Milano, 12th November 2002

BANCO ITAU S.A., INTESABCI S.p.A. and BANQUE SUDAMERIS S.A. declare that they have decided to terminate the Stock Purchase Agreement of 94,58% of the outstanding shares of Banco Sudameris Brasil S.A., which has been entered into on May 3rd, 2002 ("SPA").

The parties could not reach a satisfactory agreement in connection with the purchase price adjustment that was being conducted pursuant to the SPA. The parties recognize that the termination is in their best interest and will not result in any penalty of whatever nature for the parties involved.

After having acted in good faith throughout the negotiation, the parties regret the missed opportunity and restate their good relationship.