1 Conference Call First Quarter of 2001 Banco Itaú S.A.

2 Itaú Consolidated 1 st Quarter of 2001 Net Interest Margin Provision for Loan Losses Banking Service Fees EPS (per thousand shares) Recurrent ROE Annualized Recurrent ROA Annualized Income Statement R$ Million Recurrent Net Income 4 th Quarter of 2000 Salaries, Employee Benefits and Other Adm. Expenses 1,465 (234) % 3.5% 651 (1,402) 1,633 (294) % 3.6% 620 (1,539) Variation (%) Mar/01 x Mar/ ,102 (151) st Quarter of (1,153) 26.1% 2.7%

3 Itaú Consolidated Credit Operations R$ Million TOTAL Individuals Small and Medium-Sized Companies Corporate Mortgage Credit Cards 12/31/ /31/ ,931 5,404 2,049 17,370 3,101 2,007 Variation (%) Mar/01 x Mar/00 27,253 4,486 2,115 15,216 3,305 2, /31/ ,241 3,016 1,214 11,680 2,889 1,442

4 Provision for Loan Losses R$ Million Note that R$ 151 million of total expense refers to Contracts (new operations), R$ 62 million of which refer to levels F, G and H and are basically formed by composition of debts. 4 th Quarter of st Quarter of 2001 Expenses for the Provision for Loan Losses234 Variation ,2 % New Contracts Risk Level Transfer SettlementTOTAL AA A28 10 (0) (5) B70 18 (2) (12) C52 16 (3) (11) D (31) (30) (21) E82 4 (4) (5) - 77 F (3) (17) G (4) (1) H (18) 203 (231) 679 Excess TOTAL2, (103) 234 (231) 2,036 BALANCE Mar 31,01 RISK LEVEL BALANCE Dec 31,00 CREDIT PORTFOLIO WRITE-OFF Itaú Consolidated

5 Non Accrual Loans Ratio (1) (%) Jun/00Sep/00Dec/00 Mar/ % 3.77% 3.66% 4.45% 4.21% (2) 3.55% (1) Loans Overdue for more than 60 days and without generation of revenues on the accrual method / Credit Operations of Conglomerated. (2) Including the effect of the credit operations from Banestado.

6 Itaú Consolidated Funding R$ Billion 12/31/ /31/2001 Variation (%) Mar/01 x Mar/00 03/31/2000 Deposits Borrowings and on-Lendings Money Market repurchase commitments and Acceptances and Debentures Mutual Funds and Portfolio under Management Total of Funding Total (Balance Sheet)

7 Itaú Consolidated 12/31/200003/31/2001 Quantities Branches and CSBs Current and Savings Accounts ( million ) Credit Cards ( million ) Customers -Home & Office Banking ( million ) Products per Customer – Banco Itaú Individuals Business 2, , /31/2000 2,

8 Itaú Consolidated 12/31/200003/31/2001 Fair Market Value R$ Million Excess Provision for Loan Losses Excess Provision for Securities Other Unrealized Gain Variation (%) Mar/01 x Mar/00 If taken into consideration all excess provisions, other unrealized gains and Tax Credits not accounted for, the BIS ratio would be 17.8% ,2512, /31/ ,235 Total

9 Net Foreign Exchange Position R$ Million Mar 31, 2001Dec 31, 2000Mar 31, 2000 Foreign Investments 4,0453,7082,626 (1,673)(1,252)14 Net Foreign Exchange Position 2,3722,4562,639 Net value of assets and liabilities in foreign currency, including derivatives

10 Results of Foreign Investments The effects of exchange variation on foreign investments are distributed in the Statement of Income according to the nature of the corresponding accounts. DateExchange RateVariation 09/30/ /31/ % 03/31/ % R$ Million 1 ST Quarter of 2001 Foreign Exchange Variation on Investments Abroad 374 Effect from Foreign Exchange Risk Management on Inv. Abroad(87) Results Abroad287 Funding Expenses (DI)(133) Management Margin - Investiments Abroad154 US$

% 56.6% 56.3% 59.7% 54.7% 1st Q.002nd Q.003rd Q.004th Q.001st Q.01 (Salaries and Benefits Expenses + Other Administrative Expenses) (Net Income from Financial Operations + Provision for Loan Losses + Banking Service Fees + Capitalization, Insurance and Pension Plan Premiums - Variations in Technical Provisions of Capitalization, Insurance and Pension Plans - Insurance Claims - Selling Expenses - Pension Plan Benefit Expenses - Other Operating Expenses + Other Operating Income) Efficiency Ratio = Efficiency Ratio

12 Other Liabilities Stockholders’ Equity Capital and Reserves Previous Results(1) - (32) (8) Total Liabilities ST Q./001 ST Q./014 TH Q./00 BALANCE SHEETS Itaú Buen Ayre 1 ST Q./014 TH Q./001 ST Q./00 RELEVANT DATA Net Distribution Branches CSBs Automated Teller Machines Active Customers (thousand) Employees1,417 1,433 1,655

13 Relevant Events Operational Small Companies Unit specialized structure to small companies (annual sales between R$ 500 thousand and R$ 4 million); Strategic Partnership Itaú – AOL launched in January 2001; has reached more than 100 thousand customers ; Cost Reduction Program Special Committee (CRPC) and support from specialized consulting firm.

14 Relevant Events - Banestado Net Income was R$ 2.6 million in the 1st Quarter of 2001; Increase in the number of clients - from 457,000 in Dec/00 to 516,000 in Mar/01; The number of Automated Teller Machines (ATMs) reached 457, an increase of 5%; Reduction of 891 employees in the quarter, reaching 6,691 in March 2001; Spontaneous Lay-off Program (started on 01/03/01): - 38% of acceptance among the employees. R$ 312 million provisioned in December 2000.

15 Corporative Strategic Cooperation Itaú - la Caixa la Caixa increased its shareholdings, from 1% to 3%; 1 member in the Administrative Council, 1 member in the International Advisory Committee and 1 Managing Director (increase of relationship with spanish companies); Corporate Governance ItaubancoInternal Controls Committee Itaubanco Internal Controls Committee – April 30, 1999; Fiscal Council Fiscal Council – April 24, Gustavo Loyola, Iran Siqueira Lima and Alberto Sozin Furuguem (highly qualified professionals with acknowledged experience in the capital markets); Changes in the Administrative Council Changes in the Administrative Council – April 23, 2001 – strenghtening with the new members - Pérsio Arida and Roberto Teixeira da Costa (remarkable and proeminent professionals with no previous relationship with the company). Relevant Events