The Seventh Annual Latin America Equity Conference New York 1 J.P. Morgan Securities Inc. Monday, November 6 & Tuesday, November 7, 2000

2 Relevant Events After June 30, 2000 Highlights Financial Performance Shares Evolution Page

3 Relevant Events After June 30, 2000

4 Acquisition of BANESTADO Highlights

5 5 th largest GDP in Brazil  Growth Rate of 28% Against 12% of Brazil in Last 20 Years; 9.1 million inhabitants (78% urban); Good industrial development and lots of foreign investment; Strategic consistence: to concentrate efforts in the largest markets  Leadership in 3 of the 5 largest Brazilian states; Paraná Strategic Vision

6 Banestado is a leader in its market:  Strong brand;  Wide network (376 branches);  Well qualified management team;  Strong relation with its customers;  Almost 50% of the customers are not public employees; 413 thousand debit cards and 181 thousand credit cards Motivators Strategic Vision

7 Acquisition of BANESTADO Financial Impact

8 Simulation model with 12 variables; Several hypotheses analyzed; IRR = Interbank Deposits Rate (CDI) + 3% per year; Present value between R$ 500/800 million in a reasonable hypothesis. Evaluation of Banestado’s Tax Credits Basic Hypothesis: R$ 629 million

9 Multiple Comparative Assets without Tax Credits Tax Credits (Nominal Value) Assets with Tax Credits 6,606 1,659 8,265 5, ,982 5, ,507 Banestado Bandeirantes Boa Vista Assets SE without Tax Credits Tax Credits (Nominal Value) SE with Tax Credits 554 1,6592, Stockholders´ Equity (SE) R$ Million Auction Employees + Minorities 1, % 12% Total1,680100% Total Price R$ MM %

10 Total Price1,6801, Banestado Bandeirantes Boa Vista R$ Million Price for the Bank1, Price for Tax Credit Multiple Comparative (*) (*) For Bandeirantes and Boa Vista, tax credits present value was estimated as 67% of the Nominal Value. In Banestado, it is 38% Nominal Value - Tax Credit1,

11 Multiple Comparative BanestadoBandeirantesBoa VistaBanestadoBandeirantesBoa Vista 20.32%17.45%17.18% Price /Total Assets (%) 15.91%13.57%13.88% Price/ Stockholders´ Equity (x) %25.42%49.39% Price / (Total Dep. + Mutual Funds) (%) 22.58%18.33%37.44% Price / Nº of Customers (R$ Th / customer) Price / Nº of Branches (R$ Th. / branch) 4,4686,17812,6132,7954,4539,560 With Fiscal CreditsWithout Fiscal Credits Price / Total Deposits (%) 44.11%46.03%68.09%27.59%33.18%51.61% Price / Credit Operations (%) %57.20%59.17%62.92%41.23%44.85% 90.31%76.22%475.45% Price / (Demand + Savings Dep.) (%) 56.49%54.94%360.36%

12 Conclusion The BANESTADO’s acquisition is justified by strong, strategic and financial aspects combined with an adequate management of the risk inherent to the transaction Attractive return to the shareholders:  There will be no underwriting of new shares;  R$ 1.6 billion of tax credits are not reflected in the stockholders’ equity;  Low capital consumption (excess of capital remains high);  Increase in the liquidity of the group;  Synergy potential;  Neutral impact on the results for 2001;  Positive impact on the results from 2002 on.

13 Distribution Channels Evolution (*) September 30, , Branches Customer-Site Branches ATMs Banestado

14 Number of Customers September 30, 2000 Banco Itaú:5.8 Million Banerj:0.8 Million Bemge:0.3 Million Banestado:0.6 Million Itaú Buen Ayre:0.1 Million Million

15 Number of Customers September 30, 2000 Banco Itaú:5.8 Million Banerj:0.8 Million Bemge:0.3 Million Banestado:0.6 Million Itaú Buen Ayre:0.1 Million Million Individual Customers: 436 Thousand 183 Thousand State Payroll Company Customers: 115 Thousand Individual Customers: 436 Thousand 183 Thousand State Payroll Company Customers: 115 Thousand

16 Demand & Savings Accounts Evolution Million % 9.5% 16.9

17 July, 2000 Itaú Market Share in the State of Paraná (%)

18 July, 2000 BanestadoItaú Market Share in the State of Paraná (%)

19 March, 2000 BanestadoItaú Operating Indices – Paraná State

20 Funds Under Management R$ Billion (*) In currency of Constant Purchasing Power as of December 31, 1995 until then, after which the calculation will be made in accordance to the Corporation Law

21 Internet Banking Highlights

22 PC and Internet Banking Customers 1, Thousands of Customers The Largest Brazilian Bank in PC and Internet Banking Users Forecast: 1.5 million of customers in Dec/2000 PC Banking Internet Banking

23 PC and Internet Banking - Transactions Million Companies Individuals Individuals 1,1541,067 CustomersSep/00Jun/00 Companies Thousand 5.7

24 Strategic Cooperation Itaú - La Caixa Highlights

25 Strategic Cooperation Itaú - La Caixa Caja de Ahorros y Pensiones de Barcelona “la Caixa” Over 150 years of activity 1 st Place among the European Banks Classified by Net Income 3 rd Spanish Financial Group Assets: US$ 74 billion Stockholders´ Equity: US$ 5 billion 20,465 Employees. 10% of the Spanish market. 36% of the market in the Catalonia region. 4,300 branches 6,300 self-service points. Relevant participations: Deutsche Bank Telefonica Repsol-YPF Endesa BPI(*) 3.83% 5% 9.9% 5% 12.5% (*) Itaúsa has an equal participation.

26 Caja de Ahorros y Pensiones de Barcelona - “la Caixa” Banco Itaú S.A. 1 member in the International Advisory Committee 1 Managing Director 1% Spain is the second largest foreign investor in Brazil “For Itaú, the cooperation with la Caixa means enlarge and diversify its strategic relations, bringing new business opportunities” “For Itaú, the cooperation with la Caixa means enlarge and diversify its strategic relations, bringing new business opportunities” Strategic Cooperation Itaú - La Caixa

27 Highlights Itaú is Part of Dow Jones

28 Itaú is Part of Dow Jones - SAM Group Index Banco Itaú was, for the first time, chosen as a member of the Dow Jones Sustainability Group Index (DJSGI), along with 236 other companies, of which only two are Brazilian. Corporate Sustainability Ability to Create Value to the Shareholder in the Long-Term Social, Cultural and Environmental Consciousness Quality of Management Basic requirements of the DJSGI companies: DJSGI became, since its creation, in January 1999, an important reference to investors and foreign portfolio managers, who analyze its evolution to take their investment decisions.

29 Highlights Awards

30 Awards Best Domestic Bank in Latin America – 2000 Euromoney Investor Relations Professional – 1999 Abamec - NE Transparency Prize , 1998 e 1999 Atlantic Rating Investor Relations Professional Abamec - Nationwide Best Brazilian Bank ,1999 e 2000 Euromoney Best Domestic Bank in Brazil Global Finance Best Bank in Latin America America Economia The Best Listed Company Abamec - SP Investor Relations Professional Abamec - Sul The Best Listed Company Abamec* - Nationwide Best Bank in Latin America , 1999 Latin Finance Bank of the Year – Brazil, 1999 The Banker Best Annual Report Award Abrasca* Best IR Web Site In Brazil Offline Bulletin Boardroom, Inc., New York (*)Abrasca – Brazilian Association of Listed Companies Abamec - Brazilian Association of Capital Market Analysts

31 Banco Itaú´s Ratings Short TermLong TermIndividualLegal National International F1+ B AA+ BB- - B/C - 2T Financial Strength Rating Bank Deposits Long-Term Debts C B3/NP B2 Intra-Country Issuer A Local Currency BB pi AAA Besides... Moody’s Fitch IBCA Thomson Standard & Poors Atlantic Rating

32 Banco Itaú First Aaa in Brazil Moody’s granted Banco Itaú grade “Aaa.br”, the highest in its scale, in the concept of National Rating Banco Itaú´s Ratings

33 Highlights

34 Financial Highlights Evolution R$ Billion (*) (*) Balance at the end of period(1) Including Matrix Funds Total Assets DepositsAsset Management (1) Loans Loans & Leasing Guarantees

35 Excellent Performance (*) Annualized ROE* 2Q993Q994Q991Q002Q003Q00 2Q993Q994Q991Q002Q003Q00 ROA* Extraordinary Recurring 27.3% 31.2% 30.7% 2.7% 3.2% 3.3%

36 Excellent Performance 3Q00 The BIS ratio in the third quarter reached 20.2%, based on the financial conglomerate, and 18.3% based on the company conglomerate.

37 Financial Performance

38 Balance Sheets - Consolidated Corporation Law Assets Liabilities R$ Million (*) Not included Advances on Exchange Contracts (AEC). Deposits Money Market Repurchase Comm. Acceptances and Debentures Interbank Accounts Borrowing and On- lending Borrowings Other Liabilities Minority Interest Stockholders’ Equity Credit Operations (*) Prov. Loan Losses Other Assets Permanent Total AssetsTotal Liabilities Cash and Cash Eq. Money Market Interbank Funds Applied Securities Interbank Deposits Jun 00 21,888 4,672 2,916 3,152 5,191 9, ,353 16,833 (1,443) 8,183 2,991 54,529 1,557 3,867 2,740 14,188 5,613 Sep 00 22,106 6,919 2,711 2,426 5,385 10, ,678 57,233 Sep 00 1,414 2,932 2,541 16,224 6,636 17,826 (1,516) 8,189 2,987 57,233

39 Balance Sheets - Consolidated Corporation Law Assets Liabilities R$ Million (*) Not included Advances on Exchange Contracts (AEC). Deposits Money Market Repurchase Comm. Acceptances and Debentures Interbank Accounts Borrowing and On- lending Borrowings Other Liabilities Minority Interest Stockholders’ Equity Credit Operations (*) Prov. Loan Losses Other Assets Permanent Total AssetsTotal Liabilities Cash and Cash Eq. Money Market Interbank Funds Applied Securities Interbank Deposits Jun 00 21,888 4,672 2,916 3,152 5,191 9, ,353 16,833 (1,443) 8,183 2,991 54,529 1,557 3,867 2,740 14,188 5,613 Sep 00 22,106 6,919 2,711 2,426 5,385 10, ,678 57,233 Sep 00 1,414 2,932 2,541 16,224 6,636 17,826 (1,516) 8,189 2,987 57,233 Excess Provision Loan Losses R$ 616 Million Securities R$ 746 Million Excess Provision Loan Losses R$ 616 Million Securities R$ 746 Million

40 Market Capitalization, Stockholders’ Equity and Consolidated Net Income (1) R$ Million (1) Net Income of Quarter; Stockholders’ Equity and Market Capitalization as of period ended.

41 Evolution of Consolidated Net Income Quarterly Review R$ Million Quarters of 1997 Quarters of 1999 Quarters of st 2 nd 3 rd 4 th 1 st 2 nd 3 rd 4 th 1 st 2 nd 3 rd 4 th 1 st Quarters of nd 3 rd Recurring Extraordinary

42 Net Interest Margin Annual Average Rates

43 R$ Million Credit Operations Credit Operations and Guarantees Credit Operations * Market Share September 30, 2000 Itaú 9.1% Banerj 0.2% Bemge 0.1% Banestado 1.1% Total10.5% Market Share September 30, 2000 Itaú 9.1% Banerj 0.2% Bemge 0.1% Banestado 1.1% Total10.5% Loans Leasing O.Receivables AEC Sub-total Guarantees Total 17, ,146 19,151 3,064 22,215 16, ,234 18,233 3,339 21, Sep.00Jun.00Var% (*) September, 30 of 2000

44 R$ Million Credit Operations by Segment 17,243 18,128 19,596 22,241 21,572 22,215

45 Provision for Loan Losses R$ Million Provision for Loan Losses Risk AA A B C D E F G H Sub-Total Balance 5,483 7,100 3,307 1, , Especific 500 Generic Minimum Provision Required Guarantees3,064 Total22,215 % Provision 0.0% 0.5% 1.0% 3.0% 10.0% 30.0% 50.0% 70.0% 100.0% September 30, 2000

46 Provision for Loan Losses Risk AA A B C D E F G H Sub-Total Balance 5,483 7,100 3,307 1, , Especific 500 Generic Minimum Provision Required Guarantees3,064 Total22,215 % Provision 0.0% 0.5% 1.0% 3.0% 10.0% 30.0% 50.0% 70.0% 100.0% 83.0% of Total Portfolio Until Risk B (1%) R$ Million September 30, 2000

47 Provision for Loan Losses Risk AA A B C D E F G H Sub-Total Balance 5,483 7,100 3,307 1, , Especific 500 Generic Minimum Provision Required Guarantees3,064 Total22,215 % Provision 0.0% 0.5% 1.0% 3.0% 10.0% 30.0% 50.0% 70.0% 100.0% 83.0% of Total Portfolio Until Risk B (1%) Existing Provision R$ 899 Million R$ Million September 30, 2000

48 Provision for Loan Losses Risk AA A B C D E F G H Sub-Total Balance 5,483 7,100 3,307 1, , Especific 500 Generic Minimum Provision Required September 30, 2000 Guarantees3,064 Total22,215 % Provision 0.0% 0.5% 1.0% 3.0% 10.0% 30.0% 50.0% 70.0% 100.0% Existing Provision R$ 899 Million Excess Provision R$ 616 Million R$ Million

49 Ratio of Default (%) * MJSDMJSDMJSDMJSDMJSDMJS Ratio of Default = 11 to 30 days overdue / credits that are 11 to 30 days. Since Dec. 99, this index is not calculated anymore. Not taken into account portion of credits receivable that is issued in Provision for Loan Losses (*) The risk control allows for the maintenance of ratios of default. In the third quarter, when compared to the previous period, the increase in the ratio can be justified by the reduced increase in total past due collections between 11 to 30 days (R$ 12 million) on the total forecasted coming due collections in the same period (R$ 2,401 million).

50 Total Itaú Consolidated 835 3Q Var % Q R$ Million Mutual Funds Management Fees Collection Fees Current and Savings Accounts Service Fees Collection Fees Agreement with Public Co. Interbank Tariff Credit Operations Credit Cards Other Services Banking Service Fees

51 Shares Evolution

Sep-90 Dec-91 Dec-92 Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Sep-00 * Without Reinvestment Annual Appreciation 10 years (Average) % 10 years (Average) % 5 years (Average) % 5 years (Average) % 12 months (Average) % 12 months (Average) % % % Annual Appreciation 10 years (Average) % 10 years (Average) % 5 years (Average) % 5 years (Average) % 12 months (Average) % 12 months (Average) % % % ItaúBovespa Preferred Shares - Appreciation * Evolution of US$ 100 Invested in September of ,035 1, Collor Plan Real Plan Mexican Crisis Asian Crisis Russian Crisis Real Devaluation US$