1 Banco Itaú S.A. Conference Call about 4th Quarter 2001 Results

2 Consolidated Net Income Growth

3 Consolidated Net Income Growth per Thousand Shares R$ / Thousand Shares Extraordinary Income CAGR: 37.2%

4 Consolidated Stockholders’ Equity Growth R$ Million December, 2001 Market Capitalization R$ 19,582 Million Jan/97 to Dec/01 Dividends R$ 2.6 Billion Capital Increase 0

5 Statements of Income R$ Million (Except where showed) 2001 Total Assets 2000 Var. (%) Financial Margin Provisions for Loan Losses Service Fee Income Administrative Expenses Recurrent Income Extraordinary Results Net Income 81,80769, ,707 (1,445) 4,190 (6,179) 2, ,389 5,311 (770) 3,465 (5,183) 1,918 (77) 1, Net Income per Thousand Shares (R$) ROE Recurrent (%) ROA(%) % 2.9% % 2.6% 33.9

6 Efficiency Ratio 64.2% 58.3% 58.0%57.8% 54.7%

Dec-97Dec-98Dec-99Dec-00Dec-01 Itaú *Banerj & BemgeBegBanestado Expansion of Customer Base 12/31/01 Banco Itaú:7,0 Banerj:0,8 Bemge:0,2 Banestado:0,1 Beg0,5 Itaú Buen Ayre:0,2 TOTAL8,7 Million (*) includes: Itaú, Personnalité and Itaú Buen Ayre

8 Growth in Nº of Points of Sale BranchesCSBsATMs

9 Credit Operations Credit Operations and Guarantees 14,058 16,890 23,674 16,077 19,596 27,253 29,615 14,414 16,916 34,282 4,000 8,000 12,000 16,000 20,000 24,000 28,000 32,000 36,

10 Assets under Management Mutual Funds and Portfolio under Management R$ Billion

11 Income Statement Financial Margin Provisions for Loan Losses Service Fee Income Administrative Expenses Recurrent Income Extraordinary Results Net Income Total Assets 3rd Q./01 81,749 4th Q./01 1,717 (435) 1,148 (1,603) 491 (258) ,807 Var. (%) 1,955 (397) 1,053 (1,682) R$ Million (Except where showed)

12 Recurrent Consolidated Statements of – 4 th Quarter of 2001 R$ Million 4 th Q./ (257) (378) (599) Net Income for the Year (-) Net Income up to 3 rd Quarter Net Income for the 4 th Quarter (=) Extraordinary Income for 4 th Quarter BEG Acquisition Effects FUNBEP Provision Reversal Other Effects Fourth Quarter Recurring Net Income (a) Main Events Which Influenced Income in the Fourth Quarter, Net of Tax Effects (b) Effects on foreign investments of the appreciation of the Real in relation to the U.S. dollar from R$ ( ) to R$ ( ) Reversal of provision for exchange rate fluctuations set up in the third quarter, considering a floating rate in relation to the U.S. dollar of R$ 2.50 Realization of gains on marketable securities Reversal of excess provision for actuarial liability Other events, mainly reversals/allocation of provisions Recurring income from aforementioned events (a – b)

13 R$ Million Large Companies Small and medium size Companies Individuals Credit Cards Subtotal Housing Individuals Companies Subtotal Total Dec 31,01 18,864 3,152 6,669 2,772 31,457 2, ,825 34,282 Dec 31,00 14,723 2,609 4,486 2,130 23,948 2, ,305 27,253 Credit Operations by Customer Profile Var Dec/01 x Dec/ % 20.8% 48.7% 30.1% 31.4% -12.7% -31.2% -14.5% 25.8% Credit Operations Sep 30,00 18,956 2,767 6,462 2,364 30,550 2, ,936 33,485 Var Dec/01 x Sep/ % 13.9% 3.2% 17.2% 3.0% -4.3% -2.8% -3.8% 2.4%

14 Credit Operations Risk Levels Individuals Companies AA – A B - D E - H 2,792 7,554 1,690 12,420 4, , % 3% 68% 0% 2% 59% Total12,03617,5791, %3% PortfolioProvision BalanceCoverage Individuals Companies Individuals Companies R$ Million

15 Credit Operations IndividualsCompanies Credit Operat. Income Provision Expenses Net Contribution Variation IndividualsCompaniesIndividualsCompanies R$ Million 3,729 1,190 3, , , , ,5393,0561,7232,

16 Non Accrual and Coverage Ratios Coverage Ratio (*) Dec/00Mar/01Jun/01Sep/01 Dec/01 193% 190% 189% 186% 173% Dec/00Mar/01Jun/01Sep/01Dec/01 Total Non Accrual Individuals Non Accrual Companies Non Accrual (*) Provision for Loan Losses / Non Accrual Non Accrual Ratio

17 Individuals Credit * Default of days / Total Portfolio (%) (*) Includes: Personnal and Vehicles Acquisition Credit (1) Source: BACEN

18 The Sudameris Exclusive Negotiation Agreement Scope: Includes: Brazil, Paris, Miami, Cayman, Montecarlo and Chile Colombia, Paraguay, Uruguay and Panama Excludes: Argentina and Peru Payment: 50% - Internally Generated Funds 50% - Subordinated Debt to be Issued Abroad Price: Stockholders’ Equity with Adjustments of December 31 of 2001 from Banque Sudameris US$ 800 million for the Sudameris Brazil Goodwill

19 Highlights R$ Million ItaúSudameris Br. Net Income 2, ROE (%) Total Assets 81,807 18,716 Credit Operations 34,282 8,359 Funding and Resources under Management 55,79613,154 Banking Service Fees 4, Branches Network (Brazil) 2, % of Credit Portfolio Risk AA, A, B and C Efficiency Ratio (%) Employees 45,4096,531 Itaú + Sudameris Br ,523 42,641 68,950 4,512 2,

20 Itaú Buen Ayre – Effect of “Pesification” Estimated Consolidated Effect Provisions already constituted by Itaú Brazil (B) 200 Itaú Buen Ayre equity at 12/31/ Itaú Buen Ayre equity after Devaluation and “Pesification” 224 Expected Effect on Brazilian Consolidated Results (A) (122) Additional Provision after Pesification Effect (A + B)78 Parity:Real/Dollar R$ Million

21 Itaú Buen Ayre Credit Portfolio Sensitivity R$ Million Management may allocate any amount that may be necessary to cover the above- mentioned deficit from the surplus of avaliable provisions of ITAÚ CONSOLIDATED that were set up for reasons of market volatility, totalling R$ 1,265 million. Portfolio Minimum Risk Maximum Risk Individuals Companies - Subsidiaries of multinationals with operations in Argentina Companies - Others Total Total Allowance for loan losses Excess allowance for loan losses after the “Pesification” effect (45) (78) (45) (78) Shortage (surplus)(58)62

22 Banco Itaú has been granted Financial Holding Company status by The Federal Reserve. This classification is attributed to 660 banks in the whole world. Only 27 are not North American. Analysis of important criteria New range of opportunities in the US market Improve the perception that the US investors have Financial Holding Company Banco Itaú is permitted to undertake commercial banking operations and to operate in the US insurance and capital markets under the same conditions as local institutions. high level of capitalization superior quality of management Broker-Dealer: 2 nd Semester 2002

23 Growth of Daily Average Volume of Shares Traded Bovespa OTC NYSE Banco Itaú launches Level II ADRs on the NYSE The ADRs will be traded under the symbol “ITU” Each ADR represents 500 Banco Itaú’s preferred shares The depositary bank is The Bank of New York and the custodian is Banco Itaú itself. US$ Thousand 1 Year prior Level I Launching Level I Launching until Level II Launching Level II Launching until March 1 st

24 Opportunities Consolidation of its Acquisitions (Banestado and BEG) - Sudameris Rationalization of Costs Increase in Insurance and Pension Plans Business Growth in Small and Medium Size Companies Improvement in Personal Credit Acquisition of Public Sector Banks being Privatized - Other Opportunities

25 Banco Itaú S.A. Conference Call about 4th Quarter 2001Results