Ccal 2 q13_ing

Conference Call
2nd quarter of 2013 Earnings Results
07.31.2013
Alfredo Egydio Setubal
Executive Vice-President and Investor Relations Officer

Itaú Unibanco Holding S.A. Page 2
Highlights
 Recurring net income of R$3.6 billion in the 2Q13, a 3.1% increase. Net income for the 1H13 was R$7.1 billion.
 Recurring ROE reached 19.3% in the quarter, 20 basis points higher than in the 1Q13, despite of the drop in the result from
the Financial Margin with the Market of R$329 million in relation to the 1Q13 and of R$860 million in relation to the 2Q12, mainly due to
the poorer results in fixed-rate positions.
 Operational performance was good in the quarter:
 Credit portfolio grew 2.5% in the quarter and 8.0% in the 12-month period. In the year, if we disregard the vehicle portfolio,
which decreased 19.9%, the increase in the total portfolio would have been of 12.2%.
 Financial Margin with Clients grew 3.4%, totaling R$11.3 billion, reversing the trend of the last four quarters and starting an
upward trend.
 Financial Margin with Credit, net of loan losses provision expenses, grew 7.6% in the quarter and reached R$6.3 billion in
the 2Q13.
 Credit quality improvement: 90-day NPL decreased 30 basis points in the quarter and 100 basis points in 12 months, whereas
15-90 days NPL decreased 60 basis points in the quarter and 110 basis points in the 12-month period.
 Loan loss provision expenses were stable in relation to the previous quarter, but decreased 20.2% in 2013 year-over-
year.
 Banking service fees increased 5.4% in relation to the 1Q13, reaching R$5.4 billion. Year-to-date, banking service fees
increased 21.6% in relation to the same period of 2012. The result from insurance, including pension plan and capitalization
operations, reached R$1.4 billion in the 2Q13, with a 5.7% increase in relation to the 1Q13. Year-to-date, the increase was 11.2%
 Non-interest expenses grew 4.2% compared to the 1Q13 and only 4.6% in 2013 compared to the same period of 2012 (less
than cumulative inflation for the period). If we adjust the consolidation of Redecard to 100% so that they get comparable, this
growth would be of 2.5%.
 In the 2Q13, the risk-adjusted efficiency ratio increased 70 basis points compared to the previous quarter.

Variation Variation
2Q13 1Q13 2Q13 - 1Q13 1H13 1H12 1H13 - 1H12
Operating Revenues 19,166 18,817 1.9% 37,983 39,363 -3.5%
Financial Margin with Clients 11,305 10,929 3.4% 22,234 24,652 -9.8%
Financial Margin with Market 268 597 -55.1% 865 2,086 -58.5%
Banking Service Fees ¹ 5,399 5,122 5.4% 10,521 8,652 21.6%
Income from Insurance ² 2,194 2,169 1.2% 4,363 3,973 9.8%
Loan Losses and Retained Claims (4,164) (4,420) -5.8% (8,584) (10,970) -21.7%
Expense for Allowance for Loan Losses (4,912) (4,939) -0.6% (9,851) (12,349) -20.2%
Recovery of Credits Written Off as Losses 1,262 1,086 16.2% 2,348 2,356 -0.3%
Retained Claims (514) (567) -9.3% (1,081) (976) 10.7%
Other Operating Expenses (9,965) (9,568) 4.1% (19,533) (18,720) 4.3%
Non-interest Expenses (8,626) (8,280) 4.2% (16,905) (16,161) 4.6%
Tax Expenses and Others ³ (1,339) (1,288) 4.0% (2,627) (2,560) 2.6%
Income before Tax and Profit Sharing 5,038 4,828 4.3% 9,866 9,673 2.0%
Income Tax and Social Contribution (1,393) (1,295) 7.5% (2,688) (2,544) 5.6%
Minority Interests in Subsidiaries (24) (21) 13.7% (44) (0) -
Recurring Net Income 3,622 3,512 3.1% 7,134 7,129 0.1%
Non-recurring Events (39) (40) - (78) (399) -
Net Income 3,583 3,472 3.2% 7,055 6,730 4.8%
Results
¹ Banking Service Fees consider Income from Banking Charges
² Income from Insurance includes the Results from Insurance, Pension Plan and Capitalization Operations before Retained Claims and Selling Expenses.
³ Includes Tax Expenses (ISS, PIS, COFINS and other) and Selling Expenses from Insurance.
R$ million

Banking Operations & Insurance Operations
¹ Banking Service Fees consider Income from Banking Charges
² Income from Insurance includes the Results from Insurance, Pension Plan and Capitalization Operations before Retained Claims and Selling Expenses.
³ Includes Tax Expenses (ISS, PIS, COFINS and other) and Selling Expenses from insurance.
4 Considers the proportional result of our interest in Porto Seguro. Excluding this proportional distribution, our Risk-Adjusted Efficiency Ratio is 72.1%.
Note: Capital for Banking Operations (TIR I + TIR II) is calculated by multiplying our Risk Weighted Assets (RWA) by the Capital Ratio of 13.75% (11% BIS with 25% safety margin) whereas
Insurance Operations use the managerial allocated capital. Excess capital is the difference between the consolidated capital and that from Banking and Insurance Operations.
R$ million
Consolidated
Banking
Operations
(without excess
capital)
Insurance
Operations 4 Excess Capital
Operating Revenues 19,968 16,737 3,029 201
Managerial Financial Margin 11,540 11,338 - 201
Banking Service Fees ¹ 5,399 5,399 - -
Income from Insurance ² 3,080 - 3,080 -
Other Components of Operating Revenues (51) - (51) -
Loan and Retained Claim Losses (4,582) (3,650) (933) -
Result from Loan and Lease Losses (3,650) (3,650) - -
Retained Claims (933) - (933) -
Other Operating Expenses (10,302) (9,208) (1,085) (9)
Non-interest Expenses (8,784) (8,210) (574) -
Tax Expenses and Others
3
(1,518) (998) (510) (9)
Income before Tax and Profit Sharing 5,083 3,879 1,012 192
Income Tax and Social Contribution and Profit Sharing (1,462) (964) (421) (77)
Recurring Net Income 3,622 2,916 591 115
ROE 19.3% 20.4% 35.3% 4.2%
Efficiency Ratio 48.7% 52.2% 33.4% -
Risk-Adjusted Efficiency Ratio 73.0% 75.4% 65.3% -
2Q13

Financial Margin
12.8% 12.7%
13.4% 13.4%
12.6%
12.3%
11.6% 11.4%
9.1%
9.4%
6.0% 5.9%
6.4%
11.7%
9.8%
10.8%
11.3%11.4%
11.0%
7.2%7.0%6.9%6.9%
7.4%7.3%
7.8%
7.9%
6.5%
6.9%6.9%
7.4%
8.1%
6.8%
6.5% 7.2%
7.6%
8.3%
9.8%
10.7%
12.0%
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Gross Credit Spread NIM with Clients
Net Credit Spread Risk Adjusted NIM with Clients (after provision for loan
and lease losses and net of the recovery)
CDI

¹ Excluding endorsements and sureties
25.5
27.2
27.7
24.2
22.0
21.3
15.9
13.1
11.9
10.3
11.1
11.0
7.3
7.1
6.4
7.4
7.8
7.9
8.4
7.6
6.5
4.9
4.4
3.3Jun/12
Mar/13
Jun/13
11,30564(97)11512121910,929 (46)
1Q13 Loan Volume Calendar Days Selic Product Mix Client Mix and
Spreads
Equity in
Earnings of
Affiliates and
Other
2Q13
Financial Margin Composition
%
Margin Evolution
(Quarter)
Evolution of Loan Portfolio Mix ¹
Corporate Very Small, Small and Middle Market Vehicles Credit Card Personal Loans Mortgage Loans Latin America Payroll Loans
R$ million

6,148 5,734 6,040 5,724 5,818 5,845
3,880 4,839 4,862 4,781 4,531 3,854
6,2875,967
3,6503,657
9,937
9,699
10,34910,504
10,902
10,573
10,0279,624
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Expenses for Allowance for Loan Losses net of Recovery of Credits Written Off as Losses
Financial Margin of Credit (-) Provision for Loan and Lease Losses, net of Recovery
After one year, the Financial Margin of Credit increased again, growing 2.5% in the 2Q13. This recovery, along with
three consecutive improvements in results from loan losses, resulted in the growth of the net interest income after
loan losses provisions of 7.6% in the 2Q13, after two consecutive quarters of small increases.
Financial Margin of Credit and Allowance for Loan Losses
R$ million

990
864 822
1,028
839
151
175
779
161 136
100
36
268
875849
1,128
9581,039
1,142
597
940
700
947
900 921
833 844
926
890 884
828
638
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Sale of Cetip/ BM&FBovespa Shares
Financial Margin with Market (ex-Sale of Shares)
12-month moving average of Financial Margin with Market (ex-Sale of Shares)
Financial Margin with Market
*The average quarterly Financial Margin with the Market (excluding sale of shares), for the period of 1Q11 to 2Q12, is R$773 million.
R$ million

Variation Variation
2Q13 1Q13
2Q13 -
1Q13
1H13 1H12
1H13 -
1H12
Asset Management 585 567 3.0% 1,152 1,009 14.2%
Current Account Services 1,050 978 7.3% 2,028 1,557 30.2%
Loan Operations and Guarantees Provided 666 631 5.6% 1,297 1,343 -3.5%
Collection Services 361 340 6.3% 701 700 0.2%
Credit Cards 2,175 2,087 4.2% 4,262 3,029 40.7%
Other 562 518 8.4% 1,080 1,013 6.6%
Banking Service Fees Income¹ 5,399 5,122 5.4% 10,521 8,652 21.6%
Result from Insurance, Net ² 1,431 1,354 5.7% 2,786 2,506 11.2%
Total 6,830 6,476 5.5% 13,306 11,158 19.3%
Banking Service Fees and Result from Insurance*
5,530 5,795 5,590 5,568 5,532
6,551 6,476 6,830
29.1% 30.2% 28.6% 28.1% 28.8%
32.9% 34.4% 35.6%
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Banking Service Fees + Result from Insurance, Net
(Banking Service Fees + Result from Insurance, Net)/Operating Revenues
R$ million
¹ Even if the effect of the proportional increase of Redecard’s contribution was disregarded, the increase would have been 11.1% in relation to the 1H12.
² Income from insurance, pension plan and capitalization operations (-) Retained claims (-) Selling expenses with insurance, pension plan and capitalization.
* Banking Service Fees also consider Income from Banking Charges and the Result from Insurance includes Insurance, Pension Plan and Capitalization after Retained Claims and
Selling Expenses.
.

591
421
1,012
160
574
297
1,450
401
933
385
2,398Earned Premiums
Service Fees
Retained Claims
Selling Expenses
Technical Result
Financial Margin
Non-Interest Expenses
Other¹
Income Before Taxes
Income Taxes
Recurring Net Income
3,585 3,412 3,502 3,512 3,622
14.3% 13.4% 16.7% 15.9% 16.9%
85.7% 86.6% 83.3% 84.1% 83.1%
2Q12 3Q12 4Q12 1Q13 2Q13
Recurring Net Income Banking Operations Recurring Net Income Insurance Operations
Our claims ratio, which is
low and stable, reflects the
risk profile of our portfolio.
33.2%
73.8%
17.8%
22.8%
Insurance Claims Ratio
Selling Expenses/Earned Premiums
Administrative Expenses and
Others/Earned Premiums
Combined Ratio
37.7% 37.8%
32.2%
37.1%
33.2%
Claims Ratio (does not include our 30% interest in Porto Seguro and our health insurance operation)
Insurance Net Income Composition *
2Q13
Insurance Operations*
Net Income Evolution R$ million
R$ million
Combined Ratio Composition¹
2Q13
D Q
D Q
2.9%
6.5%
-2.7%
2.9%
7.9%
2.9%
-1.3%
26.3%
9.6%
10.8%
8.8%
-390 bps
10 bps
-30 bps
-420 bps
¹ Other: Other Operating Income/Expenses, Tax Expenses and Non-operating Income ¹ Does not include our 30% interest in Porto Seguro and our health insurance operation.
*Considers operations from Insurance, Pension Plan and Capitalization
Note: The proportion between the net income of Banking and Insurance Operations does not consider the result obtained by the excess capital.
*
*

5.8%
6.3%
6.6% 6.7%
7.3% 7.5%
6.9% 6.7% 6.4%
5.4%
4.2% 4.2%
4.5% 4.7% 4.9% 5.1% 5.2% 5.1%
4.8% 4.5%
4.2%4.1% 4.0%
3.3% 3.2%
2.8% 2.9% 3.1%
3.5% 3.5% 3.5% 3.7% 3.5% 3.3% 3.2%
2.9%
2.5%
5.7%5.8%6.0%
6.3%
6.7%
7.4%
8.0%8.1%
4.2%
4.6%4.8%
5.6%
5.9%
3.1%
Jun/09Sep/09Dec/09Mar/10 Jun/10Sep/10Dec/10Mar/11 Jun/11Sep/11Dec/11Mar/12Jun/12Sep/12Dec/12Mar/13 Jun/13
90-day Coverage Ratio
Loan Ratios
90-day NPL Ratio
Complementary Allowance Coverage
Specific Allowance Coverage
Generic Allowance Coverage
Individuals
Total
Companies
87% 88% 86% 87% 88% 89% 92% 90%
37% 35% 33% 33% 34% 40% 39% 43%
32% 30% 29% 27% 27%
29% 30% 32%
156% 153% 148% 147% 149%
158% 161% 165%
Sep/11 Dec/11 Mar/12 Jun/12 Sep/12 Dec/12 Mar/13 Jun/13
90-day NPL returned to the level seen
in 2010, which was the lowest since the
merger between Itaú and Unibanco.

12.3 13.1 12.9 14.0 14.9 14.2
7.3 7.6 8.0 8.0 7.7 8.1 7.9 7.9
5.1 5.1 5.1 5.1 5.1 5.1
14.6 13.4
5.1
5.1
24.7 25.8 26.0 27.1 27.7 27.7 27.2 26.4
(6.2)
(3.8) (4.0)
(5.0) (5.0) (4.9) (4.5) (3.9) (3.6)
(5.6)
(6.1)
(5.1)
(6.1)
(4.9) (4.9)
(5.7)
1.64%
1.79% 1.74% 1.71%
1.58%
1.34% 1.31%
1.17%
1.44% 1.38%
1.25%
1.04%
0.97%
1.57%
1.16%
1.42%
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Expenses for Provision for Loan Losses
Loan Ratios
Balance of Allowance for Loan Losses
Complementary portion of the provision—
expected loss model
Allowance for loan losses – Loan
Portfolio Rating A–G ¹
Allowance for loan losses – Loan
Portfolio Rating H ¹
Result from Loan and Lease Losses
Expenses for provision for loan losses
Expenses for provision for loans losses /
Credit portfolio 1
Result from Loan and Lease Losses /
Credit portfolio 1
R$ billion
R$ billion
¹ Average balance of the Loan Portfolio of the two previous quarters.
¹ Resolution 2,682/99 CMN

2.1% 1.9%
1.7%
1.2%
1.6%
1.2% 1.4% 1.5% 1.6% 1.7% 1.6%
1.9%
1.6% 1.5% 1.4% 1.4% 1.3%
4.6
5.1 5.5 5.4
4.0
2.9
4.1
3.3
4.0
6.6
5.4
5.1 5.3
5.8
4.8
4.65.0
4.9
3.0 3.1
4.2 4.6 4.2
3.6
3.3 4.2 3.6
4.0
4.4
5.9 5.3
6.1 6.0
5.7
Jun/09 Sep/09Dec/09 Mar/10 Jun/10 Sep/10Dec/10 Mar/11 Jun/11 Sep/11Dec/11Mar/12 Jun/12 Sep/12Dec/12Mar/13 Jun/13
7.2% 7.2% 6.9%
7.9% 7.5% 7.2%
6.3% 6.7%
5.9%5.9%
3.9%
4.7% 4.5% 4.3% 4.4%
4.8% 4.5% 4.2%
3.6% 4.0%
3.4%3.1%
2.3% 2.1% 2.5%
2.0% 2.2%
1.7%
2.4% 2.4% 2.1% 2.3% 2.3% 2.2% 1.8% 1.5% 1.9%
1.4%
7.5%
6.5%6.7%
7.5%
8.1%
7.7%
8.6%
9.3%
4.2%4.5%
5.1%4.7%
5.2%
Jun/09Sep/09Dec/09Mar/10 Jun/10Sep/10Dec/10Mar/11 Jun/11Sep/11Dec/11Mar/12Jun/12Sep/12Dec/12Mar/13 Jun/13
15 to 90-day NPL Ratio
Loan Ratios
NPL Creation and Write Off
15-90 days NPL recorded the lowest
level since the merger between Itaú and
Unibanco for the total loan portfolio as
well as for individuals and companies.
Individuals
Total
Companies
NPL Creation
NPL Creation/Loan
Portfolio¹
Write Off
¹ Average balance of the Loan Portfolio of the two previous quarters
R$ billion

Variation Variation
2Q13 1Q13 2Q13 - 1Q13 1H13 1H12 1H13 - 1H12
Personnel Expenses (3,811) (3,720) 2.4% (7,531) (6,879) 9.5%
Administrative Expenses (3,667) (3,429) 6.9% (7,096) (7,010) 1.2%
Personnel Expenses and Administrative (7,478) (7,150) 4.6% (14,628) (13,889) 5.3%
Operating Expenses¹ (1,049) (1,011) 3.7% (2,060) (2,044) 0.8%
Other Tax Expenses² (98) (119) -17.3% (218) (228) -4.4%
Non–Interest Expenses³ (8,626) (8,280) 4.2% (16,905) (16,161) 4.6%
Redecard Full Consolidation Adjustment - - - - (329) -
Total Expenses full consolidation of Redecard (8,626) (8,280) 4.2% (16,905) (16,490) 2.5%
67.0%
69.6% 70.3%
67.9% 70.0%
77.2% 78.2% 79.2%
(Banking Service Fees + Result from Insurance*) / Non-interest Expenses
(8,253) (8,327) (7,956) (8,205) (7,898)
(8,491) (8,280) (8,626)
44%45%40%44%42%43%40%43%
43% 46% 43% 44% 44% 44% 41% 43%
15% 14% 15% 14% 12%
16% 14% 13%
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Personnel Expenses Other Administrative Expenses Other Operating and Tax Expenses
,
Non-interest expenses increased 4.6% compared to the first half of 2012. If we had considered the full consolidation of
Redecard results in 2012, as shown in our financial statements, the increase in expenses would have been of 2.5% in
the period.
¹ Considers expenses with provision for contingencies, credit card selling, claims and other.
² Includes IPTU, IPVA, IOF and other. Does not include PIS, Cofins and ISS.
Non–Interest Expenses
R$ million
* Banking Service Fees also consider Income from Banking Charges and the Result from Insurance includes Insurance, Pension Plan and
Capitalization, after Retained Claims and Selling Expenses.

48.5
47.4
46.6
45.8
45.3 45.2
46.1
47.2
47.1 47.0 44.4 44.9 45.0 46.6 48.0 49.1
70.1 70.7 73.9 74.2 75.3 73.4 72.8 72.1
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
70.5 70.9
71.9 72.3
73.5
74.2 73.9
73.4
Efficiency Ratio and Risk-Adjusted Efficiency Ratio
Quarter E.R. (%) Quarter R.A.E.R. (%)
E.R. Cumulative figure of the last 12 months (%) R.A.E.R. Cumulative figure of the last 12 months (%)

75,636 74,416 75,781
Jun 30, 12 Mar 31, 13 Jun 30, 13
888,809
1,028,707 1,057,681
Jun 30, 12 Mar 31, 13 Jun 30, 13
Highlights
+ 19.0%
+ 2.8%
+ 0.2%
+ 1.8%
¹ In the fourth quarter of 2012, the acquisition of the minorities’ interest in Redecard was accounted for as a capital transaction because it did not represent a change in the control of the company, and
the difference between the value paid and the value corresponding to minority shareholders’ interest net of tax effects impacted our equity in R$7,360 million on December 31, 2012.
R$ million
Assets Stockholders’ Equity ¹

Variation
Jun 30, 13 Mar 31, 13 Dec 31,12 Jun 30, 12
Jun 30, 13 -
Mar 31, 13
Jun 30, 13 -
Dec 31,12
Jun 30, 13 -
Jun 30, 12
Individuals 153,359 152,749 150,388 149,145 0.4% 2.0% 2.8%
Credit Card 41,621 41,362 40,614 36,777 0.6% 2.5% 13.2%
Personal Loans 27,185 27,462 26,999 28,450 -1.0% 0.7% -4.4%
Payroll Loans 18,415 16,228 13,508 11,608 13.5% 36.3% 58.6%
Vehicles 45,302 48,532 51,220 56,575 -6.7% -11.6% -19.9%
Mortgage Loans 20,836 19,165 18,047 15,736 8.7% 15.5% 32.4%
Companies 257,399 250,630 246,914 239,331 2.7% 4.2% 7.5%
Corporate 170,994 163,684 157,954 147,673 4.5% 8.3% 15.8%
Very Small, Small and Middle Market 86,405 86,946 88,959 91,658 -0.6% -2.9% -5.7%
Latin America 34,355 30,860 29,293 24,923 11.3% 17.3% 37.8%
Total with Endorsements and Sureties 445,114 434,239 426,595 413,399 2.5% 4.3% 7.7%
Corporate — Private Securities 22,400 21,924 22,652 19,339 2.2% -1.1% 15.8%
Total with Endorsements, Sureties and Private Securities 467,514 456,162 449,248 432,738 2.5% 4.1% 8.0%
Total with Endorsements, Sureties and Private Securities (ex-Vehicles) 422,212 407,630 398,028 376,163 3.6% 6.1% 12.2%
Note: Disregarding the exchange rate effect, the growth of the total loan portfolio would have been 0.6% in the previous quarter and 5.8% compared to the same period of the previous year.
Loans by Type of Client / Product
R$ million
The payroll loans of Itaú BMG Consignado reached R$3.8 billion in the 2Q/13, a 152% increase from the 1Q13.

Jun 30, 13 Mar 31,13 Jun 30, 12
Jun 30, 13 -
Mar 31,13
Jun 30, 13 -
Jun 30, 12
Demand Deposits 38,665 33,718 31,361 14.7% 23.3%
Savings Deposits 92,324 87,072 73,056 6.0% 26.4%
Time Deposits 106,986 109,321 120,872 -2.1% -11.5%
Debentures (Repurchase Agreements) 123,072 122,316 115,724 0.6% 6.3%
Funds from Bills ¹ 34,952 36,151 38,757 -3.3% -9.8%
(1) Total - Funding from Institucional Clients and Account Holders (*) 395,999 388,578 379,770 1.9% 4.3%
Onlending 38,995 38,826 34,694 0.4% 12.4%
(2) Total – Funding from Institutional & Account Holders 434,993 427,403 414,464 1.8% 5.0%
Assets Under Administration ² 608,469 581,918 484,873 4.6% 25.5%
Technical Provisions for Insurance, Pension Plan and Capitalization 97,447 96,624 82,553 0.9% 18.0%
(3) Total – Clients 1,140,909 1,105,945 981,891 3.2% 16.2%
Deposits from Banks 7,056 8,444 9,686 -16.4% -27.1%
Funds from Acceptance and Issuance of Securities Abroad 17,723 16,069 12,973 10.3% 36.6%
Total Funds from Clients + Banks 1,165,688 1,130,458 1,004,550 3.1% 16.0%
Repurchase Agreements ³ 166,724 174,844 81,941 -4.6% 103.5%
Borrow ings 30,145 24,065 20,885 25.3% 44.3%
Foreign Exchange Portfolio 50,168 40,634 36,775 23.5% 36.4%
Subordinated Debt 53,813 52,031 42,948 3.4% 25.3%
Collection and payment of Taxes and Contributions 4,749 4,896 4,238 -3.0% 12.1%
Free Assets 4
63,843 62,735 64,608 1.8% -1.2%
Free Assets and Other 369,443 359,206 251,395 2.8% 47.0%
Total Funds (Free, Raised and Managed Assets) 1,535,131 1,489,664 1,255,945 3.1% 22.2%
Variation
Funding and Assets Under Management
R$ million
(*) Funds from Institutional Clients totaled R$22,866 million, which corresponds to 5.8% of the total raised with Account Holders and Institutional Clients.
¹ Includes funds from Real Estate, Mortgage, Financial, Credit and Similar Notes.
² In December 2012, we began consolidating the exclusive investment funds for the implementation of consolidated subsidiaries.
³ Does not include own issued debentures, classified as funding.
4 Stockholders’ Equity + Minority Interests - Permanent Assets.

334 362 359 364 384 407 395
112
119 99 101 90 89 88 87
446
481 458 465 474 496 483 499
411
335 345 347 357 360 366 371 379
100.5%
95.5% 96.7% 98.0% 93.6% 90.1%
94.1%
75.2% 71.9%
75.9% 76.8% 75.9% 73.9% 76.9% 76.0%
92.2%
Relation between Loan Portfolio and Funding
+ 2.1%
+4.2%
Funding¹ Reserve Requirements and Cash Loan Portfolio
Loan Portfolio / Funding (%) Loan Portfolio / Gross Funding² (%)
¹ Includes resources obtained from account holders and institutional clients, onlending, foreign borrowings and securities, borrowings and subordinated debts that are not included in
TIER II Reference Equity. Considers the deductions of reserve requirements, cash and cash equivalents.
² Considers gross funding (disregarding deductions of reserve requirements, cash and cash equivalents).
R$ billion

74.4
3.6 (0.7)
(0.3)
(1.2)
75.8
Stockholders’ Equity
Mar/13
Net Income for the
Period
Interest on Net
Equity and
Dividends
Asset Valuation
Adjustment
(available-for-sale)
Repurchase of
Shares
Stockholders’ Equity
Jun/13
Changes in Stockholders’ Equity
+ 1.8%
R$ billion

Balance Gross
Net of
Taxes
Government Securities - Domestic 45.9 (1.8) (1.0)
National Treasury Bills 18.0 (0.1) (0.0)
National Treasury Notes 7.0 (0.6) (0.3)
Brazilian External Debt Bonds 18.0 (1.2) (0.7)
Other 3.0 (0.0) (0.0)
Government Securities - Abroad 7.2 (0.0) (0.0)
Corporate Securities 38.5 (0.4) (0.2)
Available for Sale Securities ² 91.6 (2.2) (1.2)
Subordinated Debt - Foreign Currencies 18.0 1.2 0.7
Adjustment to
Market Value¹
The increases in interest rate yield curve and in the Brazilian risk premium generated a negative adjustment to market value in our of
Available for Sale Securities portfolio in the 2Q13.
Adjustment to Market Value
¹ Financial Statements, note 18 – Market Value
² Financial Statements, note 7d – Available for Sale securities
R$ billion
The impact on the Brazilian External Debt Bonds portfolio is offset by the variation of the subordinated debt. If this effect were
disregarded, the net effect on our shareholder’s equity would have been of R$ 0.5 billion.
The losses, relatively small, are compatible with the low VaR with which we operate (with lower limits in relation to the bank's
capital), protecting stockholder’s equity even at times of high volatility. Our Global Average VaR in the quarter was R$ 236,2 million.
the adjustment of AFS
securities, net of taxes,
affected the shareholder’s
equity and the capital ratios
securities used to offset
fluctuations in our
subordinated debt

RE RWA BIS Ratio
March, 2013 110.6 623.5 17.7%
Subordinated Debt Approved 1.1 0.2%
Net Income for the Period ¹ 3.6 0.6%
Corporate reorganizations -0.2 0.0%
Asset Valuation Adjustment
(available-for-sale)
-1.2 -0.2%
Interest on Net Equity and Dividends -0.7 -0.1%
Repurchase of Shares ² -0.3 0.0%
Other Changes in Referential Equity 0.0 0.0%
Changes in RWA 23.8 -0.6%
June, 2013 113.1 647.4 17.5%
Evolution of BIS Ratio and Tier I
(Economic Financial Consolidated)
BIS Ratio
R$ billion
RE = Referential Equity
RWA = Risk Weighted Assets
¹ Net income considered in the Economic Financial Consolidated.
² In jun/13, we repurchased 9 million preferred shares in the amount of R$ 255.9 million at an
average price of R$ 28.43 per share.
16.9%
17.7% 17.5%
12.4% 11.7% 11.7%
Jun/12 Mar/13 Jun/13
BIS Tier I
 If the remaining realization of assets and the complementary allowance for loan losses were considered, the ratio would have been 18.3%.
Note: Based on the financial conglomerate concept (―consolidado operacional‖), the BIS ratio reached 18.3% on Jun 30, 2013.
Quarter Evolution

Recurring ROE
22.6% 22.3% 21.4% 21.1% 20.0% 19.4% 19.1% 19.0%
21.2%
21.8%
19.4%
21.3%
19.9%
20.0%
18.3%
17.8% 18.1%
18.9%
19.3%
20.0%
18.5%
23.5%
19.1% 19.3%
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
ROAE (12-month trailing) ROAE ex-Financial Margin with Market net of taxes (quarterly) ROAE (quarterly)

Interest on Net Equity and Dividends
+ 16%
+10%
1,370 1,445
1,585
0.32
0.29
0.27
1H11 1H12 1H13
Interest on Net Equity and Dividends (R$ million) Interest on Net Equity and Dividends per share (R$)¹
¹ Adjusted number of outstanding shares from 1Q11 with the bonus of 10% occurred on May 20, 2013.

106
224
452
632
368
443 459 410
33979
95
189
242
191
207
277
292
331
41 36 51
185
319
641
874
559
650
736
702
670
9 13 19
32 23 32
23.8
41.2
54.5
80.8
115.3
140.5
107.9
175.1 179.6
152.8 150.6 141.7
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1H13
Market Capitalization and Average Daily Trading Volume
R$ million
Average Daily Trading Volume
(1) As of June 28, 2013, Itaú Unibanco was the 21th largest bank in the world in terms of market capitalization (Source: Bloomberg)
Market Capitalization (R$ billion) NYSE (ADR) BM&FBOVESPA (Non-voting + Common)
R$ billion
(1)

2Q13
Quartely
Variation
2Q13
Quartely
Variation
2Q13
Quartely
Variation
2Q13
Quartely
Variation
2Q13
Quartely
Variation
Financial Margin with Clients 5,844 2.8% 2,380 5.5% 2,664 -0.1% 685 -25.2% 11,573 0.4%
Service Fees and Insurance ¹ 5,220 5.7% 1,349 -1.8% 951 5.2% 74 -2.6% 7,593 4.2%
Loan Losses and Retained Claims (1,974) -18.7% (1,186) -1.7% (1,020) 39.1% 16 -129.5% (4,164) -5.8%
Non-interest Expenses (5,596) 5.6% (1,555) -3.7% (1,289) 8.4% (186) 3.7% (8,626) 4.2%
Others ² (1,803) 16.3% (502) 26.2% (533) -18.5% 83 - (2,755) 5.8%
Recurring Net Income 1,691 25.3% 485 18.6% 774 -22.3% 671 -11.4% 3,622 3.1%
Risk-Adjusted Efficiency Ratio 74.9% -460 bps 79.2% -470 bps 68.0% 1.100 bps 22.0% -110 bps 72.1% -70 bps
Coverage | 90 days ³ 171% 900 bps 127% -450 bps 219% 1,180 bps – – 165% 360 bps
RAROC 33.1% 700 bps 21.4% 390 bps 13.6% 380 bps 11.9% -280 bps 19.3% 20 bps
Activities with
the Market +
Corporation
Itaú Unibanco
Commercial
Banking - Retail
Consumer
Credit - Retail
Wholesale
Banking
Segments
¹ Includes Banking Service Fees and Income from Banking and Income from Insurance Insurance, Pension Plan and Capitalization.
² Includes Selling Expenses From Insurance, Taxes and Other Expenses, Income Tax and Social Contribution and Minority Interests.
³ The coverage ratio of segments considers the balance of the complementary provision.
R$ million

IFRS
For more details see the Announcement to the Market for the second quarter of 2013, available at our website: www.itau-unibanco.com/ir
R$ million
Variation Variation
2Q13 1Q13
2Q13 -
1Q13
1H13 1H12
1H13 -
1H12
BRGAAP - Recurring Net Income 3,622 3,512 3.1% 7,134 7,129 0.1%
Allowance for Loan Losses 109 133 - 242 (55) -
Recognition of deferred tax assets - - - - (265) -
Conversion of subsidiaries and unconsolidated companies
abroad
7 (74) - (67) (25) -
Effective interest rate 52 62 - 114 101 -
Other adjustments (3) (111) - (114) (115) -
IFRS - Recurring Net Income 3,787 3,522 7.5% 7,309 6,770 8.0%
IFRS - Net Income 3,748 3,482 7.6% 7,230 6,407 12.8%
Stockholders' Average Equity 76,770 75,215 2.1% 75,905 74,921 1.3%
Recurring Return on Average Equity 19.7% 19.1% 60 bps 19.3% 18.1% 120 bps
Conciliation BRGAAP x IFRS

2013 Expectations
¹ Banking Service Fees (+) Income from Insurance, Pension Plan and Capitalization Operations (-) Retained Claims (-) Selling Expenses with Insurance, Pension Plan and
Capitalization.
2013 Expectations
2013 Expectations
Revised
Total Credit Portfolio Growth of 11% to 14% Growth of 8% to 11%
Between R$ 19 billion and R$ 22 billion Maintained
Growth of 15% to 18% Maintained
Growth of 4% to 6% Maintained
Improvement of 200 to 400 basis points Maintained
Non-Interest Expenses
Risk-Adjusted Efficiency Ratio
Banking Service Fees and Result of Insurance ¹
Expenses for Provision for Loan Losses

Itaú Unibanco Holding S.A. 29
New Acquisitions and Partnerships – 2ndQ/13
Credicard
Agreement to purchase Credicard for R$ 2,767 million
• Portfolio of 4.8 million credit card and of R$7.3 billion in loans (dec/2012).
Cencosud
15-year agreement with the Chilean retailer Cencosud, to jointly develop consumer financing businesses
• More than 3 million clients, in Chile and Argentina.
Citibank Uruguay
Agreement to purchase the retail operations of Citibank in Uruguay (credit card operations under the brands
Visa, Mastercard and Diners).
• Over 15 thousand clients with bank accounts.
BMG Seguradora
Share Purchase Agreement, with controlling shareholders of Banco BMG, of 99.996% of the shares issued by
BMG Seguradora, through Banco Itaú BMG Consignado.
IRB – Institute of Reinsurance of Brazil
20-year term shareholders’ agreement, under which we will hold 15% of the total voting capital of IRB at the end of
destatization process.
Note: These operations are still awaiting the approval of regulatory bodies and, therefore, they have not yet impacted our results through the end of the second quarter of 2013.
Page

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