0 Alfredo Setubal Investor Relations Director Banco Itaú Holding Financeira S.A. November 17 th, 2003

1 Agenda Highlights Results » Statement of Income » Balance Sheet Focus on Corporate Governance

2 Highlights – 3 rd Quarter 2003 R$ Million (Except were indicated) 3 rd Q./ , % 2,747 23, % 46.8% 4.71% Net Income Stockholders’ Equity ROE (%) Net Interest Margin Market Capitalization Solvency Ratio (%) Efficiency Ratio (%) NPL (%) 2 nd Q./ , % 2,479 21, % 45.8% 4.65% Variation 4.0% 6.4% -80 b.p. 10.8% 10.4% 300 b.p. 100 b.p. 6 b.p.

3 ROE Annualized ROE over 30% for the 5 th consecutive quarter

4 CAGR (90-S03) = 13.7% CAGR (90-02) = 23.9% R$ Million Adaptability to Different Cenarios Real Plan Mexico Crisis Asian Crisis Russian Crisis Real Devaluation Argentine Crisis Collor Plan Sustained Results Growth Evolution of Stockholders’ Equity and Net Income (*) in September 30, 2003 (1) Itaú has not increased capital since 1991 Jan. to Sep./2003 Net Income: R$ 2,298 Million Jan/90 to Sep/03 Dividends: R$ 4.8 Billion Capital Increase (1) : R$ 0.1 Billion

5 Agenda Highlights Results » Statement of Income » Balance Sheet Focus on Corporate Governance

6 Statement of Income Net Interest Margin Provision for Loan Losses Credits Recovered Banking Service Fees Administrative Expenses Others Net Income Total Assets 3 rd Q./03 2,747 (659) 173 1,301 (1,952) (803) ,982 2 nd Q./03 2,479 (484) 136 1,229 (1,797) (787) ,799 Var. (%) 10.8% 36.2% 27.2% 5.9% 8.6% 2.0% 4.0% 11.4% * Reclassifications in the 2 nd quarter results were made for comparison purposes without effects on net income. R$ Million (Except were indicated)

7 Consolidated Net Income Diversification of income sources – Not restricted only to interest rates

8 Banking Itaú 3 rd Q./03 1,704 (275) 855 (1,484) (112) (381) nd Q./03 1,521 (284) 825 (1,350) (154) (338) 220 Variation (134) 43 (43) 88 R$ Million Net Interest Margin Result from Loan Losses Banking Service Fees Administrative Expenses Income Tax and Social Contribution Other Net Income The above table shows the Pro-Forma Statement of Income of the Itaú Banking Segment, considered as if the corporate reorganization currently under way had been concluded. The allocation of the operations was done in a purely informative manner, with the objective of showing roughly how the operation of this segment would look. Adjustments are still to be carried out.

9 Banking Itaú-BBA 3 rd Q./ (175) 61 (93) (81) (45) nd Q./ (34) 45 (99) (223) (28) 187 Variation (3) (141) (17) 3 R$ Million Net Interest Margin Result from Loan Losses Banking Service Fees Administrative Expenses Income Tax and Social Contribution Other Net Income The above table shows the Pro-Forma Statement of Income of the Itaú BBA Banking Segment, considered as if the corporate reorganization currently under way had been concluded. The allocation of the operations was done in a purely informative manner, with the objective of showing roughly how the operation of this segment would look. Adjustments are still to be carried out.

10 R$ Million Insurance, Capitalization and Pension Plans Net Income Number of Policies Mass Products In thousand 1,577 1,852 1,870 2,001 2,098

11 Investment Funds and Managed Portfolio Assets Under Management R$ Billion R$ Million Net Income

12 Administrative Expenses R$ Million 3 rd Q./ ,102 1,952 2 nd Q./ ,064 1,797 Personnel Expenses Remuneration Social Charges Social Benefits / Training Reorganization Collective Labor Agreement Bonuses Other Administrative Expenses Total Variation % 16.1% 9.0% 9.9% 4.4% 8.3% 3.6% 8.6% 12.6% Collective Labor Agreement 2003/2004

13 Efficiency Ratio (*) (*) Accumulated in the last 12 months. Intense efforts to optimize operating expenses and improve efficiency Efficiency Ratio Accumulated (*) Efficiency Ratio

14 Agenda Highlights Results » Statement of Income » Balance Sheet Focus on Corporate Governance

15 Securities Total Trading Securities Available for Sale Securities Held to Maturity Securities Derivatives – Assets R$ Million 30,409 Market Value 10,961 15,849 2,092 1,506 29,676 Cost 10,912 15,169 2,092 1,502 Sep. 30, ,051 Market Value 9,312 14, ,825 25,415 Cost 9,298 13, ,734 Jun. 30, ,570 Market Value 8,844 14,522 1,016 2,188 26,513 Cost 8,830 14,261 1,016 2,406 Mar. 31, Mark to Market Adjustment – Stockholders’ Equity (A) 545 1,224 1, Additional Provision (B) Unrealized Results (A) + (B)

16 Credit Operations Credit Operations and Guarantees R$ Million (*) September 30, ,927 31,323 09/30/2003 Itaú Holding without BBA and FIAT Credit Operations Credit Operations + Guarantees 28,302 33,080 06/30/2003

17 Credit Operations (*) By Currency Foreign Currency Local Currency Total Sep 30, 03 12,503 30,196 42,699 (*) Includes Endorsements and Sureties Jun 30, 03 13,412 31,174 44,586 Sep 30, 02 14,234 25,453 39,687 Variation % Sep/03 – Jun/ % -9.4 % -4.2 % Variation % Sep/03 – Sep/ % % 7.6 % R$ Million By Segment Corporate Small and Medium Sized Companies Individuals Credit Cards Real State Finance Individuals Businesses TOTAL Sep 30, 03 24,036 4,353 9,454 2,721 2, ,699 Jun 30, 03 25,830 4,077 9,672 2,809 2, ,586 Sep 30, 02 23,921 3,573 6,875 2,844 2, ,687 Variation % Sep/03 – Jun/ % 6.8 % -2.2 % -3.1 % -2.4 % % -4.2 % Variation % Sep/03 – Sep/ % 21.8 % 37.5 % -4.3 % % % 7.6 % R$ Million

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

19 Nonperforming Loans and Coverage Ratio Coverage Ratio (*) Global Individuals Businesses (*) Provision for Loan Losses / Total Nonperforming Loans Nonperforming Loans Ratio (%)

20 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 Income Statement

21 Unrealized Result Not including excess allowance for loan losses of R$ 913 million in Sep/03 R$ Million

22 Agenda Highlights Results » Statement of Income » Balance Sheet Focus on Corporate Governance

23 (*) APIMEC – Brazilian Association of Analysts and Investment Professionals of the Capital Markets. Focus on Corporate Governance Transparency Apr/00 – Independent Fiscal Council Respect to the Minority Shareholders Feb – Listing of ADR Level II at NYSE + Financial Holding Company status by FED Effective creation of Value to the Shareholders Apr/00 - Creation of the IR website May/01 - APIMEC* Meeting – 10 hours Jun/01 - Compliance to Bovespa´s CG Level 1 Jul/02 - Trading and Disclosure Policies 2002 – 11 APIMEC Meetings (Pioneership in Brazil) 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 Nov/03 – Dividend Reinvestment Program

24 Dow Jones Sustainability Index - DJSI Since 1999 Banco Itaú stands in Dow Jones Sustainability World Index (DJSI World), with other 315 companies. The index composition is annualy revised, and Itaú stands in the index since its creation. Corporate Sustainability Capacity of Stockholders´ Value Creation in the long term Social, Cultural and Environmental Commintment Management Quality The DJSI World became, since its creation, in January 1999, na important reference to investors and foreign asset managers, that make their decisions based on the performance of the index. In 2000, Itaú and Cemig were the two Brazilian companies chosen to stand in the index. In the next year, besides them, other two were included: Embraer and Unibanco. Again in 2002, Itaú, Cemig and Embraer were chosen and Itaúsa were the new one included.

25 ► Report 20-F: Besides the responsibility certifications of the financial statements signed by the CEO and CFO, Itaú Holding transpassed the legal requirements throught the creation of an internal responsibility certification which the executives of all departments that generate information for the 20-F Report are in compliance with. Sarbanes Oxley – Adopted Procedures ► Many of the obligations stood in law and regulated by SEC (Securities and Exchange Commission) are already in place at Itaú Holding and the Brazilian regulations (Examples: loans forbidden to management, auditor timely substituion, some auditor services forbidden to the independent auditors). ► In process of implementation: Audit Comittee. ► Financial Statements in US GAAP since December 1998.

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

27 Banco Itaú Holding Financeira S.A. Euromoney Magazine – Corporate Governance Ranking Best in Emerging Markets 3 rd Worldwide The only Latin American Bank Financial Holding Company status, granted by FED; Member of the Dow Jones Sustainability World Index since 1999 (4th time in a row). Latin Finance Magazine Best Latin American Bank for the second time

% Real Plan Russian Crisis Real Devaluation US$ Mexican Crisis Asian Crisis Argentine Crisis Altack to WTC Itaú (1) Itaú (2) Ibov. 10 years 24.70%20.49%7.34% 5 years 16.29%12.58%-2.04% %103.24% Annual Average Appreciation in US$ (1)With reinvestment of dividends (2)Without reinvestment of dividends Preferred Shares Appreciation Evolution of US$ 100 Invested from Nov to November 4, 2003 Market Capitalization in Brazilian banking sector Itaú Holding Bradesco Unibanco October ,882 19,205 7,431 Consistently the largest Market Capitalization

29 Alfredo Setubal Investor Relations Director Banco Itaú Holding Financeira S.A. November 17 th, 2003