December 10th, 2003São Paulo

Alfredo SetubalExecutive Vice President

Investor Relations Director

Presentation to:

Banco Itaú Holding Financeira S.A.

2

10.896

18.915

23.341

26.882

7.056

18.141

20.05618.550

21.811

19.122

24.02222.148

9.269

17.119 16.969

3.185

6.0367.185

5.6354.861

6.382

19.205

15.120

18.06817.49020.345

15.451

6.901

15.847

18.523

7.431

6.901 6.963

2.439

7.5697.460

0

5.000

10.000

15.000

20.000

25.000

dez/98

mar/99

jun/99se

t/99

dez/99

mar/00

jun/00se

t/00

dez/00

mar/01

jun/01se

t/01

dez/01

mar/02

jun/02se

t/02

dez/02

mar/03

jun/03se

t/03

out/03

R$ Million

Itaú

Bradesco

Unibanco

Consistently the largest Market Consistently the largest Market Capitalization in Brazilian banking sectorCapitalization in Brazilian banking sector

Source: Economática. Period : Dec/98 until October/2003

The largest banks in Brazil

BradescoItaú HoldingUnibanco

Stockholders’ Equity Sep/2003

12,96711,464

7,023

3

AgendaAgenda

Highlights

Results:»Statement of Income»Balance Sheet

Sensitivity Analysis

Focus on:»Sustainability»Corporate Governance

4

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.

5

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

6

Consolidated Financial Ratios (%)

1.8 3.6 2.6 2.9 2.1 2.6

31.534.6

14.4

26.3

18.9

31.627.7

16.9 18.421.521.021.3

0

5

10

15

20

25

30

35

40

45

50

55

60

Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Sep-03(*)

Net Income / Assets (ROA)Net Income / Stockholders' Equity (ROE)Risk Based Capital Ratio (Basle Ratio)

(*) Annualized Ratios

7

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

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

8

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

9

AgendaAgenda

Sensitivity Analysis

Highlights

Results:»Statement of Income»Balance Sheet

Focus on:»Sustainability»Corporate Governance

10

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)

11

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

12

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.

13

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.

14

Technical Provisions of Insurance, Technical Provisions of Insurance, Capitalization and Pension PlansCapitalization and Pension Plans

1,8822,459 2,825

3,3523,991

884

923906

902

927

998

1,0211,077

1,134

1,168

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

Pension Plans Capitalization Insurance

R$ Million

3,765

4,4034,808

5,388

6,086Growth of 62% in relation to September, 2002

15

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

16

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

17

Banking Service FeesBanking Service Fees

R$ Million

3rd Q./03

34489

2343853

1352152717

149

1,301

2nd Q./03

30777

2343951

1332242716

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

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

19

R$ Million

1,981

3,159

1,869

2,937

1,835

2,842

January to September 2002

Personnel Expenses

Other Administratives Expenses

2003w/o BBAand FIAT

2003w/ BBA

and FIAT

5,140 4,806 4,677Sub-Total

335 329 569 Reorganization

5,475 5,135 5,246Total

Administrative ExpensesAdministrative Expenses

20

R$ Million

(73)

(393)

1,869

2,937

January to September

Personnel Expenses

Administrative Expenses

2003 Variation

(465)4,806Sub-Total

(284)329Reorganization

(749)5,135Total (w/o BBA and FIAT)

Labor Agreement ...8%*

Dollar......................16%

IPCA .......................16%

RatedIndices

Labor Agreement ...8%*

(409)5,475Total (w/ BBA and FIAT)

340• BBA + FIAT -

1,942

3,329

2002 Adjusted

5,271

613

5,884

5,884

-

(*) Labor Agreement about Salary: sep/02 = 7%, sep/03 = 12.6%.

Adjusted Administrative ExpensesAdjusted Administrative Expenses

21

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

22

AgendaAgenda

Sensitivity Analysis

Highlights

Results:»Statement of Income»Balance Sheet

Focus on:»Sustainability»Corporate Governance

23

R$ Million

Liabilities

Total Liabilities

09/30/03w/ BBA

and FIAT

118,98

2

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

09/30/03w/ 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 ConsolidatedBalance 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

Guarantees Mutual Funds

24

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)

25

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

26

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

27

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

28

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

29

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

30

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

31

AgendaAgenda

Sensitivity Analysis

Highlights

Results:»Statement of Income»Balance Sheet

Focus on:»Sustainability»Corporate Governance

32

1944

Over 100 banks acquired / merged / incorporated

1974 – 2nd largest private bank – Acquisition of BUC

Birth of the Electronic Bank

Ocupation of the National Territory

Beginning of Segmentation (Itaucorp)

Itaú’s Management

1975 19841980

Anticipating Scenarios

Scen

ario

s

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

33Investment in Technology and Branches

Focus: Services (Floating)

Administration in plans of stabilization

Start – Cost Management

Brand Atualization

Itaú’s Management

1985 19941990

Anticipating Scenarios

Scen

ario

sPolitical

DemocraticTransition

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

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

Scen

ario

s

Consolidation

of Democracy

Period : 1995 to 2003

Political Economic Banking 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

5,051 5,247 5,524 5,5876,060

8,411

14,052

10,764

13,462

4,2894,800

4,000

6,000

8,000

10,000

12,000

14,000

16,000

85 87 89 91 93 95 97 99 01 03(*)

Checking Accounts(**)

Checking AccountsChecking AccountsThousand

(*) September 30, 2003

CAGR = 5.6%

(**) – 1990, 1991 and 1992 : excluded the checking accounts in NCz$ and DER / VOBC

36

1 154 340923

13,777

8,876

27

6,558

11,714

2,976

19,244

795866 913

1,071

1,8532,017

1,826

2,597

1,905

1,479

582

3,180

1,304

2,995

400

1,100

1,800

2,500

3,200

75 77 79 81 83 85 87 89 91 93 95 97 99 01 03(*)

0

3,000

6,000

9,000

12,000

15,000

18,000

21,000

ATMs

Quantity

Branches + CSBs(**)

(*) September 30, 2003 (**) – Customer Site Branch

CAGRBranches + CSBs = 8.78%

SustainabilitySustainabilityDistribution Network EvolutionDistribution Network Evolution

Obs.: 308 Points of Sale in 1972

37

1990 20031994

Anticipating Scenarios Before and After Real Plan

Target Planned Growth Shareholder Value

Operational To perform well! To perform efficiently!

Market Growth Focus

Personnel Generic Specialization

Remuneration Fixed Structure Performance Related

Risks Avoid Manage

Corp. Govern. Formal Active

Businesses Banking Financial Services

Changes in the Approach

Intangibles Not Managed Managed

38

AgendaAgenda

Sensitivity Analysis

Highlights

Results:»Statement of Income»Balance Sheet

Focus on:»Sustainability»Corporate Governance

39(*) 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

Dec/03 – Dividend Reinvestment Program

40

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

► 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.

42

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

43

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

44

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

45

AgendaAgenda

Focus on:»Sustainability»Corporate Governance

Sensitivity Analysis

Highlights

Results:»Statement of Income»Balance Sheet

46

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

• Retail Funds

• Branches

• Personnalité

• Small and Middle Companies

• Credit Cards

• Vehicles Financing

• Insurance, Pension Plans and

Capitalization

Sensitivity Analysis – Retail

48

R$ Million

Resources 100 100 100 130 91 70

Current Situation Scenario (*)

Average Balance

Financial Margin

Spread Average Balance

Financial Margin

Spread

Loans - Individuals 100 100 100 154 96 58

Loans - Businesses 100 100 100 149 98 62

Real Estate Credit 100 100 100 152 130 85

Banking Service Fees 100 123

Total Revenues 100 101

Insurance Products 100 166

Provisions 100 94

Expenses 100 120

Net Income before tax 100 87(*) 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

R$ Million

Resources 100 100 100 130 91 70

Current Situation Scenario (*)

Average Balance

Financial Margin

Spread Average Balance

Financial Margin

Spread

Loans - Individuals 100 100 100 154 96 58

Loans - Businesses 100 100 100 149 98 62

Real Estate Credit 100 100 100 152 130 85

Banking Service Fees 100 123

Total Revenues 100 101

Insurance Products 100 166

Provisions 100 94

Expenses 100 120

Net Income before tax 100 87

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 (*)

December 10th, 2003São Paulo

Alfredo SetubalExecutive Vice President

Investor Relations Director

Presentation to:

Banco Itaú Holding Financeira S.A.