Recurring net income reached R$ 5.5 billion, with a return on equity (ROE) of 24.7%.

1. 1
3rd quarter, 2014 – Earnings Review
Conference Call
Alfredo Egydio Setubal
Executive Vice-President and Investor Relations Officer

2. Itaú Unibanco Holding S.A. 2
Highlights
Financial Margin with Clients: 4.5% (3Q14/2Q14) and 12.3% (9M14/9M13)
totaled R$13.3 billion in the quarter and R$37.9 billion year-to-date
Financial Margin with Market: 22,9% (3Q14/2Q14) and 113.9% (9M14/9M13)
totaled R$1.1 billion in the quarter and R$2.6 billion year-to-date
Loan Loss Provision Expenses: 6.2% (3Q14/2Q14) and 6.5% (9M14/9M13)
reached R$4.7 billion in the quarter and R$13.5 billion year-to-date
Fees and Result from Insurance: 4.1% (3Q14/2Q14) and 14.7% (9M14/9M13)
reached R$8.1 billion in the quarter and R$23.3 billion year-to-date
Disregarding Credicard: 11.5% (9M14/9M13)
Non-Interest Expenses: 1.8% (3Q14/2Q14) and 10.8% (9M14/9M13)
totaled R$9.8 billion in the quarter and R$28.4 billion year-to-date
Disregarding Credicard: 7.6% (9M14/9M13)
Improvement in the Efficiency Ratio: 160 bps (3Q14/2Q14) and 170 bps (9M14/9M13)
reached 45.5% in the quarter, and the Risk-Adjusted Efficiency Ratio reached 63.2%
Loan Portfolio: 3.2% (3Q14/2Q14) and 10.2% (3Q14/3Q13)
including private securities 3.4% (3Q14/2Q14) and 11.5% (3Q14/3Q13)
100 bps (3Q14/2Q14)
380 bps (3Q14/3Q13)
R$5.5
billion
Recurring Net Income
24.7%
Recurring ROE (p.a.)
12- month ROE of 23.6%
20 bps (3Q14/2Q14)
70 bps (3Q14/3Q13)
3.2%
NPL 90
Better Credit Quality
NPL 15-90: 2.6% 40 bps (3Q14/3Q13)
9.7% (3Q14/2Q14)
34.1% (9M14/9M13)

3. Itaú Unibanco Holding S.A. 3
Results
1 Income from Insurance includes the Results from Insurance, Pension Plan and Capitalization Operations before Retained Claims and Selling Expenses.
2 Includes Tax Expenses (ISS, PIS, COFINS and other) and Selling Expenses from Insurance.
R$ million
Variation
3Q14 2Q14 3Q13
3Q14 -
2Q14
3Q14 -
3Q13
9M14 9M13
9M14 -
9M13
Operating Revenues 23,305 22,118 19,612 5.4% 18.8% 66,086 57,596 14.7%
Financial Margin with Clients 13,287 12,712 11,495 4.5% 15.6% 37,873 33,730 12.3%
Financial Margin with Market 1,083 881 340 22.9% 218.6% 2,577 1,205 113.9%
Comissions and Fees 6,558 6,338 5,591 3.5% 17.3% 18,952 16,111 17.6%
Result from Insurance 1 2,379 2,187 2,187 8.8% 8.8% 6,683 6,550 2.0%
Loan Losses and Retained Claims (3,902) (3,711) (3,755) 5.1% 3.9% (11,264) (12,339) -8.7%
Loan Loss Provision Expenses (4,741) (4,465) (4,537) 6.2% 4.5% (13,457) (14,388) -6.5%
Recovery of Credits 1,397 1,234 1,297 13.3% 7.7% 3,719 3,645 2.0%
Retained Claims (559) (480) (515) 16.4% 8.4% (1,526) (1,596) -4.4%
Other Operating Expenses (11,292) (11,050) (9,989) 2.2% 13.0% (32,805) (29,522) 11.1%
Non-interest Expenses (9,753) (9,577) (8,703) 1.8% 12.1% (28,369) (25,608) 10.8%
Tax Expenses and Other 2 (1,538) (1,473) (1,287) 4.4% 19.6% (4,436) (3,914) 13.3%
Income before Tax and Minority Interests 8,112 7,357 5,868 10.3% 38.2% 22,016 15,734 39.9%
Income Tax and Social Contribution (2,571) (2,306) (1,796) 11.5% 43.1% (6,832) (4,484) 52.4%
Minority Interests in Subsidiaries (84) (78) (50) - - (226) (95) -
Recurring Net Income 5,457 4,973 4,022 9.7% 35.7% 14,959 11,156 34.1%
Non-recurring Income (53) (74) (27) - - (237) (106) -
Net Income 5,404 4,899 3,995 10.3% 35.3% 14,722 11,050 33.2%
Variation

4. Itaú Unibanco Holding S.A. 4
Recurring ROE
19.4% 19.1% 19.0% 19.7%
20.9%
21.7%
22.8%
23.6%
19.3% 19.1% 19.3%
20.9%
23.9%
22.6%
23.7%
24.7%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
ROE (12 months) ROE (quarterly)

5. Itaú Unibanco Holding S.A. 5
R$ million
Loan Portfolio
Variation
Sep 30,14 Jun 30,14 Dec 31,13 Sep 30,13
Sep 30,14 -
Jun 30,14
Sep 30,14 -
Dec 31,13
Sep 30,14 -
Sep 30,13
Individuals 178,280 172,441 168,714 156,198 3.4% 5.7% 14.1%
Credit Card 54,265 53,524 54,234 43,078 1.4% 0.1% 26.0%
Personal Loans 28,690 28,678 27,373 27,293 0.0% 4.8% 5.1%
Payroll Loans 36,436 29,892 22,578 20,579 21.9% 61.4% 77.1%
Vehicles 31,323 34,068 40,319 42,733 -8.1% -22.3% -26.7%
Mortgage Loans 27,566 26,280 24,209 22,515 4.9% 13.9% 22.4%
Companies 285,813 278,573 275,594 264,010 2.6% 3.7% 8.3%
Corporate 203,042 195,714 190,140 178,228 3.7% 6.8% 13.9%
Very Small, Small and Middle Market 82,771 82,859 85,454 85,782 -0.1% -3.1% -3.5%
Latin America 39,252 36,609 39,088 36,354 7.2% 0.4% 8.0%
Total with Endorsements and Sureties 503,345 487,623 483,397 456,561 3.2% 4.1% 10.2%
Corporate - Private Securities 32,942 30,801 26,482 24,455 7.0% 24.4% 34.7%
Total with Endorsements, Sureties and Private Securities 536,287 518,423 509,879 481,017 3.4% 5.2% 11.5%

6. Itaú Unibanco Holding S.A. 6
12,712 13,287(30) 144 228 144 89
2Q14 Mix of products,
clients and spreads
Calendar Days SELIC rate sensitive
operations
Volume of loan
operations
Other 3Q14
Financial Margin with Clients Breakdown
Financial Margin with Clients Breakdown
(Quarter)
%
R$ million
Loan Portfolio Mix Change 1
1 Excluding endorsements and sureties
Corporate Very Small, Small and Middle Market Vehicles Credit Card Personal Loans Mortgage Loans Latin America Payroll Loans
25.3
26.4
28.0
29.9
25.1
23.4
20.7
17.7
17.9
15.0
11.0
7.3
10.6
10.2
11.1
12.7
7.4
7.8
6.9
6.6
5.5
6.7
8.3
8.8
5.3
7.1
8.7
8.6
2.9
3.5
5.3
8.5
Sep-11
Sep-12
Sep-13
Sep-14

7. Itaú Unibanco Holding S.A. 7
Net Interest Margin
1 After Loan Loss Provision Expenses, net of Recovery
12.3%
11.6% 11.4%
10.9% 10.9% 10.9%
11.4% 11.2%
9.8%
9.1% 9.4%
9.1% 9.1% 8.9%
9.4% 9.4%
6.9% 7.0% 7.2% 7.4%
7.9%
7.5%
8.0% 7.9%
6.0% 5.9%
6.4% 6.5%
6.9%
6.6% 7.0%
7.0%6.8% 6.5%
7.2%
8.4%
9.2% 10.1% 10.1%
10.8%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
Gross Credit Spread NIM with Clients
Net Credit Spread 1 Risk Adjusted NIM with Clients 1
CDI

8. Itaú Unibanco Holding S.A. 8
Financial Margin with Market
R$ million
The quarterly average Financial Margin with the Market (ex- Gains from sale of Shares), for the period from the 4Q12 to the 3Q14, is R$662 million
Financial Margin with Market (ex- Gains from sale of Shares)
Gains from the sale of Cetip/ BM&FBovespa Shares
12-month trailing Financial Margin with Market (ex- Gains from sale of Shares)
36
63
875
597
268 340
739
614
881
1,083
884
828
638
495 470 474
628
829
839
277
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

9. Itaú Unibanco Holding S.A. 9
90-day Coverage Ratio
Credit Quality
90-day NPL Ratio
Individuals
Total
Companies
Complementary Allowance Coverage
Specific Allowance Coverage
Generic Allowance Coverage
8.0%
7.4%
6.7%
6.3%
6.0% 5.8% 5.7% 5.8%
6.3%
6.6% 6.7%
7.3% 7.5%
6.9% 6.7% 6.4%
6.0% 5.8%
5.4% 5.2%
5.0%
5.9%
5.6%
4.8% 4.6%
4.2% 4.2% 4.2%
4.5% 4.7% 4.9% 5.1% 5.2% 5.1%
4.8% 4.5%
4.2%
3.9% 3.7% 3.5% 3.4% 3.2%
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%
2.3%
2.0% 1.9% 1.8% 1.8%
Sep/09Dec/09Mar/10Jun/10Sep/10Dec/10Mar/11Jun/11Sep/11Dec/11Mar/12Jun/12Sep/12Dec/12Mar/13Jun/13Sep/13Dec/13Mar/14Jun/14Sep/14
89% 92% 90% 94% 97% 99% 93% 94%
40% 39% 43% 42% 43% 41% 46% 50%
29% 30% 32% 33% 35% 37% 37% 37%
158% 161% 165% 170% 174% 176% 176% 181%
Dec/12 Mar/13 Jun/13 Sep/13 Dec/13 Mar/14 Jun/14 Sep/14

10. Itaú Unibanco Holding S.A. 10
(5.7) (4.9) (4.9) (4.5) (4.2) (4.3) (4.5) (4.7)
(4.5) (3.9) (3.6) (3.2) (2.8) (3.2) (3.2) (3.3)
6.3%
5.4% 5.2%
4.7%
4.2% 4.1% 4.3% 4.5%5.0%
4.2% 3.9%
3.4%
2.8% 3.1% 3.1% 3.2%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
Loan Loss Provisions Expenses
Credit Quality
Allowance for Loan Losses
1 Resolution 2,682/99 CMN
1 Average balance of the Loan Portfolio of the two previous quarters.
R$ billion
R$ billion
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
Loan Loss Provision Expenses
Loan Loss Provision Expenses / Loan
Portfolio 1 – Annualized
Result from Loan and Lease Losses
/ Loan Portfolio 1 – Annualized
14.6 14.2 13.4 13.2 13.7 12.3 11.7 12.1
8.1 7.9 7.9 7.4 7.5 7.5 7.7 8.0
5.1 5.1 5.1 5.1 5.2 5.2 5.2 5.2
27.7 27.2 26.4 25.7 26.4 25.0 24.5 25.3
Dec/12 Mar/13 Jun/13 Sep/13 Dec/13 Mar/14 Jun/14 Sep/14

11. Itaú Unibanco Holding S.A. 11
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% 1.1% 1.0% 1.1% 1.1% 1.0%
4.6
4.0
2.9
4.1
3.3
4.0 4.6 5.1
5.5 5.4
6.6
5.8 5.4
5.1 5.3
4.8
4.4 4.1 4.7 4.7 4.1
3.1
4.2
4.6
4.2
3.6
3.3
4.2
3.6
4.0 4.4
5.9
4.9
5.3
6.1 6.0 5.7 5.3
4.8
5.6
5.0
4.1
Sep/09Dec/09Mar/10Jun/10Sep/10Dec/10Mar/11Jun/11Sep/11Dec/11Mar/12Jun/12Sep/12Dec/12Mar/13Jun/13Sep/13Dec/13Mar/14Jun/14Sep/14
15 to 90-day NPL Ratio
Credit Quality
NPL Creation and Write Off
1 Average balance of the Loan Portfolio considering the two previous quarters
NPL Creation
NPL Creation/Loan
Portfolio1
Write Off
Individuals
Total
Companies
8.6%
7.7%
8.1%
7.5%
6.7% 6.5%
7.5% 7.2% 7.2% 6.9%
7.9%
7.5% 7.2%
6.3%
6.7%
5.9%
5.4%
4.7% 4.9% 4.6%
4.2%
5.2%
4.7% 5.1%
4.5% 4.2% 3.9%
4.7% 4.5% 4.3% 4.4%
4.8% 4.5% 4.2%
3.6%
4.0%
3.4% 3.0% 3.0% 3.0% 2.7% 2.6%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% 1.2% 1.5% 1.4% 1.2% 1.3%
Sep/09Dec/09Mar/10Jun/10Sep/10Dec/10Mar/11Jun/11Sep/11Dec/11Mar/12Jun/12Sep/12Dec/12Mar/13Jun/13Sep/13Dec/13Mar/14Jun/14Sep/14
R$ billion

12. Itaú Unibanco Holding S.A. 12
6,551 6,476 6,830 7,004 7,431 7,423 7,775 8,093
32.9% 34.4% 35.6% 35.7% 35.6% 35.9% 35.2% 34.7%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
Commissions and Fees + Net Result from Insurance
(Commissions and Fees + Net Result from Insurance)/Operating Revenues
Commissions and Fees and Result from Insurance*
*Commissions and Fees includes Income from Banking Service Fee and Banking Charges and the Result from Insurance includes Insurance, Pension Plan and Capitalization after
Retained Claims and Selling Expenses.
R$ million
1 Income from Insurance (-) Retained Claims (-) Selling Expenses with Insurance.
Variation
3Q14 2Q14 3Q13
3Q14 -
2Q14
3Q14 -
3Q13
9M14 9M13
9M14 -
9M13
Asset Management 688 652 663 5.5% 3.8% 1,993 1,815 9.8%
Current Account Services 1,217 1,228 1,040 -1.0% 17.0% 3,582 3,068 16.8%
Credit Operations and Guarantees Provided 781 760 765 2.8% 2.2% 2,234 2,061 8.4%
Collection Services 387 410 359 -5.7% 7.8% 1,160 1,061 9.4%
Credit Cards 2,767 2,682 2,281 3.1% 21.3% 8,050 6,544 23.0%
Other 719 605 483 18.8% 48.7% 1,933 1,563 23.6%
Commissions and Fees Income 6,558 6,338 5,591 3.5% 17.3% 18,952 16,111 17.6%
Net Result from Insurance1 1,536 1,437 1,414 6.9% 8.6% 4,339 4,199 3.3%
Total 8,093 7,775 7,004 4.1% 15.6% 23,291 20,310 14.7%
(-) Fees and Result from Insurance from Credicard 218 206 - 6.0% - 651 - -
Total (ex-Credicard) 7,875 7,569 7,004 4.0% 12.4% 22,640 20,310 11.5%
Variation

13. Itaú Unibanco Holding S.A. 13
Banking & Insurance Operations
1 Excluding the proportional result of our interest in Porto Seguro, our Insurance Risk-Adjusted Efficiency Ratio was 63.2%.
2 It considers the proportional result of our interest in Porto Seguro. Note: The Capital of our Banking Operations comes from our Risk Weighted Assets (RWA), considering a capital ratio
of 13.75% (11% Basel with a 25% safety margin), and the managerial allocation to our insurance capital operations. Excess capital is the difference between the consolidated capital and
that from Banking and Insurance Operations.
3 Income from Insurance includes the Results from Insurance, Pension Plan and Capitalization Operations before Retained Claims and Selling Expenses.
4 It includes Tax Expenses (ISS, PIS, COFINS and other) and Selling Expenses from insurance.
R$ million
Consolidated 1
Banking Operations
(without excess
capital)
Insurance
Operations 2
Excess Capital
Operating Revenues 24,229 20,129 3,700 400
Managerial Financial Margin 14,292 13,697 195 400
Commissions and Fees 6,541 6,432 110 -
Income from Insurance 3 3,433 - 3,433 -
Other Components of Operating Revenues (38) - (38) -
Loan and Retained Claim Losses (4,402) (3,343) (1,059) -
Result from Loan and Lease Losses (3,343) (3,343) - -
Retained Claims (1,059) - (1,059) -
Other Operating Expenses (11,679) (10,442) (1,219) (19)
Non-interest Expenses (9,961) (9,302) (659) -
Tax Expenses and Other 4
(1,718) (1,140) (560) (19)
Income before Tax and Minority Interests 8,148 6,344 1,422 381
Income Tax and Social Contribution and Minority Interests (2,691) (1,997) (542) (152)
Recurring Net Income 5,457 4,347 880 229
ROE 24.7% 25.1% 78.7% 6.3%
Efficiency Ratio 45.3% 49.0% 30.8% -
Risk-Adjusted Efficiency Ratio 64.5% 66.6% 60.3% -
3Q14

14. Itaú Unibanco Holding S.A. 14
300 327 369 368
425 512 593
172 181 160 151
182
150
203
45 54 54 40
63
71
84
517 563 584 560
671
733
880
15.2
16.2
15.1
12.4
15.3 15.2
16.8
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
Insurance Pension Plan Capitalization Insurance Ratio (%)
54.7%
60.5% 60.5% 62.1% 61.9%
60.1% 60.9%
2.4%
2.5% 2.5% 2.4% 2.2% 1.9% 1.8%
22.4%
23.2% 23.2% 23.5% 23.4% 22.5% 22.2%
10.1%
10.8% 11.0% 10.4% 9.0% 10.3% 8.8%
10.5% 3.0% 2.9% 1.6% 3.4% 5.2% 6.2%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
Life and Personal Accidents Property risk Extended Warranty Large Risks Other
3,700
1,059
447
2,194
659
114
1,422
542
880
Operating Revenues
Retained Claims
Selling Expenses
Net Operating Revenues
Non-interest Expenses
Tax Expenses
Income Before Taxes
Income Taxes
Recurring Net Income
Ratios(*)
Insurance Operations(*)
 QoQ
Net Income Breakdown(*)
3Q14 (considers our 30% interest in Porto Seguro)
R$ million
Net Income Breakdown and Insurance Ratio 2
(considers our 30% interest in Porto Seguro)
Earned Premiums 3 | Product
(It does not consider our 30% interest in Porto Seguro)
2 Insurance Ratio (%) = Insurance, Life and Pension Plan and Capitalization segment’s recurring net income/ Itaú
Unibanco’s recurring net income, without excess capital
54.8% 59.6% 60.6% 56.3% 65.0%
69.1%
78.7%
37.1%
33.1% 32.5% 30.0% 31.2% 28.8% 31.5%
78.0%
73.8% 72.0% 71.5% 71.6%
68.3% 70.3%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
ROE Loss Ratio1 Combined Ratio 1
1 It does not consider our 30% interest in Porto Seguro and our health insurance operation.
11.5%
8.1%
5.1%
14.7%
2.1%
19.5%
21.2%
23.1%
20.1%
(*) It considers Insurance, Pension Plan and Capitalization operations
R$ million
1 It does not consider our 30% interest in Porto Seguro and our health insurance operation.

15. Itaú Unibanco Holding S.A. 15
46.6 48.0 49.1 48.2 48.7 47.7 47.1 45.5
73.4 72.8 72.1 68.4 65.3 66.4 64.8 63.2
45.2 46.1 47.2 48.0 48.5 48.4 47.9 47.2
74.2 73.9 73.4 71.7 69.5 68.0 66.2 64.9
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
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 (%)
Non–Interest Expenses
1 It considers expenses from provisions for contingencies, credit card selling expenses, claims and other.
2 It includes IPTU, IPVA, IOF and other. It does not include PIS, Cofins and ISS.
R$ million
Variation
3Q14 2Q14 3Q13
3Q14 -
2Q14
3Q14 -
3Q13
9M14 9M13
9M14 -
9M13
Personnel Expenses (4,352) (4,248) (3,914) 2.5% 11.2% (12,459) (11,445) 8.9%
Administrative Expenses (4,127) (4,105) (3,653) 0.5% 13.0% (11,958) (10,749) 11.2%
Personnel and Administrative Expenses (8,479) (8,353) (7,567) 1.5% 12.1% (24,417) (22,194) 10.0%
Operating Expenses 1 (1,162) (1,124) (1,030) 3.4% 12.8% (3,613) (3,091) 16.9%
Other Tax Expenses 2 (112) (99) (105) 13.3% 6.6% (340) (323) 5.4%
Total (9,753) (9,577) (8,703) 1.8% 12.1% (28,369) (25,608) 10.8%
(-) Credicard Expenses (294) (246) - - - (805) - -
Total (ex-Credicard) (9,459) (9,331) (8,703) 1.4% 8.7% (27,564) (25,608) 7.6%
Variation

16. Itaú Unibanco Holding S.A. 16
12.1%
10.0%
10.6%
11.6%
-1.9%
-0.5%
0.3%
0.5% 0.1%
1.0%
Common
Equity Tier I
(CET I)
Change of
consolidation
Anticipation
of
Deductions
Phase-In
F factor
change
CET I with
Basel III rules
fully loaded
Reducing
investments
in Insurance
Companies
Other
Investiments
Optimization
Mitigated
CET I with
Basel III rules
fully loaded
Use of the full
tax loss
carryforwards
Core capital
simulated
with the
complete
Basel III rules
Mitigating Actions in
Progress
Estimated Core Capital Ratio (Common Equity Tier I) – Sep/14
Full application of Basel III rules
Capital Ratios
1 Replacing the Financial Conglomerate for the Prudential one.
2 Deduction of Goodwill, Intangible Assets, Tax Loss Carryforwards, Deferred Tax Assets, Equity Investments in Insurance and similar companies.
3 Increase of the multiplier of the market risk, operational risk and certain credit risk accounts. This multiplier, which corresponds to 9.09 nowadays, will become 12.5 in 2019.
4 It does not consider any reversal of the complementary portion of the loan loss provisions.
1
2
4
3

17. Itaú Unibanco Holding S.A. 17
9 13 19
106
224
452
632
368
443 459 410
333 368 410
32 23 32
79
95
189
242
191
207
277
292
326
375
418
41 36 51
185
319
641
874
559
650
736
702
659
743
829
23.8
41.2 54.5
80.8
115.3
140.5
107.9
175.1 179.6
152.8 150.6 157.0
186.2 198.9
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Sep/14 Oct/14
Market Capitalization and Average Daily Trading Volume
R$ million
Average Daily Trading Volume
1 On October 31, 2014, Itaú Unibanco was the 18th largest bank in the world in terms of market capitalization (Source: Bloomberg)
1
NYSE (ADR) BM&FBOVESPA (Non-voting + Common)Market Capitalization
R$ billion
Note: In Sept/14 and Oct/14, the daily trading volume was obtained by the cumulative period average.

18. Itaú Unibanco Holding S.A. 18
2014 Outlook
1 As announced on October 13, 2014, the loan portfolio growth is expected to remain below the low end of the expectation of
10%, at approximately 8%;
2 Commissions and Fees (+) Income from Insurance, Pension Plan and Capitalization Operations (-) Retained Claims (-) Selling Expenses
with Insurance, Pension Plan and Capitalization.
Note: The outlook does not consider the effects of the CorpBanca operation.
2014 Outlook
TotalLoan Portfolio Growth of 10.0% to 13.0%
1
Between R$ 13 billion and R$ 15 billion
Growth of 12% to 14%
Growth of 10.5% to 12.5%
(between 5.5% and 7.5%, if measured ex-Credicard)
Improvementof 50 to 175 bps
Loan LossProvision netof recovery
ServiceFees and Resultof Insurance2
Non-InterestExpenses
EfficiencyRatio

19. Itaú Unibanco Holding S.A. 19
Strategic Agenda
Regulatory Approval
• Corpbanca
In October 2014, the Brazilian Central Bank approved* the interest that Itaú Unibanco will hold in the merger of the
operations of Banco Itaú Chile and CorpBanca in Chile and in other jurisdictions where Corpbanca operates
Leadership
• Itaú Unibanco established its leadership in payroll and mortgage loans among private banks
Bancassurance
• The sale of the totality of our Large Risk Insurance operation to ACE was approved by regulators in October. The
conclusion occurred in 10.31.2014
• The early termination, by Via Varejo S.A., of operational agreements to offer extended warranty at“Ponto Frio”and“Casas
Bahia”stores was announced
* This merger is still subject to approvals of regulators in Chile, Colombia and Panama, and of shareholders of both institutions

20. Itaú Unibanco Holding S.A. 20
APIMEC - Brasília / DF
Venue: Naoum Plaza Hotel Time: 4 pm
APIMEC - São Paulo / SP
Venue: Buffet Rosa Rosarum Time: 2 pm
November 12
December 16
2014 APIMEC Cycle– Itaú Unibanco Holding
More than 2,220 people attended the 20 APIMEC meetings we held throughout Brazil in 2014.
Join the upcoming presentations of our 2014 APIMEC Cycle: