Ccall 4 q11_ing

Conference Call about
4th Quarter 2011 Earnings
ResultsResults
Itaú Unibanco Holding S.A.
Roberto Egydio Setubal
President & CEO Feb | 08 | 2012

Highlights
1. Results:
 Recurring net income reached R$ 3.7 billion in the 4thQ/11 (21.8% ROE) and R$ 14.6 billion in 2011 (22.3% ROE).
2. Loan Portfolio Growth:
 The loan portfolio totaled R$ 397.0 billion on December 31, 2011, a 3.9% growth in the 4thQ/11 and 19.1% from 2010.
3. Financial Margin with Clients and Banking Service Fees:
 Financial Margin with Clients grew 14.5% in 2011, reaching R$ 45.8 billion;
 Net Interest Margin with Clients decreased 70 basis points in the 4thQ/11 due to the expansion of funding from clientsNet Interest Margin with Clients decreased 70 basis points in the 4 Q/11 due to the expansion of funding from clients
and the reduction of Selic rate. The spread on loans remained almost stable with a 20 basis point decrease in the
quarter;
 Banking service fees plus result from insurance pension plans and capitalization operations grew 7 4% in the 4thQ/11 Banking service fees plus result from insurance, pension plans and capitalization operations grew 7.4% in the 4thQ/11,
totaling R$ 5.9 billion. The growth in the year was 13.3%, totaling R$ 21.8 billion.
Page 2Itaú Unibanco Holding S.A.

Highlights
4. Non-Performing Loans Ratio and Loan Losses:
 Expense for allowance for loan and lease losses, net of recovery of credits, totaled R$ 3.9 billion in the 4thQ/11, an
increase of 6.1% from the previous quarter. In 2011, this result reached R$ 14.4 billion, a 25.6% growth from 2010;p q g
 The 90-day NPL ratio reached 4.9% in the end of 2011, representing a 20 basis point growth compared to the
previous quarter, and a 70 basis point increase compared to December 2010. Compared to December 2009, there was
a reduction of 70 basis points.p
5. Non-Interest Expenses:
 In 2011, non-interest expenses grew 9.5%, reaching R$ 32.6 billion. In the 4thQ/11, the growth was 1.7% to total
R$ 8 5 billiR$ 8.5 billion.
6. Efficiency Ratio
 Efficiency ratio in the 4thQ/11 reached 47.3%, an improvement of 20 basis points when compared to the previousy p p p p
quarter and 460 basis points when compared to the same period of 2010.
 In the year, the efficiency ratio reached 47.7%, a 140 basis point decrease in relation to 2010.
7. Integration:
 In the second half of 2011, the process of integration between Itaú and Unibanco was completed. Today, 100% of the
technology platforms are integrated and running in a single environment.

Results
R$ million
4th
Q/11 3rd
Q/11
4th
Q/11 -
3rd
Q/11
2011 2010 2011 - 2010
Operating Revenues 19,578 19,167 2.1% 74,256 66,390 11.8%
$
Financial Margin with Clients 11,966 11,812 1.3% 45,816 40,020 14.5%
Financial Margin with Market 1,025 1,136 -9.8% 3,785 4,029 -6.1%
Banking Service Fees and Income from Banking Charges 5,088 4,820 5.5% 19,048 17,101 11.4%
Result from Insurance, Pension Plans and Capit. Operations
1 392 1 319 5 5% 5 215 4 711 10 7%
before Retained Claims and Selling Expenses
1,392 1,319 5.5% 5,215 4,711 10.7%
Other Operating Income 108 80 35.2% 393 528 -25.7%
Loan Losses and Retained Claims (4,202) (4,041) 4.0% (15,936) (13,092) 21.7%
Expense for Allowance for Loan Losses (5,453) (4,972) 9.7% (19,912) (15,693) 26.9%
Recovery of Credits Written Off as Losses 1,574 1,315 19.7% 5,488 4,209 30.4%
Retained Claims (322) (385) -16.3% (1,512) (1,608) -6.0%
Other Operating Income/(Expenses) (9,941) (9,662) 2.9% (37,819) (35,169) 7.5%
Non-interest Expenses (8,547) (8,401) 1.7% (32,587) (29,772) 9.5%
Tax Expenses for ISS, PIS, Cofins and Other Taxes (976) (946) 3.2% (3,839) (3,770) 1.9%
Other Results (*) (419) (315) 32.9% (1,392) (1,627) -14.4%
Income Before Tax on Income 5,435 5,463 -0.5% 20,502 18,129 13.1%
Income Tax and Social Contribution (1,689) (1,523) 10.9% (5,861) (5,106) 14.8%
Recurring Net Income 3,746 3,940 -4.9% 14,641 13,023 12.4%
Non-recurring Events (65) (133) (20) 300
Net Income 3,681 3,807 -3.3% 14,621 13,323 9.7%
(*) I l d it i i f t i t t (+ R$ 410 illi i 2011) ti i (+ R$ 191 illi i 2011) lli ith i ( R$ 989 illi i 2011) d
(*) Includes equity in earnings of permanent investments (+ R$ 410 million in 2011), non-operating income (+ R$ 191 million in 2011), selling expenses with insurance (- R$ 989 million in 2011) and
profit sharing (management members) and minority interest (- R$ 1,005 million in 2011).

Loans by Type of Client
R$ million
Dec 31, 11 Sep 30, 11 Dec 31, 10
Dec/11–
Sep/11
2011–2010
Variation
Sep/11
Individuals 147,573 141,475 125,079 4.3% 18.0%
Credit Card 38,961 35,586 33,030 9.5% 18.0%
Personal Loans 35,069 33,282 23,864 5.4% 47.0%
Vehicles 60,093 60,008 60,118 0.1% 0.0%
Mortgage Loans 13,450 12,599 8,067 6.8% 66.7%
Companies 228,761 221,660 193,951 3.2% 17.9%
Corporate 139,907 134,751 115,348 3.8% 21.3%
Very Small, Small and Middle Market 88,854 86,908 78,604 2.2% 13.0%
Argentina/Chile/Uruguay/Paraguay 20,678 19,102 14,397 8.3% 43.6%
Total with endorsements and sureties 397,012 382,236 333,427 3.9% 19.1%
Total Retail - Brazil 236,427 228,383 203,682 3.5% 16.1%
-
Corporate - Total Risk (*) 155,127 150,289 130,946 3.2% 18.5%
(*) Includes private securities (debentures, CRIs and commercial papers).
p ( )
Endorsements and Sureties 51,530 46,957 38,374 9.7% 34.3%
3.7% 17.2%Growth adjusted for the effects of exchange rate changes
Note: The acquired payroll loan portfolio is considered as corporate risk (balance of R$ 1,265 million on December 31, 2011 with decreases of 10.4% in the 4thQ/11 and 37.3% in 2011).

Net Interest Margin
14.4% 14.7%
13.8% 13.8%
13 2%12.9% 12.8% 13.2% 13.0%
12 1%
12.6% 12 2% 12 2%
11.4%
12.1% 12.2% 12.2%
11.5% 11.6% 11.7%
9.1%
9.6%
9.1%
9.8%
11.0%
(*)
9 %
8.3%
7.6%
8.3% 8.0%
1stQ/10 2ndQ/10 3rdQ/10 4thQ/10 1stQ/11 2ndQ/11 3rdQ/11 4thQ/11
Credit NIM
NIM with clients
NIM with clients (considering Selic constant and the growth of funding the same as that of credit)
Credit NIM after Provisions for Credit Risk
(*) Decrease influenced by the increase in funds from clients and the decrease in the Selic rate.
( ) Decrease influenced by the increase in funds from clients and the decrease in the Selic rate.

Credit Ratios
90-day NPL Ratio 15 to 90-day NPL Ratio
10.2%
9.3%
8.6%
7.7% 7.9%
7.5%
6 7%
7.5% 7.2% 7.2%
6 9%5.9%
5 6%
7.9% 8.1% 8.0%
7.4%
6.7%
6.3%
6.0% 5 8% 5 7% 5 8%
6.3%
6.6%
90 day NPL Ratio 15 to 90-day NPL Ratio
2.4%
2 1%
2.4%
5.8% 5.9%
5.1%
4.6%
4.9%
4.5% 4.2%
3.9%
4.7% 4.6% 4.3% 4.4%
6.7% 6.5%
6.9%
2.5%
3.1%
2.3% 2 1%
2.5%
2 0% 2 2% 2.4%
3.5% 3.5% 3.5%
4.4%
5.4%
5.9%
5.6%
4.8% 4.6%
4.2% 4.2% 4.2%
4.5% 4.7% 4.9%
5.8% 5.7% 5.8%
1 9%
3.1%
4.1% 4.0%
3.3% 3.2% 2.8% 2.9% 3.1%
2.1%2.3% 2.1% 2.0% 2.2%
1.8%
Mar/09 Jun/09 Sep/09 Dec/09 Mar/10 Jun/10 Sep/10 Dec/10 Mar/11 Jun/11 Sep/11 Dec/11
Companies Total Individuals
1.9%
Companies Total Individuals p
24 068 24 052
25,772
24,719
9.0%
9.8% 10.2% 9.8%
9.1%
8.6% 8.3%
7.5% 7 3% 7.5% 7 4% 7.5%
Balance of Allowance for Loan LossesAllowance for Loan Losses
R$ million
(*)
4,137
5,540
6,379 6,167
6,089 6,464 6,754 6,929 6,835
7,444 7,342 7,5035,058
5,058 5,058 5,058
6,477
6,104 6,104
6,104 6,104 4,531
7,252
6,104
21,637 22,915
24,068 24,052
22,872 22,623 23,018 22,018 22,239
24,719
23,775
7.5% 7.3% 7.5% 7.4% 7.5%
1.6% 1.8% 1.8% 1.7% 1.5% 1.5% 1.5% 1.4% 1.5% 1.6% 1.5% 1.6%
10,248 10,898 11,585 11,781 10,678 10,055 10,161 10,558 10,346 11,272 12,318 13,210
Additional provision — expected loss model + counter-cyclical provision
Complementary portion of the provision— expected loss model
1.4% 1.6% 1.6% 1.3% 1.2% 1.2% 1.1% 0.9% 1.1% 1.2% 1.1% 1.1%
1stQ/09 2ndQ/093rdQ/09 4thQ/09 1stQ/10 2ndQ/103rdQ/10 4thQ/10 1stQ/11 2ndQ/113rdQ/11 4thQ/11
Allowance for loan losses specific + generic + additional/ Loan Portfolio
E f All f L L / L P tf li (**)
Complementary portion of the provision expected loss model
Allowance for loan losses – Loan Portfolio Rating A–G (*)
Allowance for loan losses – Loan Portfolio Rating H (*)
Expense for Allowance for Loan Losses/ Loan Portfolio (**)
Exp. for Allow. for Loan Losses net of Recov. of Cred. Writt.Off as Loss / Loan Portfolio (**)
(*)There was an additional provision reversal in the amount of R$ 1.6 billion.
(**) Average loan portfolio balance considering the last two quarters.
(*) Resolution 2.682/99 CMN

Credit Ratios
C dit ti
189% 188%
196%
Credit coverage ratio
172% 174%
189% 188%
177% 173%
166%
156% 153%
133%137% 143%
151% 146% 140%
124%
138% 134% 132%
Sep/09 Dec/09 Mar/10 Jun/10 Sep/10 Dec/10 Mar/11 Jun/11 Sep/11 Dec/11
Coverage Ratio (*) - 90 days Coverage Ratio E-G (**)
(*) All f l d l l / B l f ti th 90 d d
(*) Allowance for loan and lease losses / Balance of operations more than 90 days overdue
(**) Allowance for loan and lease losses excluding portfolio rating H / Portfolio rating E-G

Highlights
Assets Stockholders' Equity
R$ million
71 347
+13.3%
+7.3%
+1.7%
+17.2%
+8.0%
+4.6%
60,879
66,083 68,206
71,347
751,443
793,679
836,994 851,332
Dec 31, 10 Jun 30, 11 Sep 30, 11 Dec 31, 11Dec 31, 10 Jun 30, 11 Sep 30, 11 Dec 31, 11

R$ million
Funding and Assets Under Management
Dec 31, 11 Sep 30, 11 Dec 31, 10
Dec/11–
Sep/11
Dec/11–
Dec/10
DemandDeposits 28,293 25,439 25,667 11.2% 10.2%
Variation
$
Savings Deposits 67,145 63,307 57,883 6.1% 16.0%
Time Deposits 130,473 121,402 113,468 7.5% 15.0%
Debentures (Repurchase Agreements) 107,781 102,315 89,420 5.3% 20.5%
Funds from Bills
(1)
33,587 25,501 14,278 31.7% 135.2%
(1) Total - Funding from Account Holders 367,279 337,963 300,716 8.7% 22.1%(1) Total Funding from Account Holders , , ,
Institutional Clients 22,073 17,735 16,982 24.5% 30.0%
Onlending 35,459 36,073 31,689 -1.7% 11.9%
(2) Total – Funding from Institutional & Account Holders 424,812 391,772 349,388 8.4% 21.6%
Assets Under Administration 403,906 390,811 363,818 3.4% 11.0%
73 754 70 170 60 551 5 1% 21 8%Technical Provisions for Insurance, PensionPlanandCapitalization 73,754 70,170 60,551 5.1% 21.8%
(3) Total – Clients 902,472 852,752 773,757 5.8% 16.6%
Deposits from Banks 2,066 2,157 1,929 -4.3% 7.1%
Funds from Acceptance andIssuance of Securities Abroad 16,931 14,350 9,930 18.0% 70.5%
Total Funds from Clients + Banks 921,469 869,260 785,616 6.0% 17.3%
Repurchase Agreements(2) 74,663 85,004 98,363 -12.2% -24.1%
Borrowings 21,143 21,799 15,649 -3.0% 35.1%
ForeignExchange Portfolio 26,182 39,759 22,035 -34.1% 18.8%
SubordinatedDebt 38,974 37,638 33,830 3.6% 15.2%SubordinatedDebt , , ,
Collectionandpayment of Taxes andContributions 856 4,636 694 -81.5% 23.3%
Free Assets (3) 61,577 59,010 53,412 4.4% 15.3%
Free Assets and Other 223,395 247,845 223,983 -9.9% -0.3%
Total Funds (Free, Raised and Managed Assets) 1,144,864 1,117,105 1,009,599 2.5% 13.4%
(1) Includes funds from Real estate, mortgage, financial, credit and similar notes.
(2) Does not include own issued Debentures classified as funding.
(3) Stockholders´ Equity + Minority - Permanent Assets.

Ratio between Loan Portfolio and Funding
R$ billion
91.5%
98.1% 95.1%
101.1% 102.9% 104.1% 100.5%
95.5%
700
800
77.7% 76.8% 75.6% 75.5% 75.9% 76.6% 75.2% 71.9%
+8.4%
112
119
322 341 367 391 400 414
446
481
31 335 345 400
500
600
700
+3.0%
274 267 292 292 304 334
48 74 75 99 105 109 112322 341
295 362
317 335
304295
262250 277
345
100
200
300
400
Mar/10 Jun/10 Sep/10 Dec/10 Mar/11 Jun/11 Sep/11 Dec/11
-
100
Loan Portfolio / Funding (%) Loan Portfolio / Gross Funding(**) (%)
(*) I l d bt i d f t h ld d i tit ti l li t l di f i b i d iti b i d b di t d d bt th t t
Funding (*) Compulsory Deposits and Cash Loan Portfolio
(*) 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 compulsory deposits and cash and cash equivalents;
(**) Considers gross funding (disregarding the deductions of compulsory deposits and cash and cash equivalents)

Banking Fees Revenues and Result from Insurance, Pension Plans and
Capitalization
R$ million
4th
Q/11 3rd
Q/11
4th
Q/11 -
3rd
Q/11
2011 2010
2011 -
2010
Asset Management 662 671 -1.3% 2,608 2,496 4.5%
C t A t S i 680 623 9 2% 2 477 2 451 1 1%Current Account Services 680 623 9.2% 2,477 2,451 1.1%
Loan Operations and Guarantees Provided 859 823 4.4% 3,288 2,809 17.1%
Collection Services 345 357 -3.5% 1,333 1,324 0.6%
Credit Cards 2,110 1,891 11.6% 7,497 6,347 18.1%
Other 432 455 -5.1% 1,845 1,673 10.3%, ,
Banking Service Fees Income 5,088 4,820 5.5% 19,048 17,101 11.4%
Result from Insurance, Pension Plans and Capitalization(*) 819 681 20.2% 2,714 2,100 29.3%
Total 5,906 5,502 7.4% 21,762 19,201 13.3%
(*) Income from insurance, pension plan and capitalization operations (-) Expenses for claims (-) Selling expenses with insurance, pension plan and capitalization
4,555 4,784 4,911 4,950 5,045 5,309 5,502
5,906
29.0% 29.4% 29.5% 27.8% 28.8% 29.5% 28.7% 30.2%
1stQ/10 2ndQ/10 3rdQ/10 4thQ/10 1stQ/11 2ndQ/11 3rdQ/11 4thQ/11
Banking Service Fees and Income from Banking Charges + Result from Insur Pens Plans and Capit
Banking Service Fees and Income from Banking Charges + Result from Insur., Pens. Plans and Capit.
Banking Service Fees and Income from Banking Charges + Result from Insur., Pens. Plans and Capit./Operating Revenues

Non–Interest Expenses
R$ million
4th
Q/11 3rd
Q/11
4th
Q/11 -
3rd
Q/11
2011 2010
2011 -
2010
Personnel Expenses (3,308) (3,471) -4.7% (13,357) (12,399) 7.7%
Administrative Expenses (3,833) (3,584) 7.0% (14,100) (13,598) 3.7%Administrative Expenses (3,833) (3,584) 7.0% (14,100) (13,598) 3.7%
Personnel Expenses and Administrative (7,141) (7,055) 1.2% (27,456) (25,996) 5.6%
Operating Expenses (*) (1,284) (1,259) 2.0% (4,760) (3,465) 37.4%
Other Tax Expenses (**) (122) (87) 39.5% (370) (311) 19.0%
Non–Interest Expenses (8,547) (8,401) 1.7% (32,587) (29,772) 9.5%
(*) Considers expenses for provision for contingencies, credit card selling, claims and other.
(**) Includes IPTU, IPVA, IOF and other. Does not include PIS, Cofins and ISS
p ( ) ( ) ( ) ( )
Evolution +15.5%
(7 401) (7 739)
(8,389)
(7 674) (7,965)
(8,401) (8,547)
IGPM +15.0%
IPCA +17.7%
(3,237) (2,738) (2,853) (2,745) (3,131)
(2,882)
(3,238) (3,626) (3,852) (3,260) (3,422) (3,584) (3,833)
(1,089)
(1,108) (1,015) (1,039)
(1,009)
(829)
(799)
(874)
(1,274) (1,207) (1,346) (1,405)(7,401)
(6,828) (6,771) (6,747)
(7,321)
(6,506)
(7,138)
(7,739) (7,674) ( ,965)
(1,172)
(3,075) (2,982) (2,903) (2,963) (3,180) (2,795) (3,101) (3,240) (3,263) (3,243) (3,335) (3,471) (3,308)
4thQ/08 1stQ/09 2ndQ/09 3rdQ/09 4thQ/09 1stQ/10 2ndQ/10 3rdQ/10 4thQ/10 1stQ/11 2ndQ/11 3rdQ/11 4thQ/11
4thQ/08 1stQ/09 2ndQ/09 3rdQ/09 4thQ/09 1stQ/10 2ndQ/10 3rdQ/10 4thQ/10 1stQ/11 2ndQ/11 3rdQ/11 4thQ/11
Personnel Expenses Other Administrative Expenses Other Operating and Tax Expenses

Evolution of Efficiency Ratio since 2005
Effi i R ti d Ri k Adj t d Effi i R tiEfficiency Ratio and Risk-Adjusted Efficiency Ratio
Goal for
Efficiency
72.5%
74.6%
71.4% 72.3%
75.0%
70.1% 70.3%
y
Ratio at the
end of 2013:
53 1%53.1%
51.3% 51.2%
48.8%
51.9%
41 0%47.2%
49.4% 49.1%
47.7%
51.5%
47 3%
53.3%
52.0%
50.7%
41.0%47.2% 47.3%
2005 2006 2007 2008 2009 2010 2011 2013
Risk-Adjusted Efficiency Ratio - Year to Date
Efficiency ratio Year to Date
Efficiency ratio - Year to Date
Efficiency ratio - 4thQ

Pro Forma Segmentation Highlights
R$ million
4thQ/11 x 3rdQ/11
Itaú UnibancoCommercial Bank Consumer Credit Itaú BBA
Activities with the Market
+
C ti
4t h Q/11 QoQ (%) 4
th
Q/11 QoQ (%) 4
th
Q/11 QoQ (%) 4
th
Q/11 QoQ (%) 4
th
Q/11 QoQ (%)
Recurring Net Income 1,801 -0.7% 380 19.9% 706 17.7% 859 -28.9% 3,746 -4.9%
Allocated Capital 28,613 7.3% 9,634 7.6% 10,394 8.4% 22,707 -1.2% 71,347 4.6%
Quarterly RAROC - Annualized 26 1% -220 bps 16 3% 310 bps 28 3% 310 bps 15 7% -600 bps 21 8% -170 bps
Corporation
Quarterly RAROC - Annualized 26.1% -220 bps 16.3% 310 bps 28.3% 310 bps 15.7% -600 bps 21.8% -170 bps
Efficiency Ratio (ER) 52.6% 90 bps 46.3% -730 bps 34.7% -860 bps 21.9% 1,020 bps 47.3% -20 bps
Total Assets (*) 571,315 -0.9% 101,453 2.3% 191,620 -4.4% 115,171 35.1% 851,332 1.7%
2011 x 2010
Itaú UnibancoCommercial Bank Consumer Credit Itaú BBA
Activities with the Market
+
2011 YoY (%) 2011 YoY (%) 2011 YoY (%) 2011 YoY (%) 2011 YoY (%)
Recurring Net Income 7,563 20.4% 1,445 -42.5% 2,565 -9.7% 3,069 121.5% 14,641 12.4%
Allocated Capital 28,613 37.9% 9,634 21.8% 10,394 -18.3% 22,707 16.5% 71,347 17.2%
Corporation
Quarterly RAROC - Annualized 30.6% -550 bps 15.3% -1,770 bps 25.1% 190 bps 14.4% 670 bps 22.3% -120 bps
Efficiency Ratio (ER) 50.9% -210 bps 52.7% 450 bps 38.5% 120 bps 17.9% -1,140 bps 47.7% -150 bps
Total Assets (*) 571,315 7.2% 101,453 10.1% 191,620 -8.7% 115,171 73.7% 851,332 13.3%
(*) Does not represent the sum of the parts because there are transactions between segments that were eliminated only in the consolidated statements.

Itaú Unibanco Net Income Composition
4thQ/20113rdQ/2011
16%14%
3 Q/2011
34%34%
21%29%
10%
19%
8%
15%
Consumer Credit
Activity with the Market + Corporation
Commercial Bank
Itaú BBA
Activity with the Market Corporation
Insurance, pension plans and capitalization

BIS Ratio
E l ti f BIS R ti Ti I d T ibl C it l (*)
15 4% 15 5%
16.4%
Evolution of BIS Ratio, Tier I and Tangible Capital (*)
(Economic Financial Consolidated)
15.4% 15.5%
11.8% 12.0%
12.6%
11.9%
11.1% 11.4%
Dec/10 Sep/11 Dec/11
BIS Tier I Tangible Capital
•Considering the Stockholders’ Equity decrease pursuant to the approval in the stockholders’ meeting scheduled to April 20 2012 of the management
(*)Th T ibl C E it TCE i d fi d i t ti ll it l i t ibl t d ill d ti h
•Considering the Stockholders Equity decrease pursuant to the approval, in the stockholders meeting scheduled to April 20, 2012, of the management
proposal for the supplementary payment of interest on own capital in the amount of R$1,847 million, the ratio would have been 16.0%;
•The BIS ratio of December 31, 2011, increased 40 basis points when compared to September 30, 2011, as a result of BACEN Circular No. 3,563, in
effect since July 1st, 2011;
•The repurchase of 41 million shares to the Treasury, carried out in 2011, reduced the Basel ratio in 20 basis points.
(*)The Tangible Common Equity – TCE is defined internationally as equity less intangible assets, goodwill and non-voting shares.
In Brazil, non-voting shares essentially fulfill the role of capital and, therefore, were not excluded. We point out that the tax credits were not excluded for this calculation and, therefore, do not represent
the concept of core capital introduced by the Basel Pillar III.
Note: Based on financial conglomerate, the BIS ratio reached 16.0% on December 31, 2011.

Market Capitalization and Average Daily Trading Volume
54 5
80.8
115.3
140.5
107.9
175.1 179.6
152.8
(1)
23.8
41.2
54.5
1 93
2.16
2.35 2.32
2.87
3.23
R$ million
242
641
874
650
7360.95
1.09
1.41
1.68
1.93
Average Daily Trading Volume 189
191
207
277
319
641
559
650
106
224
452
632
368
443 459
23 36 51
185
319
32
79
95
3223
9 13 19
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
NYSE (ADR) BM&FBOVESPA (Non-voting + Common)
(1) As of December 31, 2011, we were the 8th largest bank in the world in terms of market capitalization (Source: Bloomberg)
( ) ( g )
Market Capitalization (R$ billion) Recurring Net Income per share (R$)

Branch Network
Number of regular branches and Client Service Branches (CSB)Number of regular branches and Client Service Branches (CSB)
North
113
Highlights 2011 - Brazil
Midwest
359
Northeast
333
113
 Opening of 123 branches and 43 CSBs
93% in cities with more than 50 thousand inhabitants
82 branches and 8 CSBs in the 4thQ/11
359 Southeast
3,141
South
 Remodeling of 440 branches to the new service
model of Itaú Unibanco
386 remodeled branches in the 4thQ/11
755
B il 4 701
386 remodeled branches in the 4 Q/11
Highlights 2011 - Abroad
Brazil: 4,701
Abroad + IBBA: 283
Total: 4,984
 Acquisition of the HSBC Chile network (4 branches)
 Opening of 19 branches in Latin America

Expectations for 2011
Real Figures
1 Credit growth: 16% 20% (*) 19 1%
2. A slight increase in NPL levels
1. Credit growth: 16% – 20% ( ) 19.1%
70 bps
3. Banking services fees growth: 14% – 16% 11.4%
4. Non-interest expenses growth: 10% – 13%
Revised to 8% - 10%
9.5%
5 A 250 basis point improvement in the Efficiency Ratio
(2011-2010)
140 bps
5. A 250 basis point improvement in the Efficiency Ratio
(4thQ11-4thQ10)
460 bps
(*) Does not include endorsements and sureties.

Expectations for 2012
1. Credit growth: 14% – 17% (*)
maintenance of market share among privately owned banks
2. Stable NPL levels in the year
maintenance of market share among privately owned banks
3. Increase in banking service fees and result from insurance, pension plan and
with possible seasonal variations
4 Non-interest expenses growth: 4% – 8%
g , p p
capitalization operations (**): 10% – 12%
4. Non-interest expenses growth: 4% – 8%
5. Efficiency ratio improvement: 200 – 300 basis points
(*) Does not include endorsements and sureties
(**) Banking Service Fees (+) Income from insurance, pension plan and capitalization operations (-) Expenses for claims (-) Selling expenses with insurance, pension plan and capitalization.

Public Tender Offer for Redecard
Public Tender Offer Highlights:
• Indicative purchase price: maximum of R$ 35 per common share (RDCD3)
• Number of Shares: 336 390 251 shares (49 9859% of capital)• Number of Shares: 336,390,251 shares (49.9859% of capital)
• Total Offer : R$ 11.8 billon (in cash - Brazilian Reais, BRL)
Rational:
• Offer price in line with the average Price Target for 12 months
• Neutral in terms of results for the next 2 years
• Change in regulation
• Increased flexibility (avoids potential conflicts between different minority shareholders)
Next Steps:
• An Extraordinary General Meeting will be convened by the Board of Directors of Redecard to discuss:
• The choice of the specialized service provider retained to produce the appraisal report on the RDCD Shares;• The choice of the specialized service provider retained to produce the appraisal report on the RDCD Shares;
• The withdrawal of Redecard from the Novo Mercado Segment.
The Tender Offer for Voluntary Delisting is subject to regulatory approval and other terms and conditions of the offer shall be disclosed to the market in accordance
The Tender Offer for Voluntary Delisting is subject to regulatory approval and other terms and conditions of the offer shall be disclosed to the market, in accordance
with the applicable rules.

Redecard – Share price evolution – RDCD3
R$R$
Tender Offer Max R$ 35.00
Dividends R$ 1 10
29 01
32.04
Feb/06
35.40
Feb/07
2012
Dividends R$ 1.10
R$ 36.10
29.01
Apr/01
2010
Feb/06
2012
20 7820.78
Jul/12
2007
14.27
17.18
Feb/10
2011Oct/27
2008
2011
Historical price adjusted for dividend payments

Redecard – Share price evolution – RDCD3
Base 100: Jul/12/2007
166
159
Base 100: Jul/12/2007
IPO Redecard
160
9
114120
140
114
101
101
100
120
60
80
40
ul‐07
ep‐07
ov‐07
n‐08
ar‐08
ay‐08
ul‐08
ep‐08
ov‐08
n‐09
ar‐09
ay‐09
ul‐09
ep‐09
ov‐09
n‐10
ar‐10
ay‐10
ul‐10
ep‐10
ov‐10
n‐11
ar‐11
ay‐11
ul‐11
ep‐11
ov‐11
n‐12
Ju
Se
No
Ja
Ma
Ma
Ju
Se
No
Ja
Ma
Ma
Ju
Se
No
Ja
Ma
Ma
Ju
Se
No
Ja
Ma
Ma
Ju
Se
No
Ja
Redecard ‐ with
dividends reinvestment
Redecard ‐
reinvestment of
dividends in CDI
Ibovespa
Index
Tecnology
Index*
IFNC11
Index**
(*): Composed by TOTS3 (Totvs), POSI3 (Positive), TIMP3 (Tim), TNLP4 (Telemar), NETC4 (Net) and BRTO4 (Brazil Telecom). All stocks
have the same participation in the index (16.66 %).
(**): Financial Index (BMF & BOVESPA) composed by stocks representing companies of financial intermediaries sectors, financial
services and several pension and insurance companies.

Ccall 4 q11_ing

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