Issuance of US$105 million Series 2003-3 Fixed Rate Notes

Brazilian diversified payments rights finance company Banco Itaú, as Originator of Diversified Payment Rights and as the Servicer.

Tozzini, Freire, Teixeira e Silva Advogados and Linklaters & Alliance acted as legal counsels to the Brazilian Diversified Payment Rights Finance Company in connection with Banco Itaú S.A., acting as Originator of Diversified Payment Rights and as the Servicer (?BANCO ITAÚ?), in relation to the issuance of US$105 million Series 2003-3 Fixed Rate Notes due 2010 (?Series 2003-3 Fixed Rate Notes?).

Date of closing: November 25, 2003.

Series 2003-3 Fixed Rate Notes were issued by the BRAZILIAN DIVERSIFIED PAYMENT RIGHTS FINANCE COMPANY and secured by its assets purchased from BANCO ITAU. Such assets will be originated by BANCO ITAÚ, consisting primarily of BANCO ITAÚ?s rights and interests in, to and under Dollar-denominated Payment Orders received or to be received by BANCO ITAÚ (?Diversified Payment Rights?).

Tozzini, Freire, Teixeira e Silva Advogados (partner Antonio Felix de Araujo Cintra and associate Camila Milan Acayaba), acted as legal advisor to BANCO ITAU as to Brazilian law.

Linklaters & Alliance (partners David Fenwick and Peter Ruhlin, and associates Stephen Double, Ruth Olson and Francesca Snadden) acted as legal advisor to BANCO ITAU as to United States law.

Walkers, Cayman Islands (Timothy Bridges and Mark P. Lewis) and Hughes, Hubbard & Reed LLP also acted as special counsels for BANCO ITAU.

Dewey Ballantine, LLP (Partner Emil Arca and associates Todd Julian and Daniela Oliveira) acted as special counsel for Merrill Lynch, Pierce, Fenner & Smith Incorporated (Placement Agent).

Emmet, Marvin & Martin, LLP (Anthony M. Harvin and William Lasher) acted as special counsel for Deutsche Bank (Cayman) Limited (Indenture Trustee).

Gabriela Romano and Aline Ferreira were the in-house counsels to Banco Itaú.