0 Banco Itaú Holding Financeira S.A. September, 2003

1 Banco Itaú Holding Financeira S.A. Largest Market Capitalization of the Brazilian Banking System: R$ 25.6 Billion (08/21/03); Financial Holding Company status, granted by FED; Member of the Dow Jones Sustainability World Index since 1999; Largest participation in BOVESPA’s Corporate Governance Index (IGC): 23.7% (08/18/03); Most Valuable Brand in Brazil: US$ 1.1 billion (Interbrand – June 2003).

2 Results Stock Market Management in different scenarios Sensitivity Analysis - Retail Agenda Earnings per Share International Operations Itaú BBA

3 Results Agenda Stock Market Management in different scenarios Sensitivity Analysis - Retail Earnings per Share International Operations Itaú BBA

4 Annualized ROE Efficiency Ratio Credit Operations Nonperforming Highlights – 1 st Semester of 2003 and p.p. 0.4 p.p p.p p.p. Annualized ROA

5 R$ Million Consolidated Balance Sheet Liabilities Total Liabilities Mutual Funds Deposits Open Market and others Accept./Issue - Securities Foreign Exchange Borrowings/On-Lending Tech. Prov Ins/Cap/Pens. Other Liabilities Minority Interest Stockholders` Equity 06/30/03 with BBA and FIAT 106,799 67,142 34,826 14,560 5,085 5,356 28,806 5,388 1, ,772 94,265 without BBA and FIAT 62,391 30,929 14,015 3,623 5,153 23,071 5, ,772 06/30/02 86,247 56,243 28,754 16,478 3,852 3,370 20,625 3, ,288 Assets Total Assets Guarantees Cash + Liquidity Securities (Additional Allowance) Interbank Relations Net Credit Operations (Additional Allowance) Foreign Exchange Others Permanent Assets 06/30/03 with BBA and FIAT 106,799 6,232 16,315 26,052 (545) 9,917 36,120 (848) 7,270 9,238 3,280 without BBA and FIAT 94,265 4,778 16,385 21,874 (545) 9,741 26,501 (792) 6,737 8,706 5,658 06/30/02 86,247 4,681 15,517 20,414 (597) 7,138 27,962 (715) 4,722 8,309 3,497

6 Credit Operations Credit Operations + Guarantees R$ Million 28,302 33,080 06/30/2003Itaú Holding without BBA and FIAT Credit Operations Credit Operations + Guarantees 31,506 37,020 12/31/2002 (*) On June 30, 2003 CAGR = 26.5%

7 Credit Operations Global Individuals Companies Nonperforming Loans (over 60 days) Ratio (%) Coverage Ratio (*) Provision for Loan Losses R$ Million Total Provision (A) Portfolio overdue over 14 days (B) (A) – (B) jun/01(223) dec/01(118) jun/02(231) dec/02607 jun/ ,190 2,568 2, (*) Provision for Loan Losses / Total Nonperforming Loans over 60 days

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

9 Funds Raised and Managed R$ Million (*) On June 30, Assets under Management Total Resources Total Deposits CAGR = 19.2%

10 Statement of Income R$ Million Total Assets106,79994,265 86,247 Financial Margin Provision for Loan and Lease Losses Banking Service Fees Personnel + Other Administrative Expenses Equity share from subsidiaries and affiliates Extraordinary Result Net Income 5,472 (932) 2,449 (3,554) (62) (548) 1,490 1 st Semester 4,615 (785) 2,381 (3,350) 128 (545) 1,490 3,885 (943) 2,010 (3,366) 200 (23) 1, With BBA and FIAT 2002 Without BBA and FIAT 23.8%9.3% 42.2%

11 1 st Semester 2002 With BBA and FIAT ,449 Without BBA and FIAT ,381 Mutual Funds Management Fees Collection Current Account Services Tax Collection Interbank Fees Credit Operations Credit Cards Income from Guarantees Provided Income from Administration of Consortium Other Total , Banking Service Fees R$ Million 18.4% 21.8% Banco Fiat contributed with R$ 15 million

12 R$ Million Insurance, Capitalization and Pension Plans (234) (28) (60) (3) Financial Margin Other Revenues / Operating Expenses Banking Service Fees Partial Results of Insurance, Capitalization and Pension Plans Administrative Expenses Tax Expenses Other Operating Income / Operating Expenses Operating Income Non-Operating Income Income before Income Tax Income Tax / Social Contribution Profit Sharing (203) (45) (38) (127) (3) 242Net Income % 1 st Semester

13 Source: Published Financial Statements (*) Banking Revenues: Financial Margin + Banking Services Fees + Income from Insurance Premiums, Pension Plans and Capitalization + Equity in Income of Affiliates Quantity of Shares Adjusted by splits and subscriptions and Excluding Shares in Treasury Base: 1995 = 100 Comparative: Banking Revenues/Share(*) Base: 1995 =

14 Administrative Expenses R$ Million 1,234 2,088 1,165 1,954 1,161 1,850 1 st Semester 2002 Personnel Expenses Other Administrative Expenses 2003 S/ BBA e FIAT 2003 C/ BBA e FIAT 3,3223,1193,011Sub-Total Restructuring 3,5543,3503,366Total

15 R$ Million 1 st Semester Personnel Expenses Administrative Expenses Sub-Total Restructuring Total (Without BBA and FIAT) Salaries % Dollar % IPCA* % Indices Salaries % Total (With BBA and FIAT) 1,165 1, , ,350 3, BBA + FIAT (58) (344) Variation (402) (149) (551) (347) - 1,223 2, Adjusted 3, ,901 - Adjusted Administrative Expenses (*) IPCA = Consumer Prices Index

16 Results Itaú BBA Stock Market Management in different scenarios Sensitivity Analysis - Retail Agenda Earnings per Share International Operations Stock Market Management in different scenarios Sensitivity Analysis - Retail Earnings per Share International Operations Itaú BBA

17 Evolution of Net Income - Semesters (*) On June 30, 2003 R$ Million CAGR Recurring = 37.5% 1,490

18 R$ Million (*) On June 30, 2003 CAGR Recurring = 36.6% 2,377 Evolution of Net Income - Annual

19 Evolution of EPS - Semesters (*) On June 30, CAGR Recurring = 38.3% Decr. Number of Shares (%) = -0.6% R$

20 (*) On June 30, CAGR Recurring = 38.0% Decr. Number of Shares (%) = -1.0% R$ Evolution of EPS - Annual

21 Source: Published Financial Statements Base: 1995 = 100 Market Comparison – EPS Base: 1995 =

22 Source: Published Financial Statements Just for comparison purposes the half-yearly net incomes were multiplied by 2 (EPS Base: 1995 = 100) Base: 1995 = 100 Market Comparison – EPS Base: 1995 =

23 Source: Published Financial Statements Just for comparison purposes the half-yearly net incomes were multiplied by 2 (EPS Base: 1995 = 100) Base: 1995 = 100 Market Comparison – EPS Base: 1995 = Results consistent with the Shareholder Value

24 Results Agenda Stock Market Management in different scenarios Sensitivity Analysis - Retail Earnings per Share International Operations Itaú BBA

25 R$ Million Source: Economática. Period : Dec/98 until Aug Itaú Bradesco Unibanco The largest banks in Brazil Bradesco Itaú Holding Unibanco Stockholders’ Equity Jun/ ,629 10,772 7,601 Consistently the largest Market Capitalization in Brazilian banking sector

26 R$ Daily Average Traded Volume - Liquidity Bovespa + NYSE(*) (*) – Common, Preferred Shares and ADRs (**) – Daily Average until August 21, 2003 CAGR = 47.9% CAGR = 14.9%

27 R$ CAGR = 47.9% CAGR = 14.9% Equivalent to US$ 11 million Aug/03 : Over 10 million ADRs Issued Daily Average Traded Volume - Liquidity Bovespa + NYSE(*) (*) – Common, Preferred Shares and ADRs (**) – Daily Average until August 21, 2003

28 US$ ,094 Itaú (1) Itaú (2) Ibov. 10 years 25.19%20.80%11.57% 5 years 20.76%16.14%-2.32% %71.17%57.35% 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 August 21, 2003

29 Results Agenda Stock Market Management in different scenarios Sensitivity Analysis - Retail Earnings per Share International Operations Itaú BBA

30 TargetPlanned GrowthShareholder Value Anticipating Scenarios Before and After Real Plan Changes in the Approach

31 R$ Million CAGR ) (90-03) = 13.4% 1 st Semester of 2003 Net Income: R$ 1,490 Million (*) June 30, 2003 CAGR (90-02) = 23.9% Evolution of Stockhoders’ Equity and Net Income Sustained Results Growth Evolution of Stockhoders’ Equity and Net Income

32 Real Plan Mexican Crisis Asian Crisis Russian Crisis Real Devaluation Argentine Crisis Collor Plan R$ Million CAGR ) (90-03) = 13.4% Evolution of Stockhoders’ Equity and Net Income Sustained Results Growth Evolution of Stockhoders’ Equity and Net Income 1 st Semester of 2003 Net Income: R$ 1,490 Million (*) June 30, 2003 CAGR (90-02) = 23.9% Jan/90 to Jun/03 Dividends: R$ 4.6 Billion Capital Increase (1) : R$ 0.1 Billion Adaptability to Scenarios

33 R$ Million (*) – August 21, 2003 Banco Itaú Holding Financeira S.A. Market Capitalization Banco Itaú Holding Financeira S.A. CAGR = 23.7%

OperationalTo perform well!To perform efficiently! Anticipating Scenarios Before and After Real Plan TargetPlanned GrowthShareholder Value Changes in the Approach

35 CAGR = 19.0% R$ Million (*) Includes: Electronic Bank, Computers and Peripherals and Telecommunications. Investments in Infrastructure (*)... 1 st Sem/2003 = R$ million Total in the period: R$ 2.2 billion Accounting Value R$ 469 million (06/30/03)

36 ATMs Quantity Branches + CSBs(**) (*) June 30, 2003 (**) – Customer Site Branch CAGR Branches + CSBs = 6.4% Distribution Network Evolution Sustainability Distribution Network Evolution Obs.: 308 Points of Sale in 1972

37 Checking Accounts(**) Checking Accounts Thousand (*) June 30, 2003 CAGR = 6.0% (**) – 1990, 1991 and 1992 : excluded the checking accounts in NCz$ and DER / VOBC

38 Employees (*) June 30, 2003 CAGR = 1.9%

39 1 st Semester 2003 Transactions: 204 Million Customers: 2.9 Million Internet Banking … Creating Efficiency to our Customers Internet Banking

40 Efficiency Ratio(¹) Great efforts to optimize the operational expenses and increase the efficiency (*) 1 st Semester 2003

MarketGrowthFocus Anticipating Scenarios Before and After Real Plan TargetPlanned GrowthShareholder Value OperationalTo perform well!To perform efficiently! Changes in the Approach

42 Market Segmentation Structure Public Sector Very Small Companies Annual Sales < R$ 500 Thousand Private Investments > R$ 1 Million Personnalité Itaú Income > R$ 5,000 Individuals Income > R$ 2,000 “Individual” Specialized Structures With Account Managers Without Account Managers Individuals Companies Small Companies R$ 500Tthousand < Annual Sales < R$ 10 Million Medium Companies R$ 10 Million < Annual Sales < R$ 100 Million Banco Itaú Holding Financeira Banco Itaú-BBABanco Itaú Large Corporations Premium Investor Undertaker Card Holder

43 Loan Operations (*) By Currency Foreign Currency Local Currency Total 13,412 31,174 44,586 (*) Includes Guarantees 15,187 31,203 46,390 10,962 23,877 34, % -0.1% -3.9% 22.3% 30.6% 28.0% R$ Million By Segment Large Companies Very Small, Small and Medium Companies Individuals Credit Card Real Estate Indiv. Comp. - TOTAL 06/30/03 25,830 4,077 9,672 2,809 2, ,586 03/31/03 27,492 4,262 9,751 2,618 2, ,390 06/30/02 19,172 3,400 6,924 2,758 2, ,839 Variation % Jun/03 – Mar/ % -4.3% -0.8% 7.3% -2.7% -9.7% -3.9% Variation % Jun/03 – Jun/ % 19.9% 39.7% 1.9% -13.0% -41.4% 28.0% R$ Million 06/30/0303/31/0306/30/02 Variation % Jun/03 – Mar/03 Variation % Jun/03 – Jun/02

PersonnelGenericSpecialization Anticipating Scenarios Before and After Real Plan TargetPlanned GrowthShareholder Value OperationalTo perform well!To perform efficiently! MarketGrowthFocus Changes in the Approach

45 Evolution of Employees Scholar Level 41.1% ‘

RemunerationFixed StructurePerformance Related Anticipating Scenarios Before and After Real Plan TargetPlanned GrowthShareholder Value OperationalTo perform well!To perform efficiently! MarketGrowthFocus PersonnelGenericSpecialization Changes in the Approach

47 Remuneration – Variable and Fixed 81.3% 18.7% Variable Fixed

RisksAvoidManage Anticipating Scenarios Before and After Real Plan TargetPlanned GrowthShareholder Value OperationalTo perform well!To perform efficiently! MarketGrowthFocus PersonnelGenericSpecialization RemunerationFixed StructurePerformance Related Changes in the Approach

49 Interest Currency Sovereign Risk Before 1994 Government Controlled After 1994 Free Market Market Risk

50 Different Segments Different Risks Before 1994 Same Prices After 1994 Different Prices Credit Risk

Corp. Govern.FormalActive Anticipating Scenarios Before and After Real Plan TargetPlanned GrowthShareholder Value OperationalTo perform well!To perform efficiently! MarketGrowthFocus PersonnelGenericSpecialization RemunerationFixed StructurePerformance Related RisksAvoidManage Changes in the Approach

52 (*) APIMEC – Brazilian Association of Analysts and Investment Professionals of the Capital Markets. Focus on Corporate Governance Apr-00 – Creation of the IR website May-01 – APIMEC* Meeting – 10 hours Jun-01 – Adherence to Bovespa´s Level 1 Jun-02 – Trading and Disclosure Committees 2002 – 11 APIMEC Meetings (Pioneership in Brazil) Transparency Apr-00 – Independent Fiscal Council Apr-01 – Independent Members in the Board of Directors Apr-02 - Tag Along and Reinforcement of the Independence of the Board Jul-02 – Trading and Disclosure Committees Respect to the Minority Shareholders Member of the Dow Jones Sustainability Index since 1999 Feb – Listing of ADR Level II at NYSE + Financial Holding Company status by FED Effective creation of Value to the Shareholders

BusinessesBankingFinancial Services Anticipating Scenarios Before and After Real Plan TargetPlanned GrowthShareholder Value OperationalTo perform well!To perform efficiently! MarketGrowthFocus PersonnelGenericSpecialization RemunerationFixed StructurePerformance Related RisksAvoidManage Corp. Govern.FormalActive Changes in the Approach

54 Income Diversification (1) Sustainability Income Diversification (1) Year Base: 2002 (1)Income: Financial Margin (Expenses with Provision for Loan Losses not Included) + Banking Services Fees + Income from Insurance, Cap. and Pension Plans and Equity income from unconsolidated investments. (2)Credit Cards not included. (3) Own Working Capital included Individuals – 73% Tax Collection – 3% Treasury (3) – 13% Ins./Pension Plans/Cap.– 6% Current Account Services – 6% Funds – 6% Credit Cards – 10% Financial Intermediation (2) - 53% Other – 6% Services Credit Cards – 10% Financial Intermediation (2) - 50% Companies – 27%

55 CAGR = 25.9% Evolution of Credit Cards In Million (*) On June 30, 2003.

56 Market Share by Sales (%) Credit Cards Market Share by Sales (%) Itaucard Credicard Bradesco Banco do Brasil Unibanco % n.d. 10.2% 8.8% 9.7% % n.d. 9.5% 10.1% 9.2% % 27.0% 11.1% 10.5% 8.3% % 24.8% 11.5% 8.1% % 23.4% 11.5% 12.1% 8.7% % 20.8% 11.7% 13.1% 8.6% 2003* 12.8% 18.3% 11.9% 13.8% 7.9% Itaú’s Share in Credicard: 33% (*) On June 30, 2003.

TargetPlanned GrowthShareholder Value OperationalTo perform well!To perform efficiently! MarketGrowthFocus PersonnelGenericSpecialization RemunerationFixed StructurePerformance Related RisksAvoidManage Corp. Govern.FormalActive BusinessesBankingFinancial Services Changes in the Approach IntangiblesNot ManagedManaged Anticipating Scenarios Before and After Real Plan

58 Atualization of the Brand ItaúRevitalization Previous 1992 Current 2003

59 Itaú Bradesco Citibank BankBoston Real ABN Amro Unibanco Banco do Brasil HSBC Santander JP Morgan Institution Average = 5.26 Banking Sector The Most Admired* Banking Sector (*) Source: Carta Capital Magazine / Interscience Ranking in n.d n.d n.d. 1999

60 Source: Datafolha Survey Most Admired Bigger Growth Wish to have an Account Survey – Data Folha Itaú´s Rankings (%)

61 Customers (%)Population (%) Sample researched: Sep/02 = 2,720 Sample: Customers of all banks = 1,041 Most Modern Bank (Top of Mind) Seleções Magazine 2721 Itaú 20 Banco do Brasil 1314 Bradesco 79 Caixa Econômica Federal 43 Unibanco 42 HSBC/Bamerindus 32 ABN/Real 1117 Not known / None

62 Dinheiro Magazine – 06/04/2003 The most Valuable Brand in Brazil Dinheiro Magazine – 06/04/2003 Company Bradesco Banco do Brasil Skol Brahma Petrobras Unibanco Embraer Antarctica Real Sadia Perdigão Value in Value in Itaú9701,093 US$ Million Survey conducted by the British company Interbrand

63 Best Brazilian Bank – Euromoney (6 th year in a row) Main Recognitions Best Brazilian Bank – The Banker (3 rd year in a row) Best Bank in Brazil – Global Finance (2 nd year in a row) Member - Dow Jones Sustainability World Index 2003 (4 th year in a row) 1 st Brand among Latin American Banks and 3 rd Brand – Brandchannel Best Publicly Listed Company – APIMEC Nationwide (1999 and 2001) Hors-Concours in Transparency – Atlantic Rating (5 th year in a row) Best Investor Relations Website in Latin America – Investor Relations Magazine Best Investor Relations Officer – APIMEC Nationwide (1999, 2001 and 2002)

64 Conservative Accounting Practices Total (*)R$ 2.8 billion Additional Provision for Loan LossesR$ 848 million Financial Instruments: Market x Recorded Value (Net of Additional Securities Provision) R$ 894 million Securities R$ 531 millionMarket to Market Additional Provision R$ 545 million Unrealized Amounts June 30, 2003 (*) Explanatory Note 16 (R$ 1,864 million) + Additional Provision for Loan Losses

65 BFB (1995) 281 Banerj (1997) 25 Bemge (1998)297 Banco del Buen Ayre (1998) 123 Banestado (2000) 1,089 BEG (2001) 364 Lloyds Asset Management (2001)160 BBA(2002) 1,343 BBA-Icatu (2002) 51 Fiat (2002) 462 Total 4,195 Goodwill on Acquisitions R$ Million Completely Amortized in the Consolidated

66 US$ Million% Average ROE 23.3% Average ROE 14.4% Average ROE 18.7% (*) ROE of the 1st Semester Annualized Obs.: SE of US$ 49 million in 1972 CAGR SE = 11.7% Average ROE (98-J03) 28% Working Capital: R$ 7,492 million (70% of SE) Evolution of Stockholders’ Equity (SE) and ROE

Anticipating Scenarios Before and After Real Plan TargetPlanned GrowthShareholder Value OperationalTo perform well!To perform efficiently! MarketGrowthFocus PersonnelGenericSpecialization RemunerationFixed StructurePerformance Related RisksAvoidManage Corp. Govern.FormalActive BusinessesBankingFinancial Services Changes in the Approach IntangiblesNot ManagedManaged And what about the future results?

68 Results Itaú BBA Stock Market Management in different scenarios Sensitivity Analysis - Retail Agenda Earnings per Share International Operations Stock Market Management in different scenarios Sensitivity Analysis - Retail Earnings per Share International Operations Itaú BBA

69 Variables Inflation Interest Rate (SELIC) Compulsory over Current Deposits Compulsory over Saving Dep. (TR** + 6% p.a.) Reduction of Spreads Growth in Volumes Controlled Expenses Scenario (*) 9.2% p.a. 26.2% p.a. 45.0% 20.0% Current 5.0% p.a. 12.0% p.a. 25.0% 20.0% (*) Future expectations derived from this sensitivity analysis must consider the risks and uncertainties that involve any activities and are away from the control of the companies of the conglomerate (politic and economic changes, volatility in interest rates and exchange, technology changes, inflation, financial disintermediation, competitive pressures over the products and prices and changes in the applicable regulations). Sensitivity Analysis – Retail (*) (**) Interest Reference Rate

70 Retail Funds Branches Personnalité Small and Middle Companies Credit Cards Vehicles Financing Insurance, Pension Plans and Capitalization Sensitivity Analysis – Retail

71 R$ Million Resources Current SituationScenario (*) Average Balance Financial Margin SpreadAverage Balance Financial Margin Spread Loans - Individuals Loans - Businesses Real Estate Credit Banking Service Fees Total Revenues Insurance Products Provisions Expenses Net Income before tax Return on Capital maintained over 20% (*) Future expectations derived from this sensitivity analysis must consider the risks and uncertainties that involve any activities and are away from the control of the companies of the conglomerate (politic and economic changes, volatility in interest rates and exchange, technology changes, inflation, financial disintermediation, competitive pressures over the products and prices and changes in the applicable regulations). Sensitivity Analysis – Retail (*)

72 Results Agenda Stock Market Management in different scenarios Sensitivity Analysis - Retail Earnings per Share International Operations Itaú BBA

* Vice-Presidents Management levels to Client Nº of Employees Executive Share- holders Regional Directors Commercial Superintendents Officers (73% of the total) Corporate Bank Itaú BBA – Structuring the Bank (*) 12 executives invited to become shareholders

74  Name / Reputation  Solid Capital Base  Ability to Attract and Retain the Best Talents  Being independent enables differentiated HR policies to generate motivation  Streamlined and informal structure makes for versatility and responsiveness  Broad range of products  Focus on creating value for shareholders Summary of Structure and Market Position

75  Challenge overcome  Minimal loss of staff  Readily accepted by clients Principal Challenge: Integration  Lacks the inertia of retail results  Builds its results anew each quarter  Ability to adapt to circumstances  Competitive in all market segments Wholesale Bank Challenges and Opportunities

76  Improvement in credit quality  Lower losses and provisions  Higher volumes  Increase in Capital Markets operations Compensating Factors  Falling spreads  Lower volatility reduces Treasury gains  Falling interest rates Adverse Factors Challenges and Opportunities

77  Maintain the high return on equity Responsibilities  To fully exploit the potential for cross-selling  To multiply volumes and processing capacity  To apply creativity to undifferentiated products  Capital Market and M&A  Well positioned to grow with the market  Well developed structure for origination and distribution of securities Opportunities Challenges and Opportunities

78 The consolidated balance sheets have been translated into US dollars (US$), to facilitate the understanding by foreign readers, for the prevailing exchange rate provided by Brazilian Central Bank´s as of June 30, 2003 (R 2.872/US$ 1). This translation should not be interpreted, at any time, as the ammounts in Reais converted into US$ dollars. Tre transition of the corporate finance operations of Banco Itaú S.A. (“Itaú”) to Banco Itaú-BBA S.A. (“Itaú-BBA) is currently being undertaken. Assets booked with corporate sector clients are still on the books both itaú and Itaú-BBA. The assets booked at Itaú will be transfered to Itaú-BBA over the coming months. In July 2003, Fináustria (car finance) and BBA Investimentos (asset management) were sold to Itaú. US$ Million Itaú- BBA 5,680 8,881 3,447 10,954 2, , Cash + Liquidity Securities Interbank Relations Net Credit Operations Foreign Exchange Other Receivables Others Investments Permanent Assets Balance Sheet 977 1, , Itaú 5,680 8,881 3,447 10,954 2, , Itaú Holding Assets Itaú- BBA 12,126 4,090 1,771 1,865 4,377 1,876 7, ,751 Deposits Open Market and others Accept./Issue - Securities Foreign Exchange Borrowings/On-Lending Tech. Prov Ins/Cap/Pens. Other Liabilities Minority Interest Stockholders` Equity 1, , Itaú 12,140 4,090 1,771 1,865 4,377 1,876 7, ,736 Itaú Holding Liabilities Total Liabilities5,59937,18537,186Total Assets5,59937,18537,186

79 The consolidated balance sheets have been translated into US dollars (US$), to facilitate the understanding by foreign readers, for the prevailing exchange rate provided by Brazilian Central Bank´s as of June 30, 2003 (R 2.872/US$ 1). This translation should not be interpreted, at any time, as the ammounts in Reais converted into US$ dollars. Tre transition of the corporate finance operations of Banco Itaú S.A. (“Itaú”) to Banco Itaú-BBA S.A. (“Itaú-BBA) is currently being undertaken. Assets booked with corporate sector clients are still on the books both itaú and Itaú-BBA. The assets booked at Itaú will be transfered to Itaú-BBA over the coming months. In July 2003, Fináustria (car finance) and BBA Investimentos (asset management) were sold to Itaú. US$ Million Itaú-BBA 2,929 (565) (1,238) 1,126 1,087 (351) (191) (61) Operating Margin Operating Expenses Administrative Expenses Net Operating Income Income before tax and participations Income Tax and Social Contribution Extraordinary Result Profit Sharing Minority Interest Net Income Income Statement 270 (60) (51) (83) - (14) Itaú 2,922 (566) (1,237) 1,119 1,080 (352) (190) (60) Itaú Holding 1st Semester 2003

80 Pro-Forma Balance Sheet The operations of Itaucorp were incorporated on a preliminary basis in order to demonstrate approximately what Banco Itaú-BBA will be after all the migrations between segments have terminated. There are still adjustments to be made. Forecasts based on this exercise should therefore bear in mind the already mentioned risks and uncertainties as well as those that are beyond the control of the companies comprising the Itaú conglomerate (political and economic change, volatility in interest and exchange rates, technological change, inflation, financial disintermediation, competitive pressures on products and prices and changes in tax law). R$ Million LIABILITIES Banco Itaú-BBA Pro Forma Deposits Open market liabilities Loan liabilities Pass-through loan liabilities Other liabilities Deferred income Capital Balance Sheet at June ASSETS Banco Itaú-BBA Pro Forma Cash, Interbank placements and securities Loans Bad Debt Provision Other Assets Fixed Assets TOTAL ASSETS 9,290 17,637 (574) 1, ,876 15,565 2,368 2,848 1,204 2, ,630 TOTAL LIABILITIES 27,876

81 The operations of Itaucorp were incorporated on a preliminary basis in order to demonstrate approximately what Banco Itaú-BB A will be after all the migrations between segments have terminated. There are still adjustments to be made. Forecasts based on this exercise should therefore bear in mind the already mentioned risks and uncertainties as well as those that are beyond the control of the companies comprising the Itaú conglomerate (political and economic change, volatility in interest and exchange rates, technological change, inflation, financial disintermediation, competitive pressure on products and prices and changes in tax law). R$ Million INCOME STATEMENT 1 st Half of 2003 Banco Itaú-BBA Pro Forma 1,252 (174) 1, (276) 922 (415) 507 3, % Financial margin Bad debt provision Gross income from Financial Intermediation Fee income Administrative Expenses Income before tax and participations Income Tax and Social Contribution Net Income Net Worth ROE (%) Pro-Forma Income Statement

82 Results Agenda Stock Market Management in different scenarios Sensitivity Analysis - Retail Earnings per Share International Operations Itaú BBA

83 International Operations Specialization Mass technology Reaching a bigger base of clients Volume Specialization Differentiated Structure New Products Sofistication Timing Volume Keep the Profitability Focus on Segmentation Corporate Middle Market and Retail Segmentation Cross Selling

Export Import Financial Total Interbank Total Foreign Exchange Arbritage 3,223 3,533 6,758 13,514 16,609 30, (*) 1 st Half ,683 1,712 4,492 7,887 19,035 26, US$ Million Volume of Foreign Exchange Contracts (*) 1 st half 2002 Itaú + BBA

85 Total Amount (U$ Million) = 815,00 Banco Itaú Amount USD Million Maturity Original tenor (month) Coupon Spread Over UST (bps) Lead Manager jul may feb jan % 5.000% 6.000% 6.250% NOMURA / L+0.63% / AAA / Securit. / Av.Life:3.87YR NOMURA / Aaa / A1+ / F1+ / Securit. / Av.Life:0.42YR STD BANK / ITAU BANK / BIE ITAU / BNPPAR Lux-Euro ITAU BANK Banco Itaú-BBA Amount USD Million Maturit y Origina l tenor (month) Coupo n Spread Over UST (bps) Lead Manager jul apr % 5.250% ITAU BANK / STD BANK / with US$ Constraint / Regs Only ITAU BANK / BIE / With US$ Constraint / Regs Only Intl Debt Capital Market Issues (YTD) SUB TOTAL

86 Banco Itaú S.A.: Largest Brazilian Bank Issuer in 2002 Inlt Debt Capital Market Issues – 2002 Banco Itaú S.A.: Largest Brazilian Bank Issuer in 2002 Total Amount (U$ Million) = 900,00 Banco Itaú Amount USD Million Maturity Original tenor (month) Coupon Spread Over UST (bps) Lead Manager dec jul apr mar feb % 1.890% 6.750% 2.980% 6.000% ITAU BANK BAS - Sole Dresdner BAS / Sole BNPPAR Banco Itaú-BBA Amount USD Million Maturity Original tenor (month) Coupon Spread Over UST (bps) Lead Manager jun apr feb % 7.500% 6.750% ML-Sole WESTLB BNPPAR SUB TOTAL

87 Securities Duration Spread

88 2,110 6,657 7,636 7,147 Itaú Desks Secondary Trading History bet & 2003 U$ Million Itaú desks: São Paulo, Broker Dealer (NYC), Banco Itau Europa (London) Itaú: 11.24% of the turn over of Brazilian Corporate Issues (non-sovereign) for the first half of (Source: EMTA – Emerging Markets Trading Association)

89 Foreign Trade Finance Market in Brazil Ranking by Assets including Proex and BNDES Exim TOP 5 BANKS Position In USD Bi 3.0 Bi 2.92 Bi 2.91 Bi 2.7 Bi Banco do Brasil Banco Itaú / Itaú-BBA Bradesco / BBV ABN Amro Real BankBoston Itaú + Itaú-BBA data in the foreing trade finance market in Brazil Number of Correspondents Banks: 120 Trade Facilities: USD 2.4 Bi Total Facilities (Trade + Clean + Multilateral Finance): USD 2.7 Bi

90 Country Distribuition of Total Facilities Spain – 4.7% Switzerland – 1.7% United Kingdom – 6.2% USA – 39.4% Scandinavian – 2.0% Portugal – 3.1% Japan/Australia – 4.0% Netherland – 7.5% Latin America – 9.1% Italy – 0.7% Norway/Denmark – 0.5% Middle East – 0.4% Germany – 11.1% France – 5.0% Canada – 4.0% Austria – 0.4%

91 Banco Itaú Holding Financeira S.A. September, 2003