1. 1 Conference Call Results of the 1st Quarter/2007 May 09, 2007

2. Banco Itaú Holding Financeira S.A. 2 Highlights 2. 7.9% growth in the loan portfolio in the quarter - including the operations of BkB Chile and Uruguay: Personal Loans: 20.7% in the quarter and 39.9% in the last 12 months; Vehicles: 10.1% in the quarter and 59.3% in the last 12 months; Small and Medium-Sized Companies:19.3% in the quarter and 77.6% in the last 12 months; 1.Results Recurring Net Income of R$ 1,902 million in the1st Qtr/07, a 5.8% increase in comparison to the previous quarter – new criteria ; annualized ROE of 31.3%. Emphasizing the reduction of R$110 million of expenses for loan losses and the decrease of R$91 million of non-interest expenses quarter-to-quarter; Consolidated Recurring Net Income per Share reached R$ 1.59 in 1st Qtr/07 growing 26.2% in comparison to 1st Qtr/06. 3. Additional provisions: R$ 50 million increase in the excess provision for loan losses in the quarter, reaching the balance of R$ 1,750 million. 4. Nonperforming Loans Ratio: Nonperforming loans ratio of 5.0%. 5. BIS Ratio: Maintenance of the high level of 16.5%.

3. Banco Itaú Holding Financeira S.A. 3 Reconciliation of net income R$ Million 1 For further details, please consult Itaú Holding’s Management Discussion and Analysis report (page 4). 1st Q/074th Q/06 Recurring Net Income – New Criteria1,902 1,798 Adjustments to the new accounting criteria (51) (170) Loan renegotiations x discounts - 52 Expenses of commissions paid to car dealers (208) (222) Tax benefit of IOC 156 - Recurring Net Income – Previous Criteria1,851 1,628 Reversal of adjustments to the new accounting criteria 51 170 Non recurring effects 1 - (111) Net Income not including BkB Chile and Uruguay Acquisition Effects - 1,687 BkB Chile and Uruguay acquisition effects - (408) Net Income 1,9021,280

4. Banco Itaú Holding Financeira S.A. 4 The Brazilian fiscal legislation allows that companies remunerate its shareholders by means of the payment of either dividends or interests on own capital. The interests on own capital are deductible for tax purposes, whereas the dividends are paid as a net income distribution. The deductibility regarding the interests on own capital is basically limited to the result of multiplying stockholders’ equity by the Long-Term Interest Rate (TJLP). Considering: (i) not only the increase in profits and, in consequence, the distribution of the shareholders´ remuneration (II) but also the reduction of the Long-Term Interest Rate, the Board of Directors decided to provision in the form of dividends the monthly sums to be paid, as well as the supplementary portions relating to the first semester of 2007, because the maximum amount possible to be declared as interests on own capital in 2007 is in the limit, due to both the monthly interests on own capital already declared in the first months of the year, and the complementary interests on own capital relative to the fiscal year of 2006 yet declared in the beginning of 2007. The portion to be declared in 2008 so as to complete the shareholders´ remuneration relating to the fiscal year of 2007, it will be provisioned in the exercise of 2007 and to be declared as interests on own capital in 2008 exercise. Interest on Own Capital X Dividends

5. Banco Itaú Holding Financeira S.A. 5 Highlights 1st Q/074th Q/061st Q/06 Variance 1Q07- 4Q06 Variance 1Q07- 1Q06 Net Income 1,902 1,280 1,46048.6%30.3% Recurring Net Income – New Criteria (*) 1,902 1,798- 5.8%- Recurring Net Income – Previous Criteria (*) 1,8511,6281,397 13.7%32.5% Recurring Net Income per share (R$) 1.59 1.381.26 15.2%26.2% Stockholders’ Equity 24,97123,56416,619 6.0%50.3% Recurring ROE (Average Equity) annualized (%)31.3%28.8%34.7%250 b.p.-340 b.p. Market Capitalization 86,27792,27071,859 -6.5%20.1% Solvency Ratio (%) 16.5%17.2%16.9% -70 b.p.-40 b.p. Efficiency Ratio (%) 44.1%47.4% 47.2%-330 b.p.-310 b.p. Nonperforming Loans (%) 5.0%5.3%5.2%-30 b.p.-20 b.p. (*) The net income has been adjusted for a better comparison. R$ Million

6. Banco Itaú Holding Financeira S.A. 6 Itaú Holding Pro Forma 1st Q/074th Q/06(*) Variance 1Q07- 4Q06 Managerial Financial Margin 4,9844,8452.9% Banking Operations 4,3694,2891.9% Treasury 367 429-14.5% Management of Foreign Exchange Risk from Investments Abroad 248 127 95.3% Result of Loan Losses (1,266) (1,311) -3.4% Banking Service fees 2,4212,456-1.4% Non Interest Expenses (3,280) (3,371) -2.7% Recurring Net Income – New Criteria 1,9021,7985.8% R$ Million (*) The net income for the fourth quarter of 2006 has been adjusted for a better comparison.

7. Banco Itaú Holding Financeira S.A. 7 Loans by Type of Customer 1 Agricultural and Mortgage Loans – linked with the balances of Demand and Savings Deposits. Mar 31, 07 Dec 31, 06Mar 31, 06 Variance Mar/07- Dec/06 Variance Mar/07- Mar/06 Variance Mar/07- Dec/06 Individuals 46,404 42,085 40,487 30,8133.9%36.6%14.6% Credit Cards 8,706 8,548 9,188 6,904-7.0%23.8%-5.3% Personal Credit 16,033 13,707 13,284 11,4573.2%19.6%20.7% Vehicles 19,830 18,014 12,45110.1%59.3%10.1% Mortgage Loans (Chile/Uruguay)1,835------ Company Loans 49,012 47,347 47,263 36,7030.2%29.0%3.7% Corporate 24,615 26,81622,962-8.2%7.2%-8.2% Small and Medium Sized 24,397 22,733 20,44613,74111.2%65.4%19.3% Mandatory Credit 1 5,655 5,898 4,529-4.1%24.9%-4.1% Total Loans 101,071 95,088 93,648 72,0461.5%32.0%7.9% With BkB Chile and Uruguay Without BkB Chile and Uruguay With BkB Chile and Uruguay R$ Million

8. Banco Itaú Holding Financeira S.A. 8 Loan Portfolio Break Down

9. Banco Itaú Holding Financeira S.A. 9 Nonperforming Loans and Coverage Ratios (*) Provision for loan losses / Credits overdue for more than 60 days, which are not accrued. Nonperforming Loans Ratio NPL Ratio NPL Ratio- Individuals NPL Ratio- Businesses Coverage Ratio (*) 166% 168% 169% 164% 181% Mar.07Dec.06Sep.06Jun.06Mar.06

10. Banco Itaú Holding Financeira S.A. 10 Delinquency Ratio (NPL) by Segment Note: Not considering BkB Chile and Uruguay, NPL reached 5.2% on March 31, 2007 for the Consolidated and 7.4% for the Itaubanco-Branch Banking sub segment. Mar 31, 07Dec 31, 06Sep 30, 06 NPL Credit Portfolio NPL RatioNPL Ratio Itaubanco 2,741 41,9376.5%7.3%7.5% Branch Banking 2,486 37,4926.6%7.6%7.7% Credit Cards – Account Holders 255 4,4465.7%5.2%5.9% Itaú BBA 14 20,7870.1%0.7%0.1% Itaucred 1,844 28,4566.5%6.2%6.4% Vehicles 1,077 21,2845.1%4.8%5.0% Credit Cards – Non Account Holders 257 3,9326.5%5.5%6.6% Taií 511 3,241 15.8%15.2%13.9% Total 4,599 91,1805.0%5.3%5.2% R$ Million

11. Banco Itaú Holding Financeira S.A. 11 Funding 1 Includes Repurchase Agreement – Own Issue Securities, where was recorded a new issuance of subordinated debt amounting R$ 5,000 million. Mar 31,07Dec 31,06Mar 31,06 Variance (%) Mar/07- Dec/06 Mar/07- Mar/06 Deposits 1 99,533 89,522 67,27211.2%48.0% Investment Funds 174,836 167,866 126,5584.2%38.1% Managed Portfolios 11,434 11,942 9,018-4.3%26.8% Technical Provisions regarding to Insurance, Pension Plans and Capitalization 20,131 19,036 15,5385.8%29.6% Subtotal – Clients 305,934 288,367 218,3866.1%40.1% Foreign Exchange Portfolio 23,474 13,124 14,03278.9%67.3% Funds from Acceptances and Securities Issued 7,831 7,541 6,7143.8%16.6% On-lendings 5,348 5,338 4,1860.2%27.8% Repurchase Agreement – Third Part Portfolio 14,098 8,353 4,12368.8%241.9% Subtotal - Market 50,751 34,355 29,05547.7%74.7% Total 356,685 322,722 247,44110.5%44.1% R$ Million Note: Not considering BKB Chile and Uruguay, the balance of funding reached R$ 349,604 million on Mar 31, 07, an 8.3% increase compared to Dec 31, 06.

12. Banco Itaú Holding Financeira S.A. 12 Banking Service Fees 1st Q/074th Q/061st Q/06 Variance 1Q07- 4Q06 Variance 1Q07- 1Q06 Funds management fees 1 482483449-0.1%7.5% Current account services 405410365-1.3%11.0% Credit Cards 576577487-0.2%18.4% Credit operations and guarantees provided 4984863882.4%28.4% Collection services 222250224-11.1%-0.8% Other 238250210-4.8%13.4% Total 2,421 2,4562,121-1.4%14.1% R$ Million 1 Investment Funds and Consortium. Note: Not considering BKB Chile and Uruguay, Banking Service Fees reached R$ 2,384 million in 1st Q/07, a 2.9% decrease compared to 4th Q/06.

13. Banco Itaú Holding Financeira S.A. 13 Non Interest Expenses 1st Q/074th Q/061st Q/06 Variance 1Q07- 4Q06 Variance 1Q07- 1Q06 Personnel Expenses 1,252 1,251 1,132 0.1%10.6% Other Administrative Expenses 1,539 1,681 1,229-8.4% 25.2% Other Operating Expenses37726933540.1% 12.5% Tax Expenses (CPMF and Others) 1 11117182-35.1%35.4% Total 3,280 3,371 2,779-2.7% 18.0% R$ Million 1 It does not include PIS, COFINS and ISS Note: Not considering BKB Chile and Uruguay, Non-Interest Expenses reached R$ 3,145 million in the 1st Q/07, a 6.7% decrease compared to 4th Q/06.

14. Banco Itaú Holding Financeira S.A. 14 BkB Transactions Integration. The integration has being carried out so as to minimize disruptions for customers;. BkB branch network has being transferred to the Personnalité operating platform. The process will be ended by the end of the second quarter of 2007;. The transfer of small and mid-size businesses customers of BkB to Itaú is under way and expected to be completed in June 2007;. BkB´s corporate clients are already using Itaú BBA´s platform;. Synergy gains are happening already and their impact will be completely felt as from the second half of 2007.

15. Banco Itaú Holding Financeira S.A. 15 50.8% 50.1% 47.2% 45.7% 49.9% 47.4% 44.1% 50.5% 2Q/053Q/054Q/051Q/062Q/063Q/064Q/061Q/07 Efficiency Ratio 46.7% 49.6%

16. Banco Itaú Holding Financeira S.A. 16 Unrealized Profits/(Losses) (1) In Stockholders' Equity 03/31/0712/31/0603/31/06 Interbank Deposits 31 17 34 Securities and Derivatives 195 187 466 Loans 196 103 275 Investment in BPI 1,645 1,523 1,381 From Parent Company970898814 From Minorities675625567 Securitization of Foreign Payment Orders (24) (43) 3 Subordinated Debt (105) (44) (41) Other Liabilities 521 704 347 Total Unrealized 2,458 2,447 2,465 Financial Instruments – Market Value (1) Does not take into consideration the corresponding tax effects. R$ Million

17. Banco Itaú Holding Financeira S.A. 17 Segmentation (Pro forma) NB: The organization chart of Itaucred segment reflects, chiefly, the transactions carried out through channels intended for non current account holders. 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)

18. Banco Itaú Holding Financeira S.A. 18 Highlights of Pro Forma Segments ItaubancoItaú BBAItaucredCorporation Itaú 1 1st Quarter of 2007 Recurring Net Income1,259243297102 1,902 Allocated Capital Tier I12,1314,7042,9365,199 24,791 RAROC in the Quarter (% p.y.)41.3%18.6%41.6%10.2%31.3% Total Assets202,08581,98927,4319,080257,850 4th Quarter of 2006 Recurring Net Income – New Criteria (*)1,20829724845 1,798 Allocated Capital Tier I12,2445,7542,7802,787 23,564 RAROC in the Quarter (% p.y.) (*)40.5%21.3%38.9%5.5%31.8% Total Assets159,17861,86925,8446,253209,691 R$ Million 1 It does not represent the sum of the parts, because there are transactions between the segments eliminated in the consolidated figures only. (*) The figures for the fourth quarter of 2006 have been adjusted by applying the same accounting criteria adopted in the first quarter of 2007.

19. Itaubanco 19 Itaubanco Pro Forma 1st Q/074th Q/06(*)Variance1st Q/06 Managerial Financial Margin 3,306 3,2382.1% 2,360 Banking Operations2,8162,885-2.4%2,244 Treasury31026317.9%11 Management of Foreign Exchange Risk from Investments Abroad 1799098.9%104 Result of Loan Losses (874) (812)7.6% (863) Banking Service Fees 1,909 1,913-0.2% 1,721 Non-Interest Expenses (2,501) (2,533)-1.3% (2,065) Net Income 1,259 1,2084.2% 792 Allocated Capital Tier I12,13112,244-0.9%9,371 Return on Average Tier I Allocated Capital (%)41.3%40.5%80 b.p.37.4%. Net Income Itaubanco - Banking 852 77010.6% 430. Net Income Credit Cards - Current Account Holders 162 1535.9% 157. Net Income Insurance, Pension Plans and Capitalization 185 247-25.1% 158. Net Income Funds and Managed Portfolio 60 3953.5% 48 (*) The figures for the fourth quarter of 2006 have been adjusted by applying the same accounting criteria adopted in the first quarter of 2007. R$ Million

20. Itaubanco 20 Credit Cards – Current Account Holders - Pro Forma 1st Q/074th Q/06(*)Variance1st Q/06 Managerial Financial Margin 288 305-5.6% 283 Result of Loan Losses (80) (105)-23.8% (95) Banking Service Fees 374 393-4.8% 356 Non-Interest Expenses (305) (330)-7.6% (273) Net Income 162 1535.9% 157 Allocated Capital Tier I 7151,028-30.5% 552 Return on Average Tier I Allocated Capital (%) 74.2% 65.7%850 b.p. 103.4% Number of Cards (thousands) 13,53013,3901.0% 12,703 Billing9,21010,554-12.7%7,157 R$ Million (*) The figures for the fourth quarter of 2006 have been adjusted by applying the same accounting criteria adopted in the first quarter of 2007.

21. Itaubanco 21 Insurance, Pension Plans and Capitalization - Pro Forma R$ Million 1st Q/074th Q/06Variance1st Q/06 Earned Premiums 663 6246.3% 630 Results from Pension Plans and Capitalization 76 734.1% 60 Retained Claims (331) (304)8.9% (360) Marketing Expenses (141) (133)6.0% (148) Managerial Financial Margin127197-35.5%158 Non-Interest Expenses(153)(186)-17.7%(174) Net Income 185 247-24.8% 158 Combined Ratio (%) 84.4% 82.8%160 b.p. 91.2% Claim Level (%) 50.1% 48.5%160 b.p. 57.9% Tier I Allocated Capital1,6271,737-6.3%1,379 Return on Average Tier I Allocated Capital (%) 44.1% 58.7%-1460 b.p. 47.2%

22. Itaú BBA 22 Itaú BBA Pro Forma 1st Q/074th Q/06Variance1st Q/06 Managerial Financial Margin 400536-25.4% 611 Banking Operations274333-17.7%281 Treasury57166-65.8%285 Management of Foreign Exchange Risk from Investments Abroad 693784.2%44 Result of Loan Losses 44 (30)-246.7% 13 Banking Service Fees 134 145-7.6% 131 Non-Interest Expenses (195) (215)-9.3% (168) Net Income 243 297-18.2% 390 Allocated Capital Tier I 4,7045,754-18.2% 4,354 Return on Average Tier I Allocated Capital (%)18.6%21.3% -270 b.p. 35.9% R$ Million

23. Itaú BBA 23 Itaú BBA - Loans + Private Securities (*) (*) Not including loans to financial institutions. Loans15% Private Securities32% Total17% Annual Growth Mar/07 vs. Mar/06 2,932 3,286 28,701 29,534 29,692 24,24424,921 24,067 3,081 4,056 4,042 2,275 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 dec/05mar/06jun/06sep/06dec/06mar/07 R$ MM Loans (Including endorsements and sureties)Securities 26,34228,002 27,176 32,978 33,576 32,758

24. Itaucred 24 R$ Million Itaucred Pro Forma Transactions carried out in channels intended for non current account holders customers. 1st Q/074th Q/06 (*) Variance 1st Q/06 Financial Margin 1,141 99115.1% 744 Result of Loan Losses (436) (440)-0.9% (307) Banking Service Fees 380 385-1.3% 270 Non-Interest Expenses (548) (531)3.2% (484) Net Income 297 24819.8% 133 Vehicles 235 20614.1% 112 Credit Cards – Non Current Account Holders 83 6920.3% 59 Taií (21) (27)-22.2% (38) Tier I Allocated Capital2,9362,7805.6% 2,028 Return on Average Tier I Allocated Capital (%)41.6%38.9%270 b.p.28.7% (*) The figures for the fourth quarter of 2006 have been adjusted by applying the same accounting criteria adopted in the first quarter of 2007.

25. Banco Itaú Holding Financeira S.A. 25 Net Income and Net Income per Share Note: The Net Income per Share was adjusted to reflect the stock split of 900% that occurred in oct/05. Recurring Net Income per share (R$) Recurring Net Income (R$ Million)

26. 26 Conference Call Results of the 1st Quarter/2007 May 09, 2007