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

2

Banco Itaú Holding Financeira S.A.

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.

3

Banco Itaú Holding Financeira S.A.

R$ Million (Except where indicated)

* Adjusted by the nonrecurring items of the 4th Quarter of 2004

HighlightsVar 1st Q/05

Net Income 1,141 1,030 876 111 265

Earnings per share (R$) 10.04 9.10 7.68 0.94 2.36

Stockholders’ Equity 14,629 13,971 12,478 658 2,151

ROE (%) 35.1% 32.9% 31.2% 2.2% 3.9%

Total Assets 146,403 130,339 126,979 16,064 19,424

ROA (%) 3.2% 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% 2.9% 4.0% 0.0% -1.1%

NIM (%)* 13.2% 13.6% 11.9% -0.4% 1.3%

1st Q/05 4th Q/04 1st Q/04 -4th Q/04Var 1st Q/05

-1st Q/04

4

Banco Itaú Holding Financeira S.A.

Funds Intended for the Economic AgentsR$ Million

(*) Rural and Mortgage Loans – Loans linked to the availability of Demand deposits and Savings deposits.

Mar 31, 05 Dec 31, 04 Mar 31, 04Var Mar, 05

-Dec, 04Var Mar, 05

-Mar, 04

Individuals 20,770 18,272 12,769 13.7%. 62.7%

Loans to Companies 31,891 30,467 28,255 4.7% 12.9%

Small and Medium Sized 9,037 8,571 5,650 5.4% 60.0%

Corporate 22,854 21,896 22,605 4.4% 1.1%

Mandatory Loans (*) 4,351 4,536 3,732 -4.1% 16.6%

Total - Loans 57,012 53,275 44,757 7.0% 27.4%

Public Securities - Brazil 7,218 7,486 12,939 -3.6% -44.2%

Private Securities 11,660 12,145 9,526 -4.0% 22.4%

Total - Securities 18,878 19,631 22,465 -3.8% -16.0%

Total 75,890 72,906 67,221 4.1% 12.9%

5

Banco Itaú Holding Financeira S.A.

Credit Portfolio

16,890

47,40750,980

19,596

27,253

34,282

44,581

53,27557,012

38,419 38,659

29,615

23,674

14,058

16,916

45,414

0

10,000

20,000

30,000

40,000

50,000

60,000

1998 1999 2000 2001 2002 2003 2004 2005 (*)

Credit Operations Credit Operations including Endorsements and Sureties

R$ Million

CAGR: 21.5%

CAGR: 22.9%

Credit Operations

(*) On March 31, 2005.

6

Banco Itaú Holding Financeira S.A.

Coverage Ratio (*)

202% 204%210%

220% 221%

0%

50%

100%

150%

200%

250%

Mar-04 Jun-04 Sep-04 Dec-04 Mar-05

Nonperforming Loans Ratio and Coverage RatioNonperforming Loans Ratio (%)

4.03.5

3.22.9 2.9

5.66.0 5.6

6.57.3

0.80.9

1.51.81.9

0.00

2.00

4.00

6.00

8.00

10.00

12.00

Mar-04 Jun-04 Sep-04 Dec-04 Mar-05

Nonperforming Loans Ratio – GlobalNonperforming Loans Ratio – IndividualsNonperforming Loans Ratio – Companies

(*) 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.

7

Banco Itaú Holding Financeira S.A.

R$ Million

Service Fees

(1) Mutual Funds and Consortium.(2) Adjusted in 4Q04 in R$ 124 million related to Collection Services for INSS.

1st Q/05 4th Q/04 Var 1Q05- 4Q04

Var 1Q05- 1Q04

Asset Management (1) 398 376 345 22 53

Current Account Services 349 327 289 22 60

Credit Cards 437 371 244 66 193

Sureties and Credits 271 266 195 4 76

Collection Services (2) 209 178 203 31 6

Other 131 158 129 (26) 2

Total 1,794 1,675 1,405 119 389

1st Q/04

8

Banco Itaú Holding Financeira S.A.

R$ Million

Non-Interest Expenses

1st Q/05 4th Q/04 1st Q/04Var 1Q05

- 4Q04Var 1Q05

- 1Q04

Personnel Expenses 955 910 773 45 182

Other Administrative Expenses 1,103 1,218 996 (115) 107

Other Operating Expenses 247 276 355 (29) (108)

Tax Expenses (CPMF / Other) 76 75 58 1 18

Total 2,381 2,480 2,183 (99) 198

(-) Itaucred (288) (273) (185) (15) (103)

(-) Orbitall (146) (91) (57) (55) (89)

Total Adjusted 1,947 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.

9

Banco Itaú Holding Financeira S.A.

1,941 1,939 1,8892,116 1,947

185 196 208

273

28857 58 64

91146

0

500

1,000

1,500

2,000

2,500

1Q04 2Q04 3Q04 4Q04 1Q05

Non-Interest Expenses

2,183 2,192 2,160

2,480 2,381

Itaucred Orbitall

Strong Cost Control

R$ Million

10

Banco Itaú Holding Financeira S.A.

47.5%54.6% 56.3%

59.9%52.5%

45.9%49.4%

58.0% 55.8%

1Q/03 2Q/03 3Q/03 4Q/03 1Q/04 2Q/04 3Q/04 4Q/04 1Q/05

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 =

11

Banco Itaú Holding Financeira S.A.

Financial Instruments – Market ValueR$ Million

03/31/05 12/31/04 03/31/04

Stockholders’ Equity

Interbank Deposits 4 14 9

Securities and Derivatives 555 620 693

Credit Operations 216 248 399

Investment on BPI 765 660 697 Time and Interbank Deposits and Funds from

acceptance and issuance of securities abroad9 (41) 71

Securitization of Payment Orders Abroad 91 93 109

Subordinated Debt and Treasury Shares 506 480 298

Total Unrealized 2,147 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.

12

Banco Itaú Holding Financeira S.A.

Segments (Pro forma)

ITAÚ

CORPORATIONITAUCREDITAÚ 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

13

Banco Itaú Holding Financeira S.A.

R$ MillionHighlights 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.

Itaubanco Itaú BBA Itaucred Corporation Itaú

Net Income (1) 767 257 123 (7) 1,141 Allocated Capital Tier I 7,588 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 10,612 - 57,012 Total Assets 119,595 40,919 10,275 5,358 146,403

Mar/05

Itaubanco Itaú BBA Itaucred Corporation Itaú

1,332 242 105 (648) 1,030 6,868 3,194 975 2,934 13,971

103.2% 33.9% 50.7% -63.2% 32.9%

22,070 22,051 9,154 - 53,275 101,119 33,902 8,863 6,597 130,339

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.

1st Q/05 4th Q/04 (*) 1st Q/04Var. 1Q/05

- 4Q/04Var. 1Q/05

- 1Q/04

Net Interest Margin 2,044 2,023 1,756 21 288

Result from Loan Losses (481) (257) (307) (224) (174)

Service Fees 1,543 1,444 1,241 99 302

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) (52) 12 Net Income 767 846 559 (79) 208 Tier I Allocated Capital 7,588 6,868 6,742 720 846 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

1st Q/05 4th Q/04 (*) Variation

469 637 (168)

105 69 36

132 101 31

61 38 23

767 846 (79)

1st Q/05

61.1%

8.0%

17.2%

13.7%

Itaubanco - BankingCredit CardsInsurance, Pension Plans and CapitalizationMutual Funds and Managed Portfolio

Diversification of income sourcesNot 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)

1st Q/05 4th Q/04 Variation

Net Interest Margin 210 207 3

Result from Loan Losses (38) (41) 3

Service Fees 384 277 107

Non-Interest Expenses (297) (287) (10)

Tax Income and Social Contribution (80) (39) (41)

Others (74) (48) (26)

Net Income 105 69 36

Tier I Allocated Capital 457 424 33

ROE (%) 129.5% 82.8%

Nº of Cards (thousands) 7,518 7,085 433

Volume of Transactions 3,636 4,013 (377)

Itaubanco

17

R$ Million

Insurance, Pension Plans and Capitalization

The Combined Ratio has shown a falling trend for 8 quarters.

1st Q/05 4th Q/04 VariationInsurance 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 183 186 (3) Financial Income 123 115 8 Non-Interest Expenses (143) (152) 9 Income Tax and Social Contribution (46) (23) (23) Other 15 (24) 39

132 101 31

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

8.6

11.0 11.687.1

99.8105.2

Mar-04 Dec-04 Mar-05

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/041st Q/05 4th Q/04 1st Q/04Var. 1Q/05

- 4Q/04Var. 1Q/05

- 1Q/04

Net Interest Margin 370 464 242 (94) 128 Result from Loan Losses 67 31 162 36 (95) Service Fees 80 84 64 (4) 16 Non-Interest Expenses (130) (159) (147) 28 17 Tax Income and Social Contribution (103) (151) (94) 49 (9) Other (27) (27) (17) 1 (10)

Net Income 257 242 210 16 47 Tier I Allocated Capital 3,235 3,194 2,768 41 467 ROE (%) 35.8% 33.9% 33.9%

Itaucred

20

R$ Million

Itaucred Pro Forma

1st Q/05 4th Q/04 1st Q/04Var. 1Q/05

- 4Q/04Var. 1Q/05

- 1Q/04

Net Interest Margin 445 337 222 108 223

Result from Loan Losses (120) (41) (57) (79) (63)

Service Fees 172 148 101 24 71

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 123 105 42 18 81

Tier I Allocated Capital 1,106 975 658 131 448

ROE (%) 52.4% 50.7% 28.3%

Itaucred

21

Net Income

Operations performed through channels aimed at Non-Account Customers.

R$ Million

1st Q/05 4th Q/04 Variation

Vehicles 74 74 -

Credit Cards – Non-Account Customers 56 29 27

Taií (8) 2 (10)

Total 123 105 17

22

Banco Itaú Holding Financeira S.A.

Credit Cards – Quantity of Cards

Source: Credicard / Visa / Mastercard

11stst Place Place

7.52

7.097,17

7.29

6.94

4

5

6

7

8

dec/

02

jan/0

3

feb/

03

mar

/03

apr/0

3

may

/03

jun/0

3jul

/03

aug/

03

sep/

03

oct/0

3

nov/

03

dec/

03

jan/0

4

feb/

04

mar

/04

apr/0

4

may

/04

jun/0

4jul

/04

aug/

04

sep/

04

oct/0

4

nov/

04

dec/

04

jan/0

5

feb/

05

mar

/05

Qu

anti

ty (

Mill

ion

)

4

5

6

7

8

Bradesco

Unibanco

Itaú

Ourocard

Credicard

23

Banco Itaú Holding Financeira S.A.

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 1st Quarter of 2005.