Conference Call about the results of 1 st Quarter of 2005.

Banco Itaú Holding Financeira S.A. 2 Highlights 2. Growth of Credit Portfolio on the quarter of 7.0%: Personal Credit (22.2%) and Automobile (17.3%); 5. Full amortization of the goodwill: Associating process with LASA, amounting R$ 182 million (after tax effects); 3. Growth of Provisions:  Constitution of R$ 150 million of Exceeding Provision for Loan Losses on the quarter, amounting R$ 1,150 million;  Maintenance of Additional Provision for Securities Portfolio of R$ 400 million; 1. Results: Net Income of R$ 1,141 million with an increase of 10.8% q-o-q and of 30.3% when compared to the net income of R$ 876 million of the 1st. Q/04; ROE 35.1%; Earnings per share R$ 10.04; 4. Delinquency: Maintenance of the Nonperforming Loans ratio in 2.9%; 6. Creation of a new segment – Consumer Credit - Itaucred: disclosure of the result of operations performed in channels for non-account customers.

Banco Itaú Holding Financeira S.A. 3 R$ Million (Except where indicated) * Adjusted by the nonrecurring items of the 4th Quarter of 2004 Highlights Var 1 st Q/05 Net Income 1,141 1, Earnings per share (R$) Stockholders’ Equity 14,629 13,971 12, ,151 ROE (%) 35.1%32.9%31.2%2.2%3.9% Total Assets 146, , ,979 16,064 19,424 ROA (%) 3.2% 2.8%0.0%0.4% Net Interest Margin 3,061 3,624 2,373 (563) 688 Market Capitalization 51,838 44,092 31,227 7,746 20,611 BIS Ratio (%) 18.3%20.6%19.8%-2.3%-1.5% Efficiency Ratio (%) 49.4%45.9%58.0%3.5%-8.6% NPL (%) 2.9% 4.0%0.0%-1.1% NIM (%)* 13.2%13.6%11.9%-0.4%1.3% 1 st Q/054 th Q/041 st Q/04 -4 th Q/04 Var 1 st Q/05 -1 st Q/04

Banco Itaú Holding Financeira S.A. 4 Funds Intended for the Economic Agents R$ Million (*) Rural and Mortgage Loans – Loans linked to the availability of Demand deposits and Savings deposits. Mar 31, 05Dec 31, 04Mar 31, 04 Var Mar, 05 -Dec, 04 Var Mar, 05 -Mar, 04 Individuals20,770 18,272 12, %.62.7% Loans to Companies31,891 30,467 28, %12.9% Small and Medium Sized 9,037 8,571 5, %60.0% Corporate22,854 21,896 22, %1.1% Mandatory Loans (*) 4,351 4,536 3, %16.6% Total - Loans57,012 53,275 44, %27.4% Public Securities - Brazil 7,218 7,486 12, %-44.2% Private Securities11,660 12,145 9, %22.4% Total - Securities18,878 19,631 22, %-16.0% Total75,890 72,906 67, %12.9%

Banco Itaú Holding Financeira S.A. 5 Credit Portfolio R$ Million CAGR: 21.5% CAGR: 22.9% Credit Operations (*) On March 31, 2005.

Banco Itaú Holding Financeira S.A. 6 Nonperforming Loans Ratio and Coverage Ratio (*) Provision for Loan Losses / Total Nonperforming Loans We are not expecting an ongoing improvement in these indicators, because of the focus on credit products with higher margins, but, at the same time, with a higher credit risk.

Banco Itaú Holding Financeira S.A. 7 R$ Million Service Fees (1)Mutual Funds and Consortium. (2)Adjusted in 4Q04 in R$ 124 million related to Collection Services for INSS. 1 st Q/054 th Q/04 Var 1Q05 - 4Q04 Var 1Q05 - 1Q04 Asset Management (1) Current Account Services Credit Cards Sureties and Credits Collection Services (2) Other (26) 2 Total1,794 1,675 1, st Q/04

Banco Itaú Holding Financeira S.A. 8 R$ Million Non-Interest Expenses 1 st Q/054 th Q/041 st Q/04 Var 1Q05 - 4Q04 Var 1Q05 - 1Q04 Personnel Expenses Other Administrative Expenses1,103 1, (115) 107 Other Operating Expenses (29) (108) Tax Expenses (CPMF / Other) Total2,381 2,480 2,183 (99) 198 (-) Itaucred (288) (273) (185) (15) (103) (-) Orbitall (146) (91) (57) (55) (89) Total Adjusted1,947 2,116 1,941 (169) 6 Note: The increases of the shareholdings in Credicard from 33.3% to 50.0% and in Orbitall from 33.3% to 100.0% were considered in consolidation on 10/31/04 and on 11/30/04, respectively.

Banco Itaú Holding Financeira S.A. 9 Non-Interest Expenses 2,183 2,1922,160 2,480 2,381 ItaucredOrbitall Strong Cost Control R$ Million

Banco Itaú Holding Financeira S.A. 10 Efficiency Ratio 54.5% 52.4% Annual Efficiency Ratio (Personnel Expenses + Other Administrative Expenses + Other Operating Expenses + Tax Expenses except PIS/COFINS/ISS ) (Net Interest Income + Banking Service Fees + Partial Result of Insurance, Capitalization and Pension Plans + Other Operating Income - Tax Expenses of PIS/COFINS/ISS) Efficiency Ratio =

Banco Itaú Holding Financeira S.A. 11 Financial Instruments – Market Value R$ Million 03/31/0512/31/0403/31/04 Stockholders’ Equity Interbank Deposits Securities and Derivatives Credit Operations Investment on BPI Time and Interbank Deposits and Funds from acceptance and issuance of securities abroad 9 (41) 71 Securitization of Payment Orders Abroad Subordinated Debt and Treasury Shares Total Unrealized2,147 2,074 2,275 Unrealized Income/(Loss) (1) (2) (1) Tax effects not considered. (2) Includes unrealized minority interest gains in Equity of R$ 336 million in March/05, R$ 299 million in December/04, R$ 399 million in March/04.

Banco Itaú Holding Financeira S.A. 12 Segments (Pro forma) ITAÚ CORPORATION ITAUCREDITAÚ BBAITAUBANCO Introduction, in this quarter, of the segment Itaucred that will reflect fundamentally the operations performed through channels aimed at non-account customers. Banking Credit Cards – Checking Account Customers Insurance, pension plans and capitalization Mutual Funds and Managed Portfolio Corporate Operations Vehicles Credit Card – Non-account Customers Taií FIC – Itaú and Pão de Açúcar FAI – Itaú and Lojas Americanas

Banco Itaú Holding Financeira S.A. 13 R$ Million Highlights of Pro Forma Segments Note: The Consolidated figures do not represent the sum of the parts because certain intercompany transactions were eliminated only at the Consolidated level. (1) Quarterly Net Income. (2) including Endorsements and Sureties. ItaubancoItaú BBAItaucredCorporationItaú Net Income (1) (7) 1,141 Allocated Capital Tier I7,588 3,235 1,106 2,699 14,629 ROE (%) 47.0%35.8%52.4%-1.0%35.1% Credit Portfolio (2) 23,928 22,472 10, ,012 Total Assets 119,595 40,919 10,275 5, ,403 Mar/05 ItaubancoItaú BBAItaucredCorporationItaú 1, (648) 1,030 6,868 3, ,934 13, %33.9%50.7%-63.2%32.9% 22,070 22,051 9, , ,119 33,902 8,863 6, ,339 Dec/04 Net Income (1) Allocated Capital Tier I ROE (%) Credit Portfolio (2) Total Assets

Itaubanco 14 R$ Million Itaubanco Pro Forma (*) Adjusted by eventual items of R$ 612 million in Net Interest Margin, R$ 124 million in Service Fees and of R$ 250 million in Tax Income and Social Contribution. 1 st Q/054 th Q/04 (*)1 st Q/04 Var. 1Q/05 - 4Q/04 Var. 1Q/05 - 1Q/04 Net Interest Margin 2,044 2,023 1, Result from Loan Losses (481) (257) (307) (224) (174) Service Fees 1,543 1,444 1, Non-Interest Expenses (1,955) (2,045) (1,848) 90 (107) Tax Income and Social Contribution (344) (331) (231) (13) (113) Other (40) 12 (52) 12 Net Income (79) 208 Tier I Allocated Capital7,588 6,868 6, ROE (%)47.0%59.1%37.5%

Itaubanco 15 Net Income Itaubanco - Banking Credit Cards Insurance, Pension Pl. and Cap. Mutual Funds and Managed Portfolio Total R$ Million 1 st Q/05 4 th Q/04 (*) Variation (168) (79) Diversification of income sources Not dependent only on interest rates (*) Adjusted by eventual items of R$ 612 million in Net Interest Margin, R$ 124 million in Service Fees and of R$ 250 million in Tax Income and Social Contribution.

Itaubanco 16 Credit Card – Checking Account Customers R$ Million (Except where indicated) 1 st Q/054 th Q/04Variation Net Interest Margin Result from Loan Losses(38) (41) 3 Service Fees Non-Interest Expenses(297) (287) (10) Tax Income and Social Contribution(80) (39) (41) Others(74) (48) (26) Net Income Tier I Allocated Capital ROE (%)129.5%82.8% Nº of Cards (thousands)7,518 7, Volume of Transactions3,636 4,013 (377)

Itaubanco 17 R$ Million Insurance, Pension Plans and Capitalization The Combined Ratio has shown a falling trend for 8 quarters. 1 st Q/054 th Q/04Variation Insurance Premiums, Pension Plans Contributions and Premium Bonds Revenues 1,362 1,695 (333) Changes in Technical Provisions (382) (843) 461 Selling Expenses (108) (103) (5) Insurance Claims, Pension Plans Benefits and Premium Bonds Redemption (690) (578) (112) Other Operating Income/(Expenses) 1 15 (14) Operating Margin (3) Financial Income Non-Interest Expenses (143) (152) 9 Income Tax and Social Contribution (46) (23) Other 15 (24) Combined Ratio 90.9%92.9%2.0% Claim Ratio 51.2%49.7%1.5% Result of Ins., Pension Plans and Cap.

Itaubanco 18 Assets under Management and Technical Provisions R$ Billion Technical Provisions of Insurance, Pension Plans and Capitalization Volume of Mutual Funds and Portfolios under Management Growth of 20.8% in the volume of Funds and Portfolios under Management and 35.2% in the volume of Technical Provisions in relation to Mar/2004

Itaú BBA 19 R$ Million Itaú BBA Pro Forma 1º Tri/05 4º Tri/04 1 st Q/054 th Q/041 st Q/04 Var. 1Q/05 - 4Q/04 Var. 1Q/05 - 1Q/04 Net Interest Margin (94) 128 Result from Loan Losses (95) Service Fees (4) 16 Non-Interest Expenses(130) (159) (147) Tax Income and Social Contribution(103) (151) (94) 49 (9) Other(27) (17) 1 (10) Net Income Tier I Allocated Capital3,235 3,194 2, ROE (%)35.8%33.9%

Itaucred 20 R$ Million Itaucred Pro Forma 1 st Q/054 th Q/041 st Q/04 Var. 1Q/05 - 4Q/04 Var. 1Q/05 - 1Q/04 Net Interest Margin Result from Loan Losses (120) (41) (57) (79) (63) Service Fees Non-Interest Expenses (288) (273) (177) (15) (111) Tax Income and Social Contribution (56) (39) (33) (17) (23) Other (30) (27) (14) (3) (16) Net Income Tier I Allocated Capital 1, ROE (%) 52.4%50.7%28.3%

Itaucred 21 Net Income Operations performed through channels aimed at Non-Account Customers. R$ Million 1 st Q/054 th Q/04Variation Vehicles74 - Credit Cards – Non-Account Customers Taií(8) 2 (10) Total

Banco Itaú Holding Financeira S.A. 22 Credit Cards – Quantity of Cards Source: Credicard / Visa / Mastercard 1 st Place , dec/02 jan/03 feb/03 mar/03 apr/03 may/03 jun/03 jul/03 aug/03 sep/03 oct/03 nov/03 dec/03 jan/04 feb/04 mar/04 apr/04 may/04 jun/04 jul/04 aug/04 sep/04 oct/04 nov/04 dec/04 jan/05 feb/05 mar/05 Quantity (Million) Bradesco Unibanco Itaú Ourocard Credicard

Banco Itaú Holding Financeira S.A. 23 Banco Itaú Holding in 2005  Consistence of the strong financial performance and increase in operational efficiency;  Strategy of growth of credit for small and medium companies;  Maintenance of conservative policy of provisioning;  Changes in assets mix, reducing the volatility. March 2005  Long and consistent record of performance in volatile scenarios;  Quality of Equity;  Significative international presence reducing the internal volatility;  Strong capitalization and provisions. Itaú became the best rated bank in Brazil by Moody´s (among 23 banks evaluated) and by Fitch Ratings (46 banks evaluated). April 2005 Main Competitive Differentials:

Conference Call about the results of 1 st Quarter of 2005.