Conference Call First Quarter of 2001

1. Banco Itaú S.A. Conference CallFirst Quarter of 2001

2. Income Statement Itaú Consolidated R$ Million 1st Quarter of 2001 4th Quarter of 2000 1st Quarter of 2000 Variation (%) Mar/01 x Mar/00 1,465 1,633 1,102 32.9 Net Interest Margin Provision for Loan Losses (294) (234) (151) 55.0 982 958 802 22.4 Banking Service Fees (1,539) (1,402) (1,153) 21.6 Salaries, Employee Benefits and Other Adm. Expenses Recurrent Net Income 651 620 365 78.4 EPS (per thousand shares) 77.7 5.51 5.03 3.10 44.0% 42.9% 26.1% Recurrent ROE Annualized Recurrent ROA Annualized 3.5% 3.6% 2.7%

3. Credit Operations Itaú Consolidated R$ Million 03/31/2000 Variation (%) Mar/01 x Mar/00 12/31/2000 03/31/2001 Individuals Small and Medium-Sized Companies Corporate Mortgage Credit Cards 5,404 2,049 17,370 3,101 2,007 4,486 2,115 15,216 3,305 2,130 3,016 1,214 11,680 2,889 1,442 79.2 68.8 48.7 7.3 39.2 TOTAL 29,931 27,253 20,241 47.9

4. Provision for Loan Losses CREDIT PORTFOLIO BALANCE BALANCE WRITE-OFF Dec 31,00 Mar 31,01 RISK LEVEL 203 (231) 679 Excess 603 - 27 - 27 - 630 TOTAL 2,033 151 186 (103) 234 (231) 2,036 R$ Million Itaú Consolidated 1st Quarter of 2001 4th Quarter of 2000 Variation Expenses for the Provision for Loan Losses 234 294 -20,2 % Risk Level New Contracts Settlement TOTAL Transfer AA - - - - - - - A 28 10 (0) (5) 5 - 33 B 70 18 (2) (12) 3 - 73 C 52 16 (3) (11) 2 - 54 D 145 39 (31) (30) (21) - 123 E 82 4 (4) (5) (5) - 77 F 212 42 (3) (17) 22 - 234 G 135 2 2 (4) (1) - 134 H 707 18 202 (18) Note that R$ 151 million of total expense refers to Contracts (new operations), R$ 62 million of which refer to levels F, G and H and are basically formed by composition of debts.

5. Non Accrual Loans Ratio (1) (%) 6.0 5.5 4.45% 5.0 4.21% (2) 4.5 4.0 3.5 3.77% 3.74% 3.66% 3.55% 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Jun/00 Sep/00 Dec/00 Mar/01 (1) Loans Overdue for more than 60 days and without generation of revenues on the accrual method / Credit Operations of Conglomerated. (2) Including the effect of the credit operations from Banestado.

6. Funding Itaú Consolidated R$ Billion Variation (%) Mar/01 x Mar/00 12/31/2000 03/31/2000 03/31/2001 Deposits Borrowings and on-Lendings Money Market repurchase commitments and Acceptances and Debentures Mutual Funds and Portfolio under Management 27.2 8.6 13.4 49.2 44.4 27.9 6.9 14.1 48.9 42.0 22.1 5.5 7.4 35.0 34.1 23.1 56.4 81.1 40.6 30.2 Total (Balance Sheet) Total of Funding 93.6 90.9 35.5 69.1

7. Quantities Itaú Consolidated 03/31/2001 12/31/2000 03/31/2000 • Branches and CSBs • Current and Savings Accounts (million) • Credit Cards (million) • Customers -Home & Office Banking (million) • Products per Customer – Banco Itaú • Individuals • Business 2,997 19.0 3.5 1.6 5.0 4.6 2,995 17.1 3.3 1.4 5.0 4.4 2,518 16.8 2.4 1.2 4.7 3.6

8. Fair Market Value Itaú Consolidated R$ Million 03/31/2001 12/31/2000 03/31/2000 Variation (%) Mar/01 x Mar/00 Excess Provision for Loan Losses Excess Provision for Securities Other Unrealized Gain 630 655 861 603 746 902 625 746 864 0.8 -12.2 -0.3 Total 2,146 2,251 2,235 -4.0 If taken into consideration all excess provisions, other unrealized gains and Tax Credits not accounted for, the BIS ratio would be17.8%.

9. Net Foreign Exchange Position R$ Million Mar 31, 2001 Dec 31, 2000 Mar 31, 2000 Foreign Investments 4,045 3,708 2,626 Net value of assets and liabilities in foreign currency, including derivatives (1,673) (1,252) 14 Net Foreign Exchange Position 2,372 2,456 2,639

10. Results of Foreign Investments R$ Million ST 1 Quarter of 2001 374 Foreign Exchange Variation on Investments Abroad Effect from Foreign Exchange Risk Management on Inv. Abroad (87) Results Abroad 287 Funding Expenses (DI) (133) Management Margin - Investiments Abroad 154 The effects of exchange variation on foreign investments are distributed in the Statement of Income according to the nature of the corresponding accounts. US$ Date Exchange Rate Variation 09/30/00 1.8437 6.1% 12/31/00 1.9554 03/31/01 2.1616 10.6%

11. Efficiency Ratio (Salaries and Benefits Expenses + Other Administrative Expenses) Efficiency Ratio = (Net Income from Financial Operations + Provision for Loan Losses + Banking Service Fees + Capitalization, Insurance and Pension Plan Premiums - Variations in Technical Provisions of Capitalization, Insurance and Pension Plans - Insurance Claims - Selling Expenses - Pension Plan Benefit Expenses - Other Operating Expenses + Other Operating Income) 59.7% 58.4% 56.6% 56.3% 54.7% 1st Q.00 2nd Q.00 3rd Q.00 4th Q.00 1st Q.01

12. Itaú Buen Ayre US$ Million ASSETS Pesos US$ Total Total Total Current Assets and Long-Term Assets 144 540 684 675 686 Cash and Cash Equivalents 21 101 122 97 78 Securities - 25 25 24 82 Loans 88 266 354 397 407 Provisions (20) (13) (32) (34) (40) Other Credits 42 161 203 178 145 Other Assets 12 0 12 14 15 Permanent 70 - 70 70 75 Total Assets 214 540 753 745 761 LIABILITIES Current Liabilities and Long-Term Liabilities 220 386 606 597 613 Deposits 175 296 471 475 463 Other Liabilities - Financial 26 90 116 102 131 Net Distribution Branches 84 90 94 CSBs 29 26 22 Automated Teller Machines 328 339 352 Active Customers (thousand) 162 156 150 Employees 1,417 1,433 1,655 BALANCE SHEETS 1 Q./01 4 Q./00 1 Q./00 ST TH ST Other Liabilities 19 0 20 20 19 Stockholders’ Equity 147 - 147 148 147 Capital and Reserves 148 - 148 181 156 Previous Results (1) - (1) (32) (8) Total Liabilities 367 386 753 745 761 RELEVANT DATA 1 Q./01 4 Q./00 1 Q./00 ST TH ST

13. Relevant Events Operational Small Companies Unit specialized structure to small companies (annual sales between R$ 500 thousand and R$ 4 million); Strategic Partnership Itaú – AOL launched in January 2001; has reached more than 100 thousand customers; Cost Reduction Program Special Committee (CRPC) and support from specialized consulting firm.

14. Relevant Events - Banestado • Net Income was R$ 2.6 million in the 1st Quarter of 2001; • Increase in the number of clients - from 457,000 in Dec/00 to 516,000 in Mar/01; • The number of Automated Teller Machines (ATMs) reached 457, an increase of 5%; • Reduction of 891 employees in the quarter, reaching 6,691 in March 2001; • Spontaneous Lay-off Program (started on 01/03/01): • - 38% of acceptance among the employees. R$ 312 million provisioned in December 2000.

15. Relevant Events • Corporative • Strategic Cooperation Itaú - la Caixa • la Caixa increased its shareholdings, from 1% to 3%; • 1 member in the Administrative Council, 1 member in the International Advisory Committee and 1 Managing Director (increase of relationship with spanish companies); • Corporate Governance • ItaubancoInternal Controls Committee – April 30, 1999; • Fiscal Council – April 24, 2000 - Gustavo Loyola, Iran Siqueira Lima and Alberto Sozin Furuguem (highly qualified professionals with acknowledged experience in the capital markets); • Changes in the Administrative Council – April 23, 2001 – strenghtening with the new members - Pérsio Arida and Roberto Teixeira da Costa (remarkable and proeminent professionals with no previous relationship with the company).