Acquisition of Banco FIAT S.A. December 5 th, 2002

2 Agenda 1. Atractiveness of the Business 2. Object of the Acquisition 3. Benefits for Itaú 4. Agreement with Fiat 5. Highlights 6. Price 7. Internal Rate of Return 8. Economic Financial Analysis

3 CAGR – 8.4% R$ Billion * Vehicles Financing and Leasing Source: ANEF (manufacturers’ related financial institutions only) Amounts issued in the year* Atractiveness of the Sector Amounts issued in the year*

4 Retail Financing Products - Vehicles Atractiveness of the Business Retail Financing Products - Vehicles Source: ANEF (manufacturers’ related financial institutions only)

5 Banco Fiat S.A. Retail Financing Dealer and Supplier Financing Object of the Acquisition Current Situation Financing Leasing Consortium

6 Banco Fiat S.A. Banco Fidis de Investimento S.A % Retail Financing Financing Leasing Consortium Dealer and Supplier Financing Object of the Acquisition Situation after the Acquisition

7 Benefits for Itaú 1.FIAT brand is the market leader in sales of new vehicles in Brazil; 2.Banco FIAT is the leader in the vehicles financing segment in Brasil, financing 40% of the total sales of the new FIAT vehicles; 3.A major boost to consortium activity, begun in September 2002 through Itauconsórcio; 4.Banco FIAT represents a platform for cross-selling opportunities, through the possibility of selling additional products and services to the Fiat brand customers; 5.High quality customers base, with low default ratios; 6.Banco FIAT is present in ALL FIAT´s dealer branches in Brazil, which enhances our relationship and enables us to provide our recognized expertise in technology and quality of additional services to the dealers and to the Fiat brand customers.

8 Agreement with FIAT Financing and leasing of new vehicles in all promotions organized by Fiat to the consumer market; Sales of quotas in the consortium with the Fiat brand; Supply of financial services to Banco Fiat S.A’s actual and future customers – cross-selling ; Fiat’s recommendation of Banco Fiat S.A. to its dealer network for the purposes of channeling vehicle finance business through the Bank’s intermediary. Exclusivity of Banco FIAT for the next 10 years in Brazil: All the operations under FIAT brand Use of the base of customers and dealers:

9 R$ Million Car Financing and Vehicle Leasing Car Consortium (1)Preliminary data for September 30, 2002, unaudited, for BBA and Banco Fiat S.A. (2)Includes the outstanding balance of operations effected by the branch network. (3)After eventual dividends distribution to the current shareholders of Banco Fiat S.A. Highlights (1) Contributions receivable -952 N. of active consortium customers (Thousand) -93 Estimated market share-11.7% Total Assets119,8053,231123,0362.7% BIS Ratio (%)18.4%16.1% (3) 17.7%-0.7 perc.pt. ITAÚ + BBABanco FiatTotal Evolutio n Number of Employees43, ,4071,0% 2,891 (2) 2,3565, %Amount %Quant. (Th.)

10 Price Fiat will indicate a member to Banco Fiat S.A.´s Board of Directors Total Price: R$ 897 million Goodwill: R$ 462 million Goodwill: 1.06 X SE* Strong Partnership = Greater Commercial Relationship No capital increase (no dilution for Itaú´s shareholders) * Stockholders’ Equity

11 R$ Million Internal Rate of Return Stockholders’ Equity Goodwill Total Stockholders’ Equity Multiple2.06 Internal Rate of Return of the Transaction20.55%

12 R$ Million Stockholders’ Equity (acquisition) Net income for the next 10 years Value of the business Acquisition Value 435 2,197 2,632 1, Economic-Financial Analysis Nominal Value Present Value* Gain considering the present value for the next 10 years: R$ 401 million Estimated Impact in the Earnings per Share: average increase of 1.1% p.a. for the next 10 years * Taken at the Interbank Rate net of tax effects

Acquisition of Banco FIAT S.A. December 5 th, 2002