CONFERENCE CALL. and. November 04, 2008

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1 CONFERENCE CALL and Roberto Egydio Setubal Pedro Moreira Salles November 04,

2 Itaú s 3 rd Quarter Results 2 Investor Relations

3 Highlights R$ Million 3rd Qtr/08 2nd Qtr/08 Variance Jan- Sep/08 Jan- Sep/07 Variance Net Income 1,848 2, % 5,932 6, % Recurring Net Income 1,973 2, % 6,031 5, % Recurring Net Income per share (R$) (*) % % Stockholders Equity 31,591 30, % 31,591 28, % Recurring ROE (Average Equity) annualized (%) 25.5% 27.9% -240b.p. 26.8% 27.9% -110b.p. Market Capitalization 90,485 96, % 90, , % BIS Ratio (%) 14.7% 16.4% -170 b.p. 14.7% 15.3% -60 b.p. Efficiency Ratio (%) 47.0% 43.9% 310 b.p. 44.8% 45.6% -80 b.p. Non-performing Loans Ratio (%) 4.0% 4.3% -30 b.p. 4.0% 4.7% -70 b.p. (*) Calculated considering the weighted average number of shares outstanding. 3 Investor Relations

4 Loans by Type of Customer Variance R$ Million Sep 30,08 Jun 30,08 Dec 31,07 Sep 30,07 Sep/08 - Sep/08 - Jun/08 Dec/07 Sep/08 - Sep/07 Individuals 66,158 62,276 54,416 49, % 21.6% 34.5% Credit Cards 11,447 11,076 10,925 9, % 4.8% 20.9% Personal Loans Vehicles 15,296 39,414 15,160 36,040 13,881 29,611 14,149 25, % 9.4% 10.2% 33.1% 8.1% 54.2% Company Loans 79,198 69,308 57,524 50, % 37.7% 55.7% Corporate 45,900 40,283 35,755 31, % 28.4% 45.3% Small and Medium Sized 33,298 29,025 21,769 19, % 53.0% 72.5% Subtotal I 145, , , , % 29.9% 45.3% Directed Loans (*) 8,144 7,232 6,335 5, % 28.5% 39.1% Rural Credit 4,574 4,052 3,654 3, % 25.2% 34.9% Mortgage Loans 3,570 3,180 2,682 2, % 33.1% 44.9% Subtotal II Argentina, Chile and Uruguay 153, , , , % 29.8% 44.9% 10,986 9,258 9,314 8, % 18.0% 34.6% Total Loans 164, , , , % 28.9% 44.2% (*) Rural and Mortgage Loans a function of outstanding Demand and Savings Deposits, respectively. Note: Without giving effect to the exchange variation, the total growth in the credit portfolio balance between June and September, 2008 would have been 6.9%. 4 Investor Relations

5 Non-Performing Loans and Coverage Ratios Non-performing Loans Ratio Coverage Ratio (*) 7.8% 7.5% 7.3% 6.9% 7.0% 6.6% 6.3% 166% 162% 161% 157% 149% 143% 147% 5.0% 5.1% 4.7% 4.4% 4.3% 4.3% 4.0% 2.1% 2.3% 1.7% 1.6% 1.4% 1.5% 1.3% Mar/07 Jun/07 Sep/07 Dec/07 Mar/08 Jun/08 Sep/08 Mar/07 Jun/07 Sep/07 Dec/07 Mar/08 Jun/08 Sep/08 NPL Ratio - Total NPL Ratio - Individuals NPL Ratio - Companies (*) Provision for loan losses / Credits overdue more than 60 days, which are not accrued. 5 Investor Relations

6 Provision for Loan Losses and Credit Portfolio 8.4% 8.3% 7.6% 6.9% 6.5% 6.2% 5.8% 1,504 1,476 1,631 1,565 1,830 1,958 2, % 1.6% 1.6% 1.4% 1.5% 1.5% 1.4% 1st Qtr/07 2nd Qtr/07 3rd Qtr/07 4th Qtr/07 1st Qtr/08 2nd Qtr/08 3rd Qtr/08 Recurring Expenses for Provision for Loan Losses (R$ million) Recurring Expenses for Provision for Loan Losses / Credit Portfolio Provision for Loan Losses / Credit Portfolio 6 Investor Relations

7 Unibanco s 3 rd Quarter Results 7 Investor Relations

8 3T08 Unibanco s Earnings Release Performance 3Q08 9M08 Δ 3Q08/3Q07 R$ Million Δ 9M08/9M07 Net Income 704 2, % 16.8% 26.5% 26.6% 23.9% 24.5% 24.4% ,885 2,201 3Q07 (1) 2Q08 3Q08 9M07 (1) 9M08 (1) Before non recurring events ROAE Net Income (R$ Million) 8 Investor Relations

9 3T08 Unibanco s Earnings Release Financial Highlights Total Assets (R$ Bi) Loans Portfolio (R$ Bi) Sep-05 Sep-06 Sep-07 Jun-08 Sep-08 Sep-05 Sep-06 Sep-07 Jun-08 Sep-08 Deposits + Debentures (R$ Bi) EPS (R$) Sep-05 Sep-06 Sep-07 Jun-08 Sep-08 3Q05 3Q06 3Q07 2Q08 3Q08 9 Investor Relations

10 Unibanco s Earnings Release Loan Portfolio Growth 32.9% R$ Billion 7.7% % 3.5% 59% Retail 61% 42% 37 39% 38% % 14.4% 41% Wholesale Sep-07 Jun-08 Sep-08 Brazilian Financial System Δ Quarter 7.6% 7.7% Δ 9M % 20.9% Δ 12 months 34.0% 32.9% 10 Investor Relations

11 3T08 Unibanco s Earnings Release Loan Portfolio Growth R$ Billion Portfolio highlights Sep-08 Jun-08 Sep-07 Δ % Quarter Δ % 12 months Auto Loans Large Corporate SME Mortgages Credit Cards (2.1) 26.8 Consumer Finance Companies Payroll Loans Own portfolio Acquired portfolio (5.0) (11.5) (11.2) (29.3) Other Retail Loans (individuals) Total Portfolio Individuals Corporate Investor Relations

12 Unibanco s Earnings Release Asset Quality Coverage D to H Portfolio D to H Portfolio / Total Loans 99% 102% 103% 4.9% 4.7% 4.5% Sep-07 Jun-08 Sep-08 Sep-07 Jun-08 Sep-08 Coverage of NPLs NPLs / Total Loans 118% 118% 118% 4.1% 4.0% 3.9% Sep-07 Jun-08 Sep-08 Sep-07 Jun-08 Sep Investor Relations

13 and Creating the largest Financial Conglomerate in the Southern Hemisphere 13

14 The Transaction The controlling shareholders of ITAÚSA and Unibanco Holdings announce that they have entered into a Joint- Venture Agreement dated 11/03/08 which involves: The merge of the financial operations of ITAÚ and UNIBANCO; Corporate restructuring, which will cause the migration of the current shareholders of Unibanco Holdings and Unibanco to a public listed company to be called Itaú Unibanco Holding S.A.( ITAÚ UNIBANCO HOLDING ), which is currently Banco Itaú Holding Financeira S.A., which will be made through a merger of shares; e ITAÚ UNIBANCO HOLDING will have ITAÚSA and the controlling shareholders of Unibanco Holdings, such control to be exerted by means of a non-financial institution to be incorporated for the purpose of this transaction. 14

15 New Corporate Structure Current - Itaú Current - Unibanco New Conglomerate FreeFloat 54.5% ITAÚSA ITAÚ 45.5% FreeFloat 67.1% 41.7% Controladores UNIBANCO 32.9% UNIBANCO Holdings 58.3% UNIBANCO 36.0% ON 0% PN 18.3%Total ITAÚSA IU Participações 51.0% ON 0% PN 25.9% Total 50.0% ON 100% PN 66.5% Total ITAÚ UNIBANCO HOLDING Controladores UNIBANCO 50.0% ON 0% PN 33.5% Total 13.0% ON 100.0% PN 55.8%Total FreeFloat 15

16 Exchange Rates of Shares NUMBER OF SHARES OF UNIBANCO AND UNIBANCO HOLDINGS TO BE EXCHANGED FOR EACH SHARE OF ITAÚ UNIBANCO HOLDING Shares UBBR3 UBHD3 Exchange Rate = = 1 Unibanco and Unibanco Holdings common shares currently held by its non-controlling shareholders will be exchanged into common shares issued by ITAÚ UNIBANCO HOLDING, following the same exchange rate negotiated by the Parties for the exchange of the common shares held by the controlling shareholders of Unibanco Holdings UBBR11 (Unit) UBBR4 UBHD6 UBB = = = = 1 For the preferred shares, the exchange rate was calculated based on the market average price of the Units (Unit/2 = R$ ) and of the preferred shares of ITAÚ (R$ ) in the last 45 sessions of the Brazilian Stock Exchange Bovespa. 16

17 Capital Increase by Shares Issuance ON PN UBHD3 UBHD6 TOTAL Controller Moreira Salles Group Free Float , ,069.2 Units 0 1, ,040.4 Others Total (excluding treasury) , , In million of shares PN ON ON PN UBBR3 UBBR4 TOTAL Controller Unibanco Holdings 1, ,594.7 Free Float , ,139.2 Units Others Total (excluding treasury) 0 1, , , , , PN ON 37.4 Total 1,

18 Corporate Governance Board of Directors (14 members) 6 will be appointed by the controlling shareholders of ITAÚSA and Unibanco Holdings The remaining 8 will be independent directors Chairman of the Board of the Directors Pedro Moreira Salles Chief Executive Officer Roberto Egydio Setubal There will be no changes in the operations and transactions conducted with clients, creditors and suppliers. 18

19 Relevant Aspects The largest private financial conglomerate in the Southern Hemisphere was born ; ITAÚ UNIBANCO HOLDING will be able to offer the best products and services in the Brazilian market for their millions of corporate and individual clients; The largest Stockholders Equity of the Brazilian market; Support the growth of the credit transaction of our clients; Substantial increase in economic scale gains in all client segments; Substantial synergies in various business. Such institution will be able to expand its credit offerings, cooperate with the government and with other sister like financial institutions, recognize the work and assure our financial system integrity. 19

20 Financial Impact R$ BILLION PRO FORMA DATA ITAÚ UBB ITAÚ UNIBANCO HOLDING TOP 20 IN Assets THE WORLD Loans (*) TOP 4 LATIN AMERICA COMPANY Deposits + Debentures AUM Stockholders Equity 32.1 (a) 12.9 (*) Do not include sureties and endorsements (a) Include Banco Itaú Europa transference (b) Consider tax impacts (b) 20

21 The New Financial Institution... With branches and CSBs, representing 18% market share and 14.5 million current account customers, 18% of the market; In credit volume will represent a 19% of the Brazilian system, and in total deposits, and assets under management will reach 21%; In the insurance market will hold 17% of the market while in the Pension Plan market will have 24%; Corporate operation ITAÚ UNIBANCO HOLDING will total more than R$ 65 billion serving more than 2,000 economic groups in Brazil; Private Bank business will be the largest in Latin America with around R$ 90 billion assets under management; Credit Card operations end up including Itaucard, Unicard, Hipercard e Redecard. 21

22 EPS Estimated Impacts ESTIMATED DATA ITAÚ UBB ITAÚ + UBB SYNERGIES ITAÚ UNIBANCO HOLDING Net Income (R$ Million) (*) 8,329 3,079 11, ,550 # of Stocks (# Million) 2,953 2,734 4,094 (a) 4,094 EPS (R$) (*) Estimated 2008 Net Income based on Market Analyst Consensus Source First Call (a) 4,094 = 2, ,120 (see slide 5) + 21 (issue of shares for partial incorporation of BIE item 2 of the Material Fact) In light of its scale, ITAÚ UNIBANCO HOLDING is in a position to make this operation EPS accretive in short period of time, taking into consideration that the required synergy represents only 1.5% of the Combined Net Income. 22

23 Accounting Effects Considering the capital increase related to the merger of shares ( incorporação de ações ), the variation of its equity share, and the accounting and tax effects, the positive net effect estimated in the results of ITAÚ UNIBANCO HOLDING will be equivalent to R$7.9 billion and the one of ITAÚSA will be R$ 2.5 billion; The transaction is expected to be EPS accretive in 2009; The Basle Ratio, pro forma for the operation, will equal approximately 15.1%. The implementation of the joint-venture set forth herein depends on the approval of the Central Bank of Brazil and of the remaining applicable authorities 23

24 Ranking Market Cap World Latin America US$ - Billion 1 st IND & COMM BK -A 2 nd JPMORGAN CHASE 3 rd HSBC HLDGS PLC 4 th CHINA CONST BA-H 5 th BANK OF AMERICA 6 th WELLS FARGO & CO 7 th BANK OF CHINA-H 8 th CITIGROUP INC 9 th BANCO SANTANDER 10 th MITSUBISHI UFJ F 11 th BNP PARIBAS 12 th US BANCORP 13 th ROYAL BANK OF CA 14 th UBS AG-REG 15 th INTESA SANPAOLO 16 th ITAÚ + UNIBANCO 17 th BBVA 18 th CREDIT SUISS-REG 19 th COMMONW BK AUSTR 20 th TORONTO-DOM BANK 21 th BRADESCO SA-PREF 22 th BANK OF NOVA SCO 23 th CREDIT AGRICOLE 24 th SUMITOMO MITSUI 25 th SOC GENERALE st ITAÚ + UNIBANCO 2 nd BRADESCO SA-PREF 3 rd BANCO DO BRASIL 4 th SANTANDER BRASIL 5 th GRUPO FIN INB-O 6 th SANTANDER MÉXICO 7 th SANTANDER CHILE 8 th BANCO DE CHILE 9 th GRUPO F BANORT-O 10 th BANCOLOMBIA SA 11 th NAFTRAC th BANCO DE CREDI-C 13 th FIRST CARIBBEAN 14 th SURAMERICANA 15 th GRUPO AVAL 16 th REPUBLIC BANK 17 th BANCO BOGOTA 18 th POPULAR INC 19 th BANCO CONTINEN-C 20 th NOSSA CAIXA 21 th BANCO CRED INVER 22 th NORD BRASIL-PREF 23 th INTERBANK-COMUN 24 th BANRISUL-PREF B 25 th BANCO GALICIA-B Source: Bloomberg 11/03/08 24

25 Itaú Unibanco Holding R$ Billion + MKT Share Assets % Total Loans % Deposits + Debentures % Stockholder s Equity Net Income 9M/ AUM Branches + CSBs Account holders (million) Private Banking Insurance Pension Plans Employees ATMs % 1,251 3,596 4,847 18% % Major in Latin America % % 36,425 71, ,039 5,765 23,878 29,643 25

26 Itaú and Unibanco will establish the largest private financial conglomerate in the Southern Hemisphere and world s TOP 20 in market capitalization. Now, they are a unique bank and made for you. Itaú and Unibanco. Now, a global Bank, with national 26 pride.

27 Disclaimer Future expectations related to this conference call shall consider the risks and the uncertainties that involve any activities and transactions, and that are beyond the control of the companies pertaining to both conglomerates (including, but not limited to, political and economic changes, volatility in the exchange and interest rates, technological changes, inflation, financial disintermediation, competitive pressure over products and prices, changes in corporate and tax regulation, and also that the corporate restructuring described in this conference call is still subject to the approval of the shareholders meetings of the companies involved, and also of the relevant authorities). 27

MATERIAL FACT. Itaú and Unibanco Joint-Venture EXECUTIVE SUMMARY

MATERIAL FACT. Itaú and Unibanco Joint-Venture EXECUTIVE SUMMARY ITAÚSA INVESTIMENTOS ITAÚ S.A. BANCO ITAÚ HOLDING FINANCEIRA S.A. UNIBANCO HOLDINGS S.A. UNIBANCO - UNIÃO DE BANCOS BRASILEIROS S.A. MATERIAL FACT Itaú and Unibanco Joint-Venture EXECUTIVE SUMMARY The