1. 1
Eduardo Mazzilli de Vassimon
Executive Vice-President, CFO (Chief Financial Officer)
and CRO (Chief Risk Officer)
Marcelo Kopel
Investor Relations Officer
1st quarter 2015 – Earnings Review
Conference Call

2. 2
Highlights
Financial Margin with Clients: 3.0% (1Q15/4Q14) and 18.7% (1Q15/1Q14)
totaled R$14.1 billion in the quarter
Financial Margin with Market: 83.7% (1Q15/4Q14) and 204.9% (1Q15/1Q14)
totaled R$1.9 billion in the quarter
Loan Loss Provision: 19.5% (1Q15/4Q14) and 29.7% (1Q15/1Q14)
reached R$5.5 billion in the quarter
Fees and Results from Insurance1 : 0.9% (1Q15/4Q14) and 12.5% (1Q15/1Q14)
reached R$8.3 billion in the quarter
Non-Interest Expenses: 2.3% (1Q15/4Q14) and 9.3% (1Q15/1Q14)
totaled R$9.9 billion in the quarter
Efficiency Ratio: 330 bps (1Q15/4Q14) and 500 bps (1Q15/1Q14)
reached 43.2% in the quarter; Risk-Adjusted Efficiency Ratio reached 62.7%
Loan Portfolio: 3.4% (1Q15/4Q14) and 13.2% (1Q15/1Q14)
including private securities 3.4% in the quarter and 13.8% (1Q15/1Q14)
20 bps (1Q15/4Q14)
190 bps (1Q15/1Q14)
R$5.8
billion
Recurring Net Income
24.5%
Recurring ROE (p.a.)
12-month ROE was 24.4%
10 bps (1Q15/4Q14)
50 bps (1Q15/1Q14)
3.0%
NPL 90
Credit Quality
NPL 15-90: 2.9% 40 bps (1Q15/4Q14)
10 bps (1Q15/1Q14)
2.6% (1Q15/4Q14)
28.2% (1Q15/1Q14)
1 Result from Insurance (-) Retained Claims (-) Selling Expenses from Insurance.

3. Itaú Unibanco Holding S.A. 3
Recurring ROE
19.0%
19.7%
20.9%
21.7%
22.8%
23.6% 24.0%
24.4%
19.3%
20.9%
23.9%
22.6%
23.7%
24.7% 24.7% 24.5%
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
ROE (trailing 12 months) ROE (quarterly)

4. Itaú Unibanco Holding S.A. 4
Results
1 Income from Insurance includes the Results from Insurance, Pension Plan and Premium Bonds Operations before Retained Claims and Sellig Expenses.
2 Include Tax Expenses (ISS, PIS, COFINS and other) and Selling Expenses from Insurance.
In R$millions 1Q15 4Q14 1Q14
Operating Revenues 24,946 23,754 1,192 5.0% 20,662 4,284 20.7%
Managerial Financial Margin 15,963 14,705 1,258 8.6% 12,488 3,475 27.8%
Financial Marginwith Clients 14,092 13,687 405 3.0% 11,874 2,218 18.7%
Financial Marginwith Market 1,871 1,018 853 83.7% 614 1,257 204.9%
Comissions andFees 6,867 6,825 42 0.6% 6,057 810 13.4%
Result from Insurance 1
2,117 2,224 (108) -4.8% 2,118 (1) -0.1%
Loan Losses Net of Recovery (4,455) (3,284) (1,171) 35.7% (3,164) (1,291) 40.8%
Loan Loss Provision Expenses (5,515) (4,614) (901) 19.5% (4,252) (1,264) 29.7%
Recoveryof Credits 1,060 1,330 (269) -20.3% 1,088 (27) -2.5%
Retained Claims (368) (497) 129 -25.9% (487) 119 -24.3%
Other Operating Expenses (11,602) (11,633) 31 -0.3% (10,464) (1,138) 10.9%
Non-interest Expenses (9,881) (10,113) 232 -2.3% (9,039) (842) 9.3%
Tax Expenses andOther
2
(1,721) (1,520) (201) 13.2% (1,425) (297) 20.8%
Income before Tax and Minority Interests 8,520 8,340 181 2.2% 6,547 1,973 30.1%
Income Tax and Social Contribution (2,607) (2,595) (12) 0.5% (1,955) (652) 33.4%
Minority Interests in Subsidiaries (105) (85) (21) 24.3% (64) (42) 65.1%
Recurring Net Income 5,808 5,660 148 2.6% 4,529 1,279 28.2%
Non-recurring Events (75) (140) 65 -46.5% (110) 35 -31.8%
Net Income 5,733 5,520 213 3.9% 4,419 1,314 29.7%
variation variation

5. Itaú Unibanco Holding S.A. 5
Loan Portfolio
In R$millions, end of the period 1Q15 4Q14 1Q14
Individuals 187,286 186,212 1,074 0.6% 168,214 19,072 11.3%
Credit CardLoans 56,331 59,321 (2,990) -5.0% 52,966 3,365 6.4%
Personal Loans 29,822 28,541 1,281 4.5% 28,274 1,548 5.5%
Payroll Loans 44,608 40,525 4,083 10.1% 24,652 19,957 81.0%
Vehicle Loans 26,331 28,927 (2,596) -9.0% 37,086 (10,755) -29.0%
Mortgage Loans 30,194 28,898 1,296 4.5% 25,236 4,958 19.6%
Companies 304,409 295,366 9,043 3.1% 275,083 29,326 10.7%
Corporate Loans 218,970 211,241 7,729 3.7% 191,260 27,710 14.5%
VerySmall, Small andMiddle Market Loans 85,439 84,125 1,314 1.6% 83,822 1,616 1.9%
Latin America 51,699 43,942 7,758 17.7% 36,823 14,876 40.4%
Total with Endorsements and Sureties 543,394 525,519 17,875 3.4% 480,120 63,274 13.2%
Corporate - Private Securities 35,202 34,175 1,027 3.0% 28,126 7,076 25.2%
Total with Endorsements, Sureties and Private Securities 578,596 559,694 18,902 3.4% 508,246 70,350 13.8%
Total with Endorsements, Sureties and Private Securities
(ex-foreign exchange rate variation)
578,596 582,068 (3,471) -0.6% 544,316 34,280 6.3%
variation variation

6. Itaú Unibanco Holding S.A. 6
Credit and Trading & Insurance and Services
Operating Revenues 24.9 13.8 10.9 0.2 23.8 12.9 10.8 0.1 5% 7% 2% 37%
Managerial Financial Margin 16.0 11.5 4.2 0.2 14.7 10.6 4.0 0.1 9% 9% 6% 37%
Comissions and fees 6.9 2.3 4.6 - 6.8 2.3 4.6 - 1% 0.4% 1% -
Result from Insurance 2.1 - 2.1 - 2.2 - 2.2 - -5% - -5% -
Loan Loss Provision Expenses Net
of Recoveries
(4.5) (4.5) - - (3.3) (3.3) - - 36% 36% - -
Retained Claims Expenses (0.4) - (0.4) - (0.5) - (0.5) - -26% - -26% -
Non-interest Expenses and Other
Expenses
(11.7) (5.6) (6.1) (0.0) (11.7) (5.4) (6.3) (0.0) -0.1% 4% -4% 38%
Recurring Net Income 5.8 2.6 3.0 0.2 5.7 2.7 2.8 0.1 3% -5% 9% 36%
Regulatory Capital 97.0 61.6 26.4 9.0 95.8 59.5 28.5 7.9 1.2% 3.5% -7.2% 13.5%
Recurring Return 24.5% 17.1% 47.1% 7.8% 24.7% 19.1% 38.0% 6.2% (20 bps) (200 bps) 910 bps 160 bps
1Q15
Consolidated
Credit and
Trading
Insurance and
Services
Excess
CapitalIn R$ billions
Consolidated
Credit and
Trading
Insurance and
Services
Excess
Capital
Excess
Capital
4Q14 variation
Consolidated
Credit and
Trading
Insurance and
Services

7. Itaú Unibanco Holding S.A. 7
13,687 14,092(262) (44)458 82 171
4Q14 Mix of products,
clients and spreads
Calendar Days Loan balance Interest rate-
sensitive
operations
Other 1Q15
Financial Margin with Clients Breakdown
Financial Margin with Clients Breakdown
(Quarter)
1 Excluding endorsements and sureties
1
In R$ millions
Loan Portfolio Mix Change 1 (%)
1 Does not include the effect of foreign exchange variation in the period.
24.8
27.1
29.1
30.7
24.5
22.0
19.0
16.7
17.0
13.1
9.1
5.6
10.5
11.1
13.0
12.0
8.0
7.3
6.8
6.3
6.1
7.4
8.7
8.7
5.8
7.6
8.4
10.5
3.2
4.4
6.0
9.5
Mar-12
Mar-13
Mar-14
Mar-15
Corporate Very Small, Small and Middle Market Vehicles Credit Card
Personal Loans Mortgage LoansLatin America Payroll Loans

8. Itaú Unibanco Holding S.A. 8
11.4%
10.9% 10.9% 10.9%
11.4% 11.2%
11.0%
11.1%
9.4% 9.1%
9.1% 8.9%
9.4% 9.4% 9.7%
9.6%
7.2%
7.4%
7.9%
7.5%
8.0% 7.9% 7.9%
6.9%
6.4% 6.5%
6.9%
6.6%
7.0% 7.0%
7.3%
6.6%
7.3%
8.3%
9.4% 10.3%
10.8% 10.8%
11.1%
12.1%
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Gross Credit Spread NIM with Clients
Net Credit Spread ¹ Risk-Adjusted NIM with Clients ¹
CDI
11.3%
7.1%
9.8%
6.7%
Ex- foreign
exchange
variation
Net Interest Margin
1 After loan loss provision expenses, net of recoveries.

9. Itaú Unibanco Holding S.A. 9
Financial Margin with Market
In R$ millions
The quarterly average Financial Margin with Market (ex- Gains from sale of Shares) for the past 8 quarters was R$844 million.
277
63
268 340
739
614
881
1,083 1,018
1,871
638
495 470 474
628
829
899
1,213
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Sale of Cetip/BM&FBovespa Shares
Financial Margin with Market (ex-Sale of Shares)
Moving Average for 1 year of Financial Margin with Market (ex-Sale of Shares)
One-time
event

10. Itaú Unibanco Holding S.A. 10
90-day Coverage Ratio
Credit Quality
Complementary
Allowance Coverage
Generic Allowance
Coverage
Specific Allowance
Coverage
90-day NPL Ratio
Individuals
Total
Companies
Excluding the effect of the foreign exchange rate variation,
the total portfolio ratio would be 3.1% and the companies
portfolio ratio would be 1.9%.
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% 5.2%
5.0%
4.7% 4.5%
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% 3.4% 3.2% 3.1% 3.0%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% 1.8% 1.8% 1.8% 1.8%
Dec/10 Mar/11 Jun/11 Sep/11 Dec/11 Mar/12 Jun/12 Sep/12 Dec/12 Mar/13 Jun/13 Sep/13 Dec/13 Mar/14 Jun/14 Sep/14 Dec/14 Mar/15
90% 94% 97% 99% 93% 94% 96% 99%
43% 42% 43% 41% 46% 50% 52% 56%
32% 33% 35% 37% 37% 37% 45% 45%165% 170% 174% 176% 176% 181%
193% 200%
Jun/13 Sep/13 Dec/13 Mar/14 Jun/14 Sep/14 Dec/14 Mar/15

11. Itaú Unibanco Holding S.A. 11
(4.9) (4.5) (4.2) (4.3) (4.5) (4.7) (4.6)
(5.5)
(3.6) (3.2) (2.8) (3.2) (3.2) (3.3) (3.3) (4.5)
5.2%
4.7%
4.2% 4.1% 4.3% 4.5%
4.2%
4.8%
3.9%
3.4%
2.8%
3.1% 3.1% 3.2% 3.0%
3.9%
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
13.4 13.2 13.7 12.3 11.7 12.1 12.8 12.9
7.9 7.4 7.5 7.5 7.7 8.0 7.9 9.1
5.1 5.1 5.2 5.2 5.2 5.2 6.3 6.3
26.4 25.7 26.4 25.0 24.5 25.3 26.9 28.4
Jun/13 Sep/13 Dec/13 Mar/14 Jun/14 Sep/14 Dec/14 Mar/15
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
In R$ billions
1 Resolution 2,682/99 CMN
In R$ billions
1 Average balance of the loan portfolio considering the last two quarters
Loan Loss Provision Expenses net
of Recoveries / Loan Portfolio 1 –
Annualized
Loan Loss Provision Expenses net
of Recoveries
Loan Loss Provision Expenses
Loan Loss Provision Expenses /
Loan Portfolio 1 – Annualized

12. Itaú Unibanco Holding S.A. 12
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% 1.1% 1.0% 0.9% 0.9%
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 4.7
4.1 4.1 4.3
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
5.0
4.1 4.1 4.1
Dec/10 Mar/11 Jun/11 Sep/11 Dec/11 Mar/12 Jun/12 Sep/12 Dec/12 Mar/13 Jun/13 Sep/13 Dec/13 Mar/14 Jun/14 Sep/14 Dec/14 Mar/15
15 to 90-day NPL Ratio
Credit Quality
NPL Creation and Write Off
1 Average balance of the loan portfolio considering the last two quarters
In R$ billions
NPL Creation
NPL Creation/Loan
Portfolio1
Write Off
Individuals
Total
Companies
Excluding the effect of the foreign exchange rate variation,
the total portfolio ratio would be 3.0% and the companies
portfolio ratio would be 1.9%.
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%
4.6%
4.2%
3.8%
4.1%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% 2.7% 2.6%
2.5%
2.9%
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% 1.2% 1.3% 1.5% 1.8%
Dec/10 Mar/11 Jun/11 Sep/11 Dec/11 Mar/12 Jun/12 Sep/12 Dec/12 Mar/13 Jun/13 Sep/13 Dec/13 Mar/14 Jun/14 Sep/14 Dec/14 Mar/15

13. Itaú Unibanco Holding S.A. 13
3,649 3,851 3,628 3,378 3,464
603 614 1,113 1,236
2,0514,252
4,465
4,741 4,614
5,515
1Q14 2Q14 3Q14 4Q14 1Q15
Retail Banking Wholesale Banking
Loan Loss Provision Expenses by Segment
In R$ millions
One-time
event

14. Itaú Unibanco Holding S.A. 14
Commissions & Fees and Result from Insurance
6,830 7,004 7,431 7,423 7,775 8,093 8,271 8,349
37.1% 37.2% 36.9% 37.3% 36.4% 36.0% 36.0% 34.3%
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Banking Services Fees and Income from Banking Charges and Result from Insurance Operations*
(Banking Services Fees and Income from Banking Charges and Result from Insurance Operations*)/(Financial Margin + Banking
Services Fees and Income from Banking Charges and Result from Insurance Operations*)
* Insurance Operations include insurance, pension plan and premium bonds.
1 Includes fund management fees and consortia management fees.
2 Other insurance activities include extended warranty, large risks, health insurance, other products and our interest in IRB. R$ millions
InR$ millions 1Q15 4Q14 1Q14
AssetManagement¹ 662 650 12 1.9% 653 9 1.5%
CurrentAccountServices 1,405 1,293 112 8.6% 1,137 267 23.5%
CreditOperations and Guarantees Provided 800 799 2 0.2% 693 107 15.4%
Collection Services 365 368 (2) -0.6% 363 3 0.8%
CreditCards 2,884 2,996 (112) -3.7% 2,601 283 10.9%
Other 750 719 31 4.3% 610 140 23.0%
BankingService Fees andIncome fromBankingCharges 6,867 6,825 42 0.6% 6,057 810 13.4%
Resultfrom Insurance, Pension Plan and Premium Bonds 1,482 1,446 36 2.5% 1,366 116 8.5%
Total 8,349 8,271 78 0.9% 7,423 926 12.5%
(-) Resultfrom OtherInsuranceActivities ² 85 80 5 6.4% 133 (49) -36.6%
Total excludingOther Insurance Activities ² 8,264 8,191 73 0.9% 7,289 975 13.4%
variation variation

15. Itaú Unibanco Holding S.A. 15
41 21 26
644 651 687
684 672 713
1Q14 4Q14 1Q15
Core Activities Other Activities
1,084
1,191 1,238
1Q14 4Q14 1Q15
29.7% 29.0%
24.4%
59.5% 59.7%
55.4%
1Q14 4Q14 1Q15
Claims Ratio (%) Combined Ratio (%)
Insurance Operations
Recurring Net Income | Core Activities and Other
Revenues1 | Core Activities
Market Share 1 | Technical Result
Claims Ratio and Combined Ratio
Insurance Core Activities
In R$ billions
1 Source: SUSEP (Jan-Feb/15); 2 Earned Premiums (-) Retained Claims (-) Selling Expenses. 3 Insurance core include: Personal
Insurance (except redeemable term life insurance - Endowment), Housing, Multiple Peril and Domestic Credit – Individuals. It
does not include Health Care. 4 Pension Contribution Income (-) Recognition of Provision for Benefits to be Granted (+)
Revenues from Service Fees – Source SUSEP and ANBIMA (-) Benefit Expenses (-) Selling Expenses (+) Reinsurance. It does not
include life annuities. 5 Net Capitalization Revenues (-) Variation of the Provision for Redemption and of Deferred Income (+)
Result from Raffles (-) Selling Expenses (+) Revenue from Redemption (+) Other Operating Revenues.
In R$ millions
+ 3.9%
In R$ millions
1 Revenues: Earned Premiums, Net Revenues from Pension Plan and Premium Bonds.
Market
Itaú
Unibanco
Itaú Unibanco +
30% Porto Seguro
Insurance2
R$3.7 11.5% 15.3%
Insurance - Core2,3
R$2.1 18.0% 18.6%
Pension Plan4
R$0.8 26.0% 26.0%
Premium Bonds 5
R$0.3 27.2% 27.4%
Core Activities 1Q15 x 1Q14: + 6.8%
+ 14.2%

16. Itaú Unibanco Holding S.A. 16
49.8 48.9 49.2 48.2 47.5 46.0 46.5 43.2
70.9 67.1 63.9 65.1 63.5 61.8 61.6 62.7
47.8 48.6 49.2 49.0 48.4 47.7 47.0 45.7
72.2 70.4 68.2 66.6 64.8 63.5 62.9 62.4
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Quarterly Efficiency Ratio (%) Quarterly Risk-Adjusted Efficiency Ratio (%) Trailing 12-month Efficiency Ratio (%) Trailing 12-month Risk-Adjusted Efficiency Ratio (%)
1 Includes expenses from provisions for contingencies, credit card selling expenses, claims and other; 2 Includes IPTU, IPVA, IOF and other. Does not include PIS, Cofins e ISS.
Non-Interest Expenses
In R$millions 1Q15 4Q14 1Q14
Personnel Expenses (4,514) (4,426) (88) 2.0% (3,859) (655) 17.0%
Administrative Expenses (3,927) (4,253) 326 -7.7% (3,726) (201) 5.4%
Personnel and Administrative Expenses (8,441) (8,679) 238 -2.7% (7,585) (857) 11.3%
OperatingExpenses
(1)
(1,274) (1,273) (2) 0.1% (1,326) 52 -3.9%
Other Tax Expenses (2)
(165) (162) (4) 2.2% (129) (36) 28.2%
Total (9,881) (10,113) 232 -2.3% (9,039) (841) 9.3%
( - ) Operations Abroad (1,016) (860) (155) 18.1% (804) (212) 26.4%
Total (ex-operations abroad) (8,865) (9,253) 388 -4.2% (8,236) (629) 7.6%
variation variation

17. Itaú Unibanco Holding S.A. 17
Full application of Basel III rules │ March 31, 2015
Core Capital Ratio (Common Equity Tier I)
Changes in the Core Capital Ratio in the 1Q15
Mitigating
Actions in
Progress
11.6%
9.9% 9.6% 10.0%
11.4%-1.7%
-0.3% 0.4% 1.4%
Common Equity
Tier I (CET I)
Mar/15
Deductions
Schedule
Anticipation
CET I with full
deductions
Risk-weighted
assets rules
Anticipation
CET I with fully
loaded
Basel III rules
Investment
optimization
Mitigated CET I
with fully loaded
Basel III rules
Use of the full
tax loss
carryforwards
Simulated CET I
under complete
Basel III rules
12.5% 11.6%-0.4% -0.4% -0.3% -0.4% -0.2%0.8%
Common Equity
Tier I (CET I)
Dec/14
Increase in
deductions in
accordance with
Basel III schedule
Distribution of
interest on capital
declared after
December 2014
1Q15 Net Income 2015 Dividends
and other
changes in
stockholders’
equity
Increase in Tax
Loss
Carryforwards
RWA and other Common Equity
Tier I (CET I)
Mar/15
1 2 3
1 Includes deductions of Goodwill, Intangible Assets, Tax Loss Carryforwards, Deferred Tax Assets, Equity Investments in Insurance and similar companies. 2 Also includes the increase of the multiplier of the
market risk, operational risk and certain credit risk accounts. This multiplier, which is at 9.09 nowadays, will be to 12.5 in 2019. 3 Does not include any reversal of the complementary portion of the loan loss
provisions.

18. Itaú Unibanco Holding S.A. 18
Market Capitalization and Average Daily Trading Volume
In R$ millions
Average Daily Trading Volume
1 On March 31, 2015, Itaú Unibanco was the 28th largest bank in the world in terms of market capitalization (Source: Bloomberg).
1
In R$ billions
19
106
224
452
632
368
443 459 410
333
409
491
32
79
95
189
242
191
207
277
292
326
419
465
51
185
319
641
874
559
650
736
702
659
827
956
54.5
80.8
115.3
140.5
107.9
175.1 179.6
152.8 150.6 157.0
190.2 192.7
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q15
BM&FBOVESPA (Non-voting + Common) NYSE (ADR) Market Capitalization

19. Itaú Unibanco Holding S.A. 19
2015 Outlook
1 Includes endorsements, sureties and private securities;
2 Includes Financial Margin with Clients and Financial Margin with Market;
3 Service Fees (+) Income from Insurance, Pension Plan and Premium Bonds (-) Retained Claims (-) Selling Expenses with Insurance, Pension Plan and Premium Bonds.
* The outlook does not consider the effects of the CorpBanca’s transaction, which is subject to regulatory approvals.
Reviewed
Total LoanPortfolio1
Growthof 3.0% to 7.0%
Managerial Financial Margin2
Growthof 14.5% to 17.5%
LoanLoss ProvisionExpenses net of Recoveries BetweenR$ 15 billionand R$ 18 billion
Service Fees and Result fromInsurance 3
Growthof 9.5% to 11.5%
Non-Interest Expenses Growthof 7.0% to 10.0%
Previous
Growthof 6.0% to 9.0%
Growthof 10.0% to 14.0%
BetweenR$13 billionand R$15 billion
Growthof 9.0% to 11.0%
Growthof 6.5% to 8.5%

20. Itaú Unibanco Holding S.A. 20
Strategic Agenda
Opening of the new Technology Center
On March 13, 2015, in accordance with our focus on increasing the digital bank approach, we opened our new technology
center, which will provide more agility, security and availability for the operations carried out by our clients.
• The new technology center supports the bank’s growth through 2050 (in accordance with concepts of predictability);
• System uninterruptedly available;
• As of July 2016, all operations will be processed in the new technology center
Strategic Alliance with Mastercard
On March 16, 2015, we entered into an agreement with Mastercard, for a period of 20 years, to operate a new electronic
payments network under a brand with domestic and international acceptance.
* This alliance is subject to the satisfaction of certain precedent conditions, including the approval by appropriate regulatory authorities.

21. 1
Eduardo Mazzilli de Vassimon
Executive Vice-President, CFO (Chief Financial Officer)
and CRO (Chief Risk Officer)
Marcelo Kopel
Investor Relations Officer
1st quarter 2015 – Earnings Review
Conference Call