1. December 10 th, 2003 São Paulo Alfredo Setubal Executive Vice President Investor Relations Director Presentation to: Banco Itaú Holding Financeira S.A.

2. 1 R$ Million Itaú Bradesco Unibanco Consistently the largest Market Capitalization in Brazilian banking sector Source: Economática. Period : Dec/98 until October/2003 The largest banks in Brazil Bradesco Itaú Holding Unibanco Stockholders’ Equity Sep/2003 12,967 11,464 7,023

3. 2 Agenda Highlights Results: » Statement of Income » Balance Sheet Sensitivity Analysis Focus on: » Sustainability » Corporate Governance

4. 3 Highlights – 3 rd Quarter 2003 R$ Million (Except were indicated) 3 rd Q./03 807 11,464 31.3% 2,747 23,338 21.5% 46.8% 4.71% Net Income Stockholders’ Equity ROE (%) Net Interest Margin Market Capitalization Solvency Ratio (%) Efficiency Ratio (%) NPL (%) 2 nd Q./03 776 10,772 32.1% 2,479 21,149 18.5% 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.

5. 4 ROE Annualized ROE over 30% for the 5 th consecutive quarter

6. 5 Consolidated Financial Ratios (%) (*) Annualized Ratios

7. 6 CAGR (90-S03) = 13.7% CAGR (90-02) = 23.9% R$ Million 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

8. 7 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

9. 8 Agenda Sensitivity Analysis Highlights Results: » Statement of Income » Balance Sheet Focus on: » Sustainability » Corporate Governance

10. 9 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) 807 118,982 2 nd Q./03 2,479 (484) 136 1,229 (1,797) (787) 776 106,799 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)

11. 10 Consolidated Net Income Diversification of income sources – Not restricted only to interest rates

12. 11 Banking Itaú 3 rd Q./03 1,704 (275) 855 (1,484) (112) (381) 308 2 nd Q./03 1,521 (284) 825 (1,350) (154) (338) 220 Variation 183 9 30 (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.

13. 12 Banking Itaú-BBA 3 rd Q./03 523 (175) 61 (93) (81) (45) 190 2 nd Q./03 526 (34) 45 (99) (223) (28) 187 Variation (3) (141) 16 6 141 (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.

14. 13 Technical Provisions of Insurance, Capitalization and Pension Plans R$ Million 3,765 4,403 4,808 5,388 6,086 Growth of 62% in relation to September, 2002

15. 14 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

16. 15 Investment Funds and Managed Portfolio Assets Under Management R$ Billion R$ Million Net Income

17. 16 Banking Service Fees R$ Million 3 rd Q./03 344 89 234 38 53 135 215 27 17 149 1,301 2 nd Q./03 307 77 234 39 51 133 224 27 16 120 1,229 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 Variation % 12.0% 15.6% 0.0% -2.6% 3.9% 1.5% -4.0% 0.0% 6.3% 24.2% 5.9%

18. 17 Administrative Expenses R$ Million 3 rd Q./03 851 438 133 119 104 56 1,102 1,952 2 nd Q./03 733 402 121 114 96 - 1,064 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

19. 18 R$ Million 1,981 3,159 1,869 2,937 1,835 2,842 January to September 2002 Personnel Expenses Other Administratives Expenses 2003 w/o BBA and FIAT 2003 w/ BBA and FIAT 5,1404,8064,677Sub-Total 335329569 Reorganization 5,4755,1355,246Total Administrative Expenses

20. 19 R$ Million (73) (393) 1,869 2,937 January to September Personnel Expenses Administrative Expenses 2003Variation (465)4,806Sub-Total (284)329Reorganization (749)5,135Total (w/o BBA and FIAT) Labor Agreement...8% * Dollar......................16% IPCA.......................16% Rated Indices Labor Agreement...8% * (409)5,475Total (w/ BBA and FIAT) 340 BBA + FIAT- 1,942 3,329 2002 Adjusted 5,271 613 5,884 - (*) Labor Agreement about Salary: sep/02 = 7%, sep/03 = 12.6%. Adjusted Administrative Expenses

21. 20 Efficiency Ratio (*) (*) Accumulated in the last 12 months. Intense efforts to optimize operating expenses and improve efficiency Efficiency Ratio Accumulated (*) Efficiency Ratio

22. 21 Agenda Sensitivity Analysis Highlights Results: » Statement of Income » Balance Sheet Focus on: » Sustainability » Corporate Governance

23. 22 R$ Million Liabilities Total Liabilities 09/30/03 w/ BBA and FIAT 118,982 71,801 34,414 20,281 5,349 8,098 31,566 6,086 743 984 11,464 107,714 w/o BBA and FIAT 32,234 20,063 3,922 8,105 24,475 6,086 387 978 11,464 09/30/02 98,875 54,893 32,498 16,816 4,287 6,206 23,439 3,765 2,392 1,002 8,560 Assets Total Assets 09/30/03 w/ BBA and FIAT 118,982 5,766 23,625 30,409 (545) 8,891 34,555 (913) 7,796 11,926 3,238 w/o BBA and FIAT 107,714 4,396 25,629 24,725 (545) 8,699 25,031 (800) 7,883 11,005 6,087 09/30/02 98,875 5,888 13,652 24,563 (1,336) 11,508 31,284 (747) 6,018 10,499 3,434 Balance Sheet Consolidated Cash + Liquidity Securities (Additional Allowance) Interbank Relations Net Credit Operations (Additional Allowance) Foreign Exchange Others Permanent Assets Deposits Open Market and others Accept./Issue - Securities Foreign Exchange Borrowings/On-Lending Tech. Prov Ins/Cap/Pens. Other Liabilities Minority Interest Stockholders` Equity GuaranteesMutual Funds

24. 23 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, 2003 26,051 Market Value 9,312 14,015 900 1,825 25,415 Cost 9,298 13,484 900 1,734 Jun. 30, 2003 26,570 Market Value 8,844 14,522 1,016 2,188 26,513 Cost 8,830 14,261 1,016 2,406 Mar. 31, 2003 679531261 Mark to Market Adjustment – Stockholders’ Equity (A) 545 1,224 1,076806 Additional Provision (B) Unrealized Results (A) + (B)

25. 24 Credit Operations Credit Operations and Guarantees R$ Million (*) September 30, 2003 26,927 31,323 09/30/2003 Itaú Holding without BBA and FIAT Credit Operations Credit Operations + Guarantees 28,302 33,080 06/30/2003

26. 25 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/03 -4.1 % -9.4 % -4.2 % Variation % Sep/03 – Sep/02 7.4 % -26.5 % 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 2,047 89 42,699 Jun 30, 03 25,830 4,077 9,672 2,809 2,096 102 44,586 Sep 30, 02 23,921 3,573 6,875 2,844 2,315 158 39,687 Variation % Sep/03 – Jun/03 -6.9 % 6.8 % -2.2 % -3.1 % -2.4 % -13.4 % -4.2 % Variation % Sep/03 – Sep/02 0.5 % 21.8 % 37.5 % -4.3 % -11.6 % -44.0 % 7.6 % R$ Million

27. 26 Provision for Loan Losses R$ Million Minimum Provision Additional Provision Total Provision

28. 27 Nonperforming Loans and Coverage Ratio Coverage Ratio (*) Global Individuals Businesses (*) Provision for Loan Losses / Total Nonperforming Loans Nonperforming Loans Ratio (%)

29. 28 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

30. 29 Unrealized Result Not including excess allowance for loan losses of R$ 913 million in Sep/03 R$ Million

31. 30 Agenda Sensitivity Analysis Highlights Results: » Statement of Income » Balance Sheet Focus on: » Sustainability » Corporate Governance

32. 31 1944 Over 100 banks acquired / merged / incorporated 1974 – 2 nd largest private bank – Acquisition of BUC Birth of the Electronic Bank Ocupation of the National Territory Beginning of Segmentation (Itaucorp) Itaú’s Management 19751984 1980 Anticipating Scenarios Scenarios Political Military Dictatorship Economic High Growth Rates Growing Inflation Great State Interventionism Banking Sector Consolidation of Mergers and Acquisitions Expansion of the branches network Period : 1975 to 1984

33. 32 Investment in Technology and Branches Focus: Services ( Floating ) Administration in plans of stabilization Start – Cost Management Brand Atualization Itaú’s Management 19851994 1990 Anticipating Scenarios Scenarios Political Democratic Transition Economic Low Growth Rates High Inflation Closed Economy Economic Plans Default Banking Sector Administration in Inflationary Environment Investments in Technology Focus on Services Period : 1985 to 1994

34. 33 1995 2003 Itaú’s Management 1995 - Acquisition of BFB 1997 Acquisition of Banerj 1998 – Acquisition of Bemge 2000 Acquisition of Banestado 2001 – Acquisition of BEG 2002 – Acquisition of BBA and FIAT Anticipating Scenarios Scenarios Consolidation of Democracy Period : 1995 to 2003 PoliticalEconomicBanking Sector Foreigners / Privatizations Specialization Growing Electronic Network Increase of Competition Consolidation of the System Low Growth Rates Control of Inflation Market Volatility High Interest rates Globalization

35. 34 Checking Accounts(**) Checking Accounts Thousand (*) September 30, 2003 CAGR = 5.6% (**) – 1990, 1991 and 1992 : excluded the checking accounts in NCz$ and DER / VOBC

36. 35 ATMs Quantity Branches + CSBs(**) (*) September 30, 2003 (**) – Customer Site Branch CAGR Branches + CSBs = 8.78% Sustainability Distribution Network Evolution Obs.: 308 Points of Sale in 1972

37. 36 19902003 1994 Anticipating Scenarios Before and After Real Plan TargetPlanned GrowthShareholder Value OperationalTo perform well!To perform efficiently! MarketGrowthFocus PersonnelGenericSpecialization RemunerationFixed StructurePerformance Related RisksAvoidManage Corp. Govern.FormalActive BusinessesBankingFinancial Services Changes in the Approach IntangiblesNot ManagedManaged

38. 37 Agenda Sensitivity Analysis Highlights Results: » Statement of Income » Balance Sheet Focus on: » Sustainability » Corporate Governance

39. 38 (*) 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. 2002 – 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 Dec/03 – Dividend Reinvestment Program

40. 39 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.

41. 40 ► 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.

42. 41 The most Valuable Brand in Brazil (*) Company Bradesco Banco do Brasil Skol Brahma Petrobras Unibanco Embraer Antarctica Real Sadia Perdigão Value in 2001 697 308 - 303 196 - 128 - Value in 2003 809 427 421 294 286 208 193 184 133 106 100 Itaú9701,093 US$ Million Survey conducted by the British company Interbrand (*) Dinheiro Magazine – 06/04/2003

43. 42 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

44. 43 91.28% Real Plan Russian Crisis Real Devaluation US$ Mexican Crisis Asian Crisis 100 645 203 909 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% 2003 82.72%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. 1993 to November 4, 2003 Market Capitalization in Brazilian banking sector Itaú Holding Bradesco Unibanco October 2003 26,882 19,205 7,431 Consistently the largest Market Capitalization

45. 44 Agenda Focus on: » Sustainability » Corporate Governance Sensitivity Analysis Highlights Results: » Statement of Income » Balance Sheet

46. 45 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

47. 46 Retail Funds Branches Personnalité Small and Middle Companies Credit Cards Vehicles Financing Insurance, Pension Plans and Capitalization Sensitivity Analysis – Retail

48. 47 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 (*)

49. 48 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 (*)

50. December 10 th, 2003 São Paulo Alfredo Setubal Executive Vice President Investor Relations Director Presentation to: Banco Itaú Holding Financeira S.A.