BANCO ITAU S.A.
CNPJ. 60.701.190/0001-04                                      NIRE. 35300023978
                             A Publicly Held Company

                Authorized Capital: up to 200,000,000,000 shares
  Subscribed and Paid in Capital: R$ 4,260,500,000.00 - 113,451,148,264 shares

                      MEETING OF THE ADMINISTRATIVE COUNCIL
                                OF AUGUST 5 2002

         On August 5, 2002, the Administrative Council of Banco Itau S.A. met at
its head office under the presidency of Dr. Olavo Egydio Setubal for the purpose
deciding on the distribution of interest on capital, complementary to interest
paid on a monthly basis during the first semester of the current year and an
integral part of the mandatory dividend for the 2002 financial year pursuant to
item 16.2 of the articles of association.

         Having examined the proposal, those present unanimously approved "ad
referendum" of the General Shareholders' Meeting, that:

1.   on September 2, 2002 interest on capital of R$ 1.06 per thousand shares
     will be paid, less 15% income tax at source, resulting in net interest of
     R$ 0.901 per thousand shares, except in the case of those shareholders
     already certified as either not subject to or exempt from such a tax
     payment;

2.   the basis for this payment will be the shareholding position as at August
     16, 2002, the company's shares being traded on the Stock Exchanges
     "ex-complementary interest on capital" from August 19, 2002.

         There being no further items on the agenda, the meeting was declared
closed and the present minutes were transcribed, read, approved and signed by
all those present. Sao Paulo-SP, August 5, 2002. (signed) Olavo Egydio Setubal -
President; Jose Carlos Moraes Abreu, Alfredo Egydio Arruda Villela Filho and
Roberto Egydio Setubal - Vice-Presidents; Carlos da Camara Pestana, Henri
Penchas, Jose Vilarasau Salat, Luiz Assumpcao Queiroz Guimaraes, Luiz de Moraes
Barros, Maria de Lourdes Egydio Villela, Persio Arida, Roberto Teixeira da Costa
and Sergio Silva de Freitas - Councilors.

               I CERTIFY THAT THE PRESENT IS AN EXACT COPY OF THE
                  ORIGINAL TRANSCRIBED IN THE MINUTES REGISTER.
                          Sao Paulo-SP, August 5, 2002.



                             ALFREDO EGYDIO SETUBAL
                           Investor Relations Director