IRR310313.pdf - Banco Itaú

To obtain the market values for these financial instruments, the following criteria were adopted:
Interbank investments were determined based on their nominal amounts, monetarily restated to maturity
dates and discounted to present value using future market interest rates and swap market rates for fixed-rate
securities and using market interest rates for fixed-rate securities, achieved at the closing of
BM&FBOVESPA at the balance sheet date, for floating-rate securities;
Securities and derivative financial instruments, according to the rules established by Circulars No. 3,068 and
3,082 of November 8, 2001 and January 30, 2002, respectively, issued by the Central Bank of Brazil
(BACEN), are recorded at their market value, except for those classified as Held to Maturity. Government
securities allocated in this category have their market value calculated based on the rates obtained in the
market, and validated through the comparison with information provided by the National Association of
Financial Market Institutions (ANBIMA). Private securities included in this category have their market value
calculated using a criterion similar to the one adopted for Investments in Interbank Deposits, as described
above;
Loans with maturity over 90 days, when available, were calculated based on the net present value of future
cash flows discounted at market interest rates effective on the balance sheet date, taking into account the
effects of hedges as well (swap contracts);
Investments - in companies BPI, BM&FBOVESPA, CETIP and Porto Seguro at the share value in stock
exchanges and Serasa S.A. based on the historical average of Price/Income ratio of its parent company.
Time and interbank deposits and funds from acceptance and issuance of securities and foreign borrowings
through securities, when available, were calculated based on their present value determined by future cash
flows discounted at market rates obtained at the closing of BM&FBOVESPA on the balance sheet date;
Subordinated debt, based on the net present value of future fixed or floating cash flows in foreign currency,
net of the market interest rates effective on the balance sheet date and considering the credit risk of the
issuer. The floating cash flows are estimated as from the interest curves of the indexation market places;
Treasury shares are valued according to the average quotation available on the last trading day of the month
or, if this is not available, according to the most recent quotation on prior trading days, published in the daily
bulletin of each Stock Exchange.
Itaú Unibanco Holding S.A. – Complete Financial Statements – Mach 31, 2013 182