Banco Ita S A Alfredo Egydio Setubal Executive

Banco Itaú S. A. Alfredo Egydio Setubal Executive Vice President Investor Relations Director Silvio A. Carvalho Executive Director November , 2002

Highlights – 3 rd Quarter Corporate Reorganization Association with BBA 1

Consolidated Financial Ratios (%) (*) Annualized data. 2

Stockholders’ Equity, Net Income and Market Capitalization R$ Million 3 rd Quarter 2002 Net Income: R$ 639 Million 3

Asset Evolution R$ Million 4

Market Segmentation Structure Private (Investments > R$ 1 Million Large Corporations Annual Sales > R$ 100 Million Personnalité Itaú Public Sector Income > R$ 5, 000 Medium Companies Individuals R$ 10 Million < Annual Sales < R$ 100 Million Income > R$ 2, 000 • Premium • Investor • Company owner Small Companies R$ 500 th < Annual Sales < R$ 10 Million Very Small Companies “Individual” Annual Sales < R$ 500 th Companies Specialized Structures Account Manager Cardholder Individuals With Account Manager Without 5

Clients Million 9. 1 Banco del Buen Ayre se p/ 02 BFB 6

Points of Sale Branches+CSBs ATMs Banco del Buen Ayre se p/ 02 BFB 7

Distribution Network Itaú x National Financial System – March, 2002 Branches Itaú Consolidated Strong Presen Rank. (1 States % of % Itaú / % % ) ce GDP(2) System Itaú’s System Capital 5% Networ 15% São 1º 35. 0% k Paulo Country 5% 12% 16% 2º Rio de Janeiro. Lead er 3º Minas Gerais Lead er 4º Rio Grande do Sul 11. 8% 9. 6% 19% 25% 14% 22% 9% 11% 7. 8% 5% 3% 8% 6. 3% 30% 4. 1% 24% 25. 4% 4% 100. 0 12% (1) States ranked by paticipation in% Brazil’s GDP 17% 9% 8% 100% 8% 5% 28% 100% Lead 5º Paraná er 7º Goiás and DF Lead er Others Total (2) Source: 8

PC & Internet Banking Number of Transactions and Clients * Accumulated in the 3 rd quarter of 9

Income Statement R$ Million (Except where shown) 3 rd Q. /02 2 nd Q. /02 Var. (%) Financial Margin Provisions for Loan Losses Service Fee Income Administrative Expenses Recurrent Income Extraordinary Results Net Income Total Assets 2, 803 2, 060 (682) (512) 1, 042 1, 004 (1, 880) (1, 756) 640 567 (0) (23) 639 544 99, 014 86, 385 36. 1 33. 2 3. 8 7. 1 12. 9 17. 5 14. 6 10

Credit Operations Loans Leasing Others Sub-total AECs Sub-total Guarantee s Total Sep. 02 Dec. 01 28, 950 1, 075 2, 105 32, 030 1, 669 33, 799 5, 888 39, 687 26, 376 1, 365 739 28, 480 1, 135 29, 615 4, 666 34, 282 CAGR = 19. 7% Credit Operations (*) On September 31, 2002 Credit Operations and Guarante 11

Credit Operations by Customer Profile R$ Million Var Sep/02 Sep 30, 02 Dec 31, 01 Set 31, 01 x Dec/01 x Sep/01 Large Companies 23, 921 18, 864 18, 256 Small and medium size Companies 3, 573 3, 152 3, 467 Individuals 6, 875 6, 669 6, 460 Credit Cards 2, 844 2, 772 2, 366 Subtotal 37, 213 31, 457 30, 550 Housing Subtotal Total Individuals 2, 315 Companies 158 2, 600 224 26. 8% 31. 0% 13. 4% 3. 1% 2. 6% 18. 3% 3. 1% 6. 4% 20. 2% 21. 8% 2, 718 -11. 0% -14. 8% 218 -29. 5% -27. 4% 2, 474 2, 825 2, 936 -12. 4% -15. 7% 39, 687 34, 282 33, 485 15. 8% 18. 5% 12

Credit Portfolio by Currency (*) R$ Million Variation Sep 30, 02 Jun 30, 02 Sep 30, 01 Sep/02 – Jun/02 Sep/02 – Sep/01 Indexed in Foreign Currency In Foreign Currency Subtotal In Local Currency 4, 302 3, 883 4, 326 8, 2 5, 8 4, 9 19 21 78 12, 52 9, 704 9, 304 1 25, 13 24, 18 Total 27, 16 5 2 6 (*) Including Endorsements and Sureties 34, 839 33, 485 39, 687 10. 8 % 41. 2 % 29. 0 % 8. 1 % -0. 5 % 65. 1 % 34. 6 % 12. 3 % 13. 9 % 18. 5 % 13

Non Accrual and Coverage Ratios Non Accrual Ratio % 9. 93 4. 21 4. 25 4. 39 1. 21 11. 10 11. 62 12. 67 12. 90 Coverage Ratio (*) 190% 189% 186% 5. 01 1. 50 5. 66 5. 90 5. 60 1. 55 1. 73 1. 66 Mar. 01 Jun. 01 Sep. 01 Dec. 01 Mar. 02 Jun. 02 Sep. 02 Total Non Accrual Individuals Non Accrual 173% 168% 164% 172% Mar. 01 Jun. 01 Sep. 01 Dec. 01 Mar. 02 Jun. 02 Sep. 02 (*) Provision for Loan Losses / Non Accrual Companies Non Accrual 14

Provisions R$ Million 3 rd Quarter of 2002 (Constitutions) / Reversals in Result Minimum Additional Total Required Balance Sep 30, 02 (51) (1, 189) (1, 240) (3, 969) (968) - (968) (1, 293) 699 - 699 880 Provision for Derivative Financial Instruments – Liabilities (651) (31) (682) (3, 262) Provision for Loan Losses (971) (1, 220) (2, 191) (7, 644) Provision for Securities Devaluation Provision for Derivative Financial Instruments – Assets Total 15

Foreign Exchange Variation on Investments Abroad - Considering the R$ Million Funding Cost Investments Abroad 3 Q/02 2 Q/02 rd Foreign Exchange Variation on Investments Abroad Effect Foreign Exchange Risk Management on Investments Abroad (Net) Results Abroad Funding Expenses (CDI) Result derived from Investments Abroad (1) 1, 113 (634) 479 (131) 348 3 rd Q/02 Results of Investments Abroad Results of Local Operations affected by Exchange Rate (Net) Reversal/(Constitution) of Additional Provision for Securities (Net) Complement of the Provision to “marked-to-market” – AOLA Expenses related to mark-to-market adjustments of fiscal incentive options Result affected by Exchange Rate nd 348 724 (661) (2) (36) (179) 196 785 (93) 692 (128) 564 2 nd Q/02 (3) 564 256 (553) (132) 135 (1) After provision for US$ = R$ 3, 50, excluding foreign exchange variation of the investment in AOLA of R$ 233 million in the 3 rd quarter of 2002 and R$ 128 million in the 2 nd quarter of 2002. (2) Provision basically referring to the variation of AOLA´s share market quotation: from US$ 0. 640 in 06/28/02 to US$ 0. 245 in 09/30/02. (3) Provision basically referring to the variation of AOLA´s share market quotation: from US$ 2. 25 in 03/29/02 to US$ 0. 640 in 06/28/02. 16

Provision and Net Assets Alliance with AOLA Share Number Unit Estab-Received Market of Cost of Net Period US Dollar lished in Quotation thousandof shares. Shares Assets - End Quotation Provision. Advance (US$) shares lot (US$) Portfolio 08/15/20 00 12/29/20 00 06/29/20 01 12/31/20 01 06/28/20 02 1. 7938 1. 9554 2. 3049 2. 3204 2. 8444 3. 8949 8. 0000 2. 6880 8. 9900 4. 5500 0. 6400 0. 2450 31, 700 35, 938 8. 000 454, 91 8. 000 2 7. 609 495, 88 6. 858 9 6. 858 630, 30 (260, 00 6. 675 9 0) 571, 88 (529, 36 6 9) 701, 03 1 (454, 83 6) (438, 32 5) (427, 03 4) (393, 18 5) (376, 66 7) 76 57, 564 203, 27 5 178, 70 1 64, 364 34, 294 17

Administrative Expenses R$ Million Personnel Expenses Remuneration Social Charges Social Benefits / Training Dismissals / Labor Suits Allowance Work Convention Other Administrative Expenses Total Efficiency Ratio 3 rd Q. /02 2 nd Q. /02 Variation 888 397 119 111 214 46 992 800 356 113 216 956 88 41 3 (2) 46 36 1, 880 1, 756 124 49. 6 % 55. 3 % - As a result of the 2002/2003 Collective Labor Agreement in September 2002, the Bank incurred additional expenses of R$ 91 million, comprising R$ 46 million for the payment of bonuses to employees and R$ 45 million for compensation and payroll charges. 18

Efficiency Ratio¹ In % 19

Market Value R$ Million Recorded Value - Securities and Derivatives Provision – Available for Sale Securities Reclassification of Additional Provision - Loans Operations - Other Assets - Time and Interbank Deposits and Funds from Acceptance and Issuance of Securities - Other (1) (2) (3) 22, 227 (1) Market Value 24, 563 Unrealized Income / (Loss) (2) (3) In Result In Equity 2, 336 (1, 441) 2, 336 26, 040 6, 760 26, 000 6, 990 (40) 231 (1, 000) (40) 231 11, 690 4, 405 11, 642 4, 069 48 331 48 326 1, 466 1, 902 Does not include the reclassification of additional provision in the amount of R$ 1 billion. Includes unrealized gains to minority interest amounting to R$ 93 million. Does not consider the corresponding fiscal effects. Total Unrealized 20

Funding and Fund Management R$ Million Sep 30, 02 Jun 30, 02 Sep 30, 01 Evolution % (A) (B) (C) (A/B) (A/C) Deposits Demand Deposits Savings Deposits Time Deposits Managed Funds Investment Funds Managed Portfolio 31, 891 7, 662 17, 433 6, 796 54, 893 47, 961 6, 932 28, 105 6, 356 16, 019 5, 730 56, 243 49, 819 6, 424 26, 743 6, 094 15, 550 5, 099 53, 478 47, 753 5, 725 13. 5 20. 6 8. 8 18. 6 (2. 4) (3. 7) 7. 9 19. 3 25. 7 12. 1 33. 3 2. 7 0. 4 21. 1 Total Funds 86, 784 84, 348 80, 221 2. 9 8. 2 21

Assets under Management CAGR 903 18. 5% CAGR = 28. 1% Mutual Funds 831 Managed Portfolio 507 399 10. 2. 1 3 8. 2 14. 2. 7 2 11. 5 17. 3. 9 7 13. 8 21. 1 4. 1 17. 0 R$ Million 847 R$ Billion 592 306 = 32. 0 6. 2 25. 8 42. 0 5. 6 36. 4 55. 8 6. 1 54. 6. 0 9 49. 7 48. 0 Dec/95 Dec/96 Dec/97 Dec/98 Dec/99 Dec/00 Dec/01 Set/02 Mutual Fund Management Fees 22

Solvency Ratio - BACEN resolution 3, 155 changed from 50% to 75% the capital allocation to cover foreign exc BACEN resolution 3, 156 changed this capital allocation to 100%. Referential Equity Capital Allocation to Foreign Exchange Risk Other R$ Million Sep 30, 02 Jun 30, 02 Effect Res. 3156 12, 532 11, 826 (718) (401) (1, 437) (401) (2, 440) (356) 11, 413 10, 695 9, 031 Adjusted Referential Equity (D) Weighted Assets (A) 61, 547 Weighted Off-Balance Sheet Exposures (B) 5, 889 61, 547 5, 889 54, 146 4, 794 Total Risk Weighted Assets (C = A + B) 67, 436 58, 940 Solvency Ratio (E = D / C) 16. 9 % 15. 3 % 23

Highlights – 3 rd Quarter Corporate Reorganization Association with BBA 24

Corporate Reorganization • The companies and its several financial business lines will be controlled by Banco Itaú Holding Financeira S. A. (ITAÚ HOLDING). The Banco Itaú Holding Financeira S. A. will incorporate all the shares of Banco ITAÚ S. A. , which will thus become a wholly owned subsidiary. In the future, Banco ITAÚ BBA will also become a subsidiary of ITAÚ HOLDING. 25

Corporate Reorganization Present Intermediary Investimentos Itaú S. A. Itaúsa Free Float 47. 85% 52. 15% Investimentos Itaú S. A. Itaúsa Free Float 52. 15% Banco Itaú S. A. 47. 85% Banco Itaú Holding Financeira S. A. 100% Banco Itaú S. A. 26

Corporate Reorganization Final Investimentos Itaú S. A. Itaúsa Free Float 53. 54% 46. 46% Banco Itaú Holding Financeira S. A. 95. 75% Banco Itaú BBA S. A. 100% Banco Itaú S. A. 27

Corporate Reorganization • The corporate reorganization aims at: – Provide a greater autonomy to the wholesale bank operations. – In the future, other areas of the business can have more autonomy. – Decentralize management, enhancing growth of the business, but keeping a centralized control in Itaú Holding. – Provide more transparency to the financial 28

Stockholders Rights • The corporate reorganization will not imply any stockholder dilution or any change in the rights enjoyed by the shares currently held, since the stockholders will receive shares in ITAÚ HOLDING of the same type and with the same characteristics as ITAÚ HOLDING’s bylaws will extend the same rights as those already provided under those of ITAÚ. 29

Corporate Reorganization • The inclusion of ITAÚ HOLDING in the group structure will not change ITAÚSA stake or the remaining stockholders of ITAÚ; • The management of ITAÚ continues as the management of ITAÚ HOLDING, with the same members of the Administrative Council and some members of the Executive Board of ITAÚ; • The exchange ratio between ITAÚ’s and ITAÚ HOLDING’s stocks will be 1: 1. 30

Status of Financial Holding Company • Granted by FED at February 20, 2002; • FED will be requested to authorize the transference of the Financial Holding Company status from ITAÚ to ITAÚ HOLDING. 31

Corporate Reorganization • There will be no change in the operations and business transacted with customers, creditors and suppliers; • With this transaction, ITAÚ and BBA once more reiterate their confidence in the future of Brazil. 32

Highlights – 3 rd Quarter Corporate Reorganization Association with BBA 33

Association with Banco BBA November 5 th, 2002 34

Agenda 1. Objective of Association 2. Investment in Banco BBA 35

Objective of Association Itaú´s Strategy Internal Business Segmentation Investment in BBA Ø Successful Bank Ø History of Posting High Returns Ø Strong presence in the Wholesale Segment 36

Investment in Banco BBA Present ITAÚ Retail Corporate Asset Manag. /Private Bank Financing (Vehicles), etc. BBA + Corporate Private Bank Brokerage Fund Portfolio Financing New Bank Future ITAÚ Will keep focusing retail operations Private Bank (Incl. BBA) Fund Portfolio (Incl. BBA) Financing (Incl. BBA) Brokerage ITAÚ BBA begins its existence as the largest wholesale bank in the country Corporate Investment Bank 37

Investment in Banco BBA • Largest Capital Base of Brazil (R$ 14. 8 billion); • ITAÚ BBA´s capital will be increased by approximate R$ 1. 2 billion. 38

Investment in Banco BBA R$ Million ITAÚ (1) BBA (2) Total Assets 99, 014 20, 792 119, 80 5 21. 0% Corporate Loans 23, 921 7, 486 31, 407 31. 3% 5, 109 1, 153 6, 262 22. 6% Others Loans 10, 657 0 10, 657 - Deposits 32, 498 4, 703 37, 201 14. 5% Managed Funds and Portfolios 54, 893 11, 325 66, 218 20. 6% Capital Base 11, 413 1, 856 14, 826 - Consumer Finance Loans Change (1) Data as of September 30, 2002, (2) Preliminary non audited data as of September 30, 2002 If the new structure had been in place at the end of the third quarter, the BIS ratio would have been 18. 4%. 39

BBA Consolidated - Brazil 2002(*) Total Assets Stockholders’ Equity Net Income 6, 309 511 60 2002(*) Total Assets Stockholders’ Equity Net Income * June 2002 In US$ Million 2000 2001 6, 684 552 90 6, 690 514 106 In R$ Million 2000 2001 1999 6, 434 508 170 1999 17, 946 15, 509 13, 081 11, 510 909 1, 454 1, 280 1, 005 207 304 170 208 40

BBA Consolidated - Brazil Financial Statements 2. 002(*) Return on Equity Return on Assets Equity / Total Assets Equity / Loan and Leases Losses Allowance for Loan Losses / Overdue Loans (over 60 days) Allowance for Loan Losses / Loan and Leases Losses (*)BIS values of June, 2002 anualized Ratio (Based – Tier I) 2. 001 2. 000 24. 7% 1. 9% 8. 1% 22. 9% 16. 3% 1. 3% 8. 3% 22. 6% 20. 6% 1. 6% 7. 7% 22. 2% ND 192% 282% 3. 2% 14. 0% 2. 1% 12. 5% 3. 6% 12. 4% 41

BBA Consolidated - Brazil In US$ Million Cash and Cash Eq. , Securities, Interbank Accounts and Interbank Deposits Overdue Installments (more than 60 days) Allowance for Loan Losses Deposits Cash and Cash Eq. , Securities, Interbank Accounts and Interbank Deposits Overdue Installments (more than 60 days) Allowance * June 2002 for Loan Losses 2002(*) 2001 2000 1999 2, 976 2, 234 N/A (71) 1, 376 2, 717 2, 440 27 (52) 1, 453 3, 288 2, 311 29 (83) 1, 473 2, 774 2, 248 34 (92) 1, 741 In R$ Million 2002(*) 2001 2000 1999 8, 465 6, 353 N/A (202) 3, 915 6, 305 5, 662 62 (120) 3, 372 6, 428 4, 518 57 (162) 2, 881 4, 962 4, 022 62 (165) 3, 115 42

BBA Consolidated - Brazil Quantities Employees jun/02 dec/01 jun/01 dec/00 dec/99 Banco BBA Subsidiaries Total Eficiency Ratio 459 763 470 768 471 776 472 822 401 826 1, 222 1, 238 1, 247 1, 294 1, 227 1 st 2001 1 st 2000 1999 sem. 0 2 36. 53 1 28. 84 24. 98 % 26. 05 % 44. 15 % % % 43

Price R$ Million Nominal Value Market Value Cash Subordinated Debt – issued in R$ and indexed to CDI (5 years) Subordinated Debt – issued in US$ and indexed to Libor + 1. 25% p. a. (12 years) Shares 671 619 598 1, 423 813 b) 544 524 Total 3, 257 2, 606 Equity Value 1, 735 Goodwill 1, 522 871 Multiple 1. 877 1. 502 a) b) c) a) Discounted using CDI + 0. 95% p. a. Discounted using Libor + 8. 5% p. a. (if adopted Libor+4. 83% - the cost of the last emission – the value would be R$ 1, 066 million). Market Value of PN stocks on November 4, 2002 – R$ 151. 99 c) 44