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Banco Itaú S.A. Conference Call

Banco Itaú S.A. Conference Call. 3rd Quarter, 2001. Statement of Income. R$ Million (Except where indicated). 3rd Q./01. 2nd Q./01. 3rd Q./00. Net Interest Margin. 1,955. 1,571. 1,329. Provision for Loan Losses. (397).

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Banco Itaú S.A. Conference Call

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  1. Banco Itaú S.A. Conference Call 3rd Quarter, 2001

  2. Statement of Income R$ Million (Except where indicated) 3rd Q./01 2nd Q./01 3rd Q./00 Net Interest Margin 1,955 1,571 1,329 Provision for Loan Losses (397) (378) (161) Banking Service Fees 1,053 1,007 835 Administrative Expenses (1,682) (1,492) (1,254) Recurrent Net Income 630 581 498 Extraordinary Net Income 69 250 (36) Net Income 699 832 462 EPS (per thousand shares) (R$) 6.20 7.37 3.92 Recurrent ROE Annualized (%) 36.7% 35.8% 33.3% ROA Annualized (%) 3.5% 4.5% 3.3% Total Assets 81,749 74,815 57,233

  3. Number of Customers Increase of 200,000 customers in the 3rd Q./01 5.1 5.1 5.0 5.0 4.8 4.8 7.9 7.7 7.6 4.6 7.5 6.9 6.9 6.9 Mar/00 Jun/00 Sep/00 Dec/00 Mar/01 Jun/01 Sep/01 Active Customers (Million) Products per Active Customer

  4. Credit Cards 13.2% 12.5% 11.9% 11.6% 10.7% 4,248 10.3% 10.0% 9.7% 3,869 9.1% 3,521 3,321 Growth of 51% in one year 2,811 2,556 2,407 2,279 2,039 Sep/99 Dec/99 Mar/00 Jun/00 Sep/00 Dec/00 Mar/01 Jun/01 Sep/01 Quantity of Credit Card (Thousand) Market Share (%)

  5. ROE 60.3% 36.7% 35.8% 44.0% 42.9% 33.3% 30.3% 26.1% 26.1% 30.3% 30.7% 39.7% 42.0% 53.9% 41.3% 1Q/00 2Q/00 3Q/00 4Q/00 1Q/01 2Q/01 3Q/01 Net Income without Additional Provisions ROE Annualized ROE Recurrent Annualized

  6. Results of Foreign Investments R$ Million 3Q/01 2Q/01 1Q/01 Foreign Exchange Variation on Investments Abroad 625 269 374 Additional Provision for future exchange rates fluctuation (from R$ 2.67 to R$ 2.50) (310) - - Foreign Exchange Risk Management Effect on Inv. Abroad (64) (82) (87) Results Abroad 251 187 287 Funding Expenses (CDI) (199) (157) (133) Management Margin - Investments Abroad 52 30 154

  7. Credit Operations R$ Million (*) Sep/01 Jun/01 Sep/00 33,485 Loans 25,629 23,164 17,076 Leasing 1,352 1,292 751 29,069 Other Receivables 706 679 179 27,253 ACC/AEC 1,382 1,911 1,146 Subtotal 29,069 27,046 19,151 23,674 Guarantees 19,596 4,416 4,052 3,064 16,916 Total 33,485 31,099 22,215 16,890 12,206 14,058 11,798 11,572 9,057 10,818 6,366 7,353 8,022 4,634 5,654 7,090 6,328 3,958 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01(**) Credit Operations Credit Operations and Guarantees • (*) In constant currency of Dec 31, 1995 up to this date; nominal values thereafter • (**) September 30, 2001

  8. Credit Operations • Credit Operations by Client Type R$ Million Var Sep/01 Var Sep/01 09.30.01 06.30.01 09.30.00 x Jun/01 x Sep/00 Corporate 19,402 17,584 12,486 10.3% 55.4% Small and Medium- Sized Companies 2,328 2,218 1,463 5.0% 59.1% Individuals 6,455 6,080 3,848 6.2% 67.8% Credit Cards 2,364 2,218 1,759 6.6% 34.4% Subtotal 30,550 28,100 19,556 8.7% 56.2% Real Estate Financing Individuals 2,718 2,748 2,381 -1.1% 14.1% Business 218 251 278 -13.1% -21.5% Subtotal 2,936 2,999 2,659 -2.1% 10.4% Total 33,485 31,099 22,215 7.7% 50.7%

  9. Credit Operations Var Sep/01 Var Sep/01 09.30.01 06.30.01 09.30.00 x Jun/01 x Sep/00 21,186 20,457 14,116 3.6% 50.1% 3,563 2,743 1,914 29.9% 86.2% 4,321 3,847 3,122 12.3% 38.4% 29,069 27,046 19,151 7.5% 51.8% • Credit Portfolio by Currency (*) R$ Million In Local Currency Indexed in Foreign Currency In Foreign Currency Total • (*) Endorsements and Sureties are not included

  10. Provision for Loan Losses R$ Million 3Q/01 2Q/01 1Q/01 Previous Balance 2,190 2,036 2,033 New Contracts 184 155 151 Accrual/Movements 350 280 159 Settlements (137) (107) (103) Additional - 50 27 Total Expense 397 378 234 Write Off (216) (224) (231) Present Balance 2,372 2,190 2,036

  11. Non Accrual Ratio 5.0 4.45 4.39 4.25 4.21 4.0 3.80 3.77 3.74 3.72 3.66 3.55 3.0 2.0 Strategy of directing resources to mass credit operations, which have a higher contribution margin 1.0 0.0 Jun/00 Sep/00 Dec/00 Mar/01 Jun/01 Sep/01 Without Banestado With Banestado

  12. Funding 09.30.01 06.30.01 09.30.00 Deposits 27.1 27.2 22.1 Borrowings and on-Lendings 8.9 5.4 10.1 Money Market repurchase commitments 10.0 9.4 6.9 Acceptances and Debentures 4.3 3.9 2.7 Subordinated Debt 0.9 - Total (Balance Sheet) 52.4 49.4 37.1 Mutual Funds and Portfolio under Management 48.9 47.5 39.9 LAM 4.6 - - Total Funding 105.9 96.9 77.0 R$ Billion - 9.3%

  13. BIS Ratio BIS RATIO JUNE 30, 2001 13.7% Calculation of Interest Rate Risk 0.2% Net Income for the Quarter 1.8% Interests on Capital Amounting -0.5% Variation on Exchange Exposure 0.4% Increase / Reduction in Risk Weight Assets -1.7% Issue of Subordinated Debt 1.8% FX Exposure - Res 2891 -2.3% BIS RATIO SEPTEMBER 30, 2001 13.4% Effect of Additional Provision for future exchange rates fluctuation (from R$ 2.67 to R$ 2.50) 0.2% BIS RATIO SEP. 30, 2001 WITHOUT THE EFFECT OF ADDITIONAL PROVISION 13.6%

  14. Subordinated Debt Issue of Subordinated Debt The first issue of Subordinated Debt made by a Brazilian Bank and the longest term obtained by a local private company in the foreign market US$ Million Resources Subordinated Debt 343 Investments • Additional issue of US$ 80 million in November • A US$ 250 million bond will be probably issued until the end of 2001 Bonds 153 Brazilian Issuer 101 Foreign Issuer 52 Credit Operations 50 Interbank Deposits 140

  15. Lloyds TSB Asset Management Acquisition of Lloyds TSB Asset Management • Asset Management and Private Bank • Maintenance of Lloyds staff (150 employees) and products • 3,870 Private Customers and 174 Institutional / Corporate Investors • Competitive Advantages: • Reinforce the position in the Asset Management Market; • Aggregate value to our customers by offering distinguished products; • Strengthening the leadership among private managers of resources. • Banco Itaú – Assets under Management (R$ Billion) 53.5 The goodwill of R$ 160 million relating to the acquisition was fully amortized in the 3rd Quarter of 2001 4.6 47.5 44.0 41.7 39.9 48.9 37.3 34.0 • 1Q/00 2Q/00 3Q/00 4Q/00 1Q/01 2Q/01 3Q/01

  16. Efficiency Ratio Costs Reduction Project • Support from Accenture • Reduction of the Efficiency Ratio: Efficiency ratio net of the Additional Provision for future exchange rate fluctuations . 59.7% 58.4% 56.6% 56.3% 55.7% 54.7% 54.2% 49.3% • 1Q/00 2Q/00 3Q/00 4Q/00 1Q/01 2Q/01 3Q/01 Third quarter index including a provisionof R$ 82 million, considering an adjustment of 5.5% on the salary and other benefits, as well as a one-time payment of R$ 1,100.00

  17. Banco Itaú S.A. Conference Call 3rd Quarter, 2001

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