1

Alfredo SetubalInvestor Relations Director

Banco Itaú Holding Financeira S.A.

November 17th, 2003

2

AgendaAgenda

Highlights

Results»Statement of Income»Balance Sheet

Focus on Corporate Governance

3

Highlights – 3Highlights – 3rdrd Quarter 2003 Quarter 2003R$ Million

(Except were indicated)

3rd 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 (%)

2nd 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.

4

ROE AnnualizedROE Annualized

12.9%

28.3% 29.0%

33.4% 34.2%31.8% 32.1% 31.3%

4th Q/01 1st Q/02 2nd Q/02 3rd Q/02 4th Q/02 1st Q/03 2nd Q/03 3rd Q/03

ROE over 30% for the 5th consecutive quarter

5

11,464

2,229

9,036

7,578

6,6425,907

4,198

3,3372,857

880

181

2,377

2,389

1,8411,869

721592

3433923820

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

90 91 92 93 94 95 96 97 98 99 00 01 02 03(*)

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750

3,000

3,250

3,500

3,750

4,000

Stockholders´ Equity

Net Income

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 GrowthSustained Results GrowthEvolution of Stockholders’ Equity and Net IncomeEvolution of Stockholders’ Equity and Net Income

(*) in September 30, 2003

(1) Itaú has not increased capital since 1991

Jan. to Sep./2003Net Income:

R$ 2,298 Million

Jan/90 to Sep/03Dividends:

R$ 4.8 BillionCapital Increase(1):

R$ 0.1 Billion

6

AgendaAgenda

Highlights

Results»Statement of Income»Balance Sheet

Focus on Corporate Governance

7

Statement of IncomeStatement of Income

Net Interest Margin

Provision for Loan Losses

Credits Recovered

Banking Service Fees

Administrative Expenses

Others

Net Income

Total Assets

3rd Q./03

2,747

(659)

173

1,301

(1,952)

(803)

807

118,982

2nd 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 2nd quarter results were made for comparison purposes without effects on net income.

R$ Million (Except were indicated)

8

Banking Itaú36%

Credit cards18%

Insurance, Pension plans

and Capitalization

17%

Funds6%

Banking Itaú-BBA23%

Consolidated Net IncomeConsolidated Net Income

Diversification of income sources – Not restricted only to interest rates

9

Banking ItaúBanking Itaú

3rd Q./03

1,704

(275)

855

(1,484)

(112)

(381)

308

2nd 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.

10

Banking Itaú-BBABanking Itaú-BBA

3rd Q./03

523

(175)

61

(93)

(81)

(45)

190

2nd 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.

11

47

95

136

106

147

3rd Q./02 4th Q./02 1st Q./03 2nd Q./03 3rd Q./03

R$ Million

Insurance, Capitalization and Pension Insurance, Capitalization and Pension PlansPlans

Net IncomeNet Income

746 758 773 807 817

570 787 797 882 914

261 301 300 312 367

3rd Q./02 4th Q./02 1st Q./03 2nd Q./03 3rd Q./03

Number of Policies Number of Policies Mass ProductsMass Products In thousand

1,577 1,852 1,870 2,001 2,098

12

Investment Funds and Managed Investment Funds and Managed PortfolioPortfolio

54.959.2 62.9

67.171.8

3rd Q./02 4th Q./02 1st Q./03 2nd Q./03 3rd Q./03

Assets Under ManagementAssets Under Management

R$ Billion

46

29

4236

49

3rd Q./02 4th Q./02 1st Q./03 2nd Q./03 3rd Q./03

R$ MillionNet IncomeNet Income

13

Administrative ExpensesAdministrative Expenses

R$ Million

3rd Q./03

851

43813311910456

1,102

1,952

2nd Q./03

733

40212111496

-

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

14

54.7% 53.1%49.3%

45.5% 43.8% 43.2%

2nd Q/02 3rd Q/02 4th Q/02 1st Q./03 2nd Q./03 3rd Q/03

Efficiency Ratio (*)Efficiency Ratio (*)

55.0%49.6%

40.5% 39.9%45.8% 46.8%

2nd Q/02 3rd Q/02 4th Q/02 1st Q/03 2nd Q/03 3rd Q/03

(*) Accumulated in the last 12 months.

Intense efforts to optimize operating expenses and improve efficiency

Efficiency Ratio Accumulated (*)Efficiency Ratio Accumulated (*)

Efficiency RatioEfficiency Ratio

15

AgendaAgenda

Highlights

Results»Statement of Income»Balance Sheet

Focus on Corporate Governance

16

SecuritiesSecurities

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

679 531 261Mark to Market Adjustment –

Stockholders’ Equity (A)

545 545 545

1,224 1,076 806

Additional Provision (B)

Unrealized Results (A) + (B)

17

16,890

23,674

29,61519,596

27,253

38,41936,93334,282

42,69945,414

0

10,000

20,000

30,000

40,000

50,000

1999 2000 2001 2002 2003 (*)

Credit OperationsCredit Operations

Credit Operations Credit Operations and Guarantees

R$ Million

(*) September 30, 2003

26,92731,323

09/30/2003Itaú Holding without BBA and

FIATCredit OperationsCredit Operations + Guarantees

28,30233,080

06/30/2003

18

Credit Operations (*)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

19

1,406 1,5101,692 1,853 1,953

2,1962,515

2,332 2,285 2,234 2,378

630680

680715

715

715

747841 843 848

913

3,172 3,128 3,0823,290

2,911

3,262

2,6682,568

2,3722,190

2,036

Mar.01 Jun.01 Sep.01 Dec.01 Mar.02 Jun.02 Sep.02 Dec.02 Mar.03 Jun.03 Sep.03

Provision for Loan LossesProvision for Loan LossesR$ Million

Minimum Provision

Additional Provision

Total Provision

20

Nonperforming Loans and Coverage Nonperforming Loans and Coverage RatioRatio

Coverage Ratio (*)Coverage Ratio (*)

Global

Individuals

Businesses

(*) Provision for Loan Losses / Total Nonperforming Loans

Nonperforming Loans Ratio (%)Nonperforming Loans Ratio (%)

5.60

4.17 4.16 4.65 4.71

10.66

8.25

1.66 1.461.99 2.35 2.53

12.90

8.948.46

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

Sep-02 Dec-02 Mar-03 Jun-03 Sep-03

172%198% 189%

173%189%

Sep-02 Dec-02 Mar-03 Jun-03 Sep-03

21

BFB (1995) 281Banerj (1997) 25Bemge (1998) 297Banco del Buen Ayre (1998) 123Banestado (2000) 1,089BEG (2001) 364Lloyds Asset Management (2001) 160BBA(2002) 1,343BBA-Icatu (2002) 51Fiat (2002) 462Total 4,195

Goodwill on AcquisitionsGoodwill on AcquisitionsR$ MillionCompletely Amortized in

the Income Statement

22

Unrealized ResultUnrealized Result

931 916 831

1,4661,666 1,619

1,8642,070

Dec-01 Mar-02 Jun-02 Sep-02 Dec-02 Mar-03 Jun-03 Sep-03

Not including excess allowance for loan losses of

R$ 913 million in Sep/03

R$ Million

23

AgendaAgenda

Highlights

Results»Statement of Income»Balance Sheet

Focus on Corporate Governance

24(*) APIMEC – Brazilian Association of Analysts and Investment Professionals of the Capital Markets.

Focus on Corporate GovernanceFocus on Corporate GovernanceTransparency

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 ofValue 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 DirectorsApr/02 - Tag Along and Reinforcement of the

Independence of the Board

Jul/02 – Trading and Disclosure Committees

Nov/03 – Dividend Reinvestment Program

25

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.

26

► 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 ProceduresSarbanes 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.

27

The most Valuable Brand in Brazil (*)The most Valuable Brand in Brazil (*)

Company

BradescoBanco do BrasilSkolBrahmaPetrobrasUnibancoEmbraerAntarcticaRealSadiaPerdigão

Value in 2001

697308

---

303196

--

128-

Value in 2003

809427421294286208193184133106100

Itaú 970 1,093

US$ MillionUS$ MillionSurvey conducted by the British company Interbrand

(*) Dinheiro Magazine – 06/04/2003

28

Banco Itaú Holding Financeira S.A.Banco Itaú Holding Financeira S.A.

Euromoney Magazine – Corporate Governance Ranking

• Best in Emerging Markets

• 3rd 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

29

91.28%

Real Plan

Russian CrisisReal Devaluation

US$

Mexican Crisis

Asian Crisis

100

645

203

909Argentine

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 AppreciationPreferred Shares AppreciationEvolution of US$ 100 Invested from Nov. 1993 to November 4, 2003Evolution of US$ 100 Invested from Nov. 1993 to November 4, 2003

0

200

400

600

800

1.000

93 94 95 96 97 98 99 00 01 02 03

Itaú (1)Itaú (2)Bovespa

Market Capitalization in Brazilian banking sectorItaú HoldingBradescoUnibanco

October 2003

26,88219,205

7,431

Consistently the largest Market Capitalization

30

Alfredo SetubalInvestor Relations Director

Banco Itaú Holding Financeira S.A.

November 17th, 2003