1

Banco Itaú S.A.Global Emerging Markets Equity Conference

5/15/02 through 5/17/02

Ocean Reef ClubKey Largo, FL 

2

Main Indicators

3

Stockholders’ Equity, Net Income and Market Capitalization

3,150 3,337 3,842 4,198 4,6515,907 6,642

7,578 7,842

4,9786,275 6,786

17,83419,582

20,682

3,270 3,160

21,297

393 343

592721

880

1,869 1,841

2,389

0

5,000

10,000

15,000

20,000

25,000

30,000

Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Mar-02

0

400

800

1,200

1,600

2,000

2,400Stockholders' Equity

Market Capitalization

Net Income

R$ Million

1st Quarter 2002Net Income: R$ 504 Million

4

Net Income per Thousand Shares and Total Dividends

3.26 2.884.95

6.047.46

15.85 15.99

21.41

118 119 148

362 343

602 629

808

02468

101214161820222426

Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01

0

100

200

300

400

500

600

700

800

900

Net Income per Thousand Shares

Total Dividends

R$ Million

1st Quarter of 2002Net Income per 1,000 Shares: R$ 4.52Total Dividends: R$ 119 Million

5

Consolidated Financial Ratio (%)

2.2 1.4 1.9 1.6 1.83.6 2.6 2.9 2.6

17.2

31.627.7

31.528.3

20.918.9

12.510.3

15.418.7

21.3 21.016.9 15.214.4

22.324.4

0

5

10

15

20

25

30

35

40

45

50

Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Mar/02*

Net Income / Assets (ROA)

Net Income / Stockholders' Equity (ROE)

Risk Based Capital Ratio (Basle Ratio)

(*) Annualized

6

Asset Evolution

18,25924,445

32,068

46,35748,995

51,911

69,555

81,807 79,757

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Mar-02

R$ Million

7

Point of Sales Evolution

1,765

2,1182,259 2,263

780 877 925 9261,009 1,067 1,0601,244

1,763

896 835 766 726835

11,715 12,064

14,42513,777

6,5587,450 7,754

8,876

10,771

0

500

1,000

1,500

2,000

2,500

3,000

1994 1995 1996 1997 1998 1999 2000 2001 1Q02

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Branches Customer-Site Branches ATMs

8

4.6 4.95.5

6.07.1

1.11.8 1.4

1.01.0

0.50.10.5

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 Base03/31/02

Banco Itaú:7.0 Banerj:0.8 Bemge:0.2 Banestado:0.1 Beg0.5 Itaú Buen Ayre:0.2 TOTAL8.8

Million

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

7.2

1.00.5

0.1

Mar-02

9

Main Indicators

Balance Sheets and Statements of

Income

10

Balance SheetsCorporation Law Assets

Cash and Cash Equivalents

Interbank Funds Applied

Securities

Interbank Deposits

Credit Operations (*)

Provision for Loan Losses

Foreign Exchange Portfolio

Other Assets

Permanent

Total Assets

Dec 01

1,896

10,070

19,318

5,057

29,615

(2,568)

6,062

9,013

3,34581,807

Mar 02

1,873

8,797

19,294

7,960

28,066

(2,668)

3,898

9,291

3,24679,757 (*) Advances on Exchange Contracts included - R$ 1,107 million in March 2002, R$ 1,135 million in

Dec/01 and R$ 1,184 million in Dec00.

Dec 00

1,562

8,725

19,938

4,366

23,674

(2,033)

2,171

7,956

3,19769,555

R$ Million

11

Balance SheetsR$ Million

Liabilities

Deposits

Money Market Repurchase Comm.

Acceptances and Debentures

Interbank Accounts

Borrowing and On-lending Borrowings

Other Liabilities

Minority Interest

Stockholders’ Equity

Total Liabilities

Dec 00

27,875

11,173

2,967

540

6,872

12,940

546

6,642

69,555

Dec 01

81,807

28,331

12,524

2,906

508

9,171

20,179

610

7,578

Corporation LawMar 02

27,110

11,586

3,136

3,585

7,782

18,134

582

7,842

79,757

12

Liquidity

Assets

Cash and Cash Eq.

Interbank Funds Applied

Securities

Interbank Deposits

Total

Dec 001,562

8,725

19,938

4,36634,591

Dec 011,896

10,070

19,318

5,05736,340

R$ Million

Mar 021,873

8,797

19,294

7,96037,924

13

Credit Operations

Credit Operations Credit Operations and Guarantees

14,05816,890

23,67416,077

19,596

27,25329,615

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

32,540

28,066

2002*

(*) In March 31, 2002

LoansLeasingOthersSub-totalAdv.Exch Cont.Sub-totalGuaranteesTotal

26,3761,365

73928,480

1,13529,615

4,66634,282

Dec.01

24,8811,329

74926,959

1,10728,066

4,47432,540

Mar.02

14

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

Mar 31,01

16,896

2,5235,4042,007

26,830

2,815286

3,101

29,931

Credit Operations by Customer Profile

Var Mar/02x Mar/01

1.6%

27.1%27.0%29.9%11.2%

-11.0%-31.7%

-12.9%

8.7%

Var Mar/02x Dec/01

-9.0%

1.8%2.9%

-6.0%-5.1%

-3.7%-13.0%

-4.4%

-5.1%

Mar 31, 02

17,164

3,2086,8632,606

29,841

2,504195

2,699

32,540

Credit Operations

15

Credit Operations – March 2002

RiskLevels Individuals Companies

AA – A

B - D

E - H

2,902

7,191

1,876

11,177

4,240

679

14

198

1,244

21

84

392

0.5%

2.8%

66.3%

0.2%

2.0%

57.7%

Total 11,969 16,096 1,457 497 12.2% 3.1%

Portfolio Provision Balance CoverageIndividuals CompaniesIndividuals Companies

R$ Million

16

Provision for Loan Losses

R$ Million

Provision for Loan Losses

2,8824,474

Risk

AAABCDEFGH

Sub-TotalGuaranteesTotal 32,540

--

158385470336511167856

Abnormal Course

March 31, 2002

% Provision

0.0%0.5%1.0%3.0%

10.0%30.0%50.0%70.0%

100.0%

7,0367,0437,7611,733

92441212210053

Normal Course

Total ProvisionSpecific

--2

1247

101255117856

Generic -

35785292

124617053

Total -

357964

139224317186908

25,184 1,389 564 1,953

17

Non Accrual and Coverage Ratios

Coverage Ratio (*)Coverage Ratio (*)

Total Non Accrual

Individuals Non Accrual

Companies Non Accrual

(*) Provision for Loan Losses / Non Accrual

Non Accrual Ratio %Non Accrual Ratio %

9.9311.10 11.62

4.45 4.21 4.25 4.395.01 5.66

1.21 1.50 1.55

0,00

2,00

4,00

6,00

8,00

10,00

12,00

14,00

Dec/00 Mar/01 Jun/01 Sep/01 Dec/01 Mar/02

193%

Dec/00

190%

Mar/01

189%

Jun/01

186%

Sep/01

173%

Dec/01

168%

Mar/02

18

Renegotiated Credits

417

11399

6338 33

6084 96 96 108

134153

315

22

60

224248

180

136112

94

133163

211 212 218 221249

237246

0

50

100

150

200

250

300

350

dez/94

jun/95

dez/95

jun/96

dez/96

jun/97

dez/97

jun/98

dez/98

jun/99

dez/99

jun/00

dez/00

jun/01

dec/01

mar/02

IndividualsCompanies

R$ Million

19

Income Statement

Financial Margin

Provisions for Loan Losses

Service Fee Income

Administrative Expenses

Recurrent Income

Extraordinary Results

Net Income

Total Assets

4th Q./01

81,807

1st Q./02

1,692

(431)

1,138

(1,567)

504

-

504

79,757

Var. (%)

1,717

(435)

1,148

(1,603)

491

(258)

234

-1.5

-0.9

-0.9

-2.2

2.6

-

115.4

R$ Million (Except where showed)

20

Banking Service Fees

1st Q./01 2nd Q./01 3rd Q./01 4th Q./01 1st Q./02

9821,007

1,053

1,148 1,138

R$ Million

21

Assets under ManagementMutual Funds andPortfolio under Management

R$ Billion

22

59.6 61.7 58.3 54.7 48.2

16.3 18.3 20.2 20.321

19.121.4 21.4 22.7

23.1

1st Q 2001 2nd Q 2001 3rd Q 2001 4th Q 2001 1st Q 2002

Administrative Expenses / Earned PremiumsSelling Expenses / Earned PremiumsInsurance Claims / Earned Premiums

Combined Ratio (%)

Insurance Operations

95.0101.4 99.9 97.7

92.3

23

Administrative Expenses

R$ Million1st Q./02

717

851

10333

17944

11152

13365

130

1,568

4th Q./01

690

913

11139

20245

12988

13463

102

1,603

Personnnel Expenses

Other Administrative Expenses

Premises Materials Data Processing and Telecom Transportation Third Party Services Marketing Depreciation and Amortization Financial System Services Other

Total

Variation

27

(62)

(8)(6)

(22)(1)

(18)(35)

(1)(2)28

(35)

24

Efficiency Ratio

1st Q./01 2nd Q./01 3rd Q./01 4th Q./01 1st Q./02

54.7% 55.7%54.2% 54.4% 54.5%

25

Foreign Exchange Variation onInvestments Abroad - Considering the Funding Cost

1st Q./02

(9)

1 (8)

(135)

(144)

Foreign Exchange Variation on Investments AbroadAdditional Provision (*)Effect Foreign Exchange Risk Management on Investments AbroadResults Abroad

Funding Expenses (CDI) Management Margin - Investments Abroad

4th Q./01

(646) 310 47 (289)

(146)

(435)

Investments Abroad

Reference Amount - US$ Million

Reference Amount - R$ Million

 Funding Rate (CDI)

 Funding Cost

Reversal of Provision for Securities Devaluation

 Net Result

 

1st Q./02

1,445 3,358

4.21%

(141)

141

0

SUDAMERIS´ HEDGE

(*) Additional provision for future exchange rate fluctuation

26

Evolution of Stockholders’ Equity, Net Income and Annual Inflation

7,578

6,642

5,907

470

3,337

2,311

2,389

1,841

1,869

143

343427

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01

02004006008001,0001,2001,4001,6001,8002,0002,2002,4002,6002,800

Stockholders´ Equity

Net Income

R$ Million(*)

95 211 65 416 1,783 480 2,708 15 9 8 2 20 10 10Annual Inflation (%)

(*) In currency of constant power purchasing as of December, 1995 until then, after which in Corporation Law.(1) Increase of Capital by cash payment.

March, 2002Stockholders’ Equity R$ 7,842 MillionMarket Capitalization R$ 20,682 MillionNet Income R$ 504 Million

Jan/81 to Mar/02Dividends:

R$ 3.5 BillionIncrease of Capital(1):

R$ 0.1 Billion

27

Risk-Based Capital Ratio

24.3% 24.4%22.3%

20.9%18.7%

21.3% 21.0%

14.4%16.9%

15.2%

0.0%

10.0%

20.0%

30.0%

1993 1994 1995 1996 1997 1998 1999 2000 2001 Mar-02

8.0%

28

Main Indicators

Balance Sheets and Statements of

Income

Relevant Facts

29

R$ Million

(*) Sudameris Brasil Consolidated.

Assets

Loans

Deposits

Funds under Management

Number of Clients (millions)

Branches

79,757

28,066

27,112

57,274

8.8

2,259

18,716

8,359

4,949

8,205

1.3

355

98,473

36,425

32,061

65,479

10.1

2,614

23 %

30 %

18 %

14 %

13 %

16 %

Itaú Sudameris(*) Total Evolution

Proposed Acquisition of Banco Sudameris Brasil S.A. - HighlightsHighlights

30

BEG Benefits for Itaú• With the BEG acquisition, Itaú takes the leadership in number of branches in the state of Goiás and in

the city of Goiânia

Market Share of the Largest Banks in Goiás After the Privatization:

5757168168 119119 8787 2828

5.4%

11.1%

16.9%

23.1%

32.4%

BEG+Itaú BB Bradesco CEF HSBC

28.7%

Number of Branches (in Goiás)

31

BEG Acquisition Summary

• Banco Itaú’s acquisition of BEG has strong strategic and financial justification with an adequate management of the risk inherent to the transaction:

– Leadership in the State of Goiás;

– Acquisition of 471 thousand new customers;

– Attractive Internal Rate of Return on the Investment;

– Positive impact on Banco Itaú’s earnings;

– We estimate R$ 60 million of net income in 2003 and, in 2004, after the end of the integration of BEG to Itaú, R$ 80 million;

– Acquisition without dilution for the shareholders.

32

•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 United States of America market

•Improve the perception that the United States of America investors have

Financial Holding Company

Banco Itaú is permitted to undertake commercial banking operations and to operate in the North American insurance and capital markets under the same conditions as local institutions.

high level of capitalization

superior quality of management

Broker-Dealer: 2nd Semester 2002

33

                       

Banco Itaú launches Level II ADRs on the NYSE

•On February 21th, 2002, Itaú launched its ADR Level II on the New York Stock

Exchange – NYSE

•The ADRs are traded under the symbol “ITU”

•Each ADR represents 500 Banco Itaú’s preferred shares

•The depositary bank is The Bank of New York

•The custodian is Banco Itaú itself.

Itaú reaffirms its commitment to increasing the value of its shares

Level I ADR traded at OTC since July 2001

34

Opportunities

• 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

35

Argentina

36

Argentina

37

Argentina

38

Argentina

39

Appreciation of US$ 100 Invested in March 1992Appreciation of US$ 100 Invested in March 1992

(*) Excludes dividend reinvestment.

Admirable Stock Performance

0

250

500

750

1,000

1,250

1,500

92 93 94 95 96 97 98 99 00 01 02

Real Plan

Russian Crisis

Asian Crisis

Mexican Crisis

Real Devaluation

US$

887

235

BovespaBanco Itaú *

100

Annual Appreciation. 10 years (average) 24.4%. 5 years (average) 13.9%. Last 12 months 6.8%. 2002 6.7%

M1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 M2002

40

Management

Shareholder Value

Corporate Governance

Corporate Governance to Itaú

41

Tag Along

Shareholders approved a proposal of the Adm. Council

Concept: more rights to the preferred shareholders

In case of change of control, preferred shareholders are entitled to the same price conditions offered to minority ordinary

shareholders by the law – 80% of the price paid for the control

Legislation demands tag along only for minority ordinary shareholders – Itaú expands their rights to ALL shareholders

Respect to the minority

shareholder

Increase in the rights attracts

foreign investors

Shareholder Value

42

New Independent Professionals:

Board of Directors

Pérsio Arida

• Former President of Central Bank of Brazil

• PhD at the Massachusetts Institute of Technology (MIT)

Roberto Teixeira da Costa

• Was the first President of the Securities and Exchange Commission of Brazil (CVM)

• Notorious Experience and Technical Capacity

In April 2001...

43

Reelection of the previous members and one more independent member elected:

Board of Directors

Alcides Lopes Tápias• Former Ministry of Development, Industry and Commerce in

Brazil;

• Former President of Febraban;

• Chairman of the Board of Camargo Corrêa;

• Member of the National Monetary Council (CMN).

In April 2002...

Different view of the controllers -

contribution

Experience, capacity and

reputation

Shareholder Value

44

Highly qualified professionals:

Fiscal Council

Gustavo Jorge L. Loyola• PhD in Economics at the Getúlio Vargas Foundation• President of Central Bank of Brazil between nov/92 to mar/93 and jun/95 to ago/97

Alberto Sozin Furugem• Postgraduated degree in Economics at the Getúlio Vargas Foundation• Ex-Director of Rio de Janeiro State’s Development Bank and Ex-Delegate of Central Bank in

São Paulo

Iran Siqueira Lima• Master and PhD in Accounting and Controlling at the University of São Paulo• Capital Markets Area Director (1984) and Fiscalization Area Director(1985) of Central Bank of

Brazil• Economic-Financial Director of Telebrás and member of Management Council of BNDES and

Telesp

Protection to the minority

shareholder

New law has increased its importance

Shareholder Value

45

Main Indicators

Balance Sheets and Statements of

Income

Relevant Facts

Awards

46

Awards

Best Portfolio Manager in BrazilBest Fixed Income Portfolio Manager in BrazilBest Floating Income Portfolio Manager in Brazil

Abamec – São Paulo

Quality Award – 2001 and 2000Investor Relations Professional – 2000Best Open Company – 2000/1999/1997

Abamec - South

Investor Relations Professional – 1999

The Banker Magazine (July of 2001)

Bank of the Year – 2000 and 1999

América Economia Magazine

Best Latin American Bank – 2001/2000/1999

Euromoney Magazine

Best Latin American Bank - 2000Best Brazilian Bank – 2000/1999/1998

BrandChannel

Brand of the Year 2001

Abamec - Nationwide

Open Company and IR Professional – 1999

Best Open Company - 2000Investor Relations Professional - 1999

Abamec - Northeast

Best Open Company - 2000

Abamec – Minas Gerais Global Finance Magazine

Best Bank in Brazil – 2001Best Bank on the Internet in Brasil - 2001

Exame Magazine - 2001

Dow Jones and Euromoney

Member of the Sustainability Index since 2000

Latin Finance Magazine & MZ Consult

Best IR Website in Latin America – 2001Best On-line Annual Report in Latin America – 2001

47

AwardsAbamec – São Paulo

Quality Award – 2001 and 2000Investor Relations Professional – 2000Best Open Company – 2000/1999/1997

Abamec - South

Investor Relations Professional – 1999

The Banker Magazine (July of 2001)

Bank of the Year – 2000 and 1999

América Economia Magazine

Best Latin American Bank – 2001/2000/1999

Euromoney Magazine

Best Latin American Bank - 2000Best Brazilian Bank – 2000/1999/1998

BrandChannel

Brand of the Year 2001

Abamec - Nationwide

Open Company and IR Professional – 1999

Best Open Company - 2000Investor Relations Professional - 1999

Abamec - Northeast

Best Open Company - 2000

Abamec – Minas Gerais Global Finance Magazine

Best Bank in Brazil – 2001Best Bank on the Internet in Brasil - 2001

Exame Magazine - 2001

Best Portfolio Manager in BrazilBest Fixed Income Portfolio Manager in BrazilBest Floating Income Portfolio Manager in Brazil

Dow Jones and Euromoney

Member of the Sustainability Index since 2000

Latin Finance Magazine & MZ Consult

Best IR Website in Latin America – 2001Best On-line Annual Report in Latin America – 2001

Atlantic Rating: 5 times in a row elected the most transparent bank in Brazil; in 2001, Itaú gained the

status Hors-Concours

Latin Finance: Bank of the Year in 2001; Itaú also gained from the magazine the

status Hors-Concours

48

Banco Itaú S.A.Global Emerging Markets Equity Conference

5/15/02 through 5/17/02

Ocean Reef ClubKey Largo, FL