Noteholders. If Unibanco shall so determine, new Notes so modified as to conform, in
the opinion of Unibanco, to such action, may be prepared and executed by Unibanco and
authenticated and delivered by the Trustee in exchange for Outstanding Notes. 

(g) Unibanco may, in
the circumstances permitted by the Trust Indenture Act, but shall not be obligated to,
fix a record date for the purpose of determining the Noteholders entitled to sign any
instrument evidencing or embodying an Act of the Noteholders. If a record date is fixed,
those Persons who were Noteholders at such record date (or their duly appointed agents),
and only those Persons, shall be entitled to sign any such instrument evidencing or
embodying an Act of Noteholders or to revoke any such instrument previously signed,
whether or not such Persons continue to be Noteholders after such record date. No such
instrument shall be valid or effective if signed more than 90 days after such record
date, and may be revoked as provided in paragraph (e) above. 

(h) The Initial Notes
and the Exchange Notes shall vote and consent together on all matters as one class, and
none of the Notes, and no tranche of Notes, shall have the right to vote or consent as a
separate class on any matter. 

SECTION 9.2 Notes
Owned by Unibanco and Affiliates Deemed Not Outstanding. In determining whether the
holders of the requisite aggregate principal amount of Notes have concurred in any
request, demand, authorization, direction, notice, consent and waiver or other act under
this Indenture, Notes which are owned by Unibanco or any Affiliate of either of the
foregoing shall be disregarded and deemed not to be Outstanding for the purpose of any
such determination except that for the purposes of determining whether the Trustee shall
be protected in relying on any such direction, consent or waiver, only Notes for which a
Responsible Officer of the Trustee has received written notice of such ownership as
conclusively evidenced by the Note Register shall be so disregarded. Unibanco shall
furnish the Trustee, upon its reasonable request, with a list of such Affiliates. Subject
to the provisions of Section 315 of the Trust Indenture Act, in case of a dispute as to
such right, any decision by the Trustee, taken upon the advice of counsel, shall be full
protection to the Trustee.  

ARTICLE X 

HOLDERS’ MEETINGS  

SECTION 10.1 Purposes
for Which Noteholders’ Meetings May Be Called. A meeting of Noteholders may be called at
any time and from time to time pursuant to this Article X for any of the following
purposes:  

70

(a) to give any
notice to Unibanco or to the Trustee, or to give any directions to the Trustee, or to
waive or to consent to          the waiving of any default hereunder and its
consequences, or to take any other action authorized to be taken by Noteholders
         pursuant to Article VII;

(b) to remove the
Trustee and appoint a successor Trustee pursuant to Article VIII;

(c) to consent to
the execution of an indenture or indentures supplemental hereto pursuant to Section 11.1;
or

(d) to take any
other action authorized to be taken by or on behalf of the holders of any specified
aggregate principal amount          of the Notes under any other provision of this
Indenture or under applicable law.

SECTION 10.2
Trustee, Unibanco and Noteholders May Call Meeting. The Trustee, Unibanco and the
Noteholders may call a meeting of the Noteholders at any time by giving notice thereof as
provided in Section 14.4. In case Unibanco, pursuant to a Board Resolution, or the
holders of at least 10% in aggregate principal amount of the Notes then Outstanding shall
have requested the Trustee to call a meeting of Noteholders, by written request setting
forth in general terms the action proposed to be taken at the meeting, and the Trustee
shall not have made the mailing of the notice of such meeting within 20 days after
receipt of such request, then Unibanco or such Noteholders in the amount above specified
may determine the time and the place in the Borough of Manhattan, The City of New York,
for such meeting and may call such meeting to take any action authorized in Section 10.1
by giving notice thereof as provided in Section 14.4. Notice of every meeting of the
Noteholders shall set forth the time and place of such meeting and, in general terms, the
action proposed to be taken at such meeting and shall be given not less than 30 nor more
than 60 days prior to the date fixed for the meeting.  

SECTION 10.3 Persons
Entitled to Vote at Meeting. To be entitled to vote at any meeting of Noteholders a
person shall be (a) Noteholder of one or more Notes with respect to which such meeting is
being held or (b) a person appointed by an instrument in writing as proxy for the
Noteholder or Noteholders of such Notes by a Noteholder of one or more such Notes. The
only persons who shall be entitled to be present or to speak at any meeting of
Noteholders shall be the persons entitled to vote at such meeting and their counsel and
any representatives of the Trustee and its counsel and any representatives of Unibanco
and its counsel.  

SECTION 10.4
Determination of Voting Rights; Conduct and Adjournment of Meeting. (a)
Notwithstanding any other provisions of this Indenture, the Trustee may make such
reasonable regulations as it may deem advisable for any meeting of Noteholders, in regard
to proof of the holding of Notes and of the appointment of proxies, and in regard to the
appointment and duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters concerning
the conduct of the meeting as it shall think fit. Such regulations may provide that
written instruments appointing proxies, regular on their face, may be presumed valid and
genuine without the proof specified in Section 9.1 or other proof. Except as otherwise
permitted or required by any such regulations, the holding of Notes shall be proved in
the manner specified in Section 9.1 and the  

71

appointment of any proxy shall be proved in
the manner specified in said Section 9.1 or by having the signature of the person
executing the proxy witnessed or guaranteed by any bank, banker, trust company or firm
satisfactory to the Trustee. 

(b) Unibanco or the
Noteholders calling the meeting, as the case may be, shall appoint a temporary chairman.
 A permanent chairman and a permanent secretary of the meeting shall be elected by vote
of the Noteholders of a majority in aggregate principal amount of the Notes represented
at the meeting and entitled to vote.

(c) Subject to the
provisions of Section 9.2, at any meeting each Noteholder proxy shall be entitled to one
vote for each U.S.$1,000 principal amount of Notes held or represented by him; provided,
however, that no vote shall be cast or counted at any meeting in respect of any Note
challenged as not Outstanding and ruled by the chairman of the meeting to be not
Outstanding. The chairman of the meeting shall have no right to vote other than by
virtue of Notes held by him or instruments in writing as aforesaid duly designating him
as the person to vote on behalf of other Noteholders. Any meeting of Noteholders duly
called pursuant to Section 10.2 may be adjourned from time to time, and the meeting may
be held as so adjourned upon notice as set forth in Section 10.2. At any meeting, the
presence of persons holding or representing Notes with respect to which such meeting is
being held in an aggregate principal amount sufficient to take action upon the business
for the transaction of which such meeting was called shall be necessary to constitute a
quorum; but, if less than a quorum be present, the persons holding or representing a
majority of the Notes represented at the meeting may adjourn such meeting with the same
effect, for all intents and purposes, as though a quorum had been present.  

SECTION 10.5
Counting Votes and Recording Action of Meeting. The vote upon any resolution
submitted to any meeting of Noteholders shall be by written ballots on which shall be
subscribed the signatures of the Noteholders or of their representatives by proxy and the
serial numbers and principal amounts of the Notes held or represented by them. The
permanent chairman of the meeting shall appoint two inspectors of votes who shall count
all votes cast at the meeting for or against any resolution and who shall make and file
with the secretary of the meeting their verified written reports in duplicate of all
votes cast at the meeting. A record in duplicate of the proceedings of each meeting of
Noteholders shall be prepared by the secretary of the meeting and there shall be attached
to said record the original reports of the inspectors of votes on any vote by ballot
taken thereat and affidavits by one or more persons having knowledge of the facts setting
forth a copy of the notice of the meeting. The record shall show the serial numbers of
the Notes voting in favor of or against any resolution. The record shall be signed and
verified by the affidavits of the permanent chairman and secretary of the meeting and one
of the duplicates shall be delivered to Unibanco and the other to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted at the
meeting. Any record so signed and verified shall be conclusive evidence of the matters
therein stated.  

72

Article XI

SUPPLEMENTAL
INDENTURES

SECTION 11.1 Supplemental
Indenture with Consent of Noteholders. (a) With the consent of the Majority
Noteholders, Unibanco may, and the Trustee, subject to Sections 11.3 and 11.4, shall,
enter into an indenture or indentures supplemental hereto for the purpose of amending the
provisions of this Indenture; provided, however, that without the consent of the
Noteholder of each Outstanding Note directly affected thereby, no such supplemental
indenture shall (with respect to any Notes held by non-consenting Noteholder of such
Notes) cause any of the following:  

(i)      change the
maturity of any payment of the principal of, or any installment of interest on, any Note,
or reduce the principal          amount thereof or the rate of interest thereon, or
change the method of computing the amount of principal thereof or          interest
payable thereon on any date or change any place of payment where, or the coin or currency
in which, the principal          of or interest (including Additional Amounts) on any
Note is payable, or impair the right of the Noteholders to institute          suit for
the enforcement of any such payment on or after the maturity or the date of payment, as
the case may be, thereof          (or, in the case of redemption or repayment, on or
after the Early Tax Redemption Date or the Payment Date, as the case may          be); or

(ii)     modify the
subordination provisions of Article III in a manner adverse to the Noteholders; or

(iii)    reduce the
percentage in aggregate principal amount of the Outstanding Notes, the consent of whose
holders is required for          any such supplemental indenture, or the consent of whose
holders is required for any waiver of compliance with certain          provisions of this
Indenture or certain defaults hereunder and their consequences, provided for in this
Indenture; or

(iv)     modify any of
the provisions of this Article or Section 7.4, except to increase any such percentage or
to provide that          certain other provisions of this Indenture cannot be modified or
waived without the consent of each Noteholder.

(b)      Upon receipt by
the Trustee of Board Resolutions and such other documentation as the Trustee may
reasonably require and upon the filing with the Trustee of evidence of the Act of said
Noteholders, the Trustee shall join in the execution of such supplemental indenture or
other instrument, as the case may be, subject to the provisions of Sections 11.3 and 11.4.

(c)      It shall not be
necessary for any Act of Noteholders under this Article to approve the particular form of
any proposed supplemental indenture, but it shall be sufficient if such Act shall approve
the substance thereof.

73

(d)      Unibanco shall
deliver notice to the Rating Agency of any indenture or supplemental indenture or any
amendment to be executed pursuant to this Section 11.1 prior to the execution of such
indenture or supplemental indenture or such amendment.

SECTION 11.2
Supplemental Indentures Without Consent of Noteholders. Notwithstanding anything
to the contrary provided for in Section 11.1 hereof Unibanco, at any time and from time
to time, may, without the consent of any Noteholders, enter into one or more indentures
supplemental hereto in form satisfactory to the Trustee for any of the following purposes:  

(a)      to establish the
form and terms of Notes permitted by Sections 2.1 and 2.5; or

(b)      to evidence the
succession of another entity to Unibanco and the assumption by any such successor of the
covenants of          Unibanco herein contained; or

(c)      to evidence the
succession of a new Trustee hereunder pursuant to Section 8.9; or

(d)      to add further
covenants of Unibanco and any restrictions, conditions or provisions as the Board of
Directors shall consider          to be for the protection of the Noteholders, and to
make the occurrence, or the occurrence and continuance of a default in          any such
covenants, restrictions, conditions or provisions an Event of Default permitting the
enforcement of all or any of          the several remedies provided in this Indenture as
herein set forth; or

(e)      to convey,
transfer and assign to the Trustee properties or assets to secure the Notes, and to
correct or amplify the          description of any property at any time subject to this
Indenture or the Transaction Documents or to assure, convey and          confirm unto the
Trustee any property subject or required to be subject to this Indenture or the
Transaction Documents; or

(f)      to modify,
eliminate or add to the provisions of this Indenture to such extent as shall be necessary
to qualify it under the          Trust Indenture Act, if necessary, or under any similar
United States federal statute hereafter enacted, and to add to this          Indenture
such other provisions as may be expressly permitted by the Trust Indenture Act,
excluding, however, the provisions          referred to in Section 316(a)(2) of the Trust
Indenture Act as in effect at the date as of which this instrument was          executed
or any corresponding provision in any similar United States federal statute hereafter
enacted; or

(g)      to permit or
facilitate the issuance of Notes in uncertificated form; or

(h)      to cure any
ambiguity, to correct or supplement any provision in this Indenture or the Transaction
Documents that may be          defective or inconsistent with any other provision herein,
or to make any other provisions with respect to matters or          questions arising
under this Indenture, provided such action shall not adversely affect the interest of the
Noteholders in          any material respect.

74

SECTION 11.3
Execution of Supplemental Indentures. In executing supplemental indentures
permitted by this Article XI or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be provided with, and (subject to Section 8.1) shall be
fully protected in relying upon, an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture and all conditions
precedent to the execution of such supplemental indenture have been met. The Trustee
may, but shall not be obligated to, enter into any supplemental indentures which affect
the Trustee’s own rights, duties or immunities under this Indenture, the Notes or
otherwise.  

SECTION 11.4 Effect
of Supplemental Indentures. Upon the execution of any supplemental indenture under this
Article XI, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every
Noteholder theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby.  

SECTION 11.5
Conformity with Trust Indenture Act. Every supplemental indenture executed
pursuant to this Article XI shall conform to the requirements of the Trust Indenture Act
as then in effect.  

SECTION 11.6
Reference in Notes to Supplemental Indentures. Notes authenticated and delivered
after the execution of any supplemental indenture pursuant to this Article XI may, and
shall if required by Unibanco, bear a notation in form approved by Unibanco as to any
matter provided for in such supplemental indenture; and, in such case, suitable notation
may be made upon Outstanding Notes after proper presentation and demand. If Unibanco
shall so determine, new Notes so modified as to conform, in the opinion of Unibanco and
the Trustee, to any such supplemental indenture may be prepared and executed by Unibanco
and authenticated and delivered by the Trustee in exchange for Outstanding Notes.  

Article XII

SATISFACTION AND
DISCHARGE

SECTION 12.1
Satisfaction and Discharge of Notes. (a) The Notes shall, on or prior to the
Interest Payment Date with respect to the repayment of principal thereof, be deemed to
have been paid for all purposes of this Indenture, and the entire indebtedness of
Unibanco in respect of this Indenture and the Notes shall be deemed to have been
satisfied and discharged, upon satisfaction of the following conditions:  

(i)      Unibanco shall
have irrevocably deposited or caused to be deposited with the Trustee, in trust, money in
an          amount which shall be sufficient to pay when due the principal of and
interest due and to become due on the Notes on or          prior to the Interest Payment
Date with respect to the repayment of principal thereof or upon redemption;

(ii)     if any such
deposit of money shall have been made prior to the Interest Payment Date with respect to
the          repayment of principal, the Optional Early Redemption

75

Date or the Early Tax
Redemption Date of such Notes, as the case may          be, Unibanco shall have delivered
to the Trustee an Issuer Order stating that such money shall be held by the Trustee, in
         trust;

(iii)    in the case of
redemption of Notes, Unibanco Order with respect to such redemption pursuant to Article
IV          shall have been given to the Trustee; and

(iv)     there shall have
been delivered to the Trustee an Opinion of Counsel to the effect that such satisfaction
         and discharge of the indebtedness of Unibanco with respect to the Notes shall
not be deemed to be, or result in, a taxable          event with respect to the
Noteholders for purposes of United States federal income taxation unless the Trustee
shall have          received documentary evidence that each Noteholder either is not
subject to, or is exempt from, United States federal income          taxation.

(b)      Upon
satisfaction of the aforesaid conditions with respect to the Notes, the Trustee shall,
upon receipt of an Issuer Order, execute proper instruments acknowledging satisfaction
and discharge of the Notes.

(c)      In the event
that Notes which shall be deemed to have been paid as provided in this Section 12.1 do
not mature and are not to be redeemed within the 60-day period commencing on the date of
the deposit with the Trustee of moneys, Unibanco shall, as promptly as practicable, give
a notice, in the same manner as a notice of redemption with respect to such Notes, to
such Noteholders to the effect that such Notes are deemed to have been paid and the
circumstances thereof.

(d)      Notwithstanding
the satisfaction and discharge of any Notes as aforesaid, the obligations of Unibanco and
the Trustee in respect of such Notes under Sections 2.11, 2.12, 2.13 and 8.5 and this
Article XII shall survive such satisfaction and discharge.

SECTION 12.2
Satisfaction and Discharge of Indenture. (a) This Indenture shall upon Unibanco
Order cease to be of further effect (except as hereinafter expressly provided), and the
Trustee, at the expense of Unibanco, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when:  

(i)      either:

(x)      all Notes
theretofore authenticated and delivered (other than (A) Notes which have been destroyed,
                  lost or stolen and which have been replaced or paid as provided in
Section 2.13 and (B) Notes deemed to have been                   paid in accordance with
Section 12.1) have been delivered to the Trustee for cancellation; or

(y)      all Notes not
theretofore delivered to the Trustee for cancellation shall be deemed to have been
                  paid in accordance with Section 12.1;

(ii)     all other sums
due and payable hereunder have been paid; and

76

(iii)    Unibanco has
delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that          all conditions precedent herein provided for relating to the satisfaction
and discharge of this Indenture have been complied          with.

(b)      Upon
satisfaction of the aforesaid conditions, the Trustee shall, upon receipt of an Issuer
Order, execute proper instruments acknowledging satisfaction and discharge of the
Indenture and take all other action reasonably requested by Unibanco to evidence the
termination of any and all Liens created by or with respect to this Indenture.

(c)      Notwithstanding
the satisfaction and discharge of this Indenture as aforesaid, the obligations of
Unibanco and the Trustee under Sections 2.11, 2.12, 2.13, 2.14 and 8.5 and this Article XII
shall survive.

(d)      Upon
satisfaction and discharge of this Indenture as provided in this Section 12.2, the
Trustee shall assign, transfer and turn over to or upon the order of Unibanco, any and
all money, securities and other property then held by the Trustee for the benefit of the
Noteholders, other than money deposited with the Trustee pursuant to Section 12.1(a) and
interest and other amounts earned or received thereon.

SECTION 12.3
Application of Trust Money. The money deposited with the Trustee pursuant to
Section 12.1 shall not be withdrawn or used for any purpose other than, and shall be held
in trust for, the payment of the principal of and interest on the Notes or portions of
principal amount thereof in respect of which such deposit was made.  

Article XIII

DEFEASANCE

SECTION 13.1
Unibanco’s Option to Effect Defeasance or Covenant Defeasance. Unibanco may at its
option by a Board Resolution, at any time, elect to have either Section 13.2 or Section
13.3 applied to the Notes upon compliance with the conditions set forth below in this
Article XIII.  

SECTION 13.2
Defeasance and Discharge. Upon Unibanco’s exercise of the option provided in
Section 13.1 to have this Section 13.2 applied to all the Notes, Unibanco shall be deemed
to have been discharged from its obligations with respect to the Notes Outstanding on the
date the conditions in Section 13.4 are satisfied (a “Defeasance”). For this purpose,
such Defeasance means that Unibanco shall be deemed to have paid and discharged the
entire indebtedness represented by the Notes and to have satisfied all its other
obligations under the Notes and this Indenture, including the provisions of Article XII
(and the Trustee, at the expense of Unibanco, shall execute proper instruments
acknowledging the same) except for the following, which shall survive until otherwise
terminated or discharged hereunder: (a) the rights of such Noteholders to receive, solely
from the trust fund described in Section 13.4 and as more fully set forth in such
Section, payments in respect of the principal of and interest (including any Additional
Amounts) on the Notes when such payments are due, (b) Unibanco’s obligations with  

77

respect
to such Notes under Sections 2.11, 2.12, 2.13, 2.14, 2.15, 2.16, 6.10, 8.4, (c) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and (d) this
Article XIII and Unibanco’s obligations to the Trustee under Section 8.5. Subject to
compliance with this Article XIII, Unibanco may exercise its option under this Section
13.2 notwithstanding the prior exercise of its option under Section 13.3.  

SECTION 13.3
Covenant Defeasance. Upon Unibanco’s exercise of the option provided in Section
13.1 to have this Section 13.3 applied to the Notes, (i) Unibanco shall be released from
its obligations under Article VII with respect to the Notes and (ii) the occurrence of an
event with respect to such Notes specified in Article VII (except with respect to Section
7.1(a), (b), (c), (d), and (f), shall not be deemed to be an Event of Default on and
after the date the conditions set forth in Section 13.4 are satisfied (a “Covenant
Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to the
Notes, Unibanco may omit to comply with and shall have no liability in respect of any
term, condition or limitation set forth in any such Section or clause, whether directly
or indirectly by reason of any reference elsewhere herein to any such Section or clause
or by reason of any reference in any such Section or clause to any other provision herein
or in any other document, but the remainder of this Indenture shall be unaffected thereby.  

SECTION 13.4
Conditions to Defeasance or Covenant Defeasance. The following shall be the
conditions to application of either Section 13.2 or Section 13.3 to the then Outstanding
Notes:  

(a)      Unibanco shall
irrevocably have deposited or caused to be deposited with the Trustee in trust for the
purpose of making the following payments specifically pledged as security for, and
dedicated solely to, the benefit of the Noteholders, (i) U.S. dollars, or (ii) U.S.
government obligations or (iii) a combination thereof, in an amount which through the
scheduled payment of principal and interest in respect thereof in accordance with their
terms will provide, not later than one day before the due date of any payment, money in
an amount, sufficient, in the opinion of an internationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to
the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other
qualifying trustee) to pay and discharge, the principal of and each installment of
interest (including Additional Amounts) on the Notes on the maturity date of such
principal of or installment of interest (including Additional Amounts) in accordance with
the terms of this Indenture and the Notes.

(b)      In the case of
an election under Section 13.2, Unibanco shall have delivered to the Trustee an Opinion
of Counsel stating that (i) Unibanco has received from, or there has been published by,
the U.S. Internal Revenue Service a ruling, or (ii) since the date of this Indenture
there has been a change in the applicable United States Federal income tax law or the
interpretation thereof, in either case to the effect that, and based thereon such opinion
shall confirm that, the Noteholders will not recognize gain or loss for United States
federal income tax purposes as a result of such deposit, defeasance and discharge and
will be subject to United States Federal income tax on the same amount, in the same
manner and at the same time as would have been the case if such deposit, defeasance and
discharge had not occurred.

78

(c)      In the case of
an election under Section 13.3, Unibanco shall have delivered to the Trustee an Opinion
of Counsel to the effect that the Noteholders will not recognize gain or loss for United
States federal income tax purposes as a result of such deposit and Covenant Defeasance
and will be subject to United States Federal income tax on the same amount, in the same
manner and at the same time as would have been the case if such deposit and Covenant
Defeasance had not occurred.

(d)      No Default or
Event of Default shall have occurred and be continuing on the date of such deposit or,
insofar as subsections 7.1 (c) and (d) inclusive are concerned, at any time during the
period ending on the 121st day after the date of such deposit (it being understood that
this condition shall not be deemed satisfied until the expiration of such period).

(e)      Such Defeasance
or Covenant Defeasance shall not (i) cause the Trustee to have a conflicting interest for
the purposes of the Trust Indenture Act with respect to any securities of Unibanco or
(ii) result in a breach or violation of, or constitute a default under, any other
agreement or instrument to which Unibanco is a party or by which it is bound.

(f)      Unibanco shall
have delivered to the Trustee an Opinion of Counsel to the effect that payment of amounts
deposited in trust with the Trustee as provided in clause (a) of this Section 13.4 will
not be subject to future taxes, duties, fines, penalties, assessments or other
governmental charges imposed, levied, collected, withheld or assessed by, within or on
behalf of a Taxing Jurisdiction, except to the extent that Additional Amounts in respect
thereof shall have been deposited in trust with the Trustee as provided in clause (a) of
this Section 13.4.

(g)      Unibanco shall
have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each
stating that all conditions precedent provided for relating to either the Defeasance
under Section 13.2 or the Covenant Defeasance under Section 13.3, as the case may be,
have been complied with.

(h)      Such Defeasance
or Covenant Defeasance shall not result in the trust arising from such deposit
constituting an investment company as defined in the Investment Company Act of 1940, as
amended.

SECTION 13.5
Deposited Money and U.S. Government Obligations to Be Held in Trust; Other
Miscellaneous Provisions. (a) Subject to the provisions of Section 8.4, all money and
U.S. government obligations (including the proceeds thereof) deposited with the Trustee
pursuant to Section 13.4 in respect of the Notes shall be held in trust and applied by
the Trustee, in accordance with the provisions of the Notes and this Indenture, to the
payment, either directly or through any Paying Agent (including Unibanco acting as its
own Paying Agent) as the Trustee may determine, to the Noteholders, of all sums due and
to become due thereon in respect of principal and interest, but such money need not be
segregated from other funds except to the extent required by law. 

(b)      Unibanco shall
pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed
against the money or the U.S. government obligations deposited pursuant to Section 13.4
or the principal and interest received in respect thereof other than any such tax, fee or
other charge which by law is for the account of the Noteholders.

79

(c)      Anything in this
Article XIII to the contrary notwithstanding, the Trustee shall deliver or pay to
Unibanco from time to time upon request any money or U.S. government obligations held by
it as provided in Section 13.4 which, in the opinion of an internationally recognized
firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then be
required to be deposited to effect an equivalent defeasance or covenant defeasance.

SECTION 13.6
Reinstatement. If the Trustee or the Paying Agent is unable to apply any money in
accordance with Section 13.2 or 13.3 by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application,
then the obligations of Unibanco under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to this Article XIII until such
time as the Trustee or Paying Agent is permitted to apply all such money in accordance
with Section 13.2 or 13.3; provided, however, that if Unibanco makes any payment of
principal of or interest on or Additional Amounts in respect of the Notes following the
reinstatement of its obligations, Unibanco shall be subrogated to the rights of the
Noteholders to receive such payment from the money held by the Trustee or the Paying
Agent. 

Article XIV

MISCELLANEOUS

SECTION 14.1
Compliance Certificates and Opinions. (a) Except as otherwise expressly provided
by this Indenture, upon any application or request by Unibanco to the Trustee that the
Trustee take any action under any provision of this Indenture, Unibanco shall furnish to
the Trustee an Officer’s Certificate stating that all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with
and, if so requested by the Trustee, an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent, if any, have been complied with, except that
in the case of any particular application or request as to which the furnishing of
documents is specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be furnished. 

(b)      Every
certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

(i)      a statement that
each individual signing such certificate or opinion has read such covenant or condition;

(ii)     a brief
statement as to the nature and scope of the examination or investigation upon which the
statements or opinions          contained in such certificate or opinion are based;

(iii)    a statement
that, in the opinion of each such individual, such examination or investigation has been
made as is necessary to          enable such individual to express an

80

informed opinion as
to whether or not such covenant or condition has been complied          with; and

(iv)     a statement as
to whether, in the opinion of each such individual, such condition or covenant has been
complied with.

(c)      With the
delivery of this Indenture, Unibanco is furnishing to the Trustee, and from time to time
thereafter may furnish, an Officer’s Certificate identifying and certifying the
incumbency and specimen signatures of the Authorized Representatives.  Until the Trustee
receives a subsequent Officer’s Certificate, the Trustee shall be entitled to
conclusively rely on the last such Officer’s Certificate delivered to it for purposes of
determining the Authorized Representatives of Unibanco.

SECTION 14.2 Form of
Documents Delivered to Trustee. (a) In any case where several matters are required to
be certified by, or covered by an opinion of any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents. 

(b)      Any certificate
or opinion of an officer of Unibanco may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel, unless such
officer knows or has reason to believe that the certificate or opinion or representations
with respect to the matters upon which such officer’s certificate or opinion is based are
erroneous or otherwise inaccurate.  Any such certificate or Opinion of Counsel may be
based, insofar as it relates to factual matters, upon a certificate of, or
representations by, an Authorized Representative of Unibanco stating that the information
with respect to such factual matters is in the possession of Unibanco, unless such
counsel knows that the certificate or representations with respect to such matters are
erroneous.

(c)      Any Opinion of
Counsel stated to be based on the opinion of other counsel shall be accompanied by a copy
of such other opinion.

(d) Where any Person is
required to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

SECTION 14.3 Pledge
of Interest in Accounts and Related Collateral . (a) Unibanco hereby pledges to the
Trustee (for the benefit of the Noteholders) which pledge, for purposes of Brazilian law,
is made pursuant to article 1431 et seq. and 1451 et seq. of the Brazilian Civil Code,
and hereby grants to the Trustee for the benefit of the Noteholders a security interest
in all of its rights, title and interest (if any) in (a) the Insurance Policy, (b) for
the purposes contemplated in Section 5.1(a) hereof, (c) each Letter of Credit, (d) all
Permitted Investments obtained with proceeds of the Reserve Account or the Payment
Account, but, in the case of this clause (d) for the purposes contemplated in Section
5.1(a) hereof, (e) all interest, dividends, distributions, cash, instruments and other
property (including, but not limited to, any

81

securities, security entitlements and
financial assets) from time to time received, receivable or on deposit in the Reserve
Account or the Payment Account, but, in the case of this clause (e) for the purposes
contemplated in Section 5.1(a) hereof, and (f) all proceeds of any of the foregoing
(together, the “Collateral”). Unibanco agrees to take all such action as is necessary or
as the Trustee may reasonably require, including delivering Opinions of Counsel in form
and substance acceptable to the Trustee, as to the grant and perfection of the foregoing
security interests.  

(b)            The
security interest granted in the Collateral, except to the extent that withdrawals from
the Reserve Account are otherwise limited as set forth in Section 5.1 hereof, shall
secure the payment of all obligations of Unibanco now or hereafter existing under the
Transaction Documents, whether direct or indirect, absolute or contingent, and whether
for principal, reimbursement obligations, interest, fees, premiums, penalties,
indemnifications, contract causes of action, costs, expenses or otherwise.

SECTION 5.4
Notices, etc. to Trustee. Any Act of Noteholders or other document required or
permitted by this Indenture shall be deemed to have been made or given, as applicable,
only if such notice is in writing and delivered personally, or by registered or certified
first-class United States mail with postage prepaid and return receipt requested, or
made, given or furnished in writing by confirmed telecopy or facsimile transmission, or
by prepaid courier service to the appropriate party as set forth below: 

	 	Trustee:	The Bank of New York

                                    101 Barclay Street, 21W

                                    New York, NY 10286

                                    Attention: Global Finance Unit

                                    Telecopier No.:  (212) 815-5802
	 
	 	Unibanco:	Unibanco – União de Bancos Brasileiros S.A.

                                    Avenida Eusébio Matoso, 891

                                    São Paulo, SP 05423-901

                                    Brazil

                                    Attention : Márcia Freitas de Aguiar

                                    Telecopier : (55-11) 3097-4548

Copies of all notices
received or given by the Trustee hereunder or under each other Transaction Documents
shall be delivered concurrently with their delivery or promptly after their receipt, as
applicable, (but in any event within one Business Day) hereunder to the Rating Agency at:

	 	Moody’s Investors Service

                                    99 Church Street

                                    New York, NY  10007

                                    Attention:  Latin American ABS Monitoring

Any party may change its
address by giving notice of such change in the manner set forth herein.  Any notice given
to a party by mail or by courier shall be deemed delivered upon receipt thereof

82

 

(unless
the party refuses to accept delivery, in which case the party shall be deemed to have
accepted delivery upon presentation).  Any notice given to a party by telecopy or
facsimile transmission shall be deemed effective on the date it is actually sent to the
intended recipient by confirmed telecopy or facsimile transmission to the telecopier
number specified above.

SECTION 14.5
Notices to Noteholders; Waiver. Where this Indenture provides for notice to
Noteholders of any event, such notice shall be sufficiently given (unless otherwise
herein expressly provided) if in writing and mailed, first-class postage prepaid, to each
Noteholder, at its address as it appears in the Note Register, not later than the latest
date, if any, and not earlier than the earliest date, if any, prescribed for the giving
of such notice. Where this Indenture provides for notice, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders
shall be filed with the Trustee, but such filing shall not be a condition precedent to
the validity of any action taken in reliance upon such waiver. In any case where notice
to Noteholders is given by mail, neither the failure to mail such notice, nor any defect
in any notice so mailed, to any particular Noteholder shall affect the sufficiency of
such notice with respect to other Noteholders, and any notice that is mailed in the
manner herein provided shall be conclusively presumed to have been duly given. 

SECTION 14.6
Conflict with Trust Indenture Act. This Indenture is subject to the provisions of
the Trust Indenture Act that are required to be part of this Indenture and shall, to the
extent applicable, be governed by such provisions, which are incorporated by reference in
and made a part of this Indenture. If any provision hereof limits, qualifies or
conflicts with a provision of the Trust Indenture Act that is required under the Trust
Indenture Act to be a part of and govern this Indenture, the latter provision shall
control. If any provision of this Indenture modifies or excludes any provision of the
Trust Indenture Act that may be so modified or excluded, the latter provision shall be
deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 

As used within the Trust
Indenture Act, the following terms have the following meanings:

	 	"indenture securities" means the Notes,
	 	"indenture security holder" means a Noteholder,
	 	"indenture to be qualified" means this Indenture,
	 	"indenture trustee" or "institutional trustee" means the Trustee, and
	 	"obligor" on the indenture securities means Unibanco.

All other Trust Indenture
Act terms used in this Indenture that are defined (i) by the Trust Indenture Act, (ii) by
Trust Indenture Act reference to another statute or (iii) by SEC rule under the Trust
Indenture Act have the meanings assigned to them by such definitions.

83

SECTION 14.7 Effect
of Headings and Table of Contents. The Article and Section headings herein and the Table
of Contents are for convenience only and shall not affect the construction hereof. 

SECTION 14.8
Successors and Assigns. All covenants, agreements, representations and warranties
in this Indenture by the Trustee and Unibanco shall bind and, to the extent permitted
hereby, shall inure to the benefit of and be enforceable by their respective successors
and assigns, whether so expressed or not. 

SECTION 14.9
Severability Clause. In case any provision in this Indenture or in the Notes shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 14.10
Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or
implied, shall give to any Person, other than the parties hereto and their successors
hereunder and the Noteholders, any benefit or any legal or equitable right, remedy or
claim under this Indenture. 

SECTION 14.11 Legal
Holidays. In any case where the Optional Early Redemption Date, the Early Tax Redemption
Date or any Interest Payment Date with respect to any Note or of any installment of
principal thereof or payment of interest thereon, or any date on which any defaulted
interest is proposed to be paid, shall not be a Business Day, then (notwithstanding any
other provision of this Indenture or such Note) payment of interest and/or principal need
not be made on such date, but may be made on the next succeeding Business Day with the
same force and effect as if made on the Optional Early Redemption Date, the Early tax
Redemption Date or on the Interest Payment Date, or on the date on which the defaulted
interest is proposed to be paid, and, except as provided in any Supplemental Indenture
setting forth the terms of such Note, if such payment is timely made, no interest shall
accrue for the period from and after such Optional Early Redemption Date, Early Tax
Redemption Date or Interest Payment Date, or date for the payment of defaulted interest,
as the case may be, to the date of such payment. 

SECTION 14.12
Currency Rate Indemnity. (a) Unibanco shall (to the extent lawful) indemnify the
Trustee and the Noteholders and keep them indemnified against: 

(i)    in the case of
nonpayment by Unibanco of any amount due to the Trustee, on behalf of the Noteholders,
under          this Indenture any loss or damage incurred by any of them arising by
reason of any variation between the rates of exchange          used for the purposes of
calculating the amount due under a judgment or order in respect thereof and those
prevailing at the          date of actual payment by Unibanco; and

(ii)    any deficiency
arising or resulting from any variation in rates of exchange between (i) the date as of
         which the local currency equivalent of the amounts due or contingently due under
this Indenture or in respect of the Notes          is calculated for the purposes of any
bankruptcy, insolvency or liquidation of Unibanco, and (ii) the final date for
         ascertaining the amount of claims in such bankruptcy, insolvency or liquidation.
 The amount of such deficiency shall be          deemed not to be increased or reduced by any

84

 variation in rates of exchange occurring between the said final date and the
         date of any bankruptcy, insolvency or liquidation or any distribution of assets
in connection therewith.

(b) Unibanco agrees
that, if a judgment or order given or made by any court for the payment of any amount in
respect of its obligations hereunder is expressed in a currency (the “Judgment Currency”)
other than U.S. dollars (the “Denomination Currency”), it will indemnify the relevant
Noteholder against any deficiency arising or resulting from any variation in rates of
exchange between the date at which the amount in the Denomination Currency is notionally
converted into the amount in the Judgment Currency for the purposes of such judgment or
order and the date of actual payment thereof.  

(c)      The above
indemnities shall constitute separate and independent obligations of Unibanco from its
obligations hereunder, will give rise to separate and independent causes of action, will
apply irrespective of any indulgence granted from time to time and will continue in full
force and effect notwithstanding any judgment or the filing of any proof or proofs in any
bankruptcy, insolvency or liquidation of Unibanco for a liquidated sum or sums in respect
of amounts due under this Indenture or the Notes.

SECTION 14.13
Communication by Noteholders with other Noteholders. Noteholders may communicate
pursuant to Section 312(b) of the Trust Indenture Act with other Noteholders with respect
to their rights under this Indenture and the Notes. Unibanco, the Trustee, the Note
Registrar and anyone else shall have the protection of Section 312(c) of the Trust
Indenture Act. 

SECTION 14.14
Governing Law. This Indenture shall be governed by, and construed in accordance
with, the laws of the State of New York. 

SECTION 14.15 Waiver
of Jury Trial. UNIBANCO AND THE TRUSTEE HEREBY IRREVOCABLY WAIVE ALL RIGHTS TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE ACTIONS OF THE TRUSTEE IN
THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF OR THEREOF. 

SECTION 14.16 Waiver
of Immunity. This Indenture and any other documents delivered pursuant hereto, and any
actions taken hereunder, constitute commercial acts by Unibanco. Unibanco irrevocably
and unconditionally and to the fullest extent permitted by law, waives, and agrees not to
plead or claim, any immunity from jurisdiction of any court or from any legal process
(whether through service or notice, attachment prior to judgment, attachment in aid of
execution, execution or otherwise) for itself of any of its property, assets or revenues
wherever located with respect to its obligations, liabilities or any other matter under
or arising out of or in connection with this Indenture or any document delivered pursuant
hereto, in each case for the benefit of each assigns, it being intended that the
foregoing waiver and agreement will be effective , irrevocable and not subject to
withdrawal in any and all jurisdiction, and, without limiting the generality of the
foregoing, agrees that the waivers set forth in this Section 

85

14.16 shall have the fullest
scope permitted under the United States Foreign Sovereign Immunities Act of 1976 and are
intended to be irrevocable for the purposes of such act.

SECTION 14.17
Submission to Jurisdiction, etc.(a)Unibanco and the Trustee irrevocably submit to
the non-exclusive jurisdiction of any court of the State of New York or any United States
Federal court sitting in The City of New York, New York, United States, and any appellate
court from any thereof, in any suit, action or proceeding arising out of this Indenture,
the Notes or any of the other Transaction Documents to which each is or is to be a party,
or for recognition or enforcement of any judgment, and Unibanco and the Trustee hereby
irrevocably and unconditionally agree that all claims in respect of such action or
proceeding may be heard and determined in any such court of the State of New York or, to
the extent permitted by law, in such Federal court . Unibanco and the Trustee
irrevocably waive, to the fullest extent permitted by law, any objection to any suit,
action, or proceeding that may be brought in connection with this Indenture in such
courts whether on the grounds of venue, residence or domicile or on the ground that any
such suit, action or proceeding has been brought in an inconvenient forum. Unibanco and
the Trustee agree that final judgment in any such suit, action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Indenture, the Notes or any other
Transaction Documents shall affect any right that any party may otherwise have to bring
any action or proceeding relating to this Indenture, the Notes or any other Transaction
Document in the courts of any jurisdiction. 

(b) Unibanco hereby
irrevocably appoints and empowers Unibanco, located at 65 East 55th Street, New York, New
York 10022 as its authorized agent (the “Process Agent”) to accept and acknowledge for
and on its behalf and on behalf of its property service of any and all legal process,
summons, notices and documents which may be served in any such suit, action or proceeding
in any New York State court or United States Federal court sitting in The City of New
York, New York, United States and any appellate court from any thereof, which service may
be made on such designee, appointee and agent in accordance with legal procedures
prescribed for such courts. Unibanco will take any and all action necessary to continue
such designation in full force and effect and to advise the Trustee of any change of
address of such Process Agent; should such Process Agent become unavailable for this
purpose for any reason, Unibanco will promptly and irrevocably designate a new Process
Agent within New York, New York, which will agree to act as such, with the powers and for
the purposes specified in this subsection (b). Unibanco irrevocably consents and agrees
to the service and any and all legal process, summons, notices and documents out of any
of the aforesaid courts in any such action, suit or proceeding by hand delivery, to it at
its address set forth in Section 14.4 or to any other address of which it shall have
given notice pursuant to Section 14.4 or to its Process Agent. Service upon Unibanco or
the Process Agent as provided for herein will, to the fullest extent permitted by law,
constitute valid and effective personal service upon it and the failure of the Process
Agent to give any notice of such service to Unibanco shall not impair or affect in any
way the validity of such service or any judgment rendered in any action or proceeding
based thereon. 

SECTION 14.18
Execution in Counterparts. This Indenture and each amendment, waiver and consent
with respect hereto may be executed in any number of counterparts and by different
parties thereto in separate counterparts, each of which when so

86

executed shall be deemed
to be an original, and all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this Indenture by
telecopier shall be effective as delivery of an original executed counterpart of this
Indenture. 

SECTION 14.19 Entire
Agreement. This Indenture, together with the Notes, the Insurance Policy, the
Registration Rights Agreement, and the Insurance Side Agreement, sets forth the entire
agreement of the parties hereto with respect to the subject matter hereof. 

SECTION 14.20 Joint
Liability of Branch and Unibanco. Notwithstanding anything herein to the contrary, the
Noteholders (by accepting the same), and Unibanco both acknowledge that the Notes shall
be issued by Unibanco acting through the Branch and Noteholders shall be entitled to look
for payment in US dollars (without duplication) from either the Branch from assets
available to the Branch (wherever located) or from Unibanco from assets available to
Unibanco (wherever located) and neither the Trustee (acting on behalf of the
Noteholders), nor the Noteholders themselves shall be required to seek to collect any
such payments from either Unibanco or the Branch before proceeding against the other or
exhausting remedies against either the Branch or Unibanco before proceeding against the
other. 

87

IN WITNESS WHEREOF, the
parties have caused this Indenture to be duly executed by their respective officers
thereunto duly authorized as of the day and year first above written.

	 	UNIBANCO – UNIÃO DE BANCOS
BRASILEIROS S.A., acting through its Grand
Cayman
                                                     Branch
	 	 
	 	By: /s/ Luis Mauricio Jardins

Name: Luiz Mauricio Jardins

Title: Director 
	 	 
	 	By: /s/ Marcelo Fanganiello

Name: Marcelo Fanganiello
Title: 
	 	 
	 	UNIBANCO – UNIÃO DE BANCOS
BRASILEIROS S.A.
	 	 
	 	By: /s/ Luis Mauricio Jardins

Name: Luis Mauricio Jardins

Title: Director 
	 	 
	 	By: /s/ Marcelo Fanganiello

Name: Marcelo Fanganiello

Title: 
	 	 
	 	

WITNESSES:

1. /s/ Helga M.
Camacho
Name: Helga M. Camacho 

2. /s/_Claudia C.R.
ViPiotti
Name: Claudia C.R. ViPiotti 

88

	 	THE BANK OF NEW YORK,

as Trustee and as Paying Agent
	 	 
	 	By:/s/ Patricia M. Phillips

Name: Patricia M. Phillips

Title: Assistant Vice President 

89

EXHIBIT A-1

FORM OF RULE 144A RESTRICTED
GLOBAL NOTE 

UNLESS THIS  CERTIFICATE  IS
PRESENTED BY AN AUTHORIZED  REPRESENTATIVE  OF THE DEPOSITORY TRUST  COMPANY,  A NEW YORK
 CORPORATION  (“DTC”),  NEW  YORK,  NEW  YORK,  TO  UNIBANCO  OR ITS  AGENT  FOR
REGISTRATION  OF TRANSFER,  EXCHANGE OR PAYMENT,  AND ANY  CERTIFICATE  ISSUED IS
 REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS IS REQUESTED BY AN
 AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC),  ANY TRANSFER,
 PLEDGE OR OTHER USE HEREOF FOR VALUE OR  OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL
 INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS  OF THIS GLOBAL
 SECURITY  SHALL BE LIMITED TO  TRANSFERS  IN WHOLE,  BUT NOT IN PART,  TO DTC, TO
NOMINEES OF DTC OR TO A SUCCESSOR  THEREOF OR SUCH  SUCCESSOR’S  NOMINEE AND  TRANSFERS
OF PORTIONS OF THIS GLOBAL  SECURITY  SHALL BE LIMITED TO TRANSFERS  MADE IN ACCORDANCE
 WITH THE  RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

THIS SECURITY HAS NOT BEEN
 REGISTERED  UNDER THE  SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES  ACT”),  OR
THE SECURITIES  LAWS OF ANY STATE OR OTHER  JURISDICTION.  NEITHER THIS SECURITY NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,  TRANSFERRED,
 PLEDGED, ENCUMBERED OR OTHERWISE  DISPOSED OF IN THE ABSENCE OF SUCH  REGISTRATION  OR
UNLESS SUCH  TRANSACTION  IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

THE HOLDER OF THIS SECURITY BY
ITS  ACCEPTANCE  HEREOF AGREES TO OFFER,  SELL OR OTHERWISE TRANSFER SUCH SECURITY,
 PRIOR TO THE DATE (THE “RESALE  RESTRICTION  TERMINATION  DATE”) WHICH IS TWO YEARS
AFTER THE LATER OF THE ORIGINAL  ISSUE DATE HEREOF AND THE LAST DATE ON WHICH  UNIBANCO
OR ANY  AFFILIATE OF UNIBANCO WAS THE OWNER OF THIS SECURITY (OR ANY  PREDECESSOR OF SUCH
 SECURITY),  ONLY (A) TO UNIBANCO OR AN AFFILIATE OF UNIBANCO,  (B) PURSUANT TO A
REGISTRATION  STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES  ACT,  (C)
FOR SO LONG AS THE  SECURITIES  ARE ELIGIBLE  FOR RESALE  PURSUANT TO RULE 144A,  TO A
PERSON IT  REASONABLY  BELIEVES  IS A  “QUALIFIED  INSTITUTIONAL  BUYER” AS  DEFINED  IN
RULE 144A UNDER THE SECURITIES ACT, THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QUALIFIED  INSTITUTIONAL  BUYER , IN A PRINCIPAL AMOUNT OF NOT LESS THAN
 U.S.$100,000,  FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,  TO 

A-1-1

WHOM NOTICE IS GIVEN
THAT THE  TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,  (D) PURSUANT TO OFFERS AND
SALES THAT OCCUR  OUTSIDE THE UNITED  STATES  WITHIN THE MEANING OF  REGULATION  S UNDER
THE  SECURITIES  ACT, (E) PURSUANT TO ANOTHER  AVAILABLE  EXEMPTION FROM THE
 REGISTRATION  REQUIREMENTS  OF THE SECURITIES  ACT. THIS LEGEND WILL BE REMOVED UPON THE
REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

A-1-2

UNIBANCO – UNIÃO DE BANCOS
BRASILEIROS S.A., 

 
acting through its Grand Cayman
Branch 

 
STEP-UP SUBORDINATED CALLABLE
NOTES DUE 2013 

 
Rule 144A Restricted Global Note 

No. R-1
CUSIP No.: 90457AAC0
ISIN
No.: US90457AAC09

Common Code: 018232952

Principal Amount: US$88,500,000
                                                                   Initial
Issuance Date:  December 12, 2003

This Note is one of a duly
authorized issue of Notes of Unibanco – União de Bancos Brasileiros S.A., a
sociedade anônima organized and existing under the laws of the Federative Republic of
Brazil, acting through its Grand Cayman Branch (“Unibanco”), designated as its
Step-Up Subordinated Callable Notes due 2013 (the “Notes”), issued in an
initial aggregate principal amount of U.S.$ 200,000,000 under an indenture (the “Indenture”)
dated as of December 12, 2003, between Unibanco and The Bank of New York, as paying
and transfer agent and Trustee (the “Trustee”, which term includes any successor
trustee under the Indenture), to which Indenture reference is hereby made for a
statement of the respective rights, limitations of rights, duties, obligations and
immunities thereunder of Unibanco, the Trustee and the Noteholders, and of the terms
upon which the Notes are, and are to be, authenticated and delivered. All terms used
in this Note which are defined in the Indenture and not otherwise defined herein
shall have the meanings assigned to them in the Indenture.  

Unibanco, for value received,
hereby promises to pay to Cede & Co. or registered assigns, as nominee of The
Depository Trust Company (“DTC”) and the holder of record of this Note (the “Holder” or
“Noteholder”), the principal amount specified above in U.S. dollars on December 15,
2013 (or earlier or later as provided in the Indenture) upon presentation and surrender
hereof, at the office or agency of the Trustee referred to below, except as otherwise
provided in the Indenture.  

Unibanco promises to pay
interest as provided in the Indenture on the outstanding principal amount hereof
from the Initial Issuance Date, or from the most recent payment date to which
interest has been paid or duly provided for, semi-annually on June 15 and December 15
of each year (or if such date is not a Business Day, the next succeeding Business Day
following such day), commencing June 15, 2004, (each an “Interest Payment Date”), at
an initial note rate equal to 7.375% per annum until December 15, 2008, and thereafter
at the rate of 9.375% per annum, except as otherwise provided in the Indenture.
Principal, interest and other amounts due  

A-1-3

on this Note on any Interest
 Payment Date or otherwise  will, as provided  in the  Indenture,  be paid in U.S.
 dollars to the Person in whose name this Note (or one or more predecessor Notes) is
registered at the close of business on the Record Date for such payment.

Payment of the  principal of
and  interest and other  amounts on this Note will be payable as provided in the
 Indenture by wire  transfer to a U.S.  dollar  account  maintained by the Holder of this
Note as  reflected  in the Note  Register.  In the event the date for any  payment  of
the  principal  of or interest  and  other  amounts  on any Note is not a  Business  Day,
 then  payment  will be made on the next Business  Day with the same  force  and  effect
 as if made on the  nominal  date of any such  date for such payment and no  additional
 interest  will accrue on such payment as a result of such payment  being made on the
next succeeding  Business Day.  Interest  accrued with respect to this Note shall be
calculated based on a 360-day year of twelve 30-day months.

The Notes are subject to
redemption by Unibanco on the terms and  conditions  specified in the Indenture.

If an Event of Default shall
occur and be continuing,  the outstanding principal amount of all the Notes  shall
 become or may be declared  due and payable in the manner and with the effect  provided
in the Indenture.

Modifications  of the Indenture
may be made by Unibanco and the Trustee only to the extent and in the circumstances
permitted by the Indenture.

This Note does not  purport  to
 summarize  the  Indenture  and  reference  is made to the Indenture for information with
respect to interests,  rights,  benefits,  obligations,  proceeds, and duties evidenced
hereby.

The Notes shall be issued  only
in fully  registered  form,  without  coupons.  Notes sold pursuant to Rule 144A shall be
issued in the form of beneficial  interests in one or more global  securities in
 denominations  of  U.S.$100,000  and integral  multiples of  U.S.$1,000  in excess
 thereof.  Notes sold pursuant  to  Regulation  S shall  be  issued  in the form of
 beneficial  interests  in one or more  global securities in denominations of U.S.$10,000
and integral multiples of U.S.$1,000 in excess thereof.

As provided in the  Indenture,
 prior to and at the time of due  presentment  of this Note for  registration  of
transfer,  Unibanco,  the Trustee,  the Note Registrar and any agent of Unibanco,  the
Registrar  or the Trustee  may treat the Person in whose name this Note is  registered
 as the owner  hereof for all  purposes,  whether  or not this Note is  overdue,  and
 neither  Unibanco,  the  Trustee,  the Note Registrar nor any agent thereof shall be
affected by notice to the contrary.

Unless  the  certificate  of
  authentication   hereon  has  been  duly  executed  by  the Authenticating  Agent by
 manual  signature,  this Note  shall  not be  entitled  to any  benefit  under the
Indenture, or be valid or obligatory for any purpose.

THIS NOTE SHALL BE CONSTRUED IN
 ACCORDANCE  WITH,  AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK.

A-1-4

IN WITNESS WHEREOF, Unibanco
has caused this Note to be duly executed.

	 	UNIBANCO – UNIÃO DE BANCOS
	 	BRASILEIROS S.A.,
	 	acting through its Grand Cayman Branch
	 
	 
	 	By____________________________________
	 	   Name:
	 	   Title:

WITNESS 1:

	By	_________________________________
	 	Name:

WITNESS 2:

	By	_________________________________
	 	Name:

A-1-5

CERTIFICATE OF AUTHENTICATION

This is one of the Notes referred
to in the within-mentioned Indenture.

	 	THE BANK OF NEW YORK,
	 	          as Trustee
	 
	 
	 
	 	By:________________________________________
	 	    Authorized Signatory
	 
	 
	 	Date: December 12, 2003

A-1-6

ASSIGNMENT FORM 

 
For value received 

 
hereby sells, assigns and
transfers unto 

	 	(Please insert social security or
	 
	 	other identifying number of assignee)
	 
	 
	 
	 	(Please print or type name and address,
	 
	 	including zip code, of assignee:)

the within Note and does hereby
irrevocably  constitute and appoint  _____________  Attorney to transfer the Note on the
books of the Note Registrar with full power of substitution in the premises.

	Date:	Your Signature:	 
	 	 	(Sign exactly as your name appears
	 	 	on the face of this Note)

A-1-7

EXHIBIT A-2

FORM OF REGULATION S UNRESTRICTED
GLOBAL NOTE 

 
REGULATION S UNRESTRICTED GLOBAL
NOTE 

UNLESS THIS  CERTIFICATE  IS
PRESENTED BY AN AUTHORIZED  REPRESENTATIVE  OF THE DEPOSITORY TRUST  COMPANY,  A NEW YORK
 CORPORATION  (“DTC”),  NEW  YORK,  NEW  YORK,  TO  UNIBANCO  OR ITS  AGENT  FOR
REGISTRATION  OF TRANSFER,  EXCHANGE OR PAYMENT,  AND ANY  CERTIFICATE  ISSUED IS
 REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS IS REQUESTED BY AN
 AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC),  ANY TRANSFER,
 PLEDGE OR OTHER USE HEREOF FOR VALUE OR  OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL
 INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS  OF THIS GLOBAL
 SECURITY  SHALL BE LIMITED TO  TRANSFERS  IN WHOLE,  BUT NOT IN PART,  TO DTC, TO
NOMINEES OF DTC OR TO A SUCCESSOR  THEREOF OR SUCH  SUCCESSOR’S  NOMINEE AND  TRANSFERS
OF PORTIONS OF THIS GLOBAL  SECURITY  SHALL BE LIMITED TO TRANSFERS  MADE IN ACCORDANCE
 WITH THE  RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

THIS SECURITY HAS NOT BEEN
REGISTERED  UNDER THE UNITED STATES  SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
 ACT”), AND ACCORDINGLY,  MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO OR
FOR THE  ACCOUNT OR BENEFIT  OF,  U.S.  PERSONS  EXCEPT AS SET FORTH IN THE  FOLLOWING
 SENTENCE.  BY ITS ACQUISITION  HEREOF,  THE HOLDER (1) REPRESENTS  THAT IT IS NOT A U.S.
PERSON AND IS ACQUIRING THIS SECURITY OUTSIDE THE UNITED STATES,  (2) BY ITS ACCEPTANCE
 HEREOF AGREES TO OFFER,  SELL OR OTHERWISE  TRANSFER SUCH SECURITY,  PRIOR TO THE DATE
(THE “RESALE RESTRICTION  TERMINATION DATE’) WHICH IS TWO YEARS AFTER THE LATER OF THE
ORIGINAL  ISSUE DATE HEREOF AND THE LAST DATE ON WHICH  UNIBANCO OR ANY AFFILIATE OF
UNIBANCO WAS THE OWNER OF THIS  SECURITY  (OR ANY  PREDECESSOR  OF SUCH  SECURITY),  ONLY
(A) TO UNIBANCO OR AN  AFFILIATE OF UNIBANCO,  (B) PURSUANT TO A REGISTRATION  STATEMENT
THAT HAS BEEN DECLARED  EFFECTIVE  UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE
 SECURITIES  ARE ELIGIBLE FOR RESALE  PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”),  TO A PERSON IT REASONABLY  BELIEVES IS A “QUALIFIED  INSTITUTIONAL  BUYER” AS
DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
 INSTITUTIONAL  BUYER TO WHOM NOTICE IS GIVEN THAT THE  TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A,  (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED
STATES  WITHIN THE 

A-2-1

MEANING OF  REGULATION S UNDER
THE  SECURITIES  ACT, OR (E) PURSUANT TO ANOTHER  AVAILABLE  EXEMPTION FROM THE
 REGISTRATION  REQUIREMENTS  OF THE SECURITIES  ACT. THIS LEGEND WILL BE REMOVED  AFTER
40  CONSECUTIVE  DAYS  BEGINNING ON AND  INCLUDING THE LATER OF (A) THE DAY ON WHICH THE
 SECURITIES  ARE OFFERED TO PERSONS OTHER THAN  DISTRIBUTORS  (AS DEFINED IN REGULATION
S) AND (B) THE DATE OF THE CLOSING OF THE  ORIGINAL  OFFERING.  AS USED  HEREIN,  THE
TERMS  “UNITED  STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S
UNDER THE SECURITIES ACT.

A-2-2

UNIBANCO – UNIÃO DE BANCOS
BRASILEIROS S.A., 

 
acting through its Grand Cayman
Branch 

 
STEP-UP SUBORDINATED CALLABLE
NOTES DUE 2013
REGULATION S UNRESTRICTED GLOBAL NOTE 

No. S-1
CUSIP: G9191BAL2
ISIN
No.: USD9191BAL20
Common Code: 018232952

Principal Amount:  US$111,500,000                                                                   Initial
Issuance Date:  December 12, 2003

This Note is one of a duly
authorized issue of Notes of Unibanco – União de Bancos Brasileiros S.A., a
sociedade anônima organized and existing under the laws of the Federative Republic of
Brazil, acting through its Grand Cayman Branch (the “Issuer”), designated as its
Notes due 2013 (the “Notes”), issued in an initial aggregate principal amount of
U.S.$200,000,000 under an indenture (the “Indenture”) dated as of December 12, 2003,
among Unibanco and The Bank of New York, as paying and transfer agent and Trustee (the “Trustee”,
which term includes any successor trustee under the Indenture), to which Indenture
reference is hereby made for a statement of the respective rights, limitations
of rights, duties, obligations and immunities thereunder of Unibanco, the Trustee
and the Noteholders, and of the terms upon which the Notes are, and are to be,
authenticated and delivered. All terms used in this Note which are defined in the
Indenture and not otherwise defined herein shall have the meanings assigned to them
in the Indenture.  

Unibanco, for value received,
hereby promises to pay to Cede & Co. or registered assigns, as nominee of The
Depository Trust Company (“DTC”) and the holder of record of this Note (the “Holder” or
“Noteholder”), the principal amount specified above in U.S. dollars on December 15,
2013 (or earlier or later as provided in the Indenture) upon presentation and surrender
hereof, at the office or agency of the Trustee referred to below, except as otherwise
described in the Indenture.  

Unibanco promises to pay
interest as provided in the Indenture on the outstanding principal amount hereof
from the Initial Issuance Date, or from the most recent payment date to which
interest has been paid or duly provided for, semi-annually on June 15 and December 15
of each year (or if such date is not a Business Day, the next succeeding Business Day
following such day), commencing June 15, 2004, (each an “Interest Payment Date”), at
an initial note rate equal to 7.375% per annum until December 15, 2008, and thereafter
at the rate of 9.375% per annum, except as otherwise provided in the Indenture.
Principal, interest and other amounts due on this Note on any Interest Payment Date or
otherwise will, as provided in the Indenture, be paid in U.S. dollars to the Person
in whose name this Note (or one or more predecessor Notes) is registered at the close of
business on the Record Date for such payment. 

A-2-3

Payment of the  principal of
and  interest and other  amounts on this Note will be payable as provided in the
 Indenture by wire  transfer to a U.S.  dollar  account  maintained by the Holder of this
Note as  reflected  in the Note  Register.  In the event the date for any  payment  of
the  principal  of or interest  and  other  amounts  on any Note is not a  Business  Day,
 then  payment  will be made on the next Business  Day with the same  force  and  effect
 as if made on the  nominal  date of any such  date for such payment and no  additional
 interest  will accrue on such payment as a result of such payment  being made on the
next succeeding  Business Day.  Interest  accrued with respect to this Note shall be
calculated based on a 360-day year of twelve 30-day months.

The Notes are subject to
redemption by Unibanco on the terms and  conditions  specified in the Indenture.

If an Event of Default shall
occur and be continuing,  the outstanding principal amount of all the Notes  shall
 become or may be declared  due and payable in the manner and with the effect  provided
in the Indenture.

Modifications  of the Indenture
may be made by Unibanco and the Trustee only to the extent and in the circumstances
permitted by the Indenture.

This Note does not  purport  to
 summarize  the  Indenture  and  reference  is made to the Indenture for information with
respect to interests,  rights,  benefits,  obligations,  proceeds, and duties evidenced
hereby.

The Notes shall be issued  only
in fully  registered  form,  without  coupons.  Notes sold pursuant to Rule 144A shall be
issued in the form of beneficial  interests in one or more global  securities in
 denominations  of  U.S.$100,000  and integral  multiples of  U.S.$1,000  in excess
 thereof.  Notes sold pursuant  to  Regulation  S shall  be  issued  in the form of
 beneficial  interests  in one or more  global securities in denominations of U.S.$10,000
and integral multiples of U.S.$1,000 in excess thereof.

As provided in the  Indenture,
 prior to and at the time of due  presentment  of this Note for  registration  of
transfer,  Unibanco,  the Trustee,  the Note Registrar and any agent of Unibanco,  the
Registrar  or the Trustee  may treat the Person in whose name this Note is  registered
 as the owner  hereof for all  purposes,  whether  or not this Note is  overdue,  and
 neither  Unibanco,  the  Trustee,  the Note Registrar nor any agent thereof shall be
affected by notice to the contrary.

Unless  the  certificate  of
  authentication   hereon  has  been  duly  executed  by  the Authenticating  Agent by
 manual  signature,  this Note  shall  not be  entitled  to any  benefit  under the
Indenture, or be valid or obligatory for any purpose.

THIS NOTE SHALL BE CONSTRUED IN
 ACCORDANCE  WITH,  AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK.

A-2-4

IN WITNESS WHEREOF, Unibanco
has caused this Note to be duly executed.

	 	UNIBANCO – UNIÃO DE BANCOS
	 	BRASILEIROS S.A..
	 	acting through its Grand Cayman Branch
	 
	 
	 	By___________________________________
	 	Name:
	 	Title:

WITNESS 1:

	By	______________________________________
	 	Name:

WITNESS 2:

	By	______________________________________
	 	Name:

A-2-5

CERTIFICATE OF AUTHENTICATION

This is one of the Notes referred
to in the within-mentioned Indenture.

	 	THE BANK OF NEW YORK,
	 	         as Trustee
	 
	 
	 
	 	By:____________________________________
	 	     Authorized Signatory
	 
	 
	 	Date: December 12, 2003

A-2-6

ASSIGNMENT FORM 

 
For value received 

 
hereby sells, assigns and
transfers unto 

	 	(Please insert social security or
	 
	 	other identifying number of assignee)
	 
	 
	 
	 	(Please print or type name and address,
	 
	 	including zip code, of assignee:)

the within Note and does hereby
irrevocably  constitute and appoint  _____________  Attorney to transfer the Note on the
books of the Note Registrar with full power of substitution in the premises.

	Date:	Your Signature:	 
	 	 	(Sign exactly as your name appears
	 	 	on the face of this Note)

A-2-7

EXHIBIT B

FORM OF AUTHENTICATION AND
DELIVERY ORDER

The Bank of New York
     as
Trustee
101 Barclay Street, 21W
New York, NY  10286

Ladies and Gentlemen:

Pursuant to Section 2.2 of the
Indenture dated as of December 12, 2003, 2003 (the "Indenture") by and among Unibanco – União
de Bancos Brasileiros S.A., acting through its Grand Cayman Branch, as Issuer, The Bank
of New York, as Trustee and The Bank of New York (Luxembourg) S.A. as Luxembourg Paying
Agent, you are hereby ordered in your capacity as Trustee to authenticate
U.S.$200,000,000 of Unibanco's Step-Up Subordinated Callable Notes due 2013 in the manner
provided in the Indenture in global form and in the amounts of U.S.$88,500,000 in respect
of the Rule 144A Restricted Global Note (CUSIP No. 90457AAC0) and U.S.$111,500,000 in
respect of the Regulation S Unrestricted Global Note (CUSIP No. G9191BAL2) heretofore
duly executed by the proper Authorized Representative of Unibanco and delivered to you as
provided in the Indenture and to hold the Notes in your capacity as custodian for The
Depository Trust Company. Capitalized terms used but not defined herein have the
meanings assigned to them in the Indenture. 

Date: December 12, 2003

	 	UNIBANCO – UNIÃO DE BANCOS 
	 	BRASILEIROS S.A., acting through its Grand
Cayman Branch
	 
	 
	 	By:___________________________________
	 	    Name:
	 	    Title:
	 
	 	By:___________________________________
	 	    Name:
	 	    Title:

B-1

EXHIBIT C 

FORM OF CERTIFICATE TO
BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S 

[Date] 

The Bank of New York
    as
Trustee 
101 Barclay Street, 21W

New
York, NY 10286 

Re:      Unibanco - Uniao
de Bancos Brasileiros S.A., acting through its Grand Cayman Branch          Step-Up
Subordinated Callable Notes due 2013 (the "Notes") 

Ladies and Gentlemen: 

Reference is hereby made to the
Indenture, dated as of December 12, 2003 (as amended and supplemented from time to time,
the “Indenture”), among Unibanco – União de Bancos Brasileiros S.A.,
acting through its Grand Cayman Branch (the “Company”), as issuer, The Bank of
New York, as Trustee and The Bank of New York (Luxembourg) S.A. as paying agent in
Luxembourg. Capitalized terms used but not defined herein shall have the meanings given
them in the Indenture. 

In connection with our proposed sale
of US$_______________ aggregate principal amount of the Notes [in the case of a
transfer of an interest in a Restricted Global Note: , which represent an interest in
a Restricted Global Note beneficially owned by] [in the case of a transfer of a
certificated Note: held in the name of] the undersigned (“Transferor”), we
confirm that such sale has been effected pursuant to and in accordance with
Regulation S under the Securities Act of 1933, as amended (the “Securities
Act”), and, accordingly, we represent that: 

     (a)    
          the offer of the Notes was not made to a person in the United States; 

     (b)    
          either (i) at the time the buy order was originated, the transferee was
          outside the United States or we and any person acting on our behalf reasonably
          believed that the transferee was outside the United States (within the meaning
          of Regulation S) or (ii) the transaction is being executed in, on or
          through the facilities of a designated off-shore securities market (within the
          meaning of Regulation S) and neither we nor any person acting on our behalf
          knows that the transaction has been pre-arranged with a buyer in the United
          States; 

C-1

     
(c)    
          no directed selling efforts have been made in the United States in contravention
          of the requirements of Rule 903(b) or Rule 904(b) of
          Regulation S, as applicable; 

     (d)    
          if the transfer is being effected in accordance with Rule 903 under the
          Securities Act, the requirements of Rule 903(b)(2) have been satisfied; 

     (e)    
          if the transfer is being effected in accordance with Rule 904 under the
          Securities Act, we are not a distributor of the Notes, an affiliate of Unibanco,
          an affiliate of any distributor of the Notes or a person acting on behalf of any
          of the foregoing; 

     (f)    
          if the transfer is being effected in accordance with Rule 904 under the
          Securities Act and we are a dealer in Notes or have received a selling
          concession, fee or other remuneration in respect of the Notes transferred
          hereby, and the transfer is to occur during the Distribution Compliance Period,
          then the requirements of Rule 904(b)(1) have been satisfied; 

     (g)    
          if the transfer is being effected in accordance with Rule 904 under the
          Securities Act and we are an affiliate of Unibanco or of a distributor solely by
          virtue of holding a position as an officer or director of such person, then
          requirements of Rule 904(b)(2) have been satisfied; 

     (h)    
          the transaction is not part of a plan or scheme to evade the registration
          requirements of the Securities Act; and 

     (i)    
          we are the beneficial owner of the principal amount of Notes being transferred. 

You and Unibanco are entitled to rely
upon this letter and are irrevocably authorized to produce this letter or a copy hereof to
any interested party in any administrative or legal proceedings or official inquiry with
respect to the matters covered hereby. 

Very truly yours, 

[Name of Transferor] 

By:____________________________ 

      __________________________________

Authorized Signature] 

C-2

EXHIBIT D 

FORM OF TRANSFER
CERTIFICATE FOR TRANSFER TO 
QUALIFIED INSTITUTIONAL
BUYERS (QIBS) 

[Date]           

The Bank of New York
    as
Trustee 
101 Barclay Street, 21W
New
York, NY 10286 

Re:      Unibanco -
Uniao de Bancos Brasileiros S.A., acting through its Grand Cayman Branch          Step-Up
Subordinated Callable Notes due 2013 (the "Notes") 

Ladies and Gentlemen: 

Reference is hereby made to the
Indenture, dated as of December 12, 2003 (as amended and supplemented from time to time,
the “Indenture”), among Unibanco – União de Bancos Brasileiros S.A.,
acting through its Grand Cayman Branch (the “Company”), as issuer, The Bank of
New York, as Trustee and The Bank of New York (Luxembourg) S.A. as paying agent in
Luxembourg. Capitalized terms used but not defined herein shall have the meanings given
them in the Indenture. 

This letter relates to
US$____________ aggregate principal amount of Notes [in the case of a transfer of an
interest in a Regulation S Unrestricted Global Note: which represents an interest in a
Regulation S Unrestricted Global Note beneficially owned by] [in the case of a transfer
of a certificated Note: which are held in the name of] the undersigned (the
“Transferor”) to effect the transfer of such Notes in exchange for an equivalent
beneficial interest in the Restricted Global Note. 

In connection with such request, and
with respect to such Notes, the Transferor does hereby certify that such Notes are being
transferred in accordance with Rule 144A under the Securities Act of 1933, as amended
(“Rule 144A”), to a transferee that the Transferor reasonably believes is
purchasing the Notes for its own account or an account with respect to which the
transferee exercises sole investment discretion, and the transferee, as well as any such
account, is a “qualified institutional buyer” within the meaning of
Rule 144A, in a transaction meeting the requirements of Rule 144A and in
accordance with applicable securities laws of any state of the United States or any other
jurisdiction. The Transferor and any person acting on its behalf have taken reasonable
steps to ensure that the transferee is aware that the Transferor may be relying on Rule
144A in connection with the transfer. 

D-1

You and Unibanco are entitled to rely
upon this letter and are irrevocably authorized to produce this letter or a copy hereof to
any interested party in any administrative or legal proceedings or official inquiry with
respect to the matters covered hereby. 

Very truly yours, 

[Name of Transferor] 

By:____________________________ 
    Authorized Signature 

D-2

EXHIBIT E 

FORM OF INITIAL NOTICE
TO INSURER 

[Date]           

VIA FACSIMILE  

Steadfast Insurance
Company
c/o Zurich Emerging Markets Solutions
1201 F Street, N.W., Suite 250
Washington
D.C. 20004 

Attention: Daniel Riordan 

Ladies and Gentlemen: 

Reference is hereby made to (i) the
Indenture, dated as of December 12, 2003 (as amended and supplemented from time to time,
the “Indenture”), between Unibanco – União de Bancos
Brasileiros S.A., acting through its Grand Cayman Branch (“Unibanco”), as
issuer, The Bank of New York, as Trustee and The Bank of New York (Luxembourg) S.A. as
paying agent in Luxembourg and (ii) the Insurance Policy for Expropriation and Currency
Inconvertibility Event (No. [?])(as amended and supplemented from time to time, the
“Policy”) dated December 12, 2003 issued for the benefit of the Trustee
by Steadfast Insurance Company (the “Insurer”). Capitalized terms not
defined herein shall have the meanings set forth in the Policy. 

By this notice, the Trustee, acting
on behalf of the holders of Unibanco’s Step-Up Subordinated Callable Notes due 2013
(the “Notes”), hereby informs you as follows: 

     1.    
          Unibanco has informed the Trustee that it desires to make a payment of
          U.S.$            in
          respect of [[principal] [interest] [Additional Amounts] [other amounts due under
          the Notes and the Indenture] to be paid under the Indenture but is unable to do
          so as a result of an [Expropriation Event] [Inconvertibility Event]. 

     2.    
          The Trustee informs you that it has received
          R$           in Brazil
          from Unibanco in satisfaction of the obligations of Unibanco under the Indenture
          in respect of the amounts referred to in paragraph 1 above and is unable to
          convert such reais amount into U.S. dollars as a result of circumstances
          reasonably believed by the Trustee to constitute an [Expropriation Event]
          [Inconvertibility Event]. 

E-1

     
3.    
          By this notice, the Trustee hereby notifies the Insurer of its intent to make a
          claim for compensation in respect of the matters covered by paragraph 2
          above. 

     4.    
          The Trustee requests written indication within 20 calendar days from the date
          hereof from the Insurer as to (i) acceptance of this notice and (ii) any
          information or actions required of the Trustee in order to perfect and obtain
          payment of such claim. 

	 	 THE BANK OF NEW YORK, as Trustee
	 
	 
	 	By:	

	 	 	Name:
	 	 	Title:

E-2

EXHIBIT F 

FORM OF
INCONVERTIBILITY CERTIFICATE 

[DATE]       

The Bank of New York
101
Barclay Street, 21W
New York, NY 10286 

Ladies and Gentlemen: 

Reference is hereby made to (i) the
Indenture, dated as of December 12, 2003 (as amended and supplemented from time to time,
the “Indenture”), between Unibanco – União de Bancos
Brasileiros S.A., acting through its Grand Cayman Branch (“Unibanco”), as
issuer, The Bank of New York, as Trustee and The Bank of New York (Luxembourg) S.A. as
paying agent in Luxembourg and (ii) the Insurance Policy for Expropriation and Currency
Inconvertibility Event (No. [?])(as amended and supplemented from time to time, the
“Policy”) dated December 12, 2003 issued for the benefit of the Trustee
by Steadfast Insurance Company (the “Insurer”). Capitalized terms not
defined herein shall have the meanings set forth in the Indenture. 

Pursuant to Section 2.6 of the
Indenture, Unibanco hereby certify to you, the Trustee, acting on behalf of the holders of
Unibanco’s Step-Up Subordinated Callable Notes due 2013 (the “Notes”), as
follows: 

     (i)    
          Unibanco is unable to repay the principal amount of the Notes; 

     (ii)    
          [The Insurance Policy and the other Insurance Documents are in effect and the
          amount available under any Letters of Credit (together with any amounts then on
          deposit in the Reserve Account) is at least equal to the Required Amount] [The
          Insurance Policy and the other Insurance Documents are not in effect and the
          amount available under any Letters of Credit (together with any amounts then on
          deposit in the Reserve Account) is at least equal to the Required Amount] 

     (iii)    
          Unibanco does not have U.S. dollar funds available outside Brazil to satisfy its
          obligations under the Indenture and the Notes; 

     (iv)    
          Unibanco has funds in reais but is unable to convert such funds and
          transfer them outside of Brazil to the Trustee for payment of amounts due under
          or in respect of the Notes due to the occurrence and continuation of an
          Expropriation Event or Inconvertibility Event which occurred on
          _________________; and 

     (v)    
          Unibanco has used its best efforts to either convert and transfer the funds
          referred to in clause (iv) above. 

F-1

	 	UNIBANCO – UNIÃO DE
BANCOS 
BRASILEIROS S.A.
	 
	 
	 	By:	

	 	 	Name:
	 	 	Title:
	 
	 
	 	By:	

	 	 	Name:
	 	 	Title:

F-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]