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

Independent Auditors – CVM Instruction No. 381
Procedures adopted by the Company
The policy adopted by Itaú Unibanco Holding S.A., its subsidiaries and parent company, to engage non-audit
related services from our independent auditors is based on the applicable regulations and internationally
accepted principles that preserve the auditor’s independence. These principles include the following: (a) an
auditor cannot audit his or her own work, (b) an auditor cannot function in the role of management in companies
where he or she provides external audit services; and (c) an auditor cannot promote the interests of its client.
During the period from January to September 2010, the independent auditors and related parties did not provide
non-audit related services in excess of 5% of total external audit fees.
According to CVM Instruction No. 381, we list below the engaged services and related dates:
• February 5, 2010 – Service agreement for the limited assurance of the data of the inventory of greenhouse
gas emissions – Itaú Unibanco Banco Múltiplo S.A. – Brazil;
• March 3, 2010– Licenses for using an electronic library of international accounting standards (Comperio) –
Itaú Unibanco Holding S.A. – Brazil;
• June 2, 2010 – Participation in the “Mercado de Seguros” (insurance market) seminar: new accounting and
actuarial dynamics of the market in 2010 – Itaú Unibanco Holding S.A. – Brazil;
• June 23, 2010 – License for using an electronic library of international accounting standards (Comperio) –
Banco Itaú Europa International – Miami;
• July 12, 2010 – Service agreement related to tax advisory regarding the US legislation and review of the
Schedule O Form - Itaú Unibanco Holding S.A – Brazil;
• August 6, 2010 – Service agreement for reviewing aspects related to the Business Continuity Program.–
Banco Itaú BBA S.A. – Brazil;
• August 11, 2010 – Service agreement related to the examination of the differences between the
performance of activities as subsidiary and as a Bank – Banco Itaú Europa International – Miami;
• August 17, 2010 – Participation in the 10th Annual IFRS Presentation – Advanced Level – Itaú Unibanco
S.A. – Brazil.
Summary of the Independent Auditors’ justification - PricewaterhouseCoopers
The provision of the above described non-audit related professional services do not affect the independence or
the objectivity of the external audit of Itaú Unibanco, parent and its subsidiary/affiliated companies. The policy
adopted for providing non-audit related services to Itaú Unibanco is based on principles that preserve the
independence of Independent Auditors, all of which were considered in the provision of the referred services.
Circular No. 3,068/01 of BACEN
Itaú Unibanco hereby represents to have the financial capacity and the intention to hold to maturity securities
classified under the line “held-to-maturity securities” in the balance sheet, in the amount of R$ 3.1 billion,
corresponding to only 2.2% of total securities held.
ACKNOWLEDGEMENTS
We thank our employees for their determination and skills which have been essential to reaching consistent and
differentiated results, and our stockholders and clients for the trust they put on us.
(Approved at the Board of Directors' Meeting of November 1, 2010).
Itaú Unibanco S.A. – - September0, 2010 56