1 Banco Itaú S.A. Global Emerging Markets Equity Conference 5/15/02 through 5/17/02 Ocean Reef Club Key Largo, FL

2  Main Indicators

3 Stockholders’ Equity, Net Income and Market Capitalization R$ Million 1 st Quarter 2002 Net Income: R$ 504 Million

4 Net Income per Thousand Shares and Total Dividends R$ Million 1 st Quarter of 2002 Net Income per 1,000 Shares: R$ 4.52 Total Dividends: R$ 119 Million

5 Consolidated Financial Ratio (%) (*) Annualized

6 Asset Evolution R$ Million

7 Point of Sales Evolution Branches Customer-Site Branches ATMs

Dec-97Dec-98Dec-99Dec-00Dec-01 Itaú *Banerj & BemgeBegBanestado Expansion of Customer Base 03/31/02 Banco Itaú:7.0 Banerj:0.8 Bemge:0.2 Banestado:0.1 Beg0.5 Itaú Buen Ayre:0.2 TOTAL8.8 Million (*) includes: Itaú, Personnalité and Itaú Buen Ayre Mar-02

9 Main Indicators  Balance Sheets and Statements of Income

10 Balance Sheets Corporation Law Assets Cash and Cash Equivalents Interbank Funds Applied Securities Interbank Deposits Credit Operations (*) Provision for Loan Losses Foreign Exchange Portfolio Other Assets Permanent Total Assets Dec 01 1,896 10,070 19,318 5,057 29,615 (2,568) 6,062 9,013 3,345 81,807 Mar 02 1,873 8,797 19,294 7,960 28,066 (2,668) 3,898 9,291 3,246 79,757 (*) Advances on Exchange Contracts included - R$ 1,107 million in March 2002, R$ 1,135 million in Dec/01 and R$ 1,184 million in Dec00. Dec 00 1,562 8,725 19,938 4,366 23,674 (2,033) 2,171 7,956 3,197 69,555 R$ Million

11 Balance Sheets R$ Million Liabilities Deposits Money Market Repurchase Comm. Acceptances and Debentures Interbank Accounts Borrowing and On-lending Borrowings Other Liabilities Minority Interest Stockholders’ Equity Total Liabilities Dec 00 27,875 11,173 2, ,872 12, ,642 69,555 Dec 01 81,807 28,331 12,524 2, ,171 20, ,578 Corporation Law Mar 02 27,110 11,586 3,136 3,585 7,782 18, ,842 79,757

12 Liquidity Assets Cash and Cash Eq. Interbank Funds Applied Securities Interbank Deposits Total Dec 00 1,562 8,725 19,938 4,366 34,591 Dec 01 1,896 10,070 19,318 5,057 36,340 R$ Million Mar 02 1,873 8,797 19,294 7,960 37,924

13 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, ,540 28, * (*) In March 31, 2002 Loans Leasing Others Sub-total Adv.Exch Cont. Sub-total Guarantees Total 26,376 1, ,480 1,135 29,615 4,666 34,282 Dec.01 24,881 1, ,959 1,107 28,066 4,474 32,540 Mar.02

14 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 Mar 31,01 16,896 2,523 5,404 2,007 26,830 2, ,101 29,931 Credit Operations by Customer Profile Var Mar/02 x Mar/01 1.6% 27.1% 27.0% 29.9% 11.2% -11.0% -31.7% -12.9% 8.7% Var Mar/02 x Dec/ % 1.8% 2.9% -6.0% -5.1% -3.7% -13.0% -4.4% -5.1% Mar 31, 02 17,164 3,208 6,863 2,606 29,841 2, ,699 32,540 Credit Operations

15 Credit Operations – March 2002 Risk Levels Individuals Companies AA – A B - D E - H 2,902 7,191 1,876 11,177 4, , % 2.8% 66.3% 0.2% 2.0% 57.7% Total11,96916,0961, %3.1% PortfolioProvision BalanceCoverage Individuals Companies Individuals Companies R$ Million

16 Provision for Loan Losses R$ Million Provision for Loan Losses 2,882 4,474 Risk AA A B C D E F G H Sub-Total Guarantees Total32, Abnormal Course March 31, 2002 % Provision 0.0% 0.5% 1.0% 3.0% 10.0% 30.0% 50.0% 70.0% 100.0% 7,036 7,043 7,761 1, Normal Course Total Provision Specific Generic Total ,1841, ,953

17 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 % ,00 2,00 4,00 6,00 8,00 10,00 12,00 14,00 Dec/00Mar/01Jun/01Sep/01 Dec/01Mar/02 193% Dec/00 190% Mar/01 189% Jun/01 186% Sep/01 173% Dec/01 168% Mar/02

18 Renegotiated Credits R$ Million

19 Income Statement Financial Margin Provisions for Loan Losses Service Fee Income Administrative Expenses Recurrent Income Extraordinary Results Net Income Total Assets 4th Q./01 81,807 1st Q./02 1,692 (431) 1,138 (1,567) ,757 Var. (%) 1,717 (435) 1,148 (1,603) 491 (258) R$ Million (Except where showed)

20 Banking Service Fees 1st Q./012nd Q./013rd Q./014th Q./011st Q./ , 007 1,053 1,148 1,138 R$ Million

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

22 Combined Ratio (%) Insurance Operations

23 Administrative Expenses R$ Million 1 st Q./ ,568 4 th Q./ ,603 Personnnel Expenses Other Administrative Expenses Premises Materials Data Processing and Telecom Transportation Third Party Services Marketing Depreciation and Amortization Financial System Services Other Total Variation 27 (62) (8) (6) (22) (1) (18) (35) (1) (2) 28 (35)

24 Efficiency Ratio 1st Q./012nd Q./013rd Q./014th Q./011st Q./ % 55.7% 54.2% 54.4%54.5%

25 Foreign Exchange Variation on Investments Abroad - Considering the Funding Cost 1 st Q./02 (9) 1 (8) (135) (144) Foreign Exchange Variation on Investments Abroad Additional Provision (*) Effect Foreign Exchange Risk Management on Investments Abroad Results Abroad Funding Expenses (CDI) Management Margin - Investments Abroad 4 th Q./01 (646) (289) (146) (435) Investments Abroad Reference Amount - US$ Million Reference Amount - R$ Million Funding Rate (CDI) Funding Cost Reversal of Provision for Securities Devaluation Net Result 1 st Q./02 1,445 3, % (141) SUDAMERIS´ HEDGE (*) Additional provision for future exchange rate fluctuation

26 Evolution of Stockholders’ Equity, Net Income and Annual Inflation R$ Million (*) , , Annual Inflation (%) (*) In currency of constant power purchasing as of December, 1995 until then, after which in Corporation Law. (1) Increase of Capital by cash payment. March, 2002 Stockholders’ EquityR$ 7,842 Million Market CapitalizationR$ 20,682 Million Net IncomeR$ 504 Million Jan/81 to Mar/02 Dividends: R$ 3.5 Billion Increase of Capital (1) : R$ 0.1 Billion

27 Risk-Based Capital Ratio 8.0%

28 Main Indicators Balance Sheets and Statements of Income  Relevant Facts

29 R$ Million (*) Sudameris Brasil Consolidated. Assets Loans Deposits Funds under Management Number of Clients (millions) Branches 79,757 28,066 27,112 57, ,259 18,716 8,359 4,949 8, ,473 36,425 32,061 65, , % 30 % 18 % 14 % 13 % 16 % ItaúSudameris (*) TotalEvolution Highlights Proposed Acquisition of Banco Sudameris Brasil S.A. - Highlights

30 BEG Benefits for Itaú With the BEG acquisition, Itaú takes the leadership in number of branches in the state of Goiás and in the city of Goiânia Market Share of the Largest Banks in Goiás After the Privatization: % Number of Branches (in Goiás)

31 BEG Acquisition Summary Banco Itaú’s acquisition of BEG has strong strategic and financial justification with an adequate management of the risk inherent to the transaction: –Leadership in the State of Goiás; –Acquisition of 471 thousand new customers; –Attractive Internal Rate of Return on the Investment; –Positive impact on Banco Itaú’s earnings; –We estimate R$ 60 million of net income in 2003 and, in 2004, after the end of the integration of BEG to Itaú, R$ 80 million; –Acquisition without dilution for the shareholders.

32 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 United States of America market Improve the perception that the United States of America investors have Financial Holding Company Banco Itaú is permitted to undertake commercial banking operations and to operate in the North American 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

33 Banco Itaú launches Level II ADRs on the NYSE On February 21th, 2002, Itaú launched its ADR Level II on the New York Stock Exchange – NYSE The ADRs are traded under the symbol “ITU” Each ADR represents 500 Banco Itaú’s preferred shares The depositary bank is The Bank of New York The custodian is Banco Itaú itself. Itaú reaffirms its commitment to increasing the value of its shares Level I ADR traded at OTC since July 2001

34 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

35 Argentina

36 Argentina

37 Argentina

38 Argentina

39 Appreciation of US$ 100 Invested in March 1992 (*) Excludes dividend reinvestment. Admirable Stock Performance Real Plan Russian Crisis Asian Crisis Mexican Crisis Real Devaluation US$ Bovespa Banco Itaú * 100 Annual Appreciation. 10 years (average) 24.4%. 5 years (average) 13.9%. Last 12 months 6.8% % M M2002

40 Management Shareholder Value Corporate Governance Corporate Governance to Itaú

41 Tag Along Shareholders approved a proposal of the Adm. Council Concept: more rights to the preferred shareholders In case of change of control, preferred shareholders are entitled to the same price conditions offered to minority ordinary shareholders by the law – 80% of the price paid for the control Legislation demands tag along only for minority ordinary shareholders – Itaú expands their rights to ALL shareholders Respect to the minority shareholder Increase in the rights attracts foreign investors Shareholder Value

42 New Independent Professionals: Board of Directors Pérsio Arida Former President of Central Bank of Brazil PhD at the Massachusetts Institute of Technology (MIT) Roberto Teixeira da Costa Was the first President of the Securities and Exchange Commission of Brazil (CVM) Notorious Experience and Technical Capacity In April

43 Reelection of the previous members and one more independent member elected: Board of Directors Alcides Lopes Tápias Former Ministry of Development, Industry and Commerce in Brazil; Former President of Febraban; Chairman of the Board of Camargo Corrêa; Member of the National Monetary Council (CMN). In April Different view of the controllers - contribution Experience, capacity and reputation Shareholder Value

44 Highly qualified professionals: Fiscal Council Gustavo Jorge L. Loyola PhD in Economics at the Getúlio Vargas Foundation President of Central Bank of Brazil between nov/92 to mar/93 and jun/95 to ago/97 Alberto Sozin Furugem Postgraduated degree in Economics at the Getúlio Vargas Foundation Ex-Director of Rio de Janeiro State’s Development Bank and Ex-Delegate of Central Bank in São Paulo Iran Siqueira Lima Master and PhD in Accounting and Controlling at the University of São Paulo Capital Markets Area Director (1984) and Fiscalization Area Director(1985) of Central Bank of Brazil Economic-Financial Director of Telebrás and member of Management Council of BNDES and Telesp Protection to the minority shareholder New law has increased its importance Shareholder Value

45 Main Indicators Balance Sheets and Statements of Income Relevant Facts  Awards

46 Awards Best Portfolio Manager in Brazil Best Fixed Income Portfolio Manager in Brazil Best Floating Income Portfolio Manager in Brazil Abamec – São Paulo Quality Award – 2001 and 2000 Investor Relations Professional – 2000 Best Open Company – 2000/1999/1997 Abamec - South Investor Relations Professional – 1999 The Banker Magazine (July of 2001) Bank of the Year – 2000 and 1999 América Economia Magazine Best Latin American Bank – 2001/2000/1999 Euromoney Magazine Best Latin American Bank Best Brazilian Bank – 2000/1999/1998 BrandChannel Brand of the Year 2001 Abamec - Nationwide Open Company and IR Professional – 1999 Best Open Company Investor Relations Professional Abamec - Northeast Best Open Company Abamec – Minas Gerais Global Finance Magazine Best Bank in Brazil – 2001 Best Bank on the Internet in Brasil Exame Magazine Dow Jones and Euromoney Member of the Sustainability Index since 2000 Latin Finance Magazine & MZ Consult Best IR Website in Latin America – 2001 Best On-line Annual Report in Latin America – 2001

47 Awards Abamec – São Paulo Quality Award – 2001 and 2000 Investor Relations Professional – 2000 Best Open Company – 2000/1999/1997 Abamec - South Investor Relations Professional – 1999 The Banker Magazine (July of 2001) Bank of the Year – 2000 and 1999 América Economia Magazine Best Latin American Bank – 2001/2000/1999 Euromoney Magazine Best Latin American Bank Best Brazilian Bank – 2000/1999/1998 BrandChannel Brand of the Year 2001 Abamec - Nationwide Open Company and IR Professional – 1999 Best Open Company Investor Relations Professional Abamec - Northeast Best Open Company Abamec – Minas Gerais Global Finance Magazine Best Bank in Brazil – 2001 Best Bank on the Internet in Brasil Exame Magazine Best Portfolio Manager in Brazil Best Fixed Income Portfolio Manager in Brazil Best Floating Income Portfolio Manager in Brazil Dow Jones and Euromoney Member of the Sustainability Index since 2000 Latin Finance Magazine & MZ Consult Best IR Website in Latin America – 2001 Best On-line Annual Report in Latin America – 2001 Atlantic Rating: 5 times in a row elected the most transparent bank in Brazil; in 2001, Itaú gained the status Hors-Concours Latin Finance: Bank of the Year in 2001; Itaú also gained from the magazine the status Hors-Concours

48 Banco Itaú S.A. Global Emerging Markets Equity Conference 5/15/02 through 5/17/02 Ocean Reef Club Key Largo, FL