1 3Q04 Earnings

2 highlights Total Assets - Largest Bank in Brazil Leadership in Assets Under Management Leadership in loan Portfolio Leadership in Total Funding Customer Base Customers in BB’s Internet Largest ATM network in Latin America Largest network service in the country 2 nd in ANBID Rank

3 Spread Reduction Increase in Service Fees Commercial Income Recovery Productivity Ratios maintenance Growth of the Retail Credit Portfolio Increase of Income Tax and Social Contribution Expenses result building

4 Income Statement - with reallocations solid results 3Q032Q043Q04/3Q03/2Q04 Gross Financial Margin3,8883,9253,9190.8(0.2) Provision for NPL(747)(903)(856)14.6(5.3) Net Financial Margin3,1413,0223,063(2.5)1.4 Service Fees1,4121,6431, Turnover Tax Expenses(242)(323)(345) Contribution Margin4,3124,3414, Administrative Expenses(2,931)(3,093)(3,129) Commercial Income1,3811,2481,307(5.4)4.7 Operating Income1,2131,0031, Income before Profit Sh. Taxes Ext. Items1,2311,0431, Income Tax and Social Contribution(516)(200)(545) Profit sharing(50)(140)(67)34.4(52.1) Recurrent Result Extraordinary items Net Income EPS - R$ ROE - % (Annualized) ROA - % (Annualized) Quarterly FlowChange % - R$ million

5 3Q033Q04Abs. Chg. Volume: Assets – Permanent ¹ 209,072227,09918,027 Gross Financial Margin 3,8883, Spread - % ² (0.1341) Change G.F.M. (Distribution) 31 Gain with Volume 4, Loss with Spread 3,608(280) Loss with Volume and Spread(24) Quarterly Flow new environment, new challenge Gain with Volume Loss with Spread Loss with Volume and Spread 335 (280) (24) 3,888 3Q Q Q ,099 3Q ,072 Volume - R$ million Spread - % Analysis of volume and spread R$ million ¹ Average Balance ² Gross Financial Margin / (Assets - Permanent)

6 3Q03 2Q04 3Q04 3Q03 2Q04 3Q04 Rate Credit Operations Individual Corporate Agribusiness Other Operations(0.53) (0.01)0.01 Funding Other Nominal SpreadWeighted Spread Spread analysis - % new environment, new challenge 2Q043Q043Q03 Credit Operation Mix - % IndividualCorporateAgribusinessOther Operations

7 margin growth guaranteed by business diversification R$ million 3Q032Q043Q04/3Q03/2Q04 Gross Financial Margin3,8883,9253,9190.8(0.2) Provision for NPL(747)(903)(856)14.6(5.3) Net Financial Margin3,1413,0223,063(2.5)1.4 Service Fees1,4121,6431, Turnover Tax Expenses(242)(323)(345) Contribution Margin4,3124,3414, Quarterly FlowChange % 3Q032Q043Q04/3Q03/2Q04 Service revenues 1,4121,6431, Customer Relationship Fees Asset Management Fees Credit Operations (0.6) Collection Services to Related Companies Third Party Revenue and Payments Credit Cards (2.9) Others Quarterly FlowChange % R$ million

8 Asset Management - R$ billion customers’ loyalty and asset management leadership Customer Base - in million Service Fees + GFM / Customer - R$ ¹ ¹ Customer base average of the last 4 quarters Market Share - % Q034Q031Q042Q043Q Q034Q031Q042Q043Q04

9 Human Resources - in thousands Deposits + Assets under Manag. / Employee - R$ million TotalEmployeesInterns Q034Q031Q042Q043Q04 Coverage Ratio % - YTD Service Income / Personnel Expenses Q034Q031Q042Q043Q04 cost structure suitable with business generation 3Q032Q043Q04/3Q03/2Q04 Personnel Expenses(1,681)(1,675)(1,744) Salaries(688)(831)(712)3.5(14.3) Benefits(163)(191)(182)11.7(4.7) Social Charges(278)(312)(300)8.1(3.7) Training(10)(11)(10)(2.5)(9.5) Honorary of Directors and Councilmen(1) (2) (3) Provisions for Employees Expenses(417)(206)(396)(5.1)92.3 Labor Suits(125)(122)(141) Quarterly FlowChange % R$ million

10 Work Force per Branch ¹ Assets per Work Force - R$ thousand Customers per Work Force cost structure suitable with business generation Productivity Ratios ¹ Branch, Advanced Service Post and Banking Service Post 2,376 3Q03 2,534 4Q03 2,503 1Q04 2,455 2Q04 2,531 3Q Q Q Q Q Q04 3Q Q Q Q Q04 222

11 Points of Service - in thousands cost structure suitable with business generation Q034Q031Q042Q043Q04 Credit Operations / Points of Service - R$ million Customers per Point of Service 3Q032Q043Q04/3Q03/2Q04 Other Administrative Expenses(1,221)(1,381)(1,344)10.1(2.7) Telecommunications and Data Processing(292)(316)(315)8.0(0.2) Amortization and Depreciation(122)(138)(131)7.6(4.9) Security, Guard and Transport Services(164)(171)(173) Expenses with Premises and Equipment(137)(154)(145)5.8(5.8) Marketing and Public Relations(102)(104)(132) Expenses with Outsource Services(96)(121)(127) Other Administrative Expenses(308)(377)(320)4.2(15.0) Quarterly FlowChange % R$ million 1,319 1,418 1,423 1,442 1,453 3Q034Q031Q042Q043Q04

12 productivity equation completed by technology Automatization Efficiency Ratio % - YTD Administrative Expenses / Operational Income Electronic Transactions / Total Transactions - % 3Q04 - % 3Q03 - % ATMInternetFinancial Manager.Cashier POS and Others Q034Q031Q042Q043Q Q034Q031Q042Q043Q

13 Business vs. Expenses - (%) productivity consistent improvement Service RevenuesGross Financial MarginTotal Jan/Sep

14 the bank that invests the most in Brazil Asset Composition - % 3Q Q Q Q Q04 Other AssetsTax Credit Credit Operations and LeasingSecurities Portfolio Liquid Assets except Securities Market Funding - R$ billion Interbank Deposits Time Deposits Money Market Borrowing TotalSaving deposits Demand Deposits 3Q032Q043Q R$ million 3Q032Q043Q04/3Q03/2Q04 Total Assets215,134227,374235, Liquid Assets except Securities29,34030,31635, Securities Portfolio74,05569,85571,120(4.0)1.8 Credit Operations and Leasing60,44269,24769, Tax Credit9,8978,9718,505(14.1)(5.2) Other Assets41,40048,98650, Total Liabilities215,134227,374235, Deposits103,071115,795115, (0.6) Other Liabilities100,37698,715106, Shareholders’ Equity11,68712,86413, Change %

15 Securities Portfolio liquidity preserved Securities Portfolio Maturity - % R$ million Up to 1 year1 to 5 years5 to 10 yearsOver 10 years 60.4% 39.6% 73.0% 27.0% 1 to 3 years3 to 5 years 3Q03 3Q Q Q Q Q Q04 3Q032Q043Q04/3Q03/2Q04 Securities Portfolio74,055 69,855 71,120 (4.0)1.8 Available for trading5,393 11,998 12, Available for sale43,158 31,008 31,997 (25.9)3.2 Held to maturity25,109 25,146 25, Derivatives396 1, (71.3) Change %

16 well balanced credit portfolio 3Q04 - Balance R$ 84.1 billion Credit Portfolio 3Q03 - Balance R$ 72.6 billion 2Q04 - Balance R$ 83.1 billion RetailCommercialAgribusinessForeign Trade AbroadOthers 20.6% 20.4% 34.1% 10.4% 12.3% 2.1% 23.0% 20.4% 30.8% 10.6% 13.3% 1.9% 24.0% 21.4% 30.5% 10.1% 11.9% 2.0%

17 Credit Portfolio by Risk Level Shares % - 3Q04 increase with responsibility AA-CD-H BBSFN ¹ ¹ Source: Brazilian Central Bank Retail Commercial Agribusiness Foreign Trade

18 Retail Credit Portfolio Agribusiness Commercial and Foreign Trade increase with responsibility Credit Portfolio by Risk Level - % 3Q043Q033Q043Q03 3Q043Q033Q043Q AAABCDEFG H AAABCDEFGH AAABCDEFGH AAABCDEFGH

19 3Q034Q031Q04 2Q043Q04 (A) Allowance for Loan Losses - Quarterly(747)(827)(901)(903)(856) (B) Allowance for Loan Losses - 12 Months(3,101)(3,072)(3,337)(3,378)(3,487) (C) Allowance for Loan Losses - 12 Months ¹(3,101)(3,072)(3,600)(3,786)(3,975) (D) Loan Portfolio72,60177,63679,64783,13184,148 (E) Average Portfolio - 3 Months70,48476,55078,82382,28382,942 (F) Average Portfolio - 12 Months66,16369,70273,24577,03580,149 Expenses / Portfolio (A/E) - % Expenses / Portfolio (B/F) - % Expenses / Portfolio (C/F) - % delinquency under control ¹ Expenses and average portfolio of the last 12 months ² Expenses and average portfolio of the quarter ³ Effective losses and average portfolio of the last 12 months Expenses / Portfolio - % annualized ¹ Expenses / Portfolio (A/E) - % ² Expenses / Portfolio (C/F) - % ³ 3Q034Q031Q042Q043Q04 Overdue Loans / Credit Portfolio - % Overdue Loans + 15 days / Credit Portfolio Overdue Loans + 60 days / Credit Portfolio Q034Q03 1Q04 2Q R$ million Q ¹ With Extraordinary Items

20 3,549 3,637 3,915 4,128 4, ,044 4,195 4,693 5,102 5,374 3Q034Q034Q042Q043Q04 Allowance RequiredAdditional AllowanceTotal Allowance increase of provisions for credit risk Breakdown of Allowance Balance - R$ million

Q032Q043Q04/3Q03/2Q04 Risk weighted Assets 109, , , Required Shareholders’ Equity12,705 13,929 14, Required on weighted assets12,003 13,196 13, Required on swap Required on exchange exp Required on Interest on Equity Referential Shareholders’ Equity 16,520 18,299 20, Tier I11,663 12,702 13, Tier II4,858 5,597 6, Surplus shareholders’ equity 3,815 4,371 6, Margin to leverage 34,680 39,733 55, BIS Ratio - % Tier I Tier II Change % ability to increase businesses with customers Capital Adequacy - % Tier I Tier II 11.0 R$ million Q034Q031Q042Q043Q

ability to increase businesses with customers R$ million Referential Shareholders’ Equity Required Shareholders' Equity Net Income ,569 Change of Adj. to market value - securities and derivatives Increase of Subordinated Debt1, ,689 Other Changes in Referential Shareholders' Equity Increase of Shareholders' Equity Requirement on Risk Weight Assets-157(0.2)(1,425) Increase of Referential Shareholders' Equity Requirement on Swap-72(0.1)(653) Increase of Ref. Shareholders' Equity Req. on Interest Rate Exposure-440.0(400) Quarterly Changes1, ,452 Balance - Jun/0418,29913,92939,733 Balance - Sep/0420,27214, ,185 Net Quarterly Changes 1, ,452 Efect in Basel Ratio Efect in Leverage

23 Solution in insurance and pension plan Administrative Expenses / Earned Premiums - % Expenses with Market / Earned Premiums - % Retained claims / Earned Premiums - % Combined Ratio Evolution 2Q Q Q Q Q04 3Q032Q043Q04/3Q03/2Q04 Equity Income57,43661,60464, Service Fees - Commission80,89883,69683,5043.2(0.2) Service Fees – Asset Management6,74714,58015, Insurance Added Value145,082159,880162, Quarterly FlowChange % R$ thousand

Q034Q031Q042Q043Q04 Price / Income 12 monthsPrice / Book Value 3Q034Q031Q042Q043Q04 Market Capitalization - R$ million11,71217,56817,04116,47018,447 Free Float Capitalization - R$ million8481,2721,2341,1921,339 Book Value per Share - R$ Net Income per Share - R$ Capitalization and Income Market recognition

25 Investor Relations Division SBS - Quadra 1 - Bloco C - Ed. Sede III - 17° floor Brasília (DF) Phone: 55 (61) Fax: 55 (61) Disclaimer Disclaimer - This presentation contains references and statements, planned synergies, increasing estimates, projections of results and future strategy for Banco do Brasil, it’s Associated and Affiliated Companies and Subsidiaries. Although these references and statements reflect the management’s belief, it also involves imprecision and high difficult risks to be foreseen, consequently, it may conduct to a different result than the one anticipated here. These expectations are highly depended on market conditions, on the Brazilian economic performance, on the sector and the international market. Banco do Brasil is not responsible for bringing up to date any estimate in this presentation. For further information access