Banco Itaú Holding Financeira S.A Banco Itaú Holding Financeira S.A. November 10, 2004 Conference Call Results of the 3 rd Quarter of 2004 Roberto Setubal Chief Executive Officer

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

R$ Million (Except where indicated) 920 1, , % 138, % 2,673 34, % 43.1% 3.2% 13.0% Net income Recurring net income Net income / share Stockholders’ Equity ROE (%) Total Assets ROA (%) Net interest margin Market Capitalization Solvency Ratio (%) Efficiency Ratio (%) NPL (%) NIM (%) 2 nd Q/ , % 122, % 2,457 30, % 45.3% 3.5% 12.5% 2,745 3, , % 138, % 7,503 34, % 44.7% 3.2% 12.2% 3 rd Q/04 Jan-Sep/04 Highlights 2,298 2, , % 118, % 8,163 25, % 43.6% 4.7% 14.3% Jan-Sep/03 Var 3Q04/ 2Q04 Var 9 months -3.0% 29.2% -3.1% 5.3% % - 8.8% 14.7% % 6.4% 20.9% 17.5% % % 36.1% - Banco Itaú Holding Financeira S.A.

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

Banco Itaú Holding Financeira S.A. 5 (*) September 30, Credit Operations R$ Million CAGR: 21.2% CAGR: 22.3%

Banco Itaú Holding Financeira S.A. 6 (*) Endorsements and sureties included. R$ Billion Credit Portfolio by Currency (*) Case the foreign exchange rate had kept the level of June 30, 2004, the credit portfolio would reach R$ 52,172 million on September 30, Growth of 2.3% Growth of 9.4% R$ 42.7 R$ 44.1 R$ 44.8 R$ 48.7 R$ 51.1 (US$ 4.3) (US$ 4.2)(US$ 4.1) (US$ 4.4) (US$ 4.5) Growth of 4.9%

Banco Itaú Holding Financeira S.A. 7 (*) Provision for Loan Losses / Total Nonperforming Loans Nonperforming Loans and Coverage Ratio We are not expecting an ongoing improvement in these indicators, because of the focus on credit products with higher margins, but, at the same time, with a higher credit risk.

Banco Itaú Holding Financeira S.A. 8 R$ Million Banking Service Fees 3 rd Q/ ,508 2 nd Q/ ,454 Jan-Sep/04 1, ,366 Jan-Sep/ ,778 Var 3Q4 -2Q04 7.5% -2.9% 6.0% 6.7% -1.1% 6.4% 3.7% Var 9 months 7.3% 21.7% 10.6% 33.8% 9.7% 18.9% 15.6% Asset Management (*) Current Account Services Credit Cards Sureties and Credits Granted Collection Services Other Total (*) Mutual Funds and Consortium.

Banco Itaú Holding Financeira S.A. 9 Personnel Expenses Other Administrative Expenses Reorganization Total 770 1, , , ,826 R$ Million Administrative Expenses Strong Cost Control 2,191 3, ,481 2,009 2, , % 0.7% 13.6% 3.3% 9.1% 2.7% -34.6% 2.8% 3 rd Q/042 nd Q/04Jan-Sep/04Jan-Sep/03 Var 3Q4 -2Q04 Var 9 months

Banco Itaú Holding Financeira S.A. 10 Efficiency Ratio (*) (*) After reclassifications. (Personnel Expenses + Other Administrative Expenses) (Net Interest Income + Credits Recoveries and Renegotiated + Banking Service Fees + Partial Result of Insurance, Capitalization and Pension Plans + Other Operating Income - Other Operating Expenses) Efficiency Ratio =

Banco Itaú Holding Financeira S.A. 11 Total Unrealized Interbank Deposits Securities and Derivatives Additional provision Adjustment – Securities Held to Maturity Credit Operations Investment on BPI Time and Interbank Deposits and Funds from acceptance and issuance of securities abroad Securitization of Payment Orders Abroad Subordinated Debt and Treasury Shares Unrealized Income/(Loss) (1) (2) Stockholders’ Equity 09/30/04 2, /30/04 2, R$ Million 1, /30/03 Stockholders’ Equity Stockholders’ Equity Financial Instruments – Market Value (1) Tax effects not considered. (2) Includes unrealized minority interest gains in Equity of R$ 284 million in Sep/04, R$ 276 million in Jun/04 and R$ 170 million in Sep/03.

Banco Itaú Holding Financeira S.A. 12 Banco Itaú 814 8, % 27, , , % 23,500 38,464 Net income Tier I Allocated Capital ROE (%) Credit Portfolio (*) Total Assets 778 7, % 25,116 97, , % 23,597 36,161 3 rd Q/042 nd Q/04 (*) Endorsements and sureties included. R$ Million Pro Forma Corpo- ration (27) 1, % - 5,690 Corpo- ration (107) 1, % - 4,986 Note.: The Consolidated figures do not represent the sum of the parts because certain intercompany transactions were eliminated only at the Consolidated level. Conso- lidated , % 51, ,520 Conso- lidated , % 48, ,760 Banco Itaú BBA Banco Itaú Banco Itaú BBA

Banco Itaú S.A. 13 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 rd Q/042 nd Q/04 R$ Million Total

Banco Itaú S.A. 14 5,388 6,086 7,689 8,320 9,267 Technical Provisions of Pension Plans – growth of 92.3% from Sep/2003 to Sep/2004 R$ Million 10,048 Technical Provisions of Insurance, Capitalization and Pension Plans

Banco Itaú S.A. 15 Growth of 28.9% in the volume of Mutual Funds and Managed Portfolios in relation to September/2003 Volume of Mutual Funds and Managed Portfolios R$ Billion Mutual Funds and Managed Portfolios

Banco Itaú BBA 16 3 rd Q/ (104) (150) (55) 213 3, % 2 nd Q/ (7) 76 (89) (27) (83) 198 3, % Var 3Q04 -2Q % - 9.2% 17.5% 461.5% -34.9% 7.3% 7.8% - R$ Million Pro Forma – Banco Itaú-BBA 3 rd Q/ (164) 67 (88) (76) (28) 102 3, % Var 3Q04 -3Q03 4.7% % 18.5% 97.3% 86.0% 109.5% 23.9% - Net Interest Margin Result from Loan Losses Service Fees Administrative Expenses Tax Income and Social Contribution Other Net Income Tier I Allocated Capital ROE (%)

Banco Itaú BBA 17 Sep 30, , % Nonperforming Loans (NPL) Credit Portfolio (*) NPL Ratio (%) Jun 30, , % Variation -32.7% -0.4% Itaú BBA has a high quality credit portfolio with 96.6% of volume classified as “AA”, “A” and “B”. R$ Million Nonperforming Loans – Banco Itaú-BBA (*) Endorsements and Sureties not included.

Banco Itaú Holding Financeira S.A. 18 Banco Itaú Holding Financeira S.A. US$ Russian Crisis Real Devaluation Mexican Crisis Asian Crisis Argentine Crisis Attack on WTC Itaú (1) Itaú (2) Ibov. 10 years 21.17%16.86% 2.34% 5 years 25.44%20.91%7.08% %21.59%7.61% Annual Average Appreciation in US$ (1) With reinvestment of dividends (2) Without reinvestment of dividends Appreciation of the Preferred Shares Evolution de US$ 100 Invested from Sep.30, 1994 to Sep.30, 2004 Electoral Period

Banco Itaú Holding Financeira S.A. 19 November Banco Itaú Holding Financeira S.A. Conference Call Participation in Credicard and Orbitall Roberto Setubal Chief Executive Officer

Banco Itaú Holding Financeira S.A. 20 Agenda Object of the Operation Credicard Gains for Itaú Attractiveness of the business Orbitall Redecard

Banco Itaú Holding Financeira S.A. 21 Banco Itaú Holding Financeira S.A. The Credicard Conglomerate Credit Card issuer Relationship with Commercial Establishments Transaction processor Largest credit card issuer in Brazil, with an 18.8% market share by transaction volume; Number of cards: 7.6 million in September Exclusive capture and transmission of the credit and debit card transactions of issuers like Mastercard, Redeshop and Diners; Deals directly with sales points. Leader in the credit card processing industry in Brazil, serving approx million cards; Diversification of its product range to include any clients accepting cards as a means of payment.

Banco Itaú Holding Financeira S.A. 22 Banco Itaú Holding Financeira S.A. Attractiveness of the business Brazilian Credit Card Market Source: ABECS – Brazilian Association of Credit Card and Related Service Companies (*) As of September Transaction data on an annualized basis. CAGR = 15.8% CAGR = 22.3%

Banco Itaú Holding Financeira S.A. 23 Credicard Ourocard Itaú Bradesco Unibanco 17.2% 13.9% 12.7% 10.8% 7.6% Principal Sector Players Evolution of Monthly Market Share by Revenue (%)

Banco Itaú Holding Financeira S.A. 24 Agenda Object of the Operation Credicard Gains for Itaú Attractiveness of the business Orbitall Redecard

Banco Itaú Holding Financeira S.A. 25 Banco Itaú Holding Financeira S.A. Credicard Banco S.A. New Shareholder Structure BeforeAfter Itaú 33.33% Unibanco 33.33% Citigroup 33.33% Itaú 50% Citigroup 50%

Banco Itaú Holding Financeira S.A. 26 Banco Itaú Holding Financeira S.A. Credicard Banco S.A. Acquisition Numbers The possible relevant growth in Itaú’s client base derived from this acquisition creates significant opportunities for cross- selling financial products and services.  The investment was paid for in cash. Investment Goodwill Internal Rate of Return (%) R$ 768 million R$ 720 million 19% p.a.

Banco Itaú Holding Financeira S.A. 27  Nothing changes for clients, who will continue to be served by Credicard as they are today;  The changes are not expected to have a significant impact on Itaú’s results over the next three years;  ITAÚ and Citigroup will enter into a new shareholders’ agreement for sharing management of Credicard Banco S.A.. Credicard Banco S.A. Main Effects

Banco Itaú Holding Financeira S.A. 28 Banco Itaú Holding Financeira S.A. Credicard Banco S.A. Evolution of Net Income (*) Net Income from Jan. to Sep. Annualized Net Income (*) Net Income from Credicard’s proprietary cards only. R$ Million

Banco Itaú Holding Financeira S.A. 29 Banco Itaú Holding Financeira S.A. CAGR = 14.2% CAGR = 18.1% Credicard Banco S.A. Evolution of Volumes (*) (*) Credicard’s proprietary cards only. Number of Cards (million) Revenues (R$ million) Period: % +15.9% Net Income: R$ million

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

Banco Itaú Holding Financeira S.A. 31 Agenda Object of the Operation Credicard Gains for Itaú Attractiveness of the business Orbitall Redecard

Banco Itaú Holding Financeira S.A. 32 Banco Itaú Holding Financeira S.A. Orbitall Acquisition Numbers Investment Goodwill Internal Rate of Return (%) R$ 281 million R$ 235 million 19% p.a.  The investment was paid for in cash. Itaú has acquired a 66% share of Orbitall, totaling 100% of the company's equity.

Banco Itaú Holding Financeira S.A. 33 Banco Itaú Holding Financeira S.A. Orbitall Highlights Total Assets Net Income Number of Cards Processed Number of Accounts Processed Number of Credit Transactions Processed Vouchers (*) Numbers of Accounts Processed Number of Transactions Processed As of September R$ million R$ 33 million 16.1 million 12.0 million million 2.9 million 95.4 million Source: Orbitall (*) Includes food, meal, fuel and pharmaceutical drug vouchers under brand names such as Ticket Alimentação, Ticket Restaurante, Ticket Car, Vale Alimentação, Vale Combustível, Sodexho Pass Alimentação and others.

Banco Itaú Holding Financeira S.A. 34  Orbitall will continue to be an independent card processor, providing services to all its existing clients as well as actively seeking new ones;  We expect to achieve operating synergies at Orbitall, resulting in productivity and efficiency gains of about R$ 50 million p.a., signifying opportunities to be more price competitive. Orbitall Main Effects

Banco Itaú Holding Financeira S.A. 35 Banco Itaú Holding Financeira S.A. Orbitall Evolution of Net Income (*) (*) Net Income on an MIS basis. R$ Million 43.9 Net Income from Jan. to Sep. Annualized Net Income

Banco Itaú Holding Financeira S.A. 36 Banco Itaú Holding Financeira S.A. Orbitall Evolution of Volume CAGR = 13.4% CAGR = 16.7% Number of Cards (million) Transaction Volume (million) Period: % +20.2% Net Income: R$ 33 million

Banco Itaú Holding Financeira S.A. 37 Agenda Object of the Operation Credicard Gains for Itaú Attractiveness of the business Orbitall Redecard

Banco Itaú Holding Financeira S.A. 38 Redecard S.A. Itaú 31.94% Citigroup 31.94% Unibanco 31.94% Mastercard 4.17% Current structure (no change) No change in Redecard’s current shareholder structure Redecard will continue as an independent company, dedicated to capturing and transmitting card transactions for its existing as well as prospective clients.

Banco Itaú Holding Financeira S.A. 39 Additional Investment in Credicard and Acquisition of Orbitall  Reinforces Itaú’s strategy for the credit card market;  Increases synergies from larger-scale card issuance and transaction processing;  Diversifies range of processing services related to the use of cards as a means of payment;  Expressive increase in market share: by number of credit cards climbed from 12.9% para 20.1% on a 51.1 million cards market.

Banco Itaú Holding Financeira S.A Banco Itaú Holding Financeira S.A. November 10, 2004 Conference Call Results of the 3 rd Quarter of 2004 Participation in Credicard and Orbitall Roberto Setubal Chief Executive Officer