BANCO ITAU HOLDING FINANCEIRA S.A.
CNPJ. 60.872.504/0001-23      A Publicly Listed Company        NIRE. 35300010230



                        MEETING OF THE BOARD OF DIRECTORS
                               OF FEBRUARY 21 2005
                               -------------------

         On February 21 2005, at 2:30 p.m., the Board of Directors of BANCO ITAU
HOLDING FINANCEIRA S.A. met at its head office, under the chairmanship of Dr.
Olavo Egydio Setubal, the legal quorum being present, for the purpose providing
their considerations on the Management Report and Accounts for the financial
year ending December 31 2004.

         Opening the agenda, the President and CEO Dr. Roberto Egydio Setubal
spoke at length with respect to the draft of the Management Report and Accounts
for December 31 2004.

         The President then proceeded to submit these documents for analysis,
discussion and voting by the members of the Board of Directors and of the Fiscal
Council, the latter attending pursuant to paragraph 3 of article 163 of Law
6,404/76.

         First, the members of the Fiscal Council issued their opinion as given
below, which will be transcribed in the minutes register:

         "The effective members of the Fiscal Council of BANCO ITAU HOLDING
         FINANCEIRA S.A., having perused the management report and the financial
         statements for December 31 2004, have verified the accuracy of all the
         items examined, understanding them to adequately reflect the company's
         capital structure, financial position and the activities conducted
         during the period, recommending that they be approved by the company's
         Board of Directors Sao Paulo-SP, February 21, 2005. (signed) Gustavo
         Jorge Laboissiere Loyola, Alberto Sozin Furuguem and Iran Siqueira Lima
         - Councilors."

         Following the analysis, the members of the Board of Directors concluded
as to the accuracy of the documents examined, unanimously approving them and
authorizing their disclosure to the Stock Exchange, the Brazilian Securities and
Exchange Commission (CVM) and the press for legally required publication.

         Finally, the members of the Board of Directors were informed concerning
the Summary Report of the Audit Committee, which will be published together with
the December 31 2004 financial statements, containing the highlights of its
monitoring activities during the second half of 2004, with regard to Internal
and Independent External Audit and to Internal Control Systems and Risk
Management.



BANCO ITAU HOLDING FINANCEIRA S.A.                                        Page 2
Meeting of the Board of Directors of February 21 2005

         With no further matters on the agenda and no other items being raised
by members, the meeting was declared concluded. The members of the Board of
Directors signed the meeting's minutes, the latter having been drafted, read and
approved. Sao Paulo-SP, February 21 2005. (signed) Olavo Egydio Setubal -
Chairman; Jose Carlos Moraes Abreu, Alfredo Egydio Arruda Villela Filho and
Roberto Egydio Setubal - Vice-Chairmen; Alcides Lopes Tapias, Carlos da Camara
Pestana, Fernao Carlos Botelho Bracher, Henri Penchas, Maria de Lourdes Egydio
Villela, Persio Arida, Roberto Teixeira da Costa and Tereza Cristina Grossi
Togni - Directors.



                                            ALFREDO EGYDIO SETUBAL
                                          Investor Relations Officer