1. Global Emerging Markets One- on-one Investor Forum June 2006

2. 1 Brazilian Economy Highlights Itaú Itaú´s Positioning 1 st Quarter of 2006 Results Acquisition of BankBoston Strategy Agenda

3. 2 Brazilian Macroeconomic Scenario  Floating exchange rate and outstanding adjustment in external accounts  Monetary policy: inflation expectation and growth  Fiscal policy: accomplishment of fiscal targets, even without IMF surveillance  Credit expansion: public sector crowding out  Brazil: towards investment grade

4. Real exchange rate

5. Trade surplus accumulated in 12-months (US$ billion) Source: Central Bank of Brazil

6. 5 Monetary policy and inflation Source: IBGE Headline and Core Inflation (% y-o-y)

7. 6 Fiscal policy Source: Central Bank of Brazil Net Public Debt (% of GDP)

8. 7 Primary surplus since 1998 Source: Central Bank of Brazil

9. 8  Inflation expectations: 4.32% for 2006 and 4.5% for 2007 (Focus Survey on May 26, 2006)  Interest rate path: compatible with limiting aggregate demand acceleration in order to bring inflation to the target  Exchange rate: remains constant in real terms throughout the forecasting horizon  Primary budget surplus: the target remains at 4.25% of GDP, however the effective primary surplus decreases from 4.8% of GDP in 2005 to 4.25% of GDP in 2006 and 2007  GDP linear growth trend: 3.5% in 2006 and 2007 Baseline scenario

10. 9 Investment grade Total foreign debt/current-account receipts

11. 10 Reserve Requirements (%) 53% 30% 23% 45% 20% Additional 8% remunerated by the Selic rate 20% remunerated by reference rate + 6% p.a. Additional 10% remunerated by Selic Remunerated by Selic rate 45% without remuneration Brazilian Banking System

12. 11 Agenda Brazilian Economy Highlights Itaú Itaú´s Positioning 1 st Quarter of 2006 Results Acquisition of BankBoston Strategy

13. 12 Ownership Structure - Mar/06 ESA Family: 33.72% Common Shares: 60.69% Preferred Shares: 17.24% Free Float: 66.18% Common Shares: 39.31% Preferred Shares: 82.76% Itaúsa Banco Itaú Holding Financeira S.A. Free Float: 51.75% Common Shares: 11.16% Preferred Shares: 99.99% Total: 48.25% Commom Shares: 88.84% Preferred Shares: 0.01%

14. 13 Highlights Assets (R$ Billion) Credit Operations (R$ Billion) Stockholders’ Equity (R$ Billion) Technical Provisions – Insurance, Pension and Capitalization (R$ Billion)

15. 14 Net Income (R$ Million) Non-interest Expenses (R$ Million) Banking Service Fees (R$ Million) Net Interest Margin (R$ Million) Highlights

16. 15 Obs: Annualized quarterly indexes. Average ROE (%) Average ROA (%) BIS Ratio (%) Efficiency Ratio (%) Highlights

17. 16 Branches+CSBs Internet Banking Clients (In million) ATMs Employees Highlights

18. 17 CAGR (90-06) = 14.1% CAGR (90-05) = 25.2% Real Plan Mexican Crisis Asian Crisis Russian Crisis Real Devaluation Argentina Crisis Collor Plan Attack to WTC Brazilian Election Period R$ Million Evolution of Stockholders’ Equity and Net Income Highlights Adaptability to Different Scenarios

19. 18 CAGR (90-06) = 14.1% CAGR (90-05) = 25.2% Real Plan Mexican Crisis Asian Crisis Russian Crisis Real Devaluation Argentina Crisis Collor Plan Attack to WTC Brazilian Election Period R$ Million Evolution of Stockholders’ Equity and Net Income Highlights Jan/90 to Mar/06 Dividends: R$ 9.4 Billion Increase of Capital: R$ 0.1 Billion 1 st Quarter of 2006 Net Income R$ 1,460 million

20. 19 Agenda Brazilian Economy Highlights Itaú Itaú´s Positioning 1 st Quarter of 2006 Results Acquisition of BankBoston Strategy

21. 20 R$ Million (*) – March 16, 2006 CAGR = 28.0% Market Capitalization Leadership in Market Value

22. 21 Presence in Brazil– Mar/2006 Including: Banco Itaú, Itaú BBA and Taií ATMs North Region Branches+CSBs1.6% 1.5% GDP5.0% ATMs MidWest Region Branches+CSBs8.0% 5.5% GDP7.4% ATMs South Region Branches+CSBs20.4% 14.9% GDP18.6% ATMs Southeast Region Branches+CSBs65.8% 73.2% GDP55.2% ATMs Northeast Region Branches+CSBs4.2% 4.9% GDP13.8%

23. 22 Foreign Presence – Mar/2006 Itau Bank1,603558Banco Itaú Europa3,281501 Consolidated13,7922,869 Assets Stockholders’ Equity Foreign Branches3,587834Banco Itaú Buen Ayre58299Itaú BBA and subsidiaries4,739877 US$ Million

24. 23 Number of Clients (Thousands) Scale of Operations– Consolidated

25. 24 In 1980 Itau’s customers already obtained their balances (current and savings account) automatically by Itaufone, something unparalleled in the world’s banking system. In 1983, Itaú was pioneer in Brazil in satellite transmissions and adoption of ATMs. From then on, Itaú took over as the leader in Electronic Banking, and the technology with the purpose of convenience has been one of its main differentials. 5 Evolution of ATMs Technology

26. 25 CAGR = 7.7% R$ Millions (*) Including: Electronic Banking, Computers and Telecomunications. Investments in Technology(*)... 1st Q/2006 R$ 45.5 million Total in the Period: R$ 3.0 billion

27. 26 Jan.- Mar. 2006 Transactions: 178 Million Customers: 4.4 Million Internet Banking Technology

28. 27 Agenda Brazilian Economy Highlights Itaú Itaú´s Positioning 1 st Quarter of 2006 Results Acquisition of BankBoston Strategy

29. 28 3. Additional provisions:  R$ 130 million increase in the excess provision for loan losses in the quarter, reaching the balance of R$ 1.5 billion;  R$ 90 million reversal of additional provision for securities in the quarter, remaining the balance of R$ 280 million. 1.Results:  Net Income of R$ 1,460 million in the 1st Qtr/06, a 2.5% increase in comparison to the previous quarter and a 27.9% increase in comparison to the 1st Qtr/05; annualized ROE of 36.3%.  Earnings per Share reached R$ 1.32 in 1st Qtr/06, growing 32.0% in comparison to 1st Qtr/05. 4. Nonperforming Loans Ratio: Nonperforming loans ratio of 4.0%. 2. 6.3% growth in the loan portfolio in the quarter:  Personal Loans:11.0% in the quarter and 35.3% in the last 12 months;  Vehicles:13.9% in the quarter and 71.3% in the last 12 months; 5. BIS Ratio:  Maintenance of the high level of 16.9%. Highlights 1 st Quarter of 2006 Results

30. 29 CAGR: 23.0% CAGR: 23.2% R$ Million Credit Portfolio 1 st Quarter of 2006 Results

31. 30 Loans by Type of Customer R$ Million (*) Farming and agribusiness Credit and Mortgage Loans – Linked to available funds from Demand and Savings Deposits. Mar 31, 06Dec 31, 05Mar 31, 05 Var. Mar/06 - Dec/05 Var. Mar/06 - Mar/05 Individuals 30,813 28,471 20,7708.2%48.4% Credit Cards 6,904 7,216 5,033-4.3%37.2% Personal Loans 11,457 10,320 8,46711.0%35.3% Vehicles 12,451 10,936 7,27013.9%71.3% Businesses 36,703 34,744 31,9055.6%15.0% Small and Medium Sized Companies 13,741 12,784 10,4967.5%30.9% Corporate 22,962 21,960 21,4084.6%7.3% Mandatory Loans (*) 4,529 4,541 4,338-0.3%4.4% Total Loans 72,046 67,756 57,0126.3%26.4% 1 st Quarter of 2006 Results

32. 31 Composition of the Loan Portfolio 1 st Quarter of 2006 Results

33. 32 Non-performing Loans Ratio and Coverage Ratio NPL Ratio (1) Coverage (2) (1) Loans overdue for more than 60 days (2) Balance of Provision for Loans Losses / Balance of Loans overdue for more than 60 days and that do not generate income. 1 st Quarter of 2006 Results

34. 33 Contribution from the Change in the Mix of the Loan Portfolio R$ Million (*) Average balance of the loan portfolio, net of loans overdue for more than 60 days, which do not generate revenue. 1st Qtr/064th Qtr/051st Qtr/05 Managerial Financial Margin – Banking Operations (A) 3,628 3,351 2,607 Service Fees with Loans and Credit Cards (B) 847 888 684 Tax Expenses for PIS and COFINS (C) (208) (197) (153) Banking Product (D = A + B + C) 4,267 4,042 3,138 Adjustment 1 – Result of Loan Losses (E) (1,287) (971) (594) Adjustment 2 – Excess Provision (F) 130 170 150 Adjusted Result of Loan Losses (G = E + F) (1,157) (801) (444) Adjusted Banking Product (H = D + G) 3,111 3,240 2,694 Average Loans (*) (I) 59,942 56,124 47,754 Annualized Adjusted Banking Product / Average Loans (H/I)20.8%23.1%22.6% 1 st Quarter of 2006 Results

35. 34 Itaú Holding (pro forma) R$ Million 1st Qtr/064th Qtr/05Variation1st Qtr/05 Managerial Financial Margin 4,073 3,65011.6% 2,986 Banking Operations 3,628 3,3518.3% 2,607 Treasury 296 134120.5% 233 Management of FX Risk from Investments Abroad 149 165-9.9% 146 Result of Loan Losses (1,287) (971)32.5% (594) Banking Service Fees 2,121 0.0% 1,794 Non-Interest Expenses (2,782) (2,909)-4.4% (2,371) Net Income 1,460 1,4252.5% 1,141 Average Stockholders' Equity 16,089 15,3944.5% 14,300 Annualized ROE (%)36.3%37.0%-0.7 p.p.31.9% 1 st Quarter of 2006 Results

36. 35 (*) (*) After adjustments for extraordinary items in the amount of R$ 612 million described in the Management Discussion and Analysis report for the 4th Qtr/04. Evolution of the Net Interest Margin (%) 1 st Quarter of 2006 Results 14.3% 15.1% Recurring Extraordinary

37. 36 R$ Million Banking Service Fees (1) Investment Funds and Consortiums. 1st Qtr/064th Qtr/05Variation1st Qtr/05 Asset Management (1) 449 4304.3% 398 Current Account Services 386 3752.9% 349 Credit Cards 487 539-9.7% 437 Loans and Guarantees Issued 388 3714.3% 271 Collection Services 224 2201.7% 209 Other 189 1851.9% 131 Total 2,121 0.0% 1,794 1 st Quarter of 2006 Results

38. 37 Non-Interest Expenses (1) Not including PIS, Cofins and ISS. 1st Qtr/064th Qtr/05Variation1st Qtr/05 Personnel Expenses 1,132 1,0468.2% 955 Other Administrative Expenses 1,230 1,422-13.5% 1,101 Other Operating Expenses 338 377-10.2% 239 Tax Expenses (CPMF / Others) (1) 82 6526.5% 76 Total 2,782 2,909-4.4% 2,371 R$ Million 1 st Quarter of 2006 Results

39. 38 Efficiency Ratio (*) For further details about the Managerial Financial Margin, please consult Itaú Holding’s Management Discussion and Analysis report. Non-Interest Expenses (Personnel Expenses + Other Administrative Expenses + Other Operating Expenses + Tax Expenses for CPMF and Other Taxes) (Managerial Financial Margin (*) + Banking Service Fees + Results from Insurance, Pension Plans and Capitalization Operations + Other Operating Income + Tax Expenses for PIS/COFINS/ISS) Efficiency Ratio 53.9% 50.3% 1 st Quarter of 2006 Results

40. 39 (*) Values differ from the one published in note “Market Value” because they are net of the additional provision for securities. Conservative Accounting Practices Securities Adjust. market value Additional Provision Total Additional Provision for Loan Losses (PDD) Financial Instruments: Market vs. Recorded Value (*) R$ 496 million R$ 280 million R$ 4.5 billion 03/31/06 R$ 1.5 billion R$ 2.2 billion R$ 435 million R$ 370 million R$ 3.6 billion 12/31/05 R$ 1.37 billion R$ 1.4 billion R$ 540 million R$ 400 million R$ 3.8 billion 03/31/05 R$ 1.15 billion R$ 1.7 billion 1 st Quarter of 2006 Results

41. 40 Agenda Brazilian Economy Highlights Itaú Itaú´s Positioning 1 st Quarter of 2006 Results Acquisition of BankBoston Strategy

42. 41 The Acquisition Agreement Banco Itaú Holding Financeira S.A. ( ITAÚ ) and Itaúsa – Investimentos Itaú S.A. ( ITAÚSA ) announce today that they have entered into an agreement with Bank of America Corporation ( BAC ) dated 05-01-2006 which involves : The acquisition of BankBoston ( BKB ) in Brazil by ITAÚ pursuant to the issuance of 68,518 thousand new non-voting ITAÚ shares, equal to an approximate 5.8% share of ITAÚ ’s total capital; The exclusive right for ITAÚ to acquire BKB ’s operations in Chile and Uruguay, as well as certain other financial assets owned by clients of Latin America. The largest stock swap ever to be completed in the Brazilian financial services industry

43. 42 Acquired Businesses Bank of America Corporation BKB Chile BKB Brazil BKB Uruguay Corporate Middle & Small Premier Option OCA Uruguay Credit Cards Option

44. 43 Price and Transaction Structure The acquisition of BKB Brazil will be effected in stock pursuant to the issuance of non-voting ITAÚ shares, equal to an approximate 5.8% share of ITAÚ ’s total capital (68,518 thousand new shares of ITAÚ ). Based on the non-voting shares average price on 04-28-06, these newly-issued shares would be valued at R$ 4.5 billion. The same transaction structure is expected for the remaining acquisitions and the amounts involved will be generally in line with their respective asset bases vis-à-vis BKB Brazil.

45. 44 Recent Acquisitions in Shares in Brazil DATEACQUIRERTARGET TOTAL AMOUNT R$ MM % PAID IN SHARES SHARES ISSUED / TOTAL CAPITAL Apr-03ABN Amro RealSudameris2,29377.0%12.9% Jan-03BradescoBBV Brasil2,48025.4%4.4% Nov-02ItaúBBA-Creditanstalt3,11916.7%3.0% Jul-00UnibancoBandeirantes1,044100.0%12.3% Apr-00BradescoBoavista946100.0%6.5% Source: Merrill Lynch May-06ItaúBKB Brazil4,508100.0%5.8%

46. 45 Considerations Regarding BAC’s Investment in ITAÚ BAC will appoint one member of ITAU ’s Board of Directors; The acquisition will involve the issuance of new non-voting ITAÚ shares, will not give rise to preemptive subscription rights on the part of ITAÚ ’s current shareholders; BAC does not have a Right of First Refusal, but will have tag along rights, in the event of a change of control at ITAÚ ; BAC shall not increase its stake above 20% of the issued and outstanding capital of ITAÚ in the future; Shares issued in connection with this acquisition are subject to a 3-year lock-up period and, after this period, the sale of these shares in the market is limited to 15% of the average daily volume or block trade; ITAÚ has a Right of First Offer should BAC decide to sell its stake.

47. 46 BKB Brazil Present in Brazil since 1947 Assets (R$ MM) 22,603 Deposits (R$ MM) 5,911 Shareholders ’ Equity (R$ MM) 2,124 # of Employees4,800 # of Clients (thousands) 203 Assets under Management (R$ MM) 26,014 Loans (includes sureties and endorsements) (R$ MM) 11,639 Source: BKB Publication, BAC, Central Bank of Brazil and Market Share taken from ANBID – Mar/05 # of Branches66 1.4% 0.6% 3.3% 1.4% Market Share 12-31-05 Ranked 13 th by the Central Bank of Brazil

48. 47 BKB Brazil - Segmentation Banking Revenues (BR) (*)Number of Clients (*) Banking Revenues = Financial Margins + Service Fees Position: Dec.05 Corporate 31% High Net Worth Individuals 38% Middle Market 31% SEGMENT THOUSANDS OF CLIENTS INCREASE IN BR (%) High Net Worth Individuals 178.3118% Middle Market23.840% Corporate1.362%

49. 48 Client Overlap / Opportunities SEGMENT ESTIMATED OVERLAP ESTIMATED LOSS IN BANKING REVENUES OPPORTUNITIES HIGH NET WORTH 30%5% Sale of Insurance and Private Pension Plans MIDDLE MARKET 37%11%Cash Management Services CORPORATE 12% 3% Cash Management Services Investment Banking Crossborder Transactions Clients whose limits should be reduced according to information on the largest clients

50. 49 Relevant Aspects Will become a shareholder of ITAÚ, thus maintaining an important presence in the region, through a significant investment in a leading bank; Will appoint one member of ITAÚ ’s Board of Directors. Leadership position among private banks in assets under management, custody, high net worth individual and corporate segments; Significant economies of scale in the large corporate and middle market segments; Acquisition of a premium credit card client base; Opportunity to expand into foreign markets in which ITAÚ does not currently have a presence. BACBAC ITAÚ and BAC will explore mutual cooperation opportunities to benefit their clients ITAÚITAÚ

51. 50 Important Highlights Maintenance of BKB ’s branches, which are highly regarded for their superior facilities, and integration with the Itaú Personnalité segment (no intention to shut down branches); The ITAÚ brand will be extended to the acquired businesses; ITAÚ will add a set of highly qualified professionals to its current structure. ITAÚ will continue to strengthen its tradition of providing differentiated service to its customers in the various market segments

52. 51 BKB Chile (Exclusive Option) Assets (R$ MM) 5,330 Deposits (R$ MM) 3,490 Shareholders’ Equity (R$ MM) 872 BankBoston Chile Loans (R$ MM) 3,578 Source: BAC Parity CLP 514.21 / US$ 1.00 e R$ 2.2407 / US$ 1.00 as of 12-31-05 Investment Grade Baa1 from Moody´s # of Branches 44 # of Clients (thousands) 58 12-31-05

53. 52 BKB Uruguay (Exclusive Option) Assets (R$ MM) 1,844 Deposits (R$ MM) 1,510 Shareholders’ Equity (R$ MM) 125 BankBoston Uruguay Loans (R$ MM) 503 Source: BAC Parity UYU 24.17 / US$ 1.00 e R$ 2.2407 / US$ 1.00 as of 12-31-05 Assets (R$ MM) 239 Shareholders’ Equity (R$ MM) 55 Loans (R$ MM) 160 OCA Market Share 50% # of Branches15 12-31-05 372,000 clients 12-31-05 # of Branches23

54. 53 Pro Forma Analysis Assets Loans (*) Deposits 151.222.6 67.811.6 52.05.9 19.8 % 23.4% 21.0% Assets Under Management 120.326.040.3% R$ BILLION (*) Includes sureties and endorsements Shareholders’ Equity 15.62.121.6% 7.4 4.2 5.0 22.4 1.1 181.2 83.6 62.9 168.7 18.9 % BKB Brazil PRO FORMA BKB Foreign Combined ITAÚ + BKB ITAÚ INFORMATION AS OF 12-31-05

55. 54 % Pro Forma Analysis (Continued) (*) Adjusted for BKB Brazil hedge transactions # of Employees # of Clients (thousands) # of Branches BKB Brazil PRO FORMA 51,0364,800 16,649203 2,39166 13.7% 3.9% 6.2% Efficiency Ratio (*) 50.3%77.3%2.4 bps Basle Ratio 17.0%14.7%-0.3 bps 2,200 450 82 78.0% 15.8% 58,036 17,303 2,539 52.7% 16.7% BKB Foreign Combined ITAÚ + BKB ITAÚINFORMATION AS OF 12-31-05

56. 55 BKB earnings requirements to avoid dilution in 2005 ITAÚ + BKBITAÚ Net Income (R$ MM) ROE (%p.a.) ROA (%p.a.) Efficiency Ratio 5,5765,251 BKB Brazil 325 Fiscal Year 2005 EPS (R$/share)4.74 Shares Outstanding (mm) 1,176.21,107.7 4.74 68.5 13.4% 1.4% 77.3% 33.7% 3.5% 50.3% Required In light of its scale, ITAÚ is in a position to make this acquisition EPS accretive in a short period of time.

57. 56 Accounting Effects It is management’s intention to effect the write-off of the goodwill amount resulting from this transaction in the fiscal year of 2006. It is estimated that ITAÚ ’s net income will be reduced by R$ 2.2 billion, net of taxes, as a result of the amortization of goodwill. The amount of dividends/interest on own capital to be distributed to the pro forma ITAÚ shareholder base for the fiscal year 2006 will not be impacted by this amortization of goodwill and should, therefore, be higher than those paid out in 2005; The transaction is expected to be EPS accretive in the second half of 2007; The Basle Ratio, pro forma for the acquisition, will equal approximately 16.7%.

58. 57 Impact of the Transaction on Itaúsa Decline in stake in ITAÚ from 48.2% to 45.4% (R$ 0.4 billion); Gain from the equity method due to capital increase at ITAÚ (R$ 2.0 billion); Negative impact of goodwill amortization at ITAÚ (R$ 1.0 billion); ESTIMATED POSITIVE NET EFFECT ON NET INCOME (R$ 0.6 BILLION).

59. 58 Agenda Brazilian Economy Highlights Itaú Itaú´s Positioning 1 st Quarter of 2006 Results Acquisition of BankBoston Strategy

60. 59 Segmentation Investment Banking

61. 60 Itaú ItaucredItaú BBAItaubanco Banking Credit Cards (Current Account Holders) Insurance, Pension Plans and Capitalization Investment Funds and Managed Portfolio Corporation Corporate Operations & Investment Banking Vehicles Credit Cards (Non Current Account Holders) Taií, FIC (CBD) and FAI (LASA) Segmentation (pro forma) NB: The organization chart of the Itaucred segment basically reflects the transactions carried out in channels intended for non current account holders.

62. 61 R$ Million Net Income per segment (pro forma) Net Income Breakdown in the 1 st Quarter of 2006: Segmentation (pro forma) Net Income 4 th Q/05 Variation 20052004 Variation Itaubanco888 -7.1%3,179 3,218 -1.2% Itaú BBA379 2.9%1,242 829 49.9% Itaucred92 41.8%525 285 84.5% Corporation66 74.2%305 (555) 154.9% Consolidated1,425 2.5%5,251 3,776 39.1% 1 st Q/06 824 390 130 115 1,460

63. 62 RAROC* per segment (pro forma) Segmentation (pro forma) RAROC 4 th Q/05 Variation 20052004 Variation Itaubanco47.2%-830 b.p.43.1%46.9% -380 b.p. Itaú BBA37.0%-100 b.p.34.2%27.2%700 b.p. Itaucred22.9%510 b.p.39.8%35.2%460 b.p. Corporation12.2%2,070 b.p.12.0%-21.5%3,350 b.p. Consolidated37.0%-70 b.p.35.3% 28.7% 660 b.p. 1 st Q/06 38.9% 36.0% 28.0% 32.9% 36.3% (*) Risk-Adjusted Average Return on Allocated Capital RAROC* per segment 1 st Quarter of 2006

64. 63 Itaú CorporationItaucredItaú BBAItaubanco FIC 50% CBD 50% Itaú FAI 50% LASA 50% Itaú Own stores 100% Itaú Payroll Credit  Fináustria  Itaucred Vehicles  Banco Fiat  Intercap Vehicle Credit Cards non-account holders  50% Credicard Segmentation – Credit for Individuals

65. 64 Growth of 41.8% q-o-q of Net Income pro forma of Itaucred, totaling R$ 130 million in the 1 st quarter of 2006. Credit Portfolio (R$ Million) Own Stores 5 Itaucred

66. 65 Itaú Holding ItaucredItaú BBAItaubanco Organic growth of classic business lines; Expansion of Insurance, Capitalization and Pension Plan business areas; Maintenance of Efficiency Ratio; Growth of 25% in credit portfolio; Expectation of moderate growth of non-performing loans ratio. Focus on Investment Banking and banking services segments; Continuous improvement of market risk management; Growth of 5% in credit portfolio. Growth of vehicle financing; Consolidation and growth of partnerships with CBD (FIC) and Lojas Americanas (FAI); Growth of number of Taií´s Outlets (FIT); 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. Disclosure of the impacts of operational risks, in compliance with Basel II Banco Itaú Holding Financeira S.A. in 2006

67. 66 Reinforcement in Corporate Governance  Expansion of the Compensation Committee through the creation of the Appointments and Compensation Committee, which will, in addition to provide guidance on the policy of compensation for the directors of the subsidiaries, analyze and propose names for appointment to the Executive Board, make known situations of potential conflict of interests and propose criteria for evaluating the activities of the Board of Directors;  Election of the fifth independent member of the Board: Dr. Gustavo Loyola, former chairman of the Brazilian Central Bank;  Approval of an age limit (75 years) to members of the Board;  Approved the Internal Charter of the Board of Directors, which establishes rules of functioning, functions, self-evaluation and others. Creation of Shareholder Value

68. 67 Creation of Shareholder Value R$ Net Income and Earnings per Share Earnings per Share Net Income R$ Million 27.9% NB: The earnings per share was adjusted to reflect the 900% stock split carried out in Oct/05. 32.0%

69. 68 100 705 295 1,023 Itaú (1) Itaú (2) Ibov. 10 years 26.18%21.57% 11.41% 5 years 33.38%28.69%22.19% 12 months 66.70%61.92%61.20% Annual Average Appreciation in US$ Preferred Shares Appreciation Evolution of US$ 100 invested from May/96 to May/06 Creation of Shareholder Value Asian Crisis Russian Crisis Real Devaluation Argentine Crisis Attack to WTC Brazilian Election Period In US$ (1) With dividends reinvestment (2) Without dividends reinvestment

70. June 2006 Global Emerging Markets One- on-one Investor Forum