CONFERENCE CALL FIRST QUARTER May 12, 2000 Available at our site

2 Balance Sheets - Consolidated Dec 99 51,911 3,954 13,881 4,459 23,226 5, ,270 8, ,911 5,906 3,286 Mar 00 54,094 R$ Million Cash and Cash Equivalents Money Market Securities Interbank Deposits Credit Operations (*) Other Assets Permanent Assets Provision for Loan Losses Interbank Funds Applied Deposits Borrowing and On-lending Borrowings Other Liabilities Minority Interest Interbank Accounts Stockholders’ Equity Liabilities Total Liabilities Assets Total Assets (*) Not Included Advances on Exchange Contracts. Mar 99 54,545 2,003 14,379 8,222 2,883 (1,333) 1,622 15,754 7,269 2,939 (1,253) 1,496 2,257 15,831 6,371 15,711 8,956 3,002 (1,287) 1,757 5,488 13,693 6,659 2,551 2,952 Acceptances and Debentures Money Market Repurchase Commitments Dec 99 22,131 2,504 5,470 10, ,094 6,125 3,140 4,289 Mar 00 21,527 4,957 3,599 3,252 5,900 9, ,182 54,545 Mar 99

3 Income Statement R$ Million Net Income Itaú Consolidated Net Income from Financial Operations Provision for Loan Losses Banking Service Fees Salaries, Employee Benefits and Other Adm. Expenses Equity Share in Income of Subsidiaries and Affiliates Other Operating and Non Operating Income Income before taxes Extraordinary Results Income Tax and Social Contribution Profit Sharing Minority Interest 1Q Q99 1,120 (134) 978 (1,228) (194) (143) 399 (107) 115 (7) ,179 (153) 802 (1,156) (53) (69) (158) (29) 2 1Q00 1,214 (299) 697 (1,050) 32 (157) (130) (23) (58) 761

4HIGHLIGHTS R$ Billion (*) TOTAL ASSETS LOANS (1) DEPOSITSASSET MANAGEMENT (2) (*) Balance at the end of period (1) Credit Operations: Loans, Leasing, Other Receivables ( Res ) and Advances on Exchange Contracts (2) Including Matrix Funds

5 Market Capitalization, Stockholders’ Equity and Consolidated Net Income (1) R$ Million (1) Net Income of Quarter; Stockholders’ Equity and Market Capitalization as of period ended. 761 Extraordinary Result (2) (2) In the first quarter of 1999, the Banco Itaú has Extraordinary Result of R$ 535 million, related to the valorization of permanent Bank investments abroad. Consolidated Net Income Market Capitalization, Stockholders’ Equity

6 Excelent Performance (*) Annualized 72.9% 26.2% 27.3% 31.2% 26.1% 5.7% 3.2% 2.7% 2.4%2.7%

7 Excelent Performance R$ Million

8 Banking Services Fees R$ Million Total Itaú Consolidated 978 4Q Mutual Fund Management Fees Collection Fees Current and Savings Account Service Fees Collection Fees Agremeements whith Public Co. Interbank Tariff Loans Credit Cards Other Services 802 1Q Q

9 Credit Operations (**) Credit Operations Mar.00 Dec.99 Mar.99 Loans 15,123 15,220 13,927 Leasing O.Receivable AEC 1,513 1,357 1,314 Sub-total 17,393 17,299 15,847 Guarantees 2,848 2,706 2,302 Total 20,241 20,005 18,149 Credit Operations Mar.00 Dec.99 Mar.99 Loans 15,123 15,220 13,927 Leasing O.Receivable AEC 1,513 1,357 1,314 Sub-total 17,393 17,299 15,847 Guarantees 2,848 2,706 2,302 Total 20,241 20,005 18,149 ( * ) In currency of Constant Purchasing Power as of December 31, 1995 until then, after which the calculation will be made in accordance to the Corporation Lawe ACC/ACE Credit Operations (1) Credit Operations and Guarantees (2) ( * * ) Until 1999 (Dec 31st); 2000 (Mar 31st) ( 1 ) Credit Operations: Loans, Leasings, Other Receivables and Advances on Exchange Contracts (AEC) ( 2 ) Guarantees: Endorsements, Sureties and Other Guarantees R$ Million (*)

10 Provision For Loan Losses - Res Provision for Loan Losses (R$Thousand) Itaú Consolidated (R$ Thousand) 1,287,388 Provision For Loan Losses Under Res Excess Provision for Loan Losses 662, ,627 Mar Risk AA A B C D E F G H Balances 4,906,983 6,021,657 3,506,932 1,530, ,475 90, ,218 39, ,180 % 0.0% 0.5% 1.0% 3.0% 10.0% 30.0% 50.0% 70.0% 100.0% 0 2,284 7,819 11,686 26,295 40,976 26, ,505 Specific Provision (1) Generic Provision (2) 0 30,104 32,786 38,086 60, ,132 1,910 68,675 Total 17,392, , ,162 Excess Provision 624,627 Total Provision 1,287,388

11 Provision for Loan Losses (*) Itaú Consolidated (R$ Million) Beginning Balances Expenses allocated as: Provision for Loan Losses Extraordinary Results Write-off End Balances Beginning Balances of Non-accrual Loans New Operations included Write-off End Balances of Non-accrual Loans Recoveries (1,253) (153) (1,287) Q00 (1,310) (134) (1,253) Q99 (1,303) (146) (1,310) Q99 (1,333) (235) (1,303) Q99 (1,340) (299) (1,333) Q99 (*) According to criteria previous to the Res

12 Provision for Loan Losses (**) Itaú Consolidated (R$ Million) Provision for Loan Losses(a) Non-accrual Loans + Overdue Loan(b) General Provisions(a-b) Loans Operations(*) (Overdue Loan + Non-accrual Loans) / Loans Provision for Loan Losses / Loans Coverage Ratio (PLL / Overdue Loan + Non-accrual Loans) Additional Provision / Loans (1,287) 271 (1,017) 17, % 7.4% 477% 5.8% 1Q00 (1,253) 236 (1,017) 17, % 7.3% 532% 6.0% 4Q99 (1,310) 289 (1,021) 15, % 8.3% 453% 6.4% 3Q99 (1,303) 291 (1,012) 15, % 8.6% 448% 6.7% 2Q99 (1,333) 320 (1,013) 15, % 8.4% 417% 6.4% 1Q99 * Loans Operations include: Loans, Leasing, Other Receivable and Advances on Exchange Contracts ** According to criteria previous to the Res

13 Provision For Loan Losses - Res Itaú Consolidated (R$ Thousand) Prior Situation (Res ) Effects of new criteria adoption Present situation ( Res.2682) Mar ,121, ,467 17,392,980 Credit Portfolio Non accrual and Overdue loans (*) 271,467 (271,467) - Existing Provision(*) Minimum provision required Specific Provision (1) Generic Provision (2) Excess Provision 271,467 50, , ,162 1,287, ,287,388 1,015,921 (391,294) 624,627 ( * ) Without including the effects of write-off made on March 2000, amounting to R$ 38,321, which were not made in the accelerated way ( 61 days after recorded as non-accrual loan ) as required by Resolution 2682/99.

14 Net Interest Margin R$ Million Itaú Consolidated Loans and Leases Securities Portfolio Trade Finance and Foreign Exchange Portfolio Compulsory Deposits Income from Financial Operations Expenses from Financial Operations Financial Margin Average Loans Average Earning Assets Average Funding Resources Annual Average Rate of Income from Loans and Leases Annual Average Rate of Income from Financial Operations Annual Average Rate of Expenses from Financial Operations Annual Average Rate of Financial Margin 1Q00 1, ,965 (786) 1, % 18.8% 10.0% 11.0% 17,235 44,691 32,593 4Q ,696 (576) 1, % 16.2% 7.2% 10.5% 16,517 44,455 33,074 1Q99 1,567 1, ,388 (2,175) 1,214 14,856 42,878 33, % 35.6% 28.3% 11.8%

15 Changes in the Valuation Allowance for Securities R$ Thousand Balances as of March 31, 2000 Balances as of December 31, 1999 Write-offs:. Reversals. Losses for sales 156,401 (13,727) (11,695) ( 2,032) Balances as of March 31, 2000 with additional provision Additional provision (*) 142, , ,900 (*) Additional provisions were constituted to cover the risk of future price fluctuations. Securities and interbank deposits Valuation allowance Net Book Value 18,475,698 17,027,818 ( 888,574) ( 783,430) 17,587,124 16,244,388 03/31/ /31/2000 Summary

16 US$ PREFERRED SHARES - APPRECIATION * EVOLUTION OF US$ 100 INVESTED IN MARCH OF 1990 ANNUAL APPRECIATION. 10 years (Average) %. 5 years (Average) %. 12 months (Average) % % ANNUAL APPRECIATION. 10 years (Average) %. 5 years (Average) %. 12 months (Average) % % ITAÚ BOVESPA MAR-90 DEC-91 DEC-92 DEC-93 DEC-94 DEC-95 DEC-96 DEC-97 DEC-98 DEC-99 MAR-00 * Without Reinvestiment 16,884 2, Collor Plan Real Plan Mexican Crisis Asian Crisis Russian Crisis Real Devaluation