MD&A and Financial Statements (PDF) - Banco Itaú

Report of Independent Auditors
To the Board of Directors and Stockholders
Itaú Unibanco Holding S.A.
1 We have carried out limited reviews of the balance sheets of Itaú Unibanco Holding S.A. (Bank) and Itaú
Unibanco Holding S.A. and its subsidiary companies (consolidated) as of September 31, 2010 and 2009,
and the related statements of income, of changes in stockholders´ equity, of cash flows and of added
value, as well as the consolidated statements of income, of cash flows and of added value for the threemonth
periods then ended. These financial statements are the responsibility of the Bank´s management.
Our responsibility is to issue a report on these financial statements.
2 Our reviews were conducted in accordance with specific standards established by the Institute of
Independent Auditors of Brazil (IBRACON), in conjunction with the Federal Accounting Council (CFC),
and mainly comprised: (a) inquiries of and discussions with management responsible for the accounting,
financial and operating areas of the Bank and its subsidiaries with regard to the main criteria adopted for
the preparation of the financial statements and (b) a review of the significant information and of the
subsequent events which have, or could have, significant effects on the financial position and operations
of the Bank and its subsidiaries.
3 Based on our limited reviews, we are not aware of any material modifications that should be made to the
financial statements referred to above for them to be stated in accordance with accounting practices
adopted in Brazil applicable to financial institutions regulated by the Brazilian Central Bank.
São Paulo, November 1, 2010
PricewaterhouseCoopers
Auditores Independentes
CRC 2SP000160/O-5
Paulo Sergio Miron
Contador CRC 1SP173647/O-5
Itaú Unibanco S.A. – - September0, 2010 161