Clarification of press article published in 'Valor Economico' newspaper on 10/21/2008

SAO PAULO, Brazil, Oct. 21 /PRNewswire-FirstCall/ -- In regard to the press article 'VCP quer 'limpar' balanco da Aracruz' (freely translated as 'VCP wants to clean up Aracruz's balance sheet') published in Valor Economico newspaper, October 21, 2008 edition, Caderno Eu&Investimentos (page D4), Unibanco - Uniao de Bancos Brasileiros S.A. (NYSE: UBB) ('Unibanco') informs that it did not enter into any derivative transaction with Aracruz, including those transactions known as 'target forward'. Market should disregard such erroneously published information. Unibanco's investor relations area is available for any further clarification. This note has been filed with Bovespa, Comissao de Valores Mobiliarios, Securities and Exchange Commission and posted on our investor relations website.

    Geraldo Travaglia Filho
    Investor Relations Officer
    UNIBANCO - UNIAO DE BANCOS BRASILEIROS S.A.
    UNIBANCO HOLDINGS S.A.
    For further information contact:
    Investor Relations
    Unibanco - Uniao de Bancos Brasileiros S.A.
    Av. Nacoes Unidas, 8,501 - 13th floor
    Sao Paulo, SP 05425-070 - Brazil
    Tel.: (55 11) 3905-1980
    Fax: (55 11) 3905-1585
    E-mail: investor.relations@unibanco.com
    http://www.ir.unibanco.com

Please note that this is an English version of the Press Release. The original version is in Portuguese. If there is any discrepancy between such versions, the Portuguese version shall prevail.

SOURCE UNIBANCO - Uniao dos Bancos Brasileiros S.A.