1. September 7 th, 2001 Brazil Day Alfredo Setubal Executive Vice President Investor Relations Director

2. 1 The main objective of the strategies which guide Itaú ’s administration has been conducted in order to balance growth and profitability, focusing Shareholder Value in the long-term.

3. 2 Highlights (*) Balances at the end of the periods. Total Assets Credit Operations (1) Deposits Assets under Management (1) Credit Operations: Loans, Leasing, Other Credits and Advances on Exchange Contracts R$ Billion (*) CAGR = 22.6% CAGR = 18.5% CAGR = 32.0% CAGR = 18.9%

4. 3 Excellent Performance (*) End of the 1 st Semester; annualized data. Efficiency Ratio ROA (%) R$ Billion (*) With Banestado ROE (%) 15.7% 14.8% BIS Ratio (%) Financial Consolidated Economic-Financial Consolidated

5. 4 Evolution of Net Income 1,869 1,841 R$ Million CAGR = 30.1% CAGR (1) = 26.2% * 1 st Semester of 2001 (1) Considering the recurring income in the 1st Half of 2001. Extraordinary Results 1,457

6. 5 15.85 15.99 2.31 2.88 3.30 9.27 6.80 10.91 1.56 1.99 12.90 R$ / thousand shares Extraordinary Results Recurring Income 1 st Quarter Evolution of EPS (per thousand shares) * 1 st Semester of 2001 CAGR – Net Income (%): 30.1% CAGR - EPS (%): 31.1% Number of shares (%): -1.0%

7. 6 Intangibles June 30, 2001 TotalR$ 6.24 billion 1Goodwill in Acquisitions: Bemge Banco del Buen Ayre Banerj Itauseg BFB BPI / IBT Banestado Others R$ 1.86 billion R$ 0.22 R$ 0.09 R$ 0.02 R$ 0.11 R$ 0.13 R$ 1.15 R$ 0.01 2Excess in Provision for Loan LossesR$ 680 million 3Difference: Market Value x Recorded ValueR$ 1.48 billion 5Brand (The most admired Btazilian Company, recognized and evaluated by Interbrand Consulting) R$ 2.22 billion (US$ 970 million)

8. 7 June 30, 2001 Market Cap. R$ 21,914 Million * June 30, 2001 Stockholders’ Equity Evolution R$ Million Jan/95 to Jun/01 DividendsR$ 2.4 Billion CapitalIncrease0

9. 8 Customers Basis Expansion June 30, 2001 Banco Itaú:6.0 Million Banerj:0.8 Million Bemge:0.3 Million Banestado:0.5 Million Itaú Buen Ayre:0.2 Million Million

10. 9 Evolution – Checking + Savings Accounts Quantities in Million 10.2 19.6 10.9 13.0 19% 19.1 16.9 19%

11. 10 154 98 42 41 51 79 111 1.427 1.580 284 477 813 1.121 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 1995199619971998199920002001* 0 500 1.000 1.500 2.000 2.500 20 21 35 51 70 141 Number of Transactions and Customers PC & Internet Banking ¹ Number of Transactions and Customers * Until 06.30.2001(1) Included Bankline transactions only Transactions (million) Customers (thousand) Transactions in First Semesters

12. 11 Evolution of Points of Sales Branches CSBs ATMs * June 30, 2001

13. 12 Geographical Distribution of Itaú São Paulo Head Office of Banco Itaú S.A São Paulo Rio de Janeiro Minas Gerais Rio Grande do Sul Paraná Others States Total 35.5% 11.0% 9.8% 7.7% 6.2% 28.8% % of GDP (2) 100.0% 1234 561234 56 Rank. (1) 29% 15% 24% 3% 20% 9% Concentration 100%

14. 13 Included: software and hardware investments, rental and maintenance of equip., employee and infrastructure expenses, training, systems development Expenses in Technology * Total in the Period (1995 – Jun/2001): R$ 4.1 billion (*) 1st Semester of 2001 annualized R$ Million

15. 14 25.0 6.5 3.2 5.0 Depreciation in years Permanent Assets 2,335 1,689 246 375 25 181 681 3,197 12.31.2000 Fixed Assets Real Estate Furnitures, Fixtures and Equipments Data Processing and Communication Security and Transportation Deferred Investment Subtotal 367 Accelerated Depreciation R$ Million 2,338 1,680 213 367 32 179 709 3,226 06.30.2001

16. 15 Market Segmentation Structure Large Corporations Annual Sales > R$ 100 Million Public Sector Very Small Companies Annual Sales < R$ 500 th Private (Investments > R$ 1 Million Personnalité Itaú Income > R$ 5,000 Individuals Income > R$ 2,000 Premium Investor Company owner “Individual” Specialized Structures With Account Manager Without Account Manager Cardholder Individual Companies Small Companies R$ 500 th < Annual Sales < R$ 4 Million Medium Companies R$ 4 Million < Annual Sales < R$ 100 Million

17. 16 Iniciatives Income Growth Credit Cards Credit - Individuals New Segments Corporate Personnalité Small Companies Costs Control

18. 17 Evolution of Credit Operations - Individuals R$ Million (*) Credit Operations: Loans, Leasing, Pre-export advances and Guarantees. CAGR = 31.2%

19. 18 Evolution of Number of Credit Cards CAGR = 27.9% * June 30, 2001 1,000 1,104 1,829 1,799 2,279 3,321 3,869 0 1.000 2.000 3.000 4.000 5.000 1995199619971998199920002001* In thousand

20. 19 Credit Card – Market Share of Sales (%) Itaucard Credicard Bradesco Banco do Brasil Unibanco 9.7% n.a. 10.2% 8.8% 9.7% 9.4% n.a. 9.5% 10.1% 9.2% 10.3% 14.5% 11.1% 10.5% 8.3% 11.4% 12.7% 11.5% 8.1% 1997199819992000 * June 30, 2001 2001* 12.4% 18.2% 10.7% 11.7% 8.6% Market Share of Quantity Itaú’s Equity Share in Credicard: 33% 12.2% 15.9% 10.7% 10.5% 19.6% 2001*

21. 20 Branches Customers (Thousand) Year1998 32 31.7 1999 33 36.4 2000 35 42.8 2001 55 63.0 2002 57 100.0 Personnalité

22. 21 Focus in Companies Dedicated Service Structure 50,000 Companies (Internal Potential) + New Customers Significant Profitability Increase Potential, Business and Relationship Corporate Over than R$ 50 Million Middle Market R$ 4 Million to 50 Million Small Companies R$ 500 thousand to 4 Million Segment with Relevant Spreads Implanted: April of 2001 Segmentation of Specific Channel for Small Companies Business market segmentation of Itaú (annual sales)

23. 22 Loans – Small and Medium Size Companies CAGR = 19.9% R$ Million (*) Credit Operations: Loans, Leasing, Pre-export advances and Guarantees. Strong Potential Growth

24. 23 Corporate Loans 11,729 15,216 17,584 8,946 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 Dec-98Dec-99Dec-00Jun-01 Credit Operations (1) CAGR = 31.0% R$ Million (1) Credit Operations: Loans, Leasing, Pre-export advances and Guarantees.

25. 24 Cost Reduction Program – 2001 and 2002 Lay-offs : 50% Synergic Integration of Data Processing Systems Total Reduction at Year Ended of 2002: 35% Committee of Cost and Process Rationalization (CRPC) Support of Specialized Consulting Company Significant Investments in Automation ? } 5 – 10% Ex-Growth Incorporation/Branches Closed : 20%

26. 25 Itaú - AOL – Strategic Differencial Largest Internet provider in the World Winner in Brazil Technologic Competence (future steps) Reinforce customer and Bank relationship with a delivery of differentiated services

27. 26 Partnerhips and Corporate Governance Leverages State Street's Expertise and Banco Itaú's Strong Local Presence To Meet New Investment Demands of Brazil's and U.S.'s Multinational Corporations, Global Investment Managers, Global Insurance Companies and Pension Funds. Operation of Itaú’s corporate telecommunications network by Telefónica generated a net effect of R$ 450 million in the 2001 result and a 24% reduction (R$ 16 million per year) in expenditures for the present volume of services, besides enabling access to the state-of-the-art technology of Telefónica. Level I ADR traded at OTC since July 2001 Bovespa´s Level I of Corporate Governance New Independent Members in the Board

28. 27 August, 2001 External Issuing of Subordinated Loan August, 2001 Issuing placed in the American, European and Asiatic markets, with a tranche in US Dollars and another in Yens; 10 years term, with payment of the principal at the end; half-yearly interest payments; The average coupon for the investor is 9.95% per year, fixed for the total term (478 basis points over US treasury). Approximately US$ 343 million (R$ 855 million); Unparalell transaction: 1 st emission Tier 2 by a Brazilian bank, 1 st issuing of this nature abroad, the longest-term private issue by a Brazilian company, the longest-term private issuing in Yens from Latin America; Placed at 455 Yield b.ps. below the curve of Brazil for an equivalent term; Rated A3 by Moody's. Highlights of the Operation:

29. 28 2000 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 1999 1st 9th 4th 3rd 7th 2nd 17th 6th 10th 29th 10th Top 10 - General Microsoft Natura Nestlé Coca-Cola McDonald´s TAM GE-Dako Votorantim GM Itaú Pão de Açúcar Source: InterScience The Most Admired Companies

30. 29 In US$ million 970 697 667 308 303 196 187 179 177 153 128 110 In relation to annual income(%) 17 7 28 2 9 13 8 12 6 28 10 28 Itaú Bradesco Ambev Banco do Brasil Unibanco Embraer Varig Multibras Embratel Gradiente Sadia Tigre Source: Interbrand (published on Gazeta Mercantil) Ranking of More Valuable Brands The Most Admired Companies Most valuable Brazilian brand Most valuable Brazilian brand

31. 30 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.

32. 31 Annual Appreciation. 10 years (average) 36.74%. 5 years (average) 21.43%. 12 months (average) 2.76%. 2001 -6.80% US$ 2,291 530 100 Bovespa Banco Itaú * Preferred Shares Appreciation * Evolution of US$ 100 Invested in June 1991 * Without reinvestment of dividends Real Plan Rusian Crisis Asian Crisis Mexican Crisis Real Devaluation “Second Largest Market Capitalization among all Brazilian companies” “Largest Market Capitalization among Latin American Banks”

33. 32 uarterly Correlation Between EPS and Preferred Share Quotation - Q uarterly Linear Positive Correlation: 95.532422%

34. September 7 th, 2001 Brazil Day Alfredo Setubal Executive Vice President Investor Relations Director