Recurring net income reached R$ 4.5 billion, with a return on equity (ROE) of 22.6%.

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

2. 2
Highlights
Financial Margin with Clients: 0.8% (1Q14/4Q13) and 8.6% (1Q14/1Q13)
totaled R$11.9 billion in the quarter
Financial Margin with Market: 17.0% (1Q14/4Q13) and 2.8% (1Q14/1Q13)
totaled R$614 million in the quarter
Loan Loss Provision Expenses: 1.4% (1Q14/4Q13) and 13.9% (1Q14/1Q13)
totaled R$4.3 billion in the quarter
Commissions and Fees: 0.3% (1Q14/4Q13) and 18.3% (1Q14/1Q13)
reached R$6.1 billion in the quarter
Non-interest Expenses: 3.4% (1Q14/4Q13) and 9.2% (1Q14/1Q13)
totaled R$9.0 billion in the quarter
Disregarding Credicard: 6.2% (1Q14/4Q13) and 6.0% (1Q14/1Q13)
Improvement the Efficiency Ratio: 100 bps (1Q14/4Q13) and 30 bps (1Q14/1Q13)
reaching 47.7% in the quarter, and the Risk-Adjusted Efficiency Ratio reached 66.4%
Loan Portfolio: 0.3% (1Q14/4Q13) and 11.4% (1Q14/1Q13)
If we disregarded the effect of the foreign exchange variation, the growth of our loan portfolio
would have been 0.8% in the quarter and 10.3% in relation to the same period of the previous year.
As from this quarter, we started to fully consolidate Credicard in our results.
130 bps (1Q14/4Q13)
350 bps (1Q14/1Q13)
R$4.5
billion
Recurring net income
22.6%
Recurring ROE (p.a.)
29.0% (1Q14/1Q13)
3.2% (1Q14/4Q13)
12-month ROE of 21.7%
20 bps (1Q14/4Q13)
100 bps (1Q14/1Q13)
3.5%
NPL 90
Better Credit Quality
NPL 15-90: 3.0% 100 bps (1Q14/1Q13)

3. 3
Performance
ROENPL90E.R.R.A.E.R.
The growth of the ROE, at levels higher than 20% since 3Q13, is the result
of consistent fundamentals, such as the increase in commissions and
fees, the decrease in default rates and the improved cost control.
The 90-day NPL has been dropping since 2Q12 and, this quarter it reached
its lowest level since the merger of Itaú and Unibanco, despite the typical
unfavorable seasonality of this quarter.
Drivers
The improvement in the Efficiency Ratio this quarter arises from our
focus on this indicator, after the efforts towards the change in the mix of
our loan portfolio, that resulted in reductions in our financial margin…
...which was more than offset by the reduction in the loan loss provision
expenses, positively impacting our Risk-Adjusted Efficiency Ratio in 2013.
19.4% 20.9% 22.6%
2012 2013 1Q14
4.8%
3.7% 3.5%
Dec/12 Dec/13 Mar/14
45.2%
48.5% 47.7%
2012 2013 1Q14
74.2% 69.5% 66.4%
2012 2013 1Q14

4. Itaú Unibanco Holding S.A. 4
Results
• Operating Revenues
Commissions and Fees: seasonality in the quarter
offset by Credicard (+ R$227 million).
Financial Margin with Clients: Credicard
(+ R$251 million) offset the lower number of days in
the quarter.
Highlights
• Loan Losses
Expenses: Credicard (+ R$238 million) and
seasonality affected the quarter.
Recovery: worse performance compared to 4Q13,
but in line with 1Q13.
• Expenses: acquisition of Credicard (+ R$265
million) more than offset by the reduction in
personnel and administrative expenses.
If we excluded Credicard, the reduction in
expenses would be 6.2% in the quarter.
1Q14 4Q13 1Q13
1Q14 -
4Q13
1Q14 -
1Q13
Operating Revenues 20,662 20,880 18,817 -1.0% 9.8%
Financial Margin with Clients 11,874 11,964 10,929 -0.8% 8.6%
Financial Margin with Market 614 739 597 -17.0% 2.8%
Commissions and Fees 6,057 6,036 5,122 0.3% 18.3%
Income from Insurance 1 2,118 2,141 2,169 -1.1% -2.3%
Loan Losses and Retained Claims (3,651) (3,271) (4,420) 11.6% -17.4%
Loan Loss Provision Expenses (4,252) (4,191) (4,939) 1.4% -13.9%
Recovery of Credits Written Off as Losses 1,088 1,399 1,086 -22.3% 0.2%
Retained Claims (487) (479) (567) 1.6% -14.1%
Other Operating Expenses (10,464) (10,748) (9,568) -2.6% 9.4%
Non-interest Expenses (9,039) (9,358) (8,280) -3.4% 9.2%
Tax Expenses and Other 2 (1,425) (1,390) (1,288) 2.5% 10.6%
Income before Tax and Minority Interests 6,547 6,861 4,828 -4.6% 35.6%
Income Tax and Social Contribution (1,955) (2,139) (1,295) -8.6% 50.9%
Minority Interests in Subsidiaries (64) (42) (21) - -
Recurring Net Income 4,529 4,680 3,512 -3.2% 29.0%
Non-recurring Items (110) (34) (40) - -
Net Income 4,419 4,646 3,472 -4.9% 27.3%
Change
1 Income from Insurance includes the Results from Insurance, Pension Plan and Capitalization Operations before Retained Claims
and Selling Expenses.
2 It includes Tax Expenses (ISS, PIS, COFINS and other) and Selling Expenses from Insurance.
R$ million

5. Itaú Unibanco Holding S.A. 5
1,028
839
277
100
36
63
1,128
849 875
597
268
340
739
614
926 890 884
828
638
495 470 474
2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Financial Margin with Market
The quarterly average Financial Margin with the Market (ex- Gains from sale of Shares), for the period of 2Q12 to 1Q14, is R$651 million.
Financial Margin with Market (ex- Gains from sale of Shares)
Gains from the sale of Cetip/ BM&FBovespa Shares
Financial Margin with Market (ex- Gains from sale of Shares) 12-month trailing
R$ million

6. Itaú Unibanco Holding S.A. 6
21.1% 20.0% 19.4% 19.1% 19.0% 19.7% 20.9% 21.7%
17.8% 18.1%
18.9%
19.9%
21.3%
22.7%
24.2%
23.2%
19.4%
18.5%
19.3%
19.1% 19.3%
20.9%
23.9%
22.6%
2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
ROAE (12-month trailing) ROAE ex-Activities with the Market 1 (quarterly) ROAE (quarterly)
Recurring ROAE
1 Excludes the Financial Margin with Market net of taxes and the corresponding allocated capital

7. Itaú Unibanco Holding S.A. 7
Change
Mar/14 Dec/13 Mar/13
Mar/14 -
Dec/13
Mar/14 -
Mar/13
Individuals 168,214 168,714 152,782 -0.3% 10.1%
Credit Cards 52,966 54,234 41,362 -2.3% 28.1%
Personal Loans 28,274 27,373 27,462 3.3% 3.0%
Payroll Loans 24,652 22,578 16,261 9.2% 51.6%
Vehicles 37,086 40,319 48,532 -8.0% -23.6%
Mortgage Loans 25,236 24,209 19,165 4.2% 31.7%
Companies 275,083 275,594 250,597 -0.2% 9.8%
Corporate 191,260 190,140 163,651 0.6% 16.9%
Very Small, Small and Middle Market 83,822 85,454 86,946 -1.9% -3.6%
Latin America 36,823 39,088 30,860 -5.8% 19.3%
Total with Endorsements and Sureties 480,120 483,397 434,239 -0.7% 10.6%
Corporate — Private Securities 28,126 26,482 21,924 6.2% 28.3%
Total with Endorsements, Sureties and Private Securities 508,246 509,879 456,163 -0.3% 11.4%
Total with Endorsements, Sureties and Private Securities (ex-exchange variation) 1 508,246 504,404 460,760 0.8% 10.3%
R$ million
Loan Portfolio
1 Calculated based on the translation of the foreign exchange portfolio (U.S. dollar and currencies of Latin American countries).

8. Itaú Unibanco Holding S.A. 8
Financial Margin with Clients Breakdown
Financial Margin with Clients Breakdown
(Quarter)
%
Loan Portfolio Mix Change 1
R$ million
1 Excluding endorsements and sureties
Corporate Very Small, Small and Middle Market Vehicles Credit Card Personal Loans Mortgage Loans Latin America Payroll Loans
27.1
28.7
29.1
22.0
19.2
19.0
13.1
9.8
9.1
11.1
13.2
13.0
7.3
6.5
6.8
7.4
8.3
8.7
7.6
8.8
8.4
4.4
5.5
6.0
Mar/13
Dec/13
Mar/14
11,964 251 247 260 255 74 11,874
4Q13 Credicard 1 Loan Operations 1 Calendar Days Mix of Product,
Clients and Spreads
Selic and Other 1Q14
1 This quarter we present the volume of loan operations based on two effects: Increase in the Volume of Loan Operations arising from the Acquisition of Credicard, net of cash effects, and
Organic Increase in the Volume of Loan Operations.

9. Itaú Unibanco Holding S.A. 9
Net Interest Margin
1 After Loan Loss Provision Expenses, net of Recovery
Decrease mainly due
to lower recovery of
credits (seasonal).
13.4%
12.6%
12.3%
11.6% 11.4%
10.9% 10.9% 10.9%
11.3%
10.8%
9.8%
9.1% 9.4% 9.1% 9.1%
8.9%
7.4%
6.9% 6.9% 7.0% 7.2% 7.4%
7.9% 7.5%
6.9% 6.5%
6.0% 5.9%
6.4% 6.5%
6.9%
6.6%
8.3%
7.6%
6.8%
6.5%
7.2%
8.4%
9.2% 10.1%
2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Gross Credit Spread NIM with Clients
Net Credit Spread 1 Risk Adjusted NIM with Clients 1
CDI

10. Itaú Unibanco Holding S.A. 10
87% 88% 89% 92% 90% 94% 97% 99%
33% 34% 40% 39% 43% 42% 43% 41%
27% 27% 29% 30% 32% 33% 35% 37%147% 149% 158% 161% 165% 170% 174% 176%
Jun/12 Sep/12 Dec/12 Mar/13 Jun/13 Sep/13 Dec/13 Mar/14
8.1% 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%5.4%
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%3.1%
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%
Jun/09 Sep/09 Dec/09Mar/10 Jun/10 Sep/10 Dec/10Mar/11 Jun/11 Sep/11 Dec/11Mar/12 Jun/12 Sep/12 Dec/12Mar/13 Jun/13 Sep/13 Dec/13Mar/14
90-day Coverage Ratio
Credit Quality
90-day NPL Ratio
90-day NPL ratio recorded the lowest level since the Itaú and Unibanco merger. The level is 100 bps lower than that of March 2013.
Individuals
Total
Companies
Complementary Allowance Coverage
Specific Allowance Coverage
Generic Allowance Coverage

11. Itaú Unibanco Holding S.A. 11
(6.1) (6.1) (5.7)
(4.9) (4.9) (4.5) (4.2) (4.3)
(5.0) (4.9) (4.5) (3.9) (3.6) (3.2) (2.8) (3.2)
7.0% 6.8%
6.3%
5.4% 5.2%
4.7%
4.2% 4.1%
5.7% 5.5%
5.0%
4.2%
3.9% 3.4%
2.8% 3.1%
2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
14.0 14.9 14.6 14.2 13.4 13.2 13.7 12.3
8.0 7.7 8.1 7.9 7.9 7.4 7.5 7.5
5.1 5.1 5.1 5.1 5.1 5.1 5.2 5.2
27.1 27.7 27.7 27.2 26.4 25.7 26.4 25.0
Jun/12 Sep/12 Dec/12 Mar/13 Jun/13 Sep/13 Dec/13 Mar/14
Loan Loss Provisions Expenses
Credit Quality
Allowance for Loan Losses
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
R$ billion
R$ billion
1 Average balance of the Loan Portfolio of the two previous quarters.
1 Resolution 2,682/99 CMN
Excluding Credicard, the
ratios are 4.0% e 3.0%

12. Itaú Unibanco Holding S.A. 12
2.1% 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%
5.0
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
3.0 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
Jun/09 Sep/09 Dec/09Mar/10 Jun/10 Sep/10 Dec/10Mar/11 Jun/11 Sep/11 Dec/11Mar/12 Jun/12 Sep/12 Dec/12Mar/13 Jun/13 Sep/13 Dec/13Mar/14
9.3%
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%
5.9%
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%3.1%
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%
Jun/09 Sep/09 Dec/09Mar/10 Jun/10 Sep/10 Dec/10Mar/11 Jun/11 Sep/11 Dec/11Mar/12 Jun/12 Sep/12 Dec/12Mar/13 Jun/13 Sep/13 Dec/13Mar/14
15 to 90-day NPL Ratio
Credit Quality
NPL Creation and Write Off
R$ billion
NPL 15-90 was unchanged for the past two quarters and it was the lowest since the Itaú and Unibanco merger.
NPL Creation
NPL Creation/Loan
Portfolio1
Write Off
Individuals
Total
Companies
1 Average balance of the Loan Portfolio considering the two previous quarters
Desregarding
Credicard:
R$5.4 billion
R$4.5 billion

13. Itaú Unibanco Holding S.A. 13
5,568 5,532
6,551 6,476 6,830 7,004 7,431 7,423
28.1% 28.8%
32.9% 34.4% 35.6% 35.7% 35.6% 35.9%
2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Commissions and Fees + Result from Insurance, Net
(Commissions and Fees + Result from Insurance, Net)/Operating Revenues
Commissions and Fees and Result from Insurance*
1 Income from insurance (-) Retained claims (-) Selling expenses with insurance.
*Commissions and Fees also include 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
1Q14 4Q13 1Q13 1Q14 - 4Q13 1Q14 - 1Q13
Asset Management 653 659 567 -1.0% 15.0%
Current Account Services 1,137 1,120 978 1.6% 16.2%
Loan Operations and Guarantees Provided 693 822 631 -15.6% 10.0%
Collection Services 363 369 340 -1.9% 6.7%
Credit Cards 2,601 2,440 2,087 6.6% 24.6%
Other 610 627 518 -2.7% 17.6%
Commissions and Fees Income 6,057 6,036 5,122 0.3% 18.3%
Result from Insurance, Net 1 1,366 1,395 1,354 -2.1% 0.9%
Total 7,423 7,431 6,476 -0.1% 14.6%
(-) Credicard Revenues 227 - - - -
Total (ex-Credicard) 7,195 7,431 6,476 -3.2% 11.1%
Change

14. Itaú Unibanco Holding S.A. 14
Banking & Insurance Operations
R$ million
1 Excluding the proportional result of our interest in Porto Seguro, our Insurance Risk-Adjusted Efficiency Ratio was 66.4%.
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.
Consolidated 1
Banking Operations
(without excess
capital)
Insurance
Operations 2
Excess Capital
Operating Revenues 21,520 18,194 3,072 255
Financial Margin 12,392 12,137 - 255
Commissions and Fees 6,057 6,057 - -
Income from Insurance 3 3,125 - 3,125 -
Other Components of Operating Revenues (53) - (53) -
Loan and Retained Claim Losses (4,134) (3,164) (970) -
Result from Loan and Lease Losses (3,164) (3,164) - -
Retained Claims (970) - (970) -
Other Operating Expenses (10,847) (9,685) (1,150) (12)
Non-interest Expenses (9,228) (8,614) (614) -
Tax Expenses and Other 4
(1,619) (1,071) (536) (12)
Income before Tax and Minority Interests 6,540 5,345 952 243
Income Tax and Social Contribution and Minority Interests (2,011) (1,570) (344) (97)
Recurring Net Income 4,529 3,775 608 146
ROE 22.6% 22.6% 58.9% 6.3%
Efficiency Ratio 47.5% 50.3% 35.3% -0
Risk-Adjusted Efficiency Ratio 67.8% 68.8% 67.9% -
1Q14

15. Itaú Unibanco Holding S.A. 15
2,473
409
970
433
1,480
243
614
156
952
344
608
Earned Premiums 1
Service Fees
Retained Claims
Selling Expenses
Technical Result
Financial Margin
Non-Interest Expenses
Other 2
Income Before Taxes
Income Taxes
Recurring Net Income
1Q14 (includes our 30% interest in Porto Seguro)
58%31%
11%
1,033 1,102 1,078 1,088 1,127
218 256 254 241 254
1,251 1,358 1,332 1,329 1,381
1Q13 2Q13 3Q13 4Q13 1Q14
Ratios(*)
Insurance Operations(*)
R$ million
Bancassurance Operation | Revenues 1
Insurance, Pension Plan and Capitalization
(*) It considers Insurance, Pension Plan and Capitalization operations
Revenues (-) Retained ClaimsRetained Claims
Insurance
Capitalization
Pension
1 Considers Insurance Earned Premiums, Pension Plan and Capitalization Revenues
54.8% 59.6% 60.6%
56.3% 58.9%
37.1%
33.1% 32.5% 30.0% 31.2%
78.0%
73.8% 72.0% 71.5% 72.0%
1T13 2T13 3T13 4T13 1T14
ROE Loss Ratio1 Combined Ratio 1
1 It does not include our 30% interest in Porto Seguro and our health insurance operation.
3.5%
4.6%
5.4%
1.4%
3.1%
-16.5%
-1.0%
17.0%
-2.0%
-16.6%
 Q
8.7%
1 It includes Earned Premiums and Result of Pension Plan and Capitalization
2 Other: Other Operating Income/Expenses, Tax Expenses and Non-operating Income
Net Income Breakdown(*)
Our Bancassurance results
are stable and present a
low loss ratio, reflecting
our loan portfolio profile
R$ million

16. Itaú Unibanco Holding S.A. 16
44.9 45.0 46.6 48.0 49.1 48.2 48.7 47.7
74.2 75.3 73.4 72.8 72.1 68.4 65.3 66.4
45.8 45.3 45.2 46.1 47.2 48.0 48.5 48.4
72.3 73.5 74.2 73.9 73.4 71.7 69.5 68.0
2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
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
R$ million
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.
1Q14 4Q13 1Q13 1Q14 - 4Q13 1Q14 - 1Q13
Personnel Expenses (3,859) (4,075) (3,720) -5.3% 3.7%
Administrative Expenses (3,726) (3,931) (3,429) -5.2% 8.6%
Personnel and Administrative Expenses (7,585) (8,006) (7,150) -5.3% 6.1%
Operating Expenses 1 (1,326) (1,249) (1,011) 6.2% 31.1%
Other Tax Expenses 2 (129) (104) (119) 24.2% 8.1%
Non–Interest Expenses (9,039) (9,358) (8,280) -3.4% 9.2%
(-) Credicard Expenses (265) - - - -
Total (ex-Credicard) (8,775) (9,358) (8,280) -6.2% 6.0%
Change

17. Itaú Unibanco Holding S.A. 17
81.0
4.4 3.5
0.3 0.2 0.1 82.2
Stockholders’
Equity
Dec/13
Net Income
of the Period
Interest on Net
Equity
and Dividends 1
Asset Valuation
Adjustment
(Securities AFS)
Equity
Transaction
Stock Options
and Other
Stockholders’
Equity
Mar/14
Changes in Stockholders’Equity
+ 1.4%
In 2013, we purchased 23.5 million non-voting shares at an
average price of R$28.18
R$ billion
1 R$2.6 billion refer to the year 2013

18. Itaú Unibanco Holding S.A. 18
Evolution of BIS Ratio and Tier I
Financial Conglomerate
Quarter Evolution RE RWA BIS Ratio
December, 2013 125.1 755.4 16.6%
Net Income for the Period 3.8 0.5%
Asset Valuation Adjustment
(available-for-sale)
0.3 0.0%
Interest on Net Equity and Dividends (3.5) -0.5%
Core Capital Deductions 1 (5.9) -0.8%
Changes in Eligible Subordinated Debt 1 (4.2) -0.6%
Other Changes in Referential Equity 0.9 0.1%
Risk-Weighted Assets (RWA) (10.3) 0.2%
March, 2014 116.6 745.1 15.6%
BIS Ratio
R$ billion
18.9%
16.6%
15.6%
12.7%
11.6% 11.1%
Mar/13 Dec/13 Mar/14
BIS Ratio Tier I
Considering the full application of the adjustments for Basel III implementation, our estimated Core Capital ratio
(Common Equity Tier I) would be 9.6%(*), from 9.3% in 4Q13.
1 Decrease mainly due to the adoption of new regulation implemented by the Brazilian
Central Bank in relation to Basileia III.
RE = Referential Equity
(*) Considers mitigating measures, but does not consider any reversal of Loan Loss Provisions.

19. Itaú Unibanco Holding S.A. 19
9 13 19
106
224
452
632
368
443 459 410
333 365
32 23 32
79
95
189
242
191
207
277
292
326
353
41 36 51
185
319
641
874
559
650
736
702
659
718
23.8
41.2 54.5
80.8
115.3
140.5
107.9
175.1 179.6
152.8 150.6 157.0 167.8
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Mar/14
Market Capitalization and Average Daily Trading Volume
(1)
R$ billion
Average Daily Trading Volume
(1) On March 31, 2014, Itaú Unibanco was the 24th largest bank in the world in terms of market capitalization (Source: Bloomberg)
R$ million
Market Capitalization (R$ billion) NYSE (ADR) BM&FBOVESPA (Non-voting + Common)

20. Itaú Unibanco Holding S.A. 20
9.5 10.0
IFRS BRGAAP
P/E
(Price/Earnings)
IFRS BRGAAP
ROE
IFRS
IFRS x BRGAAP – Ratios
1Q14 Mar/141Q14 – annualized recurring average
R$ million
For more details, see the Announcement to the Market for the first quarter of 2014, available at our website: https://www.itau.com.br/investor-relations
2.0 2.1
IFRS BRGAAP
P/B
(Price/BookValue)
22.6% 22.6%
1Q14 4Q13 1Q13 1Q14 - 4Q13 1Q14 - 1Q13
BRGAAP - Recurring Net Income 4,529 4,680 3,512 -3.2% 29.0%
Allowance for Loan Losses 94 456 133 - -
Recognition of Deferred Tax Assets - (30) (74) - -
Effective Interest Rate 17 19 62 - -
Other Adjustments 21 (181) (112) - -
IFRS - Recurring Net Income 4,661 4,944 3,522 -5.7% 32.3%
IFRS - Net Income 4,551 4,910 3,482 -7.3% 30.7%
Average Stockholders' Equity 82,554 80,483 75,215 2.6% 9.8%
ROAE Recurring Average 22.6% 24.6% 18.7% -200 bps 390 bps
Conciliation BRGAAP x IFRS Change

21. Itaú Unibanco Holding S.A. 21
2014 Outlook
Outlook
Total Loan Portfolio Growth of 10.0% to 13.0%
Between R$ 13.0 billion and R$ 15.0 billion
Growth of 12% to 14%
Growth of 10.5% to 12.5%
(between 5.5% and 7.5%, if measured ex-Credicard)
Improvement of 50 bps to 175 bps
Loan Loss Provision Expenses net of Recoveries
Commissions, Fees and Result of Insurance 1
Non-Interest Expenses
Efficiency Ratio
1 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 operations of CorpBanca
Our expectations for 2014 remain unchanged

22. Itaú Unibanco Holding S.A. 22
Itaú BMG Consignado – Business Unification
before
Itaú Unibanco
Holding S.A.
BMG
Shareholders
 Unification of payroll loan
businesses of BMG and Itaú BMG
Consignado
 BMG will raise its stake in Itaú BMG
Consignado to 40% through a capital
increase
 Credit policy defined by Itaú
Unibanco
 We do not expect any significant
impacts to our financial results
from this operation
 Pending approval of the competent
regulatory authorities
Itaú Unibanco
S.A.
Banco
BMG S.A.
Banco Itaú BMG
Consignado S.A.
30%70%
Funding Contract
Itaú BMG Consignado estimated loan portfolio at the end of 2014:
over R$20 billion
after
Ownership Structure
Itaú Unibanco
Holding S.A.
BMG
Shareholders
Itaú Unibanco
S.A.
Banco
BMG S.A.
Banco Itaú BMG
Consignado S.A.
40%60%
Originated
Contracts Flow
> R$1.5 billion/month
70% 100%Originated
Contracts Flow
30%
Distribution Channels
Net Origination of R$900 million/month*
Distribution Channels
Net Origination of R$900 million/month*
*In 1Q14

23. Itaú Unibanco Holding S.A. 23
Commitment with Transparency
We integrated three important reports into a Consolidated Annual Report:
• Annual Report (including GRI sustainability ratios)
• Form 20-F
• Debt Report (MTN)
Increased consistency, uniformity and objectivity of the information disclosed, unprecedented in
Brazil
1 International Integrated Reporting Council
We completed the Integrated Report, unprecedented among financial companies in Brazil:
• It is a new approach, that interconnects our organization’s most relevant information, serving all
stakeholders with which we interact
• Correlates results, operating activities and business strategies with its human, financial,
intellectual, manufactured, natural, social and relationship capital.
• Approaches our short, medium and long-term strategies
• We are the first company in the Brazilian financial sector to voluntarily present the report
proposed by the IIRC1

24. 24
1st quarter, 2014 – Earnings Review
Conference Call
Alfredo Egydio Setubal
Executive Vice-President and Investor Relations Officer