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 3:30pm., the Board of Directors of BANCO ITAU
HOLDING FINANCEIRA S.A. met at its head office, with the legal quorum being
present and under the chairmanship of Dr. Olavo Egydio Setubal, unanimously
deciding "ad referendum" of the General Meeting:

1.   to declare complementary interest on capital, related to the fiscal year
     2004, in the amount of R$ 3.50 per share, based on each stockholder's
     position as of March 4 2005, for payment on March 14 2005, with 15% income
     tax to be withheld at source, resulting in net interest of R$ 2.9750 per
     share, except shareholders demonstrating immunity or exemption from such
     tax.

2.   to pay, also on March 14 2005, the complementary interest on capital
     declared by this Board of Directors in a meeting held on December 6 2004,
     in the amount of R$ 4.73 per share, less 15% income tax at source,
     resulting in net interest of R$ 4.0205 per share, except shareholders
     demonstrating immunity or exemption from such tax; the individual
     allocation of this interest was done on December 30 2004, based on each
     stockholder's position as of December 23 2004, as has already been made
     public.

         There being no further items on the agenda, the meeting was declared
closed and the present minutes were transcribed, read, approved and signed by
all those present. 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, Sergio Silva de Freitas and
Tereza Cristina Grossi Togni - Directors.



                                               ALFREDO EGYDIO SETUBAL
                                             Investor Relations Officer