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1
Acquisition of Banco FIAT S.A.
December 5th, 2002
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Agenda
1. Atractiveness of the Business
2. Object of the Acquisition
3. Benefits for Itaú
4. Agreement with Fiat
5. Highlights
6. Price
7. Internal Rate of Return
8. Economic Financial Analysis
3
Atractiveness of the SectorAmounts issued in the
year
R Billion
CAGR 8.4
Vehicles Financing and Leasing Source ANEF
(manufacturers related financial institutions
only)
4
Atractiveness of the BusinessRetail Financing
Products - Vehicles
Source ANEF (manufacturers related financial
institutions only)
5
Object of the AcquisitionCurrent Situation
Banco Fiat S.A.
Retail Financing
Dealer and Supplier Financing
Financing
Leasing
Consortium
6
Object of the AcquisitionSituation after the
Acquisition
99.99
Banco Fidis de Investimento S.A.
Banco Fiat S.A.
Retail Financing
Dealer and Supplier Financing
Financing
Leasing
Consortium
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Benefits for Itaú

1. FIAT brand is the market leader in sales of new
   vehicles in Brazil
2. Banco FIAT is the leader in the vehicles
   financing segment in Brasil, financing 40 of the
   total sales of the new FIAT vehicles
3. A major boost to consortium activity, begun in
   September 2002 through Itauconsórcio
4. Banco FIAT represents a platform for
   cross-selling opportunities, through the
   possibility of selling additional products and
   services to the Fiat brand customers
5. High quality customers base, with low default
   ratios
6. Banco FIAT is present in ALL FIATs dealer
   branches in Brazil, which enhances our
   relationship and enables us to provide our
   recognized expertise in technology and quality of
   additional services to the dealers and to the
   Fiat brand customers.

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Agreement with FIAT

• Exclusivity of Banco FIAT for the next 10 years
  in Brazil

Financing and leasing of new vehicles in all
promotions organized by Fiat to the consumer
market
All the operations under FIAT brand
Sales of quotas in the consortium with the Fiat
brand

• Use of the base of customers and dealers

Supply of financial services to Banco Fiat S.As
actual and future customers cross-selling
Fiats recommendation of Banco Fiat S.A. to its
dealer network for the purposes of channeling
vehicle finance business through the Banks
intermediary.
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Highlights(1)
R Million
Car Financing and Vehicle Leasing
2,891(2)
2,356
5,247
81.5
Amount
513
360
873
70.2
Quant. (Th.)
Car Consortium

1. Preliminary data for September 30, 2002,
   unaudited, for BBA and Banco Fiat S.A.
2. Includes the outstanding balance of operations
   effected by the branch network.
3. After eventual dividends distribution to the
   current shareholders of Banco Fiat S.A.

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Price
Total Price R 897 million
No capital increase (no dilution for Itaús
shareholders)
Goodwill R 462 million
Goodwill 1.06 X SE
Fiat will indicate a member to Banco Fiat S.A.s
Board of Directors
Strong Partnership Greater Commercial
Relationship
Stockholders Equity
11
Internal Rate of Return
R Million
Stockholders Equity
435
Goodwill
462
Total
897
Stockholders Equity Multiple
2.06
Internal Rate of Return of the Transaction
20.55
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Economic-Financial Analysis
R Million
Nominal Value
Present Value
Stockholders Equity (acquisition) Net income for
the next 10 years
435 2,197

Value of the business
2,632
Acquisition Value
Estimated Impact in the Earnings per Share
average increase of 1.1 p.a. for the next 10
years
Gain considering the present value for the next
10 years R 401 million
Taken at the Interbank Rate net of tax effects
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Acquisition of Banco FIAT S.A.
December 5th, 2002