Conference Call about the results of 2004 Roberto Egydio Setubal CEO February 23, 2005

Banco Itaú Holding Financeira S.A. 1 Highlights Growth of Credit Portfolio by Client Type (highlights): 4 th Quarter/04 -Individuals 19.7% and Small and Medium Sized Companies 15.7% Individuals 43.1% and Small and Medium Sized Companies 70.8% Net Interest Margin * 4 th Quarter/04 = 13.6% p.a. 3 rd Quarter/04= 12.4% p.a = 13.2% p.a = 13.9% p.a. Results: 4 th Quarter/04 – Net Income of R$ 1,030 million with ROE 32.9% p.a.; Net Income of R$ 3,776 million with ROE 27.0% p.a.; * Excluding the nonrecurring items of 4 th Quarter of 2004 Growth of Credit Portfolio (including endorsements and sureties): Total 4 th Quarter/04 = 4.3% Excluding Corporate Clients 4 th Quarter/04 = 14.8% 2004 = 19.5% 2004 = 43.8%

Banco Itaú Holding Financeira S.A. 2 Technical Provisions of Pension Plans: Balance at Dec/04 of R$ 8.6 billion – Growth of 56.4% in Full Amortization of Goodwill: ( R$ Million ) Without Tax Effects With Tax Effects CBD (3 rd Q./04) Credicard (4 th Q./04) Orbitall (4 th Q./04) Intercap - Sales promoting Company (4 th Q./04) TOTAL 1,400 1,274 Nonperforming Loans Ratio: 4 th Quarter/04= 2.9% 3 rd Quarter/04= 3.2% 2004 = 2.9% 2003 = 4.1% Highlights

Banco Itaú Holding Financeira S.A. 3 R$ Million (Except where indicated) Net Income Earnings per share (R$) Stockholders’ Equity ROE (%) Total Assets ROA (%) Net Interest Margin Market Capitalization BIS Ratio (%) Efficiency Ratio (%) NPL (%) NIM (%)* 3 rd Q/04 4 th Q/ Highlights , ,776 3, ,971 13,471 13,971 11, % 30.3% 27.0% 26.5% 130, , , , % 2.7% 2.9% 2.7% 3,624 2,673 11,127 10, % 19.4% 20.6% 19.8% 45.9% 52.5% 52.4% 54.5% 2.9% 3.2% 2.9% 4.1% 13.6% 12.4% 13.2% 13.9% 44,092 34,959 44,092 30,453 * Excluding the nonrecurring items of 4 th Quarter of 2004

Banco Itaú Holding Financeira S.A. 4 Net Income Without Nonrecurring Items Net Income Extraordinary Result Net Income without Extraordinary Result Result with Securities (Net of Taxes) Service Fees (Net of Taxes) Net Income without Nonrecurring Items 3 rd Q/04 4 th Q/04 Variation 1, ,824 (404) (82) 1, , , (404) (82) 112 R$ Million

Banco Itaú Holding Financeira S.A. 5 Resources Available to the Economic Agents Individuals Loans to Companies Small and Medium Sized Corporate Mandatory Loans (*) Total - Loans Public Securities Private Securities Total - Securities Total Sep 30, 04 Dec 31, 04 Var Dec04/ Sep04 Dec 31, 03 R$ Million Var Dec04 / Dec03 (*) Rural Loans and Mortgage – Loans linked to the availability of Demand deposits and Savings deposits. 18,284 15,279 12, % 43.1% 30,455 31,114 27, % 9.7% 8,559 7,396 5, % 70.8% 21,896 23,718 22, % -3.8% 4,536 4,666 4, % 12.4% 53,275 51,059 44, % 19.5% 7,486 9,369 14, % -47.7% 12,145 11,216 8, % 41.8% 19,631 20,585 22, % -14.2% 72,906 71,644 67, % 8.1%

Banco Itaú Holding Financeira S.A. 6 Change in the mix of the Credit Portfolio

Banco Itaú Holding Financeira S.A. 7 Credit Portfolio R$ Million CAGR: 21.1% CAGR: 22.5%

Banco Itaú Holding Financeira S.A. 8 R$ Billion Credit Portfolio by Currency (including endorsements and sureties) R$ 44.6 R$ 51.1 R$ 53.3 (US$ 4.5) (US$ 4.3) (US$ 4,3) (US$ 4.3) R$ 44.6 R$ 51.2 R$ 54.3 (US$ 4.5) (US$ 4.3) Maintaining the Dollar Quotation of Dec/03: Growth of 6.1% in the quarter and 21.8% in the year. Growth of 4.3% in the quarter and 19.5% in the year.

Banco Itaú Holding Financeira S.A. 9 (*) Provision for Loan Losses / Total Nonperforming Loans Nonperforming Loans Ratio and Coverage Ratio 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. 10 R$ Million Service Fees 4 th Q/043 rd Q/04 Asset Management (*) Current Account Services Credit Cards Sureties and Credits Granted Collection Services Other Total 2004 (*) Mutual Funds and Consortium Var 4Q04 -3Q04 Variation , , ,411 1,230 1, ,165 1,320 1, , ,044

Banco Itaú Holding Financeira S.A. 11 Personnel Expenses Other Administrative Expenses Other Operating Expenses Tax Expenses (CPMF / Other) Total R$ Million Noninterest Expenses 4 th Q/043 rd Q/04 Strong Cost Control Var 4Q04 -3Q04 Variation , , , , % 17.0% 25.5% 36.4% 14.8% 3,320 4,289 1, ,015 3,174 4,120 1, , % 4.1% -8.5% 18.0% 2.8% - 1.0% - 8,771 (*) Assets with residual values below R$3, Increase % Credicard and Orbitall Taií Additional Depreciation (*) (86) (25) (47) 8,857 Total Adjusted (86) (10) (47) 2,337 - (8) - 2, % - 8.6%

Banco Itaú Holding Financeira S.A. 12 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. 13 Total Unrealized Interbank Deposits Securities and Derivatives Additional provision Adjustment – Securities Held to Maturity Credit Operations Investment on BPI Time and Interbank Deposits and Funds from acceptance and issuance of securities abroad Securitization of Payment Orders Abroad Subordinated Debt and Treasury Shares Unrealized Income/(Loss) (1) (2) Stockholders’ Equity 12/31/04 09/30/04 (1) Tax effects not considered. (2) Includes unrealized minority interest gains in Equity of R$ 271 million at December/04, R$ 284 million at September/04 and R$ 257 million at December/03. Financial Instruments – Market Value R$ Million 12/31/03 Stockholders’ Equity Stockholders’ Equity ,3192, (41) ,074

Banco Itaú Holding Financeira S.A. 14 Banco Itaú Net Income Tier I Allocated Capital ROE (%) Credit Portfolio Total Assets R$ Million Pro Forma Corpo- ration Corpo- ration Note: The Consolidated figures do not represent the sum of the parts because certain intercompany transactions were eliminated only at the Consolidated level. Conso- lidated Conso- lidated Banco Itaú BBA Banco Itaú Banco Itaú BBA 2,737 7, % 22,058 94,641 3,502 7, % 30, , , % 22,725 34,488 (555) 2, % - 6,597 3, % 53, , , % 22,523 30,490 (335) 1, % - 5,438 3,152 11, % 44, ,738 (*) Including endorsements and sureties.

Banco Itaú S.A Net Interest Margin Result from Loan Losses Service Fees Noninterest Expenses * Tax Income and Social Contribution Other Net Income Tier I Allocated Capital ROE (%) 4 th Q/04 3 rd Q/04 R$ Million Pro Forma 2004 Variation ,078 (268) 1,426 (2,033) (237) (129) 837 7, % 2,972 (298) 1,717 (2,318) (621) (15) 1,437 7, % 9,062 (1,141) 5,862 (8,374) (1,610) (297) 3,502 7, % 8,523 (1,124) 4,854 (8,144) (1,109) (263) 2,737 7, % 539 (17) 1,008 (230) (501) (34) * Composed by Personnel Expenses, Other Administrative Expenses, Tax Expenses for CPMF and Other taxes and Other Operating Expenses.

Banco Itaú S.A. 16 Diversification of income sources Not dependent only on interest rates Net Income 4 th Q/043 rd Q/04 Variation 4Q/04 – 3Q/04 Banco Itaú - Banking1, Credit Cards Insurance, Pension Pl. and Cap (12) Mutual Funds and Managed Portfolio38308 Total1, Variation Banco Itaú – Banking2,3841, Credit Cards Insurance, Pension Pl. and Cap (14) Mutual Funds and Managed Portfolio125128(3) Total3,5022,737765

Banco Itaú S.A. 17 Credit Cards R$ Million (Except where indicated) Participation in the Net Income of Orbitall and Redecard Nº of Cards - Itaucard (thousands) Nº of Cards - Credicard (thousands) (*) Nº of Cards - Total (thousands) Variation 7,085 3,595 10,680 12,956 6,519 19, ,780 2,246 8,026 10,603 4,787 15, ,305 1,349 2,654 2,353 1,732 4,085 (10) (9) (19) 22.6% 60.0% 33.1% 22.2% 36.2% 26.5% -2.5% -9.1% -3.8% (*) Corresponds to the share of Credicard owned by Itaú – 50% at 2004 and 33% at % Total Revenues - Itaucard Total Revenues - Credicard (*) Total Revenues - Total Net Income - Itaucard Net Income - Credicard (*) Net Income - Total

Banco Itaú S.A. 18 Var 4Q04 -3Q04 3 rd Q/04 4 th Q/04 Result of Ins., Pension Plans and Cap. Combined Ratio Claim Ratio Insurance Premiums, Pension Plans Contributions and Premium Bonds Revenues Changes in Technical Provisions Selling Expenses Insurance Claims, Pension Plans Benefits and Premium Bonds Redemption Other Operating Income/(Expenses) Operating Margin Financial Income Noninterest Expenses* Income Tax and Social Contribution Other R$ Million Insurance, Pension Plans and Capitalization 1,475 (636) (100) (591) 54 1,686 (843) (103) (579) (169) (23) (24) 115 (146) (39) (20) %93.5% 50.7%55.7% 14.3% 32.6% 3.4% -2.1% -23.9% -0.4% 0.2% 15.7% -41.3% 21.4% -10.4% * Composed by Personnel Expenses, Other Administrative Expenses, Tax Expenses for CPMF and Other taxes and Other Operating Expenses Var ,008 (2,578) (358) (1,508) 136 6,233 (2,957) (395) (2,251) (616) (141) (84) 623 (623) (166) (70) %97.2% 53.1%54.5% 24.5% 14.7% 10.6% 49.3% 30.3% 15.1% -22.2% -1.2% -15.1% 19.1% -3.0%

Banco Itaú S.A. 19 Assets under Management and Technical Provisions Growth of 23.0% in the volume of Funds and Portfolios under Management and 43.4% in the volume of Technical Provisions in relation to Dec/2003 R$ Billion Technical Provisions of Insurance, Pension Plans and Capitalization Volume of Mutual Funds and Portfolios under Management

Banco Itaú BBA 20 4 th Q/04 3 rd Q/04 Net Interest Margin Result from Loan Losses Service Fees Noninterest Expenses* Tax Income and Social Contribution Other Net Income Tier I Allocated Capital ROE (%) 2003 R$ Million Pro Forma 2004 Variation (133) (147) (25) 196 3, % (159) (151) (27) 242 3, % 1, (622) (416) (55) 829 3, % 1,989 (513) 270 (613) (410) , % (586) (9) (6) (82) 79 (19) * Composed by Personnel Expenses, Other Administrative Expenses, Tax Expenses for CPMF and Other taxes and Other Operating Expenses

Banco Itaú Holding Financeira S.A. 21 Evolution of Earnings per Share and Dividends per Share (*) CAGR = 28.6% R$ (*) In the previous years per lot of thousand shares, as in 2004 a reverse split of shares was carried out. CAGR = 26.2% Dividends per Share (*)Earnings per Share (*)

Banco Itaú Holding Financeira S.A. 22 Average Daily Financial Volume Traded BovespaNYSETotal R$ Million In 2004, Itaú recorded the greatest liquidity of all Brazilian banks, with a noteworthy increase of 41.4% in the average daily financial volume of its stocks and ADRs.

Banco Itaú Holding Financeira S.A. 23 Actions in 2004 Aligned with the Strategy of Focus on Consumer Loans 1.Start of activities of Taií; 2.Partnership Itaú-CBD; 3.Increased in shareholding interest in Credicard; 4.Acquisition of 100% of Orbitall; 5.Cooperation agreement with Banco BMG; 6.Acquisition of sales promoting company of Banco Intercap.

Banco Itaú Holding Financeira S.A. 24 Banco Itaú Holding in Focus in 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 (at the same basis); 4.Keeping the current growth expectations, we visualize that the present levels of ROE will be maintained; 5.New Segment – Disclosure, starting in next quarter, of a new segment to reflect the performance of business areas related to consumer loans.