A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 0 March 26, 2004 Banco Itaú Holding Financeira S.A. Presentation to:

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 1 Brazilian Banking System Macro Characteristics Micro Scenario High Spreads Expected to decrease in function of reforms and drop in interest rates Oriented to services Intensive use of technology High Fixed Expenses Cost Reduction / Efficiency / Headcount reduction All bills are paid in the Bank Emphasis in self-service High Capitalization Plenty of room to grow in credit Highly automated Heavy investments (focus: Internet) Satisfactory Provisions Level Keep conservative approach Many Points of Sale Likely to decrease High Service Fees Tailor-made products for each segment Huge volumes of transactions Technology

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 2 Tier One Capital / Assets (%) Source: THE BANKER - Top 1000 – July, 2003

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 3 1.Citigroup 2.Bank of America Corp. 3.HSBC Holdings 4.JP Morgan Chase & Co. 5.Crédit Agricole Group 6.Mizuho Financial Group 7.Royal Bank of Scotland 8.Sumitomo Mitsui 9.Mitsubishi Tokyo 12. Deutsche Bank 23. ABN AMRO Bank 115. Hamburgische Landesbank 118. Banco Itaú 119. Woori Bank 122. Banco Bradesco 139. Banco do Brasil 190. Unibanco December, 2002 Ranking by Stockholder Equity Assets 1, , US$ Billion 1 st 12 nd 7 th 8 th 16 th 2 nd 13 rd 4 th 6 th 5 th 17 th 90 th 209 th 104 th 170 th 125 th 279 th Rank BIS 11.2 % 12.4 % 13.3 % 11.9 % 11.7 % 9.5 % 11.7 % 10.1 % 11.0 % 12.6 % 11.5 % n.a % 11.6 % 17.9 % 12.2 % n.a. Index SE (1) US$ Billion ROA % 156 th 179 th3 361 st 725 th 584 th 966 th 379 th 930 th 919 th 654 th 562 nd 709 th 25 th 561 st 219 th 251 st 301 st Rank (*) Source: The Banker Top July/03 (*) BIS ranking extracted from the largest 200 banks by SE (1). (1) Stockholder´ Equity 2.8 % 2.0 % 1.3 % 0.3 % 0.6 % -1.7 % 1.8 % -0.6 % -0.4 % 0.5 % 0.7 % 3.8 % 0.7 % 1.8 % 1.6 % 1.5 %

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 4 Financial Statistics - Banking System December, 2002 US$ Million Source: Felaban – Latin America Banks Association

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 5 Agenda Earnings per Share 2004 – Banco Itaú Holding Financeira Banco Itaú Holding Financeira S.A.´s Results Brazilian Banking System - The challenge of: Growth of Credit Operations Reduction of Expenses

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 6 Keep the High Primary Surplus Net Debt/GDP Total Credit/GDP Source: Brazil Central Bank Elaborated by Banco Itaú % of GDP Jan/04 The Challenge of Growth of Credit Operations

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 7 Source: Brazil Central Bank Elaborated by Banco Itaú Reserve Requirement on Demand Deposits – Country Comparison 53.0% 9.0% 2.0% 1.3% 6.0% 10.0% BrazilChileEuro AreaJapanPeruUSA Interest bearing Non-interest bearing 45.0% 8.0% Conditions to Reduce Cost of Capital Decrease of Reserve Requirements on bank deposits The Challenge of Growth of Credit Operations

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 8 (*) Source: Febraban - Brazilian Banks Association Banking Sector (*) Cost Efficiency... Quantity of Employees – Brazilian Financial System Itaú Holding CAGR Sector = -5.41% In thousands Itaú Holding = -4.41%

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 9 Source: The Banker – July 2003 and July 1999 Cost Efficiency... Cost / Income Ratio – 1000 largest banks in the world (%) Brazil

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 10 Comparison between the medium and the largest banks of Brazil, Europe and U.S. (cost operation divided by assets) Source: EFC (Financial Engineers and Consulters) and BankScope Published on June 20, % %6.2% 6.74% 2.01% 3.85% 2.93% Average of the 3 years 10 biggest Brazilian Banks Twenty biggest in Europe and United States Twenty biggest in Europe Twenty biggest in United States Average of the biggest in Europe and Unites States The Challenge of Reduction of Expenses

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 11 Growth in Perspectives Real Plan (Jul) Overheating Asia Crisis (Sep) Russia Crisis (Sep) Devaluation (Jan) Energy Crisis (May) Elections (Oct) Argentina Crisis Projection of Banco ItaúReal GDP Growth Source: IBGE Elaborated by Banco Itaú % The Challenge of Growth Selic annualized %

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 12 Macroeconomic Stability Reduction of interest rates Growth in GDP Growth in income per capita Tax Reform (reduction, stimulation to the production) Bankruptcy law Primary surplus Stable regulatory environment Inflation targeting Advances necessary to grow credit, GDP and promote stability:

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 13 Conclusion of the Brazilian Payment System; Reduction in reserve requirements and flexibilization of mandatory credit Reform of mortgages legislation Central of Credit Risk already implemented: information about risky customers to be implemented: information about good customers Regulatory Framework Advances necessary to grow credit, GDP and promote stability:

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 14 Agenda Earnings per Share 2004 – Banco Itaú Holding Financeira Banco Itaú Holding Financeira S.A.´s Results Brazilian Banking System - The challenge of: Growth of Credit Operations Reduction of Expenses

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 15 R$ Million Asset Evolution Banco Itaú Holding Financeira S.A.

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 16 R$ Million (Except where indicated) , % 2,754 30, % 49.5% 4.1% Net Income Net Income per 1,000 shares Stockholders Equity ROE (%) Net Interest Margin Market Capitalization BIS Ratio (%) Efficiency Ratio (%) NPL (%) 3 rd Q./ , % 2,765 25, % 47.6% 4.7% 3, , % 10,998 30, % 46.1% 4.1% 2, , % 9,511 17, % 50.0% 4.2% 4 th Q./ Highlights Banco Itaú Holding Financeira S.A.

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 17 Financial Ratios (%) Banco Itaú Holding Financeira S.A.

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 18 Diversification of income sources Not only restricted to interest rates Net Income by Segment 2003 ( * ) Banco Itaú Holding Financeira S.A. Banco Itaú Banking Itaú-BBA Banking Credit Cards Insur., Cap., Pension Plans M. Funds and Managt. Portf. Consolidated Net Income 1, ,152 R$ Million (*) Pro Forma

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 19 Total Unrealized Interbank Deposits Securities and Derivatives Reclass. of Additional Provision Additional Provision Adjust. of Securities Available for Sale Adjust. of Securities Held to Maturity Credit Operations Investments (basically in BPI) Time and interbank dep. and funds from accept. and Issuance of securities abroad Securitization of payment orders abroad Subordinated Debt and Treasury shares Unrealized Income / (Loss) (1) (2) IncomeEquity December ,6772, , IncomeEquity December ,7651, (168) (49) (89) (255) (49) (89) (1) Tax effects not considered. (2) Includes unrealized gains to minority interest amounting to R$ 307,036 (R$ 156,751 at 12/31/2002) on income and R$ 257,229 (R$ 116,966 at 12/31/2002) on stockholders' equity. Financial Instruments - Market Value R$ Million Banco Itaú Holding Financeira S.A.

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 20 2,420 8, % 22, ,516 Banco Itaú-BBA 732 3, % 22,468 29,693 Net Income Stockholders Equity ROE (%) Credit Operations (*) Total Assets 2,214 7, % 19,629 81,763 Banco Itaú-BBA 591 2, % 25,786 33, (*) Endorsements and Securities included. Pro Forma R$ Million Banco Itaú Holding Financeira S.A. Banco Itaú Banco Itaú

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 21 Credit Operations Banco Itaú Holding Financeira S.A. R$ Million

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 22 Credit Operations (*) Corporate Small / Medium Sized Companies Individuals Mortgage Loans Total 28,219 4,376 10,467 2,352 45, % 22.1% 7.5% -3.2% 4.4% 24,115 5,317 13,083 2,067 44,581 24,036 4,353 12,175 2,135 42, % 21.5% 25.0% -12.1% -1.8% Var Dec/03 x Sep/03 Dec 31, 03Dec 31, 02Sep 30, 03 Var Dec/03 x Dec/02 (*) Endorsements and Securities included. R$ Million Banco Itaú Holding Financeira S.A.

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 23 R$ 45.4 R$ 46.4 R$ 44.6 R$ 42.7 R$ 44.4 (US$ 4,6) (US$ 4,5) (US$ 4,7) (US$ 4,3) (US$ 4,2) Credit Operations by Currency (*) (*) Endorsements and Securities included. In Billion Banco Itaú Holding Financeira S.A.

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 24 Provision for Loan Losses Total ProvisionAdditional ProvisionMinimum Provision R$ Million Banco Itaú Holding Financeira S.A.

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 25 (*) Provision Balance / Total Nonperforming Loans Nonperforming Loans and Coverage Ratio Banco Itaú Holding Financeira S.A.

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 26 Credit Operations Consumer Credit Acquisition of FIAT and Fináustria Dec.02 (before acquisitions): market share of 3.0% Jan.04: market share of vehicles of 12.8% (9.7% Itaú and Finaustria + 3.1% Fiat) New Financing company (start in May 2004) Own platform Own brand (related to Itaú) Focus in low income customers (non-Itaú) Corporate segment - Banco Itaú-BBA: Synergic operation New Credit and Behavior Scoring models News Models of Profitability of Products Small Companies - UPJ: specific market segment and structure Increase in Credit Cards Financing

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto , , , , ,466 Mutual Fund Management Fees Consortium Administration Collection Checking Account Services Tax Collection Interbank Fees Credit Operation Fees Credit Card Income from Guarantees Provided Other Total Variation 23.0% 10.3% 9.9% -7.1% 6.7% 19.3% 0.3% 51.5% 42.3% 14.7% Banking Service Fees R$ Million Banco Itaú Holding Financeira S.A.

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 28 Personnel Expenses Other Administrative Expenses Reorganization Total without BBA and Fiat BBA and Fiat Total ,577 4, , , ,488 4, ,244 Variation (286) Administrative Expenses R$ Million Banco Itaú Holding Financeira S.A.

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto % 55.0% 47.9% 54.1% Not considering the 4th Q./02 and 1st Q./03, since we consider this criteria indicates better the recurrent efficiency. Efficiency Ratio (%) Banco Itaú Holding Financeira S.A.

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 30 Nominal expenses in 2003 = Nominal expenses in 2004 Cost Reduction Strong commitment of the senior management to achieve the target Cost reduction internal campaign - strengthening of a cost culture in the organization Reduction in pioneer branches plus cancellation of listed company registration - acquired banks (BEG, Banestado and BEMGE) On-line system for monitoring expenses - decentralized and available in all areas of the bank allowing stricter control Reduction of administrative expenses: water and energy consumption, travels, paper recycling: intelligent buildings, intelligent branches, reuse. Actions: Employees: incentive to internal transfers (career opportunities) – possibility of reduction in layoffs and hiring in the market Effort to reduce costs with labor suits - increase in extrajudicial agreements with the unions, reduction of the costs of the agreements, more causes won.

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 31 Pro Forma The following slides show the pro forma information about Banco Itaú and Banco Itaú BBA operations. In 2003, it was considered as if the integration process between Itaú BBA and the corporate segment of Itaú occurred in the beginning of the year. In the year of 2002, it was considered the sum of net income and other accounts of Itaú BBA to the corporate segment of Banco Itaú, as well as the required capital allocation. The balances and incomes of credit operations, private bank and asset management of Itaú BBA in 2002 and 2003 were allocated to Banco Itaú. Banco Itaú Holding Financeira S.A.

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 32 2,420 8, % 22, ,516 Banco Itaú-BBA 732 3, % 22,468 29,693 Net Income Stockholders Equity ROE (%) Credit Operations (*) Total Assets 2,214 7, % 19,629 81,763 Banco Itaú-BBA 591 2, % 25,786 33, (*) Endorsements and Securities included. Pro Forma Banco Itaú Holding Financeira S.A. R$ Million Banco Itaú Banco Itaú

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto ,021 (1,115) 4,895 (7,438) (1,232) (1,711) 2,420 8, % ,195 (2,091) 4,324 (7,108) (476) (1,630) 2,214 7, % Financial Margin Result from Loan Losses Banking Service Fees Administrative Expenses Income Tax and Social Contribution Other Net Income Stockholders Equity ROE (%) 4 th Q./03 2,369 (269) 1,289 (2,015) (259) (400) 715 8, % 3 rd Q./03 2,279 (315) 1,261 (1,935) (319) (331) 640 8, % Banco Itaú S.A. Pro Forma R$ Million

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 34 Number of Credit Cards (thousand) Turnover Itaucard Net Income Participation in Net Income of Credicard ,780 10, ,579 8, Credit Cards R$ Million Variation 201 1, (36) 3.6% 20.6% 329.1% -20.5% Banco Itaú S.A.

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 35 Growth of 33% in volume of Mutual Funds and Managed Portfolios in relation to 2002 Mutual Funds and Managed Portfolios R$ Billion R$ Million Banco Itaú S.A.

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 36 4,403 4,808 5,388 6,086 7,689 Insurance, Capitalization and Pension Plans Growth of 75% in nd Largest in Pension Plans Market R$ Million Banco Itaú S.A.

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto rd Q./03 4 th Q./ Result of Ins., Cap. and Pension Plans %Combined Ratio97.2%95.4%94.7% 54.6%Claim Ratio54.5%52.9%52.8% 5,008 (2,578) (358) (1,508) 80 Insurance Premiums, Pension Plans Contributions and Premium Bonds Revenues Changes in Technical Provisions Selling Expenses Insurance Claims, Pension Plans Benefits and Premium Bonds Redemption Other Operating Income/(Expenses) 3,311 (1,385) (306) (1,121) 40 1,253 (638) (92) (395) 27 1,622 (968) (93) (412) Operating Margin (643) (241) 5 Financial Income Administrative Expenses Income Tax and Social Contribution Other 391 (534) (136) (5) 207 (157) (71) (201) (56) (1) Banco Itaú S.A. R$ Million Insurance, Capitalization and Pension Plans

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 38 Dec 31, , % Nonperforming Loans Credit Operations NPL Ratio (%) Sep 30, , % Variation 13 (260) 0.1% Itaú BBA has a high quality credit portfolio with 93.8% of volume classified as AA, A and B. Pro Forma Nonperforming Loans R$ Million Banco Itaú BBA

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto th Q./ (172) 54 (92) 59 (67) 139 3, % 3 rd Q./ (172) 62 (92) (58) (59) 167 3, % Financial Margin Result from Loan Losses Banking Service Fees Administrative Expenses Income Tax and Social Contribution Other Net Income Stockholders Equity ROE (%) ,977 (523) 226 (362) (354) (232) 732 3, % ,353 (401) 248 (400) (96) (113) 591 2, % Banco Itaú BBA Pro Forma R$ Million

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 40 Agenda Earnings per Share 2004 – Banco Itaú Holding Financeira Banco Itaú Holding Financeira S.A.´s Results Brazilian Banking System - The challenge of: Growth of Credit Operations Reduction of Expenses

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 41 CAGR Recurring = 35.3% Decr. Number of Shares (%) = -3.8% R$ Evolution of EPS

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 42 US$ Itaú (1) Itaú (2) Ibov. 10 years 21.37%16.95%8.64% 5 years 18.14%13.96%5.93% 12 months 79.85%71.28%134.39% Annual Average Appreciation in US$ Real Plan Russian Crisis Real Devaluation Mexican Crisis Asian Crisis Argentine Crisis Attack to WTC (1)With reinvestment of dividends (2)Without reinvestment of dividends Preferred Shares Appreciation Evolution of US$ 100 Invested from Dec to March 12, 2003

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 43 Agenda Earnings per Share 2004 – Banco Itaú Holding Financeira Banco Itaú Holding Financeira S.A.´s Results Brazilian Banking System - The challenge of: Growth of Credit Operations Reduction of Expenses

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 44 Banco Itaú S.A. Growth in Small and Medium Sized Companies Credit Portfolio – higher than the market average Growth in Individuals Credit Portfolio – close to the market average Expectation of lower default and lower margin Emphasis on Insurance, Capitalization and Pension Plans segment – growth higher than the market average Strict cost control Banco Itaú 2004

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 45 Maximization of synergies identified by the association, through the use of businesses opportunities. Increase of operations in Capital Markets. Increase the offer of structured products/derivatives focused on the needs of each corporate customer. Banco Itaú BBA Banco Itaú BBA 2004

A marca Itaú não pode ser movimentada ou modificada. Número do slide: Arial normal corpo 10, escrito em preto. 46 March 26, 2004 Banco Itaú Holding Financeira S.A. Presentation to: