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Banco Itaú S.A.

Banco Itaú S.A. Conference Call about 4th Quarter 2001 Results. Consolidated Net Income Growth. Consolidated Net Income Growth per Thousand Shares. 21.41. 0.32. R$ / Thousand Shares. 20.00. 21.09. CAGR: 37.2%. 15.99. 15.85. 16.00. 16.66. Extraordinary Income. 2.98. 12.00.

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Banco Itaú S.A.

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  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 21.41 0.32 R$ / Thousand Shares 20.00 21.09 CAGR: 37.2% 15.99 15.85 16.00 16.66 Extraordinary Income 2.98 12.00 12.87 7.46 8.00 6.04 4.00 -0.67 0.00 1997 1998 1999 2000 2001 -4.00

  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 Increase0

  5. Statements of Income R$ Million (Except where showed) Var. (%) 2001 2000 Financial Margin Provisions for Loan Losses Service Fee Income Administrative Expenses Recurrent Income Extraordinary Results Net Income 6,707 (1,445) 4,190 (6,179) 2,353 36 2,389 5,311 (770) 3,465 (5,183) 1,918 (77) 1,841 26.3 87.7 20.9 19.2 22.7 -31.2 29.8 Net Income per Thousand Shares (R$) ROE Recurrent (%) ROA(%) 21.41 31.1% 2.9% 15.99 28.9% 2.6% 33.9 Total Assets 81,807 69,555 17.6

  6. Efficiency Ratio 64.2% 58.3% 58.0% 57.8% 54.7% 1997 1998 1999 2000 2001

  7. Expansion of Customer Base 12/31/01 Banco Itaú: 7,0 Banerj: 0,8 Bemge: 0,2 Banestado: 0,1 Beg 0,5 Itaú Buen Ayre: 0,2 TOTAL 8,7 Million 10.0 0.1 9.0 0.5 0.5 8.0 1.0 7.0 1.0 7.2 1.4 1.8 6.0 6.0 1.1 5.5 5.0 4.9 4.6 4.0 3.0 2.0 1.0 0.0 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Itaú * Banerj & Bemge Beg Banestado (*) includes: Itaú, Personnalité and Itaú Buen Ayre

  8. Branches CSBs Growth in Nº of Points of Sale ATMs

  9. Credit Operations 34,282 36,000 32,000 27,253 28,000 29,615 24,000 19,596 23,674 20,000 16,916 16,077 16,000 16,890 14,414 14,058 12,000 8,000 4,000 1997 1998 1999 2000 2001 Credit Operations Credit Operations and Guarantees

  10. Assets under ManagementMutual Funds andPortfolio under Management R$ Billion

  11. Income Statement R$ Million (Except where showed) 4th Q./01 3rd Q./01 Var. (%) Financial Margin Provisions for Loan Losses Service Fee Income Administrative Expenses Recurrent Income Extraordinary Results Net Income 1,717 (435) 1,148 (1,603) 491 (258) 234 1,955 (397) 1,053 (1,682) 630 69 699 -12.2 9.6 9.0 -47 -22.1 -473.9 -66.5 Total Assets 81,807 81,749

  12. Recurrent Consolidated Statements of – 4th Quarter of 2001 R$ Million 4th Q./01 Net Income for the Year (-) Net Income up to 3rd Quarter Net Income for the 4th Quarter (=) Extraordinary Income for 4th 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$ 2.6713 (09.30.2001) to R$ 2.3204 (12.31.2001) 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) 2.389 2.156 234 (257) (378) 89 32 491 48 (599) 310 242 66 29 443

  13. Dec 31,01 Sep 30,00 Dec 31,00 Var Dec/01 x Dec/00 Var Dec/01 x Sep/001 18,864 3,152 6,669 2,772 18,956 2,767 6,462 2,364 14,723 2,609 4,486 2,130 28.1% 20.8% 48.7% 30.1% -0.5% 13.9% 3.2% 17.2% 31,457 30,550 23,948 31.4% 3.0% 2,600 224 2,718 218 2,979 326 -12.7% -31.2% -4.3% -2.8% 2,825 2,936 3,305 -14.5% -3.8% 34,282 33,485 27,253 25.8% 2.4% Credit Operations • Credit Operations by Customer Profile R$ Million Large Companies Small and medium size Companies Individuals Credit Cards Subtotal Housing Individuals Companies Subtotal Total

  14. Credit Operations R$ Million Risk Levels Portfolio Provision Balance Coverage Individuals Companies Individuals Companies Individuals Companies AA – A B - D E - H 2,792 7,554 1,690 12,420 4,501 658 14 198 1,143 21 93 385 1% 3% 68% 0% 2% 59% Total 12,036 17,579 1,355 499 11% 3%

  15. Credit Operations R$ Million 2001 2000 Variation Individuals Companies Individuals Companies Individuals Companies Credit Operat. Income Provision Expenses 3,729 1,190 3,311 255 2,310 587 2,337 183 1,419 603 974 72 Net Contribution 2,539 3,056 1,723 2,154 816 902

  16. Total Non Accrual Individuals Non Accrual Companies Non Accrual Non Accrual and Coverage Ratios Non Accrual Ratio Coverage Ratio (*) 11.10 10.0 9.93 8.0 6.0 5.01 193% 190% 4.45 4.39 189% 186% 4.21 4.25 173% 4.0 1.50 1.21 2.0 0.0 Dec/00 Mar/01 Jun/01 Sep/01 Dec/01 Dec/00 Mar/01 Jun/01 Sep/01 Dec/01 • (*) Provision for Loan Losses / Non Accrual

  17. Individuals Credit *Default of 15-90 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 - 2001 Sudameris Br. Itaú Itaú + Sudameris Br. R$ Million Net Income 178 2,389 - ROE (%) 13.9 31.5 - Total Assets 18,716 81,807 100,523 Credit Operations 8,359 34,282 42,641 Funding and Resources under Management 13,154 55,796 68,950 Banking Service Fees 322 4,190 4,512 Branches Network (Brazil) 292 2,259 2,551 % of Credit Portfolio Risk AA, A, B and C 87.0 87.3 - Efficiency Ratio (%) 63.5 54.7 - Employees 6,531 45,409 -

  20. Itaú Buen Ayre – Effect of “Pesification” Parity:Real/Dollar 2.3204 R$ Million Estimated Consolidated Effect Itaú Buen Ayre equity at 12/31/01 346 Itaú Buen Ayre equity after Devaluation and “Pesification” 224 Expected Effect onBrazilian Consolidated Results (A) (122) Provisions already constituted by Itaú Brazil (B) 200 Additional Provision after Pesification Effect (A + B) 78

  21. Itaú Buen AyreCredit Portfolio Sensitivity R$ Million Portfolio Minimum Risk Maximum Risk Individuals Companies - Subsidiaries of multinationals with operations in Argentina Companies - Others 170 200 88 43 5 18 119 30 35 Total 458 65 184 Total Allowance for loan losses Excess allowance for loan losses after the “Pesification” effect (45) (78) (45) (78) Shortage (surplus) (58) 62 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.

  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 high level of capitalization superior quality of management 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. Broker-Dealer: 2nd Semester 2002

  23. 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. Growth of Daily Average Volume of Shares Traded US$ Thousand 1 Year prior Level I Launching Level I Launching until Level II Launching Level II Launching until March 1st

  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

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