1. 0 Banco Itaú Holding Financeira S.A. Presentation to: Silvio de Carvalho Executive Director September 2-5, 2003 New York

2. 1 Earnings per Share Stock Market Opportunities Agenda Sensitivity Analysis - Retail Results Balance Sheet Statement of Income Brazilian Banking System Dynamics Consolidation Regulations

3. 2 Earnings per Share Stock Market Opportunities Agenda Sensitivity Analysis - Retail Results Balance Sheet Statement of Income Brazilian Banking System Dynamics Consolidation Regulations

4. 3  Technology have to advance in Credit Concessions and Risk Analysis Main Characteristics of the Financial System  High Spread  High Fixed Expenses  High Capitalization  High Default Level  Satisfatory Provisions Level  High Services Fees  Advanced Technology for Payments, Collection and Transfers  Small Financial Desintermediation

5. 4 Oriented to services All bills are paid in the Bank Highly automated Many Points of Sale Huge volumes of transactions Main Characteristics Retail Banks:

6. 5 Tier One Capital / Assets (%) Source: THE BANKER - Top 1000 – July, 2003

7. 6 Bank´s Ranking by Stockholders’ Equity December, 2002 Brazilian Banks Bradesco Banco do Brasil Itaú Unibanco ABN Amro / Real Nossa Caixa Banespa Banco Safra Sudameris HSBC SE(*) 10,846 9,197 9,036 6,559 4,729 4,628 4,306 2,298 1,324 1,277 Assets 142,773 204,595 111,141 75,375 36,952 128,418 28,642 25,096 16,020 25,286 Net Income 2,023 2,028 2,377 1,010 1,208 1,081 2,818 465 220 185 ROE (%) 18.6 22.0 26.3 15.4 25.5 23.4 65.5 20.2 16.6 14.5 ROA (%) 1.4 1.0 2.1 1.3 3.3 0.8 9.8 1.9 1.4 0.7 Source: Statements Released. (*) Stockholders´ Equity R$ Million

8. 7 Source: Austin Asis. 21,1 24,1 18,4 23,8 4,3 12,3 28,1 -8,5 0,0 11,6 Jun 2002 Jun 2003 R$ Billion Variation (%) Bank´s Ranking by Total Assets June, 2003

9. 8 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 1,097 660 759 609 1,081 649 845 781 795 583 91 31 75 40 58 21 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. 19.1 % 11.6 % 17.9 % 12.2 % n.a. Index 59 43 39 38 36 29 27 26 24 18 3 2 SE (1) US$ Billion ROA 103 rd 68 th 48 th 78 th 84 th 165 th 85 th 148 th 118 th 60 th 94 th n.a. 16 th 91 st 19 th 74 th n.a. % 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 ( * ) 11.2 % 12.4 % 13.3 % 11.9 % 11.7 % 9.5 % 11.7 % 10.1 % 11.0 % 12.6 % 11.5 % n.a. 19.1 % 11.6 % 17.9 % 12.2 % n.a. Rank ( * ) Source: The Banker Top 1000 - July/03 (*) BIS ranking extracted from the largest 200 banks by SE (1). (1) Stockholder´ Equity

10. 9 Financial Statistics - Banking System US$ Million Source: Felaban – Latin America Banks Association December, 2002

11. 10 Earnings per Share Stock Market Opportunities Agenda Sensitivity Analysis - Retail Results Balance Sheet Statement of Income Brazilian Banking System Dynamics Consolidation Regulations

12. 11 The 10 largest Private Banks Before and After the Real Plan, by assets R$ Billion (*) Foreign participation in the 10 largest private banks. Bradesco Itaú Bamerindus Nacional Unibanco Real Safra BCN Lloyds Econômico Total Foreign Banks (*) Dez. 94 19.3 14.4 12.0 11.2 9.6 7.6 6.5 6.0 5.4 5.1 97.1 5.6% Bradesco Itaú Unibanco Santander Banespa ABN Amro Safra Citibank HSBC Bank Boston Votorantim Total Foreign Banks (*) Mar. 03 124.6 109.5 65.1 51.9 41.6 30.0 25.9 25.7 23.4 22.3 520.0 32.4%

13. 12 Consolidation, the search for scale... 19942002 Source: Brazilian Central Bank Bradesco Baneb Banco Pontual BCR BCN Credireal Boavista Mercantil Banco Cidade BEA BBV Bradesco Itaú Bemge Banerj BFB Banestado BEG BBA Creditanstalt Banco Fiat Itaú Unibanco Dibens Fininvest Nacional Bandeirantes Banco Ford Banco 1.net Unibanco 19942002 Santander Bozano Meridional Banespa Santander ABN Amro Bandepe Real Sudameris ABN Amro HSBC Republic CCF HSBC

14. 13 19942002 Source: Brazilian Central Bank Bradesco Baneb Banco Pontual BCR BCN Credireal Boavista Mercantil Banco Cidade BEA BBV Bradesco Itaú Bemge Banerj BFB Banestado BEG BBA Creditanstalt Banco Fiat Itaú Unibanco Dibens Fininvest Nacional Bandeirantes Banco Ford Banco 1.net Unibanco 19942002 Santander Bozano Meridional Banespa Santander ABN Amro Bandepe Real Sudameris ABN Amro HSBC Republic CCF HSBC In Dec,1994 the 20 largest banks accounted for 74% of total asssets. In Dec, 2002 the 20 largest banks accounted for 88% of total assets. Consolidation, the search for scale...

15. 14 (*) Source: Febraban - Brazilian Banks Association Banking Sector (*) Trend - Cost Efficiency Quantity of Employees – Brazilian Financial System Itaú Holding CAGR 1989-2002 Sector = -5.41% In thousands Itaú Holding = -4.41%

16. 15 New consolidation period / Reduction in number of banks; Increase in number of synergistic institutions; Higher competition – decrease of margin; Increase in Loans and Insurance; Raise in number of banking customers. Perspectives Interest Rate Reduction Spread Reduction Enhancement of Brazilian Economy

17. 16 Earnings per Share Stock Market Opportunities Agenda Sensitivity Analysis - Retail Results Balance Sheet Statement of Income Brazilian Banking System Dynamics Consolidation Regulations

18. 17 Securities and derivatives Marked to Market. Central of credit risk: database for Central Bank Supervision and informs the banks about the credit risk in consolidated customer base Prevention and actions against money laundering Minimum Capital Base required : 11 % Compliance and Internal controls procedures since 09/06/2000 Fixed Assets Reduction Strengthen of the Financial System Main Iniciatives of Brazilian Central Bank

19. 18 Earnings per Share Stock Market Opportunities Agenda Sensitivity Analysis - Retail Results Balance Sheet Statement of Income Brazilian Banking System Dynamics Consolidation Regulations

20. 19 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).

21. 20 Highlights R$ Million (Except were indicated) Net Income Stockholders’ Equity ROE (%) Financial Margin Market Capitalization Solvency Ratio (%) Efficiency Ratio (%) NPL (%) 2 nd Q./03 776 10,772 32.1% 2,356 21,149 18.5% 46.0% 4.65% 1 st Q./03 714 9,983 31.8% 2,894 20,906 19.7% 40.1% 4.16% Variation 8.7% 7.9% 30 b.p. -18.5% 1.2% -120 b.p. 590 b.p. 49 b.p.

22. 21 Annualized ROE Efficiency Ratio Credit Operations Nonperforming Highlights – 1 st Semester of 2003 and 2002 2.7 p.p. 0.4 p.p. -12.3 p.p. -1.2 p.p. Annualized ROA

23. 22 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 Stockholders’ Equity and Net Income Sustained Results Growth Evolution of Stockholders’ Equity and Net Income

24. 23 Evolution of Stockholders’ Equity and Net Income Sustained Results Growth Evolution of Stockholders’ Equity and Net Income 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% Jan/90 a Jun/03 Dividends: R$ 4.6 Billion Capital Increase (1) : R$ 0.1 Billion Adaptability to Scenarios Real Plan Mexican Crisis Asian Crisis Russian Crisis Real Devaluation Argentine Crisis Collor Plan

25. 24 Earnings per Share Stock Market Opportunities Agenda Sensitivity Analysis - Retail Results Balance Sheet Statement of Income Brazilian Banking System Dynamics Consolidation Regulations

26. 25 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 1,058 948 10,772 94,265 without BBA and FIAT 62,391 30,929 14,015 3,623 5,153 23,071 5,388 199 865 10,772 06/30/02 86,247 56,243 28,754 16,478 3,852 3,370 20,625 3,459 673 748 8,288 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

27. 26 Credit Operations Credit Operations + Guarantees R$ Million 28,302 33,080 06/30/2003 Itaú Holding without BBA and FIAT Credit Operations Credit Operations + Guarantees 31,506 37,020 12/31/2002 (*) On June 30, 2003 CAGR = 26.5%

28. 27 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 34,839 -11.7% -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 2,096 102 44,586 03/31/03 27,492 4,262 9,751 2,618 2,154 113 46,390 06/30/02 19,172 3,400 6,924 2,758 2,411 175 34,839 Variation % Jun/03 – Mar/03 -6.0% -4.3% -0.8% 7.3% -2.7% -9.7% -3.9% Variation % Jun/03 – Jun/02 34.7% 19.9% 39.7% 1.9% -13.0% -41.4% 28.0% R$ Million 06/30/0303/31/0306/30/03 Variation % Jun/03 – Mar/03 Variation % Jun/03 – Jun/02

29. 28 Credit Operations Global Individuals Companies Nonperforming Loans 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/03 2.413 2.686 3.142 2.565 2.834 2,190 2,568 2,911 3.172 3.082 248 (*) Provision for Loan Losses / Total Nonperforming Loans

30. 29 Provision for Loan Losses R$ Million Minimum Provision Additional Provision Total Provision

31. 30 Financial Instruments – Market Value In Net Income 1,076 545 531 23 395 55 77 238 - 1,864 Market Value 26,051 30,655 6,745 15,976 1,824 4,405 353 - Securities and Derivatives Additional Provision Adjust of Available for Sale Securities - Credit Operations - Other Assets - Time and Interbank Deposits and Funds from Acceptance and Issuance of Securities - Other Liabilities from trading and intermediation amounts - Subordinated Debts -Other Total Unrealized In Stockholders’ Equity 545 - 23 395 55 77 238 106 1,439 Book Value 26,051 30,632 6,350 16,032 1,901 4,643 248 Unrealized Income/(Loss) (1) (2) R$ Million (1)Do not consider the corresponding tax effects. (2)Includes unrealized gains to minority interest amounting to R$ 159 million. June 30, 2003

32. 31 Total Trading Securities Available for Sale Securities Held to Maturity Securities Derivatives – Assets R$ Million 26,051 Market Value 9,312 14,015 900 1,825 25,415 Cost 9,298 13,484 900 1,734 Jun. 30, 2003 26,537 Market Value 8,844 14,522 1,016 2,155 26,513 Cost 8,830 14,261 1,016 2,406 Mar. 31, 2003 25,694 Market Value 8,853 13,481 1,072 2,288 26,522 Cost 8,801 13,680 1,072 2,969 Dec. 31, 2002 531 – 261 – (199) – Marked to Market Adjustment – Stockholders’ Equity (A) 545 760 1,076 806561 Additional Provision (B) Unrealized Results (A) + (B) Securities

33. 32 Deposits and Assets under Management R$ Million Jun 30, 02 (C) Mar 31, 03 (B) Jun 30, 03 (A) Deposits Demand Deposits Saving Accounts Interbank Deposits Time Deposits Assets under Management Mutual Funds Portfolio under Management Total Variation % (A/C) Variation % (A/B) 28,754 6,356 16,019 649 5,730 56,243 49,819 6,424 84,997 37,991 7,561 17,358 1,042 12,030 62,852 57,987 4,865 100,843 21.1% 10.9% 5.0% 12.1% 78.3% 19.4% 24.9% -23.6% 20.0% 34,826 7,051 16,828 728 10,219 67,142 62,233 4,909 101,968 -8.3% -6.7% -3.1% -30.2% -15.1% 6.8% 7.3% 0.9% 1.1%

34. 33 Funds Raised and Managed R$ Million (*) On June 30, 2003. Assets under Management Total Resources Total Deposits CAGR = 19.2%

35. 34 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

36. 35 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

37. 36 Earnings per Share Stock Market Opportunities Agenda Sensitivity Analysis - Retail Results Balance Sheet Statement of Income Brazilian Banking System Dynamics Consolidation Regulations

38. 37 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) 1,048 2003 With BBA and FIAT 2002 Without BBA and FIAT 23.8% 9.3% 42.2%

39. 38 Statement of Income (*) Financial Margin Provision for Loan Losses Credits Recovered Banking Service Fees Administrative Expenses Recurring Income Extraordinary Income Net Income Total Assets Banco Itaú 1,893 (381) 119 1,203 (1,678) 793 (17) 776 94,265 2 nd Quarter of 2003 Banco Itaú-BBA 391 (91) 11 21 (83) 49 - 49 16,578 R$ Million (Except were indicated) (*) Banco Itaú Holding includes the eliminations of the operations existing between Banco Itaú, Banco Itaú-BBA and Banco Fiat, due to the consolidation. Banco Fiat 51 (12) 6 22 (52) 13 - 13 2,973 Banco Itaú Holding (*) 2,356 (484) 136 1,246 (1,813) 793 (17) 776 106,799

40. 39 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%

41. 40 Net Foreign Exchange Position R$ Million - Permanent Foreign Investment - Net balance of other assets and liabilities indexed to foreign currency, including derivatives - Net Foreign Exchange Position Jun 30, 03 7,083 (7,308) (225) Mar 31, 03 7,745 (5,194) 2,551

42. 41 Result Affected by Foreign Exchange Variation Tax Effect Before Tax Foreign Exchange Variation on Investments Abroad Results of Local Operations Affected by Foreign Exchange Variation Marked to Market effects of Trading Securities Results of Securities Selling Result Affected by FX - (44) 7 (46) (83) (769) 686 (21) 135 32 After Tax (769) 642 (14) 89 (51) 2 nd Quarter of 2003 Tax Effect Before Tax - (97) (172) 22 (246) (229) 332 505 (65) 543 After Tax (229) 235 333 (43) 297 1 st Quarter of 2003 R$ Million

43. 42 1 st Semester 2002 With BBA and FIAT 590 150 468 85 100 266 470 56 16 248 2,449 Without BBA and FIAT 580 150 468 85 100 266 470 42 2 218 2,381 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 501 142 414 78 97 219 332 31 - 195 2,011 2003 Banking Service Fees R$ Million 18.4% 21.8% Banco Fiat contributed with R$ 15 million

44. 43 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 = 100 270 152 163

45. 44 Efficiency Ratio(¹) Great efforts to optimize the operational expenses and increase the efficiency (*) 1 st Semester 2003

46. 45 Administrative Expenses R$ Million 2 nd Q./03 733 402 121 114 96 1,080 1,813 1 st Q./03 733 379 114 105 136 1,008 1,741 Personnel Expenses Remuneration Social Charges Social Benefits / Training Reorganization Other Administrative Expenses Total Variation % 0% 6.1% 6.8% 8.4% -29.6% 7.2% 4.1% 40.1%46.0% Efficiency Ratio The Administrative Expenses of Banco Fiat corresponds to R$ 52 million in second quarter.

47. 46 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 232231355Restructuring 3,5543,3503,366Total

48. 47 R$ Million 1 st Semester Personnel Expenses Administrative Expenses Sub-Total Restructuring Total (Without BBA and FIAT) Salaries.......7% Dollar.........45% IPCA*.........17% Indices Salaries.......7% Total (With BBA and FIAT) 1,165 1,954 2003 3,119 231 3,350 3,554 204 BBA + FIAT (58) (344) Variation (402) (149) (551) (347) - 1,223 2,298 2002 Adjusted 3,521 380 3,901 - Adjusted Administrative Expenses (*) IPCA = Consumer Prices Index

49. 48 Payments/Provisioning of Interest on Own Capital 1st Half 2003 1st Half 2002 Paid / Prepaid Provisioned TOTAL 61 346 407 43 110 153 R$ Million Evolution (%) 41.9% 214.5% 166.0% (*) Amounts net of taxes.

50. 49 Earnings per Share Stock Market Opportunities Agenda Sensitivity Analysis - Retail Results Balance Sheet Statement of Income Brazilian Banking System Dynamics Consolidation Regulations

51. 50 Evolution of Net Income - Semesters (*) On June 30, 2003 R$ Million CAGR Recurring = 37.5% 1.490

52. 51 R$ Million (*) On June 30, 2003 CAGR Recurring = 36.6% 2.377 Evolution of Net Income - Annual

53. 52 Evolution of EPS - Semesters (*) On June 30, 2003 13.03 CAGR Recurring = 38.3% Decr. Number of Shares (%) = -0.6% R$

54. 53 (*) On June 30, 2003 21.37 CAGR Recurring = 38.0% Decr. Number of Shares (%) = -1.0% R$ Evolution of EPS - Annual

55. 54 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 = 100 556 258 324 743 293 449

56. 55 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 = 100 556 258 324 743 293 449 Results consistent with the Shareholder Value

57. 56 Earnings per Share Stock Market Opportunities Agenda Sensitivity Analysis - Retail Results Balance Sheet Statement of Income Brazilian Banking System Dynamics Consolidation Regulations

58. 57 R$ Million (*) – August 21, 2003 Banco Itaú Holding Financeira S.A. Market Capitalization Banco Itaú Holding Financeira S.A. CAGR = 23.7%

59. 58 R$ Million Source: Economática. Period : Dec/98 until Aug. 21 2003 Itaú Bradesco Unibanco The largest banks in Brazil Bradesco Itaú Holding Unibanco Stockholders’ Equity Jun/2003 12,629 10,772 7,601 Consistently the largest Market Capitalization in Brazilian banking sector

60. 59 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%

61. 60 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

62. 61 US$ 100 748 321 1,094 Itaú (1) Itaú (2) Ibov. 10 years 25.19%20.80%11.57% 5 years 20.76%16.14%-2.32% 2003 74.20%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. 1992 to August 21, 2003

63. 62 (*) 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. 2002 – Listing of ADR Level II at NYSE + Financial Holding Company status by FED Effective creation of Value to the Shareholders

64. 63 Earnings per Share Stock Market Opportunities Agenda Sensitivity Analysis - Retail Results Balance Sheet Statement of Income Brazilian Banking System Dynamics Consolidation Regulations

65. 64 Opportunities Brazilian Banking System Increase and diversification of the market Customers

66. 65 2002 Room for Growth Trend - Customers GDP per capita (US$’000) Source: International Financial Statistics / IMF –Preliminary Data

67. 66 Million Itaú´s Positioning - Customers Consistent growth in number of customers Through: Acquisitions Organic Growth BFB Jun-03

68. 67 CAGR = 19.0% R$ Million (*) Includes: Electronic Bank, Computers and Peripherals and Telecommunications. Investments in Infrastructure (*)... 1 st Sem/2003 = R$ 151.8 million Total in the period: R$ 2.2 billion Accounting Value R$ 469 million (06/30/03)

69. 68 ATMs Quantity Branches + CSBs(**) (*) June 30, 2003 (**) – Customer Site Branch CAGR Branches + CSBs = 6.4% Distribution Network Evolution Obs.: 308 Points of Sale in 1972

70. 69 Checking Accounts(**) Checking Accounts Thousand (*) June 30, 2003 CAGR = 6.0% (**) – 1990, 1991 and 1992 : excluded the checking accounts in NCz$ and DER / VOBC

71. 70 Employees (*) June 30, 2003 CAGR = 1.9%

72. 71 1 st Semester 2003 Transactions: 204 Million Customers: 2.9 Million Internet Banking … Creating Efficiency to our Customers Internet Banking

73. 72 Increase and diversification of the market Customers Credit Operations Opportunities Brazilian Banking System

74. 73 2001 Source: International Financial Statistics / IMF Trend – Credit Operations Loans / GDP (%) Room for Growth

75. 74 Increase and diversification of the market Customers Credit Operations Vehicles Financing Opportunities Brazilian Banking System

76. 75 Source : Banco Itaú estimates based on Bacen, Abel, Itaú, Fiat and Fináustria data In % 9.0 16.0 (1) Acquisition of Fináustria CFI (2) Acquisição of Banco Fiat Consumer Credit and Vehicle Leasing Market Itaú’s Market Share Consumer Credit and Vehicle Leasing Market

77. 76 Source : Banco Itaú, Fiat and Fináustria Distribution of Financing by Vehicle Age 88% 7% 5% 53% 20% 27% 37% 21% 42% 0km to 3 years4 to 6 years> 6 years FiatItaúFináustria Also complementary in different kinds of market

78. 77 Source : Banco Itaú, Fiat e Fináustria Distribution of Financing by Rate 95% 5% 56% 44% 26% 74% 2.0 to 3.0 %> 3.0 % FiatItaúFináustria

79. 78 Source : Banco Itaú, Fiat and Fináustria Customer Vehicle Financing Portfolio ITAÚ Fináustria Banco Fiat TOTAL 325 thousand 225 thousand 350 thousand 895 thousand

80. 79 Proposals Examined (*) ITAÚ Fináustria Banco Fiat TOTAL 16 thousand 17 thousand 13 thousand 46 thousand (*) Monthly Average – 2 nd Half 2002 Source : Banco Itaú, Fiat andFináustria

81. 80 (*) Monthly Average – 2 nd Half 2002 Source : Banco Itaú, Fiat and Fináustria Number of Monthly Financing Operations (*) ITAÚ Fináustria Banco Fiat TOTAL 7,500 5,700 7,400 20,600

82. 81 Source : Bacen May 2003 Ranking of Vehicle Finance Companies May 2003 Manager Ranking by Participants Number of Participants Market Share Volkswagen1 st 109,35712% Fiat + Itaú2 nd 95,80311% Fiat 2 nd 89,257 10% GM3 rd 67,8328% Disal4 th 47,4415% Unibanco Rodobens5 th 31,6464% CNF6 th 23,7243% Novaterra7 th 21,5892% Servopa8 th 21,0782% Rodobens Administradora e Promoções Ltda9 th 16,3812% União10 th 13,8882%

83. 82 (*)variation in funding rate (p.m.) half year average for Fiat/Fináustria Source: Banco Itaú Itaú = base hundreds per period Itaú Funding Itaú = base hundreds per period

84. 83 R$ 100 million 8.5%29%37%... 18%... 29%... 17%(2%)... 51%6.7% 1.3% 2% CommercialCredit Operational Systems Cost reduction Fináustria Commercial CreditOperationalSystems Cost reduction FIAT Cost reduction TOTAL Fináustria Fiat Source : Banco Itaú After I.T. and Social Contribution Estimated Cost Reduction for 2004 After I.T. and Social Contribution

85. 84 Source : Banco Itaú Itaú = base hundreds Estimated Growth in Annual Total Revenues Itaú = base hundreds (*) Total Revenues: Financial Margin + Banking Service Fees + Insurance Revenues, Pension Plan and Capitalization + Equity Income from Afilliates

86. 85 Opportunities Brazilian Banking System Increase and diversification of the market Customers Credit Operations Vehicles Financing Large Corporations

87. 5 2 553 22 6 - 25 1 3 300 - 4 12 50 3 2 620 34* 11 - 43 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

88.  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

89.  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

90.  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

91.  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

92. 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 30 2003 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) 1,428 95 27,876 15,565 2,368 2,848 1,204 2,248 13 3,630 TOTAL LIABILITIES 27,876

93. 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) 1,078 120 (276) 922 (415) 507 3,630 29.9% 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

94. 93 Increase and diversification of the market Credit Cards Customers Credit Operations Vehicles Financing Large Corporations Opportunities Brazilian Banking System

95. 94 Source: ABECS – Brazilian Associacion of Credit Cards and Services Industry Trend – Credit Cards Evolution in Credit Cards - Brazil 1 st Semester 2003 Vol. of Transactions: R$ 40.3 Billion 44.5 Million Credit Cards Number of Cards (million) CAGR: 16.2% CAGR : from 1996 to 2003* Volume of Transactions (R$ Billion) CAGR: 19.5% (*) June 2003

96. 95 Trend – Credit Cards Evolution in Credit Cards - Itaú CAGR = 25.9% In Million (*) On June 30, 2003.

97. 96 Market Share by Sales (%) Credit Cards Market Share by Sales (%) Itaucard Credicard Bradesco Banco do Brasil Unibanco 1997 9.7% n.d. 10.2% 8.8% 9.7% 1998 9.4% n.d. 9.5% 10.1% 9.2% 1999 10.3% 27.0% 11.1% 10.5% 8.3% 2000 11.4% 24.8% 11.5% 8.1% 2001 12.2% 23.4% 11.5% 12.1% 8.7% 2002 12.7% 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.

98. 97 Increase and diversification of the market Credit Cards Insurance and Others Customers Credit Operations Vehicles Financing Large Corporations Opportunities Brazilian Banking System

99. 98 Trend – Diversification - Insurance Insurance Premiums / GDP (%) Source: Swiss Reinsurance Company Economic Research and Consulting 2001 World Average = 7.83% Room for Growth

100. Trend – Insurance and Others Evolution of Technical Provisions – Brazil Pension Plans Insurance Capitalization R$ Million Source: FENASEG – National Insirance Association

101. 100 R$ Million 98.3%Combined Ratio (without health insurance segment)97.1% 55.3%Claims Ratio (without health insurance segment)56.9% 1,431 (494) (110) (539) 25 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 Results 2,133 (972) (129) (702) 36 366Operating Margin313 1 st Semester2002 16.9% 2003 Itaú´s Positioning – Insurance and Others Evolution of the Results

102. 101 R$ Million 157 13 2 246 (234) (28) 27 170 7 177 (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 309 56 20 322 (203) (45) (38) 365 7 372 (127) (3) 242Net Income114 112% 1 st Semester20022003 Itaú´s Positioning – Insurance and Others Evolution of the Results

103. 102 Earnings per Share Stock Market Opportunities Agenda Sensitivity Analysis - Retail Results Balance Sheet Statement of Income Brazilian Banking System Dynamics Consolidation Regulations

104. 103 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

105. 104 Retail Funds Branches Personnalité Small and Middle Companies Credit Cards Vehicles Financing Insurance, Pension Plans and Capitalization Sensitivity Analysis – Retail

106. 105 R$ Million Resources100 1309170 Current SituationScenario (*) Average Balance Financial Margin SpreadAverage Balance Financial Margin Spread Loans - Individuals100 1549658Loans - Businesses100 1499862Real Estate Credit100 15213085Banking Service Fees 100 123 Total Revenues100101 Insurance Products 100 166Provisions 100 94Expenses 100 120 Net Income before tax 10087 (*) 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 (*)

107. 106 R$ Million Resources100 1309170 Current SituationScenario (*) Average Balance Financial Margin SpreadAverage Balance Financial Margin Spread Loans - Individuals100 1549658Loans - Businesses100 1499862Real Estate Credit100 15213085Banking Service Fees 100 123 Total Revenues100101 Insurance Products 100 166Provisions 100 94Expenses 100 120 Net Income before tax 10087 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 (*)

108. 107 Banco Itaú Holding Financeira S.A. Presentation to: Silvio de Carvalho Executive Director September 2-5, 2003 New York