Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. August 04, 2004 Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A.

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 1 Results – 2nd Q./04 2. Growth of Credit Portfolio in the quarter: Corporate 8.9%, Small and medium sized companies 12.6% and Individuals 8.1%; 5. Technical Provisions of Insurance, Capitalization and Pension Plans: R$ 7.0 billion – Growth of 326% in the last 24 months against 153% of market growth in the same period; 8. Preferred Shares Buyback: total of 929,740 thousand, average price R$ per thousand shares, representing 1.7% of total preferred shares. 6. Efficiency Ratio below 50% for the 7 th quarter in a row: 47.3% in the quarter (Strong Cost Control); 7. Solvency Ratio above minimum required: 19.5% at 06/30/04; 3. Net Interest Margin Maintained at 12.7% in 2 nd Q./04, same level of 1 st Q./04; 4. Conservative Accounting Practices:  Excess Securities provision of R$ 600 million, with an increase of R$ 55 million in the quarter;  Exceeding Provision for Loan Losses: R$ 1,000 million; 1. Results: Net income of R$ 949 million, 8.3% above previous quarter; ROE 33.1%; Net income per thousand shares R$ 8.38;

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 2 Macroeconomic Ratios CDI Exchange Rate Exchange Rate (Quotation in R$) IGPM 3.6% 6.8% % 1.9% 3.7% 0.7% % 1.9% 2 nd Q/041 st Q/ % -18.7% % 5.7% 1 st Sem/041 st Sem/03 Savings (TR* + 6% p.a.) 7.4% 7.6% % 3.8% (*) Reference rate

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 3 R$ Million (Except where indicated) , % 122, % 2,501 30, % 47.3% 3.5% 12.7% Net Income Net Income / thousand shares Stockholders’ Equity ROE (%) Total Assets ROA (%) Net Interest Margin Market Capitalization Solvency Ratio (%) Efficiency Ratio (%) NPL (%) NIM (%) 1 st Q/ , % 126, % 2,426 31, % 48.8% 4.0% 12.7% , % 106, % 2,535 22, % 46.7% 4.7% 13.8% 2 nd Q/04 2 nd Q/03 Banco Itaú Holding Financeira S.A. Highlights

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 4 Credit Operations R$ Million CAGR: 21.2% CAGR: 22.2% (*) On June 30, 2004.

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 5 Corporate Small and Medium Sized Companies Individuals Subtotal Mortgages Total 22,357 7,074 **12,563 19,637 2,067 **44, % 12.6% 8.0% 9.8% -2.0% 8.8% 23,597 9,226 13,934 23,159 1,957 48,713 21,660 8,195 12,904 21,099 1,997 44, % 30.4% 10.9% 17.9% -5.3% 10.6% Var Jun/04 X Mar/04 Jun 30, 04Dec 31, 03Mar 31, 04 Var Jun/04 X Dec/03 (*) Endorsements and Sureties included. (**) The amounts at Dec/2003 were adjusted to exclude the loan granted on 12/18/03 to the civil servants of the State of Rio de Janeiro in the amount of R$ 520 million, which was totally settled on 01/05/04. Banco Itaú Holding Financeira S.A. R$ Million Credit Operations (*)

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 6 R$ 44.6 R$ 42.7 R$ 44.6R$ 44.8 R$ 48.7 (US$ 4.7) (US$ 4.3) (US$ 4.2) (US$ 4.1) (US$ 4.4) (*) Endorsements and Sureties included. Banco Itaú Holding Financeira S.A. R$ Billion Credit Portfolio by Currency (*)

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 7 Provision for Loan Losses Total ProvisionExcess ProvisionMinimum Provision Banco Itaú Holding Financeira S.A. R$ Million

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 8 (*) Provision for Loan Losses / Total Nonperforming Loans Nonperforming Loans and Coverage Ratio Banco Itaú Holding Financeira S.A.

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 9 Securities Portfolio Banco Itaú Holding Financeira S.A. Overnight (**) Private Securities – Financial Inst. Private Securities – Companies Public Securities – Brazil Public Securities – Brazil Abroad Public Securities – Other Countries Total Economic Financial Conglomerate Assets Guaranteeing Technical Provisions (*) Consolidated R$ Million (*) Does not include PGBL/VGBL private pension funds amounting R$ 5,499 million. (**) Includes Short Term Interbank Deposits net of Deposits Received under Securities Repurchase Agreements 3,393 6,313 2,983 7,342 2, , , , ,524 4,154 7,453 3,292 8,656 2, ,545

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 10 Banco Itaú Holding Financeira S.A. R$ Million Service Fees 2 nd Q/ ,455 1 st Q/ ,404 Resources Management (*) Current Account Services Credit Cards Sureties and Credits Granted Collection Services Other Total 2 nd Q/ , 244 (*) Mutual Funds and Consortium.

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 11 Personnel Expenses Other Administrative Expenses Reorganization Total 725 1, , , ,009 Banco Itaú Holding Financeira S.A. R$ Million Administrative Expenses 2 nd Q/041 st Q/04 Strong Cost Control 646 1, ,869 2 nd Q/03

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 12 Total Unrealized Interbank Deposits Securities and Derivatives Additional provision Adjustment – Securities Held to Maturity Credit Operations Investment on BPI Time and Interbank Deposits and Funds from acceptance and issuance of securities abroad Securitization of Payment Orders Abroad Subordinated Debt and Treasury Shares Unrealized Income/(Loss) (1) (2) Stockholders’ Equity 06/30/04 2, /31/04 2, (1) Tax effects not considered. (2) Includes unrealized minority interest gains in Equity of R$ 276 million in Jun/04, R$ 286 million in Mar/04 and R$ 159 million in Jun/03. Financial Instruments – Market Value R$ Million Banco Itaú Holding Financeira S.A. 1, (14) /30/03 Stockholders’ Equity Stockholders’ Equity

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 13 Following slides show the pro forma information about Banco Itaú and Banco Itaú BBA operations, using internal data for better disclosure of the managerial performance of the business units. Pro Forma Banco Itaú Holding Financeira S.A.

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 14 Banco Itaú 875 7, % 25,116 97,819 Banco Itaú BBA 195 3, % 23,597 36,191 Net Income Tier I Allocated Capital ROE (%) Credit Portfolio (*) Total Assets Banco Itaú 623 7, % 23, ,738 Banco Itaú BBA 226 3, % 21,660 31,130 2 nd Q/041 st Q/04 (*) Endorsements and Sureties included. Banco Itaú Holding Financeira S.A. R$ Million Pro Forma Corpo- ration 27 1, % - 4,764 Corpo- ration (122) 1, % - 5,732 Note.: The Consolidated figures do not represent the sum of the parts because certain intercompany transactions were eliminated only at the Consolidated level. The Corporation result is basically affected by the non accounting of tax credits.

Banco Itaú S.A. Conference Call about the Results of the 2 nd Quarter of Variation -1.06% -39.8% 2.8% -0.6% -11.6% -21.2% 40.5% -6.4% - Net Interest margin Results from Loans Losses Service Fees Administrative Expenses Income Tax and Social Contribution Other Net Income Tier I Allocated Capital ROE (%) 2 nd Q/04 2,054 (212) 1,379 (1,905) (244) (197) 875 7, % 1 st Q/04 2,076 (352) 1,343 (1,917) (276) (250) 623 7, % R$ Million Pro Forma

Banco Itaú S.A. Conference Call about the Results of the 2 nd Quarter of Diversification of income sources Not dependent only on interest rates Consolidated Net Income Banco Itaú - Banking Credit Cards Ins., Cap. and Pension Pl. Funds and Managed Port nd Q/041 st Q/04 R$ Million

Banco Itaú S.A. Conference Call about the Results of the 2 nd Quarter of ,804 5,388 6,086 7,689 8,320 Technical Provisions of Pension Plans – growth of 108% from Jun/2003 to Jun/2004 R$ Million Technical Provisions of Insurance, Capitalization and Pension Plans 9,267

Banco Itaú S.A. Conference Call about the Results of the 2 nd Quarter of Variation 1 st Q/04 2 nd Q/ Result of Ins., Cap. And Pension Plans 5.8% %Combined Ratio94.0% 55.0%Claim Ratio51.1% 24.0% 49.0% - 4.3% -10.0% Insurance Premiums, Pension Plan Contributions and Premium Bonds Revenues Changes in Technical Provisions Selling Expenses Insurance Claims, Pension Plan Benefits and Premium Bonds Redemption Other Operating Income/(Expenses) 1,373 (593) (96) (529) 30 1,700 (885) (96) (552) Operating Margin 4.3% % -8.5% 8.1% 50.0% Financial Income Administrative and Tax Expenses Income Tax and Social Contribution Other 158 (165) (62) (151) (67) 3 R$ Million Insurance, Capitalization and Pension Plans

Banco Itaú S.A. Conference Call about the Results of the 2 nd Quarter of Mutual Funds and Managed Portfolios Growth of 31.6% in the volume of Mutual Funds and Managed Portfolios in relation to June/2003 Volume of Mutual Funds and Managed Portfolios R$ Billion

Banco Itaú BBA Conference Call about the Results of the 2 nd Quarter of nd Q/ (6) 76 (92) (27) (85) 195 3, % 1 st Q/ (91) (74) 226 3, % Net Interest Margin Result from Loan Losses Service Fees Administrative Expenses Tax Income and Social Contribution Other Net Income Tier I Allocated Capital ROE (%) Variation 22.6% % 20.6% 1.1% -70.7% 14.9% -13.6% 4.4% - R$ Million Pro Forma

Banco Itaú BBA Conference Call about the Results of the 2 nd Quarter of Jun 30, , % Nonperforming Loans (NPL) Credit Portfolio (*) NPL Ratio (%) Mar 31, , % Variation -7.8% 9.2% Itaú BBA has a high quality portfolio with 96.6% of volume classified as “AA”, “A” and “B”. R$ Million Nonperforming Loans (*) Endorsements and Sureties not included.

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 22 Capital Excess Banco Itaú Holding Financeira S.A. 1.Increase in Interest on Own Capital (JCP): a)Monthly JCP : from R$ 0.13 to R$ 0.17 per thousand shares (gross of taxes); b)Provisioned complementary JCP of R$ 2.04 per thousand shares (gross of taxes) to be paid in 08/23/04 with an increase of 31% in relation to 06/30/03. 2.Stock Buyback: a)Preferred shares buyback : 3.Investments a)Pão de Açúcar: R$ 455 million 2 nd Q/04 929,740 1 st Q/04 73,070 Quantity (in Thousands) Total 1,002,810 Average Cost (R$ / thousand shares) % do Total Preferred Shares (*) % 0.1%1.8% (*) Preferred shares representative of Capital

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 23 Evolution of Net Income per Thousand Shares Banco Itaú Holding Financeira S.A. CAGR = 27.1% R$

Conference Call about the Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 24 Banco Itaú Holding Financeira S.A. US$ ,141 Real Plan Russian Crisis Real Devaluation Mexican Crisis Asian Crisis 100 Argentine Crisis Attack on WTC Itaú (1) Itaú (2) Ibov. 10 years 27.54%22.98%6.50% 5 years 21.37%16.92%0.71% 2004 (*) -1.76%-4.24%-11.57% Annual Average Appreciation in US$ Banco Itaú Holding Financeira S.A. (1) With reinvestment of dividends (2) Without reinvestment of dividends (*) Variation in the Semester Appreciation of the Preferred Shares Evolution of US$ 100 Invested from June 30, 1994 to June 30, 2004