February 22, 2006 Conference Call about the Results of 4 th Quarter of 2005

Banco Itaú Holding Financeira S.A. 1 Highlights 3. Additional Provisions:  Increase of the Exceeding Provisions for Loan Losses of R$ 370 million (R$ 170 million in the quarter), totaling R$ 1,370 million;  Reduction of R$ 30 million of Additional Provisions for Securities Portfolio totaling R$ 370 million (reduction in 4 th Q/05); 1.Results:  4 th Q./05: Net Income of R$ 1,425 million with increase of 5.4% q-o-q; ROE annualized 42.5%;  2005: Net Income of R$ 5,251 million with increase of 39.1% y-o-y; ROE annualized 35.3%; 4. Non-performing Loans Ratio: 3.5% ( Loans overdue for more than 60 days / Total Loans) 2. Growth of credit portfolio of 27.2% y-o-y and 10.0% q-o-q.  Credit Cards: 40.1% y-o-y and 21.8% q-o-q.  Vehicles: 80.1% y-o-y and 18.0% q-o-q. 5. Solvency Ratio (BIS Ratio): High level of BIS ratio %.

Banco Itaú Holding Financeira S.A. 2 Perspectives of Banco Itaú Holding for 2005 stated in conference call on 2004 results. 1.Focus on increasing the credit portfolio to Individuals and to Small and Medium Sized Companies;

Banco Itaú Holding Financeira S.A. 3 Growth of 27.2% of the credit portfolio y-o-y. Individuals: 57.0% y-o-y. Small Business and Middle Market: 31.6% y-o-y. Breakdown of the Credit Portfolio 3

Banco Itaú Holding Financeira S.A. 4 Perspectives of Banco Itaú Holding for 2005 stated in conference call on 2004 results. 1.Focus on increasing the credit portfolio to Individuals and to Small and Medium Sized Companies; 2.Consolidation of initiatives related to consumer loans;

Banco Itaú Holding Financeira S.A. 5 Itaucred Growth of 84.5% y-o-y of Net Income pro forma of Itaucred y-o-y, totaling R$ 525 million. Credit PortfolioOwn Stores 5

Banco Itaú Holding Financeira S.A. 6 Perspectives of Banco Itaú Holding for 2005 stated in conference call on 2004 results. 1.Focus on increasing the credit portfolio to Individuals and to Small and Medium Sized Companies; 2.Consolidation of initiatives related to consumer loans; 3.Costs constant in real terms, which will lead to an improvement in the efficiency ratio (on the same basis);

Banco Itaú Holding Financeira S.A. 7 R$ Million (*) Based in managerial data. (1) In 3 rd Q/05 includes R$ 93 million related to the collective convention of work. (2) Do not includes PIS, COFINS and ISS. (3) Includes non account holders credit cards holders and Taií. Non-Interest Expenses* Elevated efficiency ratio at 50.3% 2005 compared to 53.9% in the prior year. 7

Banco Itaú Holding Financeira S.A. 8 1.Focus on increasing the credit portfolio to Individuals and to Small and Medium Sized Companies; 2.Consolidation of initiatives related to consumer loans; 3.Costs constant in real terms, which will lead to an improvement in the efficiency ratio (on the same basis); 4.Keeping the current growth expectations, we visualize that the present levels of ROE will continue steady; Perspectives of Banco Itaú Holding for 2005 stated in conference call on 2004 results.

Banco Itaú Holding Financeira S.A. 9 ROE Evolution (%) * Growth of 610 b.p. y-o-y (*) This quarter, we have improved the calculation for the return on equity (ROE) and introduced the concept of Annualized Return on Average Equity, where the closing balance of equity has been replaced by its average balance. The average quarterly balance is obtained by the arithmetic average between the balance of the last day of the current quarter and that of the previous quarter. The average balance accumulated for the year is obtained by the arithmetic average of the balances of the last day of the last five quarters ( (Dec + Mar + Jun + Sep + Dec) / 5 ). 9

Banco Itaú Holding Financeira S.A Focus on increasing the credit portfolio to Individuals and to Small and Medium Sized Companies; 2.Consolidation of initiatives related to consumer loans; 3.Costs constant in real terms, which will lead to an improvement in the efficiency ratio (on the same basis); 4.Keeping the current growth expectations, we visualize that the present levels of ROE will continue steady; 5.New Segment – starting in next quarter, disclosure of a new segment to reflect the performance of business areas related to consumer loans; Perspectives of Banco Itaú Holding for 2005 stated in conference call on 2004 results.

Banco Itaú Holding Financeira S.A Focus on increasing the credit portfolio to Individuals and to Small and Medium Sized Companies; 2.Consolidation of initiatives related to consumer loans; 3.Costs constant in real terms, which will lead to an improvement in the efficiency ratio (on the same basis); 4.Keeping the current growth expectations, we visualize that the present levels of ROE will continue steady; 5.New Segment –starting in next quarter, disclosure of a new segment to reflect the performance of business areas related to consumer loans; 6.Perspectives of increasing of the non-performing loans ratio, due to the strategy of targeting operations with higher margins and higher risks. Perspectives of Banco Itaú Holding for 2005 stated in conference call on 2004 results.

Banco Itaú Holding Financeira S.A. 12 Non-performing Loans Ratio and Coverage Ratio NPL Ratio (*)Coverage (*) (*) Provision for Loan Losses / Total Non-performing Loans (Loans overdue for more than 60 days) (*) Loans overdue for more than 60 days

Banco Itaú Holding Financeira S.A Focus on increasing the credit portfolio to Individuals and to Small and Medium Sized Companies; 2.Consolidation of initiatives related to consumer loans; 3.Costs constant in real terms, which will lead to an improvement in the efficiency ratio (on the same basis); 4.Keeping the current growth expectations, we visualize that the present levels of ROE will continue steady; 5.New Segment – Disclosure, starting in next quarter, of a new segment to reflect the performance of business areas related to consumer loans; 6.Perspectives of increasing of the non-performing loans ratio, due to the strategy of targeting operations with higher margins and higher risks. Perspectives of Banco Itaú Holding for 2005 stated in conference call on 2004 results.

Banco Itaú Holding Financeira S.A. 14 R$ Million Itaú Holding (pro forma) (*) Evolution considerably influenced by the acquisition of Orbitall and Credicard. Impact of R$ 30 million between the 3rd and the 4th quarters of 2005 and of R$ 545 million between the years of 2004 and 2005.

Banco Itaú Holding Financeira S.A. 15 R$ Million Credit Portfolio (*) Rural Loans and Mortgage Loans – Loans linked to the availability of Demand and Savings deposits..

Banco Itaú Holding Financeira S.A. 16 R$ Million (*) Rural Loans and Mortgage Loans – Loans linked to the availability of Demand and Savings deposits.. Credit Portfolio

Banco Itaú Holding Financeira S.A. 17 R$ Million (*) Rural Loans and Mortgage Loans – Loans linked to the availability of Demand and Savings deposits.. Credit Portfolio

Banco Itaú Holding Financeira S.A. 18 R$ Million Contribution of Credit Portfolio (1)Managerial Financial Margin + Banking Service Fees with operations of credit and credit cards – Taxes Expenses for PIS and COFINS. (2)Results from Loan and Lease Losses + Revision of classification (operations with real estate security) + Excess provision. (3)Average balance of credit portfolio net of non-performing operations.

Banco Itaú Holding Financeira S.A. 19 R$ Million (1) Asset Management and Consortium. Service Fees

Banco Itaú Holding Financeira S.A. 20 Efficiency Ratio– International Efficiency Ratio 19 The blue bars indicate the efficiency ratio calculated using the international methodology. The dashed red line indicates the efficiency ratio calculated by most of Brazilian banks. 21 Efficiency Ratio– National

Banco Itaú Holding Financeira S.A. 21 R$ Million Net Income per segment (pro forma)

Banco Itaú Holding Financeira S.A. 22 Itaú ItaucredItaú BBAItaubanco Banking Credit Cards (Account Holders) Insurance, Pension Plans and Capitalization Mutual Funds and Managed Portfolio Corporation Corporate Operations & Investment Banking Vehicles Credit Cards (Non- Account Holders) Taií Segmentation (pro forma)

Banco Itaú Holding Financeira S.A. 23 R$ Million Net Income per segment (pro forma)

Banco Itaú Holding Financeira S.A. 24 * * (*) To cover the expense for full amortization of goodwill from investments made in 2004 (accounted as extraordinary results at Corporation), we recognized in the income of period, the surplus of securities (accounted as net interest margin at Itaubanco). R$ Million Net Income per segment (pro forma)

Banco Itaú Holding Financeira S.A. 25 R$ Million Net Income per segment (pro forma)

Banco Itaú Holding Financeira S.A. 26 R$ Million Net Income per segment (pro forma)

Banco Itaú Holding Financeira S.A. 27 R$ Net Income per share Net Income R$ million Note1: On october 3 was made a 900% split of the common and preferred shares traded at Bovespa and on october 6 was made a 400% split of the ADRs traded at NYSE. Note2: The values of the Net Income per share was adjusted to better analyzes. Net Income and Net Income per Share. 19.8% 39.1% 20.7% 42.9% 29.0% 32.6%

Banco Itaú Holding Financeira S.A. 28 In US$ ,245 Itaú (1) Itaú (2) Ibov. 10 years 28.69%24.05% 12.45% 5 years 24.93%20.52%12.87% 12 months 64.86%60.01%44.83% Annual Average Appreciation in US$ (*) December, 29 Preferred Shares Appreciation Evolution of US$ 100 invested from Dec/95 to Dec/05* Asian Crisis Russian Crisis Real Devaluation Argentine Crisis Attack to WTC Brazilian Election Period (1) With dividends reinvestment (2) Without dividends reinvestment

Banco Itaú Holding Financeira S.A. 29 Organic growth of classic business lines; Expansion of Insurance, Capitalization and Pension Plan business areas; Maintenance of Efficiency Ratio (same basis); Growth of 25% in credit portfolio; Expectation of moderate growth of non-performing loans ratio as a consequence of targeting operations with higher margins and higher risks (personal loans and credit cards) Itaubanco

Banco Itaú Holding Financeira S.A. 30 Focus on Investment Banking and banking services segments; Continuous improvement of market risk management Itaú BBA

Banco Itaú Holding Financeira S.A. 31 Growth of vehicle financing, developing new segments and presence in regions less penetrated; Consolidation and growth of partnerships with CBD (FIC) and Lojas Americanas (FAI); Growth of number of Taií´s Outlets (FIT) New products launch at FIC, FIT and FAI; Growth of operations with non-account holders; Credicard / Orbitall integration on Itaú with operation gains; Growth of 30% in credit operations; Expectation of moderate growth of non-performing loans ratio as a consequence of targeting operations with higher margins and higher risks (personal loans and credit cards) Itaucred

Banco Itaú Holding Financeira S.A. 32 Itaú Holding Disclosure of the impacts of operational risks, in compliance with Basel II. 2006

February 22, 2006 Conference Call about the Results of 4 th Quarter of 2005