1 Banco Itaú S.A. Conference Call 3 rd Quarter of 2002

2 Income Statement R$ Million (Except where shown) Total Assets 2nd Q./02 Var. (%) 3rd Q./02 Financial Margin Provisions for Loan Losses Service Fee Income Administrative Expenses Recurrent Income Extraordinary Results Net Income 2,803 (682) 1,042 (1,880) 640 (0) ,014 2,060 (512) 1,004 (1,756) 567 (23) ,

3 Credit Operations (*) On September 30, 2002 R$ Million Credit OperationsCredit Operations and Guarantees 14,058 16,890 23,674 16,077 19,596 27,253 33,799 29,615 14,414 16,916 34,282 39, *

4 Credit Portfolio by Currency (*) Indexed in Foreign Currency In Foreign Currency Subtotal In Local Currency Total Sep 30, 02 (*) Including Endorsements and Sureties Jun 30, 02 Sep 30, 01 Variation Sep/02 – Jun/02 Variation Sep/02 – Sep/01 R$ Million 4,302 8,219 12,521 27,166 39,687 3,883 5,821 9,704 25,135 34,839 4,326 4,978 9,304 24,182 33, % 41.2 % 29.0 % 8.1 % 13.9 % -0.5 % 65.1 % 34.6 % 12.3 % 18.5 %

5 Non Accrual and Coverage Ratios Coverage Ratio (*) Total Non Accrual Individuals Non Accrual Companies Non Accrual (*) Provision for Loan Losses / Non Accrual Non Accrual Ratio % 190% 189% 186% 173% 168% 164% 172% Mar.01Jun.01Sep.01Dec.01Mar.02Jun.02Sep Mar.01Jun.01Sep.01Dec.01Mar.02Jun.02Sep.02

6 R$ Million (Constitutions) / Reversals in Result Additional Minimum Required Provision for Securities Devaluation Provision for Derivative Financial Instruments – Assets Provision for Derivative Financial Instruments – Liabilities Provision for Loan Losses Total (1,189) - (31) (1,220) (51) (968) 699 (651) (971) Total (1,240) (968) 699 (682) (2,191) 3rd Quarter of 2002 Balance Sep 30, 02 (3,969) (1,293) 880 (3,262) (7,644) Provisions

Result derived from Investments Abroad 3 rd Q/02 (1) 1,113 (634) 479 (131) Foreign Exchange Variation on Investments Abroad Effect Foreign Exchange Risk Management on Investments Abroad (Net) Results Abroad Funding Expenses (CDI) 2 nd Q/ (93) 692 (128) Investments Abroad R$ Million Result affected by Exchange Rate 2 nd Q/ (553) (3) (132) - Results of Investments Abroad Results of Local Operations affected by Exchange Rate (Net) Reversal/(Constitution) of Additional Provision for Securities (Net) Complement of the Provision to “marked-to-market” – AOLA Expenses related to mark-to-market adjustments of fiscal incentive options 3 rd Q/ (661) (2) (36) (179) (1)After provision for US$ = R$ 3,50, excluding foreign exchange variation of the investment in AOLA of R$ 233 million in the 3 rd quarter of 2002 and R$ 128 million in the 2 nd quarter of (2)Provision basically referring to the variation of AOLA´s share market quotation: from US$ in 06/28/02 to US$ in 09/30/02. (3)Provision basically referring to the variation of AOLA´s share market quotation: from US$ 2.25 in 03/29/02 to US$ in 06/28/02. Foreign Exchange Variation on Investments Abroad - Considering the Funding Cost

8 R$ Million Administrative Expenses 3rd Q./ ,880 2nd Q./ ,756 Variation (2) %49.6 % Efficiency Ratio - As a result of the 2002/2003 Collective Labor Agreement in September 2002, the Bank incurred additional expenses of R$ 91 million, comprising R$ 46 million for the payment of bonuses to employees and R$ 45 million for compensation and payroll charges. Personnel Expenses Remuneration Social Charges Social Benefits / Training Dismissals / Labor Suits Allowance Work Convention Other Administrative Expenses Total

9 Market Value In Result Market Value In Equity Recorded Value Unrealized Income / (Loss) (2) (3) (1)Does not include the reclassification of additional provision in the amount of R$ 1 billion. (2)Includes unrealized gains to minority interest amounting to R$ 93 million. (3)Does not consider the corresponding fiscal effects. R$ Million 2,336 (1,441) (40) ,466 24,563 26,000 6,990 11,642 4,069 - Securities and Derivatives Provision – Available for Sale Securities Reclassification of Additional Provision - Loans Operations - Other Assets - Time and Interbank Deposits and Funds from Acceptance and Issuance of Securities - Other Total Unrealized 2,336 (1,000) (40) ,902 22,227 (1) 26,040 6,760 11,690 4,405

10 Funding and Fund Management R$ Million Sep 30, 01 (C) Sep 30, 02 (A) Jun 30, 02 (B) Evolution % (A/C) Evolution % (A/B) Deposits Demand Deposits Savings Deposits Time Deposits Managed Funds Investment Funds Managed Portfolio Total Funds 26,743 6,094 15,550 5,099 53,478 47,753 5,725 80,221 28,105 6,356 16,019 5,730 56,243 49,819 6,424 84, ,891 7,662 17,433 6,796 54,893 47,961 6,932 86, (2.4) (3.7)

11 Solvency Ratio R$ Million Sep 30, 02 12,532 (718) (401) 11,413 Sep 30, 02 Effect Res ,532 (1,437) (401) 10,695 Referential Equity Capital Allocation to Foreign Exchange Risk Other Adjusted Referential Equity (D) Jun 30, 02 11,826 (2,440) (356) 9,031 67,436 Total Risk Weighted Assets (C = A + B)58,940 61,547 5,889 61,547 5,889 Weighted Assets (A) Weighted Off-Balance Sheet Exposures (B) 54,146 4, %16.9 % Solvency Ratio (E = D / C)15.3 % - BACEN resolution 3,155 changed from 50% to 75% the capital allocation to cover foreign exchange exposure. BACEN resolution 3,156 changed this capital allocation to 100%.

12 Corporate Reorganization 12

13 The companies and its several financial business lines will be controlled by Banco Itaú Holding Financeira S.A. (ITAÚ HOLDING). The Banco Itaú Holding Financeira S.A. will incorporate all the shares of Banco ITAÚ S.A., which will thus become a wholly owned subsidiary. In the future, Banco ITAÚ BBA will also become a subsidiary of ITAÚ HOLDING. Corporate Reorganization

14 Intermediary 52.15% 47.85% 100% Banco Itaú Holding Financeira S.A. Investimentos Itaú S.A. - Itaúsa Banco Itaú S.A. Free Float Present 52.15% 47.85% Banco Itaú S.A. Investimentos Itaú S.A. - Itaúsa Free Float Corporate Reorganization

% 46.46% 100% Final 95.75% Investimentos Itaú S.A. - Itaúsa Banco Itaú Holding Financeira S.A. Free Float Banco Itaú BBA S.A.Banco Itaú S.A. Corporate Reorganization

16 The corporate reorganization aims at: –Provide a greater autonomy to the wholesale bank operations. –In the future, other areas of the business can have more autonomy. –Decentralize management, enhancing growth of the business, but keeping a centralized control in Itaú Holding. –Provide more transparency to the financial statements. –Maximize capital allocation and utilization among the various segments. Corporate Reorganization

17 The corporate reorganization will not imply any stockholder dilution or any change in the rights enjoyed by the shares currently held, since the stockholders will receive shares in ITAÚ HOLDING of the same type and with the same characteristics as ITAÚ. ITAÚ HOLDING’s bylaws will extend the same rights as those already provided under those of ITAÚ. Stockholders Rights

18 The inclusion of ITAÚ HOLDING in the group structure will not change ITAÚSA stake or the remaining stockholders of ITAÚ ; The management of ITAÚ continues as the management of ITAÚ HOLDING, with the same members of the Administrative Council and some members of the Executive Board of ITAÚ ; The exchange ratio between ITAÚ’s and ITAÚ HOLDING’s stocks will be 1:1. Corporate Reorganization

19 Granted by FED at February 20, 2002; FED will be requested to authorize the transference of the Financial Holding Company status from ITAÚ to ITAÚ HOLDING. Status of Financial Holding Company

20 There will be no change in the operations and business transacted with customers, creditors and suppliers ; With this transaction, ITAÚ and BBA once more reiterate their confidence in the future of Brazil. Corporate Reorganization

21 Association with Banco BBA November 2002

22 1.Objective of Association 2.Investment in Banco BBA Agenda

23 Itaú´s Strategy Investment in BBA Internal Business Segmentation  Successful Bank  History of Posting High Returns  Strong presence in the Wholesale Segment Objective of Association

24 Investment in Banco BBA + New Bank ITAÚ Retail Corporate Asset Manag./Private Bank Financing (Vehicles), etc. BBA Corporate Private Bank Brokerage Fund Portfolio Financing ITAÚ Will keep focusing retail operations Private Bank (Incl.BBA) Fund Portfolio (Incl.BBA) Financing (Incl.BBA) Brokerage ITAÚ BBA ITAÚ BBA begins its existence as the largest wholesale bank in the country Corporate Investment Bank Present Future

25 Largest Capital Base of Brazil (R$ 14.8 billion) ; ITAÚ BBA´s capital will be increased by approximate R$ 1.2 billion. Investment in Banco BBA

26 Assets99,01420,792119,805 ITAÚ (1)BBA (2)Total R$ Million Corporate Loans23,9217,48631,407 Others Loans10,6570 Consumer Finance Loans 5,1091,1536, % 31.3% % Deposits32,4984,70337, % Managed Funds and Portfolios54,89311,32566, % Capital Base11,4131,85614,826- Change (1) Data as of September 30, 2002, (2) Preliminary non audited data as of September 30, 2002 If the new structure had been in place at the end of the third quarter, the BIS ratio would have been 18.4%. Investment in Banco BBA

27 Price Cash671 Subordinated Debt – issued in R$ and indexed to CDI (5 years) 619 Shares544 Subordinated Debt – issued in US$ and indexed to Libor % p.a. (12 years) 1,423 Total3,257 Equity Value1,735 Goodwill1,522 Multiple1.877 R$ Million Nominal Value ,606 1, Market Value a)Discounted using CDI % p.a. b)Discounted using Libor + 8.5% p.a. (if adopted Libor+4.83% - the cost of the last emission – the value would be R$ 1,066 million). c)Market Value of PN stocks on November 4, 2002 – R$ a) c) b)