0 Conference Call 1 st quarter of 2003 Banco Itaú Holding Financeira S.A.

1 Highlights R$ Million (Except where indicated) Net Income Stockholders’ Equity ROE (%) Financial Margin Market Capitalization Solvency Ratio (%) Efficiency Ratio (%) NPL (%) 1 st Q./ , % 2,892 20, % 40.1% 4.16% 4 th Q./ , % 2,957 18, % 40.5% 4.17% Variation 3.6% 10.5% (2.4)% (2.2)% 15.4% 1.3% (0.4)% 0.01%

2 Statement of Income R$ Million Financial Margin Expenses with Provision for Loan Losses Service Fees Administrative Expenses Recurring Result Extraordinary Result Net Income Total Assets 1 st Q./03 2,892 (449) 1,203 (1,741) 1,246 (532) ,098 4th Q./02 (*) 2,957 (941) 1,212 (1,735) 1,369 (679) ,141 Var.(%) (2.2) (52.3) (0.7) 0.3 (9.0) Banco Fiat´s total assets on March 31, 2003 were R$ 2,462 million * Includes reclassification in order to permit comparability to the 1 st Quarter

3 Statement of Income R$ Million EliminationsItaú-BBAItaú Financial Margin Provision for loan losses Net Income from Financial Operations Other Operating Income/(Expenses) Equity in Income of Associated Companies and Subsidiaries Operational Result Non Operational Result Taxes Extraordinary Result Profit Sharing Minority Interests Net Income Itaú Holding (0) - (0) (3) (128) (131) (108) 375 (45) 330 (56) (4) (109) (25) (3) 108 2,603 (404) 2,199 (570) 146 1,776 (33) (452) (528) (53) ,978 (449) 2,529 (629) 19 1,919 (37) (560) (532) (78) 2 714

4 Results Affected by Foreign Exchange Itaú Tax Effect Before Tax Foreign Exchange Variation on Investments Abroad Results of Local Operations affected by Exchange Rate Mark to Market effect of trading securities Results of Securities Selling Results Before Funding Expenses CDI Funding Expenses CDI Results Affected by Exchange Rate - (8) (182) (1) (191) 134 (57) (166) (356) 94 After Tax (166) (222) 37 1 st Quarter of 2003 Tax Effect Before Tax - (129) (102) 214 (17) (526) 273 1,641 (630) 757 (255) 502 After Tax (526) 144 1,539 (416) 740 (159) th Quarter of 2002 R$ Million

5 Credit Operations Credit Operations and Guarantees (*) March 31, 2003 R$ Million

6 Credit Operations by Currency (*) Indexed in Foreign Currency In Foreign Currency Foreign Currency Local Currency Total Mar 31, 03 6,751 8,436 15,187 31,203 46,390 (*) Endorsements and Sureties included Dec 31, 02 7,371 8,943 16,313 29,101 45,414 Mar 31, 02 4,293 4,161 8,454 24,086 32,540 Variation % Mar/03 – Dec/02 (8.4) (5.7) (6.9) Variation % Mar/03 – Mar/ R$ Million Banco Fiat´s credit portfolio contributed R$ 2,047 million to the outstanding balance.

7 Non-Performing Loans and Coverage Ratio Coverage Ratio (*) Non-Performing Loans Ratio – Total Non-Performing Loans Ratio – Individuals Non-Performing Loans Ratio – Businesses (*) Provision for Loan Losses / Total Non-Performing Loans Non-Performing Loans Ratio (%)

8 Provision for Loan Losses R$ Million Minimum Provision Additional Provision Total Provision

9 Financial Instruments – Market Value In Result (58) ,619 Market Value 26,537 31,875 6,623 18,288 4,543 2,590 - Securities and Derivatives Additional Provision Adjust of Available for Sale Securities - Credit Operations - Other Assets - Time and Interbank Deposits and Funds from Acceptance / Issuance of Securities - Subordinated Debts -Other Liabilities Total unrealized In Equity 545 (58) ,486 Recorded Value 26,537 31,933 6,346 18,329 4,966 2,593 Unrealized Income/(Loss) (1) (2) R$ Million (1)Does not consider the corresponding fiscal effects. (2)Includes unrealized gains to minority interest amounting to R$ 159 million.

10 Securities Constituted Provision to Market Value 13 - (250) (237) Market Value 8,844 33% 14,522 55% 1,016 4% 2,155 8% 26, % Trading securities Available for Sale securities Held to Maturity securities Derivative Financial Instruments Total Constituted Provision to Market Value in Equity Cost 8,830 14,261 1,016 2,406 26,513 Additional Provision (*) (545) R$ Million March 31, 2003 (*) The provisioned amount, considering the surplus of the securities available for sale of R$ 261 million of the Adjustment to market value account (reflected in Stockholders’ Equity) is enough in the case of an appreciation of Brazilian Real to R$ 2.80 to the US dollar.

11 Resources R$ Million Mar 31, 02 (C) Dec 31, 02 (B) Mar 31, 03 (A) Deposits Demand Deposits Savings Deposits Interbank Deposits Time Deposits Assets under Management Investment Funds Assets under Managements Total Resources Evolution % (A/C) Evolution % (A/B) 27,110 5,981 15, ,857 57,274 51,260 6,014 84,384 38,997 10,389 17, ,228 59,167 54,201 4,967 98, (19.1) ,991 7,561 17,358 1,042 12,030 62,852 57,987 4, ,843 (2.6) (27.2) (2.7) (2.1) 2.7

12 Service Fees R$ Million 1 st Q./ ,203 4 th Q./ ,212 Mutual Fund Management Fees Collection Current Account Services Tax collection Interbank fees Credit Operations Credit Cards Other Services Total Variation % 3.3 (3.9) 8.5 (43.9) (3.9) - (0.5) 3.5 (0.7)

13 Administrative Expenses R$ Million 1 st Q./ ,008 1,741 4 th Q../ ,735 Personnel Expenses Remuneration Social Charges Social Benefits / Training Reorganization (Dismissals and Labor Suits) Other Administrative Expenses Total Variation % (4.5) (1.8) (8.1) (6.0) (7.4) %40.1% Efficiency Ratio

14 Insurance, Capitalization and Pension Plans Variation (%)1 st Q./03 R$ Million 4 th Q./02 (18.1) (39.9) (2.3) 8.9 (68.1) 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 Operational Results 893 (345) (78) (336) 11 1,090 (565) (80) (309) %Combined Ratio96.6% 56.8%Claim Ratio54.4% 144Operational Margin(15.2)170

15 Extraordinary Result R$ Million Before Tax Effect (558) (462) (51) (45) (101) 51 (608) Tax Effect (8) 76 Amortization of Goodwill Fiat Icatu Other Provision for adjusting the Fiat and BBA credit portfolios to a common risk rating standard Other Total After Tax Effect (508) (420) (46) (42) (67) 43 (532)