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Banco Itaú Holding Financeira S.A. September 08-10, 2004 Presentation to: 3 rd Annual Global Markets One-on-one Conference New York Banco Itaú Holding.

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Presentation on theme: "Banco Itaú Holding Financeira S.A. September 08-10, 2004 Presentation to: 3 rd Annual Global Markets One-on-one Conference New York Banco Itaú Holding."— Presentation transcript:

1 Banco Itaú Holding Financeira S.A. September 08-10, 2004 Presentation to: 3 rd Annual Global Markets One-on-one Conference New York Banco Itaú Holding Financeira S.A. Alfredo Setubal Investor Relations Director Silvio de Carvalho Executive Director

2 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 1 Agenda Results – 2 nd Quarter 2004 Focus on consumer credit segments Corporate Governance Corporate Responsibility Peers comparison

3 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 2 Agenda Results – 2 nd Quarter 2004 Focus on consumer credit segments Corporate Governance Corporate Responsibility Peers comparison

4 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 3 Results – 2 nd 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% over past 24 months against 153% for market as a whole; 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 as 1 st Q./04; 4. Conservative Accounting Practices: Additional provision of R$ 600 million for securities, with an increase of R$ 55 million in the quarter; Excess 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 of R$ 8.38 per thousand shares;

5 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 4 R$ million (except where indicated) , % 122, % 2,501 30, % 47.3% 3.5% 12.7% Net Income Net Income / thousand shares Stockholders Equity ROE Annualized (%) Total Assets ROA Annualized (%) 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

6 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 5 Credit Operations R$ million CAGR: 21.2% CAGR: 22.2% (*) On June 30, 2004.

7 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 6 Corporate Small and Medium Sized Companies Individuals Subtotal Mortgages Total Debentures** 22,357 7,074 *12,563 19,637 2,067 *44,061 1, % 12.6% 8.0% 9.8% -2.0% 8.8% 2.7% 23,597 9,226 13,934 23,159 1,957 48,713 1,092 21,660 8,195 12,904 21,099 1,997 44,756 1, % 30.4% 10.9% 17.9% -5.3% 10.6% 6.4% Var Jun 30, 04 X Mar 31, 04 Jun 30, 04Dec 31, 03Mar 31, 04 Var Jun 30, 04 X Dec 31, 03 (1) Endorsements and Sureties included. (*) The amounts outstanding at Dec/2003 were adjusted to exclude loans granted on 12/18/03 to Rio de Janeiro state civil servants and totally settled on 01/05/04. (**) The portfolio of Debentures are 68.4% classsified as AA and A level. Banco Itaú Holding Financeira S.A. Credit Operations 1 R$ million

8 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 7 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. Credit Portfolio by Currency (*) R$ billion

9 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 8 Provision for Loan Losses Total ProvisionExcess ProvisionMinimum Provision Banco Itaú Holding Financeira S.A. R$ million

10 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 9 (2) Provision for Loan and Lease Losses/ Total Non-performing Loans Non-performing Loans and Coverage Ratios (%) Banco Itaú Holding Financeira S.A. (1) Loans overdue for more than 60 days/ Credit Portfolio

11 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 10 Securities Portfolio Banco Itaú Holding Financeira S.A. Overnight (**) Private Securities – Financial Inst. Private Securities – Companies Public Securities – Brazilian: Domestic Public Securities – Brazilian: External Public Securities – Other Countries Total Economic Financial Conglomerate Assets Guaranteeing Technical Provisions (*) Consolidated (*) 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 R$ million

12 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 11 Banco Itaú Holding Financeira S.A. 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. R$ million

13 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 12 Personnel Expenses Other Administrative Expenses Reorganization Total 725 1, , , ,009 Banco Itaú Holding Financeira S.A. Administrative Expenses 2 nd Q/041 st Q/04 Strong Cost Control 646 1, ,869 2 nd Q/03 Personnel Expenses 36% Other Admin. 60% Reorganization 4% R$ million

14 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 13 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 2, , (1) Corresponding tax impact not considered. (2) Includes unrealized minority interest in gains on 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 Banco Itaú Holding Financeira S.A. 1, (14) Unrealized Income/ (Loss) (1) (2) Stockholders Equity R$ million Jun 30, 04Jun 30, 03Mar 31, 04

15 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 14 Basel Ratio Tier I Tier II Referential Equity (1) Basel Ratio 13,568 4,573 June 30, 04June 30, 03 (1) Equity before exclusions used to calculate the Basel Ratio for the consolidated economic-financial position. 14.0% 5.5% 19.5% 18,141 13,246 4, % 5.8% 19.8% 17,649 March 31, 04 12,718 4, % 6.3% 18.5% 17,364 R$ million

16 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 15 The following slides show the Pro Forma information on the operations of Banco Itaú and Banco Itaú BBA, using internal data for better disclosure of the managerial performance of the business units. Pro Forma Banco Itaú Holding Financeira S.A.

17 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 16 Banco Itaú 875 7, % 25,116 97,819 Banco Itaú BBA 195 3, % 23,597 36,191 Net Income Tier I Allocated Capital ROE Annualized (%) 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 excluded from the consolidated financial statements only. Corporate results are basically affected by the non accounting of tax credits.

18 Banco Itaú S.A. Roadshow – 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 Annualized (%) 2 nd Q/04 2,054 (212) 1,379 (1,905) (244) (197) 875 7, % 2,076 (352) 1,343 (1,917) (276) (250) 623 7, % R$ million Pro Forma 1 st Q/04

19 Banco Itaú S.A. Roadshow – 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. Total nd Q/041 st Q/04 R$ million

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

21 Banco Itaú S.A. Roadshow – 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 Bond Revenues Changes in Technical Provisions Selling Expenses Insurance Claims, Pension Plan Benefits and Premium Bond 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 (except where indicated) Insurance, Capitalization and Pension Plans

22 Banco Itaú S.A. Roadshow – Results of the 2 nd Quarter of Mutual Fund and Managed Portfolio Volume Growth of 31.6% in the volume of Mutual Funds and Managed Portfolios in relation to June/2003 R$ billion

23 Banco Itaú BBA S.A. Roadshow – 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 Annualized(%) Variation 22.6% % 20.6% 1.1% -70.7% 14.9% -13.6% 4.4% - R$ million Pro Forma

24 Banco Itaú BBA S.A. Roadshow – Results of the 2 nd Quarter of Jun 30, , % Non-performing Loans (NPL) Credit Portfolio (*) NPL Ratio 1 (%) Mar 31, , % Variation -7.8% 9.2% Itaú BBA has a high quality corporate portfolio with 96.6% of its volume classified as AA, A and B. R$ million Non-performing Loans 1 (*) Endorsements and Sureties not included. (1) Loans overdue for more than 60 days

25 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 24 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) paid in 08/23/04 with an increase of 31% in relation to 06/30/03. 2.Share Buyback: Preferred share buyback to be held as treasury stock 3.Investments 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) % of Total Preferred Shares (*) % 0.1%1.8% (*) Preferred shares representative of Capital

26 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 25 Agenda Results – 2 nd Quarter 2004 Focus on consumer credit segments Corporate Governance Corporate Responsibility Peers comparison

27 Roadshow – Results of the 2 nd Quarter of * CDC: Consumer Credit (1) Acquisition of Fináustria CFI (2) Acquisition of Banco Fiat In June 2003, the Fináustria Portfolio was incorporated by Itaú. Source :Banco Itaú estimate based on Central Bank, Abel, Itaú, Fiat and Fináustria. 5.3 Market Share (%) New CDC* and Vehicle Leasing Fináustria and Fiat

28 Roadshow – Results of the 2 nd Quarter of Consumer Credit

29 Roadshow – Results of the 2 nd Quarter of New Brand Name (related to Itaú) Focus on low income consumers (not Itaú current account holders) Own platform Highlights

30 Roadshow – Results of the 2 nd Quarter of Picture of a Point of Sale Three different points of sale models: Independent, Annex and Corner.

31 Roadshow – Results of the 2 nd Quarter of New Brand Name (related to Itaú) Focus on low income consumers (not Itaú current account holders) Own platform Operation started in June with three stores in São Paulo Forecast is to open one store every 15 days until October Revenue diversification in the specific financing segment Credit using magnetic card and electronic banking facilities Operating agility Highlights

32 Roadshow – Results of the 2 nd Quarter of Initial Performance 3,649 Customers R$ thousands 1,119 (*) Credit Granted / Credit Limit = 91% CAGR = 16.9% CAGR = 17.9% Total Credit Limit Total Credit Granted 1,

33 Roadshow – Results of the 2 nd Quarter of 2004 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO Banco Itaú Holding Financeira S.A. Itaú-CBD Partnership 32

34 Roadshow – Results of the 2 nd Quarter of Main Purpose Founding a New Company (Financial Institution), responsible for structuring and selling products, financial services and the like, exclusively to CBD customers. Itaú-CBD Partnership

35 Roadshow – Results of the 2 nd Quarter of New Company 50% New Company Structure Improving and expanding services and products offered to CBD Customers Initial Capital Base: R$ 150 million. Itaú-CBD Partnership

36 Roadshow – Results of the 2 nd Quarter of Estimated Expansion New Company Consumer Credit Contracts Own Credit Cards (Private Label) Credit Cards 3 Personal Loan Contracts 580 thousand 3.3 million 480 thousand - Quantities CAGR 2 Year 10 Quantities Current 1 3,519 thousand 9.3 million 2,646 thousand 1,600 thousand 22.2% 12.2% 20.9% (1)As of March 31, 2004 (2)Compound Annual Growth Rate (3)Widely accepted credit card brands Itaú-CBD Partnership

37 Roadshow – Results of the 2 nd Quarter of Operation Features Operating synergy gains Expansion and improvement of current products and services offered to CBD customers Private Label credit cards Widely accepted credit card brands Direct consumer credit Personal loans Installation of financial service units in the 555 existing stores and at those which may come to be established by CBD Itaú-CBD Partnership

38 Roadshow – Results of the 2 nd Quarter of Location of CBD Stores Piauí 3 Ceará 20 2 Paraíba 6 Comprebem Bahia 3 Rio de Janeiro São Paulo Paraná 2 11 Mato Grosso do Sul 1 Minas Gerais 3 Distrito Federal Goiás 40 million transactions per month Gross revenues in 2003: R$ 15 billion (*) (*) Source: ABRAS (Brazilian Supermarket Industry) – including Sendas S.A. Data of 2003 Itaú-CBD Partnership Number of Points of Sale Jul/04

39 Roadshow – Results of the 2 nd Quarter of New Company Management Board of Directors and Operations Support Committee, comprised equally by the shareholders Chairman of the Board of Directors and the New Company appointed by Itaú Executive Board made up of market professionals, with broad experience in the area Operating Management under the responsibility of Itaú Own structure and personnel Itaú-CBD Partnership

40 Roadshow – Results of the 2 nd Quarter of Strategy of the Operation Expansion of Focus on direct consumer credit Long term partnership: 20 years, and renewal option Exclusivity in exploitation of financial products and services to CBD customers Strong partnership = greater commercial relationship Itaú-CBD Partnership

41 Roadshow – Results of the 2 nd Quarter of Investment of R$ 455 million, which include goodwill in the amount of R$ 380 million, determined on the basis of forecast future profitability of the New Company Strengthening of position in the retail financial market Development of new relationships with the CBD store customers as well as prospecting of new current account customers Results without any major impact during the first three years of operations. Main implications on Itaú Itaú-CBD Partnership

42 Roadshow – Results of the 2 nd Quarter of Itaú-CBD Partnership Business Plan – Distribution Network Lay-Out of the Point of Sale (*) (*) Schematic and illustrative drawing used only as an example.

43 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 42 Agenda Results – 2 nd Quarter 2004 Focus on consumer credit segments Corporate Governance Corporate Responsibility Peers comparison

44 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 43 Jun-99 – Publication of the MD&A begins 2000 – Corporate Code of Ethics Apr-00 – Creation of the IR Website May h long APIMEC meeting Jun-01 – Compliance to Bovespas Level 1 Jul-02 – Disclosure and Trading Committees Apimec meetings (pioneership in Brazil) Sep-03 – The Best Corporate Governance in emerging markets (Euromoney) 2003 – Best worldwide On-line Annual Report Feb-04 – Publication of Annual Report on the same day as the Financial Statements Aug-04 – Adherence to Equator Principles Transparency Apr-00 – Installation of totally independent Fiscal Council Apr-01 – Independent Members elected to Board of Directors Apr-02 - Tag Along and enhanced independence of the councils Jul-02 – Disclosure and Trading Comittees Sep-03 – Conclusion of PSO for acquisition of shares of Banestado, BEG and Bemge shareholders Sep-03 – Share Buyback Program – Acquisition period increased to one year Mar-04 – New vehicle for communicating with stockholders (Itaús Share in Focus) Apr-04 – Audit Committee with three councilors, among 2 independent Respect for Minority Shareholder Member of the Dow Jones Sustainability Index since 1999 (5 th consecutive year) February 2002 – NYSE ADR Level II – FHC Status

45 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 44 Audit Committee installed in April 2004; All three members also sit on the Board of Directors; Independent Board member Tereza Grossi appointed Financial Expert of the Audit Committee. Audit Committee 2 Independent Board members and one external*; Fully Compliant with Central Bank Res and Sarbanes-Oxley Act; (*) According to the definition contained in the Best Practice Code of the IBGC – Brazilian Institute of Corporate Governance, as of March 2004.

46 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 45 Agenda Results – 2 nd Quarter 2004 Focus on consumer credit segments Corporate Governance Corporate Responsibility Peers comparison

47 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 46 Corporate Responsibility Creation of the Instituto Itaú Cultural; R$ 20 million forecasted; 2003 – 427,000 visitors + 1,653 groups from 495 institutions totaling 30,000 people; Over 220 events in Brazil and 9 abroad; Permanent collection, specialized in Brazilian artistic and cultural themes, has over 31,000 pieces; Eco Award 2003, category Culture – Cultural Performance

48 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 47 Creation of the Itaú Social Program; Itaú Social Foundation; R$ 23 million forecasted; 1987 – Cultural Performance 1993 – Social Performance Participation in Bovespas Social Stock Exchange project. Itaú - 59 years of committment to society and Brazilian social-economic development. Foundations partnerships: Futura Channel, Solidarity Skills Training Program, Volunteer School Award, Literacy Solidarity Program; Corporate Responsibility

49 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 48 Focus: improvement in the quality of elementary public education: Stockholders Equity R$ 302 million (Dec/2003) Direct action in schools Own Programs Complementary actions to school performed by NGO´s Itaú – Unicef Award Regional Educators Meetings Apprenticeship Managers Urban Youth Program

50 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A – Dow Jones Sustainability World Index World benchmark; Component since the creation of the index (1999); Only 3 Brazilian companies; 5th consecutive year – Last revision published on 09/02/2004 The only Latin American bank; Sustainable growth; Social, Cultural and Environmental Dimensions; Sustainability in creating stockholders value – Cultural Performance 1993 – Social Performance Corporate Responsibility

51 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 50 Itaú BBA´s long-term environmental finance policy for large corporations, approved by IFC (International Finance Corporation), a member of the World Bank Group; 1987 – Cultural Performance 1993 – Social Performance 1999 – Dow Jones Sustainability World Index 2000 – Environmental Management System August 2004: Itaú and Itaú BBA adherence to the Equator Principles. Methodology used as criteria of credit approval through assessment and evaluation of environmental risks of the projects; Transfer of more than US$ 200 million from multilateral bodies to customers between 2000 and 2004; Corporate Responsibility

52 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 51 Agenda Results – 2 nd Quarter 2004 Focus on consumer credit segments Corporate Governance Corporate Responsibility Peers comparison Brand

53 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 52 The Most Valuable Brands in Brazil Dinheiro Magazine – June 2004 Company Bradesco Natura Banco do Brasil Skol Petrobras Brahma Unibanco Antarctica Real Embraer Sadia Value in Value in Itaú9701,093 Value in ,204 US$ million Survey conducted by the British Consultancy, Interbrand

54 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 53 Itaú Holding Bradesco Banco do Brasil BankBoston Real ABN Amro Citibank Unibanco HSBC Santander CEF The Most Admired Companies* Banking Sector (*) Source: Carta Capital Magazine / Interscience 1 st 2 nd 8 th 4 th 3 rd 5 th 6 th 9 th 12 th n.d st 2 nd 7 th 4 th 5 th 3 rd 6 th 8 th 9 th 15 th nd 1 st 7 th 3 rd 5 th 4 th 8 th 9 th 12 th n.d st 2 nd 7 th 3 rd 5 th 4 th 8 th 14 th 13 th n.d st 2 nd 3 rd 4 th 5 th 6 th 7 th 8 th 9 th 10 th 200 Ranking in 2003

55 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 54 Agenda Results – 2 nd Quarter 2004 Focus in the consumer credit segments Corporate Governance Corporate Responsibility Peers comparison Brand Productivity with Efficiency

56 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 55 Profitability Indicators (%) ROE – return on equity Itaú Bradesco UnibancoBanco do Brasil (*) Annualized indices – 1 st semester Source: Published Financial Statements.

57 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 56 Itaú Bradesco UnibancoBanco do Brasil Profitability Indicators (%) ROA – return on assets (*) Annualized indices – 1 st semester Source: Published Financial Statements.

58 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 57 Net Income R$ million Itaú Bradesco UnibancoBanco do Brasil (*) Annualized (1 st semester 2004 results doubled). Source: Published Financial Statements.

59 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 58 Number of Branches + CSBs 1 quantity Itaú Bradesco UnibancoBanco do Brasil (1) CSB: Customer-Site Branch Source: Published Financial Statements.

60 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 59 Number of Employees Itaú Bradesco UnibancoBanco do Brasil Source: Published Financial Statements. thousands

61 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 60 Net Income per Employee R$ thousands Itaú Bradesco UnibancoBanco do Brasil (*) Annualized (1 st semester 2004 results doubled). Source: Published Financial Statements.

62 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 61 R$ thousands Net Income per Branch (Branches + CSBs 1 ) Itaú Bradesco UnibancoBanco do Brasil (*) Annualized (1 st semester 2004 results doubled). (1) CSB: Customer-Site Branch Source: Published Financial Statements.

63 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 62 Banking Service Fees R$ billion Itaú Bradesco UnibancoBanco do Brasil (*) Annualized (1 st semester 2004 results doubled). Source: Published Financial Statements.

64 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 63 Itaú Bradesco UnibancoBanco do Brasil Banking Service Fees per Employee R$ thousands (*) Annualized (1 st semester 2004 results doubled). Source: Published Financial Statements.

65 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 64 Itaú Bradesco UnibancoBanco do Brasil R$ thousands Banking Service Fees per Point of Sales (Branches + CSBs 1 ) (*) Annualized (1 st semester 2004 results doubled). (1) CSB: Customer-Site Branch Source: Published Financial Statements.

66 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 65 Personnel Expenses R$ million Itaú Bradesco UnibancoBanco do Brasil (*) Annualized (1 st semester 2004 results doubled). Source: Published Financial Statements.

67 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 66 Personnel Expenses per Employee R$ thousands Itaú Bradesco UnibancoBanco do Brasil (*) Annualized (1 st semester 2004 results doubled). Source: Published Financial Statements.

68 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 67 R$ thousands Personnel Expenses per Point of Sales (Branches + CSBs 1 ) Itaú Bradesco Unibanco Banco do Brasil (*) Annualized (1 st semester 2004 results doubled). (1) CSB: Customer-Site Branch Source: Published Financial Statements.

69 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 68 Total Expenses (Personnel + Administrative) R$ millions Itaú Bradesco Unibanco Banco do Brasil (*) Annualized (1 st semester 2004 results doubled). Source: Published Financial Statements.

70 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 69 Total Expenses per Employee R$ thousands Itaú Bradesco Unibanco Banco do Brasil (*) Annualized (1 st semester 2004 results doubled). Source: Published Financial Statements.

71 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 70 Total Expenses per Point of Sale (Branches + CSBs 1 ) R$ million Itaú Bradesco Unibanco Banco do Brasil (*) Annualized (1 st semester 2004 results doubled). (1) CSB: Customer-Site Branch Source: Published Financial Statements.

72 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 71 Excess Loan Loss Provions Additional Provision for Securities Market Value Subtotal (A) Labor Civil Tax Others Subtotal (B) Total (A) + (B) Provisions / Assets (%) Provisions as at June 30 th, 2004 R$ million 1, ,665 3,265 1, , ,247 7, Itaú 973 nd 973 1, ,702 3, , , ,448 6, Banco do Brasil Bradesco ,103 3, Unibanco

73 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 72 Relation Between EMBI Brazil + and Itaú Holding Preferred Shares in US$ Banco Itaú Holding Financeira S.A. Correlation Between EMBI Br + and ITAU4 = (0.83) Correlation Between EMBI Br + and Ibovespa = (0.73)

74 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 73 Exposition in Public Securities of Brazilian Government - Country In % over the Stockholders´ Equity (*) On June 30 th, Itaú Bradesco UnibancoBanco do Brasil

75 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 74 Exposition in Public Securities of Brazilian Government - Foreign In % over the Stockholders´ Equity (*) On June 30 th, Itaú Bradesco UnibancoBanco do Brasil

76 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 75 Exposition in Public Securities of Brazilian Government - Total In % over the Stockholders´ Equity (*) On June 30 th, Itaú Bradesco UnibancoBanco do Brasil

77 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 76 Banco Itaú Holding Financeira S.A. (2) Includes non-exclusive funds administered by the group, in the amount of R$ 446,919, which do not include public securities. (3) Portfolios of PGBL and VGBL pension plans owned by customers and recorded as marektable securities in compliance with SUSEP requirements, in contra entry against liabilities in Technical Provision for Pension Plans. (1) Includes securities restricted to guarantees in the amount of R$ 5,872,343, being: Guarantor Resources of Technical Provisions R$ 2,763,119, Securities Subject to BACEN R$ 917,492 and Securities Subject to stock exchange and clearing house for the custody and financial settlement of securities amount of R$ 2,191,732. Public Securities - Domestic (1) Public – Foreign Private Securities (2) Euro Bonds and Others PGBL/VGBL Funds Quotas (3) Subtotal - Marketable Securities Derivative Financial Instruments Total , ,499 7, , % , , , % , , % 2, , , % 2, , , % 5, ,771 1, , , % 10, ,766 2,979 5,499 27,890 1,106 28, % (600) 13, ,168 2,459 24,226 1,825 26,051 (545) Over /30/03 06/30/04 Additional allowance (exceeding minimum required) Maturity of Portfolio Securities and Derivatives R$ thousand Total

78 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 77 Banking Service Fees / Total Expenses (%) Itaú Bradesco UnibancoBanco do Brasil (*) Annualized (1 st semester 2004 results doubled). Source: Published Financial Statements.

79 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 78 Efficiency Ratio 1 (%) Itaú Bradesco UnibancoBanco do Brasil (*) Annualized (1 st semester 2004 results doubled). (1) Total Expenses over Total Income Source: Published Financial Statements..

80 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 79 Total Deposits * R$ million Itaú Bradesco Unibanco Banco do Brasil (*) Includes Demand, Savings, Long-term and Interbank Deposits Source: Published Financial Statements.

81 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 80 Total Deposits per Employee R$ thousands Itaú Bradesco Unibanco Banco do Brasil Source: Published Financial Statements.

82 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 81 Itaú Bradesco Unibanco Banco do Brasil Total Deposits per Point of Sale (Branches + CSBs 1 ) R$ million Source: Published Financial Statements (1) CSB: Customer-Site Branch

83 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 82 Assets under Management Itaú Bradesco Unibanco Banco do Brasil (*) In Bradesco, is referred to the figures with double accounting. R$ million Source: Published Financial Statements

84 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 83 Asset Management Income R$ million Itaú Bradesco Unibanco Banco do Brasil (*) Annualized (1 st semester 2004 results doubled). Source: Published Financial Statements

85 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 84 Asset Management Income / Assets under Management (%) Itaú Bradesco Unibanco Banco do Brasil (*) Annualized (1 st semester 2004 results doubled) Source: Published Financial Statements

86 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 85 Agenda Results – 2 nd Quarter 2004 Focus on consumer credit segments Corporate Governance Corporate Responsibility Peers comparison Brand Productivity with Efficiency Stock Market Performance

87 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 86 Consistently the Largest Market Capitalization in the Brazilian Banking Sector R$ million Source: Economática(*) – Until August 13,2004 Banco do Brasil Itaú Bradesco Unibanco Banco Itaú Holding Financeira S.A. CAGR Queterly = 7.31% CAGR Quarterly = 5.49% CAGR Querterly = 5.58% CAGR Quarterly = 5.41%

88 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 87 Source: Published Financial Statements For the sake of comparation, first half net income has been doubled Market Comparison – EPS Basis: 1998 =

89 Roadshow – Results of the 2 nd Quarter of 2004 Banco Itaú Holding Financeira S.A. 88 US$ Real Plan Russian Crisis Real Devaluation Mexican Crisis Asian Crisis 100 Argentine Crisis Attack to WTC 10 years 5 years 2004 Itaú 22.98% 16.92% -4.24% Unibanco 9.52% 5.01% % Average Annual Appreciation in US$ (*) Without dividends reinvestment. Preferred Shares Appreciation Evolution of US$ 100 invested on June 30 th, 1994 to June 30 th, 2004 Bradesco 12.40% 11.35% % Bco. Brasil -6.85% 12.85% % 249 Ibov. 6.50% 0.71% % 49

90 Banco Itaú Holding Financeira S.A. September 08-10, 2004 Presentation to: 3 rd Annual Global Markets One-on-one Conference New York Banco Itaú Holding Financeira S.A. Alfredo Setubal Investor Relations Director Silvio de Carvalho Executive Director


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