Silvio de Carvalho Executive Director 9 th Annual Latin America Conference London 11 to 13 September, 2006

2 Agenda Highlights Itaú 2 nd Quarter of 2006 Results Acquisition of BankBoston Strategy

3 Highlights Assets (R$ Billion) Credit Operations (R$ Billion) Stockholders’ Equity (R$ Billion) Technical Provisions – Insurance, Pension and Capitalization Plans (R$ Billion) 17.9% 17.3% 27.6% 31.2%

4 Net Income (R$ Million) Non-interest Expenses (R$ Million) Banking Service Fees (R$ Million) Net Result from Financial Operations (R$ Million) Highlights 19.5% 16.5% 11.0% 5.6%

5 Average ROE (%) Average ROA (%) BIS Ratio (%) Efficiency Ratio (%) Highlights 1.7 p.p p.p. 0.1 p.p p.p.

6 Branches+CSBs Internet Banking Clients (In million) ATMs Employees Highlights 4.5% 5.4% 13.6% 13.5%

7 CAGR (90-06) = 14.2% 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

8 CAGR (90-06) = 14.2% 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 Highlights Jan/90 to Jun/06 Dividends: R$ 9.8 Billion Increase of Capital: R$ 0.1 Billion 1 st Semester of 2006 Net Income R$ 2,958 million Evolution of Stockholders’ Equity and Net Income

9 Agenda Highlights Itaú 2 nd Quarter of 2006 Results Acquisition of BankBoston Strategy

10 3. Additional provisions :  R$ 230 million increase in the excess provision for loan losses in the semester, reaching the balance of R$ 1.6 billion;  R$ 190 million reversal of additional provision for securities in the semester, remaining the balance of R$ 180 million; 1.Results:  2nd Qtr/06: Net Income of R$ 1,498 million, 2.6% higher than the previous quarter; annualized ROE of 35.1%;  1st Sem/06: Net Income of R$ 2,958 million, 19.5% higher than the 1st Sem/05; annualized ROE of 35.7%; 4. Nonperforming Loans Ratio: Nonperforming loans ratio of 4.4% (previous criteria); 2. The loan portfolio grew 3.8% in the quarter and 10.4% in the first half:  Personal Loans: 9.8% in the quarter and 21.9% in the semester;  Vehicles: 12.8% in the quarter and 28.4% in the semester; 5. BIS Ratio: Maintenance of the high level of 16.3%. Highlights

11 R$ Million (except where indicated) 2nd Qtr/061st Qtr/06 Variation 1st Sem/061st Sem/05 Variation Net Income 1,498 1,4602.6% 2,958 2, % Earnings per share (R$) % % Stockholders' Equity 17,555 16,6195.6% 17,555 15, % Annualized ROE (%)35.1%36.3%-120 b.p.35.7%34.0%170 b.p. Market Capitalization 69,911 70, % 69,911 48, % BIS Ratio (%)16.3%16.9%-60 b.p.16.3%18.3%-200 b.p. Efficiency Ratio (%)43.5%45.2%-170 b.p.44.4%50.3%-600 b.p. Nonperforming Loans Ratio (%)4.4%4.0%40 b.p.4.4%3.0%140 b.p. Highlights

12 R$ Million 2nd Qtr/061st Qtr/06 Net Income 1,498 1,460 Financial Margin on Banking Operations (94) (158) Revenue and expenses from deposits and liabilities - (99) Securities available for sale (64) - Reversal of the additional provision for securities (66) (59) Hedge for BankBoston's positions 36 - Result from Loan Losses Loans Sold (122) - Exceeding Allowance Effects of the Adequacy of Credicard's Criteria of Provisioning 69 - Extraordinary Results Total - Non recurring effects (21) (63) Recurring net income 1,477 1,397 Non Recurring Effects – Net of tax effects

13 R$ Million 2nd Qtr/06 1st Qtr/06 Variation 1st Sem/06 1st Sem/05 Variation Managerial Financial Margin 3,920 4, % 8,007 6, % Banking Operations 3,603 3, % 7,246 5, % Treasury % % Management of FX Risk from Investments Abroad % % Result of Loan Losses (1,226) (1,287)-4.7% (2,513) (1,085)131.7% Banking Service Fees 2,127 2,1210.3% 4,249 3, % Non-Interest Expenses (2,711) (2,779)-2.5% (5,489) (4,944)11.0% Net Income 1,498 1,4602.6% 2,958 2, % Average Stockholders' Equity 17,087 16,0896.2% 16,578 14, % Annualized ROE (%)35.1%36.3%-120 b.p.35.7%34.0%170 b.p. Itaú Holding Pro Forma

14 R$ Million 2nd Qtr/061st Qtr/06Variation Managerial Financial Margin 3,920 4,087 (167) Banking Operations 3,603 3,642 (39) Revenues and Expenses from Deposits and Liabilities - (169) 169 Securities Available for Sale (104) - Reversal of Additional Provision for Securities (100) (90) (10) Hedge of BankBoston’s positions 59 - Recurring Banking Operations 3,458 3, Treasury (114) Management of Foreign Exchange Risk from Investments Abroad- net of tax effects (14) The presented values differ from screen 3 therefore are gross of the fiscal effect. Managerial Financial Margin

15 R$ Million (*) Farming and Agribusiness Credit and Mortgage Loans – Linked to the available funds from Demand and Savings Deposits. Jun 30, 06Mar 31, 06Dec 31, 05Jun 30, 05 Jun/06 - Mar/06 Jun/06 - Dec/05 Jun/06 - Jun/05 Individuals 33,992 30,813 28,471 22, %19.4%49.0% Credit Cards 7,372 6,904 7,216 5,3596.8%2.2%37.6% Personal Loans 12,575 11,457 10,320 9,2769.8%21.9%35.6% Vehicles 14,046 12,451 10,936 8, %28.4%71.7% Businesses 36,128 36,703 34,744 31, %4.0%14.4% Small and Medium Sized Companies 14,024 13,741 12,784 11,1472.1%9.7%25.8% Corporate 22,104 22,962 21,960 20, %0.7%8.2% Mandatory Loans (*) 4,663 4,529 4,541 4,2473.0%2.7%9.8% Total Loans 74,783 72,046 67,756 58,6473.8%10.4%27.5% Loans by Type of Customer

16 Composition of the Loan Portfolio

17 (*) Balance of Provision for Loans Losses / Balance of Loans overdue for more than 60 days and that do not generate income. Accounting Criteria Previous Criteria Nonperforming Loans Ratio (%) Businesses NPL Ratio Individuals Nonperforming Loans and Coverage Ratios

18 R$ Million (1) Mutual Funds and Consortia. 2nd Qtr/061st Qtr/06Variation1st Sem/061st Sem/05Variation Asset Management (1) % % Current Account Services % % Credit Cards % % Loans and Guarantees Issued % % Collection Services % % Other % % Total 2,127 2,1210.3% 4,249 3, % Banking Service Fees

19 R$ Million (1) Not including PIS, Cofins and ISS. 2nd Qtr/06 1st Qtr/06 Variation 1st Sem/06 1st Sem/05 Variation Personnel Expenses 1,058 1, % 2,190 1, % Other Administrative Expenses 1,289 1,2294.8% 2,518 2, % Other Operating Expenses % % Tax Expenses (CPMF / Others) (1) % % Total 2,711 2, % 5,489 4, % Non-Interest Expenses

20 Note: For further details about the criteria, please consult Itaú Holding’s Management Discussion and Analysis report. 50.3% 44.4% 50.3% Efficiency Ratio

21 (1)Does not take into consideration the corresponding tax effects. (2)Includes unrealized minority interest gains in Equity of R$ 660 million in June/06, R$ 567 million in March/06 and R$ 266 million in June/05. R$ Million 1,991 2,465 2,415Total Unrealized Other Liabilities 32 (41) 40 Subordinated Debt Securitization of Foreign Payment Orders 649 1,381 1,609 Investment in BPI (2) Loans Securities and Derivatives Interbank Deposits 06/30/0503/31/0606/30/06 In Stockholders' Equity Unrealized Profits/(Losses) (1) Financial Instruments - Market Value

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

23 ItaubancoItaú BBAItaucredCorporation Itaú (1) June 30, 2006 Net Income for the Quarter 1, ,498 Tier I Allocated Capital 10,136 4,249 2,070 1,100 17,555 RAROC in the Quarter (% p.y.)42.1%27.7%23.7%21.6%35.1% Loan Portfolio (2) 29,303 24,244 21, ,783 Total Assets 132,384 44,445 20,088 2, ,413 March 31, 2006 Net Income for the Quarter ,460 Tier I Allocated Capital 9,371 4,354 2, ,619 RAROC for the Quarter (% p.y.)40.5%36.0%29.7%20.4%36.3% Loan Portfolio (2) 28,479 24,921 18, ,046 Total Assets 127,225 44,378 17,653 3, ,423 (1) Does not represent the sum of the parts, because there are transactions between the segments that were eliminated only in the consolidated figures. (2) Includes endorsements and sureties. R$ Million Highlights of the Pro Forma Segments

24 Thousands Evolution of Credit Cards 1,000 1,104 1,829 1,799 2,279 3,321 4,590 5,579 5,780 7,059 8,510 8, jun/06 8,025 10,655 12,543 12,824 4,455 4,033 3,596 2,245 Credicard Itaucard

25 R$ Million 2nd Qtr/061st Qtr/06Variation 1st Sem/06 1st Sem/05 Variation Itaubanco - Banking % 1, % Banking Operations % % Treasury % % Management of FX Risk from Investments Abroad % % Credit Cards – Current Account Holders % % Insurance, Pension Plans and Capitalization % % Investment Funds and Managed Portfolio % % Net Income 1, % 1,887 1, % Pro Forma Net Income by Subsegment - Itaubanco

26 2nd Qtr/061st Qtr/06Variation1st Sem/061st Sem/05Variation Managerial Financial Margin % % Result of Loan Losses (90) (95)-6.1% (185) (60)210.2% Banking Service Fees % % Non-Interest Expenses (271) (273)-1.0% (544) (647)-16.0% Net Income % % Tier I Allocated Capital % % Annualized RAROC (%)93.0%103.4%-10.4b.p.93.1%173.3%-80.2b.p. Number of Cards (thousands) 8,369 8, % 8,369 7,9225.6% Billing 4,543 4,3105.4% 8,853 7, % R$ Million (except where indicated) Credit Cards – Current Account Holders - Pro Forma

27 2nd Qtr/061st Qtr/06Variation1st Sem/061st Sem/05Variation Earned Premiums % 1,256 1, % Results from Pension Plans and Capitalization % % Retained Claims (312) (360)-13.3% (671) (609)10.3% Selling Expenses (146) (148)-1.4% (294) (216)36.5% Managerial Financial Margin % % Non-Interest Expenses (150) (174)-13.5% (324) (288)12.7% Net Income % % Combined Ratio (%)86.4%91.2%-4.8 b.p.88.8%92.7%-3.9 b.p. Claim Level (%)50.4%57.9%-7.5 b.p.52.7%52.8%-0.1 b.p. Tier I Allocated Capital 1,450 1,3795.2% 1,450 1,4311.3% Annualized RAROC (%)52.8%47.2%5.6 b.p.50.1%40.0%10.1 b.p. R$ Million Insurance, Pension Plans and Capitalization - Pro Forma

(324)Non-Interest Expenses Managerial Financial Margin (294)Selling Expenses (671)Retained Claims 139 1,257Earned Premiums (57)(108)(159) (11)(26)(257) -(69)(603) ,040 Results from Pension Plans and Capitalization Net Income 1st Sem/ 06 InsurancePension PlansCapitalizationTOTAL 272 (288) (216) (608) (52)(70)(166) (13)(27)(176) -(59)(549) st Sem/05InsurancePension PlansCapitalizationTOTAL (R$ Millions) (R$ Milions) Insurance, Pension Plans and Capitalization - Pro Forma Non-Interest Expenses Managerial Financial Margin Selling Expenses Retained Claims Earned Premiums Results from Pension Plans and Capitalization Net Income

29 Itaú BBA Pro Forma 2nd Qtr/061st Qtr/06Variation1st Sem/061st Sem/05Variation Managerial Financial Margin % % Banking Operations % % Treasury % % Management of FX Risk from Investments Abroad % % Result of Loan Losses % % Banking Service Fees % % Non-Interest Expenses (145) (168)-13.8% (312) (306)2.0% Net Income % % Tier I Allocated Capital 4,249 4, % 4,249 3, % Annualized RAROC (%)27.7%36.0%-830 b.p.31.9%34.7%280 b.p. R$ Million

30 R$ Million Itaucred Pro Forma 2nd Qtr/06 1st Qtr/06 Variation 1st Sem/06 1st Sem/05 Variation Managerial Financial Margin % 1, % Result of Loan Losses (473) (371)27.3% (844) (175)380.8% Banking Service Fees % % Non-Interest Expenses (509) (484)5.0% (993) (652)52.4% Net Income % % Vehicles % % Credit Cards – Non Current Account Holders % % Taií (41) (35)16.4% (76) (8)801.7% Tier I Allocated Capital 2,070 2,0282.0% 2,070 1, % Annualized RAROC (%)23.7%29.7%-600 b.p.26.9%41.6%-1470 b.p. Transactions carried out in channels intended for non current account holder customers.

31 R$ Million (*) The Consolidated Stockholders’ Equity considers the integral amortization of the goodwill. (*) Pro Forma Balance Sheet – Jun 30, 06

32 Agenda Highlights Itaú 2 nd Quarter of 2006 Results Acquisition of BankBoston Strategy

33 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 and 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 transaction for the acquisition of the Chilean and Uruguayan operations provides for a cash payment of R$ 2.3 million and the issue of ITAÚ common shares, equivalent to a stake of approximately 1.7% in ITAÚ’s total capital stock (20,537 thousand common shares of ITAÚ’s capital). The Acquisition Agreement The largest stock swap ever to be completed in the Brazilian financial services industry

34 Acquired Businesses Bank of America Corporation BKB Chile BKB Uruguay Corporate Middle & Small Premier OCA Uruguay Credit Cards BKB Brazil

35 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 , these newly-issued shares would be valued at R$ 4.5 billion. The transaction for the acquisition of the Chilean and Uruguayan operations provides for a cash payment of R$ 2.3 million and the issue of ITAÚ common shares, equivalent to a stake of approximately 1.7% in ITAÚ’s total capital stock (20,537 thousand common shares of ITAÚ’s capital). Based on the average market price for the period from February 21 to April , these shares would have been worth R$ 1,373 million

36 Recent Acquisitions in Shares in Brazil DATEACQUIRERTARGET TOTAL AMOUNT R$ MM % PAID IN SHARES SHARES ISSUED / TOTAL CAPITAL Apr-03ABN Amro RealSudameris2, %12.9% Jan-03BradescoBBV Brasil2, %4.4% Nov-02ItaúBBA-Creditanstalt3, %3.0% Jul-00UnibancoBandeirantes1, %12.3% Apr-00BradescoBoavista %6.5% Source: Merrill Lynch and Itaú Holding May-06ItaúBKB Brazil4, %5.8% August-06Itaú BKB Chile and Uruguay 1, %1.7%

37 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.

38 BKB Brazil Present in Brazil since 1947 Assets (R$ MM) 22,184 Deposits (R$ MM) 6,601 Shareholders ’ Equity (R$ MM) 2,225 # of Employees4,751 # of Clients (thousands) 224 Management of Third Parties Assets (R$ MM) 27,965 Loans (includes sureties and endorsements) (R$ MM) 11,175 Source: BKB Publication, BAC and Central Bank of Brazil. # of Branches Ranked 13 th by the Central Bank of Brazil

39 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 % Middle Market23.840% Corporate1.362%

40 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

41 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

42 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

43 BKB Chile (Exclusive Option) BankBoston Chile Source: BAC Investment Grade Baa1 from Moody´s Assets (R$ MM) 6,557 Deposits (R$ MM) 2,766 Shareholders ’ Equity (R$ MM) 788 # of Employees1,455 # of Clients (thousands) 62 Management of Third Parties Assets (R$ MM) 595 Loans (includes sureties and endorsements) (R$ MM) 4,989 # of Branches

44 BKB Uruguay (Exclusive Option) Assets (R$ MM) 1,937 Deposits (R$ MM) 1,569 Management of Third Parties Assets (R$ MM)1,314 BankBoston Uruguay Loans (R$ MM) 630 Source: BAC Assets (R$ MM) 229 Shareholders’ Equity (R$ MM) 52 Loans (R$ MM) 156 OCA Market Share 50% Shareholders’ Equity (R$ MM) ,000 clients # of Employees450 # of Branches15 # of Employees394 # of Branches23

45 Pro Forma Analysis R$ Billion (*) Total Shareholders' Equity already considering full amortization of goodwill Assets Loans (including sureties and endorsements) Deposits Management of Third Parties Assets Shareholders’ Equity INFORMATION AS OF # of Employees # of Clients (thousands) # of Branches ITAÚ 53,277 17,224 3, BKB Brazil 4, , BKB Chile 1, (*) Pro Forma TOTAL 60,327 18,135 3, BKB Uruguay OCA Uruguay

46 Estimated Effects (*) The effect of the second issue of shares of Itaú Holding is already considered in the total. (1) Current information. Issues of Banco Itaú Holding Financeira shares Bank of America's stake in Banco Itaú Holding Financeira Goodwill amortization on Banco Itaú Holding Financeira Cash Disbursement Equity Income Result at ITAÚSA Estimated Effects 68,518 thousand preferred 5.82% R$ (2,433) million 0 R$ 531 million BankBoston Brazil (1) 20,537 thousand common 1.72% R$ (401) million R$ (2.3) million R$ 279 million BankBoston Chile and Uruguay 89,055 thousand shares 7.44% (*) R$ (2,834) million R$ (2.3) million R$ 810 million TOTAL

47 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, % 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.

48 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 It is estimated that ITAÚ ’s net income will be reduced by R$ 2.7 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 16.1%.

49 Impact of the Transaction on Itaúsa Decline in stake in ITAÚ from 48.2% to 44.7% (R$ 0.6 billion); Gain from the equity method due to capital increase at ITAÚ (R$ 2.7 billion); Negative impact of goodwill amortization at ITAÚ (R$ 1.3 billion); ESTIMATED POSITIVE NET EFFECT ON NET INCOME (R$ 0.8 BILLION).

50 Agenda Highlights Itaú 2 nd Quarter of 2006 Results Acquisition of BankBoston Strategy

51 Segmentation Investment Banking

52 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.

53 R$ Million Net Income Breakdown in the 2 nd Quarter of 2006: Net Income per segment (pro forma) Net Income 1 st Q/06 Variation Itaubanco % Itaú BBA % Itaucred % Corporation % Consolidated1, % 2 nd Q/06 1, ,498

54 RAROC* per segment (pro forma) (*) Risk-Adjusted Average Return on Allocated Capital RAROC* per segment 2 nd Quarter of 2006 RAROC 1 st Q/06 Variation Itaubanco Itaú BBA Itaucred Corporation Consolidated 2 nd Q/ %160 b.p. 36.0%-830 b.p. 29.7%-600 b.p. 20.4%120 b.p. 36.3%-120 b.p. 42.1% 27.7% 23.7% 21.6% 35.1%

55 R$ Milhões 1st Sem/061st Sem/05 Net Income per segment (pro forma)

56 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

57 Credit Portfolio (R$ Million) Own Stores 5 Itaucred

58 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

59 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

60 R$ Earnings per Share Net Income R$ million 12.4% 13.4% NB: Earnings per share was adjusted to reflect the 900% stock split carried out in Oct/05. Net Income and Earnings per Share

61 US$ * Until August, 30 Preferred Shares Raises ,077 Itaú (1) Itaú (2) Ibovespa (3) 10 years 26, 83%22,07% 10,71% 5 years 39,45%34,42%27,60% 12 months 48,80%44,76%43,49% Annual Average Valorization – US$ (1) With Dividend Reinvestment Program (2) Without Dividend Reinvestment Program (3) São Paulo Stock Exchange Index Increase of US$ 100 invested in Aug/96 to Aug/06 (*) Russian Crises Real Depreciation Asiatic Crises Argentina Crises WTC Atack Brazilian Election Period Increase on FED Rates

Silvio de Carvalho Executive Director 9 th Annual Latin America Conference London 11 to 13 September, 2006