ITAÚ UNIBANCO S.A. MANAGEMENT REPORT To our ... - Banco Itaú

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NOTE 14 - TAXES a) Composition of expenses for taxes and contributions I - We show below the Income Tax and Social Contribution due on the operations for the period and on temporary differences arising from additions and exclusions: Due on operations for the period 01/01 to 12/31/2010 01/01 to 12/31/2009 Income before income tax and social contribution Charges (income tax and social contribution) at the rates in effect (Note 4p) 16,285,464 15,384,097 (6,514,186) (6,153,639) Increase/decrease to income tax and social contribution charges arising from: Permanent additions (exclusions) 1,278,018 (45,441) Investments in affiliates 156,643 69,189 Foreign exchange variation on investments abroad (390,545) (1,331,128) Interest on capital 1,131,194 1,230,169 Dividends, interest on external debt bonds and tax incentives 178,647 239,641 Other 202,079 (253,312) Temporary (additions) exclusions 1,540,891 2,741,834 Allowance for loan losses (1,340,164) (2,711,294) Excess (insufficiency) of depreciation of leased assets 533,729 2,587,275 Adjustment to market value of trading securities and derivative financial instruments and adjustments from operations in futures markets 241,554 97,702 Legal liabilities – tax and social security, contingent liabilities and restatement of escrow deposits 671,007 848,558 Realization of goodwill on purchase of investments 1,572,657 1,702,259 Integration expenditures with ITAÚ UNIBANCO merger 338,730 196,011 Other (476,622) 21,323 (Increase) offset of tax losses/social contribution loss carryforwards Expenses for income tax and social contribution Related to temporary differences 134,675 (954,244) (3,560,602) (4,411,490) Increase (reversal) for the period (1,675,566) (1,413,232) Prior periods increase (reversal) 638,993 432,799 Income (expenses) from deferred taxes Total income tax and social contribution (1,036,573) (980,433) (4,597,175) (5,391,923) II - Composition of tax expenses: 01/01 to 12/31/2010 01/01 to 12/31/2009 PIS and COFINS (2,927,237) (2,865,148) ISS (533,958) (462,433) Other (323,583) (351,553) Total (Note 4p) (3,784,778) (3,679,134)
) Deferred taxes I - The deferred tax asset balance and its changes, segregated based on its origin and disbursements incurred, are represented as follows: DEFERRED TAX ASSETS 12/31/2009 Realization / Reversal Increase 12/31/2010 Reflected in income and expense accounts 24,000,024 (8,031,570) 7,419,628 23,388,082 Income tax and social contribution loss carryforwards 2,954,688 (303,913) 352,506 3,003,281 Allowance for loan losses 9,075,148 (3,740,370) 4,716,503 10,051,281 Adjustment to market value of securities and derivative financial instruments (assets/liabilities) 104,340 (104,340) 58,213 58,213 Allowance for real estate 81,012 (14,135) 30,661 97,538 Legal liabilities - tax and social security 1,776,137 (832,685) 250,683 1,194,135 Provision ofr contingent liabilities 2,302,423 (928,178) 1,057,294 2,431,540 Civil 876,738 (645,707) 783,954 1,014,986 Labor 839,959 (118,017) 157,008 878,950 Tax and social security 478,978 (92,161) 116,332 503,149 Other 106,748 (72,293) - 34,455 Goodwill on purchase of investments 5,939,064 (1,308,309) - 4,630,755 Provision for integration expenditures with ITAÚ UNIBANCO merger 338,458 (338,458) - - Provision related to health insurance operations 238,396 - 4,149 242,545 Other non-deductible provisions 1,190,357 (461,183) 953,768 1,682,942 Reflected in stockholders' equity accounts - adjustment to market value of available-for-sale securities 64,319 (49,016) 106,436 121,739 Total (Note 13b lll) 24,064,342 (8,080,586) 7,526,065 23,509,821 Social contribution for offset arising from Option foreseen in article 8 of Provisional Measure No. 2,158-35 of 08/24//2001 (Note 13b lll). 928,648 (81,433) - 847,216
Page 1 and 2: ITAÚ UNIBANCO S.A. MANAGEMENT REPO
Page 3 and 4: ITAÚ UNIBANCO S.A. Consolidated Ba
Page 5 and 6: ITAÚ UNIBANCO S.A. Consolidated St
Page 7 and 8: ITAÚ UNIBANCO S.A. Consolidated St
Page 9 and 10: The accounting pronouncements issue
Page 11 and 12: The consolidated financial statemen
Page 13 and 14: NOTE 4 - SUMMARY OF THE MAIN ACCOUN
Page 15 and 16: l) Intangible assets - correspond t
Page 17 and 18: p) II - Legal liabilities - tax and
Page 19 and 20: NOTE 6 - SECURITIES AND DERIVATIVE
Page 21 and 22: I- See below the composition of the
Page 23 and 24: II - Accounting hedge a) The purpos
Page 25 and 26: VI - Realized and unrealized gain o
Page 27 and 28: ) By maturity and risk levels 12/31
Page 29 and 30: NOTE 8 - FOREIGN EXCHANGE PORTFOLIO
Page 31 and 32: ) Funds from acceptance and issuanc
Page 33 and 34: d) Subordinated debt Funding obtain
Page 35 and 36: ) Assets Guaranteeing Technical Pro
Page 37 and 38: - Other Risks These are quantified
Page 39 and 40: c) Receivables - Reimbursement of c
Page 41 and 42: ) Prepaid expenses 12/31/2010 12/31
Page 43 and 44: d) Banking service fees 01/01 to 12
Page 45 and 46: f) Personnel expenses Compensation
Page 47: i) Other operating expenses Provisi
Page 51 and 52: III- The estimate of realization an
Page 53 and 54: ) Fixed and intangible assets NET B
Page 55 and 56: d) Reconciliation of net income and
Page 57 and 58: NOTE 16 - RELATED PARTIES Transacti
Page 59 and 60: ) Defined benefit plan I - Main ass
Page 61 and 62: IV- Changes in net assets, actuaria
Page 63 and 64: NOTA 18 - INFORMATION ON FOREIGN SU
Page 65 and 66: In accordance with the operations c
Page 67 and 68: For managing cash liquidity in loca
Page 69 and 70: j) Exclusion of nonrecurring effect
Page 71 and 72: Independent Auditor’s Report To t

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