ConferenceCall4Q03-BancoItaú.pptVIP

May 10-12, 2004 ;Stockholders’ Equity, Net Income and Market Capitalization;;Internet Banking;;Agenda;Sustained Stability Control of inflation through monetary policy Adjustment in the external accounts Fiscal Austerity Measures taken for Generating Growth Gradual decline in interest rates (SELIC) Continuing trade balance surplus Primary Surplus Change in the public debt profile: reduction in foreign currency exposure Enhanced government payment capacity Other initiatives: Social Security Reform, Reform of the Judiciary System and Tax Reform, the Bankruptcy Law, new rules for home mortgage fi