1

Banco Itaú S.A.

Conference Call about 4th Quarter 2001

Results

2Consolidated Net Income Growth

1,869

9391,128

721 880

1,841

2,389

1,518

1,918 2,354

17.2% 18.9%

31.6% 27.7% 31.5%

1997 1998 1999 2000 2001

Consolidated Net IncomeConsolidated Recurring IncomeROE %

3Consolidated Net Income Growth per Thousand Shares

12.87

16.662.98

-0.67

7.466.04

-4.00

0.00

4.00

8.00

12.00

16.00

20.00

1997 1998 1999 2000 2001

R$ / Thousand Shares

15.85 15.99

Extraordinary Income

21.410.32

21.09CAGR: 37.2%

4Consolidated Stockholders’ Equity Growth

4,198

7,5786,642

5,907

4,651

01,000

2,0003,000

4,0005,000

6,0007,000

8,000

97 98 99 00 01

R$ MillionDecember, 2001Market CapitalizationR$ 19,582 Million

Jan/97 to Dec/01Dividends R$ 2.6 BillionCapital Increase 0

5Statements of Income

R$ Million (Except where showed)

2001

Total Assets

2000 Var. (%)

Financial Margin

Provisions for Loan Losses

Service Fee Income

Administrative Expenses

Recurrent Income

Extraordinary Results

Net Income

81,807 69,555 17.6

6,707(1,445)

4,190(6,179)

2,35336

2,389

5,311(770)3,465

(5,183)1,918

(77)1,841

26.387.720.919.222.7

-31.229.8

Net Income per Thousand Shares (R$)

ROE Recurrent (%)

ROA(%)

21.4131.1%2.9%

15.9928.9%2.6%

33.9

6Efficiency Ratio

64.2%

58.3% 58.0% 57.8%54.7%

1997 1998 1999 2000 2001

7

4.6 4.95.5

6.07.2

1.11.8 1.4

1.01.0

0.50.1

0.5

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

Dec-97 Dec-98 Dec-99 Dec-00 Dec-01

Itaú * Banerj & Bemge Beg Banestado

Expansion of Customer Base12/31/01

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

(*) includes: Itaú, Personnalité and Itaú Buen Ayre

8Growth in Nº of Points of Sale

1,244

1,763 1,765

2,1182,259

726 835 780 877 925

8,876

10,77111,715 12,064

13,777

0

500

1,000

1,500

2,000

2,500

3,000

1997 1998 1999 2000 20010

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Branches CSBs ATMs

9Credit Operations

Credit Operations Credit Operations and Guarantees

14,05816,890

23,67416,077

19,596

27,253

29,615

14,414

16,916

34,282

4,000

8,000

12,000

16,000

20,000

24,000

28,000

32,000

36,000

1997 1998 1999 2000 2001

10Assets under ManagementMutual Funds andPortfolio under Management R$ Billion

11Income Statement

Financial Margin

Provisions for Loan Losses

Service Fee Income

Administrative Expenses

Recurrent Income

Extraordinary Results

Net Income

Total Assets

3rd Q./01

81,749

4th Q./01

1,717

(435)

1,148

(1,603)

491

(258)

234

81,807

Var. (%)

1,955

(397)

1,053

(1,682)

630

69

699

-12.2

9.6

9.0

-47

-22.1

-473.9

-66.5

R$ Million (Except where showed)

12Recurrent Consolidated Statements of – 4th Quarter of 2001 R$ Million

4th Q./012.3892.156

234(257)(378)

8932

49148

(599)

3102426629

443

Net Income for the Year(-) Net Income up to 3rd QuarterNet Income for the 4th Quarter(=) Extraordinary Income for 4th Quarter BEG Acquisition Effects FUNBEP Provision Reversal Other EffectsFourth 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 provisionsRecurring income from aforementioned events (a – b)

13

R$ Million

Large CompaniesSmall and medium sizeCompaniesIndividualsCredit Cards

Subtotal

HousingIndividualsCompanies

Subtotal

Total

Dec 31,01

18,864

3,1526,6692,772

31,457

2,600224

2,825

34,282

Dec 31,00

14,723

2,6094,4862,130

23,948

2,979326

3,305

27,253

Credit Operations by Customer Profile

Var Dec/01x Dec/00

28.1%

20.8%48.7%30.1%31.4%

-12.7%-31.2%

-14.5%

25.8%

Credit Operations

Sep 30,00

18,956

2,7676,4622,364

30,550

2,718218

2,936

33,485

Var Dec/01x Sep/001

-0.5%

13.9%3.2%

17.2%3.0%

-4.3%-2.8%

-3.8%

2.4%

14Credit Operations

RiskLevels 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%

Portfolio Provision Balance CoverageIndividuals CompaniesIndividuals Companies

R$ Million

15Credit Operations

Individuals Companies

Credit Operat.

Income

Provision

Expenses

Net Contribution

2001 2000 VariationIndividuals CompaniesIndividuals Companies

R$ Million

3,729

1,190

3,311

255

2,310

587

2,337

183

1,419

603

974

72

2,539 3,056 1,723 2,154 816 902

16Non Accrual and Coverage Ratios

Coverage Ratio (*)

4.45 4.21 5.014.394.25

9.9311.10

1.501.21

0.0

2.0

4.0

6.0

8.0

10.0

Dec/00 Mar/01 Jun/01 Sep/01 Dec/01

193% 190% 189% 186% 173%

Dec/00 Mar/01 Jun/01 Sep/01 Dec/01

Total Non Accrual

Individuals Non Accrual

Companies Non Accrual

(*) Provision for Loan Losses / Non Accrual

Non Accrual Ratio

17

4.8 4.9 4.8 4.8

6.0 5.95.3

5.8 6.06.3 6.3 6.2 6.4

6.8 7.06.5

7.2 7.26.9

7.4

3.5 3.3 3.4 3.53.9

3.6 3.6 3.84.0

4.6 4.45.0 5.1 5.0

4.7 4.8

5.8 5.8 5.86.3

Market (1)Itaú

Individuals Credit *Default of 15-90 days / Total Portfolio (%)

(*) Includes: Personnal and Vehicles Acquisition Credit (1) Source: BACEN

18The 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

19Highlights - 2001

R$ MillionItaúSudameris Br.

Net Income 2,389178ROE (%) 31.513.9Total Assets 81,80718,716Credit Operations 34,2828,359Funding and Resources under Management 55,79613,154Banking Service Fees 4,190322Branches Network (Brazil) 2,259292% of Credit Portfolio Risk AA, A, B and C 87.387.0Efficiency Ratio (%) 54.763.5Employees 45,4096,531

Itaú +Sudameris Br.

--

100,52342,641

68,9504,5122,551

-

--

20Itaú Buen Ayre – Effect of “Pesification”

Estimated Consolidated Effect

Provisions already constituted by Itaú Brazil (B) 200

Itaú Buen Ayre equity at 12/31/01 346Itaú Buen Ayre equity after Devaluation and “Pesification” 224Expected Effect on Brazilian Consolidated Results (A) (122)

Additional Provision after Pesification Effect (A + B) 78

Parity:Real/Dollar 2.3204

R$ Million

21Itaú Buen AyreCredit Portfolio Sensitivity

R$ Million

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.

PortfolioMinimum

RiskMaximum

Risk

IndividualsCompanies - Subsidiaries of multinationals with operations in ArgentinaCompanies - Others

170

20088

43

518

119

3035

Total 458 65 184

Total Allowance for loan lossesExcess allowance for loan losses after the “Pesification” effect

(45)

(78)

(45)

(78)

Shortage (surplus) (58) 62

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

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.

high level of capitalization

superior quality of management

Broker-Dealer: 2nd Semester 2002

23

Growth of Daily Average Volume of Shares Traded

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

ANO NÍVEL1 NÍVEL 2

Bovespa

OTCNYSE

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.

US$ Thousand

1 Year prior Level I Launching

Level I Launching until Level II Launching

Level II Launching until March 1st

24Opportunities

• 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