1. Banco Itaú Holding Financeira S.A. -------------- Banco Itaú Holding Financeira S.A. January 19-21, 2005 Cancún, Mexico Presentation to: 9 th Annual Latin American Conference Silvio de Carvalho Executive Director

2. Banco Itaú Holding Financeira S.A. 2  Scenario in Brazil  Credit Perspectives  Regulatory Environment  Brazilian Banking System  Itaú Holding  Highlights  3 rd Quarter 2004 Results  New Initiatives in Consumer Credit  Competition  Sensitivity Analysis

3. Banco Itaú Holding Financeira S.A. 3 Brazilian Macroeconomic Scenario High volatilityLower volatility High interest ratesDeclining interest rates Brazil riskStable risk Low growth Moderate and sustained growth Economic InstabilityPolitical Stability A Change of Perspective Pre- 2002 Post- 2003

4. Banco Itaú Holding Financeira S.A. 4 Spread Decomposition Source: Costa and Nakane, 2004 Administrative Expenses 28.3% Bank´s profits 23.5% Compulsory (Time Dep.) 0.3% Default 27.3% Direct Taxes 10.3% Indirect Taxes 2.0% Compulsory (Demand Dep.) 8.0% FGC* 0.2% Banking Spread Decomposition Sample: 98 public and private banks (*) FGC = Fundo Garantidor de Crédito (Credit Guaranteeing Fund)

5. Banco Itaú Holding Financeira S.A. 5 Reserve Requirements X Spread Source: Brazilian Central Bank

6. Banco Itaú Holding Financeira S.A. 6 Reserve Requirements over Demand Deposits Interest-bearing Non Interest Bearing Source: Central Banks 53%

7. Banco Itaú Holding Financeira S.A. 7 Credit Operations X Spread Source: Brazilian Central Bank R$ Billion%

8. Banco Itaú Holding Financeira S.A. 8 Penetration of Consumer Loans As a % of the GDP Source: Central Bank and CSFB estimates

9. Banco Itaú Holding Financeira S.A. 9 Banking sector view Common ground among Itaú Holding, Bradesco and Unibanco (*)  Macroeconomic outlook is positive, although micro economic and reforms agenda still need to be achieved;  Focus on credit, particularly in consumer finance;  Spreads will be reduced, but tax burden is still an obstacle;  Consolidation will occur in niches, organic growth and strong capital base are key to the future of the banks;  Foreign banks: likely to increase their participation in the Brazilian banking sector. (*) Source: Interviews with CEOs published on Valor Econômico newspaper in December 2004 and January 2005

10. Banco Itaú Holding Financeira S.A. 10 Banking sector view Common ground among Itaú Holding, Bradesco and Unibanco (*)  Macroeconomic outlook is positive, although micro economic and reforms agenda still need to be achieved;  Focus on credit, particularly in consumer finance;  Spreads will be reduced, but tax burden is still an obstacle;  Consolidation will occur in niches, organic growth and strong capital base are key to the future of the banks;  Foreign banks: likely to increase their participation in the Brazilian banking sector. (*) Source: Interviews with CEOs published on Valor Econômico newspaper in December 2004 and January 2005 Antonio Palocci (*) Privatization will continue – next state bank in line is BEC (Banco do Estado do Ceará); Insurance and Reinsurance sectors likely to be privatized. (*) Interview published on Valor Econômico (Jan. 3, 2005) + Autonomy of the Central Bank

11. Banco Itaú Holding Financeira S.A. Laws approved in 2004  PPPs (Public-private partnerships)  Bankruptcy Law (still pending presidential sanction)  Judicial system reform*  Incentive to civil construction  New electric sector model  Destination of CIDE (tax over fuel)** *Approved external control and other measures to reduce bureaucratization. Pending issues like nepotism yet to be discussed by the Congress. ** Was part of the tax reform.

12. Banco Itaú Holding Financeira S.A. 12 Brazilian Banking System Macro CharacteristicsMicro Scenario  Huge fixed costs  Cost reduction / efficiency  Strongly capitalized  Room for growth in credit  Satisfactory level of provisioning  Conservative approach  Advanced risk management  Advanced banking supervision; preparation for Basel II  Importance of banking service fees  Specific for each segment  Profitable  Target: to keep profitability in lower margins scenario  Orientedo to services  Intensive use of technology, focused on self-service and Internet  All bills are paid in the banks  Huge transaction volumes  High spreads  Falling due to decline in interest rates  Dimension  Differentiated needs  High reserve requirements  High impact over spreads

13. Banco Itaú Holding Financeira S.A. 13 1.Citigroup 2.Crédit Agricole Group 3.HSBC Holdings 4.Bank of America Corp. 5.JP Morgan Chase & Co. 6.Mizuho Financial Group 7.Mitsubishi Tokyo 8.Royal Bank of Scotland 9.Sumitomo Mitsui 10.BNP Paribas 20. ABN AMRO Bank 109. Bradesco 113. Bank of Taiwan 114. Banco Itaú 116. Standard Bank Group 117. Banco do Brasil 171. Unibanco December 2003 Assets 1,264 1,105 1,034 736 771 1,285 975 806 950 989 668 61 70 41 81 80 24 US$ Billion 2 nd 4 th 5 th 15 th 13 th 1 st 8 th 10 th 9 th 7 th 18 th 139 th 125 th 197 th 115 th 117 th 268 th Rank BIS 12.0 % 10.5 % 12.0 % 11.9 % 11.8 % 11.4 % 13.0 % 11.8 % 11.4 % 12.9 % 11.7 % 19.9 % 14.6 % 19.8 % 14.8 % 13.7 % 18.6 % Index 67 55 44 43 38 37 35 34 32 23 5 4 2 SE (1) US$ Billion ROA % 167 th 633 rd 401 st 154 th 382 th 638 th 536 th 361 st 755 th 569 th 510 th 309 th 816 th 17 th 283 rd 169 th 84 th Rank (*) Source: The Banker Top 1000 - July/04 (1) Stockholder´ Equity 2.1 % 0.7 % 1.2 % 2.2 % 1.3 % 0.7 % 0.9 % 1.4 % 0.4 % 0.8 % 0.9 % 1.5 % 0.3 % 4.7 % 1.6 % 2.1 % 2.8 %

14. Banco Itaú Holding Financeira S.A. 14 Stockholders’ Equity, Net Income and Market Capitalization Banco Itaú Holding Financeira S.A. R$ Million September 2004 Net Income: R$ 2,745 million Stockholders´ Equity: R$ 13,471 million Market Capitalization: R$ 34,959 million

15. Banco Itaú Holding Financeira S.A. 15 Financial Ratios (%) Banco Itaú Holding Financeira S.A. (*) Annualized Ratios

16. Banco Itaú Holding Financeira S.A. 16 R$ Million Asset Evolution Banco Itaú Holding Financeira S.A. CAGR: 23.1%

17. Banco Itaú Holding Financeira S.A. 17 Points of Sales BFB ATMs Branches+CSBs* Banco Itaú Holding Financeira S.A. sep/04 (*) CSBs = Customer-site Branches

18. Banco Itaú Holding Financeira S.A. 18 BFB Growth in number of Customers With acquisitions Banco Itaú Holding Financeira S.A. In Million

19. Banco Itaú Holding Financeira S.A. 19 Internet Banking (*) Actual data available until September 2004, annualized data.

20. Banco Itaú Holding Financeira S.A. 20 Results 2. Growth of credit portfolio in the quarter: Small and Medium Sized Companies 9.6% and Individuals 10.7%; 6. Technical Provisions of Pension Plans: R$ 7.7 billion – Growth of 307.7% in the last 24 months against 123.5% of market growth in the same period; 7. Full Amortization of Goodwill related to the association with Companhia Brasileira de Distribuição in the amount of R$ 349 million after tax effects; 3. Net interest margin maintained: small growth to 13.0% in the 3 rd Quarter/04 from 12.5% in the 2 nd Quarter/04; 4. Provisions maintained:  Additional provision for Securities of R$ 600 million;  Exceeding provision for loan losses of R$ 1,000 million; 1. Results: Net Income of R$ 920 million with a decrease of 3.1% in relation to previous quarter; ROE 30.3%; Net income per thousand shares of R$ 8.13; Recurring net income of R$1,226 million; Recurring ROE 41.7%; 5. Insolvency: Nonperforming Loans Ratio presented a positive evolution, reaching 3.2%, against 3.5% on June 30, 2004;

21. Banco Itaú Holding Financeira S.A. 21 2nd Q/04 3rd Q/04 Jan-Sep/03 Var % 2.673Net Interest Margin2.4577.5038.1638,8%-8,1% Highlights Jan-Sep/04 13,0%Net Interest Margin (%)12,5%12,2%14,3%-- (402)Loan Loss Expenses(383)(1.148)(1.592)5,0%-27,9% 1.508Banking Service Fees1.4544.3663.7783,7%15,6% (1.886)Personnel+Adm Expenses(1.826)(5.481)(5.334)3,3%2,8% (305)Extraordinary Result-(301)(563)--46,5% 920Net Income9492.7452.298-3,0%19,5% 1.226Recurrent Net Income9493.0462.86129,2%6,4% 8,13Net Income / 1,000 shares8,3824,2420,06-3,1%20,9% 13.471Stockholders’ Equity12.78713.47111.4645,3%17,5% 30,3%ROE (%)33,1%28,1%27,6%-- 2,7%ROA (%)3,1%2,7%2,6%-- 34.959Market Capitalization30.48534.95925.69114,7%36,1% R$ Million (Except where indicated)

22. Banco Itaú Holding Financeira S.A. 22 Resources to the Economic Agents 15,279 31,114 9,609 21,505 4,666 51,059 9,369 11,216 20,585 71,644 Individuals Loans to Companies Small and Medium Sized Corporate Compulsory Loans (*) Total - Loans Public Securities Private Securities Total - Securities Total Jun 30, 04 13,789 30,855 8,768 22,088 4,068 48,713 10,738 10,745 21,484 70,197 12,777 27,768 6,787 20,982 4,036 44,581 14,784 8,564 23,348 67,929 Sep 30,04 10.7% 0.8% 9.6% -2.6% 14.7% 4.8% -12.8% 4.4% -4.2% 2.1% Var Sep04/ Jun04 Dec 31, 03 R$ Million 19.6% 12.0% 41.6% 2.5% 15.6% 14.5% -36.6% 31.0% -11.8% 5.5% Var Sep04/ Dec03 (*) Rural Loans and Mortgage – Loans linked to the availability of Demand deposits and Savings deposits.

23. Banco Itaú Holding Financeira S.A. 23 (*) September 30, 2004. Credit Operations R$ Million CAGR: 21.2% CAGR: 22.3%

24. Banco Itaú Holding Financeira S.A. 24 (*) Endorsements and sureties included. R$ Billion Credit Portfolio by Currency (*) Case the foreign exchange rate had kept the level of June 30, 2004, the credit portfolio would reach R$ 52,172 million on September 30, 2004. Growth of 2.3% Growth of 9.4% R$ 42.7 R$ 44.1 R$ 44.8 R$ 48.7 R$ 51.1 (US$ 4.3) (US$ 4.2)(US$ 4.1) (US$ 4.4) (US$ 4.5) Growth of 4.9%

25. Banco Itaú Holding Financeira S.A. 25 (*) Provision for Loan Losses / Total Nonperforming Loans Nonperforming Loans and Coverage Ratio We are not expecting an ongoing improvement in these indicators, because of the focus on credit products with higher margins, but, at the same time, with a higher credit risk.

26. Banco Itaú Holding Financeira S.A. 26 R$ Million Banking Service Fees 3 rd Q/04 358 303 282 234 180 151 1,508 2 nd Q/04 333 312 266 219 182 142 1,454 Jan-Sep/04 1,036 904 791 649 565 422 4,366 Jan-Sep/03 966 743 715 485 515 355 3,778 Var 3Q4 -2Q04 7.5% -2.9% 6.0% 6.7% -1.1% 6.4% 3.7% Var 9 months 7.3% 21.7% 10.6% 33.8% 9.7% 18.9% 15.6% Asset Management (*) Current Account Services Credit Cards Sureties and Credits Granted Collection Services Other Total (*) Mutual Funds and Consortium.

27. Banco Itaú Holding Financeira S.A. 27 Personnel Expenses Other Administrative Expenses Reorganization Total 770 1,041 75 1,886 725 1,034 66 1,826 R$ Million Administrative Expenses Strong Cost Control 2,191 3,071 219 5,481 2,009 2,990 335 5,334 6.2% 0.7% 13.6% 3.3% 9.1% 2.7% -34.6% 2.8% 3 rd Q/042 nd Q/04Jan-Sep/04Jan-Sep/03 Var 3Q4 -2Q04 Var 9 months

28. Banco Itaú Holding Financeira S.A. 28 Efficiency Ratio (Non-interest expenses) (1) (Net interest margin + Banking Service Fee + Partial results of Insurance, Capitalization and Pension businesses + Other operating results - PIS/COFINS taxes) Efficiency Ratio (new model) = (1) Personnel expenses + Other Administrative Expenses + Other Operating Expenses + Non-interest-related Tax Expenses 75.6% 58.2% 65.3% 71.6% 67.1% 66.8% 65.3% 62.0% 58.6% 54.9% 62.1% 55.9%

29. Banco Itaú Holding Financeira S.A. 29 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 09/30/04 2,366 10 782 600 182 309 691 87 133 354 06/30/04 2,265 3 663 600 63 276 672 80 129 441 R$ Million 1,486 8 594 545 49 193 414 1 56 221 09/30/03 Stockholders’ Equity Stockholders’ Equity Financial Instruments – Market Value (1) Tax effects not considered. (2) Includes unrealized minority interest gains in Equity of R$ 284 million in Sep/04, R$ 276 million in Jun/04 and R$ 170 million in Sep/03.

30. Banco Itaú Holding Financeira S.A. 30 Banco Itaú 814 8,182 46.2% 27,559 115,882 213 3,814 24.2% 23,500 38,464 Net income Tier I Allocated Capital ROE (%) Credit Portfolio (*) Total Assets 778 7,499 48.4% 25,116 97,866 198 3,539 24.3% 23,597 36,161 3 rd Q/042 nd Q/04 (*) Endorsements and sureties included. R$ Million Pro Forma Corpo- ration (27) 1,749 -6.1% - 5,690 Corpo- ration (107) 1,474 -25.9% - 4,986 Note.: The Consolidated figures do not represent the sum of the parts because certain intercompany transactions were eliminated only at the Consolidated level. Conso- lidated 920 13,471 30.3% 51,059 138,520 Conso- lidated 949 12,787 33.1% 48,713 122,760 Banco Itaú BBA Banco Itaú Banco Itaú BBA

31. Banco Itaú Holding Financeira S.A. 31 Net Income Banco Itaú S.A. 213 (107) 814 3Q 04 920 Banco Itaú BBA S.A. Corporation Total Corporate Diversification of income sources Not dependent only on interest rates

32. Banco Itaú S.A. 32 5,388 6,086 7,689 8,320 9,267 Technical Provisions of Pension Plans – growth of 92.3% from Sep/2003 to Sep/2004 R$ Million 10,048 Technical Provisions of Insurance, Capitalization and Pension Plans

33. Banco Itaú S.A. 33 Growth of 28.9% in the volume of Mutual Funds and Managed Portfolios in relation to September/2003 Volume of Mutual Funds and Managed Portfolios R$ Billion Mutual Funds and Managed Portfolios

34. Banco Itaú BBA 34 3 rd Q/04 410 27 83 (104) (150) (55) 213 3,814 24.2% 2 nd Q/04 327 (7) 76 (89) (27) (83) 198 3,539 24.3% Var 3Q04 -2Q04 25.5% - 9.2% 17.5% 461.5% -34.9% 7.3% 7.8% - R$ Million Pro Forma – Banco Itaú-BBA 3 rd Q/03 391 (164) 67 (88) (76) (28) 102 3,078 13.9% Var 3Q04 -3Q03 4.7% - 24.6% 18.5% 97.3% 86.0% 109.5% 23.9% - Net Interest Margin Result from Loan Losses Service Fees Administrative Expenses Tax Income and Social Contribution Other Net Income Tier I Allocated Capital ROE (%)

35. Banco Itaú BBA 35 Sep 30, 04 152 18,872 0.8% Nonperforming Loans (NPL) Credit Portfolio (*) NPL Ratio (%) Jun 30, 04 226 18,954 1.2% Variation -32.7% -0.4% Itaú BBA has a high quality credit portfolio with 96.6% of volume classified as “AA”, “A” and “B”. R$ Million Nonperforming Loans – Banco Itaú-BBA (*) Endorsements and Sureties not included.

36. Banco Itaú Holding Financeira S.A. 36 Small Companies R$ 500 thousand < Annual Sales < R$ 10 Million Itaú 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 Individuals Without Account Manager Individuals Companies Middle Market R$ 10 Million < Annual Sales < R$ 100 Million Banco Itaú Holding Financeira Banco Itaú-BBABanco Itaú Large Corporations Premium Investor Entrepreneur Card Bearers With Account Manager Specialized Structures + Non-customers:

37. 37 Three different store models: Independent, Annex and Corner. Taií Store

38. 38  New Brand Name (Itaú-based).  Focus on lower income consumers.  Proprietary platform.  Operation launched in June/04 with 3 branches in São Paulo (nowadays 30).  Forecast to be operating with 150 branches by end-2005.  Uses the Itaú ATM network.  Diversifies credit-related revenues.  Responsive and efficient.

39. 39 Initial Results Number of Customers : 13,136 R$ thousand 2.963 (*) Usage / Limits granted = 96% Total Limits granted Usage 3,139 2,070 1,340 386 1.926 1.236 310 4.401 4,588 (*)

40. Partnership Itaú - CBD 40 The Structure of Financeira Itaú CBD S.A. “Financeira Itaú CBD” A better and broader financial service and product range for CBD customers Initial equity: R$ 150 million 50% Itaú-CBD Joint Venture

41. Partnership Itaú - CBD 41 Growth forecasts for Financeira Itaú CBD S.A. Consumer Credit Contracts Private Label cards Credit Cards 3 Personal loans 580 thou 3.3 million 480 thou - (1) On March 31 2004. (2) Compound Average Annual Growth Rate (3) Widely accepted credit cards Number of CAGR 2 Year 10 Number of Current 1 3,519 thou 9.3 million 2,646 thou 1,600 thou 22.2% 12.2% 20.9% Internal Rate of Return = 20% The joint venture is expected to start contributing to Itaú’s results after the third year Itaú-CBD Joint Venture

42. Partnership Itaú - CBD 42  Operating synergy gains  A better and broader financial product and service range for CBD cutomers  Private Label Credit Cards  Other widely accepted credit cards  Consumer credit  Personal loans  Financial service desks to be installed at all 555 existing stores plus any subsequently opened by CBD. Itaú-CBD Joint Venture: Characteristics

43. Partnership Itaú - CBD 43 Strategy  Greater focus on consumer credit  Long-term partnership: 20 years, extendable  Itaú responsible for operations  Exclusivity as regards financial products and services for CBD customers  Powerful partnership = Stronger commercial relations Goodwill of R$ 380 million totally amortized in the 3Q04 income statement Itaú-CBD Joint Venture

44. Banco Itaú Holding Financeira S.A. 44 Banco Itaú Holding Financeira S.A. The Credicard Conglomerate Credit Card issuer Relationship with Commercial Establishments Transaction processor Largest credit card issuer in Brazil, with an 18.8% market share by transaction volume; Number of cards: 7.6 million in September 2004. Exclusive capture and transmission of the credit and debit card transactions of issuers like Mastercard, Redeshop and Diners; Deals directly with sales points. Leader in the credit card processing industry in Brazil, serving approx. 16.1 million cards; Diversification of its product range to include any clients accepting cards as a means of payment.

45. Banco Itaú Holding Financeira S.A. 45 Banco Itaú Holding Financeira S.A. Attractiveness of the business Brazilian Credit Card Market Source: ABECS – Brazilian Association of Credit Card and Related Service Companies (*) As of September 2004. Transaction data on an annualized basis. CAGR = 15.8% CAGR = 22.3%

46. Banco Itaú Holding Financeira S.A. 46 Banco Itaú Holding Financeira S.A. Credicard Banco S.A. New Shareholder Structure BeforeAfter Itaú 33.33% Unibanco 33.33% Citigroup 33.33% Itaú 50% Citigroup 50%

47. Banco Itaú Holding Financeira S.A. 47 Banco Itaú Holding Financeira S.A. (50%) (*) Credicard Banco S.A. Contribution to Itaú + As of September 30 2004 (50%) (*) Number of Cards Revenues (1) Receivables Number of Accounts Market Share - Nr. of cards (2) Market Share – Revenues (2) 6.6 million R$ 8.9 billion R$ 2.1 billion 4.3 million 12.9% 12.2% 7.6 million R$ 13.7 billion R$ 3.8 billion 5.2 million 14.9% 18.8% 10.3 million R$ 15.1 billion R$ 3.8 billion 6.9 million 20.1% 20.7% (1) Revenues year-to-date September 2004 (2) Source: ABECS – Brazilian Association of Credit Card and Related Service Companies (*) Credicard’s proprietary cards only

48. Banco Itaú Holding Financeira S.A. 48 Additional Investment in Credicard and Acquisition of Orbitall  Reinforces Itaú’s strategy for the credit card market;  Increases synergies from larger-scale card issuance and transaction processing;  Diversifies range of processing services related to the use of cards as a means of payment;  Expressive increase in market share: by number of credit cards climbed from 12.9% to 20.1% on a 51.1 million cards market.

49. Banco Itaú Holding Financeira S.A. 49 Operational Agreement with Banco BMG 12/09/2004 Focus in growing loan operations to individuals  BMG – traditional financial institution specialized in credit facilities reimbursable through payroll deductions to government employees, private sector employees and pensioners or their survivors receiving benefits from the Brazil's Social Security Institute – INSS;  Agreement valid for 3 years involving line of credit of at least R$ 1.5 billion (beginning with R$ 500 Million + R$ 100 Million/month);  Growth in its personal loan portfolio, especially as regards its sales channel for its consumer credit products (Financeira Taíí);  The possibility of offering innovative financial products and services to BMG's customers (insurance, pension plans, capitalization, credit cards and others) through over 15 thousand BMG´s points of sales.

50. Banco Itaú Holding Financeira S.A. 50 Banco Intercap S.A. 12/13/2004  Acquisition of approximately R$ 184 million of vehicle finance loans from Banco Intercap;  Represents a client base of 178 thousand clients, of which 55 thousand currently holding vehicle loans;  Acquisition of a sales promotion company, which is the vehicle that generates the credits, comprising systems, contracts with stores, a staff of specialists in analyzing credit for this specific segment, plus a dedicated commercial structure, for R$ 65.5 million. Vehicles Financing Portfolio Points of Sale Employees R$ 5,269 Million 9,945 1,318 R$ 184 Million 1,153 130 R$ 5,453 Million 11,098 1,448 +

51. Banco Itaú Holding Financeira S.A. 51 134.2 Retail Loans 143.3129.,8111.9 Loans to micro/small/med co’s. 276.5161.4109.0 Loans to large corporates 98.280.0152.7 Mutual Funds/Assets under mgt. 170.8169.1123.2 Personnel and Admin. Expenses 104.5118.3109.5 Loan Loss Provision (Assets) 92.875.3152.5 Service Fee Income 143.1125.6151.1 Net Income 162.7122.0108.1 Annualized ROE 103.795.1150.0 Net Income per Employee 166.7118.5101.7 Efficiency Ratio (*) 90.0111.0137.9 Earnings per share 159.8120.4 128.2 Total Assets 140.1114.5 Jan 04 to Sep/04 Itaú Holding x Bradesco x Unibanco Base date Sep/02 = 100 Jan 04 to Sep/04 Jan.04 to Sep/04 (*) According to the new model.

52. Banco Itaú Holding Financeira S.A. 52 Sensitivity Analysis – Retail (*) Assumptions Inflation Interest rates (Selic) Res. requirements - demand deposits Res. requirements – savings (TR+ 6% p.a.) Reduction in Spreads Increase in Volume Costs under Control Scenario post- 2005(APIMEC 2003) 9.2% p.a. 26.2% p.a. 45.0% 20.0% Actual 2003 5.0% p.a. 12.0% p.a. 25.0% 20.0% (*) Expectations from reading this sensitivity analysis should take into account the risks and uncertainties inherent in any form of economic activity and which are beyond the Itaú Conglomerate’s control (political and economic changes, interest and exchange rate volatility, technological change, inflation, financial disintermediation, competitive pressures on products and pricing and changes in the tax regime). Actual Sep/04 7.1% p.a. 16.0% p.a. 45,0% 20,0%

53. Banco Itaú Holding Financeira S.A. 53 (*) Expectations from reading this sensitivity analysis should take into account the risks and uncertainties inherent in any form of economic activity and which are beyond the Itaú Conglomerate’s control (political and economic changes, interest and exchange rate volatility, technological change, inflation, financial disintermediation, competitive pressures on products and pricing and changes in the tax regime) Financial Resources Retail loans Corporate loans Real Estate Finance Service Fee Revenue Banking Revenues Securities-related Loan Loss Allowance Costs Pre-tax net income Actual 2003 100 Av. balance 100 Fin. Margin 100 Spread 100 Scenario post-2005 (APIMEC 2003) 130 Av. balance 154 149 152 91 Fin. Margin. 96 98 130 123 101 166 94 120 87 70 Spread 58 62 85 Actual Sep/04 121 Av. balance 122 177 87 74 Fin. Margin. 115 150 39 106 100 118 52 110 102 60 Spread 93 82 45 Sensitivity Analysis - Retail (*)

54. Banco Itaú Holding Financeira S.A. 54 Banco Itaú Holding Financeira S.A. US$ 100 800 192 1.145 Russian Crisis Real Devaluation Mexican Crisis Asian Crisis Argentine Crisis Attack to WTC Itaú (1) Itaú (2) Ibov. 10 years 27.60%23.12% 6.75% 5 years 20.05%15.75%0.65% 2004 64.36%58.79%28.23% Annual Average Appreciation in US$ (1) With reinvestment of dividends (2) Without reinvestment of dividends Appreciation of the Preferred Shares Evolution of US$ 100 Invested from December 1994 to December 2004 Electoral Period

55. Banco Itaú Holding Financeira S.A. -------------- Banco Itaú Holding Financeira S.A. January 19-21, 2005 Cancún, Mexico Presentation to: 9 th Annual Latin American Conference Silvio de Carvalho Executive Director