1. 9th Annual Global Emerging Markets June 7-9, 2005 Alfredo Setubal Investor Relations Director Silvio de Carvalho Executive Director

2. 1 Agenda  Brazilian Economy  Brazilian Banking System  Highlights  Strategy and In-depth Results  Performance of the Shares

3. 2 Brazilian Macroeconomic Scenario  Floating exchange rate and outstanding adjustment in external accounts  Monetary policy: inflation expectation and growth  Fiscal policy: accomplishment of fiscal targets, even without IMF surveillance  Credit expansion: private sector crowding out  Baseline scenario  Brazil: towards investment grade

4. 3 Recent overvaluation of the real Jun-05 2.4 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 Jan-84Jan-85Jan-86Jan-87Jan-88Jan-89Jan-90Jan-91Jan-92Jan-93Jan-94Jan-95Jan-96Jan-97Jan-98Jan-99Jan-00Jan-01Jan-02Jan-03Jan-04Jan-05 Effective basket92-93 averageR$/US$Euro Collor- Itamar Period Pegged currency Floating exchange rate Plano Real 3.2 Real exchange rate

5. 4 Trade surplus continues to widen 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 Jan-03 Feb-03Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Feb-05Mar-05 Apr-05 May-05 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 Exports (L)Imports (L)Trade balance (R) Trade surplus – accumulated in 12-months US$ billion Source: Central Bank of Brazil

6. 5 Inflation target Source: IBGE 0 2 4 6 8 10 12 14 16 18 Jan/99 Apr/99 Jul/99 Oct/99 Jan/00 Apr/00 Jul/00 Oct/00 Jan/01 Apr/01 Jul/01 Oct/01 Jan/02 Apr/02 Jul/02 Oct/02 Jan/03 Apr/03 Jul/03 Oct/03 Jan/04 Apr/04 Jul/04 Oct/04 Jan/05 Apr/05 Jul/05 Oct/05 0 2 4 6 8 10 12 14 16 18 IPCACore inflationInflation targetUpper limit CPI inflation and core inflation (% y-o-y)

7. 6 Inflationary expectations converging back toward the target Median of market expectations for IPCA (%) Source: Focus Survey/Central Bank of Brazil

8. 7 Growth resumption and recent convergence towards potential growth GDP Growth accumulated in 4 quarters Fixed Investment/GDP (%) - Prices as of the previous year average 2005: 19.5% average 2004: 18.8% Source:IBGE and Banco Itaú´s projection

9. 8 Growth resumption and recent convergence towards potential growth GDP Growth accumulated in 4 quarters Fixed Investment/GDP (%) - Prices as of the previous year Source:IBGE and Banco Itaú´s projection Growth from 1 st Q/04 to 1 st Q/05: 2.3% “ One of the factors that made possible the continuation of this increment was the increase of the total credit operations of the financial system (20.8% in nominal terms) in the same period. ” Source: IBGE Indicator’s january/march 2005. average 2005: 19.5% average 2004: 18.8%

10. 9 Primary surplus since 1998 -2.47% -7.49% 5.01% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% Dec/98 Jun/99 Dec/99 Jun/00 Dec/00 Jun/01 Dec/01 Jun/02 Dec/02 Jun/03 Dec/03 Jun/04 Dec/04 Nominal deficitInterest paymentsPrimary surplus Apr-05 Fiscal policy stance Source: Central Bank of Brazil

11. 10 Increase in the private investment/GDP (%) Source: Central Bank of Brazil Total Credit and Public Sector Debt 20 25 30 35 40 45 50 55 60 65 Jul-94 Nov-94 Mar-95 Jul-95 Nov-95 Mar-96 Jul-96 Nov-96 Mar-97 Jul-97 Nov-97 Mar-98 Jul-98 Nov-98 Mar-99 Jul-99 Nov-99 Mar-00 Jul-00 Nov-00 Mar-01 Jul-01 Nov-01 Mar-02 Jul-02 Nov-02 Mar-03 Jul-03 Nov-03 Mar-04 Jul-04 Nov-04 Mar-05 % GDP 20 22 24 26 28 30 32 34 36 38 40 % GDP Net public debtTotal credit

12. 11 Baseline scenario 2005-2006 Hypothesis:  Exchange rate: remains constant in real terms, taking into account the difference between Brazil’s CPI (IPCA) inflation and US PPI inflation  Inflation expectations: 6.35% in 2005 and Interest rate path: compatible with containing aggregate demand growth in order to bring inflation back to its target  Primary budget surplus: 4.25% of GDP in 2005 and 2006  GDP linear growth trend: 3.0% in 2005 and 3.5% in 2006  Commodities’ prices remain constant within the forecasting horizon  World trade real growth: 13.0% in 2005 and 8% in 2006

13. 12 Baseline scenario 2005-2006 NominalInterestCPIRealEmbi+Trade exchangerateinflationGDP growthBrazilbalance ratetargetIPCA y-o-yy-o-y(basis12 months (R$/US$)(% p.a.)(%) points)(US$ billion) 200412.9016.465.89-0.0251027.2 200423.0516.046.062.5665829.5 200432.9816.046.704.1855332.1 200442.7917.007.604.9443433.7 200512.6718.477.544.6441535.9 200522.4919.567.554.0243934.9 200532.5219.707.063.2842633.0 200542.5419.096.032.6641932.7 200612.5618.255.462.3941231.1 200622.5817.254.832.3140530.5 200632.6116.454.802.2439930.6 200642.6215.924.512.5339229.7 Period

14. 13 Investment grade The external indicators project the possibility of Brazil reaching an investment grade rating in 2008 (D/X = external debt/current account receipts equal to 1) Fiscal indicators lag behind, but by 2008 there is a chance that debt as % of GDP in clear declining trend would also qualify Brazil to that rating US$ billion20032004200520062007200820092010 Primary surplus (% GDP)4.38%4.60%4.25% Public debt / GDP 57.2%51.8%51.4%51.0%48.0%45.6%43.7%41.9% Current account 4.0 11.6 6.4 2.6 3.3 5.9 8.5 11.2 Total external debt (with intercia) 235.4 220.3 211.2 188.7 166.0 149.1 129.6 107.3 Gross Reserves49.3 52.3 57.5 49.1 41.0 Real GDP growth0.5%4.9%2.5%2.8%4.5%3.3%2.9%3.0% D/X Moody's2.621.921.681.381.141.020.870.70

15. 14 Agenda  Brazilian Economy  Brazilian Banking System  Highlights  Strategy and In-depth Results  Performance of the Shares

16. 15 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  Oriented 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

17. 16  Declining Interest Rates x Increasing Loan Demand: New Revenue Dynamics  Growing Fee Earnings and Tighter Cost Control To Offset Lower Treasury Gains  Focus on Higher-Yielding Consumer Finance and SME Lending  Efforts of Client Acquisition and Gains of Scale  Government Still Attracts Large Portions of the System ’ s Liquidity; Gradual Replacement of Bonds By Loans  Public Sector Banks Still Dominant: 45% of Deposits  More Aggressive Competition, Not Price Wars Current Scenario

18. 17 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 % The Banker Top 1000

19. 18 Capital (Tier One) / Assets (%) Source: THE BANKER - Top 1000 – July 2004

20. 19 1.Citigroup 2.Bank of America Corp. 3.HSBC 4.JP Morgan Chase & Co. 5.RBS Group† 6.Wells Fargo & Co. 7.UBS AG 8.Wachovia Corp. 9.Santander 10.Barclays 13.Morgan Stanley 19.Merrill Lynch & Co. 20.US Bancorp 21.Credit Suisse Group 22.Goldman Sachs 23.Lloyds TSB 47.Hang Seng Bank 49.Bank of New York Co. Inc. 56.Banco Itaú Holding Financeira S.A. 65.Kookmin Bank 67.Bradesco 97.Banco do Brasil S.A. 139.Unibanco Banks Market Cap. 251,782 188,517 177,236 133,058 108,009 103,829 98,237 85,242 79,857 70,944 65,203 57,165 57,038 55,764 55,414 54,438 26,000 23,961 20,277 16,144 15,671 9,810 5,238 US$ Million United States United Kingdom United States United Kingdom United States Switzerland United States Spain United Kingdom United States Switzerland United States United Kingdom Hong kong United States Brasil Korea Brasil Country Source : UBS Global Banks Valuations 03/08/05 Itaú is the 2 nd largest bank by Market Cap. in Emerging Markets Global Banks Valuations

21. 20 Agenda  Brazilian Economy  Brazilian Banking System  Highlights  Strategy and In-depth Results  Performance of the Shares

22. 21 +15.3% +16.8% +27.4% +35.2% Highlights Assets (R$ Billion) Credit Operations (R$ Billion) Stockholders’ Equity (R$ Billion) Technical Provisions – Insurance, Pension Plans and Capitalization (R$ Billion)

23. 22 +30.3% +27.7% +9.1% +29.0% Highlights Net Income (R$ Million) Administrative Expenses (R$ Million) Banking Service Fees (R$ Million) Net Interest Margin (R$ Million)

24. 23 Obs: Annualized quaterly idexes. Highlights ROE (%) ROA (%) BIS Ratio (%) Efficiency Ratio (%)

25. 24 (*) Without Credicard and FIC employees. Highlights Branches+CSBs Internet Banking Clients (In million) ATMs Employees (*)

26. 25 Agenda  Brazilian Economy  Brazilian Banking System  Highlights  Strategy and In-depth Results  Performance of the Shares

27. 26 2. Growth of Credit Portfolio on the quarter of 7.0%: Personal Credit (22.2%) and Automobile (17.3%); 5. Full amortization of the goodwill: Associating process with LASA, amounting R$ 182 million (after tax effects); 3. Growth of Provisions:  Constitution of R$ 150 million of Exceeding Provision for Loan Losses on the quarter, amounting R$ 1,150 million;  Maintenance of Additional Provision for Securities Portfolio of R$ 400 million; 1. Results: Net Income of R$ 1,141 million with an increase of 10.8% q-o-q and of 30.3% when compared to the net income of R$ 876 million of the 1st. Q/04; ROE 35.1%; Earnings per share R$ 10.04; 4. Delinquency: Maintenance of the Nonperforming Loans ratio in 2.9%; 6. Creation of a new segment – Consumer Credit - Itaucred: disclosure of the result of operations performed in channels for non-account customers. Highlights

28. 27 Itaú CorporationItaucredItaú BBAItaubanco Segmentation

29. 28 Itaú ItaucredItaú BBAItaubanco Banking Credit Cards Insurance, Pens. Plans and Capitalization Resources Managed Segmentation Corporation

30. 29 R$ Million (*) Rural and Mortgage Loans – Loans linked to the availability of Demand deposits and Savings deposits. Mar 31, 05Dec 31, 04Mar 31, 04 Var Mar, 05 -Dec, 04 Var Mar, 05 -Mar, 04 Individuals20,770 18,272 12,769 13.7%.62.7% Loans to Companies31,891 30,467 28,255 4.7%12.9% Small and Medium Sized 9,037 8,571 5,650 5.4%60.0% Corporate22,854 21,896 22,605 4.4%1.1% Mandatory Loans (*) 4,351 4,536 3,732 -4.1%16.6% Total - Loans57,012 53,275 44,757 7.0%27.4% Public Securities - Brazil 7,218 7,486 12,939 -3.6%-44.2% Private Securities11,660 12,145 9,526 -4.0%22.4% Total - Securities18,878 19,631 22,465 -3.8%-16.0% Total75,890 72,906 67,221 4.1%12.9% Exposure – Loans and Securities

31. 30 R$ Million CAGR: 21.5% CAGR: 22.9% Credit Operations (*) On March 31, 2005. Credit Portfolio

32. 31 9 34 16 41 2004 Restricted Loans Individuals Small and Medium- sized companies Corporate Loans In % 9 29 11 51 2003 40% 8 36 16 40 Mar/2005 52% Change in the mix of the Credit Portfolio

33. 32 (*) Provision for Loan Losses / Total Nonperforming Loans 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. Nonperforming Loans Ratio and Coverage Ratio

34. 33 Securities Adjust. market value Additional Provision Total (*) Values differ from the one published in note “Market Value” because they are net of the additional provision for securities. Additional Provision for Loan Losses (PDD) Financial Instruments: Market vs. Recorded Value (*) R$ 540 million R$ 400 million R$ 3.7 billion Mar. 31, 2005 R$ 1.15 billion R$ 1.75 billion R$ 733 million R$ 400 million R$ 3.8 billion Dec. 31, 2004 R$ 1.0 billion R$ 1.67 billion R$ 712 million R$ 545 million R$ 4.0 billion Mar. 31, 2004 R$ 1.0 billion R$ 1.73 billion Conservative Accounting Practices

35. 34 R$ Million (1)Mutual Funds and Consortium. (2)Adjusted in 4Q04 in R$ 124 million related to Collection Services for INSS. 1 st Q/054 th Q/04 Var 1Q05 - 4Q04 Var 1Q05 - 1Q04 Asset Management (1) 398 376 345 22 53 Current Account Services349 327 289 22 60 Credit Cards437 371 244 66 193 Sureties and Credits271 266 195 4 76 Collection Services (2)209 178 203 31 6 Other131 158 129 (26) 2 Total1,794 1,675 1,405 119 389 1 st Q/04 Service Fees

36. 35 R$ Million 03/31/0512/31/0403/31/04 Stockholders’ Equity Interbank Deposits 4 14 9 Securities and Derivatives 555 620 693 Credit Operations216 248 399 Investment on BPI765 660 697 Time and Interbank Deposits and Funds from acceptance and issuance of securities abroad 9 (41) 71 Securitization of Payment Orders Abroad91 93 109 Subordinated Debt and Treasury Shares506 480 298 Total Unrealized2,147 2,074 2,275 Unrealized Income/(Loss) (1) (2) (1) Tax effects not considered. (2) Includes unrealized minority interest gains in Equity of R$ 336 million in March/05, R$ 299 million in December/04, R$ 399 million in March/04. Financial Instruments – Market Value

37. 36 (1) Excludes endorsements and sureties. Maturity of Operations (in days) R$ Million Credit Operations (*) Securities and Derivatives Total (A) Assets 12,717 11,579 24,296 0-30 15,162 4,254 19,416 31-180 6,661 3,638 10,299 181-365 16,009 10,680 26,689 Over 365 50,980 30,150 81,130 Total Deposits Money Market Total (B) Liabilities 34,341 7,174 41,515 0-30 4,378 2,399 6,777 31-180 3,842 999 4,841 181-365 1,464 6,794 8,258 Over 365 44,025 17,367 61,392 Total Total (A)-(B) (17,219)12,6395,457 18,431 19,738 March 31, 2005

38. 37 R$ Million Highlights of Pro Forma Segments Note: The Consolidated figures do not represent the sum of the parts because certain intercompany transactions were eliminated only at the Consolidated level. (1) Quarterly Net Income. (2) including Endorsements and Sureties. ItaubancoItaú BBAItaucredCorporationItaú Net Income (1) 767 257 123 (7) 1,141 Allocated Capital Tier I7,588 3,235 1,106 2,699 14,629 ROE (%) 47.0%35.8%52.4%-1.0%35.1% Credit Portfolio (2) 23,928 22,472 10,612 - 57,012 Total Assets 119,595 40,919 10,275 5,358 146,403 Mar/05 ItaubancoItaú BBAItaucredCorporationItaú 1,332 242 105 (648) 1,030 6,868 3,194 975 2,934 13,971 103.2%33.9%50.7%-63.2%32.9% 22,070 22,051 9,154 - 53,275 101,119 33,902 8,863 6,597 130,339 Dec/04 Net Income (1) Allocated Capital Tier I ROE (%) Credit Portfolio (2) Total Assets

39. 38 Itaubanco - Banking Credit Cards Insurance, Pension Pl. and Cap. Mutual Funds and Managed Portfolio Total R$ Million 1 st Q/05 4 th Q/04 (*) Variation 469 637 (168) 105 69 36 132 101 31 61 38 23 767 846 (79) Diversification of income sources Not dependent only on interest rates (*) Adjusted by eventual items of R$ 612 million in Net Interest Margin, R$ 124 million in Service Fees and of R$ 250 million in Tax Income and Social Contribution. Consolidated Net Income

40. 39 Credit Cards R$ Million (Except where indicated) Participation in the Net Income of Orbitall and Redecard Nº of Cards - Itaucard (thousands) Nº of Cards - Credicard (thousands) (*) Nº of Cards - Total (thousands) 20042003 Variation 7,085 3,595 10,680 12,956 6,519 19,475 390 90 480 5,780 2,246 8,026 10,603 4,787 15,390 400 99 499 1,305 1,349 2,654 2,353 1,732 4,085 (10) (9) (19) 22.6% 60.0% 33.1% 22.2% 36.2% 26.5% -2.5% -9.1% -3.8% (*) Corresponds to the share of Credicard owed by Itaú – 50% at 2004 and 33% at 2003. 63412253.7% Turnover - Itaucard Turnover - Credicard (*) Turnover - Total Net Income - Itaucard Net Income - Credicard (*) Net Income - Total

41. 40 R$ Million The Combined Ratio has shown a falling trend for 8 quarters. 1 st Q/054 th Q/04Variation Insurance Premiums, Pension Plans Contributions and Premium Bonds Revenues 1,362 1,695 (333) Changes in Technical Provisions (382) (843) 461 Selling Expenses (108) (103) (5) Insurance Claims, Pension Plans Benefits and Premium Bonds Redemption (690) (578) (112) Other Operating Income/(Expenses) 1 15 (14) Operating Margin 183 186 (3) Financial Income 123 115 8 Non-Interest Expenses (143) (152) 9 Income Tax and Social Contribution (46) (23) Other 15 (24) 39 132 101 31 Combined Ratio 90.9%92.9%2.0% Claim Ratio 51.2%49.7%1.5% Result of Ins., Pension Plans and Cap. Insurance, Pension Plans and Capitalization

42. 41 Assets under Management and Technical Provisions R$ Billion Technical Provisions of Insurance, Pension Plans and Capitalization Volume of Mutual Funds and Portfolios under Management Growth of 20.8% in the volume of Funds and Portfolios under Management and 35.2% in the volume of Technical Provisions in relation to Mar/2004

43. 42 Itaú CorporationItaucredItaú BBAItaubanco Corporate Operation Segmentation

44. 43 R$ Million 1º Tri/05 4º Tri/04 1 st Q/054 th Q/041 st Q/04 Var. 1Q/05 - 4Q/04 Var. 1Q/05 - 1Q/04 Net Interest Margin370 464 242 (94) 128 Result from Loan Losses67 31 162 36 (95) Service Fees80 84 64 (4) 16 Non-Interest Expenses(130) (159) (147) 28 17 Tax Income and Social Contribution(103) (151) (94) 49 (9) Other(27) (17) 1 (10) Net Income257 242 210 16 47 Tier I Allocated Capital3,235 3,194 2,768 41 467 ROE (%)35.8%33.9% Itaú BBA Pro Forma

45. 44 Strategy  Itaú BBA: wholesale bank integrated into a financial conglomerate;  Credit perspective for the corporate segment in Brazil: declining spreads, increase in the competition, limited client base. Currently 51% of all our revenues are non-credit related;  Challenge: to maintain current profitability levels in the next years considering lower margins in credit;  Our strategy: compensate lower gains in credit with an increase in the distribution of non-credit related products and services to our clients through:  Cross-selling – continue to take advantage of the synergy with Itaú, by increasing the selling of structured treasury operations such as hedging and also simpler products such as payroll and collection;  Investment banking – segment likely to expand in the next 5 years (we expect that by the end of this period Brazil becomes an investment grade country).  Itaú BBA is well-positioned in investment banking – leader in fixed income issuances and reinforcing our variable income team in order to build a strong investment banking. Investment banking currently stands for 5% of Itaú BBA´s revenues. In the next 5 to 6 years our goal is to increase this participation to 20%.

46. 45 Itaú CorporationItaucredItaú BBAItaubanco FIC 50% CBD 50% Itaú FAI 50% LASA 50% Itaú Own stores 100% Itaú Payroll Credit  Fináustria  Itaucred Vehicles  Banco Fiat  Intercap Vehicle Credit Cards non customers  50% Credicard Credit for Individuals

47. 46 Taií  New Brand Name (Itaú-based).  Focus on lower income consumers.  Proprietary platform.  Uses the Itaú ATM network.  Diversifies credit-related revenues.  Responsive and efficient.  Expansion of Focus on direct consumer credit  Long term partnership: 20 years, and renewal option  Operating Management under the responsibility of Itaú  Exclusivity in exploitation of financial products and services to retailers’ customers Retail partnerships CBD and LASA Credit for Individuals

48. 47 Estimated Expansion 2004 CSBs752 FIC (CBD)+265 FAI (LASA) *+180 Physical Distribution Estimated YE 2005 Branches2,108 + 116 Personnalité Branches82 +12 ATMs20,923 29+121 Taií Stores Total +694 * Total Stores Mar/05 750 2,109 83 21,119 52 3 - +28 Investment expected for 2005: R$ 48.3 million +5,000 employees – basically, sales promoters In the next two years, operations Taií, FIC-CBD, FAI-LASA and Credicard are expected to aggregate 6 million customers to Itaú´s base.

49. 48 3.3 million Own Credit Cards (Private Label) Currently FIC (CBD) FAI (LASA)186 thousand 480 thousand Credit Cards FIC (CBD) FAI (LASA)- - Personal Loan Contracts FIC (CBD) FAI (LASA)137 thousand 580 thousand Consumer Credit Contracts FIC (CBD) FAI (LASA)32 thousand 4.7 millionTotal In Quantities Financial Products

50. 49 8,0268,259 8,674 9,077 10,680 In Thousand Market Share: 20.7% Leader in Brazil Credit Card Base Increase in Participation on Credicard 11,066

51. 50 Agenda  Brazilian Economy  Brazilian Banking System  Highlights  Strategy and In-depth Results  Performance of the Shares

52. 51 Evolution of Earnings per Share and Dividends per Share (*) CAGR = 28.6% R$ (*) In the previous years per lot of thousand shares, as in 2004 a reverse split of shares was carried out. CAGR = 26.2% Dividends per Share (*)Earnings per Share (*)

53. 52 Highlight: Increase in monthly payments from R$ 0.17 to R$ 0.21 per share on May 2005 Evolution of Dividends

54. 53 (*) Annualized Evolution of ROE (%)

55. 54 Expansion of points of sale Continuity of growth in Credit Focus in consumer credit (Taií, FIC CBD, FAI LASA, Vehicles...) Credit Cards - Credicard operation Growth in number of customers Client retention Focus in cost-efficiency Perspectives for 2005

56. 55 US$ 100 624 247 906 Itaú (1) Itaú (2) Ibov. 10 years 24.65%20.09% 9.47% 5 years 22.62%18.27%4.39% 12 months 114.80%108.00%62.51% Annual Average Appreciation in US$ (1) With dividends reinvestment (2) Without dividends reinvestment Evolution of US$ 100 Invested from May/95 to May/05 Preferred Shares Appreciation – in US$ Russian Crisis Real Devaluation Mexican Crisis Asian Crisis Argentine Crisis Attack to WTC Election Period

57. 9th Annual Global Emerging Markets June 7-9, 2005 Alfredo Setubal Investor Relations Director Silvio de Carvalho Executive Director