SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 6-K

Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of May 2009

Commission File Number: 001-15276

Itaú Unibanco Banco Múltiplo S.A.
(Itaú Holding Financing Bank S.A.)
(Translation of Registrant’s Name Into English)

Praça Alfredo Egydio de Souza Aranha, 100-Torre Itaúsa
04344-902 São Paulo, SP, Brazil
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F:   ý      Form 40-F:   o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(1):

Yes:   o      No:   ý

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(7):

Yes:   o      No:   ý

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes:   o      No:   ý

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
82-___________________.

Itaú Unibanco Holding S.A.

Management Discussion & Analysis and

Complete Financial Statements

1st Quarter 2009

Itaú Unibanco

Contents

Management Discussion and Analysis	1
Complete Financial Statements	39

ITAÚ UNIBANCO HOLDING S.A. (*)

INFORMATION ON THE RESULTS FOR THE FIRST QUARTER OF 2009

We present below the main results of Itaú Unibanco Holding S.A. (Itaú Unibanco) for the first quarter of 2009. Considering the merger that created Itaú Unibanco at the end of 2008 and aiming at providing a better understanding of the changes in assets, liabilities and results of the new institution, for the effect of comparability, the data related to the first quarter of 2008 takes into account the combination of Itaú and Unibanco figures.

1. Net income of Itaú Unibanco for the first quarter of 2009 totaled R$ 2.0 billion, with annualized return of 18.2% on average equity (27.1% for the first quarter of 2008). Recurring net income was R$ 2.6 billion, with annualized return of 23.1%. Consolidated stockholders’ equity reached R$ 45.0 billion as of March 31,  2009. Basel ratio at the end of the period stood at 16.5%, based on economic-financial consolidated.

2. Itaú Unibanco paid or provided for its own taxes and contributions for the first quarter of 2009 in the amount of R$ 3.1 billion. The Bank also withheld and passed on taxes, which were directly levied on financial operations, in the amount of R$ 1.9 billion.

3. Itaú Unibanco's consolidated assets reached R$ 618.9 billion at the end of March 2009. The loan portfolio, including endorsements and sureties, totaled R$ 272.7 billion, an increase of  25.1% as compared to March 31, 2008. In Brazil, non-mandatory loans to the individuals segment reached R$ 94.5 billion. The large company segment in its turn reached R$ 101.3 billion, whereas the very small, small and middle-market company segment reached R$ 51.6 billion.

4. Total free, raised and managed own assets totaled R$ 810.0 billion, an increase of 17.1% as compared to March 31, 2008. Demand, time and savings deposits totaled R$ 197.9 billion. Technical provisions for insurance, pension plan and capitalization totaled R$ 45.7 billion.

5. In the investment banking area, Itaú BBA took part in debenture, promissory note operations and securitization operations amounting to R$ 430 million. In capital markets, the bank  was the joint bookrunner of public offerings that totaled R$ 2.2 billion. Itaú BBA continued in the leading position in the ANBID ranking regarding the distribution of fixed and variable income in the 12-month period ended in March 2009.

6. The performance of shares was affected by the international financial crisis and the fall of Stock Exchanges all over the world. Accordingly, Itaú Unibanco’s preferred shares fell 18.3% as compared to the quotation of March 31, 2008. Ibovespa index dropped 32.1% in the same period. The market value of Itaú Unibanco at Stock Exchange was R$ 106.0 billion at the end of March.

7. Itaú Unibanco employed approximately 106 thousand people at the end of March 2009. The employee’s fixed compensation plus charges and benefits totaled R$ 2.0 billion for the quarter. Welfare benefits granted to employees and their dependants totaled R$ 358 million. In addition, approximately R$ 28 million were invested in education, training and development programs.

8. Itaú Unibanco's integration process made significant advances in the quarter. On January 23, the ATMs were interconnected, enabling Itaú and Unibanco clients to use the equipment of both institutions. The Corporate, Investment Banking and Treasury segments are already operating on an integrated basis, while the integration of the branch network will start in the second half.

9. Itaú Unibanco approved its Sustainability Policy. In this quarter, we highlight the following: the granting of the award “Prêmio Itaú de Finanças Sustentáveis” (Itaú’s Sustainable Finance Award); “Diálogos Itaú de Sustentabilidade” (Itaú’s Dialogues on Sustainability); the launch of “Banco de Ideias Sustentáveis (BIS)” (Bank of Sustainable Ideas); and “Programa Itaú Ecomudança” (Ecochange Itaú Program), which announced the institutions to which the funds from “Fundos Itaú Ecomudança” (Itaú's ecochange funds) will be granted.

10. In the quarter, social and cultural investments of Itaú Unibanco totaled approximately R$ 28 million. With the “Programa Excelência em Gestão Educacional” (excellence in education management program), Fundação Itaú Social innovated in the pedagogical management area.  Noteworthy is also the continuity of the “Jovens Urbanos” (urban youth) program. Instituto Unibanco and the Government of the State of Minas Gerais renewed the agreement which will invest R$ 17 million by 2010, benefiting 40 thousand students, 280 tutors and about one thousand teachers of State schools through the following projects: “Jovem de Futuro” (youth with a future); “Entre Jovens” (among youth), and “Plug In Minas - Núcleo Amigos do Professor” (teachers’ fellows center). The headquarters of Itaú Cultural was visited by over 40 thousand people. The calls for participation in the Itaú Cultural’s Rumos (directions) Program were released for the Cybernetic Art, Movies, Video, Dance and Cultural Journalism categories.

11. The  complete  financial  statements  and  the  Management’s Discussion  &  Analysis  Report  of  Itaú Unibanco, which present further details on the results for the period, are available on the Itaú Unibanco website (www.itauunibancori.com.br).

São Paulo, April 29, 2009.

Pedro Moreira Salles

Chairman of the Board of Directors

(*)The new company name of Itaú Unibanco Banco Múltiplo S.A. awaiting approval by BACEN.

Itaú Unibanco Holding S.A.

Management Discussion & Analysis

1stQuarter 2009

ItaúUnibanco

Contents

Executive Summary	03
Analysis of Net Income	10
Managerial Financial Margin	11
Results from Loan and Lease Losses	13
Banking Service Fees and Banking Charge Revenues	14
Non-interest Expenses	15
Tax Expenses for ISS, PIS and Cofins / Income Tax and Social Contribution	17
Balance Sheet	18
Balance Sheet by Currency	22
Value at Risk	23
Ownership Structure	24
Pro Forma Financial  Statements by Segment	26
Commercial Bank	30
Itaú BBA	31
Consumer Credit	31
Insurance, Pension Plans and Capitalization	32
Activities Abroad	36
Report of Independent Accountants	38
Complete Financial Statements	39

For comparison purposes, we have adjusted the accounting statements (statements of income and balance sheets) for periods before the first quarter of 2009, to include the full consolidation of Redecard.

The tables in this report show the figures in millions. Variations, however, are calculated in units.

Future expectations arising from the reading of this analysis should take into consideration the risks and uncertainties that involve any activities and that are outside the control of the companies of the conglomerate (political and economic changes, volatility in interest and foreign exchange rates, technological changes, inflation, financial disintermediation, competitive pressures on products and prices, and changes in tax legislation).

2  Management Discussion and Analysis Itaú Unibanco Holding S.A.

ItaúUnibanco

Executive Summary

First Quarter of 2009

The table below shows selected information and performance indicators of Itaú Unibanco Holding S.A.(*)

The result and balances of the first quarter of 2008 correspond  to the sum of the results and balances obtained by Itaú and Unibanco in that period.

Highlights - Managerial Criteria R$ million (except where indicated)

Statements of Income		1st Q/09				4th Q/08				1st Q/08
Net Income - Parent Company			2,015				1,871				2,784
Recurring Net Income			2,562				2,339				2,719
Managerial Financial Margin (1)			10,570				9,915				8,319
Income per Share (R$)
Consolidated Net Income per share (2)			0.49				0.46				0.68
Consolidated Recurring Net Income per share (2)			0.63				0.57				0.66
Number of Outstanding Shares - in thousands (3)			4,098,645				4,096,634				4,096,634
Book Value per share			10.98				10.66				10.12
Dividends/JCP net of taxes (4) (R$ Million)			769				1,072				709
Dividends/JCP net of taxes (4) per share			0.19				0.26				0.21
Market Capitalization (5) (R$ Million)			105,950				107,946				120,013
Market Capitalization (5) (US$ Million)			45,763				46,190				53,710
Performance Ratios (%)
Return on Average Equity - Annualized (6)			18.2	%			17.0	%			27.1	%
Recurring Return on Average Equity - Annualized (6)			23.1	%			21.2	%			26.4	%
Return on Average Assets - Annualized (6)			1.3	%			1.2	%			2.4	%
Recurring Return on Average Assets - Annualized (6)			1.6	%			1.5	%			2.3	%
Solvency Ratio (BIS Ratio)			16.5	%			16.1	%			16.6	%
Annualized Net Interest Margin (7)			10.0	%			10.3	%			11.0	%
Nonperforming Loans Index (NPL) (8)			5.6	%			4.8	%			4.8	%
Provision for Loan Losses/Nonperforming Loans			162	%			184	%			142	%
Efficiency Ratio			45.3	%			50.9	%			46.2	%
Balance Sheet		Mar 31, 09				Dec 31, 08				Mar 31, 08
Total Assets			618,943				633,634				484,628
Credit Operations (A)	240,290				241,043				190,709
Sureties, Endorsements and Guarantees	32,439		272,729		30,895		271,938		27,329		218,038
Deposits + Debentures + Borrowings and Onlending and Securities (9) (B)			280,564				282,779				194,258
Credit Operations / Funding (A/B)			85.6	%			85.2	%			98.2	%
Stockholders' Equity of Parent Company			44,999				43,664				41,475
Relevant Data
Assets Under Management (AUM)			269,087				258,252				276,442
Employees (Individuals)			106,210				108,816				102,628
Branches (Units)			3,909				3,906				3,734
CSBs (Units)			986				999				1,034
Automated Teller Machines (Units)			30,801				30,909				30,928

(1) Described on page 11.

(2) Calculated considering the number of shares outstanding at the time of the association, for the first quarter of 2008.

(3) The number of shares outstanding was adjusted to reflect the stock split that occurred in April 2008.

(4) JCP– interest on own capital. Amounts paid/provisioned (Note 16 - b II to the Financial Statements).

(5) Calculated based on the average quotation of non-voting shares on the last trading day in the period.

(6) Annualized Return was calculated by dividing Net Income of the parent company by the Average Stockholders’ Equity of the parent company/Average Assets. The quotient of this division was multiplied by the number of periods of the year to derive the annualized index.

(7) Does not include Treasury.

(8) The ratio of transactions more than 60 days overdue to the total loan portfolio.

(9) Net of compulsory deposits as described on page 20.

(*) Itaú Unibanco Holding S.A. is the new corporate name of Itaú Unibanco Banco Múltiplo S.A, approved in the General Meeting held on April 24, 2009, and pending approval by the Brazilian Central Bank.

3  Management Discussion and Analysis Itaú Unibanco Holding S.A.

ItaúUnibanco

Executive Summary

First Quarter of 2009

Managerial Statement of Income

Itaú Unibanco’s pro forma consolidated  net income for the first quarter of 2009 was impacted  by non-recurring  events, as shown in the table below.

R$ million

	1st Q/09			4th Q/08			1st Q/08
Recurring Net Income		2,562			2,339			2,719
Effects related to Itaú Unibanco merger (merger of shares)		-			5,183			-
Equalization of accounting criteria		-			(1,414	)		-
Provision for Itaú Unibanco integration expenses		-			(888	)		-
Additional provision for loan losses		-			(3,023	)		-
Effects of the adoption of Law No. 11,638		-			(136	)		-
Economic plans provision		(56	)		2			(55	)
Disposal of investments		-			40			120
Goodwill amortization		(491	)		(203	)		-
Other non-recurring effects		-			(30	)		-
Total non-recurring effects		(547	)		(468	)		65
Net Income		2,015			1,871			2,784

Note:

The impacts of the nonrecurring events described above are net of tax effects. (Further details are presented  in Note 22-l of the Financial Statements).

The result of the first quarter of 2008 corresponds to the sum of the results obtained by Itaú and by Unibanco.

Managerial Statement of Income

The Management Discussion and Analysis Report is based on the Managerial Income Statement which arises from reclassificationsmadeintheaccounting income statement. As from this quarter, the accounting income statement presents the effects of exchange variation of investments abroad concentrated in the financial margin. Accordingly,it is no longer required to reclassify such amounts to derive the Managerial Income Statement. As a result, we have maintained only the reclassification for the financial margin oftaxeffects fromthehedge of investments abroad, which isrecognized inthetax expense (PISandCofins)andincome tax andsocial contribution on netincome lines of the accounting income statement.

In this quarter, we increased our ownership structure in Redecard, taking control of the company. In consequence, Redecard started to be fully consolidated.

For comparison purposes, we have adjusted the accounting statements (income statements and balance sheet) for periods before the first quarter of 2009, with the full consolidation of Redecard.

In the first quarter of 2009, the real appreciated 0.9% against the U.S. dollar, while in the prior quarter it depreciated by22.1%. With respect to the euro, the real appreciated by 4.9% in the first quarter of 2009 and depreciated by 20.2% in the last quarter of 2008.

As a result of the exchange variation seen in the period, combined withourexchange riskmanagement of investments abroad, the tax effect of the hedge of Itaú Unibanco investments abroad and sovereign securities issued by foreign governmentscorresponded to a R$ 40 million expense in the quarter.

Macroeconomic Indices

	Mar 31,09			Dec 31,08			Mar 31,08
EMBI Brazil Risk		425			429			259
CDI (In the Quarter)		2.9	%		3.3	%		2.6	%
Dollar Exchange Rate (Var. in the Quarter)		-0.9	%		22.1	%		-1.3	%
Dollar Exchange Rate (Quotation in R$)		2.3152			2.3370			1.7491
IGP-M (In the Quarter)		-0.9	%		1.2	%		2.4	%
Savings Rate (In The Quarter)		1.9	%		2.1	%		1.7	%

4  Management Discussion and Analysis Itaú Unibanco Holding S.A.

ItaúUnibanco

Executive Summary

First Quarter of 2009

Managerial Statement of Income

Our strategy  of management of the exchange  risk of the capital invested abroad has the objective of not permitting impacts on the result from the exchange  variation. To reach that goal, the exchange risk is neutralized and the investments are remunerated in Reais by using derivative financial instruments.  Our hedge strategy further considers all tax effects. The tax benefit obtained with sovereign securities issued by foreign governments is also part of this adjustments.

R$ million

	Itaú Unibanco Pro Forma
1st Quarter/09	Accounting			Non-reccuring Effects			Tax Effect of Hedge and Sovereign Bonds			Managerial
Managerial Financial Margin		10,610			-			(40	)		10,570
Financial Margin with Customers		9,362			-			-			9,362
Financial Margin with Market		1,248			-			(40	)		1,207
Result from Loan Losses		(3,425	)		-			-			(3,425	)
Provision for Loan and Lease Losses		(3,834	)		-			-			(3,834	)
Recovery of Credits Written Off as Losses		410			-			-			410
Net Result from Financial Operations		7,185			-			(40	)		7,145
Other Operating Income/(Expenses)		(3,459	)		624			23			(2,812	)
Banking fees and charge revenues		3,563			-			-			3,563
Result from Op. of Insurance, Pension Plans and Capitalization		502			-			-			502
Non-interest Expenses		(7,018	)		624			-			(6,394	)
Tax Expenses for ISS, PIS and Cofins		(826	)		-			23			(804	)
Equity in the Earnings of Associated Companies		30			-			-			30
Other Operating Income		291			-			-			291
Operating Income		3,727			624			(17	)		4,333
Non-operating Income		(23	)		-			-			(23	)
Income before Tax and Profit Sharing		3,703			624			(17	)		4,310
Income Tax and Social Contribution		(1,082	)		(77	)		17			(1,142	)
Profit Sharing		(406	)		-			-			(406	)
Minority Interests		(200	)		-			-			(200	)
Net Income		2,015			547			-			2,562

R$ million

	Itaú Unibanco Pro Forma
4th Quarter/08	Pro Forma			Redecard			Non-reccuring Effects			Distribution of Exchange Variation			Tax Effect of Hedge and Sovereign Bonds			Managerial
Managerial Financial Margin		6,763			84			79			(24	)		3,012			9,915
Financial Margin with Customers		9,252			84			79			-			-			9,416
Financial Margin with Market		(2,489	)		-			-			(24	)		3,012			499
Result from Loan Losses		(7,917	)		-			4,908			38			-			(2,971	)
Provision for Loan and Lease Losses		(8,376	)		-			4,908			38			-			(3,430	)
Recovery of Credits Written Off as Losses		459			-			-			-			-			459
Net Result from Financial Operations		(1,153	)		84			4,987			14			3,012			6,944
Other Operating Income/(Expenses)		(7,557	)		222			4,604			(35	)		(314	)		(3,081	)
Banking fees and charge revenues		3,762			355			-			(12	)		-			4,104
Result from Op. of Insurance, Pension Plans and Capitalization		294			-			265			(0	)		-			559
Non-interest Expenses		(12,115	)		(133	)		5,065			128			-			(7,056	)
Tax Expenses for ISS, PIS and Cofins		(713	)		(30	)		-			8			(314	)		(1,049	)
Equity in the Earnings of Associated Companies		263			-			(75	)		(158	)		-			30
Other Operating Income		953			30			(651	)		-			-			332
Operating Income		(8,710	)		306			9,591			(21	)		2,698			3,863
Non-operating Income		(31	)		(1	)		13			(3	)		-			(23	)
Income before Tax and Profit Sharing		(8,741	)		305			9,604			(24	)		2,698			3,840
Income Tax and Social Contribution		11,033			(98	)		(9,163	)		5			(2,698	)		(920	)
Profit Sharing		(307	)		(4	)		-			-			-			(311	)
Minority Interests		(114	)		(203	)		27			20			-			(271	)
Net Income		1,871			-			468			-			0			2,339

5  Management Discussion and Analysis Itaú Unibanco Holding S.A.

ItaúUnibanco

Executive Summary

First Quarter of 2009

(*) Includes endorsements and sureties.

Recurring net income for the first quarter of 2009 totaled R$ 2,562 million, which corresponds to a 9.5% increase compared to the fourth quarter of 2008. The parent company stockholders’ equity reached R$ 44,999 million at March 31, 2009, and accordingly the annualized recurring return on average stockholders’ equity was 23.1% in the first quarter of 2009, which is equal to a 190 basis points increase compared to the fourth quarter of the previous year.

R$ million

							Variation (%)
	Mar 31,09		Dec 31,08		Mar 31,08		Mar/09- Dec/08			Mar/09- Mar/08
Individuals		94,474		93,172		79,684		1.4	%		18.6	%
Credit Card		23,122		23,638		19,350		-2.2	%		19.5	%
Personal Loans		22,588		21,681		21,366		4.2	%		5.7	%
Vehicles		48,765		47,853		38,968		1.9	%		25.1	%
Businesses		152,886		153,466		116,660		-0.4	%		31.1	%
Corporate		101,319		102,826		81,516		-1.5	%		24.3	%
Micro, small and middle market		51,567		50,640		35,144		1.8	%		46.7	%
Directed Loans		11,859		11,898		10,469		-0.3	%		13.3	%
Rural Loans		5,250		5,654		5,669		-7.2	%		-7.4	%
Mortgage Loans		6,609		6,244		4,800		5.8	%		37.7	%
Argentina/Chile/Uruguay/Paraguay		13,511		13,402		11,225		0.8	%		20.4	%
Total		272,729		271,938		218,038		0.3	%		25.1	%

At the end of the first quarter of 2009, Itaú Unibanco’s credit portfolio, including sureties and endorsements, amounted to R$ 272,729 million, a 0.3% increase from December 31, 2008. The economic downturn brought about a lower growth rate in the loan and financing portfolio. Our transactions with individuals in Brazil grew 1.4% in the period, driven by a 4.2% increase in personal credit transactions and a 1.9% expansion in the vehicle financing volume. Such increases were partly offset by the seasonal decrease in the balance of credit card transactions. Loans to companies in Brazil declined by 0.4% compared to the end of 2008. This drop is associated with a 1.5% decrease in the balance of loans to corporate businesses, partially compensated by the 1.8% increase in the balance of loans to micro, small and mid-sized companies. Rural and real estate property loans were down 0.3%, primarily as a result of the decrease in the demand from agribusiness, considering that the real estate portfolio grew by 5.8% in the period. Loans and financing in Chile, Uruguay, Argentina and Paraguay increased by 0.8% in the period.

Itaú Unibanco’s managerial financial margin amounted to R$ 10,570 million in the first quarter of 2009, a 6.6% growth compared to the fourth quarter of 2008. The managerial financial margin on customer transactions totaled R$ 9,362 million, representing a 0.6% decline from the prior quarter. Such impact was caused by the decrease in interest rates comparing both periods which was more intense than the gain related with higher volume of assets. The financial margin on market transactions grew 142.0% from the prior quarter to reach R$ 1,207 million, primarily on account of results arising from management of fixed-rate positions and proprietary positions.

6  Management Discussion and Analysis Itaú Unibanco Holding S.A.

ItaúUnibanco

Executive Summary

(*) Nonperforming Loans: Loan transactions overdue more than 60 days.

(*) The criteria for calculating the efficiency ratio are detailed on page 16.

Itaú Unibanco’s expense for doubtful loans added up to R$ 4,373 million in the first quarter of 2009, increasing by 27.5% from the fourth quarter of 2008. During the quarter, we used R$ 539 million of the additional provision balance previously recorded to meet the economic environment deterioration, leading the expense for doubtful loans to R$ 3,834 million, an increase of 11.8% compared to the prior quarter. The economic downturn beginning in the fourth quarter of 2008 continued to impact the risk quality of the portfolios of credits to micro, small and mid-sized companies and individual customers, thus requiring increased allowance amounts.

Similarly, the evolution of the nonperforming loan ratio of Itaú Unibanco reflects the effects of the economic slowdown on the ability to pay of our customers, including individuals and businesses. During the first quarter of 2009, this ratio reached 5.6%, an 80 basis points change compared to the prior quarter.

Banking service fees and banking charge revenues amounted to R$ 3,563 million in the first quarter of 2009, a 13.2% decline from the last quarter of the prior year. The main driver of this change was the discontinuance of the credit information renewal charge, in the amount of R$ 118 million, which was suspended by judicial decision.

Moreover, revenues amounting to R$ 95 million, referring to the fiscal year of 2008, were reversed. Additionally, revenues from credit transactions and guarantees provided decreased due to the reduced volume of loan and financing transactions. Finally, revenues from credit card transactions were down, essentially as a result of the seasonal higher volume of transactions at year end and subsequent decrease.

Non-interest expenses added up to R$ 6,394 million in the first quarter of 2009, a 9.4% decrease quarter-on-quarter. Personnel expenses were influenced by the seasonal pattern of a higher number of employees on vacation in the first quarter of the year. The reduced level of economic activity usually seen in the first quarter of the year impacted the major expense accounts. As a result of these drivers, the efficiency ratio was 45.3% in the first quarter of 2009.

In the first quarter of 2009, Itaú Unibanco’s unrealized net income/(loss) totaled R$ 9,141 million. In this period, we increased our ownership structure in Redecard, exercising the option to purchase approximately 24 million common shares, taking control of the company. The balance of the additional provision for doubtful loans reached R$ 7,252 million in this quarter. It should be noted that this provision is not taken into account to determine unrealized net income/(loss).

7  Management Discussion and Analysis Itaú Unibanco Holding S.A.

ItaúUnibanco

Executive Summary

First Quarter of 2009

Balance Sheet R$ million

										Variation
ASSETS	Mar 31,09			Dec 31,08			Mar 31,08			Mar/09- Dec/08			Mar/09- Mar/08
Current and Long-term Assets		608,549			623,357			477,400			-2.4	%		27.5	%
Cash and Cash Equivalents		13,062			15,853			8,701			-17.6	%		50.1	%
Short-term Interbank Deposits		126,542			124,546			89,781			1.6	%		40.9	%
Securities and Derivative Instruments		136,248			138,344			104,286			-1.5	%		30.6	%
Interbank and Interbranch Accounts		16,044			14,268			28,451			12.5	%		-43.6	%
Loans, Leasing Operations and Other Credits		240,290			241,043			190,709			-0.3	%		26.0	%
(Allowance for Loan Losses)		(21,637	)		(19,972	)		(11,198	)		8.3	%		93.2	%
Other Assets		98,000			109,276			66,671			-10.3	%		47.0	%
Foreign Exchange Portfolio		39,424			51,829			31,007			-23.9	%		27.1	%
Others		58,576			57,447			35,664			2.0	%		64.2	%
Permanent Assets		10,394			10,277			7,228			1.1	%		43.8	%
Investments		2,233			2,258			2,242			-1.1	%		-0.4	%
Fixed Assets		4,208			4,176			2,813			0.8	%		49.6	%
Intangible		3,953			3,843			2,173			2.9	%		81.9	%
TOTAL ASSETS		618,943			633,634			484,628			-2.3	%		27.7	%

R$ million

							Variation
LIABILITIES AND EQUITY	Mar 31,09		Dec 31,08		Mar 31,08		Mar/09- Dec/08			Mar/09- Mar/08
Current and Long-term Liabilities		570,653		586,585		437,834		-2.7	%		30.3	%
Deposits		202,458		206,189		120,738		-1.8	%		67.7	%
Demand Deposits		26,186		28,071		23,990		-6.7	%		9.2	%
Savings Accounts		39,347		39,296		38,988		0.1	%		0.9	%
Interbank Deposits		3,611		2,921		3,007		23.6	%		20.1	%
Time Deposits		133,315		135,901		54,752		-1.9	%		143.5	%
Funds Received under Securities Repurchase Agreements		127,510		124,358		115,164		2.5	%		10.7	%
Funds from Acceptances and Issue of Securities		20,559		19,596		13,422		4.9	%		53.2	%
Interbank and Interbranch Accounts		5,974		3,008		8,143		98.6	%		-26.6	%
Borrowings and On-lendings		38,601		42,741		35,461		-9.7	%		8.9	%
Financial Instruments and Derivatives		9,031		14,807		9,127		-39.0	%		-1.1	%
Technical Provisions for Insurance, Pension Plans and Cap.		45,697		41,574		36,443		9.9	%		25.4	%
Other Liabilities		120,823		134,311		99,336		-10.0	%		21.6	%
Foreign Exchange Portfolio		38,706		50,761		29,722		-23.7	%		30.2	%
Subordinated Debt		22,946		22,465		19,070		2.1	%		20.3	%
Others		59,171		61,085		50,544		-3.1	%		17.1	%
Deferred Income		242		231		150		4.5	%		61.5	%
Minority Interest in subsidiaries		3,050		3,154		5,170		-3.3	%		-41.0	%
Stockholders' Equity of Parent Company		44,999		43,664		41,475		3.1	%		8.5	%
TOTAL LIABILITIES AND EQUITY		618,943		633,634		484,628		-2.3	%		27.7	%
Deposits		202,458		206,189		120,738		-1.8	%		67.7	%
Assets Under Management (AUM)		269,087		258,252		276,442		4.2	%		-2.7	%
Total Deposits + Assets Under Management (AUM)		471,545		464,441		397,180		1.5	%		18.7	%

On March 31, 2008, the balance derives from the sum of balances obtained by Itaú and Unibanco in that period.

8  Management Discussion and Analysis Itaú Unibanco Holding S.A.

ItaúUnibanco

Executive Summary

First Quarter of 2009

Income Statement R$ million

										Variation
	1st Q/09			4th Q/08			1st Q/08			1st Q/09- 4th Q/08			%			1st Q/09- 1st Q/08			%
Managerial Financial Margin		10,570			9,915			8,319			655			6.6	%		2,251			27.1	%
Financial Margin with Customers		9,362			9,416			7,822			(53	)		-0.6	%		1,540			19.7	%
Financial Margin with Market		1,207			499			496			709			142.0	%		711			143.4	%
Result from Loan Losses		(3,425	)		(2,971	)		(2,146	)		(454	)		15.3	%		(1,279	)		59.6	%
Provision for Loan and Lease Losses		(3,834	)		(3,430	)		(2,460	)		(404	)		11.8	%		(1,375	)		55.9	%
Recovery of Credits Written Off as Losses		410			459			314			(49	)		-10.8	%		96			30.6	%
Net Result from Financial Operations		7, 145			6,944			6,173			202			2.9	%		973			15.8	%
Other Operating Income/(Expenses)		(2,812	)		(3,081	)		(1,805	)		269			-8.7	%		(1,006	)		55.7	%
Banking fees and charge revenues		3,563			4,104			3,767			(541	)		-13.2	%		(204	)		-5.4	%
Result from Operations of Insurance, Pension Plans and Cap.		502			559			500			(57	)		-10.2	%		1			0.2	%
Non-interest Expenses		(6,394	)		(7,056	)		(5,565	)		662			-9.4	%		(829	)		14.9	%
Tax Expenses for ISS, PIS and Cofins		(804	)		(1,049	)		(770	)		245			-23.4	%		(34	)		4.4	%
Equity in the Earnings of Associated Companies		30			30			50			0			1.4	%		(20	)		-40.3	%
Other Operating Income		291			332			212			(40	)		-12.1	%		80			37.7	%
Operating Income		4,333			3,863			4,367			471			12.2	%		(34	)		-0.8	%
Non-operating Income		(23	)		(23	)		70			(0	)		0.9	%		(93	)		-133.0	%
Income before Tax and Profit Sharing		4,310			3,840			4,437			470			12.2	%		(127	)		-2.9	%
Income Tax and Social Contribution		(1,142	)		(920	)		(1,060	)		(222	)		24.1	%		(82	)		7.7	%
Profit Sharing		(406	)		(311	)		(358	)		(95	)		30.7	%		(48	)		13.4	%
Minority Interests in subsidiaries		(200	)		(271	)		(300	)		70			-26.0	%		100			-33.3	%
Recurring Net Income		2,562			2,339			2,719			223			9.5	%		(157	)		-5.8	%

Data of the first quarter of 2008 derive from the sum of revenues and expenses obtained by Itaú and Unibanco in that period.

9  Management Discussion and Analysis Itaú Unibanco Holding S.A.

ItaúUnibanco

Analysis of the Consolidated Net Income

Managerial Financial Margin

In the first quarter of 2009, Itaú Unibanco managerial financial margin totaled R$ 10,570 million, up 6.6% from the last quarter of the prior year. The main drivers of such change are discussed below.

Managerial Financial Margin R$ million

					Variation
	1st Q/09		4th Q/08		Balance			%
Customers		9,362		9,416		(53	)		-0.6	%
Interest Rate Sensitive Banking Transactions		1,273		1,611		(338	)		-21.0	%
Spread-Sensitive Banking Transactions		8,090		7,805		285			3.7	%
Market		1,207		499		709			142.0	%
Treasury		1,207		499		709			142.0	%
Total		10,570		9,915		655			6.6	%

Customer Transactions

The margin on customer transactions arises from the use of financial products and services by our customers, both individuals and businesses. Such financial margin can be divided into the margins on those transactions that are sensitive to changes in the interest rate and those that are sensitive to changes in spreads.

In the first quarter of 2009, the managerial financial margin on customer transactions declined by 0.6% to reach R$ 9,362 million.

The financial margin on interest rate sensitive transactions was strongly impacted by the cuts in the benchmark interest rate during the period, as well as the change in the volume of transactions, which totaled R$ 1,273 million, a 21.0% decline from the prior quarter.

Interest Rate Sensitive Banking Transactions Performed with Customers R$ million

							Variation
	1st Q/09			4th Q/08			Balance			%
Average Balance		43,664			48,570			(4,906	)		-10.1	%
Financial Margin		1,273			1,611			(338	)		-21.0	%
Annualized Rate		11.7	%		13.3	%				-1.6		p.p.

Annualized Rate of Interest Rate Sensitive Banking Transactions Performed with Customers

The increase in financial margin on spread-sensitive customer transactions, added up to R$ 8,090 million in the first quarter of 2009, a 3.7% growth compared to the last quarter of 2008. The R$ 14,299 million increase in the average balance of such transactions was the driver of the expansion in the financial margin of spread-sensitive transactions.

Spread-Sensitive Banking Transactions Performed with Customers R$ million

							Variation
	1st Q/09			4th Q/08			Balance		%
Average Balance		332,140			317,841			14,299	4.5		%
Financial Margin		8,090			7,805			285		3.7	%
Annualized Rate		9.7	%		9.8	%			-0.1		p.p.

Annualized Rate of Spread-Sensitive Banking Transactions Performed with Customers

 

Managerial Financial Margin on Market Transactions

The financial margin on market transactions includes treasury transactions.

The financial margin on market transactions grew 142.0% from the prior quarter to reach R$ 1,207 million, primarily on account of results arising from management of fixed-rate positions and proprietary positions.

11  Management Discussion and Analysis Itaú Unibanco Holding S.A.

Itaú Unibanco

Analysis of the Consolidated Net Income

Managerial Financial Margin

Accordingly, the net interest margin or NIM (annualized rate of managerial financial margin, disregarding the treasury financial margin) stood at 10.0% in the first quarter of 2009, a 30 basis points decrease from the last quarter of the prior year. Considering the effects of the expense for doubtful loans, net of the recovery of transactions previously written off as losses, the NIM rate after the provisions was 6.3% against 7.0% in the prior period.

Analysis of the Managerial Financial Margin R$ million

	1st Q/09						4th Q/08
	Average Balance			Financial margin	CDI (p.y.)		Average Balance			Financial margin	CDI (p.y.)
Demand Deposits + Floatings		34,939						33,537
(-) Compulsory Deposits		(11,394	)					(10,814	)
Contingent Liabilities (-) Contingent Assets		3,142						3,220
Tax and Social Security Liabilities (-) Deposits in guarantee		14,371						13,648
(-) Tax Credits		(27,838	)					(21,563	)
Working Capital (Equity + Minority Interests - Permanent Assets - Capital Allocated to Treasury)		30,445						30,543
Interest Rate Sensitive Banking Transactions Performed with Customers (A)		43,664		1,273	11.7	%		48,570		1,611	13.3	%

	Average Balance			Financial margin			Spread (p.y.)			Average Balance			Financial margin			Spread (p.y.)
Cash and Cash Equivalents + Interbank Deposits + Securities (*)		107,623									89,033
Interbank and Interbranch Accounts		3,762									10,553
Loans, Leasing and Other Credits		240,667									232,551
(Allowance for Loan Losses)		(20,805	)								(16,108	)
Net Foreign Exchange Portfolio (Asset/Liability)		893									1,811
Spread-Sensitive Banking Transactions Performed with Customers (B)		332,140			8,090			9.7	%		317,841			7,805			9.8	%
Net Interest Margin (C= A+B)		375,804			9,362			10.0	%		366,411			9,416			10.3	%
Provision for Loan and Lease Losses (D)					(3,834	)								(3,430	)
Recovery of Credits Written Off as Losses (E)					410									459
Net Interest Margin after Provision for Credit Risk (F = C+D+E)		375,804			5,938			6.3	%		366,411			6,445			7.0	%
Treasury Financial Margin (G)					1,207									499
Net Result from Financial Operations (H= F+G)					7,145									6,944

(*) Cash and Cash Equivalents + Interbank Deposits + Securities (-) Interbank Deposits related to Repurchase Liability (-) Derivative financial instruments

(-) Banking Transactions Sensitive to Variations in Interest Rate.

Note: Spread is the annualized difference between the earnings of assets and their opportunity costs.

Net Interest Margin (NIM) x CDI x BM&F Fixed Rate (1 year)

12  Management Discussion and Analysis Itaú Unibanco Holding S.A.

Itaú Unibanco

Analysis of the Consolidated Net Income

Results from Loan and Lease Losses

Expenses for Provision for Loan Losses and Recovery of Credits Written-off as Losses R$ million

										Variation
	1st Q/09			4th Q/08			1st Q/08			1st Q/09/- 4th Q/08			1st Q/09/ 4th Q/08			1st Q/09- 1st Q/08			1st Q/09/ 1st Q/08
Provision for Loan and Lease Losses		(3,834	)		(3,430	)		(2,460	)		(404	)		11.8	%		(1,375	)		55.9	%
Recovery of Credits Written Off as Losses		410			459			314			(49	)		-10.8	%		96			30.6	%
Result from Loan Losses		(3,425	)		(2,971	)		(2,146	)		(454	)		15.3	%		(1,279	)		59.6	%

Itaú Unibanco’s expense for doubtful loans added up to R$ 4,373 million in the first quarter of 2009, increasing by 27.5% from the fourth quarter of 2008. Our models to determine the anticyclical additional provision, which use the same criteria previously adopted in this environment of increasing delinquency, point to the need for a R$ 7,252 million balance, with the subsequent use of R$ 539 million in the period. Thus, the expense of doubtful loans rose to R$ 3,834 million, an increase of 11.8% compared with the prior quarter.

During the period, the adverse effects of the international economic/financial crisis spread among a number of industries, thus hurting the demand from, and income of, several economic agents. As a result, the risk associated with credit portfolios has heightened, with the strongest impact being felt on the micro, small and mid-sized companies, as well as individual portfolios. Also, older loans have shown the highest increases in risk. In this context, we continued to apply more selective criteria when granting loans and financing, and to give priority to transactions showing better risk quality.

Coverage Ratio

Nonperforming Loans R$ million

	Mar 31,09			Dec 31,08
Total Nonperforming Loans (a)		13,384			10,833
Credit Portfolio (b)		240,290			241,043
Credit Assignments (c)		0			734
NPL Ratio [(a)/(b)] x 100		5.6	%		4.5	%
NPL Ratio [(a) + (c)]/[(b)+ (c)] x 100		5.6	%		4.8	%

(a) Loans overdue for more than 60 days and without generation of revenues on the accrual basis.

(b) Endorsements and sureties not included.

(c) Balance of Credit Assignments in previous quarters.

The nonperforming loan ratio, which stood at 5.6% in the first quarter of 2009 versus 4.8% in the last quarter of 2008, is a further reflection of the current macroeconomic context. For individual customer transactions, the ratio was 9.8% in the quarter, a 170 basis points growth from the prior quarter. For businesses, the ratio reached 2.5%, representing an 80 basis points increase when compared to the end of 2008.

Revenues from the recovery of credits previously written off as losses totaled R$ 410 million in the first quarter of 2009, down 10.8% from the prior period.

Overdue Loans R$ million

	Mar 31,09			Dec 31,08
Overdue Loans		22,327			18,115
Balance of Provision for Loan and Lease Losses		(21,637	)		(19,972	)
Difference		(690	)		1,857

Overdue loans are credit transactions having at least one installment more than 15 days overdue, irrespective of collateral provided.

The coverage ratio is derived by dividing the balance of the provision for doubtful loans by the balance of transactions more than 60 days overdue. The 2,200 basis points reduction from the last quarter of 2008 is mainly attributable to the increased balance of nonperforming loans and the reversal of a portion of the additional provision for doubtful loans.

13  Management Discussion and Analysis Itaú Unibanco Holding S.A.

Itaú Unibanco

Analysis of the Consolidated Net Income

Banking fee revenues and Banking charge revenues R$ million

								Variation
		1st Q/09		4th Q/08		1st Q/08		1st Q/09 - 4th Q/08					1st Q/09 - 1st Q/08
Asset Management			495		502		561		(7	)	-1.4	%		(66	)	-11.9	%
Current Account Services	A		455		701		577		(245	)	-35.0	%		(122	)	-21.2	%
Loan Operations and Guarantees Provided	B		556		575		727		(19	)	-3.4	%		(171	)	-23.5	%
Collection Services			366		378		355		(12	)	-3.2	%		11		3.2	%
Credit Cards	C		1,357		1,595		1,258		(238	)	-15.0	%		99		7.9	%
Other	D		334		353		289		(19	)	-5.4	%		45		15.6	%
Total			3,563		4,104		3,767		(540	)	-13.2	%		(204	)	-5.4	%

Banking fee revenues, including banking charges, decreased by 13.2% from the fourth quarter of 2008, mainly due to:

A) Reduction driven by the reversion of provision of the credit information renewal charge which was suspended by judicial decision.

B)  Reduction due to the lower volume of credit transactions, in particular for vehicle financing and leasing.

Banking fee revenues and Banking charge revenues

C) Seasonal reduction in credit card transactions, typical of the first quarter when compared to the prior quarter.

Other R$ million

		1st Q/09		4th Q/08		Variation
Foreign Exchange Services			19		21		(2	)
Income from Brokerage and Securities Placement			54		68		(14	)
Income from Consultation to Serasa			8		2		6
Income from Custody Services and Management of Portfolio			37		41		(3	)
Income from Economic and Financial Advisory	D		21		57		(36	)
Commission Income			56		21		35
Other Services			139		144		(5	)
Total			334		353		(19	)

D) Lower volume of Investment Banking services.

14  Management Discussion and Analysis Itaú Unibanco Holding S.A.

Itaú Unibanco

Analysis of the Consolidated Net Income

Non-interest Expenses R$ million

										Variation
	1stQ/09			4thQ/08			1stQ/08			1stQ/09 - 4thQ/08					1stQ/09 - 1stQ/08
Personnel Expenses		(2,397	)		(2,665	)		(2,136	)		268		-10.1	%		(261	)	12.2	%
Other Administrative Expenses		(2,867	)		(3,275	)		(2,495	)		407		-12.4	%		(372	)	14.9	%
Other Operating Expenses		(1,056	)		(1,034	)		(870	)		(22	)	2.1	%		(185	)	21.3	%
Tax Expenses		(73	)		(82	)		(64	)		9		-11.0	%		(9	)	14.5	%
Total		(6,394	)		(7,056	)		(5,565	)		663		-9.3	%		(829	)	14.9	%

In the first quarter of 2009, non-interest expenses declined by 9.3% compared to the prior quarter, chiefly influenced by other administrative expenses and personnel expenses.

Personnel Expenses R$ million

		1stQ/09			4thQ/08			Variation
Compensation	A		(1,405	)		(1,525	)		120
Charges	A		(445	)		(479	)		34
Social Benefits	A		(358	)		(397	)		39
Training			(28	)		(37	)		9
Employee Resignation and Labor Claims	B		(161	)		(227	)		66
Total			(2,397	)		(2,665	)		268

Personnel expenses were 10.1% down from the prior quarter. The main drivers were:

A) Increased number of employees on vacation during the 1st quarter of 2009, reduced headcount, impact of the Collective Labor Agreement (CCT) in the 4th quarter of 2008, as well as supplementary social benefits provided in December 2008;

B) Increase in provisions for labor claims during the last quarter of 2008.

Other Administrative Expenses  R$ million

		1stQ/09			4thQ/08			Variation
Data Processing and Telecommunication	C		(643	)		(633	)		(10	)
Depreciation and Amortization			(305	)		(322	)		17
Facilities	D		(444	)		(479	)		35
Third-Party Services	E		(705	)		(810	)		105
Financial System Service			(197	)		(206	)		8
Advertising, Promotions and Publications	F		(171	)		(323	)		153
Transportation			(92	)		(99	)		8
Materials			(65	)		(79	)		14
Security			(93	)		(88	)		(5	)
Legal			(8	)		(23	)		14
Travel			(26	)		(42	)		16
Others	G		(119	)		(171	)		52
Total			(2,867	)		(3,275	)		407

The 12.4% decline in other administrative expenses is mainly attributable to:

C) Increased mailing expenses, primarily due to notices sent to customers in the latter part of 2008;

D)  Reduced asset maintenance and repair expenses;

E)  Reduced expenses with advisory and consulting services and market information acquisition expenses;

F)  High concentration of advertising campaigns for credit cards, incentives to credit and financing, as well as communications to the market in the 4th quarter of 2008;

G)  Concentration of donations in the last quarter of 2008, with a view to fostering social and cultural initiatives.

Other Operating Expenses

Other operating expenses increased by 2.1% mainly due to the increase in credit card selling expenses.

Number of Employees

15  Management Discussion and Analysis Itaú Unibanco Holding S.A.

Itaú Unibanco

Analysis of the Consolidated Net Income

Efficiency Ratio (*)

In the first quarter, the efficiency ratio stood at 45.3%, a 560 basis points decline from the prior quarter, driven by decreased non-interest expenses and increased financial margin.

Eficiency Ratio (*)

(*)	Efficiency Ratio =	Non-Interest Expenses (Personnel Expenses + Other Administrative Expenses + Other Operating Expenses + Tax Expenses)
		(Managerial Financial Margin + Banking Service Fees and Charge Revenues + Operating Result of Insurance, Capitalization and Pension Plans + Other Operating Income + Tax Expenses for PIS/COFINS/ISS)

Performance of Non-Interest Expenses and Ratio of Non-Interest Expenses to Assets

(**) Division of Non-Interest Expenses by the arithmetic average of total assets for the two past quarters (annualized).

History of Numbers of Points of Service (***)

(***) Includes Banco Itaú Argentina and Banco Itaú BBA. As from Mar/07, considers Chile and Uruguay companies’

information. Does not include points of sale and ATMs of TecBan - Banco 24h.

(****) Others includes stores, kiosks and attendance centers: Taií, Fininvest, Hipercard, LuizaCred and PontoCred.

16  Management Discussion and Analysis Itaú Unibanco Holding S.A.

Itaú Unibanco

Analysis of the Consolidated Net Income

Internet Banking Clients

Tax Expenses for ISS, PIS and Cofins

The 23.4% decline in tax expenses when compared to the prior quarter was driven by the levy of PIS and Cofins on revenues from interest on own capital distributed by the group companies, a fact that usually takes place at year-end and does not recur in other quarters.

Income Tax and Social Contribution on Net Income

In the first quarter of 2009, Income Tax (IR) and Social Contribution on Net Income (CSLL) expenses added up to R$ 1,142 million, a 24.1% growth from the prior quarter. The increase in recurring result before Income Tax and Social Contribution on Net Income was one of the main drivers of the higher expense for these taxes.

In the short run, the effects of the increase in CSLL rate from 9% to 15% have not yet been felt, as tax credits recorded are sufficient to offset them. Management believes that the National Confederation of the Financial System (Cosif) will prevail in its direct action challenging the constitutionality of such increase.

R$ million

Itaú Unibanco	1st Q/09			4th Q/08			Variation
Result before Income Tax (IR) and Social Contribution (CSLL)		3,703			(8,741	)		12,445
(+) Result from non-recurring events		624			9,909			(9,285	)
(=) Recurring Result before IR and CSLL		4,328			1,167			3,159
Income Tax and Social Contribution at the valid rates (A)		(1,731	)		(397	)		(1,334	)
(Inclusions) Exclusions and Other (B)		571			2,170			(1,598	)
Exchange Variation on Investments Abroad		(111	)		1,188			(1,299	)
Interest on Own Capital		374			168			206
Interest on Sovereign Debt and Tax Incentives		179			173			5
Other		129			640			(511	)
Subtotal (C) = (A) + (B)		(1,160	)		1,773			(2,933	)
Exclusion of Exchange Variation and Tax Effects on Hedges of Investments Abroad and Sovereign Bonds (D)		17			(2,693	)		2,710
Income Tax and Social Contribution (C)+(D)		(1,142	)		(920	)		(222	)

17  Management Discussion and Analysis Itaú Unibanco Holding S.A.

Itaú Unibanco

Balance Sheet

Securities Portfolio

History of Securities Portfolio R$ million

																Variation (%)
	Mar 31,09		%			Dec 31,08		%			Mar 31,08		%			Mar/09-Dez/08			Mar/09-Mar/08
Public Securities - Domestic		51,958		38.1	%		52,907		38.2	%		38,660		37.1	%		-1.8	%		34.4	%
Public Securities - Foreign		13,888		10.2	%		12,035		8.7	%		15,938		15.3	%		15.4	%		-12.9	%
Total Public Securities		65,846		48.3	%		64,942		46.9	%		54,597		52.4	%		1.4	%		20.6	%
Private Securities		27,998		20.5	%		25,774		18.6	%		21,322		20.4	%		8.6	%		31.3	%
PGBL/VGBL Fund Quotas		32,334		23.7	%		30,024		21.7	%		20,426		19.6	%		7.7	%		58.3	%
Derivative Financial Instruments		10,069		7.4	%		17,605		12.7	%		7,940		7.6	%		-42.8	%		26.8	%
Total Securities		136,248		100.0	%		138,344		100.0	%		104,286		100.0	%		-1.5	%		30.6	%

Our securities portfolio totaled R$ 136,248 million, corresponding to a 1.5% reduction from the last quarter of 2008. During the period, our portfolio basically comprised higher liquidity assets, given the current turmoil in the markets.

Credit Portfolio R$ million

Risk Level		AA			A			B			C			D - H			Total
Mar 31, 09	Credit Operations (*) %		71,180			112,418			46,402			16,926			25,802			272,729
	of Total		26.1	%		41.2	%		17.0	%		6.2	%		9.5	%		100.0	%
Dec 31, 08	Credit Operations (*)		75,605			114,213			46,274			14,121			21,725			271,938
	% of Total		27.8	%		42.0	%		17.0	%		5.2	%		8.0	%		100.0	%

(*) The credit balance includes sureties and endorsements.

Credit Portfolio

In the first quarter of 2009, the credit portfolio increased by 0.3%. During the quarter, the share of credits rated "AA" to "C" declined by 150 basis points and now accounts for 90.5% of the portfolio.

In March 2009, the Food and Beverage industry showed the highest risk concentration, representing 4.9% of the total. The main increases in the quarter were seen in the following industries: Heavy Construction, with a R$ 2,894 million, or 47.7% growth; Autoparts and Accessories, posting a R$ 1,068 million , or 12% growth; Pulp and Paper, with a R$ 726 million, or 7.4% growth; and Chemical and Petrochemical, increasing R$ 166 million, or 6.4% growth.

The share of the 100 top debtors in the total portfolio stood at 22.2% in the first quarter of 2009, corresponding to a 30 basis points change in the quarter.

19  Management Discussion and Analysis Itaú Unibanco Holding S.A.

BalanceSheet Itaú Unibanco

PortfolioAquisitionXCompulsoryDeposits

AtMarch31, 2009,interbank acquisitions ofcredittransactions eligiblefor deduc tionfromtherequirementofcom pulsory depositsontermfundsamountedto R$8,424million.

Funding

Inthefirstquarterof2009,funds obtainedtotaledR$615,850million,anincreaseof2.6%compared tothepriorquarter. Timedeposits, themain fundinginstrumentfromcustomerresources,reachedR$117,861 mill ion, adecreaseof0.9% comparedtothelast quarter.Duringtheperiod,fundsobtainedfrom institutionalcustomersdecreased,asaresultofthe reduced depositremunerationrates,giventheexcessive liquiditylevels.The totalbalanceofinvestmentfundsand managed portfolioswasR$269,087 million attheend ofMarch2009,representing anincreaseof4.2% fromtheprior quarter.

FundingfromCustomers										R$millions
	Mar 31, 09		Dec 31,08		Mar 31, 08		Mar/09 - Dec/08			Mar/09 - Mar/08
Demand deposits		25,795		28,071		24,085		-8.1	%		7.1	%
Savings deposits		39,335		39,286		38,979		0.1	%		0.9	%
Time deposits		117,861		118,909		45,508		-0.9	%		159.0	%
Mortgage - Backed Notes / Debentures (Committed operations)		61,616		55,477		58,221		11.1	%		5.8	%
(1) Funding from Customers		244,608		241,743		166,793		1.2	%		46.7	%
Institutional customers		26,201		30,442		24,875		-13.9	%		5.3	%
Onlending		18,518		18,456		16,276		0.3	%		13.8	%
(2) Total - Funding from Customers		289,326		290,641		207,944		-0.5	%		39.1	%
Assets under management		269,087		258,252		276,442		4.2	%		-2.7	%
Technical provisions for insurance, pension plan and capitalization		45,697		41,574		36,443		9.9	%		25.4	%
(3) Total Customers		604,111		590,467		520,828		2.3	%		16.0	%
Deposits from Banks		3,611		2,921		3,007		23.6	%		20.1	%
Funds from acceptance and issuance of securities		8,128		6,993		4,715		16.2	%		72.4	%
(4) Total Funding		615,850		600,381		528,551		2.6	%		16.5	%

OutoftheR$280,564millionof customerfunding,loans,onlendingsand issuanceofsecuritiesabroad,netofc ompulsory depositsandavailablefunds,R$ 240,290millionwasabsorbed bytheloansand financingportfolio, whilethebalanceof fundsobtainedwasusedtomanagetheBank’sliquidity position.

RatiobetweenLo anPortfolioandFunding	R$millions
	Mar 31, 09			Dec 31,08			Mar 31, 08			Mar/09 - Dec/08			Mar/09 - Mar/08
Funding from customers		289,326			290,641			207,944			-0.5	%		39.1	%
(-) Compulsory deposits + available funds		(36,974	)		(39,036	)		(37,395	)		-5.3	%		-1.1	%
Funds from acceptance and issuance of securities abroad		8,128			6,993			4,715			16.2	%		72.4	%
Borrowings		20,083			24,180			18,994			-16.9	%		5.7	%
Total (A)		280,564			282,779			194,258			-0.8	%		44.4	%
Loan Portfolio (B) (*)		240,290			241,043			190,709			-0.3	%		26.0	%
B/A		85.6	%		85.2	%		98.2	%	40		b.p.	-1,250		b.p.

(*) The credit portfolio balance does not include sureties and endorsements.

20 Management Discussion and Analysis Itaú Unibanco Holding S.A.

BalanceSheet Itaú Unibanco

ExternalFunding

Thetablebelowhighlightthemainissuanc eabroadofItaúUnibancoeffectiveonMarch31,2009.

MainIssuancesin Effect(1)			US$millions
Instrument	Coordinator	Balance at Dec 31, 08	Issues	Amortization	Balance at Mar 31, 09	Issue Date	Maturity Date	Coupon % p.y.
Fixed Rate Notes(2)	Merrill Lynch	331			302	08/13/2001	08/15/2011	4.250%
Fixed Rate Notes	Merrill Lynch and Itaubank	100			100	08/13/2001	08/15/2011	10.000%
Fixed Rate Notes	Merrill Lynch and Itaubank	80			80	11/09/2001	08/15/2011	10.000%
Fixed Rate Notes	Dresdner Bank	16		(16)	0	06/13/2003	07/15/2009	6.150%
Fixed Rate Notes	Citibank	200			200	12/12/2003	12/15/2013	9.735%
Fixed Rate Notes(3)	UBS/Merrill Lynch	500			500	07/29/2005	perpetual	8.700%
Fixed Rate Notes(4)	Itaú Chile	97			97	07/24/2007	07/24/2017	UF(11) + 3,79%
Fixed Rate Notes(5)	Itaú Chile	98			98	10/30/2007	10/30/2017	UF(11) + 3,44%
Floating Rate Notes	Itaubank	393			393	12/31/2002	03/30/2015	Libor(12) + 1,25%
Floating Rate Notes	Nomura	162		(162)	0	10/15/2003	10/15/2013	Libor(12) + 1,35%
Floating Rate Notes(6)	HypoVereinsbank and ING	277			266	06/22/2005	06/22/2010	Euribor(13) + 0,375%
Floating Rate Notes	Calyon	178		(67)	111	06/30/2005	09/20/2012	Libor(12) + 0,20%
Floating Rate Notes(7)	Itaú Europa, HypoVereinsbank and LB Baden Wuerttemberg	139			133	12/22/2005	12/22/2015	Euribor(13) + 0,55%
Floating Rate Notes	Standard Bank	105		(105)	0	01/15/2006	01/15/2016	Libor(12) + 1,20%
Floating Rate Notes	Mizuho	146		(146)	0	07/17/2006	07/15/2014	Libor(12) + 0,33%
Floating Rate Notes(8)	Itaú Europa, UBS Inv. Bank/US and Natexis Banques Populaires	416			399	07/27/2006	07/27/2011	Euribor(13) + 0,32%
Floating Rate Notes	Dresdner Bank	200		(50)	150	09/20/2006	09/20/2013	Libor(12) + 0,50%
Floating Rate Notes	Sumitomo	200		(200)	0	04/26/2007	04/15/2014	Libor(12) + 1,175%
Floating Rate Notes	Citibank	200		(200)	0	05/21/2007	07/15/2015	Libor(12) + 0,80%
Floating Rate Notes	Sumitomo and WestLB	200		(200)	0	04/25/2008	07/15/2015	Libor(12) + 0,75%
Floating Rate Notes	Citibank	225		(50)	175	09/24/2008	09/20/2013	Libor(12) + 1,50%
Medium Term Notes(9)	Citibank and UBB Securities	139			140	02/11/2005	02/11/2010	IGP-M + 8,70%
Medium Term Notes(10)	HSBC	162			167	05/30/2007	05/30/2012	9.21%
Other Notes(14)		1,453			1,786
Total		6,015	0	(1,196)	5,098

(1)Balancereferstoprincipalamounts.

(2)Amount inUS$equivalentonthedatesshowntoJPY30billion.

(3)PerpetualBonds

(4)and(5)Amounts inUS$equivalenton theissuedatesshowntoCHP46.9 billion,and CHP48.5billion,respectively.

(6),(7) and(8)Amounts inUS$equivalent onthedatesshownto€200million, € 100 million,and€300mi llion,respectively.

(9)and(10)AmountsinUS$ equivalentonthedatesshowntoR$325 millionand R$387 million,respectively.

(11)Fomentation FinancialUnit.

(12)180-dayLibor.

(13)90-dayEuribor.

(14)StructuredNotes

Equity

Thebalanceofconsolidated stockholders’equityof ItaúUnibancototaledR$44,999 millionatMarch31, 2009.OurBasel Ratioreached 16.5%inthe firstquarter oftheyear,a40basispoint changecomparedtothepriorquarter.

SolvencyRatio

A breakdown of our Basel ratio is shown in the table below. We draw attention to Tangible Common Equity (TCE), internationally defined as Stockholders’ Equity less intangible assets, goodwill and preferred shares. This is a conservative measure, since it expresses the amount of solid equity of a company. It is widely used in times of financial crisis, as many companies, in particular financial institutions, received capital inflows via issuance of large numbers of preferred shares whose characteristics, in many instances, are similar to those of subordinated debt, that is, they are essentially different from capital. It should be stressed that, in the case of Brazil, non-voting shares have primarily a capital function and, for this reason, have not been excluded from Tangible Equity.

	mar-09			dec-08
Stockholders' Equity of Parent Company		44,999			43,664
(-) Intangible		(3,953	)		(3,843	)
(=) Tangible Equity (A)		41,046			39,821
Risk-weighted Exposure		417,716			413,813
(-) Intangible asset not eliminated from weighting		(3,319	)		(3,149	)
(=) Adjusted Risk-weighted Exposure (B)		414,397			410,664
Ratios
BIS		16.5	%		16.1	%
Tier I (Core Capital)		12.7	%		12.3	%
Tangible Equity (A/B)		9.9	%		9.7	%

Capital Ratios

21  Management Discussion and Analysis Itaú Unibanco Holding S.A.

BalanceSheetbyCurren cy(*) Itaú Unibanco

TheBalanceSheetperCurren cyshowsthebalanceslinked tothe localandforeigncurrencies.AtMarch31,2009,the net foreignexchangeposition,includinginvestments abroad,is aliability ofUS$ 7,058 million. It shouldbe pointedoutthatthegapmanagementpolicyadoptedby us takesintoaccountthetaxeffectson thisposition. As incomefromtheexchangevariation ofinvestments abroad is nottaxed,wecontractedahedge(liability position in exchangederivatives) in excessof the hedgedasset,so thatthenetresultfromtheexchange exposure,netoftaxeffects,isvirtuallyniland consistent withourstrategyoflowexposuretorisk.

	R$million
	Mar 31,09
Assets	Consolidated Itaú Unibanco			Total			Business in Brazil Itaú Unibanco Local Currency			Foreign Currency		Business Abroad Itaú Unibanco
Cash and Cash Equivalents		13,062			8,603			5,963			2,641		5,787
Short Term Interbank Deposits		126,542			118,315			116,822			1,493		17,847
Securities		136,248			116,689			112,197			4,491		34,782
Loans		240,290			210,345			191,642			18,703		33,347
(Allowance for Loan Losses)		(21,637	)		(21,106	)		(21,106	)		0		(531	)
Other Assets		114,044			114,829			90,127			24,703		17,087
Foreign Exchange Portfolio		39,424			42,193			17,848			24,345		13,442
Other		74,620			72,636			72,278			358		3,646
Permanent Assets		10,394			28,415			8,775			19,639		1,605
TOTAL ASSETS		618,943			576,090			504,419			71,670		109,925
Derivatives - Purchased Positions											63,269
Futures											18,316
Options											22,170
Swaps											15,975
Other											6,808
TOTAL ASSETS AFTER ADJUSTMENTS (a)											134,940

	Mar 31,09
Liabilities and Equity	Consolidated Itaú Unibanco		Total		Business in Brazil Itaú Unibanco Local Currency		Foreign Currency			Business Abroad Itaú Unibanco
Deposits		202,458		166,970		166,834		136			38,638
Funds Received under Securities Repurchase Agreements		127,510		124,113		124,113		0			3,560
Funds from Acceptances and Issue of Securities		20,559		27,877		12,203		15,674			7,842
Borrowings and On-Lendings		38,601		34,731		18,558		16,173			14,934
Derivative Financial Instruments		9,031		6,567		6,567		0			2,502
Other Liabilities		126,797		122,779		93,651		29,129			22,784
Foreign Exchange Portfolio		38,706		41,510		15,521		25,990			13,406
Other		88,091		81,269		78,130		3,139			9,378
Technical Provisions of Insurance, Pension Plans and Capitalization		45,697		45,694		45,694		0			3
Deferred Income		242		219		219		0			22
Minority Interest in Subsidiaries		3,050		2,140		2,140		0			0
Stockholders' Equity of Parent Company		44,999		44,999		44,999		0			19,639
Capital Stock		42,984		42,984		42,984		0			19,409
Net Income		2,015		2,015		2,015		0			231
TOTAL LIABILITIES AND EQUITY		618,943		576,090		514,978		61,111			109,925
Derivatives - Sold Positions								90,168
Futures								40,961
Options								23,056
Swaps								21,858
Other								4,294
TOTAL LIABILITIES AND EQUITY AFTER ADJUSTMENTS (b)								151,280
Foreign Exchange Position Itaú (c = a - b)								(16,340	)
Foreign Exchange Position Itaú (c) in US$								(7,058	)

(*) Does not consider eliminations of transactions between local and foreign businesses.

22  Management Discussion and Analysis Itaú Unibanco Holding S.A.

Value at Risk (VaR) Itaú Unibanco

Itaú Unibanco

The table below shows the Consolidated Global VaR, including Unibanco, Itau BBA, Banco Itau Europa, Banco Itaú Argentina, Banco Itaú Chile and Banco Itaú Uruguay’s portfolios and Itaú’s structural  portfolio. The Itaú and Itaú BBA portfolios are combined, segregated by risk factor.

Itau Unibanco consolidated maintains its policy to operate within relatively low limits when compared to its equity. The average and maximum consolidated values at risk, as in other units, were affected by the reduction of the volatilities of the major internal and external risk factors during the quarter. These reductions were observed in the values of Global VaR at March 31, 2009 as well as average, minimum and maximum values in the quarter. It is notable that the risk diversification of the business units is significant, allowing the conglomerate to maintain a total exposure to market risk which is, very low compared to its equity.

R$ million

		Mar 31,09			Dec 31,08
	Fixed Rate		133.2			159.3
	TR		9.2			13.8
	Inflation Index		5.3			4.6
	Dollar Linked Interest Rate		18.3			16.6
	Foreign Exchange Rate		1.9			17.2
Itaú(*) + Itaú BBA	Foreign sovereign and Private Securities		17.2			22.2
	Equities		8.5			15.5
	Foreign Interest Rate		15.9			7.8
	Commodities		0.1			0.0
	Other Foreign Exchange Rate		0.5			1.0
	Others		1.6			8.6
UNIBANCO			133.8			161.6
Itaú Europa			6.0			5.9
Itaú Argentina			7.3			5.1
Itaú Chile			2.1			1.1
Itaú Uruguay			1.2			2.8
Diversification Effect			(83.3	)		(97.9	)
Global VaR			278.8			345.3
Maximum VaR			439.4			910.0
Average VaR			333.3			498.5
Minimum VaR			256.4			339.2

(*)ExoperationsofProprietarytradingdesk.

Adjustedfortaxeffects.

VaRrefers tothemaximumpotential lossin1day,witha99%confidencelevel.

Find out more on risk management in Note 21 to the Financial Statements or in our Investor Relations website, www.itauunibancori.com.br, in the Corporate Governance / Risk Management section, and also in Form 20-F, available in the Financial Information/SEC Files section.

23 Management Discussion and Analysis Itaú Unibanco Holding S.A.

OwnershipStructure Itaú Unibanco

Managementof our ownershipstructureis mainly intended tooptimizethecapitalallocationtothevarious segments comprisingtheconglomerate.

Theaverageacquisitioncostoftreasurys hares,aswellas theactivityofoptionsgranted toconglomerateexecutives undertheOptionPlanareset outinNote16-etothe ConsolidatedFinancialStatements.

Thetablebelowshowsthechange inshares ofcapitalstockandtreasury shares duringtheperiod:

In thousands
ITAÚ UNIBANCO HOLDING S.A.	Common Shares			Non-voting Shares			Total
Balance at December 2008		2,081,170			2,074,227			4,155,397
Shares in Treasury - March 2009		(2	)		(56,750	)		(56,752	)
Total Shares (-) Treasury		2,081,168			2,017,477			4,098,645

Theorganizationchartbelowsummarizesourcurrentownershipstructure.

24  Management Discussion and Analysis Itaú Unibanco Holding S.A.

UnificationofItaú andUnibancoShares

ItaúandUnibancounifiedtheir respectivelistedshareson March,31.Thechange w assimultaneouslycarriedouton theSãoPaulo StockExchange(BM&FBOVESPA) andthe NewYorkStockExchange (NYSE).

Holders of shares in the two banks are now entitled to shares in the new entity, in accordance with the migration criteria approved at stockholders’ meetings of the two banks held in November last year.

Fractional shares arising from the unification were auctioned on the São Paulo Stock Exchange and the net amount determined based on the number of shares held by each stockholder was fully credited to the settlement current account indicated by him/her.

For more detailed information on this matter and all aspects of the association of Itaú and Unibanco, please visit our investor relations website at www.itauunibancoir.com.br.

MonthlyDividendsto UnibancoStockholders

After the replacement of ticker symbols for Unibanco and Unibanco Holdings shares with that of Itaú Unibanco, the former stockholders of Unibanco and Unibanco Holdings became entitled to receive monthly and complementary dividends, to be paid directly by Itaú Unibanco. Following the approval of the association of Itaú and Unibanco by the Brazilian Central Bank, dividends and interest on own capital declared by Itaú Unibanco, which were provisioned since November 28, 2008, were paid to the former stockholders of Unibanco and Unibanco Holdings on April 8, 2009.

Performance inthe StockMarket

Market Capitalization(*)x Ibovespa Index

(*) Average price of preferred shares on the last trading day of the period x total shares outstanding.

Average Daily Volume Traded - R$ million(*)

(*) Calculated using daily conversion of dollar (US$) to real (R$).

SubsequentEvents

Itaú Unibanco’s NewInvestorRelations Website ReceivesAward

In April, Itaú Unibanco’s Investor Relations website was awarded the e-Capital Market Prize. The award is coordinated by the Executivos Financeiros magazine in partnership with the Brazilian Institute of Investor Relations (IBRI) and is intended to analyze technological aspects that support activities inherent to capital markets, highlighting best practices and innovative projects.

The new website displays significant changes in layout and contents, with a view to providing market participants with the new facts of the organization.

The website started to be redesigned in January 2009 and was expected to be made available for posting of Itaú Unibanco financial statements on February 25, 2009, however the new site version was completed 4 days before that, on February 21 – in line with Itaú Unibanco’s timely, pioneering and respectful relationship with its strategic audiences.

Ordinary and Extraordinary Stockholders’ Meetings on April 24, 2009

Corporate Governance : details in addition to the convening notice of the Ordinary and Extraordinary Stockholders Meeting held on April 24 were posted on our Investor Relations website, including matters to be discussed, explanations about the topics, management proposal, proxy template, resumés of the Board of Directors and Audit Committee members, comparison By-laws, and comparison of proposed changes to the stock option plan, thus enabling our stockholders to position themselves in advance on the Meeting matters.

Stock Bonus : in order to increase the liquidity of the shares and subsequent adjustment of their market quotation to a more attractive trading level, a stock bonus of 10% was approved, considering that a higher number of outstanding shares at a more affordable price has the potential to generate more trades and increased financial volume, thus creating stockholder value. Itaú Unibanco stockholders will receive, at no cost, 1 new share for each 10 shares of the same class held by them.

Dividends : monthly dividends will be maintained at R$ 0.012 per share, and accordingly the total amounts paid to stockholders on a monthly basis will be increased by 10% after inclusion of stock bonuses into their stockholdings. The effective bonus entitlement date will be disclosed to the market following the approval of this process by the Brazilian Central Bank.

25  Management Discussion and Analysis Itaú Unibanco Holding S.A.

ItaúUniban co

ProForm aFinancialStatementsb ySegment

Allocated Capital

The pro forma financial information takes into account the impacts associated with the allocation of capital. To this end, adjustments were made to the financial statements, based on a proprietary model that considers the credit, market and operating risks, as well as the regulatory framework and the level of fixed asset formation.

We then determine the Risk Adjusted Return on Capital (Raroc), an operating performance indicator consistently adjusted to the capital required to support the risk of asset and liability positions taken.

Adjustments made to the balance sheet and statement of income for the period are based on the business units’ managerial information.

The Corporate+Treasury column shows the results associated with excess capital and subordinated debt. It also shows the equity in the earnings of companies not pertaining to any one segment, as well as the adjustments for Minority Interests in Subsidiaries and the Market Financial Margin.

Income Tax and Social Contribution on Net Income effects on the payment of Interest on Own Capital for each segment were reversed and subsequently reallocated to the individual segments in proportion to the amount of Tier I capital, while the financial statements were adjusted in order to replace net book value with market level funding. The financial statements were then adjusted to include revenues associated with the allocated capital. Finally, the cost of subordinated debt and the related remuneration at market prices were allocated to the segments on a pro rata basis, in accordance with Tier I allocated capital.

The diagram below shows the changes introduced in the financial statements to reflect the impacts of capital allocation.

Segment Information

In this quarter, the segmentation of Itaú Unibanco pro forma net income is presented using a new model, arising from the restructuring of operating processes currently underway in our organization. In essence, we will now disclose net income and stockholders’ equity balances for four operational segments: Commercial Bank, Itaú BBA, Consumer Credit, and Corporation + Treasury. Additionally, the disclosure of results achieved by our foreign units will be maintained, to provide a geographic perspective of the breakdown of our results. We also point out that, as from this quarter, the activities of Interbanco S.A. (Paraguay) will be incorporated in the statements of foreign units.

27 Management Discussion and Analysis Itaú Unibanco Holding S.A.

ItaúUniban co

ProF ormaFinancial StatementsbyS egment

The pro forma financial statements of Commercial Bank, Itaú BBA and Consumer Credit presented below are based on managerial models, to better reflect the performance of the business units.

On March31,2009 R$million

	Itaú Unibanco Pro Forma
ASSETS	CommercialBank			Itaú BBA			Consumer Credit			Corporation + Treasury			Itaú Unibanco
Current and Long-Term Assets		466,657			180,566			76,289			15,918			608,549
Cash and Cash Equivalents		12,921			270			-			-			13,062
Short-term Interbank Deposits		180,352			64,617			-			-			126,542
Short-term Interbank Deposits in the Market		129,343			17,627			-			-			126,542
Short-term Interbank Deposits in Intercompany*		51,009			46,990			-			-			-
Securities		99,579			26,080			-			16,441			136,248
Interbank and Interbranch Accounts		16,035			162			-			-			16,044
Loans		85,042			75,846			79,429			(0	)		240,290
(Allowance for Loan Losses)		(9,488	)		(1,542	)		(7,037	)		(3,569	)		(21,637	)
Other Assets		82,218			15,134			3,898			3,046			98,000
Foreign Exchange Portfolio		33,023			12,499			-			-			39,424
Others		49,195			2,636			3,898			3,046			58,576
Permanent Assets		8,133			528			441			1,292			10,394
TOTAL ASSETS		474,790			181,094			76,730			17,210			618,943

	Itaú Unibanco Pro Forma
LIABILITIES AND EQUITY	Commercial Bank		Itaú BBA		Consumer Credit		Corporation + Treasury		Itaú Unibanco
Current and Long-Term Liabilities		454,592		169,070		69,483		8,389		570,653
Deposits		206,459		93,025		8		-		202,458
Deposits with Clients		177,951		42,017		8		-		202,458
Deposits with Intercompany*		28,508		51,009		-		-		-
Securities Repurchase Agreements		57,900		34,517		62,604		-		127,510
Securities Repurchase Agreements in the Market		39,419		33,248		62,604		-		127,510
Securities Repurchase Agreements with Intercompany*		18,482		1,269		-		-		-
Funds from Acceptances and Issue of Securities		16,036		5,277		-		-		20,559
Interbank and Interbranch Accounts		4,296		1,830		0		-		5,974
Borrowings and On-Lendings		22,604		15,542		475		-		38,601
Derivative Financial Instruments		8,620		4,946		-		-		9,031
Other Liabilities		95,189		17,309		6,396		8,389		120,823
Foreign Exchange Portfolio		32,845		11,959		-		-		38,706
Others		62,344		5,350		6,396		8,389		82,117
Technical Provisions of Insurance, Capitalization and Pension Plans		45,697		-		-		-		45,697
Deferred Income		197		45		-		-		242
Minority Interest in Subsidiaries		-		-		-		3,050		3,050
Allocated Tier I Capital		20,002		11,979		7,247		5,771		44,999
TOTAL LIABILITIES AND EQUITY		474,790		181,094		76,730		17,210		618,943

*TheIntercompanywereeliminatedin theConsolidated.

ProFormaFinancial StatementbySegment R$million

	Itaú Unibanco Pro Forma
1st Quarter/09	CommercialBank			ItaúBBA			ConsumerCredit			Corporation + Treasury			ItaúUnibanco
Managerial Financial Margin		5,106			1,277			2,837			1,349			10,570
Financial Margin with Customers		5,106			1,277			2,837			141			9,362
Financial Margin with Market		-			-			-			1,207			1,207
Result from Loan Losses		(2,253	)		(408	)		(1,304	)		539			(3,425	)
Provision for Loan and Lease Losses		(2,498	)		(411	)		(1,465	)		539			(3,834	)
Recovery of Credits Written Off as Losses		246			3			161			-			410
Net Result from Financial Operations		2,853			869			1,533			1,888			7,145
Other Operating Income/(Expenses)		(1,835	)		(266	)		(575	)		(135	)		(2,812	)
Banking fees and charge revenues		2,119			256			1,289			(95	)		3,563
Operating Result of Insurance, Pension Plans and Capitalization		486			0			16			-			502
Non-interest Expenses		(4,330	)		(417	)		(1,650	)		(3	)		(6,394	)
Tax Expenses for ISS, PIS and Cofins		(405	)		(73	)		(259	)		(67	)		(804	)
Equity in Income (Losses) of Unconsolidated Investments		(0	)		0			-			30			30
Other Operating Income		295			(32	)		29			-			291
Operating Income		1,018			604			958			1,753			4,333
Non-operating Income		0			(2	)		(22	)		0			(23	)
Income Before Tax and Profit Sharing		1,018			602			936			1,753			4,310
Income Tax and Social Contribution		(212	)		(155	)		(253	)		(523	)		(1,142	)
Profit Sharing		(290	)		(70	)		(46	)		-			(406	)
Minority Interests		-			-			-			(200	)		(200	)
Recurring Net Income		516			377			637			1,030			2,562
(RAROC) - Return on Average Tier I Allocated Capital		11.0	%		13.6	%		35.2	%		57.4	%		23.1	%
Efficiency Ratio		57.0	%		29.2	%		42.2	%		0.3	%		45.3	%

Note: Non-interest Expenses item is made up of Personnel Expenses, Other Administrative Expenses, Tax Expenses and Other Operating Expenses.

Note: The Consolidated figures do not represent the sum of the parts, because there are transactions between the companies that were eliminated only in the Consolidated figures.

28 Management Discussion and Analysis Itaú Unibanco Holding S.A.

ItaúUniban co

ProFormaFinancialStatementsbySegme nt

On December 31, 2008 R$million

	Itaú Unibanco Pro Forma
ASSETS	Commercial Bank			Itaú BBA			Consumer Credit			Corporation + Treasury			Itaú Unibanco
Current and Long-Term Assets		477,268			195,830			75,071			15,974			623,357
Cash and Cash Equivalents		17,938			236			-			-			15,853
Short-term Interbank Deposits		164,164			65,988			-			-			124,546
Short-term Interbank Deposits in the Market		112,234			23,467			-			-			124,546
Short-term Interbank Deposits in Intercompany*		51,930			42,521			-			-			-
Securities		124,930			38,455			-			15,413			138,344
Interbank and Interbranch Accounts		14,308			22			-			-			14,268
Loans		88,203			77,172			77,061			-			241,043
(Allowance for Loan Losses)		(7,527	)		(979	)		(6,005	)		(3,118	)		(19,972	)
Other Assets		75,253			14,934			4,015			3,679			109,276
Foreign Exchange Portfolio		42,509			12,060			-			-			51,829
Others		32,744			2,875			4,015			3,679			57,447
Permanent Assets		6,799			509			405			2,207			10,277
TOTAL ASSETS		484,067			196,338			75,476			18,182			633,634

	Itaú Unibanco Pro Forma
LIABILITIES AND EQUITY	Commercial Bank		Itaú BBA		Consumer Credit		Corporation + Treasury		Itaú Unibanco
Current and Long-Term Liabilities		466,276		186,146		68,204		6,388		586,585
Deposits		215,109		93,217		13		-		206,189
Deposits with Clients		188,156		41,287		13		-		206,189
Deposits with Intercompany*		26,952		51,930		-		-		-
Securities Repurchase Agreements		57,900		34,517		55,500		-		124,358
Securities Repurchase Agreements in the Market		42,332		33,637		55,500		-		124,358
Securities Repurchase Agreements with Intercompany*		15,569		880		-		-		-
Funds from Acceptances and Issue of Securities		25,828		4,681		-		-		19,596
Interbank and Interbranch Accounts		1,163		1,877		-		-		3,008
Borrowings and On-Lendings		14,184		26,820		1,681		-		42,741
Derivative Financial Instruments		13,280		8,210		-		-		14,807
Other Liabilities		97,318		16,823		11,010		6,388		134,311
Foreign Exchange Portfolio		40,818		11,139		-		-		50,761
Others		56,500		5,685		11,010		6,388		83,550
Technical Provisions of Insurance, Capitalization and Pension Plans		41,494		-		-		-		41,574
Deferred Income		107		42		21		52		231
Minority Interest in Subsidiaries		-		-		-		3,165		3,154
Allocated Tier I Capital		17,684		10,151		7,251		8,577		43,664
TOTAL LIABILITIES AND EQUITY		484,067		196,338		75,476		18,182		633,634

*The Intercompany were eliminated in the Consolidated.

ProFormaFinancial StatementbySegment R$million

	Itaú Unibanco Pro Forma
4th Quarter/08	Commercial Bank			Itaú BBA			Consumer Credit			Corporation + Treasury			Itaú Unibanco
Managerial Financial Margin		5,422			1,271			2,492			730			9,915
Financial Margin with Customers		5,422			1,271			2,492			231			9,416
Financial Margin with Market		-			-			-			499			499
Result from Loan Losses		(1,433	)		(386	)		(1,152	)		-			(2,971	)
Provision for Loan and Lease Losses		(1,684	)		(397	)		(1,350	)		-			(3,430	)
Recovery of Credits Written Off as Losses		251			11			198			-			459
Net Result from Financial Operations		3,989			885			1,340			730			6,944
Other Operating Income/(Expenses)		(2,252	)		(221	)		(376	)		(229	)		(3,081	)
Banking fees and charge revenues		2,334			284			1,488			-			4,104
Operating Result of Insurance, Pension Plans and Capitalization		539			0			20			-			559
Non-interest Expenses		(4,848	)		(392	)		(1,798	)		(21	)		(7,056	)
Tax Expenses for ISS, PIS and Cofins		(474	)		(72	)		(227	)		(277	)		(1,049	)
Equity in Income (Losses) of Unconsolidated Investments		(0	)		2			1			27			30
Other Operating Income		197			(43	)		141			41			332
Operating Income		1,737			664			965			502			3,863
Non-operating Income		(3	)		(2	)		(13	)		(5	)		(23	)
Income Before Tax and Profit Sharing		1,734			662			952			496			3,840
Income Tax and Social Contribution		(453	)		(141	)		(287	)		(40	)		(920	)
Profit Sharing		(164	)		(78	)		(68	)		(0	)		(311	)
Minority Interests		0			-			-			(273	)		(271	)
Recurring Net Income		1,118			442			597			183			2,339
(RAROC) - Return on Average Tier I Allocated Capital		25.3	%		17.4	%		33.0	%		8.5	%		21.2	%
Efficiency Ratio		60.5	%		27.2	%		45.9	%		4.2	%		50.9	%

Note: Non-interest Expenses item is made up of Personnel Expenses, Other Administrative Expenses, Tax Expenses and Other Operating Expenses.

Note: The Consolidated figures do not represent the sum of the parts, because there are transactions between the companies that were eliminated only in the Consolidated figures.

29 Management Discussion and Analysis Itaú Unibanco Holding S.A.

ItaúUniban co

Commercial Bank

The Commercial Bank segment offers a wide range of banking services to a diversified base of individuals and companies, comprising: retail customers (individuals and micro-companies), high income customers, private banking, small and mid-sized companies.

Services offered by the Commercial Bank segment include insurance, pension plan and capitalization, credit cards, asset management, credit products and customized products and solutions specifically developed to meet customers’ demands under marketing strategies adjusted to each customer profile, using the most suitable distribution channels. We try to constantly increase the number of products used by our customers, thus diversifying our revenue sources.

This segment is an important funding source for our operations and generates significant financial income and banking fees.

During the first quarter of 2009, the recurring net income of the Commercial Bank segment added up to R$ 516 million, representing a 53.8% decrease from the prior quarter. The return on allocated capital stood at 11.0% per year and the efficiency ratio was 57.0%.

Assets Under Management (AUM)

In the first quarter of 2009, assets under management totaled R$ 269 million, a 4.3% increase from the prior quarter, mainly due to the differentiated profitability of fixed income funds and lower need for funding from customers. The market share remained unaltered compared to past quarters.

Payroll Credit

The payroll credit portfolio added up to R$ 6,872 million at March 31, 2009. The own portfolio of payroll credit added up to R$ 3,831 million at the first quarter, up 8.2% from the prior quarter.

Real Estate Credit

The real estate credit portfolio totaled R$ 6,609 million in the first quarter of 2009, a 5.8% growth from the last quarter of 2008. From January to March 2009, the volume of real estate financing contracts with individuals and businesses added up to R$ 468 million and R$ 588 million, respectively.

Credit Cards

Itaú Unibanco is leader in the Brazilian credit card segment. Itaucard and Unicard offer a wide product portfolio to 16.8 million customers, including account holders and non-account holders.

In March 2009, the share of active credit card accounts (i.e. accounts that received invoices) reached 71%, of which 74% carried out transactions in the last month with an average activity in the quarter of R$ 1,269.00 per active account.

The volume of customer transactions in the period totaled R$ 15,227 million, representing a 10.9% decline from the prior quarter, due to the seasonal sales pattern seen in the latter part of the year. When compared to the same period of the previous year, this volume grew by 14.5%.

Quantity of Credit Cards

Amount of Transactions

30 Management Discussion and Analysis Itaú Unibanco Holding S.A.

ItaúUniban co

In the first quarter of 2009, the financed portion of credit card transactions reached 31.0% of the total credit portfolio, driven by the decrease of 16.4% of the non-financed credit balance and by an increase of 1.2% in the financed credit transaction balance.

Credit Card Portfolio

Itaú BBA

Itaú BBA is our segment responsible for banking transactions with large corporations and investment bank activities.

Itaú BBA offers a wide portfolio of products and services to the largest economic groups in Brazil.

Itaú BBA’s management model is oriented to building close relationships with its customers, by obtaining an in-depth understanding of their needs and offering them customized solutions. The investment bank activities include the offer of alternative resources to the corporate segment, via fixed and variable income instruments.

In the first quarter of 2009, Itaú BBA’s net income totaled R$ 377 million, down 14.8% from the prior period. Return on allocated capital stood at 13.6% per year, while the efficiency ratio reached 29.2% in the quarter.

Consumer Credit

The Consumer Credit segment pursues our strategy of expanding the offer of financial products and services beyond the universe of our current account holders. As such, this segment comprises the financing of vehicles outside the branch network, the offer of credit cards to non-account holders, and the offer of credit to the lower income population.

In the first quarter of 2009, the Consumer Credit segment’s net income totaled R$ 637 million, up 6.7% from the last quarter of 2008. The segment’s return on allocated capital was 35.2% per year, while the efficiency ratio stood at 42.2%.

Vehicle Financing

The business structure of the vehicle financing operation comprises New Vehicles, Used Vehicles, Heavy Vehicles, and Motorcycles. The merger of Itaú’s and Unibanco’s operations proved to be highly complementary, a competitive edge that we seek to enhance by intensifying the combined operation, promoting the sharing of expertise across the teams, and seeking higher operating efficiency. The credit approval process for vehicle transactions is based on scoring models which allow for a swift approval of credit applications from our customers, who can use the internet for safe, efficient processing.

During the first quarter of 2009, the vehicle financing operation was impacted by the reduced demand and increased risk, leading our credit portfolio to increase by only 1.9% from the prior quarter.

Financing Companies

Partnerships

As part of its strategy to expand the offer of credit and financial services, Itaú Unibanco has over 2200 points of sale through joint ventures and operating agreements entered into with large retailers, in addition to 385 business partnerships.At present, such partnerships service more than 18.0 million customers throughout Brazil, which corresponds to a 7.8% growth from December 2008. The partnerships’ credit portfolios reached R$ 7.2 billion in March 2009, or a 3.7% decrease quarter-on-quarter, as a result of the seasonality of sales in the latter part of the year. When compared to the same period of the previous year, an increase of 19.1% was seen.

Own Stores

In April, the Itaú Unibanco conglomerate completed one more stage in the restructuring process of its financing companies, with the merger of FIT and Fininvest. This process is part of the reorganization of our consumer credit operations. The result of such restructuring will be a network comprising 165 units, offering the best financial products and services to our customers, through personal credit, payroll credit, cards, insurance and capitalization, in addition to providing a convenient location for paying bills and handling INSS beneficiaries.

31 Management Discussion and Analysis Itaú Unibanco Holding S.A.

ItaúUniban co

Insurance, Pension Plans and Capitalization

The pro forma financial statements below were prepared based on Itaú Unibanco internal and management information and are intended to identify the performance of the insurance-related businesses.

On March 31, 2009 R$ million

ASSETS	Insurance		Life and Pension Plans		Capitalization		Consolidated
Current and Long-Term Assets		8,442		39,912		1,584		49,835
Cash and Cash Equivalents		90		5		7		103
Securities		1,691		39,234		1,498		42,380
Other Assets		6,661		673		79		7,352
Permanent Assets		2,663		313		1,006		4,000
TOTAL ASSETS		11,105		40,225		2,590		53,834
R$ million
LIABILITIES AND EQUITY	Insurance		Life and Pension Plans		Capitalization		Consolidated
Current and Long-Term Liabilities		9,886		38,177		2,436		50,412
Technical Provisions - Insurance		6,410		597		-		7,008
Technical Provisions - Pension Plans and VGBL		-		36,547		-		36,547
Technical Provisions - Capitalization		-		-		2,155		2,137
Other Liabilities		3,475		1,032		281		4,721
Allocated Tier I Capital		1,220		2,048		154		3,422
TOTAL LIABILITIES AND EQUITY		11,105		40,225		2,590		53,834

StatementofIncome R$million

1st Quarter/09	Insurance			Life and Pension			Capitalization			Consolidated
Earned Premiums (a)		1,502			184			-			1,687
Result of Pension Plans and Capitalization (b)		-			30			93			119
Retained Claims (c)		(861	)		(79	)		-			(940	)
Selling Expenses (d)		(426	)		(20	)		(7	)		(453	)
Other Operating Income/(Expenses) of Insurance Operations (e)		1			(10	)		(0	)		(6	)
Underwriting Margin (f=a+c+d+e)		216			75			-			291
Result from Insurance, Pension Plans and Capitalization (g=b+f)		216			105			86			407
Managerial Financial Margin		111			129			29			273
Banking fees and charge revenues		-			112			-			122
Non-interest Expenses		(219	)		(82	)		(56	)		(357	)
Tax Expenses for ISS, PIS and Cofins		(33	)		(17	)		(5	)		(56	)
Other Operating Income		4			3			8			15
Operating Income		80			250			62			404
Non-operating Income		4			0			2			9
Income Before Income Tax and Social Contribution		84			250			64			414
Income Tax/Social Contribution		(19	)		(68	)		(20	)		(113	)
Profit Sharing		(6	)		(1	)		(0	)		(7	)
Recurring Net Income		60			180			43			293

Note: The Consolidated figure does not represent the sum of the parts because certain intercompany transactions were eliminated only at the Consolidated level.

The information on VGBL was classified together with the pension plan products.

Non-interest Expenses comprise Personnel Expenses, Other Administrative Expenses, Tax Expenses, and Other Operating Expenses.

The insurance subsegment includes 100% of Itaú XL. The Underwriting Margin refers to the insurance business.

32 Management Discussion and Analysis Itaú Unibanco Holding S.A.

ItaúUniban co

Insurance, Pension Plans and Capitalization

On December 31, 2009 R$ million

ASSETS	Insurance		Life and Pension Plans		Capitalization		Consolidated
Current and Long-Term Assets		10,036		37,446		2,489		49,900
Cash and Cash Equivalents		204		20		15		240
Securities		3,261		36,784		2,399		42,438
Other Assets		6,571		641		75		7,222
Permanent Assets		346		11		49		398
TOTAL ASSETS		10,382		37,456		2,538		50,298
R$ million
LIABILITIES AND EQUITY	Insurance		Life and Pension Plans		Capitalization		Consolidated
Current and Long-Term Liabilities		9,161		35,494		2,387		46,963
Technical Provisions - Insurance		6,461		443		-		6,904
Technical Provisions - Pension Plans and VGBL		-		34,076		-		34,076
Technical Provisions - Capitalization		-		-		2,112		2,102
Other Liabilities		2,700		975		275		3,882
Allocated Tier I Capital		1,221		1,963		151		3,335
TOTAL LIABILITIES AND EQUITY		10,382		37,456		2,538		50,298

Statement of Income
4th Quarter/08	Insurance			Life and Pension			Capitalization			Consolidated
Earned Premiums (a)		1,440			151			-			1,592
Result of Pension Plans and Capitalization (b)		-			33			155			187
Retained Claims (c)		(764	)		(45	)		-			(809	)
Selling Expenses (d)		(470	)		(22	)		(27	)		(519	)
Other Operating Income/(Expenses) of Insurance Operations (e)		3			(6	)		(0	)		0
Underwriting Margin (f=a+c+d+e)		210			79			-			289
Result from Insurance, Pension Plans and Capitalization (g=b+f)		210			113			128			450
Managerial Financial Margin		70			100			30			199
Banking fees and charge revenues		7			114			-			120
Non-interest Expenses		(181	)		(95	)		(45	)		(320	)
Tax Expenses for ISS, PIS and Cofins		(37	)		(6	)		(12	)		(55	)
Other Operating Income		6			(1	)		(2	)		4
Operating Income		75			224			99			399
Non-operating Income		5			1			2			8
Income Before Income Tax and Social Contribution		81			224			101			406
Income Tax/Social Contribution		(25	)		(71	)		(34	)		(130	)
Profit Sharing		(10	)		(2	)		(0	)		(11	)
Recurring Net Income		46			152			67			265

Note: The Consolidated figure does not represent the sum of the parts because certain intercompany transactions were eliminated only at the Consolidated level.

The information on VGBL was classified together with the pension plan products.

Non-interest Expenses comprise Personnel Expenses, Other Administrative Expenses, Tax Expenses, and Other Operating Expenses.

The insurance subsegment includes 100% of Itaú XL. The Underwriting Margin refers to the insurance business.

33 Management Discussion and Analysis Itaú Unibanco Holding S.A.

	Itaú Unibanco
Insurance, Pension Plans and Capitalization

Insurance

The net income of the insurance subsegment increased 30.4% from the prior quarter, mostly driven by: increase in premiums earned, increase in claims, chiefly in property products, decline in selling expenses and growth in financial margin.

Life and Pension Plan

The recurring net income of the life  and pension subsegment grew by 18.4% compared to the prior quarter, primarily due to an increase in financial margin, driven by the improved performance of investment funds. Contributions to pension plans increased by 9.0% from the prior quarter.

The underwriting margin was down 5.1%, mostly due to increased retained claims.

Capitalization

The net income of the capitalization subsegment shows a reduction of 35.8% over the previous quarter due to sales campaigns that occurred in the 4th quarter of 2008 and did not repeat in the 1st quarter of 2009.

In the quarter, the portfolio totaled 12.2 million active bonds, representing a 4.4% growth.

Composition of earned premiums

Note: Insurance charts do not include the Itauseg Saúde companies and include the Life line of Itaú Vida e Previdência S.A.

The share of the “Other” products group, which comprises DPVAT  insurance, increased by 370 basis points. DPVAT insurance  exhibits a seasonal performance,  with higher activity in the 1st quarter of the year.

Number of Policies - Mass products

The number of policies  remained stable during the quarter.

34 Management Discussion and Analysis Itaú Unibanco Holding S.A.

	Itaú Unibanco
Insurance, Pension Plans and Capitalization

Combined Ratio

The combined ratio, which shows the operating cost efficiency in relation to income from premiums earned, declined 380 basis points from the prior quarter, primarily due to the increase in the claim rate.

Combined Ratio and Underwriting Margin

Note: combined ratio is the sum of the following indices: retained claims/earned premiums, selling expenses/earned premiums and administrative expenses + other operating income and expenses/ earned premiums

The underwriting margin is the sum of: earned premiums, retained claims, selling expenses and other operating income (expenses) of insurance operations.

NB: The chart does not include the Itauseg Saúde company and includes the Life line of Itaú Vida e Previdência S.A.

Insurance Technical Provisions

At March 31, 2009, technical provisions totaled R$ 7.0 billion.

Note: According to Circular 379/2008 of Susep, beginning in 2009 the technical provisions are shown without deducting the balance of reinsurance. We have adjusted Dec/08 for comparison purposes.

Pension Plan Technical Provisions

At March  31, 2009, technical  provisions totaled R$  36.5 billion, a 7.3% growth compared  to the prior quarter.

Capitalization Technical Provisions

Technical  provisions  remained stable compared to the prior quarter, adding up to R$ 2.1 billion at March 31, 2009.

35 Management Discussion and Analysis Itaú Unibanco Holding S.A.

	ItaúUnibanco
Activities Abroad

Financial Statements

Below we present the financial statements of our main units abroad.

On March 31, 2009 R$ million

ASSETS	Consolidated Itaú Europa			Banco Itaú Argentina			Consolidated Itaú Chile			Consolidated Itaú Uruguay			Interbanco S.A. (Paraguay)
Current and Long-term Assets		22,922			2,661			11,995			3,413			2,068
Cash and Cash Equivalents		1,649			158			533			1,253			195
Short-term Interbank Deposits		3,851			397			78			372			143
Securities		2,406			270			2,297			317			373
Loans		6,223			1,502			8,945			1,466			999
(Allowance for Loan Losses)		(65	)		(36	)		(177	)		(83	)		(34	)
Other Credits		8,735			146			178			86			13
Other Assets		123			223			140			2			380
Permanent Assets		794			73			165			28			20
Investments		502			8			1			0			1
Fixed Assets		16			65			116			27			20
Intangible Assets		275			-			49			0			-
TOTAL ASSETS		23,716			2,734			12,161			3,440			2,088

LIABILITIES AND EQUITY	Consolidated Itaú Europa		Banco Itaú Argentina		Consolidated Itaú Chile		Consolidated Itaú Uruguay		Interbanco S.A. (Paraguay)
Current and Long-term Liabilities		22,407		2,497		10,544		3,097		1,801
Deposits		9,134		1,936		8,344		2,695		1,699
Deposits Received under Securities Repurchase Agreements		149		265		283		-		-
Funds from Acceptances and Issue of Securities		2,361		-		496		-		-
Borrowings and On-lendings		1,405		28		824		15		6
Derivative Financial Instruments		128		12		274		-		-
Other Liabilities		9,230		257		321		387		96
Deferred Income		11		-		0		-		0
Minority Interest in Subsidiaries		0		-		0		0		-
Stockholders' Equity of Parent Company		1,297		236		1,616		343		287
TOTAL LIABILITIES AND EQUITY		23,716		2,734		12,161		3,440		2,088

1st Quarter/09	Consolidated Itaú Europa			Banco Itaú Argentina			Consolidated Itaú Chile			Consolidated Itaú Uruguay			Interbanco S.A. (Paraguay)
Financial Margin		30			69			124			30			40
Result from Loan Losses		1			(14	)		(47	)		(2	)		(6	)
Provision for Loan and Lease Losses		1			(14	)		(51	)		(4	)		(6	)
Recovery of Credits Written-Off as Losses		-			0			4			2			-
Net Result from Financial Operations		31			55			78			28			34
Other Operating Income/(Expenses)		(14	)		(36	)		(51	)		(19	)		(7	)
Banking Service Fees		34			21			23			44			13
Non-interest Expenses		(76	)		(67	)		(80	)		(70	)		(21	)
Equity in the Earnings of Associated Companies		8			0			(2	)		(0	)		-
Other Operating Income		20			9			2			7			(0	)
Operating Income		18			19			27			9			27
Non-operating Income		0			0			0			0			(0	)
Income before Tax and Profit Sharing		18			19			27			9			27
Income Tax and Social Contribution		(5	)		(8	)		(8	)		(3	)		(3	)
Profit Sharing		(2	)		(2	)		-			-			-
Minority Interest in Subsidiaries		(0	)		-			(0	)		0			-
Recurring Net Income		11			9			19			6			24
Return on Equity - Annualized (%p.y.)		3.4	%		14.9	%		4.7	%		6.9	%		33.8	%
Efficiency Ratio		89.9	%		66.9	%		51.5	%		86.6	%		38.4	%
Non-interest Expenses by total Assets (%p.y.)		1.3	%		9.8	%		2.6	%		8.1	%		3.9	%

Europe (Lisbon, London and Luxembourg)

The 5.4% decrease in our total consolidated assets is directly attributable to the 5.0% appreciation of the real against the euro. Net income declined as a result of the lower financial margin, which still reflects the increase in funding costs, and the drop in service revenues in the private international customer segment, partly offset by the decrease in personnel and administrativeexpenses.

Argentina

Our consolidated assets grew by 8.3%, with the increase in the securities repurchase agreements. Furthermore, our customer base increased by 7.7%.

The rise in net income was driven by lower personnel expenses, partly offset by lower financial margin plus service fees.

Chile

During the quarter, our total consolidated assets remained stable, with a 6.1% increase in the credit portfolio, in particular foreign trade financing, funded by the higher level of deposits, coupled with a 1.1% growth in the customer base and opening of a new branch.

The financial margin declined primarily due to the local hedge structure of our investments, with a contra-entry in Brazil, partly offset by better results from doubtful loans and lower personnel expenses.

36 Management Discussion and Analysis Itaú Unibanco Holding S.A.

	ItaúUnibanco
Activities Abroad

On December 31, 2008 R$ million

	Consolidated			Banco			Consolidated			Consolidated			Interbanco S.A.
ASSETS	Itaú Europa			Itaú Argentina			Itaú Chile			Itaú Uruguay			(Paraguay)
Current and Long-term Assets		24,251			2,448			11,757			3,227			2,040
Cash and Cash Equivalents		1,535			160			826			1,110			172
Short-term Interbank Deposits		3,974			185			158			354			112
Securities		2,674			74			2,064			91			405
Loans		6,758			1,559			8,431			1,626			1,103
(Allowance for Loan Losses)		(69	)		(23	)		(149	)		(88	)		(32	)
Other Credits		9,186			134			253			122			25
Other Assets		193			359			173			11			256
Permanent Assets		823			77			155			26			23
Investments		521			8			1			0			1
Fixed Assets		17			69			113			26			22
Intangible Assets		285			0			41			-			-
TOTAL ASSETS		25,074			2,525			11,911			3,254			2,063

LIABILITIES AND EQUITY	Consolidated Itaú Europa		Banco Itaú Argentina		Consolidated Itaú Chile		Consolidated Itaú Uruguay		Interbanco S.A. (Paraguay)
Current and Long-term Liabilities		23,703		2,279		10,320		2,922		1,787
Deposits		9,294		1,955		7,709		2,425		1,697
Deposits Received under Securities Repurchase Agreements		205		28		427		-		-
Funds from Acceptances and Issue of Securities		2,433		-		496		-		-
Borrowings and On-lendings		1,673		69		961		12		22
Derivative Financial Instruments		168		13		330		-		-
Other Liabilities		9,930		214		394		485		68
Deferred Income		13		0		0		-		0
Minority Interest in Subsidiaries		0		-		0		0		-
Stockholders' Equity of Parent Company		1,358		247		1,591		332		276
TOTAL LIABILITIES AND EQUITY		25,074		2,525		11,911		3,254		2,063

4th Quarter/08	Consolidated Itaú Europa			Banco Itaú Argentina			Consolidated Itaú Chile			Consolidated Itaú Uruguay			Interbanco S.A. (Paraguay)
Financial Margin		46			108			162			72			45
Result from Loan Losses		(6	)		(1	)		(61	)		(5	)		(5	)
Provision for Loan and Lease Losses		(6	)		(1	)		(66	)		(7	)		(5	)
Recovery of Credits Written-Off as Losses		-			0			5			2			-
Net Result from Financial Operations		39			107			101			67			40
Other Operating Income/(Expenses)		7			(80	)		(52	)		(6	)		(8	)
Banking Service Fees		58			29			38			57			15
Non-interest Expenses		(137	)		(109	)		(97	)		(71	)		(23	)
Equity in the Earnings of Associated Companies		40			1			0			-			-
Other Operating Income		45			(1	)		4			8			(0	)
Operating Income		46			27			49			61			32
Non-operating Income		-			1			1			0			0
Income before Tax and Profit Sharing		46			28			50			62			32
Income Tax and Social Contribution		13			(20	)		(7	)		(22	)		(3	)
Profit Sharing		(6	)		(2	)		-			-			-
Minority Interest in Subsidiaries		0			-			(0	)		(0	)		-
Recurring Net Income		54			6			43			40			29
Return on Equity - Annualized (%p.y.)		17.0	%		10.0	%		12.0	%		52.0	%		41.4	%
Efficiency Ratio		91.6	%		80.3	%		46.7	%		51.6	%		38.3	%
Non-interest Expenses by total Assets (%p.y.)		2.2	%		17.3	%		3.2	%		8.7	%		4.4	%

Uruguay

At the end of the first quarter of 2009, our credit portfolio was 9.9% smaller, as stricter criteria were adopted to grant and renew loan transactions, thus giving rise to increased short-term investments. However consolidated assets grew by 5.7%, funded by the 11.1% increase in deposits and 1.1% expansion in thecustomer base.

The decline in net income is directly associated with the reduced financial margin, as a result of the local hedge structure of our investments, which have a contra-entry in Brazil, as well as the decrease in credit card services revenues following the end of the Christmas season in the prior quarter.

Paraguay

Our total assets increased by 1.2%, with real growth of 5.8% considering the 4.6% depreciation of the real against the guarani in the first quarter of 2009.

The decline in net income is directly attributable to lower gains on treasury transactions and lower revenues from credit card commissions, due to the seasonal effect of Christmas purchases in the prior quarter.

37 Management Discussion and Analysis Itaú Unibanco Holding S.A.

	PricewaterhouseCoopers
	Av. Francisco Matarazzo, 1700
	Torre Torino
	Caixa Postal 61005
	05001-400 São Paulo, SP - Brasil

Report of Independent Auditors on Supplementary Information

To the Board of Directors and Stockholders

Itaú Unibanco Holding S.A.

(formerly Itaú Unibanco Banco Múltiplo S.A.)

1            In connection with our limited reviews of the financial statements of Itaú Unibanco Holding S.A. (Bank) and Itaú Unibanco Holding S.A. and its subsidiary companies (consolidated) as of March 31, 2009 and 2008 and for the three-month periods then ended, on which we issued a report without exceptions dated April 29, 2009, we performed a review of the supplementary information included in the Management Discussion and Analysis Report on the Consolidated Operations of Itaú Unibanco Holding S.A. and its subsidiary companies for the first quarter of 2009.

2            Our work was performed in accordance with specific rules set forth by the Institute of Independent Accountants of Brazil (IBRACON), in conjunction with the Federal Accountancy Council, for the purpose of reviewing the accounting information contained in the supplementary information of the Management Discussion and Analysis Report on the Consolidated Operations of Itaú Unibanco Holding S.A. and its subsidiary companies, and mainly comprised: (a) inquiry of, and discussion with, management responsible for the accounting, financial and operational areas of the Bank with regard to the main criteria adopted for the preparation of the accounting information presented in the supplementary information 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. The supplementary information included in the Management Discussion and Analysis Report on the Consolidated Operations is presented to permit additional analysis. Notwithstanding, this information should not be considered an integral part of the financial statements.

3           On the basis of our review, we are not aware of any material modifications that should be made to the accounting information contained in this supplementary information, in order for it to be adequately presented, in all material respects, in relation to the financial statements at March 31, 2009 taken as a whole.

São Paulo, April 29, 2009

PricewaterhouseCoopers	Paulo Sergio Miron
Auditores Independentes	Contador CRC 1SP173647/O-5
CRC 2SP000160/O-5

Itaú Unibanco Holding S.A.

Complete Financial Statements

March 31, 2009

MANAGEMENT REPORT – 1STQUARTER OF 2009

To our Stockholders:

We present the Management Report and the financial statements of ItaúUnibancoHoldingS.A .. (Itaú Unibanco)(* ) and its subsidiaries for the first quarter of 2009, in accordance with the regulations established by the Brazilian Corporate Law, the National Monetary Council (CMN), the Central Bank of Brazil (BACEN), the Brazilian Securities and Exchange Commission (CVM), the Superintendency of Private Insurance (SUSEP), and the National Council of Private Insurance (CNSP).

Integration progress

Itaú Unibanco's integration process made significant advances in the first quarter. A landmark was the interconnection of ATMs, carried out in less than three months since the announcement of Itaú and Unibanco merger, creating the largest bank in the Southern Hemisphere. With the equipment interconnection, from January 23 Itaú and Unibanco clients started to enjoy the convenience of using ATMs of both institutions that totaled over 30 thousand units all over the country.

The Corporate, Investment Banking and Treasury segments are already operating on an integrated basis, while the integration of the branch network will start in the second half.

In view of the merger’s final approval by the Central Bank on February 18, the integration was intensified and Itaú Unibanco has strengthened its chief purpose of benefiting clients, the market, the society and the country. The comparison of practices and the undertaking of surveys have enabled it to identify what is best in both banks. After analyzing the strengths of each institution, the business models of the new bank started to be designed.

At the end of the quarter, another significant advance was the unification of Itaú and Unibanco stock tickers in Stock Exchanges, performed as from March 31 at BM&FBovespa, in New York Stock Exchange (NYSE) and Buenos Aires Stock Exchange (BCBA).

To increase its capacity of bringing improvements to clients, investments are being made to retain and develop the organization’s talents, as the employees are the ones who will assure that Itaú Unibanco's objective is met: in addition to being the largest, being the best bank in the market.

ITAÚ UNIBANCO

We present the main results for the first quarter of 2009. Considering the merger that created Itaú Unibanco at the end of 2008 and aiming at providing a better understanding of the changes in assets, liabilities and results from the new institution, for the effect of comparability, the data related to the first quarter of 2008 takes into account the combination of Itaú and Unibanco figures.

The information of Itaú Unibanco Pro Forma for the first quarter of 2008 presented below does not represent what could have occurred if the merger of shares had taken place previously, nor corresponds to the financial statements of Itaú Unibanco, nor is indicative of future results.

(*) The new company name of Itaú Unibanco Banco Múltiplo S.A. awaiting approval by BACEN.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 40

	1st Q/09			1st Q/08
				PRO FORMA			Change (%)
Income - R$ million (1)
Gross income from financial operations		11,020			8,619			27.8
Expense for allowance for loan losses		(3,834	)		(2,460	)		55.9
Income from services and result from insurance, pension plan and capitalization		4,065			3,914			3.8
Personnel, administrative and other operating expenses		(6,321	)		(5,392	)		17.2
Recurring net income		2,562			2,719			(5.8	)
Net income		2,015			2,784			(27.6	)
Results per share - R$
Recurring net income (2)		0.63			0.66			(5.8	)
Net income (2)		0.49			0.68			(27.7	)
Book value (2)		10.98			10.12			8.4
Interest on capital/Dividends (net)		0.19			0.21			(9.1	)
Price per preferred share (PN) (3)		25.85			31.62			(18.3	)
Market capitalization - R$ million (3)		105,950			120,013			(11.7	)
Balance sheet - R$ million
Total assets		618,943			484,289			27.8
Total loans (including endorsements and sureties)		272,729			218,038			25.1
Free, raised and managed own assets		809,977			691,539			17.1
Subordinated debt		22,946			19,070			20.3
Stockholders’ equity		44,999			41,475			8.5
Required referential equity (Economic-financial consolidated)		68,976			55,567			24.1
Financial ratios (%)
Annualized recurring return on average equity		23.1	%		26.4	%
Annualized return on average equity		18.2	%		27.1	%
Annualized return on average assets		1.3	%		2.4	%
Efficiency ratio (4)		45.3	%		47.7	%
Basel Ratio (Economic-financial consolidated)		16.5	%		16.6	%
Fixed assets ratio (Economic-financial consolidated)		14.8	%		13.7	%

(1) Excludes the non-recurring effects of each period.

(2) In the 1st Q/09, computed based on the weighted average of the number of shares and in the 1st Q/08, computed based on the number of shares in December 2008 (4,097 million).

(3) Based on the average quotation of preferred shares on the last day of the period.

(4) Calculated based on international criteria defined in the Management's Discussion & Analysis Report.

The complete financial statements and the Management’s Discussion & Analysis Report of Itaú Unibanco, which present further details on the results for the period, are available on the Itaú Unibanco website (www.itauunibancori.com.br).

BUSINESS PERFORMANCE

With the merger, Itaú Unibanco gained scale and competitiveness, increasing its capacity of granting credit, and providing an even wider range of services to customers. One of the most noticeable benefits of this partnership is the greater convenience for customers in view of the larger number of branches, service centers and ATMs at their disposal. The intricate structure of this network will provide even more comfort and practicality to the daily life of customers, performing an important role in accessibility to banking services.

In order to measure the dimension of the new Bank, the main results for the first quarter of 2009 are shown below.

Consolidated assets totaled R$ 618,943 million at March 31, 2009, the highest among the private financial conglomerates of the Southern Hemisphere.

Net income for the first quarter of 2009 totaled R$ 2,015 million, with annualized return of 18.2% on average equity (27.1% for the first quarter of 2008). Recurring net income was R$ 2,562 million, with annualized return of 23.1%. In the first quarter of 2009, Itaú Unibanco paid or provided for taxes and contributions in the amount of R$ 3,061 million. The Bank also withheld and passed on taxes, which were directly levied on financial operations, in the amount of R$ 1,909 million.

Consolidated stockholders’ equity totaled R$ 44,999 million at the end of March 2009. The loan portfolio including endorsements and sureties reached R$ 272,729 million, a 25.1% increase as compared to March 31, 2008. In Brazil, non-mandatory loans to individuals reached R$ 94,474 million. The large company segment reached R$ 101,319 million, and the very small, small and middle-market company segment reached R$ 51,567 million. Free, raised and managed own assets totaled R$ 809,977 million, an 17.1% increase, as compared to March 31, 2008. At the end of March, Basel ratio stood at 16.5%, based on the economic-financial consolidated.

The performance of shares was affected by the international financial crisis and the fall of Stock Exchanges all over the world. Accordingly, Itaú Unibanco’s preferred shares fell 18.3% as compared to the quotation of March 31, 2008. The Ibovespa index dropped 32.1% in the same period. The market value of Itaú Unibanco at Stock Exchange was R$ 105,950 million at the end of March.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 41

In the credit card segment, Itaú Unibanco holds a solid position in terms of issuance and billing, thus reflecting the growth of both institutions in this market in the last years. With the consolidation of Itaucard, Hipercard, Redecard and Unicard businesses, the individual credit card portfolio reached in Brazil R$ 23,122 million at the end of March 2009.

At March 31, 2009, the balance of the vehicle portfolio of Itaú Unibanco in Brazil reached R$ 48,765 million. In the real estate market, Itaú Unibanco’s loan portfolio totaled R$ 6,609 million.

Insurance, pension plan and capitalization operations reached R$ 1,587 million in premiums earned. Technical provisions of Insurance, Pension Plan and Capitalization reached R$ 45,697 million at the end of March 2009.

In the investment banking area, Itaú BBA took part in debenture, promissory note operations and securitization operations amounting to R$ 430 million. In capital markets, the bank was the joint bookrunner of public offerings that totaled R$ 2.2 billion. Itaú BBA continued in the leading position in the ANBID ranking regarding the distribution of fixed and variable income in the 12-month period ended in March 2009.

PEOPLE

Itaú Unibanco has put together an excellent team of professionals, and gives priority to the retention, development and motivation of its talents, key conditions to sustain its future growth. People management practices and polices are based on the respect for the human being, promotion of diversity, development of competencies and alignment of employees with the culture of the new Bank.

Itaú Unibanco employed approximately 106 thousand people at the end of March 2009. The employee’s fixed compensation plus charges and benefits totaled R$ 2,033 million for the quarter. Welfare benefits granted to employees and their dependants totaled R$ 358 million. In addition, approximately R$ 28 million were invested in education, training and development programs.

SUSTAINABILITY AND CORPORATE RESPONSIBILITY

Itaú Unibanco, by congregating the values and attitudes of the institutions that originated it, strengthens its commitments to promote the sustainable development through its services, processes, products and relationships.

Itaú Unibanco approved its Sustainability Policy, as well as its new sustainability governance.

In the quarter, we highlight the following: the award of “Prêmio Itaú de Finanças Sustentáveis” (Itaú’s Sustainable Finance Award), launched in 2008; “Diálogos Itaú de Sustentabilidade” (Itaú’s Dialogues on Sustainability); the launch in March of “Banco de Ideias Sustentáveis (BIS)” (Bank of Sustainable Ideas), which objective is to stimulate the internal audience to suggest sustainability actions; and “Programa Itaú Ecomudança” (Itaú’s ecochange program), which announced the institutions to which the funds from “Fundos Itaú Ecomudança” (Itaú's ecochange funds) will be granted. The Program supports institutions that develop initiatives and technologies for reducing emission of gases that contribute to global warming.

Social and cultural investments

In the first quarter of 2009, social and cultural investments of Itaú Unibanco totaled approximately R$ 28 million.

With the “Programa Excelência em Gestão Educacional” (excellence in education management program), Fundação Itaú Social innovated in the pedagogical management area by formulating proposals to qualify teachers with classroom coaching techniques, and by hiring a Parent Coordinator in every school, attracting the families to the school universe. Also noteworthy in the quarter is the continuity of the “Jovens Urbanos” (urban youth) program in the quarter.

In February, Instituto Unibanco and the Government of the State of Minas Gerais renewed the agreement which will invest R$ 17 million by 2010, benefiting 40 thousand students, 280 tutors and about one thousand teachers of State schools through the following three projects: “Jovem de Futuro” (youth with a future); “Entre Jovens” (among youth), which offers supplementary educational assistance to students of the 1st year of public high schools; and Plug In Minas – “Núcleo Amigos do Professor” (teacher’s fellows center).

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 42

The headquarters of Itaú Cultural, São Paulo, was visited by over 40 thousand people. The institution website (www.itaucultural.org.br) was accessed by 896 thousand users. Virtual encyclopedias (Art and Technology, Visual Arts, Literature and Theater hosted in the site) were accessed by 1.2 million users. The first yearly exhibition “Rumos Artes Visuais – Trilhas do Desejo” (visual arts directions – trails of wish) was visited by about 29 thousand people. 72 events were also performed all over Brazil, in addition to the video exhibition "Visionários – Audiovisual na América Latina” (visionaries - audio-visual arts in Latin America) in the cities of Quito (Ecuador) and Neuquén (Argentina).

The calls for participation in the Itaú Cultural’s Rumos (directions) Program were released for the Cybernetic Art, Movies, Video, Dance and Cultural Journalism categories. In addition, institutional partnerships were entered into with Fundação Para o Desenvolvimento da Educação (Foundation for Development of Education) and with the Girona University/Unesco to establish a Chair of Cultural Policies. The institution's headquarters had its exhibition room and access areas remodeled to expand its facilities for accessibility of people with special needs.

INDEPENDENT AUDITORS – CVM INSTRUCTION No. 381

.. Procedures adopted by the Company

The policy adopted by Itaú Unibanco, 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 March 2009, 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 17, 2009 – Agreement for using an electronic library of international accounting standards (Comperio) Itaú Unibanco – Brazil; and

· February 26, 2009 – Consulting and advisory services agreement in order to resolve specific issues involving tax, accounting and corporate law – Banco Itaú 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.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 43

CIRCULAR LETTER No. 3,068/01 OF BACEN

Itaú Unibanco hereby represents to have the financial capacity and the intention to hold to maturity securities classified as “held-to-maturity securities” in the balance sheet, in the amount of R$ 4,313 million, corresponding to only 3.2% of total securities held.

ACKNOWLEDGEMENTS

We thank our employees for their efforts and skills which have been essential to reach consistent and differentiated results, and our stockholders and clients for the trust they put on us.

(Approved at the Board of Directors' Meeting of April 29, 2009).

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 44

ITAÚUNIBANCOHOLDINGS.A.

BOARD OF DIRECTORS	EXECUTIVE BOARD
Chairman	Chief Executive Officer
PEDRO MOREIRA SALLES	ROBERTO EGYDIO SETUBAL
Vice-Chairmen	Executive Vice-Presidents
ALFREDO EGYDIO ARRUDA VILLELA FILHO	ALFREDO EGYDIO SETUBAL (*)
ROBERTO EGYDIO SETUBAL	CANDIDO BOTELHO BRACHER
	PEDRO MOREIRA SALLES
Members
ALCIDES LOPES TÁPIAS	Executive Directors
ALFREDO EGYDIO SETUBAL	ANTONIO CARLOS BARBOSA DE OLIVEIRA
CANDIDO BOTELHO BRACHER	CLÁUDIA POLITANSKI
FERNANDO ROBERTO MOREIRA SALLES	DANIEL LUIZ GLEIZER
FRANCISCO EDUARDO DE ALMEIDA PINTO	GERALDO TRAVAGLIA FILHO
GUILLERMO ALEJANDRO CORTINA	RODOLFO HENRIQUE FISCHER
GUSTAVO JORGE LABOISSIERE LOYOLA	SÉRGIO RIBEIRO DA COSTA WERLANG
HENRI PENCHAS	SILVIO APARECIDO DE CARVALHO
ISRAEL VAINBOIM
PEDRO LUIZ BODIN DE MORAES	Managing Directors
RICARDO VILLELA MARINO	JACKSON RICARDO GOMES
	JOSÉ EDUARDO LIMA DE PAULA ARAUJO
	MARCO ANTONIO ANTUNES
AUDIT COMMITTEE	WAGNER ROBERTO PUGLIESE
President
GUSTAVO JORGE LABOISSIERE LOYOLA	(*) Investors Relations Officer
Members
ALCIDES LOPES TÁPIAS
EDUARDO AUGUSTO DE ALMEIDA GUIMARÃES
GUY ALMEIDA ANDRADE
TEREZA CRISTINA GROSSI TOGNI
FISCAL COUNCIL
President
IRAN SIQUEIRA LIMA
Members	Accountant
ALBERTO SOZIN FURUGUEM	JOSÉ MANUEL DA COSTA GOMES
MARCOS DE ANDRADE REIS VILLELA	CRC - 1SP219892/O-0

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 45

BANCOITAÚS.A.

Chief Executive Officer and General Manager	Managing Directors
ROBERTO EGYDIO SETUBAL	ADRIANO BRITO DA COSTA LIMA
	ANDRÉ DE MOURA MADARÁS
Senior Vice-Presidents	ANDRÉA MATTEUCCI PINOTTI CORDEIRO
ALFREDO EGYDIO SETUBAL	ANTONIO CARLOS RICHECKI RIBEIRO
ANTONIO CARLOS BARBOSA DE OLIVEIRA	ANTONIO SIVALDI ROBERTI FILHO
ANTONIO JACINTO MATIAS	ARNALDO PEREIRA PINTO
GERALDO JOSÉ CARBONE	AURÉLIO JOSÉ DA SILVA PORTELLA
	CARLOS EDUARDO DE SOUZA LARA
Executive Vice-Presidents	CARLOS EDUARDO MONICO
JOSÉ CASTRO ARAÚJO RUDGE	CARLOS HENRIQUE DONEGÁ AIDAR
MÁRCIO DE ANDRADE SCHETTINI	CELSON LUIZ HUPFER
MARCO AMBROGIO CRESPI BONOMI	CESAR PADOVAN
RODOLFO HENRIQUE FISCHER	CÍCERO MARCUS DE ARAÚJO
RUY VILLELA MORAES ABREU	COSMO FALCO
SÉRGIO RIBEIRO DA COSTA WERLANG	CRISTIANE MAGALHÃES TEIXEIRA PORTELLA
	EDSON GERMANO WINTER
Executive Directors	EDUARDO ALMEIDA PRADO
ALEXANDRE DE BARROS	EDUARDO PEIXOTO FERREIRA LEITE
CELSO SCARAMUZZA	ERIVELTO CALDERAN CORRÊA
DANIEL LUIZ GLEIZER	ERNESTO ANTUNES DE CARVALHO
DEMOSTHENES MADUREIRA DE PINHO NETO	FABIO WHITAKER VIDIGAL
FERNANDO MARSELLA CHACON RUIZ	FLÁVIO AUGUSTO AGUIAR DE SOUZA (*)
GERALDO TRAVAGLIA FILHO	HELI DE ANDRADE
JOÃO JACÓ HAZARABEDIAN	JEAN MARTIN SIGRIST JÚNIOR
LYWAL SALLES FILHO	JOÃO ANTONIO DANTAS BEZERRA LEITE
MARCIO ANTONIO TEIXEIRA LINARES	JOAQUIM MARCONDES DE ANDRADE WESTIN
MARCOS DE BARROS LISBOA	LINDA AGARINAKAMURA
OSVALDO DO NASCIMENTO	LUÍS ANTÔNIO RODRIGUES
RICARDO VILLELA MARINO	LUÍS EDUARDO GROSS SIQUEIRA CUNHA
SILVIO APARECIDO DE CARVALHO	LUIZ ANTONIO FERNANDES CALDAS MORONE
	LUIZ ANTONIO NOGUEIRA DE FRANÇA
Senior Managing Directors	LUIZ ANTONIO RIBEIRO
ALEXANDRE ZÁKIA ALBERT	LUIZ FERNANDO DE ASSUMPÇÃO FARIA
ALMIR VIGNOTO	LUIZ FERNANDO OLIVEIRA BARRICHELO
ANTONIO CARLOS MORELLI	LUIZ MARCELO ALVES DE MORAES
FERNANDO JOSÉ COSTA TELES	MARCELO BOOCK
JACKSON RICARDO GOMES	MARCELO HABICE DA MOTTA
JOSÉ GERALDO BORGES FERREIRA	MARCELO SANTOS RIBEIRO
JÚLIO ABEL DE LIMA TABUAÇO	MARCELO VILLAÇA MACEDO CARVALHO
LUÍS OTÁVIO MATIAS	MARCOS AURÉLIO REITANO
MANOEL ANTONIO GRANADO	MARCOS ROBERTO CARNIELLI
MARCO ANTONIO ANTUNES	MIGUEL BURGOS NETO
MARCO ANTONIO SUDANO	MOACYR ROBERTO FARTO CASTANHO
MÁXIMO HERNÁNDEZ GONZÁLEZ	OLIVIO MORI JÚNIOR
NATALÍSIO DE ALMEIDA JÚNIOR	OSMAR MARCHINI
PAULO ROBERTO SOARES	OSVALDO JOSÉ DAL FABBRO
ROBERTO MASSARU NISHIKAWA	PATRICK PIERRE DELFOSSE
SANDRA NUNES DA CUNHA BOTEGUIM	PAULO EIKIEVICIUS CORCHAKI
	RENATA HELENA DE OLIVEIRA TUBINI
	RICARDO LIMA SOARES
	RICARDO ORLANDO
	RICARDO RIBEIRO MANDACARU GUERRA
	RICARDO TERENZI NEUENSCHWANDER
	ROBERT MACKELLAR RITCHIE
	ROONEY SILVA
	(*) Elected at the ESM of 01/30/2009 - awaiting BACEN's approval

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 46

UNIBANCO- UNIÃOD EBANCOSBRASILEIROSS. A.

EXECUTIVE BOARD
Chief Executive Officer	Deputy Directors
ROBERTO EGYDIO SETUBAL	ANDRÉ FERRARI
	ANDRÉA CARPES BLANCO
Vice-Presidents	CARLOS EDUARDO DE ALMEIDA SANTOS
ALFREDO EGYDIO SETUBAL	CARLOS FERNANDO ROSSI CONSTANTINI
ANTONIO CARLOS BARBOSA DE OLIVEIRA	CARLOS HENRIQUE CINTRA PACHECO
ANTONIO JACINTO MATIAS	CECILIA MARIA ARELLANO MISZPUTEN
CANDIDO BOTELHO BRACHER	EDUARDO CARDOSO ARMONIA
DEMOSTHENES MADUREIRA DE PINHO NETO	EDUARDO CORSETTI
GERALDO TRAVAGLIA FILHO	ELISABETE SZABO
JOSÉ CASTRO ARAÚJO RUDGE	FERNANDO BARÇANTE TOSTES MALTA
MÁRCIO DE ANDRADE SCHETTINI	FERNANDO DELLA TORRE CHAGAS
PEDRO MOREIRA SALLES	GUILHERME DE ALENCAR AMADO
	GUSTAVO DUARTE RIBEIRO MOTA
Executive Directors	IBRAHIM JOSÉ JAMHOUR
CELSO SCARAMUZZA	IURI GARCIA ZACHARIAS
CLÁUDIA POLITANSKI	JÂNIO FRANCISCO FERRUGEM GOMES
DANIEL LUIZ GLEIZER	JORGE LUIZ VIEGAS RAMALHO
GERALDO JOSÉ CARBONE	LAVINIA MORAES DE ALMEIDA NOGUEIRA JUNQUEIRA
JEAN-MARC ROBERT NOGUEIRA BAPTISTA ETLIN	LEILA CRISTIANE BARBOZA BRAGA DE MELO
JOSÉ ROBERTO HAYM	LEVI ÁVILA DA FONSECA FILHO
IVO LUIZ DE SÁ FREIRE VIEITAS JÚNIOR	LUIZ OTAVIO PINHO DO AMARAL
MARCO AMBROGIO CRESPI BONOMI	MARCELLO PIRES DOS SANTOS FERREIRA
MARCOS DE BARROS LISBOA	MARCELO FIGUEIREDO SALOMON
NICOLAU FERREIRA CHACUR	MARCELO TONHAZOLO
RICARDO VILLELA MARINO	MARCOS ANTÔNIO VAZ DE MAGALHÃES
ROBERTO LAMY	MARCOS EDUARDO BUCKTON DE ALMEIDA
RODOLFO HENRIQUE FISCHER	MARCOS SILVA MASSUKADO
ROGÉRIO CARVALHO BRAGA	MARIA CÉLIA FURLANI DE MENDONÇA CAMARGO
ROGÉRIO PAULO CALDERÓN PERES	MARIO ANTONIO BERTONCINI
RUY VILLELA MORAES ABREU	MAURÍCIO FERREIRA DE SOUZA
SÉRGIO RIBEIRO DA COSTA WERLANG	NABIL DANIEL SAAB
SILVIO APARECIDO DE CARVALHO	PAULO ROBERTO SCHIAVON DE ANDRADE
	PEDRO PAULO DE ALMEIDA CARNEIRO CUNHA
Directors	RODNEI BERNARDINO DE SOUZA
ANDRÉ SAPOZNIK	SÉRGIO RHEIN SCHIRATO
ANTÔNIO CARLOS AZEVEDO	SERGIO SOUZA FERNANDES JUNIOR
ANTONIO CARLOS AZZI JÚNIOR	SILVIO JOSÉ FONSECA DE CARVALHO
CARLOS ALBERTO BEZERRA DE MOURA	TANIA SZTAMFATER CHOCOLAT
CARLOS EDUARDO DE CASTRO
CARLOS ELDER MACIEL DE AQUINO
CARLOS HENRIQUE ZANVETTOR
CLAUDIO CORACINI
CLÁUDIO JOSÉ COUTINHO ARROMATTE
FABIO MASSASHI OKUMURA
FRANCISCO DE ASSIS CREMA
HUMBERTO PADULA FILHO
JOSÉ RAMON DO AMARAL GOMEZ
LUIS TADEU MANTOVANI SASSI
LUIZ EDUARDO LOUREIRO VELOSO
MARCELO ARIEL ROSENHEK
MARCELO DA SILVA MITRI
MARCELO LUIS ORTICELLI
MARCOS BRAGA DAINESI
MARCOS AUGUSTO CAETANO DA SILVA FILHO
MAURICIO ROORDA
PAULO MEIRELLES DE OLIVEIRA SANTOS
PAULO PIRES VAZ
PLÍNIO CARDOSO DA COSTA PATRÃO
RICARDO COUTINHO
ROGÉRIO VASCONCELOS COSTA
ROMILDO GONÇALVES VALENTE
SÉRGIO RICARDO JURUENA DA COSTA BRAGA

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 47

BANCOITAÚBBAS.A .

BOARD OF DIRECTORS	Directors
	ALBERTO ZOFFMANN DO ESPÍRITO SANTO
Chairman	ALEXANDRE ENRICO SILVA FIGLIOLINO
ROBERTO EGYDIO SETUBAL	ANDRÉ LUIZ HELMEISTER
	ANTONIO JOSÉ CALHEIROS RIBEIRO FERREIRA
Vice-Chairmen	ELAINE CRISTINA ZANATTA RODRIGUES VASQUINHO
FERNÃO CARLOS BOTELHO BRACHER	EMERSON SAVI JUNQUEIRA
HENRI PENCHAS	FÁBIO DE SOUZA QUEIROZ FERRAZ
	FERNANDO FONTES IUNES
Members	GILBERTO FRUSSA
ALFREDO EGYDIO SETUBAL	GUSTAVO HENRIQUE PENHA TAVARES
ANTONIO BELTRAN MARTINEZ	JOÃO CARLOS DE GÊNOVA
CANDIDO BOTELHO BRACHER	JOÃO MARCOS PEQUENO DE BIASE
EDUARDO MAZZILLI DE VASSIMON	JOSÉ AUGUSTO DURAND
JOÃO DIONÍSIO FILGUEIRA BARRETO AMOÊDO (*)	JOSÉ IRINEU NUNES BRAGA
PEDRO MOREIRA SALLES (*)	LILIAN SALA PULZATTO KIEFER
SÉRGIO RIBEIRO DA COSTA WERLANG	LUÍS ALBERTO PIMENTA GARCIA
	MARCELO MAZIERO
(*) Elected at the ESM of 02/25/2009 - awaiting BACEN's approval	MÁRIO LÚCIO GURGEL PIRES
	MÁRIO LUÍS BRUGNETTI
EXECUTIVE BOARD	MARIO LUIZ AMABILE
	MILTON MALUHY FILHO
Chief Executive Officer	PASCHOAL PIPOLO BAPTISTA
CANDIDO BOTELHO BRACHER	PAULO DE PAULA ABREU
	PAULO ROMAGNOLI
Managing Vice-Presidents	PEDRO REZENDE MARINHO NUNES
ALBERTO FERNANDES	RODRIGO PASTOR FACEIRO LIMA
ANTONIO CARLOS BARBOSA DE OLIVEIRA
DEMOSTHENES MADUREIRA DE PINHO NETO
ELEAZAR DE CARVALHO FILHO
JEAN-MARC ROBERT NOGUEIRA BAPTISTA ETLIN
Executive Directors
ALEXANDRE JADALLAH AOUDE
ANDRÉ EMILIO KOK NETO
ANDRÉ LUIS TEIXEIRA RODRIGUES
CAIO IBRAHIM DAVID
DANIEL LUIZ GLEIZER
GERALDO TRAVAGLIA FILHO
PAOLO SERGIO PELLEGRINI
BANCO ITAUCRED FINANCIAMENTOS S.A.	ITAÚ SEGUROS S.A.
Chief Executive Officer	Chief Executive Officer
MARCO AMBROGIO CRESPI BONOMI	ROBERTO EGYDIO SETUBAL
Directors	Superintendent Director
ADRIENNE PATRICE GUEDES DAIBERT	JOSÉ CASTRO ARAÚJO RUDGE (*)
ARNALDO PEREIRA PINTO
CELSO LUIZ ROCHA	Executive Managing Vice-President
DILSON TADEU DA COSTA RIBEIRO	OLAVO EGYDIO SETUBAL JÚNIOR
ERIVELTO CALDERAN CORRÊA
EVANIR COUTINHO USSIER	Executive Directors
FERNANDO JOSÉ COSTA TELES	CLÁUDIO CESAR SANCHES
FLÁVIO KITAHARA SOUSA	JOSÉ CARLOS MORAES ABREU FILHO
JACKSON RICARDO GOMES
JASON PETER CRAUFORD	Managing Directors
LUÍS FERNANDO STAUB	COSMO FALCO
LUÍS OTÁVIO MATIAS	JORGE HENRIQUE AZZE REIS
LUIZ HENRIQUE DIDIER JÚNIOR	MANES ERLICHMAN NETO
MANOEL DE OLIVEIRA FRANCO	MARCO ANTONIO ANTUNES
MARCO ANTONIO ANTUNES	NORBERTO GIL FERREIRA CAMARGO
MARCOS VANDERLEI BELINI FERREIRA
MAURÍCIO FERREIRA AGUDO ROMÃO	(*) Elected at the ESM of 02/28/2009 - awaiting SUSEP's approval
RODOLFO HENRIQUE FISCHER

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 48

ITAÚ UNIBANCO HOLDING S.A.

Consolidated Balance Sheet (Note 2a)

(In thousands of Reais)

ASSETS	03/31/2009			03/31/2008
CURRENT ASSETS		468,813,888			252,455,629
CASH AND CASH EQUIVALENTS		13,061,613			5,194,078
INTERBANK INVESTMENTS (Notes 4b and 6)		122,373,079			54,573,417
Money market		102,590,411			41,780,983
Money market – Assets Guaranteeing Technical Provisions – SUSEP (Note 11b)		256,482			579,960
Interbank deposits		19,526,186			12,212,474
SECURITIES AND DERIVATIVE FINANCIAL INSTRUMENTS (Notes 4c, 4d and 7)		106,330,140			62,213,288
Own portfolio		37,768,259			22,196,864
Subject to repurchase commitments		2,230,977			5,571,985
Pledged in guarantee		12,349,500			6,722,322
Deposited with the Central Bank		8,607,972			1,533,499
Securities subject to unrestricted repurchase agreements		-			8,162
Derivative financial instruments		7,926,135			3,218,946
Assets guaranteeing technical provisions - PGBL/VGBL fund quotas (Note 11b)		32,334,342			19,854,053
Assets guaranteeing technical provisions - other securities (Note 11b)		5,112,955			3,107,457
INTERBANK ACCOUNTS		15,308,674			20,161,650
Pending settlement		2,153,522			3,135,858
Central Bank deposits		13,029,069			16,957,856
National Housing System (SFH)		71,825			30,041
Correspondents		47,403			7,421
Interbank onlending		6,855			30,474
INTERBRANCH ACCOUNTS		63,315			8,407
LOAN, LEASE AND OTHER CREDIT OPERATIONS (Note 8)		145,937,349			76,389,427
Operations with credit granting characteristics (Note 4e)		157,702,267			81,147,054
(Allowance for loan losses) (Note 4f)		(11,764,918	)		(4,757,627	)
OTHER RECEIVABLES		62,377,905			32,256,056
Foreign exchange portfolio (Note 9)		38,464,106			22,165,265
Income receivable		2,216,586			808,854
Receivables from Insurance and Reinsurance operations (Notes 4m I and 11b)		3,740,258			1,162,033
Negotiation and intermediation of securities		2,270,945			1,018,562
Sundry (Note 13a)		15,686,010			7,101,342
OTHER ASSETS (Note 4g)		3,361,813			1,659,306
Other assets		587,042			346,566
(Valuation allowance)		(229,434	)		(54,517	)
Reinsurance and retrocession (Note 4m I)		555,618			185,926
Prepaid expenses (Note 13b)		2,448,587			1,181,331
LONG-TERM RECEIVABLES		139,735,149			69,353,014
INTERBANK INVESTMENTS (Notes 4b and 6)		4,168,480			1,807,580
Money market		752,309			543,249
Money market - Assets Guaranteeing Technical Provisions - SUSEP (Note 11b)		1,757,630			589,921
Interbank deposits		1,658,541			674,410
SECURITIES AND DERIVATIVE FINANCIAL INSTRUMENTS (Notes 4c, 4d and 7)		29,918,181			10,191,138
Own portfolio		16,887,268			6,134,405
Subject to repurchase commitments		2,316,821			612,029
Pledged in guarantee		2,133,148			1,603,928
Securities under agreements to resell with free movement		611
Deposited with the Central Bank		2,274,967			27,375
Derivative financial instruments		2,143,135			1,256,310
Assets guaranteeing technical provisions - other securities (Note 11b)		4,162,231			557,091
INTERBANK ACCOUNTS - National Housing System (SFH)		672,201			396,041
LOAN, LEASE AND OTHER CREDIT OPERATIONS (Note 8)		72,715,777			41,123,627
Operations with credit granting characteristics (Note 4e)		82,588,011			44,513,079
(Allowance for loan losses) (Note 4f)		(9,872,234	)		(3,389,452	)
OTHER RECEIVABLES		30,668,853			14,794,533
Foreign exchange portfolio (Note 9)		960,009			3,654,159
Sundry (Note 13a)		29,708,844			11,140,374
OTHER ASSETS - Prepaid expenses (Notes 4g and 13b)		1,591,657			1,040,095
PERMANENTASSETS		10,394,311			6,269,331
INVESTMENTS (Notes 4h and 15a II)		2,233,013			1,253,266
Investments in affiliates		1,329,865			995,973
Other investments		1,082,497			338,510
(Allowance for losses)		(179,349	)		(81,217	)
FIXED ASSETS (Notes 4i and 15b)		4,199,526			2,179,500
Real estate in use		4,395,802			2,799,276
Other fixed assets		6,669,552			3,608,192
(Accumulated depreciation)		(6,865,828	)		(4,227,968	)
OPERATING LEASE ASSETS (Note 4j)		8,608			11,518
Leased assets		18,553			18,553
(Accumulated depreciation)		(9,945	)		(7,035	)
INTANGIBLE ASSETS (Notes 4k and 15b)		3,953,164			2,825,047
Acquisition of rights to credit payroll		2,432,075			2,095,714
Intangible assets		2,361,590			919,308
(Accumulated amortization)		(840,501	)		(189,975	)
TOTAL ASSETS		618,943,348			328,077,974

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 49

ITAÚ UNIBANCO HOLDING S.A.

Consolidated Balance Sheet (Note 2a)

(In thousands of Reais)

LIABILITIES	03/31/2009			03/31/2008
CURRENT LIABILITIES		347,057,758			189,272,267
DEPOSITS (Notes 4b and 10b)		118,771,235			68,172,132
Demand deposits		25,191,121			18,573,286
Savings deposits		39,346,521			28,388,265
Interbank deposits		3,398,667			1,462,027
Time deposits		49,840,197			18,475,024
Other deposits		994,729			1,273,530
DEPOSITS RECEIVED UNDER SECURITIES REPURCHASE AGREEMENTS (Notes 4b and 10c)		88,316,543			54,581,094
Own portfolio		24,200,058			25,408,585
Third-party portfolio		63,976,848			29,172,509
Free portfolio		139,637			-
FUNDS FROM ACCEPTANCE AND ISSUANCE OF SECURITIES (Notes 4b and 10d)		12,081,367			1,706,124
Real estate, mortgage, credit and similar notes		7,613,710			288,273
Debentures		188,746			217,380
Foreign borrowings through securities		4,278,911			1,200,471
INTERBANK ACCOUNTS		3,274,656			4,384,071
Pending settlements		2,612,028			3,044,315
Correspondents		662,628			1,339,756
INTERBRANCH ACCOUNTS		2,699,032			1,987,590
Third-party funds in transit		2,677,893			1,983,421
Internal transfers of funds		21,139			4,169
BORROWINGS AND ONLENDING (Notes 4b and 10e)		20,433,821			11,802,625
Borrowings		14,451,823			8,976,617
Onlending		5,981,998			2,826,008
DERIVATIVE FINANCIAL INSTRUMENTS (Notes 4d and 7h)		6,324,753			2,731,039
TECHNICAL PROVISIONS FOR INSURANCE, PENSION PLAN AND CAPITALIZATION (Notes 4m II and 11a)		17,484,408			2,121,296
OTHER LIABILITIES		77,671,943			41,786,296
Collection and payment of taxes and contributions		5,413,404			2,660,985
Foreign exchange portfolio (Note 9)		37,752,175			22,414,826
Social and statutory (Note 16b II)		1,758,837			1,043,293
Tax and social security contributions (Notes 4n, 4o and 14c)		5,548,245			1,929,614
Negotiation and intermediation of securities		3,005,623			1,745,109
Credit card operations (Note 4e)		12,333,295			7,150,738
Securitization of foreign payment orders (Note 10f)		277,735			206,039
Subordinated debt (Note 10g)		1,269,098			636,343
Sundry (Note 13c)		10,313,531			3,999,349
LONG-TERM LIABILITIES		223,594,830			107,246,856
DEPOSITS (Notes 4b and 10b)		83,686,876			10,272,757
Interbank deposits		212,403			113,606
Time deposits		83,474,473			10,159,151
DEPOSITS RECEIVED UNDER SECURITIES REPURCHASE AGREEMENTS (Notes 4b and 10c)		39,193,101			31,110,455
Own portfolio		38,923,924			31,006,647
Third-party portfolio		213,412			-
Free portfolio		55,765			103,808
FUNDS FROM ACCEPTANCE AND ISSUANCE OF SECURITIES (Notes 4b and 10d)		8,478,012			5,471,347
Real estate, mortgage, credit and similar notes		1,301,500			984,920
Debentures		3,327,408			2,132,647
Foreign borrowings through securities		3,849,104			2,353,780
BORROWINGS AND ONLENDING (Notes 4b and 10e)		18,166,829			7,159,381
Borrowings		5,631,154			2,909,289
Onlending		12,535,675			4,250,092
DERIVATIVE FINANCIAL INSTRUMENTS (Notes 4d and 7h)		2,706,064			1,594,819
TECHNICAL PROVISIONS FOR INSURANCE, PENSION PLAN AND CAPITALIZATION (Notes 4m II and 11a)		28,212,583			23,465,620
OTHER LIABILITIES		43,151,365			28,172,477
Foreign exchange portfolio (Note 9)		954,198			3,551,349
Tax and social security contributions (Notes 4n, 4o and 14c)		12,915,764			9,294,435
Securitization of foreign payment orders (Note 10f)		1,066,435			820,111
Subordinated debt (Note 10g)		21,677,098			11,734,782
Sundry (Note 13c)		6,537,870			2,771,800
DEFERRED INCOME (Note 4p)		241,612			74,048
MINORITY INTEREST IN SUBSIDIARIES (Note 22k)		3,050,302			2,218,259
STOCKHOLDERS' EQUITY (Note 16)		44,998,846			29,266,544
Capital		29,000,000			14,254,213
Capital reserves		697,952			1,290,147
Revenue reserves		17,051,892			15,806,640
Asset valuation adjustment (Notes 4c, 4d and 7d)		(277,558	)		(11,515	)
(Treasury shares)		(1,473,440	)		(2,072,941	)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		618,943,348			328,077,974

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 50

ITAÚ UNIBANCO HOLDING S.A.

Consolidated Statement of Income (Note 2a)

(In thousands of Reais)

	01/01 to 03/31/2009			01/01 to 03/31/2008
INCOME FROM FINANCIAL OPERATIONS		20,988,505			10,268,817
Loan, lease and other credit operations		12,349,753			6,290,697
Securities and derivative financial instruments		7,137,652			2,766,743
Financial income from insurance, pension plan and capitalization operations (Note 11c)		1,172,589			578,630
Foreign exchange operations		121,199			394,240
Compulsory deposits		207,312			238,507
EXPENSES ON FINANCIAL OPERATIONS		(10,378,629	)		(4,736,912	)
Money market		(8,956,759	)		(3,793,164	)
Financial expenses on technical provisions for pension plan and capitalization (Note 11c)		(1,026,715	)		(416,874	)
Borrowings and onlending		(395,155	)		(526,874	)
INCOME FROM FINANCIAL OPERATIONS BEFORE LOAN LOSSES		10,609,876			5,531,905
RESULT OF LOAN LOSSES (Note 8d I)		(3,424,708	)		(1,582,952	)
Expense for allowance for loan losses		(3,834,399	)		(1,829,668	)
Income from recovery of credits written off as loss		409,691			246,716
GROSS INCOME FROM FINANCIAL OPERATIONS		7,185,168			3,948,953
OTHER OPERATING REVENUE (EXPENSES)		(3,458,543	)		(1,025,079	)
Banking service fees (Note 13d)		2,919,449			2,128,000
Asset management		494,633			482,341
Current account services		90,392			75,752
Credit cards		1,356,937			601,371
Sureties and credits granted		277,503			504,350
Receipt		365,932			243,688
Other		334,052			220,498
Income from bank charges (Note 13e)		643,573			372,745
Result from insurance, pension plan and capitalization operations (Note 11c)		501,587			318,493
Personnel expenses (Note 13f)		(2,396,927	)		(1,453,742	)
Other administrative expenses (Note 13g)		(2,867,488	)		(1,557,866	)
Tax expenses (Notes 4o and 14a II)		(899,314	)		(512,291	)
Equity in earnings of affiliates (Note 15a III)		29,960			43,155
Other operating revenues (Note 13h)		291,391			154,904
Other operating expenses (Note 13i)		(1,680,774	)		(518,477	)
OPERATING INCOME		3,726,625			2,923,874
NON-OPERATING INCOME (Note 22l)		(23,146	)		179,112
INCOME BEFORE TAXES ON INCOME AND PROFIT SHARING		3,703,479			3,102,986
INCOME TAX AND SOCIAL CONTRIBUTION (Notes 4o and 14a I)		(1,082,375	)		(757,707	)
Due on operations for the period		(1,504,147	)		(734,432	)
Related to temporary differences		421,772			(23,275	)
PROFIT SHARING		(405,855	)		(214,837	)
Employees - Law No. 10,101 of 12/19/2000		(351,801	)		(170,047	)
Officers - Statutory - Law No. 6,404 of 12/15/1976		(54,054	)		(44,790	)
MINORITY INTEREST IN SUBSIDIARIES (Note 22k)		(200,412	)		(86,959	)
NET INCOME		2,014,837			2,043,483
WEIGHTED AVERAGE OF THE NUMBER OF OUTSTANDING SHARES		4,097,783,678			2,983,760,468
NET INCOME PER SHARE - R$		0.49			0.68
BOOK VALUE PER SHARE - R$ (OUTSTANDING AT 03/31)		10.98			9.85
EXCLUSION OF NONRECURRING EFFECTS (Notes 2a and 22l)		546,987			(64,864	)
NET INCOME WITHOUT NONRECURRING EFFECTS		2,561,824			1,978,619
NET INCOME PER SHARE - R$		0.63			0.66

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 51

ITAÚ UNIBANCO HOLDING S.A.

Consolidated Statement of Cash Flows

(In thousands of Reais)

	01/01 to 03/31/2009			01/01 to 03/31/2008
ADJUSTED NET INCOME		6,988,260			4,912,693
Net income		2,014,837			2,043,483
Adjustments to net income:		4,973,423			2,869,210
Granting of options recognized		27,126			-
Adjustment to market value of securities and derivative financial instruments (assets/liabilities)		(2,050,473	)		(95,043	)
Allowance for loan losses		3,834,399			1,829,668
Results from operations with subordinated debt		517,300			369,234
Results from securitization of foreign payment orders		12,911			1,562
Change in technical provisions for insurance, pension plan and capitalization		2,445,888			1,692,610
Depreciation and amortization		514,964			288,742
Adjustment to legal liabilities – tax and social security		550,244			(57,491	)
Adjustment to provision for contingent liabilities		(309,132	)		359,200
Deferred taxes		(421,772	)		23,275
Equity in earnings of affiliates		(29,960	)		(43,155	)
Income from available-for-sale securities		(1,025,924	)		(1,327,309	)
Income from held-to-maturity securities		59,082			(34,023	)
Amortization of goodwill on purchase of minority interests		539,963			-
(Income) loss from sale of investments		(818	)		(182,013	)
Minority interest		200,412			86,959
Other		109,213			(43,006	)
CHANGE IN ASSETS AND LIABILITIES		15,318,340			(3,314,229	)
(Increase) decrease in interbank investments		15,336,332			(3,551,775	)
(Increase) Decrease in securities and derivative financial instruments (assets/liabilities)		4,688,232			(6,963,298	)
(Increase) decrease in compulsory deposits with the Central Bank of Brazil		378,678			255,918
(Increase) decrease in interbank and interbranch accounts (assets/liabilities)		810,365			1,420,998
(Increase) decrease in loan, lease and other credit operations		(1,478,149	)		(11,730,179	)
(Increase) decrease in other receivables and other assets		685,501			(1,386,986	)
(Increase) decrease in foreign exchange portfolio and negotiation and intermediation of securities (assets/liabilities)		161,502			(372,009	)
(Decrease) increase in deposits		(3,731,287	)		(3,147,288	)
(Decrease) increase in deposits received under securities repurchase agreements		3,151,182			20,958,431
(Decrease) increase in funds for issuance of securities		963,734			(1,193,637	)
(Decrease) increase in borrowings and onlending		(4,137,507	)		2,161,839
(Decrease) increase in credit card operations		(2,251,063	)		(1,555,064	)
(Decrease) increase in securitization of foreign payment orders		(2,497,474	)		(84,987	)
(Decrease) increase in technical provisions for insurance, pension plan and capitalization		(79,819	)		(391,372	)
(Decrease) increase in other liabilities		4,283,873			2,458,255
Payment of income tax and social contribution		(965,760	)		(193,075	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		22,306,600			1,598,464
Interest on capital / dividends received from affiliated companies		1,617			6,782
Income from sale of available-for-sale securities		8,601,880			1,697,611
Income from redemption of held-to-maturity securities		197			96,864
Disposal of assets not for own use		36,053			10,798
Disposal of investments		1,321			184,482
Payment of income tax and social contribution from sale of investments		(278	)		(62,724	)
Sale of fixed assets		26,309			28,225
Purchase of available-for-sale securities		(13,610,318	)		(4,006,733	)
Cash and cash equivalents of assets and liabilities arising from the purchase of Redecard		(485,994	)		-
Purchase of investments		(456	)		(8,622	)
Purchase of fixed assets		(294,709	)		(96,076	)
Purchase of intangible assets		(91,382	)		(188,842	)
NET CASH PROVIDED BY (USED IN) INVESTMENT ACTIVITIES		(5,815,760	)		(2,338,235	)
Increase (decrease) in subordinated debt		(35,720	)		606,362
(Decrease) increase in deferred income		10,507			539
Change in minority interest		(158,207	)		69,207
Granting of stock options		24,886			42,990
Purchase of treasury shares		(21	)		(1,009,938	)
Interest on capital paid		(2,125,435	)		(2,166,188	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		(2,283,990	)		(2,457,028	)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS		14,206,850			(3,196,799	)
Cash and cash equivalents at the beginning of the period (Notes 4a and 5)		47,778,997			27,295,508
Effect of changes in foreign exchange rates in cash and adjustment to cash equivalents		339,519			146,973
Cash and cash equivalents at the end of the period (Notes 4a and 5)		62,325,366			24,245,682

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 52

ITAÚ UNIBANCO HOLDING S.A.

Consolidated Statement of Added Value

(In thousands of Reais)

	01/01 to 03/31/2009			01/01 to 03/31/2008
INCOME		22,247,280			12,024,966
Financial operations		20,988,505			10,268,817
Banking services		3,563,022			2,500,745
Result from insurance, pension plan and capitalization operations		501,587			318,493
Allowance for loan losses – Reversal/(Increase)		(3,424,708	)		(1,582,952	)
Other		618,874			519,863
EXPENSES ON FINANCIAL OPERATIONS		(10,378,629	)		(4,736,912	)
INPUTS PURCHASED FROM THIRD PARTIES		(2,344,122	)		(1,322,206	)
Materials, energy and other		(134,758	)		(92,350	)
Third-party services		(902,060	)		(417,529	)
Other		(1,307,304	)		(812,327	)
Data processing and telecommunications		(642,775	)		(416,855	)
Advertising, promotions and publications		(170,631	)		(91,401	)
Conservation and maintenance		(129,105	)		(72,523	)
Transportation		(91,572	)		(64,414	)
Security		(93,197	)		(59,639	)
Travel expenses		(25,798	)		(17,200	)
Legal		(8,441	)		(8,537	)
Other		(145,785	)		(81,758	)
GROSS ADDED VALUE		9,524,529			5,965,848
DEPRECIATION, AMORTIZATION AND DEPLETION		(305,109	)		(138,530	)
NET ADDED VALUE PRODUCED BY THE COMPANY		9,219,420			5,827,318
ADDED VALUE RECEIVED AS A TRANSFER		29,960			43,155
Equity in earnings		29,960			43,155
TOTAL ADDED VALUE TO BE DISTRIBUTED		9,249,380			5,870,473
DISTRIBUTION OF ADDED VALUE		9,249,380			5,870,473
Personnel		2,739,731			1,588,032
Compensation		2,091,973			1,161,889
Benefits		547,333			368,335
FGTS - severance pay fund		100,425			57,808
Taxes, fees and contributions		4,076,143			2,054,869
Federal		3,937,549			1,974,027
State		1,205			875
Municipal		137,389			79,967
Return on managed assets		218,257			97,130
Rent		218,257			97,130
Return on own assets		2,215,249			2,130,442
Dividends and interest on capital paid		878,177			706,022
Retained earnings/(loss) for the period		1,136,660			1,337,461
Minority interest in retained earnings		200,412			86,959

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 53

ITAÚ UNIBANCO HOLDING S.A.

Balance Sheet

(In thousands of Reais)

	03/31/2009			03/31/2008
ASSETS
CURRENT ASSETS		8,178,614			940,723
CASH AND CASH EQUIVALENTS		161			74
INTERBANK INVESTMENTS (Notes 4b and 6)		7,403,783			149,023
Money market		203,783			149,023
Interbank deposits (Notes 4b and 6)		7,200,000			-
SECURITIES AND DERIVATIVE FINANCIAL INSTRUMENTS (Notes 4c, 4d and 7)		-			35,057
OTHER RECEIVABLES		773,264			755,472
Income receivable (Note 15a I)		179,871			620,379
Sundry (Note 13a)		593,393			135,093
OTHER ASSETS – Prepaid expenses (Note 4g)		1,406			1,097
LONG-TERM RECEIVABLES		99,440			354,479
INTERBANK INVESTMENTS – Interbank deposits (Notes 4b and 6)		-			283,918
SECURITIES AND DERIVATIVE FINANCIAL INSTRUMENTS (Notes 4c, 4d and 7)		24,072			22,524
OTHER RECEIVABLES - Sundry (Note 13a)		75,368			48,037
PERMANENT ASSETS		54,449,792			33,262,257
INVESTMENTS		54,449,134			33,261,820
Investments in subsidiaries (Notes 4h and 15a I)		54,448,727			33,261,820
Other		407			-
FIXED ASSETS (Notes 4i)		658			437
TOTAL ASSETS		62,727,846			34,557,459
LIABILITIES
CURRENT LIABILITIES		1,310,472			746,152
DERIVATIVE FINANCIAL INSTRUMENTS (Notes 4d and 7h)		67			52
OTHER LIABILITIES		1,310,405			746,100
Social and statutory (Note 16b II)		1,170,058			696,129
Tax and social security contributions (Note 14c)		80,006			1,339
Sundry		60,341			48,632
LONG-TERM LIABILITIES		1,120,764			1,918,738
DEPOSITS – Interbank deposits (Notes 4b and 10b)		841,866			1,756,744
DERIVATIVE FINANCIAL INSTRUMENTS (Notes 4d and 7h)		1,092			818
OTHER LIABILITIES		277,806			161,176
Tax and social security contributions (Note 14c)		276,492			159,860
Sundry		1,314			1,316
STOCKHOLDERS’ EQUITY (Note 16)		60,296,610			31,892,569
Capital		29,000,000			14,254,213
Capital reserves		697,952			1,290,147
Revenue reserves		32,349,656			18,432,665
Asset valuation adjustment - (Notes 4c, 4d and 7d)		(277,558	)		(11,515	)
(Treasury shares)		(1,473,440	)		(2,072,941	)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		62,727,846			34,557,459

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 54

ITAÚ UNIBANCO HOLDING S.A.

Statement of Income

(In thousands of Reais)

	01/01 to			01/01 to
	03/31/2009			03/31/2008
INCOME FROM FINANCIAL OPERATIONS		11,126			19,311
Securities and derivative financial instruments		11,126			19,311
EXPENSES ON FINANCIAL OPERATIONS		(12,298	)		(14,041	)
Money market		(12,298	)		(14,041	)
GROSS INCOME FROM FINANCIAL OPERATIONS		(1,172	)		5,270
OTHER OPERATING REVENUE (EXPENSES)		1,799,147			1,812,442
Personnel expenses		(74,969	)		(7,024	)
Other administrative expenses		(9,642	)		(6,952	)
Tax expenses (Note 14a II)		(476	)		(5,813	)
Equity in earnings of subsidiaries (Note 15a I)		1,898,722			1,844,450
Other operating revenue (expenses)		(14,488	)		(12,219	)
OPERATING INCOME		1,797,975			1,817,712
NON-OPERATING INCOME		242			113
INCOME BEFORE TAXES ON INCOME AND PROFIT SHARING		1,798,217			1,817,825
INCOME TAX AND SOCIAL CONTRIBUTION (Note 4o)		340,631			89,753
Due on operations for the period		(1,128	)		(12,773	)
Related to temporary differences		341,759			102,526
PROFIT SHARING		(3,140	)		(1,350	)
Employees – Law No. 10,101 of 12/19/2000		(1,965	)		(571	)
Officers – Statutory – Law No. 6,404 of 12/15/1976		(1,175	)		(779	)
NET INCOME		2,135,708			1,906,228
WEIGHTED AVERAGE OF THE NUMBER OF OUTSTANDING SHARES		4,097,783,678			2,983,760,468
NET INCOME PER SHARE – R$		0.52			0.64
BOOK VALUE PER SHARE – R$		14.71			10.69

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 55

ITAÚ UNIBANCO HOLDING S.A.

Statement of Changes in Stockholders’ Equity (Note 16)

(In thousands of Reais)

	Capital		Capital reserves			Revenue reserves			Asset valuation adjustment- (Note7d)			Retainedearnings			(Treasury shares)			Total
BALANCES AT 01/01/2008		14,254,213		1,290,059			17,295,023			65,467			-			(1,172,394	)		31,732,368
Restatement of equity securities		-		88			-			-			-			-			88
Treasury shares		-		-			(66,401	)		-			-			(900,547	)		(966,948	)
Purchase of treasury shares		-		-			-			-			-			(1,009,938	)		(1,009,938	)
Granting of stock options - exercised options		-		-			(66,401	)		-			-			109,391			42,990
Change in adjustment to market value		-		-			-			(76,982	)		-			-			(76,982	)
Reversal of interest on capital and dividends paid on 03/03/2008 - Fiscal year 2007		-		-			3,837			-			-			-			3,837
Net income		-		-			-			-			1,906,228			-			1,906,228
Appropriations:
Legal reserve		-		-			95,311			-			(95,311	)		-			-
Statutory reserves		-		-			1,104,895			-			(1,104,895	)		-			-
Dividends and interest on capital		-		-			-			-			(706,022	)		-			(706,022	)
BALANCES AT 03/31/2008		14,254,213		1,290,147			18,432,665			(11,515	)		-			(2,072,941	)		31,892,569
CHANGES IN THE PERIOD		-		88			1,137,642			(76,982	)		-			(900,547	)		160,201
BALANCES AT 01/01/2009		29,000,000		597,706			31,192,635			(423,717	)		-			(1,525,695	)		58,840,929
Treasury shares		-		(8,806	)		(18,584	)		-			-			52,255			24,865
Purchase of treasury shares		-		-			-			-			-			(21	)		(21	)
Granting of stock options - exercised options		-		(8,806	)		(18,584	)		-			-			52,276			24,886
Granting of stock options recognized		-		109,052			(81,926	)		-			-			-			27,126
Change in adjustment to market value		-		-			-			146,159			-			-			146,159
Net income		-		-			-			-			2,135,708			-			2,135,708
Appropriations:
Legal reserve		-		-			106,785			-			(106,785	)		-			-
Statutory reserves		-		-			1,150,746			-			(1,150,746	)		-			-
Dividends and interest on capital		-		-			-			-			(878,177	)		-			(878,177	)
BALANCES AT 03/31/2009		29,000,000		697,952			32,349,656			(277,558	)		-			(1,473,440	)		60,296,610
CHANGES IN THE PERIOD		-		100,246			1,157,021			146,159			-			52,255			1,455,681

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 56

ITAÚ UNIBANCO HOLDING S.A.

Statement of Cash Flows

(In thousands of Reais)

	01/01 to			01/01 to
	03/31/2009			03/31/2008
ADJUSTED NET INCOME (LOSS)		(63,156	)		(27,847	)
Net income		2,135,708			1,906,228
Adjustments to net income:		(2,198,864	)		(1,934,075	)
Granting of stock options recognized		27,126			-
Deferred taxes		(341,759	)		(102,526	)
Investments in subsidiaries (Notes 13j and 15a I )		(1,898,722	)		(1,844,450	)
Amortization of goodwill		14,436			12,853
Other		55			48
CHANGE IN ASSETS AND LIABILITIES		(5,372,019	)		2,312,954
(Increase) decrease in interbank investments		(6,890,677	)		419,388
(Increase) decrease in securities and derivative financial instruments (assets/liabilities)		(9,528	)		(4,741	)
(Increase) decrease in other receivables and assets		698,036			85,472
Increase (decrease) in deposits		495,869			1,756,744
Increase (decrease) in other liabilities		334,349			71,130
Payment of Income Tax and Social Contribution		(68	)		(15,039	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(5,435,175	)		2,285,107
Interest on capital/dividends received		7,568,122			1,066,665
(Purchase)/Disposal of investments		-			(222,500	)
(Purchase)/Disposal of fixed assets/deferred charges		(160	)		(14	)
NET CASH PROVIDED BY (USED IN) INVESTMENT ACTIVITIES		7,567,962			844,151
Granting of stock options		24,886			42,990
Purchase of treasury shares		(21	)		(1,009,938	)
Interest on capital paid		(2,125,435	)		(2,166,188	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		(2,100,570	)		(3,133,136	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		32,217			(3,878	)
CASH AND CASH EQUIVALENTS (Notes 4a and 5)
At the beginning of the period		171,727			152,975
At the end of the period	203,944			149,097

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,200 9 57

ITAÚ UNIBANCO HOLDING S.A.

Statement of Added Value

(In thousands of Reais)

	01/01 to			01/01 to
	03/31/2009			03/31/2008
INCOME		339,767			110,103
Financial operations		11,126			19,311
Other		328,641			90,792
EXPENSES ON FINANCIAL OPERATIONS		(12,298	)		(14,041	)
INPUTS PURCHASED FROM THIRD PARTIES		(9,323	)		(6,775	)
Materials, energy and other		(76	)		(39	)
Third-party services		(3,437	)		(2,951	)
Other		(5,810	)		(3,785	)
GROSS ADDED VALUE		318,146			89,287
DEPRECIATION, AMORTIZATION AND DEPLETION		(55	)		(48	)
NET ADDED VALUE PRODUCED BY THE COMPANY		318,091			89,239
ADDED VALUE RECEIVED AS A TRANSFER		1,898,722			1,844,450
Equity in earnings		1,898,722			1,844,450
TOTAL ADDED VALUE TO BE DISTRIBUTED		2,216,813			1,933,689
DISTRIBUTION OF ADDED VALUE		2,216,813			1,933,689
Personnel		69,435			7,607
Compensation		64,773			6,425
Benefits		4,058			733
FGTS - severance pay fund		604			449
Taxes, fees and contributions		11,407			19,725
Federal		11,288			19,674
State		13			2
Municipal		106			49
Return on managed assets		263			129
Rent		263			129
Return on own assets		2,135,708			1,906,228
Interest on capital		878,177			706,022
Retained earnings/(loss) for the year		1,257,531			1,200,206

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 58

ITAÚ UNIBANCO HOLDING S.A.

(The new company name of Itaú Unibanco Banco Múltiplo S.A. awaiting approval by

BACEN)

NOTES TO THE FINANCIAL STATEMENTS

FROM JANUARY 1 TO MARCH 31, 2009 AND 2008

(In thousands of Reais)

NOTE 1 - OPERATIONS

Itaú Unibanco Holding S.A. (ITAÚ UNIBANCO) is a publicly-held company which, together with its subsidiary and affiliated companies, operates in Brazil and abroad, with all types of banking activities, through its commercial, investment, consumer credit, real estate loan, finance and investment credit, and lease portfolios, including foreign exchange operations, and other complementary activities, with emphasis on Insurance, Private Pension Plans, Capitalization, Securities Brokerage and Administration of Credit Cards, Consortia, Investment Funds and Managed Portfolios.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 59

NOTE 2 – PRESENTATION OF THE FINANCIAL STATEMENTS

a) Presentation of the Financial Statements

The financial statements of ITAÚ UNIBANCO and of its subsidiaries (ITAÚ UNIBANCO CONSOLIDATED) have been prepared in accordance with accounting principles established by the Brazilian Corporate Law, including the amendments introduced by Law No. 11,638, of December 28, 2007 and by Provisional Measure No. 449, of December 3, 2008 (Note 22n), in conformity, when applicable, with instructions issued by the Central Bank of Brazil (BACEN), the National Monetary Council (CMN), the Brazilian Securities and Exchange Commission (CVM) and the Superintendency of Private Insurance (SUSEP), and National Council of Private Insurance (CNSP),which include the use of estimates necessary to calculate accounting provisions.

On February 18, 2009, BACEN approved the merger of the financial operations of Banco Itaú S.A. (ITAÚ) and Unibanco – União de Bancos Brasileiros S.A. (UNIBANCO). These operations were integrated according to the respective business segment, through splits and mergers occurred on February 28, 2009; therefore, the Financial Statements for the period from January 1 to March 31, 2009, and the corresponding notes to these financial statements are not presented with data “Without UNIBANCO”, as disclosed at December 31, 2008.

On March 30, 2009, ITAÚ purchased 24,082,760 nominative common shares of Redecard S.A. for R$ 590,028, giving rise to a goodwill amounting to R$ 539,963 which, net of taxes, totaled R$ 491,366, fully amortized in the Consolidated Financial Statements. In view of these transactions, ITAÚ started to have the stockholding control over Redecard S.A., fully consolidated in the Financial Statements of ITAÚ UNIBANCO from the first quarter of 2009.

At the Extraordinary Stockholders’ Meeting of April 24, 2009, awaiting approval by BACEN, stockholders approved the change in the name Itaú Unibanco Banco Múltiplo S.A. to Itaú Unibanco Holding S.A.

In order to enable the proper analysis of the net income, the heading “Net income without nonrecurring effects” is presented below the Consolidated Statement of Income, and this effect is highlighted in a heading called “Exclusion of nonrecurring effects” (Note 22l).

As set forth in the sole paragraph of article 7 of BACEN Circular Letter No. 3,068, of November 8, 2001, securities classified as trading securities (Note 4c) are presented in the Balance Sheet under Current Assets regardless of their maturity dates.

Lease Operations are presented, at present value, in the Balance Sheet, and the related income and expenses, which represent the financial result of these operations, are presented, grouped together, under loan, lease and other credit operations in the Statement of Income. Advances on exchange contracts are reclassified from Other Liabilities – Foreign Exchange Portfolio. The foreign exchange result is presented on an adjusted basis, with the reclassification of expenses and income, in order to represent exclusively the impact of variations and differences of rates on the balance sheet accounts denominated in foreign currencies.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 60

b) Consolidation

As set forth in paragraph 1, article 2, of BACEN Circular No. 2,804, of February 11, 1998, the financial statements of ITAÚ UNIBANCO comprise the consolidation of its foreign subsidiary companies.

Intercompany transactions and balances and results have been eliminated on consolidation. The investments held by consolidated companies in Exclusive Investment Funds are consolidated. The investments in these fund portfolios are classified by type of transaction and were distributed by type of security, in the same categories in which these securities had been originally allocated. The effects of the Foreign Exchange Variation on investments abroad are classified in the heading Securities and Derivative Financial Instruments in Statement of Income from March 31, 2009, including for comparability effects.

The difference between the Net Income and Stockholders’ Equity between ITAÚ UNIBANCO and ITAÚ UNIBANCO CONSOLIDATED (Note 16d) results from the elimination of unrealized profits arising from business between the parent company and consolidated companies, the related taxes on which have been deferred, and from the adoption of different criteria for the amortization of goodwill originated on purchase of investments and the recognition of deferred tax assets.

In ITAÚ UNIBANCO, the goodwill recorded in subsidiaries, mainly originated from the ITAÚ UNIBANCO merger, is being amortized based on the expected future profitability and appraisal reports or upon realization of investment, according to the rules and guidance of CMN and BACEN.

In ITAÚ UNIBANCO CONSOLIDATED, this goodwill was fully amortized in the periods when these investments occurred, in order to: a) permit better comparability with previous periods’ consolidated financial statements; and b) permit measuring Net Income and Stockholders’ Equity based on conservative criteria.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 61

The consolidated financial statements comprise ITAÚ UNIBANCO and its direct and indirect subsidiaries, among which we highlight:

		Incorporation	Interest %
		country	03/31/2009		03/31/2008
Afinco Americas Madeira, SGPS, Sociedade Unipessoal, Ltda.		Portugal		100.00		100.00
Banco Dibens S.A.	(1)	Brazil		100.00		-
Banco Fiat S.A.		Brazil		99.99		99.99
Banco Itaú Argentina S.A.	(2)	Argentina		99.99		99.96
Banco Itaú BBA S.A.		Brazil		99.99		95.75
Banco Itaú Chile S.A.		Chile		99.99		99.99
Banco Itaú Europa Luxembourg S.A.	(3)	Luxembourg		99.98		19.52
Banco Itaú Europa, S.A.	(3)	Portugal		99.99		19.53
Banco Itaú Uruguay S.A.		Uruguay		100.00		100.00
Banco Itaú S.A.		Brazil		100.00		100.00
Banco ItauBank S.A.		Brazil		100.00		100.00
Banco Itaucard S.A.		Brazil		99.99		99.99
Banco Itaucred Financiamentos S.A.		Brazil		99.99		99.99
Banco Itauleasing S.A.		Brazil		99.99		99.99
BIU Participaçõ es S.A.	(4)(8)	Brazil		66.15		41.66
Cia. Itaú de Capitalização		Brazil		99.99		99.99
Dibens Leasing S.A. - Arrendamento Mercantil	(1)	Brazil		100.00		-
FAI - Financeira Americanas Itaú S.A. Cré dito, Financiamento e Investimento	(4)	Brazil		50.00		50.00
Fiat Administradora de Consó rcios Ltda.		Brazil		99.99		99.99
Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento	(5)	Brazil		50.00		50.00
Hipercard Banco Múltiplo S.A.	(1)	Brazil		99.99		-
Itaú Administradora de Consórcios Ltda.		Brazil		99.99		99.99
Itaú Bank, Ltd.	(6)	Cayman Islands		100.00		100.00
Itaú Corretora de Valores S.A.		Brazil		99.99		99.99
Itaú Seguros S.A.		Brazil		100.00		100.00
Itaú Vida e Previdê ncia S.A.	(7)	Brazil		99.99		100.00
Itaú XL Seguros Corporativos S.A.	(5)	Brazil		50.00		50.00
ItauBank Leasing S.A. Arrendamento Mercantil	(7)	Brazil		-		99.99
Itaúsa Export S.A.	(3)	Brazil		100.00		22.23
Oca Casa Financiera S.A.		Uruguay		100.00		100.00
Orbitall Serviç os e Processamento de Informaçõ es Comerciais S.A.		Brazil		99.99		99.99
Redecard S.A. (Note 2a)	(8)	Brazil		50.00		23.21
Unibanco - Uniã o de Bancos Brasileiros S.A.	(1)	Brazil		100.00		-
Unibanco Holdings S.A.	(1)	Brazil		100.00		-
Unibanco Cayman Bank Ltd.	(1)	Cayman Islands		100.00		-
Unibanco Participaçõ es Societá rias S.A.	(1)	Brazil		51.00		-
Unicard Banco Múltiplo S.A.	(1)	Brazil		99.99		-

(1) Companies included in consolidation from December 31, 2008 as a result of the ITAÚ UNIBANCO merger;

(2) New company’s name of Banco Itaú Buen Ayre S.A., approved by the Banco Central de La República Argentina on 07/24/2008;

(3) Increase in interest arising from the purchase of shares of Itausa Export S.A. and Itausa Europa S.A. by Banco Itaú S.A. in 2008. At March 31, 2008 companies that were characterized as affiliated companies were included in consolidation, duly authorized by CVM, for a better presentation of the economic unit, controlled by Itaúsa - Investimentos Itaú S.A.;

(4) Companies with shared control included proportionally in consolidation;

(5) Company with shared control, fully included in consolidation, as authorized by CVM, in view of the business management by ITAÚ UNIBANCO;

(6) It does not include Redeemable Preferred Shares (Note 10 g);

(7) In 2009, new company's name of Unibanco Vida e Previdência S.A. In 2008, company merged into Unibanco Vida e Previdência S.A. in the corporate restructuring occurred in February 2009;

(8) Company merged into Dibens Leasing in the corporate restructuring occurred in February 2009;

(9) Increase in interest arising from the ITAÚ UNIBANCO merger.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 62

NOTE 3 – REQUIREMENTS OF CAPITAL AND FIXED ASSET LIMITS

a) Basel and Fixed Asset Ratios

The main indicators at March 31, 2009, according to present regulation, are as follows:

	Financial system (1)			Economic-financial (2)
	Consolidated			Consolidated
Referential Equity (3)		67,196,315			68,976,010
Basel Ratio		16.6	%		16.5	%
Tier I		12.7	%		12.7	%
Tier II		3.9	%		3.8	%
Fixed assets ratio (4)		29.8	%		14.8	%
Excess capital in relation to fixed assets		13,598,559			24,288,673

(1) Consolidated financial statements including financial companies only;

(2) Consolidated financial statements comprising all subsidiary companies, including insurance, pension plan and capitalization companies and those in which control is based on the sum of interests held by the bank, its managers, parent company and related companies, notwithstanding their percentage, as well as those directly or indirectly acquired, through investment funds;

(3) The CMN, through Resolution No. 3,444, of February 28, 2007, determined the Referential Equity (PR), for purposes of calculating operating limits, as being the sum of both Tier I and Tier II levels, following the international experience, each of them comprising items from stockholders' equity, as well as subordinated debt and hybrid capital and debt instruments. CMN Resolution No. 3,674, of December 30, 2008, started permitting the full addition, to Tier I, of the additional provision amount to the minimum percentages required by CMN Resolution No. 2,682 of December 21, 1999, for loan, lease and other operations with credit characteristics;

(4) The difference between the fixed asset ratio of the financial system consolidated and the economic-financial consolidated arises from the inclusion of non-financial subsidiary companies, which provide high liquidity and low level of fixed asset ratio, with a consequent decrease in the fixed asset ratio of the economic and financial consolidated amounts, enabling, when necessary, the distribution of funds to the financial companies.

Management considers the current Basel ratio (16.5%, based on economic-financial consolidated) to be adequate, taking into account the following:

a) It is much higher than the minimum required by the authorities (11.0%);

b) In view of the realizable values of assets (Note 18), the additional provision exceeding the minimum required and unrecorded deferred tax assets, the ratio would increase to 18.7%.

CMN Resolution No. 3,490, of August 29, 2007, provides for the criteria for computation of the Required Referential Equity (PRE). For calculation of the risk portions, the procedures of Circular No. 3,360, of September 12, 2007 for credit risk, of Circulars Nos. 3,361, 3,362, 3,363, 3,364, 3,366 and 3.388, of June 4, 2008 and 3,368, of September 12, 2007, and 3,389, of June 25, 2008, and Circular Letters No. 3,309 and 3,310, of April 15, 2008 for market risk, and Circular No. 3,383 and Circular Letters Nos. 3,315 and 3,316, of April 30, 2008 for operating risk, were followed. For the operational risk portion, ITAÚ UNIBANCO opted for the use of the Alternative Standardized Approach.

The operational risk portion will be increasingly incorporated, as set forth by Circular No. 3,383. From January 1, 2009, it stands at 50% of the determined amount, and it will be increased every six-month period until reaching the full capital amount on January 1, 2010. Should the total effect be immediately considered, the Basel ratio would be 16.3% for the Financial System Consolidated and 16.2% for the Economic-Financial Consolidated.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 63

The Referential Equity used for calculation of ratios and composition of risk exposures at March 31, 2009, are as follows:

						Economic-
	Financial system					financial
	consolidated					consolidated
Stockholders’ Equity Itaú Unibanco Banco Holding S.A. (Consolidated)		44,998,846					44,998,846
Minority interest in subsidiaries		1,079,958					2,909,418
Unrealized income (loss)		2,327					-
Consolidated stockholders’ equity (BACEN)		46,081,131					47,908,264
Preferred shares with clause on redemption excluded from Tier 1		(910,192	)				(910,192	)
Additional provision for loan, lease and other operations		7,293,445					7,252,000
Revaluation reserves excluded from Tier I		(8	)				(838	)
Deferred permanent assets excluded from Tier I		(628,434	)				(634,427	)
Deferred tax assets excluded from Tier I		(435,602	)				(435,602	)
Adjustments to market value - securities and derivative financial instruments
excluded from Tier I		198,597					208,034
Tier I		51,598,937					53,387,239
Preferred shares with clause on redemption		910,192					910,192
Subordinated debt		15,077,831					15,077,831
Revaluation reserves		8					838
Adjustment to market value - securities and derivative financial instruments		(198,597	)				(208,034	)
Tier II		15,789,434					15,780,827
Tier I + Tier II		67,388,371					69,168,066
Exclusions:
Funding instruments issued by financial institutions		(192,056	)				(192,056	)
Referential equity		67,196,315					68,976,010
Risk exposure
Credit		42,648,601		96.0	%		44,154,064		96.1	%
Securities		2,616,898		5.9	%		2,803,471		6.1	%
Loan operations - Retail		8,128,474		18.3	%		8,060,458		17.5	%
Loan operations - Non-retail		13,444,463		30.3	%		13,454,040		29.3	%
Joint obligations - Retail		10,353		0.0	%		10,353		0.0	%
Joint obligations - Non-retail		3,500,291		7.4	%		3,501,214		7.6	%
Loan commitments - Retail		1,865,426		4.2	%		1,846,254		4.0	%
Loan commitments - Non-retail		1,206,262		2.7	%		1,205,978		2.6	%
Other exposures		11,876,434		26.7	%		13,272,296		28.9	%
Operating		994,424		2.2	%		994,424		2.2	%
Retail		161,318		0.4	%		161,318		0.4	%
Commercial		395,778		0.9	%		395,778		0.9	%
Corporate Finance		34,143		0.1	%		34,143		0.1	%
Negotiation and sales		107,875		0.2	%		107,875		0.2	%
Payments and settlements		129,404		0.3	%		129,404		0.3	%
Financial agent services		43,666		0.1	%		43,666		0.1	%
Asset management		113,650		0.3	%		113,650		0.2	%
Retail brokerage		8,590		0.0	%		8,590		0.0	%
Market		800,240		1.8	%		800,240		1.7	%
Operations subject to interest rate variation		625,714		1.4	%		625,714		1.1	%
Prefixed denominated in real		314,128		0.7	%		314,128		0.7	%
Foreign currency coupons		176,923		0.4	%		176,923		0.4	%
Interest rate coupon		104,008		0.2	%		104,008		0.2	%
Foreign currency coupons		30,655		0.1	%		30,655		0.1	%
Operations subject to commodity price variation		9,976		0.0	%		9,976		0.0	%
Operations subject to stock price variation		164,550		0.4	%		164,550		0.3	%
Required Referential Equity		44,443,265		100.0	%		45,948,728		100.0	%
Excess capital in relation to Required Referential Equity		22,753,050		51.2	%		23,027,282		50.1	%
Exposure weighted by Risk		404,029,683					417,715,713

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 64

During this period, the effects of the changes in legislation and balances were as follows:

	Financial system consolidated									Economic-financial consolidated
	Referential			Weighted						Referential			Weighted
Changes in the Basel Ratio	equity			exposure			Effect			equity			exposure		Effect
Ratio at 12/31/2008		66,766,103			413,812,916			16.1	%		67,994,861			416,539,726		16.3	%
Result for the quarter		1,933,461			-			0.5	%		2,210,712			-		0.5	%
Interest on capital and dividends		(878,177	)		-			-0.2	%		(878,177	)		-		-0.2	%
Allowance for loan losses additional to the minimum
percentage required by CMN Resolution No. 2,682/99		(495,359	)		-			-0.1	%		(539,000	)		-		-0.1	%
Granting of stock options – exercised options recognized		27,126			-			0.0	%		27,126			-		0.0	%
Granting of stock options – exercised options in the period		24,886			-			0.0	%		24,886			-		0.0	%
Asset valuation adjustment		224,469			-			0.1	%		212,828			-		0.1	%
Treasury shares		(21	)		-			0.0	%		(21	)		-		0.0	%
Subordinated debt and redeemable preferred shares		(344,464	)		-			-0.1	%		(344,464	)		-		-0.1	%
Deferred assets excluded from Tier I of referential equity		57,247			57,247			0.0	%		60,077			60,077		0.0	%
Other changes in referential equity		(118,956	)		-			-0.1	%		207,182			-		0.1	%
Changes in risk exposure		-			(9,840,480	)		0.4	%		-			1,115,910		-0.1	%
Ratio at 03/31/2009		67,196,315			404,029,683			16.6	%		68,976,010			417,715,713		16.5	%

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 65

b) Capital for Insurance Activity

SUSEP, following the worldwide trend towards the strengthening of the insurance market, disclosed on December 26, 2006 the Resolutions Nos. 155 and 158, amended by Resolutions No. 178 of December 28, 2007, and No. 200 of December 16, 2008, and Circular No. 355 of December 14, 2007. The regulations, in force as from January 2008, provide for the rules on minimum capital required for authorization and operation of insurance companies and rules for the allocation of capital from subscription risk for several insurance segments.

Noteworthy is the fact that the adjusted stockholders’ equity of ITAU UNIBANCO companies exclusively engaged in insurance activities is higher than the required regulatory capital. As of March 31, 2009, the capital required by the new SUSEP regulation was R$ 1,128,260, for an existing adjusted stockholders’ equity of R$ 3,304,744.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 66

NOTE 4 – SUMMARY OF THE MAIN ACCOUNTING PRACTICES

a) Cash andcash equivalents– For purposes of Consolidated Statement of Cash Flows, it includes cash and current accounts in banks (considered in the heading cash and cash equivalents), interbank deposits that have original maturities of up to 90 days or less and securities purchased under agreements to resell – funded position.

b) Interbank investments, remunerated restrict ed credits – Central Bank of Brazil, remunerat ed deposits,depositsreceivedundersecuriti esrepurchaseagreements, fun dsfromacceptanceand issuance o fsecurities,borrowing sandonlendingand otherreceivablesandpaya bles – Transactions subject to monetary correction and foreign exchange variation and operations with fixed charges are recorded at present value, calculated "pro rata die" based on the variation of the contracted index and interest rate.

c) Securities- Recorded at cost of acquisition restated by the index and/or effective interest rate and presented in the Balance Sheet, according to BACEN Circular No. 3,068, of November 8, 2001. Securities are classified into the following categories:

· Trading securities – acquired to be actively and frequently traded, and adjusted to market value, with a contra-entry to the results for the period.

· Available-for-sale securities – securities that can be negotiated but are not acquired to be actively and frequently traded. They are adjusted to their market value with a contra-entry to an account disclosed in stockholders’ equity.

· Held-to-maturity securities – securities, except for non-redeemable shares, for which the bank has the financial condition and intends or is required to hold them in the portfolio up to their maturity, are recorded at cost of acquisition, or market value, whenever these are transferred from another category. The securities are adjusted up to their maturity date, not being adjusted to market value.

Gains and losses on available-for-sale securities, when realized, are recognized at the trading date in the statement of income, with a contra-entry to a specific stockholders’ equity account.

Decreases in the market value of available-for-sale and held-to-maturity securities below their related costs, resulting from non-temporary reasons, are recorded in results as realized losses.

d) Derivativefinancialinst ruments- These are classified on the date of their acquisition, according to management's intention of using them either as a hedge or not, according to BACEN Circular No. 3,082, of January 30, 2002. Transactions involving financial instruments, carried out upon the client's request, for their own account, or which do not comply with the hedging criteria (mainly derivatives used to manage the overall risk exposure) are stated at market value, including realized and unrealized gains and losses, which are recorded directly in the statements of income.

The derivatives used for protection against risk exposure or to modify the characteristics of financial assets and liabilities, which have changes in market value highly associated with those of the items being protected at the beginning and throughout the duration of the contract, and which are found effective to reduce the risk related to the exposure being protected, are classified as a hedge, in accordance with their nature:

· Market Risk Hedge – Financial assets and liabilities, as well as their related financial instruments, are accounted for at their market value plus realized and unrealized gains and losses, which are recorded directly in the statement of income;

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 67

· Cash Flow Hedge - The effective amount of the hedge of financial assets and liabilities, as well as their related financial instruments, are accounted for at their market value plus realized and unrealized gains and losses, net of tax effects, when applicable, and recorded in a specific account in stockholders’ equity. The ineffective portion of hedge is recorded directly in the statement of income.

e) Loan,leaseandoth ercreditoperations(Opera tions withcreditgran tingcharacteristics) – These transactions are recorded at present value and calculated “pro rata die” based on the variation of the contracted index, and are recorded on the accrual basis until the 60th day overdue in financial companies. After the 60th day, income is recognized upon the effective receipt of installments. Credit card operations include receivables arising from the purchases made by cardholders. The funds related to these amounts are recorded in Other Liabilities – Credit Card Operations.

f) Allowanceforloanlosses- The balance of the allowance for loan losses was recorded based on the credit risk analysis, at an amount considered sufficient to cover loan losses according to the rules determined by CMN Resolution No. 2,682 of December 21, 1999, among which are:

· Provisions are recorded from the date loans are granted, based on the client’s risk rating and on the periodic quality evaluation of clients and industries, and not only in the event of default;

· Based exclusively on delinquency, write-offs of credit operations against loss must be carried out 360 days after the due date of the credit or 540 days for operations that mature after a period of 36 months.

g) Otherassets- These assets are mainly comprised by assets held for sale relating to real estate available for sale, own real estate not in use and real estate received as payment in kind, which are adjusted to market value through the set-up of a provision, according to current regulations; reinsurance unearned premiums (Note 4m I), and prepaid expenses, corresponding to disbursements, the benefit of which will occur in future periods.

h) Investments - In subsidiary and affiliated companies, investments are accounted for under the equity method. The consolidated financial statements of foreign branches and subsidiaries are adapted to comply with Brazilian accounting practices and converted into Reais. Other investments are recorded at cost and adjusted to market value by setting up a provision in accordance with current standards.

i) Fixedassets– Correspond to rights whose subjects are tangible assets intended for maintenance of the company's operations or which are exercised for such purpose, including assets arising from transactions that transfer to the company their benefits, risks and control. These assets are stated at cost of acquisition or construction, less accumulated depreciation, adjusted to market value until December 31, 2007, when applicable. For insurance, pension plan and capitalization operations, property and equipment are adjusted to market value supported by appraisal reports. Depreciation is calculated using the straight-line method, based on monetarily restated cost, at the following annual rates:

Real estate in use		4	%	to	8	%
Leasehold improvements	From 10%
Installations, furniture, equipment and security, transportation and communication systems		10	%	to	25	%
EDP systems		20	%	to	50	%

j) Operatingleases– Leased assets are stated at cost of acquisition less accumulated depreciation. The depreciation of leased assets is recognized under the straight-line method, based on their usual useful lives, taking into account that the useful life shall be decreased by 30% should it meet the conditions provided for by Ordinance No. 113 of February 26, 1988 issued by the Ministry of Finance. Receivables are recorded in lease receivable at the contractual amount, with contra-entry to unearned income accounts. The recognition in income will occur on the due date of the installments.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 68

k) Intangibleasset s–correspond torightspurc hasedwhosesubjectsa reintangibleassetsinte nded for maintenanceofthe company orwhichareexercis edforsuch purpose,accor dingtotheCMNResolution No. 3,642, of November 26, 2008. It is compo sed of rights acquired to credit payrolls and partnership agree ments,amortizedover theagreementterms,ands oftwareandcustomerpor tfolios,amortizedov era term varyingfrom five totenyears.

l) Reductiontothe recoverable amountofassets –alossisrecogni zedwhenthereare cleare videncesthat assets are sta tedatanon-recoverable amount. From2008,thisprocedu restartedtobeadopted a nnuallyin thefourthquart er.

m) Insurance,pens ionplanandcapita lizationoperations– Insurancepremiums, acceptedcoinsuranceand selling e xpensesare accountedfor in a ccordancewith the insurance effectivenessterm,through the recognition andrevers aloftheprovision forunearnedpremium sanddeferredselling expenses.Interest a risingfromfractionin g ofinsuranceprem iumsisaccounted fora sincurred.Revenues fr omsocialsecurity c ontributions, gross reve nue from capitalization cert ificates and respective technical provisions are recognizeduponreceip t.

I–Creditfrom operationsandotherasse tsandassetsrelat edtoInsuranceand reinsuranceoperations

· Insurancepremiums receivable–Referto installmentsofinsur ancepremiumsreceiva ble,currentand pastd ue,inaccordancewith insurancepoliciesi ssued.

· Reinsurance recoverabl eamounts–Refertoclaims paidtotheinsuredpart ypendingrecoveryf rom Reinsurer,installments ofunsettledclaimsand incurredbutnotreportedc laims-Reinsurance (IBN R), classifiedin assetsin a ccordancewiththecriteria establishedbyCNSP ResolutionNo.162,ofDec ember 26,2008,asamendedby CNSPResolutionNo. 195,ofDecember16,2008,a ndSUSEPCircularNo. 379,of Dec ember12,2008.

· Reinsuranceunearned p remiums – Recognized to determ ine the portion of reinsurance unea rned premiums, calculated “proratadie”,and forrisksofpolicies notissuedcomputedbas edonestimates, based on the actuarial technic al study and in compliance with the criteria established by CNSP ResolutionNo.1 62,ofDecember26,2008, CNSPResolutionNo.19 5ofDecember16,2008a nd SUSEPCircularNo.37 9,of December12,2008.

II) T echnical prov isions for insur ance, pension plan and capitalizat ion – provisions are recogn ized accordingtothetechni calnotesapprovedbySU SEPandcriteriaestablish edbyCNSPResolutionNo. 162 ofDecember26,2006an dtheamendmentsintroduc edbyCNSPResolution No.181,ofDecember19, 200 7,andCNSPResolutio nNo.195,of December16, 2008.

II.I-Insurance

· Provisionforunea rnedpremiums–re cognizedtodetermine un earnedpremiumsrelatin gtotherisk coverag eperiod,calculated “proratadie”,and relatingtorisksnoty etissued,calculated b asedon estimates,accor dingtoan actuarialt echnicalstudy.

· Provisionforpre miumdeficiency –recog nizedaccording toth eTechnicalActuarial Noteincaseof insuffi cientProvisionfor un earnedpremiums;

· Provision foruns ettledclaims-Recogni zed basedonclaimsof lossinanamountsu fficienttocover futurec ommitments, awaitingju dicialdecision,whicham ountsaredeterminedbyc ourt-appointed expertsand legaladvisorsthatma keassessments basedonthe insuredamountsandtechnica l regulations,takingin toconsiderationthelikelih oodof unfavorableoutcom etotheinsurancecompa ny;

· Provisionforcla imsincurredbutnotre ported(IBNR)–recognized fortheestimatedamount ofclaims occurredforri sksassumedintheport foliobutnotreported.

II.II  - Pensionplanandindivi duallifewithliving benefits–correspondtol iabilitiesassumedsuc has retirementplans,di sability,pensionandan nuity:

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 69

· Mathematicalprovisio nsforbenefitstobegranted andbenefitsgranted–corr espondtocommitments assumed withparticipants,but forwhichbenefitsare notyetdue,andtothos ereceivingthebene fits;

· Provisionforinsu fficientcontribution– recognizedincaseof in sufficientmathematicalpr ovisions;

· Provisionforevents incurredbutnot reported (IBNR)–recognizedforthe estimatedamountofevents occ urredbutnotreported;

· Provisionforfina ncialsurplus–rec ognizedatthediffe rencebetweenthecontr ibutions adjusteddai ly bytheInvestmentPo rtfolioandthefundsguara nteeingthem,accordingto theplan’sregulation;

· Provision for financia l variation – recognizeda ccording to the methodology provided for in the Technic al Actuarial Note in order t o guaranteethat the financia l assets are sufficient to c over mathematicalprovisions .

II.III-Capitalization

· Mathematical provision f or redemptions – represents capit alization certificat es received to be redeemed;

· Provisionforraff lecontingencies–recogniz edaccordingtothemethodo logyprovidedforin the TechnicalActuarial Noteto coverthe Pro visionforraffles inthe eventof insuffi cientfunds.

n) Contingentassetsandli abilitiesandlegalliabili ties–taxandsoci alsecurity- assessed,recognized anddisc losedaccordingto thep rovisionssetforthin CMNResolutionNo.3,535 of January31,2008.

I-Contingentassetsand liabilities

Refertopotentialrig htsandobligationsari singfrompastevents,t heoccurrence ofwhichis dependent uponfutureeven ts.

· Contingent assets - not rec ognized, except upon evide nce ensuring a high reli ability level of realizati on,usuallyrepresented byclaimsawardedafin alandunappealable judg mentand confirmationofthe recoverability oftheclaim throughreceiptofam ountsoroffsetagainstanother lia bility;

· Contingentliabilities -basicallyarisefro madministrativeproce edingsandlawsuits,i nherentinthe normalc ourseofbusiness,filedb ythirdparties,fo rmeremployeesandgo vernmental bodies,in conne ctionwithcivil,labor, taxandsocialsecurit y lawsuitsandotherri sks.Thesecontingenc ies are calculatedbasedo nconservative practic es,beingusuallyrec ordedbasedontheo pinionoflegal adviso rsandconsideringthe probability thatfinan cialresourcesshall berequiredforsett lingthe obligation,theam ountofwhichmaybe estimated with sufficientcertainty. Contingenciesareclass ified eitherasprobable, forwhi chprovisionsarerec ognized; possible,whic haredisclosed butnot re cognized;orremote,f orwhichrecognitiono rdisclosurearenot required.Anycontingent amounts aremeasuredthrou ghtheuseofmodelsan dcriteriawhichallow theiradequatemeasure ment,in spiteof theuncertaint yof theirterm andamounts.

Escrowdepositsarer estatedinaccordance withthecurrentlegisla tion.

Contingenciesguarantee dbyindemnity clauses inprivatizationpro cessesandwithliq uidityareonly recogn ized uponjudicialnoti ficationwithsimultaneous rec ognitionofreceivables, witho utanyeffecton results.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 70

II-Legalliabilities–ta xandsocialsecurity

Representedbyamounts payablerelatedtotaxl iabilities,thelegali tyorconstitutionality ofwhichare subject toadministrativeor judic ialdefense,recogni zedatthefullamount underdiscussion.

Liabilitiesandrelat edescrowdepositsaread justedin accordancewith thecurrentlegislation.

o) Taxes-These provision sarecalculatedaccording to current legislationatthe ratesshown below,foreffects of the relatedcalculationbas es.

Income tax		15.00	%
Additional income tax		10.00	%
Social contribution (1)		15.00	%
PIS (2)		0.65	%
COFINS (2)		4.00	%
ISS	up to 5,00		%

(1) As from May 1, 2008, for financial s ubsidiaries and equi valent companies, the rate was changed f rom 9% to 15%, as prov ided f or in articles 17 and 41 of Law No. 11,727 of J une 24, 2008. For non financial and soci al security subsi diaries, the rate remained at 9%;

(2) Fornon-financi alsubsidiaries thatfallinto thenon-cumulat ivecalculati onsystem,thePI Srateis1.65% andCOFINSrate is 7.6%.

The changes introduced by Law No. 11,638andProvisional MeasureNo.449(articles36and37), which modifiedthecriterion forrecognizingrevenues, costsandexpenses, computed todetermine the net income for the year, did not produce effects forpurposesof determiningthetaxableincomeof companiesthatopt for theTransitory TaxRegime(RTT),sofortaxpurposesthe ruleseffectiveonDecember31,2007 were followed. The tax effect arising from the adoption of such rules is recorded, for accounting purposes, in the corresponding deferred assets and liabilities.

p) Deferredincome–Thisrefersto unexpiredinterestreceivedinadvance thatisrecognizedinincome as earned, andthenegativegoodwillonacquisitionofinvestments arising fromexpectedfuturelosses,which hasnotbeenabsorbedin theconsolidationprocess.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 71

NOTE 5 – CASH AND CASH EQUIVALENTS

For purposes of Statement of Cash Flows, cash and cash equivalents of ITAÚ UNIBANCO CONSOLIDATED is composed of the following:

	03/31/2009		03/31/2008
Cash and cash equivalents		13,061,613		5,194,078
Interbank deposits		6,989,423		6,069,485
Securities purchased under agreements to resell – Funded position		42,274,330		12,982,119
TOTAL		62,325,366		24,245,682

In ITAÚ UNIBANCO it is composed of the following:

	03/31/2009		03/31/2008
Cash and cash equivalents		161		74
Securities purchased under agreements to resell – Funded position		203,783		149,023
TOTAL		203,944		149,097

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 72

NOTE6-INTERBA NKINVESTMENTS

	03/31/2009												03/31/2008
	0 - 30		31 - 180		181 - 365		Over 365		Total		%		Total		%
Money market		88,064,880		12,855,396		1,670,135		752,309		103,342,720		81.7		42,324,232		75.1
Funded position (*)		28,846,017		11,009,883		1,666,180		752,250		42,274,330		33.4		12,982,119		23.0
Financed position		59,218,763		1,695,445		3,955		59		60,918,222		48.2		29,243,207		51.9
With free movement		100		1,495,419		-		-		1,495,519		1.2		243,685		0.4
Without free movement		59,218,663		200,026		3,955		59		59,422,703		47.0		28,999,522		51.5
Short position		100		150,068		-		-		150,168		0.1		98,906		0.2
Money market - Assets Guaranteeing Technical Provisions - SUSEP		-		77,916		178,566		1,757,630		2,014,112		1.6		1,169,881		2.1
Interbank deposits		8,489,433		6,644,293		4,392,460		1,658,541		21,184,727		16.7		12,886,884		22.8
TOTAL		96,554,313		19,577,605		6,241,161		4,168,480		126,541,559				56,380,997
% per maturity term		76.3		15.5		4.9		3.3
TOTAL-03/31/2008		36,958,181		15,955,792		1,659,444		1,807,580		56,380,997
% per maturity term		65.6		28.3		2.9		3.2

(*) IncludesR$9,646,946(R$7,853,172at03/31/2008) relatedtomoneymarketwithfreemovement,in whichsecuritiesarebasicallyrestrictedtoguaranteetransactionsat theBM&FBovespaS.A. – Securities,Commodities and Futures Exchange (BM&F Bovespa) and the Central Bank of Brazil (BACEN).

In ITAÚ HOLDING at 03/31/2009, portfolio is composed of Money market – funded position falling due in up to 30 days amounting to R$ 203,783 (R$ 149,023 at 03/31/2008) and Interbank deposits from 181 to 365 days amounting to R$ 7,200,000 (R$ 283,918 at 03/31/2008).

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 73

NOTE 7 - SECURITIES AND DERIVATIVE FINANCIAL INSTRUMENTS (ASSETS AND LIABILITIES)

See below the composition by Securities and Derivatives type, maturity and portfolio already adjusted to their respective market values.

a) Summary per maturity

	03/31/2009																																03/31/2C
				Provision for adjustment to market value with impact
	Cost			Results			Stockholders' equity			Market value			%		0 - 30			31 - 90			91 - 180			181 - 365			366 - 720			Over 720 days			Market value
GOVERNMENT SECURITIES - DOMESTIC		51,356,751			415,983			185,634			51,958,368			38.3		1,591,908			1,982,353			3,115,388			13,179,229			8,557,926			23,531,564		21,036,934
Financial Treasury Bills		16,523,618			(2,717	)		(741	)		16,520,160			12.1		3,886			1,187,810			619,686			1,060,207			3,680,963			9,967,608		3,085,517
National Treasury Bills		17,272,849			190,642			34,185			17,497,676			13.0		1,503,127			-			2,419,230			11,229,506			2,336,671			9,142			13,229,427
National Treasury Notes		13,176,561			222,221			182,918			13,581,700			10.0		8,325			716,733			38,067			677,347			2,304,498			9,836,730			3,578,414
National Treasury Notes - M		7,721			-			-			7,721			-		7,721			-			-			-			-			-		24,546
National Treasury/Securitization		243,621			(1,069	)		(25,467	)		217,085			0.2		929			4,617			4,624			19,492			31,791			155,632			193,416
Brazilian External Debt Bonds		4,083,282			6,906			(5,361	)		4,084,827			3.0		21,139			72,705			33,564			192,677			203,827			3,560,915		553,980
Investment in Non-exclusive Funds		46,781			-			-			46,781			-		46,781			-			-			-			-			-			192,047
Other		2,318			-			100			2,418			-		-			488			217			-			176			1,537		179,596
GOVERNMENT SECURITIES - ABROAD		13,721,470			61,401			105,093			13,887,964			10.2		2,716,112			2,088,342			1,673,917			3,709,374			3,026,159			674,060		12,128,247
Portugal		285,660			-			3,503			289,163			0.2		-			-			255,285			-			33,878			-			257,435
Austria		1,246,072			-			2,000			1,248,072			0.9		253,568			377,550			-			616,954			-			-			2,869,411
Argentina		265,392			(39	)		-			265,353			0		-			-			241,777			-			122			23,454		85,533
Central Bank		242,317			(39	)		-			242,278			0.2		-			-			241,777			-			122			379			82,035
National Treasury		23,075			-			-			23,075			-		-			-			-			-			-			23,075			3,198
Denmark		2,137,248			-			83,974			2,221,222			1.6		-			380,147			116,789			901,357			822,929			-			371,771
Spain		3,724,033			362			(10,665	)		3,713,730			2.7		1,529,348			391,805			-			802,300			990,277			-			3,560,077
Korea		1,985,856			(377	)		15,272			2,000,751			1.5		113,892			197,668			251,213			732,954			705,024			-			3,164,661
Chile		1,768,913			-			14,167			1,783,080			1.3		373,273			587,416			507,500			266,384			40,300			8,207		623,972
Paraguay		372,625			(1	)		-			372,624			0.3		81,233			96,857			102,639			67,769			19,526			4,600			-
Uruguay		338,957			(1,583	)		(4,844	)		332,530			0.2		9,690			47,812			191,909			41,390			8,424			33,305		122,305
United States		1,132,691			68,172			818			1,201,681			0.9		7,247			9,085			6,774			280,260			405,330			492,985		668,872
Norway		346,937			-			868			347,805			0.3		347,805			-			-			-			-			-		356,931
Mexico		115,975			(5,155	)		-			110,820			0.1		21			2			23			-			333			110,441		45,179
Other		1,111			22			-			1,133			-		35			-			8			6			16			1,068			2,100
CORPORATE SECURITIES		28,032,327			62,701			(96,651	)		27,998,377			20.6		11,316,492			1,157,846			1,926,615			2,603,909			2,390,201			8,603,314		14,909,927
Eurobonds and others		3,489,294			(1,616	)		(73,239	)		3,414,439			2.5		324,268			54,239			251,962			354,776			440,842			1,988,352		3,950,563
Bank Deposit Certificate		2,936,030			-			(1	)		2,936,029			2.2		715,740			122,270			379,016			512,819			494,707			711,477		1,880,233
Shares		3,783,461			63,405			(80,611	)		3,766,255			2.8		3,766,255			-			-			-			-			-		956,390
Debentures		5,440,324			(552	)		(9,348	)		5,430,424			4.0		218,175			489,800			249,510			788,752			1,245,498			2,438,689		2,836,395
Promissory Notes		2,079,090			-			2,024			2,081,114			1.5		-			321,322			1,012,025			747,767			-			-		1,597,795
Mortgage Notes		-			-			-			-			-		-			-			-			-			-			-			37
Quotas of funds		6,280,336			(25	)		10,583			6,290,894			4.6		6,287,328			-			-			3,566			-			-			2,153,479
Fixed income		4,933,365			-			3,250			4,936,615			3.6		4,933,049			-			-			3,566			-			-		886,291
Credit rights		934,814			-			-			934,814			0.7		934,814			-			-			-			-			-			1,124,461
Other		412,157			(25	)		7,333			419,465			0.3		419,465			-			-			-			-			-			142,727
Securitized real estate loans		3,738,534			1,489			54,529			3,794,552			2.8		4,555			20,692			26,496			86,267			201,810			3,454,732			1,535,028
Other		285,258			-			(588	)		284,670			0.2		171			149,523			7,606			109,962			7,344			10,064			7
PGBL/VGBL FUND QUOTAS (1)		32,334,342			-			-			32,334,342			23.7		32,334,342			-			-			-			-			-			19,854,053
SUBTOTAL - SECURITIES AND DERIVATIVE FINANCIAL INSTRUMENTS		125,444,890			540,085			194,076			126,179,051			92.7		47,958,854			5,228,541			6,715,920			19,492,512			13,974,286			32,808,938		67,929,170
Trading securities		71,493,753			540,085			-			72,033,838			52.9		37,193,143			2,338,162			3,670,699			9,823,656			5,550,518			13,457,660		45,953,384
Available-for-sale securities		49,638,248			-			194,076			49,832,324			36.6		10,736,283			2,878,579			2,995,364			9,509,764			8,073,263			15,639,071		20,606,571
Held-to-maturity securities (2)		4,312,889			-			-			4,312,889			3.2		29,428			11,800			49,857			159,092			350,505			3,712,207		1,369,215
DERIVATIVE FINANCIAL INSTRUMENTS		8,653,585			1,415,685			-			10,069,270			7.2		1,528,768			2,518,479			1,786,612			2,092,276			832,667			1,310,468		4,475,256
TOTAL SECURITIES AND DERIVATIVE FINANCIAL INSTRUMENTS (ASSETS)		134,098,475			1,955,770			194,076			136,248,321			100.0		49,487,622			7,747,020			8,502,532			21,584,788			14,806,953			34,119,406		72,404,426
																36.4	%		5.7	%		6.2	%		15.8	%		10.9	%		25.0	%
DERIVATIVE FINANCIAL INSTRUMENTS (LIABILITIES)		(6,467,941	)		(2,562,876	)		-			(9,030,817	)		100.0		(1,476,305	)		(1,399,690	)		(1,636,759	)		(1,811,999	)		(782,141	)		(1,923,923	)	(4,325,858		)

(1) The PGBL and VGBL plans securities portfolios, the ownership and embedded risks of which are the customers’ responsibility, is recorded as securities, as determined by SUSEP, with a contra-entry to liabilities in the Pension Plan Technical Provisions account.

(2) Unrecorded positive adjustment to market value in the amount of R$ 454,887 (R$ 204,874 at 03/31/2008), according to Note 7e.

ItaúUnibancoHoldingS.A. – Complete Financial Statements - March 31,2009 74

b) Summary by portfolio

	03/31/2009
	Restricted to												Assets
													guaranteeing
											Derivative		technical
			Repurchase		Pledging of		Free				financial		provisions
	Own portfolio		agreements		guarantees (1)		movement		Central Bank (2)		instruments		(Note 11b)		Total
GOVERNMENT SECURITIES - DOMESTIC		21,643,725		2,682,457		10,316,080		611		10,882,939		-		6,432,556		51,958,368
Financial Treasury Bills		5,998,451		269,261		5,079,221		611		4,182,088		-		990,528		16,520,160
National Treasury Bills		6,664,782		505,366		3,348,216		-		5,959,886		-		1,019,426		17,497,676
National Treasury Notes		6,461,107		68,383		1,888,643		-		740,965		-		4,422,602		13,581,700
National Treasury Notes - M		7,721		-		-		-		-		-		-		7,721
National Treasury/Securitization		217,085		-		-		-		-		-		-		217,085
Brazilian External Debt Bonds		2,245,380		1,839,447		-		-		-		-		-		4,084,827
Investments in Non-exclusive Funds		46,781														46,781
Other		2,418		-		-		-		-		-		-		2,418
GOVERNMENT SECURITIES - ABROAD		9,119,267		1,162,106		3,606,591		-		-		-		-		13,887,964
Portugal		289,163		-		-		-		-		-		-		289,163
Austria		709,464		-		538,608		-		-		-		-		1,248,072
Argentina		265,353		-		-		-		-		-		-		265,353
Central Bank		242,278		-		-		-		-		-		-		242,278
National Treasury		23,075		-		-		-		-		-		-		23,075
Denmark		1,586,772		-		634,450		-		-		-		-		2,221,222
Spain		2,326,889		-		1,386,841		-		-		-		-		3,713,730
Korea		1,163,255		-		837,496		-		-		-		-		2,000,751
Chile		1,780,363		2,717		-		-		-		-		-		1,783,080
Paraguay		372,624		-		-		-		-		-		-		372,624
Uruguay		332,530		-		-		-		-		-		-		332,530
United States		7,052		1,159,389		35,240		-		-		-		-		1,201,681
Norway		173,849		-		173,956		-		-		-		-		347,805
Mexico		110,820		-		-		-		-		-		-		110,820
Other		1,133		-		-		-		-		-		-		1,133
CORPORATE SECURITIES		23,892,535		703,235		559,977		-		-		-		2,842,630		27,998,377
Eurobonds and others		2,711,204		703,235		-		-		-		-		-		3,414,439
Bank Deposit Certificates		1,232,688		-		13,640		-		-		-		1,689,701		2,936,029
Shares		3,629,792		-		22,634		-		-		-		113,829		3,766,255
Debentures		4,256,080		-		348,854		-		-		-		825,490		5,430,424
Promissory Notes		2,040,562		-		-		-		-		-		40,552		2,081,114
Quotas of funds		5,971,895		-		174,849		-		-		-		144,150		6,290,894
Fixed income		4,726,873		-		174,849		-		-		-		34,893		4,936,615
Credit rights		825,557		-		-		-		-				109,257		934,814
Other		419,465		-		-		-		-		-		-		419,465
Securitized real estate loans		3,765,644		-		-		-		-		-		28,908		3,794,552
Other		284,670		-		-		-		-		-		-		284,670
PGBL/VGBL FUND QUOTAS		-		-		-		-		-		-		32,334,342		32,334,342
SUBTOTAL - SECURITIES		54,655,527		4,547,798		14,482,648		611		10,882,939		-		41,609,528		126,179,051
Trading securities		16,517,604		1,680,049		9,132,071		-		7,509,589		-		37,194,525		72,033,838
Available-for-sale securities		37,260,953		1,689,671		5,276,079		611		3,373,350		-		2,231,660		49,832,324
Held-to-maturity securities		876,970		1,178,078		74,498		-		-		-		2,183,343		4,312,889
DERIVATIVE FINANCIAL INSTRUMENTS		-		-		-		-		-		10,069,270		-		10,069,270
TOTAL SECURITIES AND DERIVATIVE FINANCIAL INSTRUMENTS (ASSETS) - With UNIBANCO		54,655,527		4,547,798		14,482,648		611		10,882,939		10,069,270		41,609,528		136,248,321
TOTAL SECURITIES AND DERIVATIVE FINANCIAL INSTRUMENTS (ASSETS)-03/31/2008		28,331,269		6,184,014		8,326,250		8,162		1,560,874		4,475,256		23,518,601		72,404,426

(1) Represent securities deposited with Contingent Liabilities (Note 11b), Stock Exchanges and the Clearing House for the Custody and Financial Settlement of Securities.

(2) Represent securities in compulsory deposits.

ItaúUnibancoHoldingS.A. – Complete Financial Statements - March 31,2009 75

c) Trading securities

See below the composition of the portfolio of trading securities by type, stated at cost and market value and by maturity term.

	03/31/2009																											03/31/2008
			Adjustment
			to market value (in
	Cost		results)			Market value		%		0 - 30			31 - 90			91 - 180			181 - 365			366 - 720			Over 720 days			Market value
GOVERNMENT SECURITIES - DOMESTIC		29,630,519		415,983			30,046,502		41.8		1,010,076			1,822,293			2,845,205			8,889,987			4,147,856			11,331,085			16,983,097
Financial Treasury Bills		9,198,195		(2,717	)		9,195,478		12.9		3,886			1,041,469			395,489			407,637			575,154			6,771,843			2,067,258
National Treasury Bills		12,836,407		190,642			13,027,049		18.1		953,358			-			2,418,888			7,961,401			1,693,402			-			12,386,483
National Treasury Notes		7,216,966		222,221			7,439,187		10.3		4,011			714,587			24,504			483,766			1,846,618			4,365,701			1,778,886
National Treasury/Securitization		102,494		(1,069	)		101,425		0.1		929			4,617			4,624			19,492			31,791			39,972			83,804
Brazilian External Debt Bonds		229,188		6,906			236,094		0.3		1,111			61,132			1,700			17,691			891			153,569			295,023
Investment in Non-exclusive Funds		46,781		-			46,781		0.1		46,781			-			-			-			-			-			192,047
Other		488		-			488		-		-			488			-			-			-			-			179,596
GOVERNMENT SECURITIES – ABROAD		2,601,306		61,401			2,662,707		3.6		622,310			303,612			351,078			348,038			426,329			611,340			3,460,999
Argentina		264,529		(39	)		264,490		0.3		-			-			241,777			-			122			22,591			23,241
Central Bank		242,317		(39	)		242,278		0.3		-			-			241,777			-			122			379			19,743
National Treasury		22,212		-			22,212		-		-			-			-			-			-			22,212			3,498
Denmark		-		-			-		-		-			-			-			-			-			-			197,589
Spain		430,966		362			431,328		0.6		431,328			-			-			-			-			-			866,914
Korea		300,491		(377	)		300,114		0.4		102,446			197,668			-			-			-			-			1,592,326
Chile		-		-			-		-		-		-				-			-			-			-			64,665
Paraguay		372,625		(1	)		372,624		0.5		81,233			96,857			102,639			67,769			19,526			4.600			-
Uruguay		6,554		(1,583	)		4,971		-		-			-			-			9			1,018			3,944			113
United States		1,109,330		68,172			1.177.502		1.6		7,247			9,085			6,638			280,260			405,330			468,942			668,872
Mexico		115.975		(5,155	)		110.820		0.2		21			2			23			-			333			110.441			45,179
Other		836		22			858		-		35			-			1			-			-			822			2,100
CORPORATE SECURITIES		6,927,586		62,701			6,990,287		9.7		3,226,415			212,257			474,416			585,631			976,333			1,515,235			5,655,235
Eurobonds and others		560,252		(1.616	)		558,636		0.8		9,952			-			-			34,950			144,395			369.339			831,914
Bank Deposit Certificates		2,114,011		-			2,114,011		2.9		268,888			121,276			379,016			486,457			490,185			368,189			1,880,073
Shares		832,398		63,405			895,803		1.2		895,803			-			-			-			-			-			312,637
Debentures		1,253,890		(552	)		1,253,338		1.7		-			83,982			22,822			59,045			336,120			751,369			1,279,315
Promissory Notes		72,234		-			72,234		0.1		-			-			72,234			-			-			-			-
Quotas of funds		2,051,676		(25	)		2,051,651		2.9		2,051,651			-			-			-			-			-			1,243,395
Fixed income		1,823,195		-			1,823,195		2.5		1,823,195			-			-			-			-			-			875,417
Credit rights		186,966		-			186,966		0.3		186,966			-			-			-			-			-			339,664
Other		41,515		(25	)		41,490		0.1		41,490			-			-			-			-			-			28,314
Securitized real estate loans		36,363		1,489			37,852		0.1		121			237			344			5,179			5,633			26,338			107,901
Other		6,762		-			6,762		-		-			6,762			-			-			-			-			-
PGBL/VGBL FUND QUOTAS		32,334,342		-			32,334,342		44.9		32,334,342			-			-			-			-			-			19,854,053
Total		71,493,753		540,085			72,033,838		100.0		37,193,143			2,338,162			3,670,699			9,823,656			5,550,518			13,457,660			45,953,384
% per maturity term											51.7	%		3.2	%		5.1	%		13.6	%		7.7	%		18.7	%
Total 03/31/2008		46,001,623		(48,239	)		45,953,384				26,031,445			1,087,953			2,102,936			4,648,832			7,889,138			4,193,080
% per maturity term											56.6	%		2.4	%		4.6	%		10.1	%		17.2	%		9.1	%

ItaúUnibancoHoldin gS.A.– Complete Financial Statements - March 31,2009 76

d) Available-for-sale securities

See below the composition of the portfolio of available-for-sale securities by type, stated at cost and market value and by maturity term.

	03/31/2009																											03/31/2008
			Adjustment to
			market value (in
			stockholders'
	Cost		equity)			Market value		%		0 - 30			31 - 90			91 - 180			181 - 365			366 - 720			Over 720 days			Market value
GOVERNMENT SECURITIES - DOMESTIC		17,779,352		185,634			17,964,986		36.2		552,701			148,487			245,186			4,130,860			4,077,794			8,809,958			2,982,067
Financial Treasury Bills		7,325,423		(741	)		7,324,682		14.8		-			146,341			224,197			652,570			3,105,809			3,195,765			1,018,259
National Treasury Bills		4,436,442		34,185			4,470,627		9.0		549,769			-			342			3,268,105			643,269			9,142			842,944
National Treasury Notes		3,582,776		182,918			3,765,694		7.6		1,229			2,146			2,651			183,073			316,200			3,260,395			992,469
National Treasury/Securitization		141,127		(25,467	)		115,660		0.2		-			-			-			-			-			115,660			109,612
Brazilian External Debt Bonds		2,291,754		(5,361	)		2,286,393		4.6		1,703			-			17,779			27,112			12,340			2,227,459			18,783
Other		1,830		100			1,930		-		-			-			217			-			176			1,537			-
GOVERNMENT SECURITIES - ABROAD		11,098,210		105,093			11,203,303		22.5		2,093,802			1,784,730			1,322,636			3,361,330			2,599,814			40,991			8,648,740
Portugal		285,660		3,503			289,163		0.6		-			-			255,285			-			33,878			-			257,435
Austria		1,246,072		2,000			1,248,072		2.5		253,568			377,550			-			616,954			-			-			2,869,411
Argentina		863		-			863		-		-			-			-			-			-			863			62,292
Central Bank		-		-			-		-		-			-			-			-			-			-			62,292
National Treasury		863		-			863		-		-			-			-			-			-			863			-
Denmark		2,137,248		83,974			2,221,222		4.5		-			380,147			116,789			901,357			822,929			-			174,182
Spain		3,293,067		(10,665	)		3,282,402		6.6		1,098,020			391,805			-			802,300			990,277			-			2,693,163
Korea		1,685,365		15,272			1,700,637		3.4		11,446			-			251,213			732,954			705,024			-			1,572,335
Chile		1,768,913		14,167			1,783,080		3.6		373,273			587,416			507,500			266,384			40,300			8,207			559,307
Uruguay		310,724		(4,844	)		305,880		0.6		9,690			47,812			191,713			41,381			7,406			7,878			103,684
United States		23,361		818			24,179		-		-			-			136			-			-			24,043			-
Norway		346,937		868			347,805		0.7		347,805			-			-			-			-			-			356,931
CORPORATE SECURITIES		20,760,686		(96,651	)		20,664,035		41.3		8,089,780			945,362			1,427,542			2,017,574			1,395,655			6,788,122			8,975,764
Eurobonds and others		2,661,230		(73,239	)		2,587,991		5.2		314,316			54,239			248,540			319,826			296,447			1,354,623			2,913,438
Bank Deposit Certificates		822,019		(1	)		822,018		1.6		446,852			994			-			26,362			4,522			343,288			160
Shares		2,951,051		(80,611	)		2,870,440		5.8		2,870,440			-			-			-			-			-			643,753
Debentures		4,117,629		(9,348	)		4,108,281		8.2		218,062			405,591			205,453			729,003			891,165			1,659,007			1,491,433
Promissory Notes		2,006,856		2,024			2,008,880		4.0		-			321,322			939,791			747,767			-			-			1,597,795
Mortgage Notes		-		-			-		-		-			-			-			-			-			-			37
Quotas of funds		4,228,659		10,583			4,239,242		8.5		4,235,676			-			-			3,566			-			-			910,084
Fixed income		3,110,170		3,250			3,113,420		6.2		3,109,854			-			-			3,566			-			-			10,874
Credit rights		747,848		-			747,848		1.5		747,848			-			-			-			-			-			784,797
Other		370,641		7,333			377,974		0.8		377,974			-			-			-			-			-			114,413
Securitized real estate loans		3,694,917		54,529			3,749,446		7.4		4,434			20,455			26,152			81,088			196,177			3,421,140			1,419,057
Other		278,325		(588	)		277,737		0.6		-			142,761			7,606			109,962			7,344			10,064			7
TOTAL		49,638,248		194,076			49,832,324		100.0		10,736,283			2,878,579			2,995,364			9,509,764			8,073,263			15,639,071			20,606,571
Adjustments of securities reclassified in prior years to the held-to-maturity category				19,815							21.5	%		5.8	%		6.0	%		19.1	%		16.2	%		31.4	%
Deferred taxes				87,970
Accounting adjustment - Hedge - Circular No. 3,082				(480,994	)
Minority interests in subsidiaries				22
Adjustment of securities of unconsolidated affiliates				(98,447	)
ADJUSTMENT TO MARKET VALUE - SECURITIES - 03/31/2009				(277,558	)
TOTAL 03/31/2008		20,584,803		21,768			20,606,571				3,360,804			1,981,864			2,349,330			5,062,558			3,555,213			4,296,802
Adjustments of securities reclassified in prior years to the held-to-maturity category				21,059							16.2	%		9.6	%		11.4	%		24.6	%		17.3	%		20.9	%
Deferred taxes				(15,701	)
Minority interests in subsidiaries				1,854
Adjustment of securities of unconsolidated affiliates				(40,495	)
ADJUSTMENT TO MARKET VALUE - SECURITIES - 03/31/2008				(11,515	)

At March 31, 2009, ITAÚ UNIBANCO’s portfolio is composed of Government Securities – National Treasury Notes amounting to R$ 24,072 (R$ 22,524 at March 31, 2008) with maturing over 365 days.

ItaúUnibancoHoldin gS.A.– Complete Financial Statements - March 31,2009 77

e) Held-to-maturity securities

See below the composition of the portfolio of held-to-maturity securities by type, stated at cost by maturity term. In the carrying value, not considered in results, is the amounts of R$ 19,815 (R$ 21,059 at 03/31/2008) included at March 31, 2009, relating to market adjustment of the reclassified securities at December 31, 2003. Securities classified under this type, if stated at market value, would present a positive adjustment of R$ 454,887 (R$ 204,874 at 03/31/2008) at March 31, 2009.

	03/31/2009																						03/31/2008
	Carrying value		%		0 - 30			31 - 90			91 - 180			181 - 365			366 - 720			Over 720 days			Carrying value
GOVERNMENT SECURITIES - DOMESTIC		3,946,880		91.4		29,131			11,573			24,997			158,382			332,276			3,390,521			1,071,779
National Treasury Notes (1)		2,376,819		55.0		3,085			-			10,912			10,508			141,680			2,210,634			807,059
National Treasury Notes - M (2)		7,721		0.2		7,721			-			-			-			-			-			24,546
Brazilian External Debt Bonds		1,562,340		36.2		18,325			11,573			14,085			147,874			190,596			1,179,887			240,174
GOVERNMENT SECURITIES - ABROAD		21,954		0.5		-			-			203			6			16			21,729			18,508
Uruguay		21,679		0.5		-			-			196			-			-			21,483			18,508
Other		275		-		-			-			7			6			16			246			-
CORPORATE SECURITIES		344,055		8.1		297			227			24,657			704			18,213			299,957			278,928
Eurobonds and others		267,812		6.2		-			-			3,422			-			-			264,390			205,211
Shares		12		-		12			-			-			-			-			-			-
Debentures (1)		68,805		1.6		113			227			21,235			704			18,213			28,313			65,647
Quotas of funds - Other		1		-		1			-			-			-			-			-			-
Securitized real estate loans (1)		7,254		0.3		-			-			-			-			-			7,254			8,070
Other		171		-		171			-			-			-			-			-			-
Total		4,312,889		100.0		29,428			11,800			49,857			159,092			350,505			3,712,207			1,369,215
% per maturity term						0.6	%		0.3	%		1.2	%		3.7	%		8.1	%		86.1	%
Total 03/31/2008		1,369,215				255,930			241			10,673			19,558			40,272			1,042,541
% per maturity term						18.8	%		0.0	%		0.8	%		1.4	%		2.9	%		76.1	%

(1) Includes investments of Itaú Vida e Previdência S.A. in the amount of R$ 1,285,694 (R$ 797,248 at 03/31/2008);

(2) Refers to securities issued in nominative and non-disposable way.

f) Realized and unrealized gain of securities portfolio

	01/01 to		01/01 to
	03/31/2009		03/31/2008
Gain (loss) - Trading securities		282,401		(184,848	)
Gain (loss) - Available-for-sale securities		90,361		7,946
Total realized gain		372,762		(176,902	)
Adjustment to market value of trading securities		88,757		(4,998	)
Total		461,519		(181,900	)

g) Reclassification of securities (article 5 of BACEN Circular Letter No. 3,068, of 11/08/2001)

The management’s Financial Risk Management Committee sets forth guidelines to classify securities. The classification of the current portfolio of securities, as well as the securities purchased in the period, are periodically and systematically evaluated based on such guidelines. No reclassifications or changes to the current guidelines were carried out in the period.

ItaúUnibancoHoldin gS.A.– Complete Financial Statements - March 31,2009 78

h) Derivative financial instruments

The globalization of the markets in recent years has resulted in a high level of sophistication in the financial products used. As a result of this process, there has been an increasing demand for derivative financial instruments to manage market risks, mainly arising from fluctuations in interest and exchange rates, commodities and other asset prices. Accordingly, ITAU UNIBANCO and its subsidiaries operate in the derivative markets for meeting the growing needs of their clients, as well as carrying out their risk management policy. Such policy is based on the use of derivative instruments to minimize the risks resulting from commercial and financial operations.

The derivative financial instruments’ business with clients is carried out after the approval of credit limits. The process of limit approval takes into consideration potential stress scenarios.

Knowing the client, the sector in which it operates and its risk appetite profile, in addition to providing information on the risks involved in the transaction and the negotiated conditions, ensures transparency in the relationship between the parties and supply of a product that better meet the needs of the client in view of its operating characteristics.

The derivative transactions carried out by ITAÚ UNIBANCO and its subsidiaries with customers are neutralized in order to eliminate market risks.

Most derivative contracts traded by the institution with clients in Brazil are swap, forward, option and futures contracts, which are registered at the BM&F Bovespa or at the CETIP S.A. - OTC Clearing House (CETIP). Overseas transactions are carried out with futures, forwards, options, swaps and credits with registration mainly in the Chicago, New York and London Exchanges. It should be emphasized that there are over-the-counter operations, but their risks are low as compared to the institutions’ total. Noteworthy is also the fact that that are no structured operations based on subprime assets and all operations are based on risk factors traded at stock exchanges.

The main risk factors of the derivatives, assumed at March 31, 2009, were related to the foreign exchange rate, interest rate, commodities, U.S. dollar coupon, Reference Rate coupon, Libor and variable income. The management of these and other market risk factors is supported by the infrastructure of sophisticated statistical and deterministic models. Based on this management model, the institution, with the use of transactions involving derivatives, has been able to optimize the risk-return ratios, even under highly volatile situations.

Most derivative included in the institution’s portfolio is traded at stock exchanges. The prices disclosed by stock exchanges are used for these derivatives, except in cases in which the low representativeness of price due to illiquidity of a specific contract is identified. Derivatives typically precified like this are future contracts. Likewise, there are other instruments whose quotations (fair prices) are directly disclosed by independent institutions and which are precified based on this direct information. A great part of the Brazilian government securities, highly-liquid international (public and private) securities and shares fit into this situation.

For derivatives whose prices are not directly disclosed by stock exchanges, fair prices are obtained by pricing models which use market information, deducted based on prices disclosed for higher liquidity assets. Interest and market volatility curves which provide entry data for the models are extracted from those prices. Over-the-counter derivatives, forward contracts and securities without much liquidity are in this situation.

The total value of margins pledged in guarantee was R$ 16,017,763 and was basically composed by government securities.

ItaúUnibancoHoldin gS.A.– Complete Financial Statements - March 31,2009 79

I- See below the composition of the Derivative Financial Instruments portfolio (assets and liabilities) by type of instrument, trading location, reference ratio stated at notional amount, cost and market value:

	Memorandum Account Notional Amount				Balance sheet account receivable / (received) (payable) / paid			Adjustment to market value			Market value
	03/31/2009		03/31/2008		03/31/2009			03/31/2009			03/31/2009			03/31/2008
Futures contracts		241,216,644		109,156,047		385,411			(50,833	)		334,578			(25,283	)
Purchase commitments		94,535,533		46,352,080		272,430			(15,578	)		256,852			11,420
Foreign currency		16,016,170		6,064,731		273,314			2,694			276,008			7,196
Interbank market		68,369,828		28,777,965		(1,778	)		1,259			(519	)		(4,063	)
Indices		9,622,586		10,242,910		889			4,844			5,733			8,646
Securities		480,227		692,799		-			283			283			(73	)
Commodities		46,722		-		5			(24,658	)		(24,653	)		-
Other		-		573,675		-			-			-			(286	)
Commitments to sell		146,681,111		62,803,967		112,981			(35,255	)		77,726			(36,703	)
Foreign currency		22,385,432		5,409,429		(1,248	)		(53,265	)		(54,513	)		(1,463	)
Interbank market		94,906,026		36,517,604		(2,788	)		(1,239	)		(4,027	)		15,627
Indices		28,557,370		18,946,987		117,017			(9,114	)		107,903			(51,324	)
Securities		819,178		1,834,530		-			(277	)		(277	)		453
Commodities		13,105		-		-			28,640			28,640			-
Other		-		95,417		-			-			-			4
Swap contracts						613,625			(103,063	)		510,562			166,861
Asset position		71,180,310		50,910,448		2,353,235			709,741			3,062,976			2,025,252
Foreign currency		13,766,189		11,664,987		1,194,047			173,823			1,367,870			341,408
Interbank market		35,645,440		23,207,089		617,913			8,460			626,373			1,077,875
Fixed rate		7,650,902		6,207,878		86,885			274,724			361,609			179,565
Floating rate		3,241,759		-		29,820			(16,917	)		12,903			-
Indices		10,245,173		9,785,246		407,345			268,519			675,864			424,833
Securities		58,937		-		16,909			554			17,463			-
Commodities		109,523		-		313			578			891			-
Other		462,387		45,248		3			-			3			1,571
Liability position		70,566,685		51,107,662		(1,739,610	)		(812,804	)		(2,552,414	)		(1,858,391	)
Foreign currency		18,738,754		10,221,497		(826,935	)		(115,374	)		(942,309	)		(374,584	)
Interbank market		19,599,247		21,918,763		(62,543	)		(1,871	)		(64,414	)		(853,025	)
Fixed rate		14,448,656		8,449,055		(125,671	)		(461,742	)		(587,413	)		(218,910	)
Floating rate		3,217,998		-		(283,443	)		19,883			(263,560	)		-
Indices		13,992,984		10,449,428		(429,124	)		(253,688	)		(682,812	)		(401,179	)
Securities		30,353		-		(11,881	)		-			(11,881	)		-
Commodities		76,439		-		(6	)		5			(1	)		-
Other		462,254		68,919		(7	)		(17	)		(24	)		(10,693	)
Option contracts		525,580,552		108,751,804		(510,642	)		(826,829	)		(1,337,471	)		(335,987	)
Purchase commitments - long position		178,317,075		17,590,437		1,884,786			41,029			1,925,815			128,152
Foreign currency		54,908,745		1,763,669		1,636,435			136,438			1,772,873			29,693
Interbank market		13,922,215		114,900		75,632			(47,172	)		28,460			206
Fixed rate		7,000		-		1,660			(304	)		1,356			-
Indices		109,303,732		15,550,342		128,931			(33,491	)		95,440			84,022
Securities		99,877		132,000		37,913			(13,118	)		24,795			8,610
Commodities		75,506		-		4,215			(1,324	)		2,891			-
Other		-		29,526		-			-			-			5,621
Commitments to sell - long position		116,145,283		25,235,515		660,321			486,738			1,147,059			300,370
Foreign currency		11,232,019		6,053,683		192,076			(91,808	)		100,268			17,857
Interbank market		102,942		-		5,953			14,539			20,492			-
Indices		103,686,069		17,813,467		116,708			539,147			655,855			16,947
Securities		910,531		1,312,281		336,075			(424	)		335,651			262,565
Commodities		213,722		-		9,509			25,284			34,793			-
Other		-		56,084		-			-			-			3,001
Purchase commitments - short position		107,535,084		46,604,950		(2,170,365	)		(123,158	)		(2,293,523	)		(661,524	)
Foreign currency		42,185,824		29,145,935		(1,842,366	)		(280,411	)		(2,122,777	)		(426,320	)
Interbank market		13,801,953		-		(63,930	)		46,450			(17,480	)		-
Indices		51,417,635		17,149,274		(250,147	)		103,615			(146,532	)		(194,657	)
Securities		64,135		245,257		(6,661	)		943			(5,718	)		(33,654	)
Commodities		65,537		-		(7,261	)		6,245			(1,016	)		-
Other		-		64,484		-			-			-			(6,893	)
Commitments to sell - short position		123,583,110		19,320,902		(885,384	)		(1,231,438	)		(2,116,822	)		(102,985	)
Foreign currency		28,192,426		4,840,761		(664,410	)		(777,151	)		(1,441,561	)		(57,749	)
Interbank market		30,776		-		(5,552	)		(19,554	)		(25,106	)		-
Fixed rate		-		-		-			(10,098	)		(10,098	)		-
Indices		95,259,598		14,135,370		(205,291	)		(405,534	)		(610,825	)		(40,526	)
Securities		79,996		300,279		(7,377	)		(8,257	)		(15,634	)		(4,671	)
Commodities		20,314		-		(2,754	)		(10,844	)		(13,598	)		-
Other		-		44,492		-			-			-			(39	)
Forward contracts		471,990		349,598		440,958			426			441,384			897,820
Purchase receivable		29,851		18,360		4,763			(66	)		4,697			133,269
Foreign currency		29,851		-		4,763			(66	)		4,697			-
Securities		-		18,360		-			-			-			133,269
Purchase payable		445		115,238		(115	)		(7	)		(122	)		(133,272	)
Securities		-		115,238		-			-			-			(133,272	)
Commodities		445		-		(115	)		(7	)		(122	)		-
Sales receivable		441,694		-		436,356			499			436,855			1,113,774
Securities		441,694		-		436,356			499			436,855			1,113,774
Sales deliverable - securities		-		216,000		(46	)		-			(46	)		(215,951	)
Credit derivatives		9,177,982		7,685,543		(156,624	)		(110,865	)		(267,489	)		(16,421	)
Asset position		6,242,528		5,342,610		608			55,990			56,598			21,703
Foreign currency		299,618		68,526		1,612			4,732			6,344			2,952
Fixed rate		5,942,910		3,545,127		(1,004	)		51,258			50,254			13,429
Other		-		1,728,957		-			-			-			5,323
Liability position		2,935,454		2,342,933		(157,232	)		(166,855	)		(324,087	)		(38,125	)
Foreign currency		286,982		73,923		(15,624	)		(4,653	)		(20,277	)		(674	)
Fixed rate		2,648,472		1,982,172		(141,608	)		(162,202	)		(303,810	)		(32,831	)
Other		-		286,838		-			-			-			(4,620	)

ItaúUnibancoHoldin gS.A.– Complete Financial Statements - March 31,2009 80

					Balance sheet account receivable			Adjustment to
	Memorandum account				(received) (payable)/			market value
	Notional amount				paid			(in Results)			Market value
	03/31/2009		03/31/2008		03/31/2009			03/31/2009			03/31/2009			03/31/2008
Forwards operations		22,797,897		29,769,478		815,326			(8,858	)		806,468			(517,151	)
Asset position		12,639,674		14,950,339		1,388,979			(1,167	)		1,387,812			739,641
Foreign currency		11,223,223		14,155,804		1,359,672			(1,167	)		1,358,505			732,258
Fixed rate		709,157		52,140		21,960			-			21,960			1,912
Floating rate		707,294		-		7,347			-			7,347			-
Indices		-		735,497		-			-			-			3,706
Other		-		6,898		-			-			-			1,766
Liability position		10,158,223		14,819,139		(573,653	)		(7,691	)		(581,344	)		(1,256,792	)
Foreign currency		8,694,458		14,077,847		(510,827	)		(7,143	)		(517,970	)		(1,208,544	)
Interbank market		2,122		-		(186	)		-			(186	)		-
Fixed rate		884,381		238,501		(57,796	)		(10	)		(57,806	)		(31,130	)
Floating rate		463,040		-		(3,777	)		-			(3,777	)		-
Indices		114,222		-		(1,067	)		(538	)		(1,605	)		-
Securities		-		481,003		-			-			-			(2,319	)
Other		-		21,788		-			-			-			(14,799	)
Forwards with target flow		261,431		-		(20,118	)		4,123			(15,995	)		-
Asset position - Foreign currency		82,582		-		34,791			(922	)		33,869			-
Liability position - Foreign currency		178,849		-		(54,909	)		5,045			(49,864	)		-
Target flow of forwards		261,431		-		(17,951	)		(49,175	)		(67,126	)		-
Asset position - Foreign currency		70,816		-		29,679			188			29,867			-
Liability position - Foreign currency		190,615		-		(47,630	)		(49,363	)		(96,993	)		-
Swap with target flow		6,425,909		-		(97,345	)		18,351			(78,994	)		-
Asset position		3,164,282		-		169,792			(78,601	)		91,191			-
Foreign currency		1,168,265		-		69,380			(52,193	)		17,187			-
Interbank market		1,060,925		-		65,032			(37,287	)		27,745			-
Fixed rate		204,590		-		(191	)		15			(176	)		-
Floating rate		18,308		-		-			-			-			-
Indices		3,068		-		1,545			(1,545	)		-			-
Commodities		12,008		-		-			-			-			-
Other		697,118		-		34,026			12,409			46,435			-
Liability position		3,261,627		-		(267,137	)		96,952			(170,185	)		-
Foreign currency		1,736,246		-		(252,060	)		98,751			(153,309	)		-
Interbank market		781,066		-		(5,771	)		(10,962	)		(16,733	)		-
Fixed rate		42,954		-		(4	)		(21	)		(25	)		-
Floating rate		18,337		-		(29	)		(89	)		(118	)		-
Indices		18,409		-		(9,273	)		9,273			-			-
Commodities		1,523		-		-			-			-			-
Other		663,092		-		-			-			-			-
Target flow of swap - foreign currency		7,382,222		-		352,549			8,356			360,905			-
Asset position		5,782,827		-		447,323			206,748			654,071			-
Foreign currency		5,692,192		-		439,098			205,233			644,331			-
Indices		8,824		-		-			-			-			-
Commodities		81,811		-		8,225			1,515			9,740			-
Liability position		1,599,395		-		(94,774	)		(198,392	)		(293,166	)		-
Foreign currency		1,580,989		-		(94,774	)		(188,978	)		(283,752	)		-
Commodities		18,406		-		-			(9,414	)		(9,414	)		-
Other derivative financial instruments (*)		11,779,764		7,113,196		380,455			(28,824	)		351,631			(20,440	)
Asset position		8,209,305		5,714,489		857,541			46,341			903,882			13,095
Foreign currency		6,167,130		5,409,945		823,296			(1,139	)		822,157			402
Interbank market		659,313		-		-			458			458			-
Fixed rate		36,603		78,710		1,227			-			1,227			4,662
Securities		576		-		-			127			127			-
Commodities		70,012		-		-			41,202			41,202			-
Other		1,275,671		225,834		33,018			5,693			38,711			8,031
Liability position		3,570,459		1,398,707		(477,086	)		(75,165	)		(552,251	)		(33,535	)
Foreign currency		3,276,936		1,054,759		(279,650	)		(40,820	)		(320,470	)		(41	)
Fixed rate		222,439		148,674		(194,238	)		3,660			(190,578	)		(4,661	)
Securities		-		159,258		-			-			-			(21,684	)
Commodities		71,084		-		(3,198	)		(38,005	)		(41,203	)		-
Other		-		36,016		-			-			-			(7,149	)
			ASSETS			8,653,585			1,415,685			10,069,270			4,475,256
			LIABILITIES			(6,467,941	)		(2,562,876	)		(9,030,817	)		(4,325,858	)
			TOTAL			2,185,644			(1,147,191	)		1,038,453			149,399
Derivative contracts mature as follows (in days):
Clearing		0 - 30		31 - 180		181 - 365		Over 365			03/31/2009			03/31/2008
Futures		61,999,547		87,332,553		52,876,402			39,008,142			241,216,644			109,156,047
Swaps		7,079,070		24,592,505		13,661,349			23,494,151			68,827,075			49,271,675
Options		148,648,094		149,831,777		216,658,200			10,442,481			525,580,552			108,751,804
Forwards		167,984		302,804		997			205			471,990			349,598
Credit derivatives		1,506,069		3,012,747		1,643,624			3,015,542			9,177,982			7,685,543
Forwards		6,266,428		11,184,757		3,489,880			1,856,832			22,797,897			29,769,478
Forwards with target flow		195,370		66,061		-			-			261,431			-
Target flow of forwards		195,370		66,061		-			-			261,431			-
Swaps with target flow		671,227		1,218,223		595,829			509,211			2,994,490			-
Target flow of swap		2,842,399		826,582		328,881			3,384,360			7,382,222			-
Other		1,701,184		5,503,605		3,181,599			1,393,376			11,779,764			7,113,196

At March 31, 2009, ITAÚ UNIBANCO had derivative operations in the swap with target flow and target forward with 34 clients. Total exposure for these products at an exchange rate of R$ 2.30 per dollar, for settlement at maturity, was R$ 562 million (R$ 1.7 billion at 12/31/2008 and R$ 3.4 billion at 10/31/2008), representing an average debt of R$ 17 million per client. Of these clients, 26 have AA, A or B risk rating.

ItaúUnibancoHoldin gS.A.– Complete Financial Statements - March 31,2009 81

II- See below the composition of the Derivative Financial Instruments portfolio (assets and liabilities) by type of instrument, trading location, counterparty and maturity, stated at cost and market value:

	03/31/2009																													03/31/2008
			Adjustment to market value (in
	Cost		results)			Market value			%			0-30			31 -90			91 -180			181 -365			366 - 720			Over 720 days			Market value
ASSETS
Futures		385,411		(50,833	)		334,578			3.3	%		(35	)		235,787			(584	)		25,587			9,090			64,733			-
BM&F Bovespa		-		(70,030	)		(70,030	)		-0.7	%		8			(1,061	)		(6,629	)		(23,846	)		(20,751	)		(17,751	)		-
Financial institutions		385,411		(9,639	)		375,772			3.7	%		(43	)		236,655			(537	)		27,371			29,842			82,484			-
Companies		-		28,836			28,836			0.3	%		-			193			6,582			22,062			(1	)		-			-
Option premiums		2,545,107		527,767			3,072,874			30.5	%		429,370			782,483			620,578			1,037,603			184,795			18,045			428,522
BM&F Bovespa		1,532,233		153,280			1,685,513			16.7	%		285,841			329,747			447,539			573,273			48,309			804			111,504
Financial institutions		370,008		355,094			725,102			7.2	%		109,829			62,805			103,489			359,762			84,972			4,245			47,643
Companies		642,784		19,166			661,950			6.6	%		33,626			389,842			69,404			104,568			51,514			12,996			269,375
Individuals		82		227			309			0.0	%		74			89			146			-			-			-			-
Forwards		441,119		433			441,552			4.4	%		156,780			251,379			32,467			926			-			-			1,247,043
BM&F Bovespa		1,024		60			1,084			0.0	%		-			160			924			-			-			-			915,868
Financial institutions		432,853		437			433,290			4.3	%		154,192			248,504			29,668			926			-			-			331,175
Companies		5,189		(65	)		5,124			0.1	%		2,169			1,191			1,764			-			-			-			-
Individuals		2,053		1			2,054			0.0	%		419			1,524			111			-			-			-			-
Swaps – Adjustment receivable		2,353,235		709,741			3,062,976			30.4	%		227,706			721,077			396,724			510,984			360,645			845,840			2,025,252
BM&F Bovespa		145,148		47,625			192,773			1.9	%		3,703			10,329			12,436			21,405			42,621			102,279			226,764
Financial institutions		486,919		249,210			736,129			7.3	%		116,370			86,209			37,721			170,043			118,739			207,047			585,768
Companies		1,717,400		412,937			2,130,337			21.2	%		107,524			624,110			346,369			318,760			199,192			534,382			1,188,012
Individuals		3,768		(31	)		3,737			0.0	%		109			429			198			776			93			2,132			24,708
Credit derivatives – Financial institutions		608		55,990			56,598			0.6	%		1,537			5,152			17,567			4,187			1,816			26,339			21,703
Forwards		1,388,979		(1,167	)		1,387,812			13.8	%		376,980			310,560			282,572			325,025			82,407			10,268			739,641
BM&F Bovespa		-		-			-			0.0	%		-			-			-			-			-			-			1,843
Financial institutions		570,955		3,382			574,337			5.7	%		284,683			132,184			47,912			81,671			20,540			7,347			524,422
Companies		815,051		(4,550	)		810,501			8.0	%		92,297			178,150			231,987			243,279			61,867			2,921			212,853
Individuals		2,973		1			2,974			0.0	%		-			226			2,673			75			-			-			523
Forwards with target flow		64,470		(734	)		63,736			0.6	%		13,480			26,256			24,000			-			-			-			-
Forwards - Companies		34,791		(922	)		33,869			0.3	%		6,577			12,809			14,483			-			-			-			-
Target flow of forwards - Companies		29,679		188			29,867			0.3	%		6,903			13,447			9,517			-			-			-			-
Swaps with target flow		617,115		128,147			745,262			7.4	%		235,122			61,270			152,112			21,070			114,045			161,643			-
Swaps – Companies		169,792		(78,601	)		91,191			0.9	%		24,776			39,424			12,024			8,531			1,265			5,171			-
Target flow of swaps - Companies		447,323		206,748			654,071			6.5	%		210,346			21,846			140,088			12,539			112,780			156,472			-
Other		857,541		46,341			903,882			9.0	%		87,828			124,515			261,176			166,894			79,869			183,600			13,095
BM&F Bovespa		-		-			-			0.0	%		-			-			-			-			-			-			402
Financial institutions		179,320		6,757			186,077			1.8	%		5			842			2,652			8,228			4,525			169,825			11,594
Companies		677,638		39,584			717,222			7.1	%		87,476			123,608			258,389			158,630			75,344			13,775			1,099
Individuals		583		-			583			0.0	%		347			65			135			36			-			-			-
Total		8,653,585		1,415,685			10,069,270			100.00	%		1,528,768			2,518,479			1,786,612			2,092,276			832,667			1,310,468			4,475,256
% per maturity term													15.2	%		25.0	%		17.7	%		20.8	%		8.3	%		13.0	%
Total 03/31/2008		4,128,304		346,952			4,475,256						813,828			905,505			582,104			917,509			462,178			794,132
% per maturity term													18.2	%		20.2	%		13.0	%		20.5	%		10.3	%		17.7	%

ItaúUnibancoHoldin gS.A.– Complete Financial Statements - March 31,2009 82

	03/31/2009																														03/31/2008
				Adjustment to market value																								Over 720
	Cost			(in results)			Market value			%			0 - 30			31 - 90			91 - 180			181 - 365			366 - 720			days			Market value
LIABILITIES
Futures		-			-			-			0.0	%		-			-			-			-			-			-			(25,283	)
BM&F Bovespa		-			-			-			0.0	%		-			-			-			-			-			-			(25,347	)
Companies		-			-			-			0.0	%		-			-			-			-			-			-			64
Option premiums		(3,055,749	)		(1,354,596	)		(4,410,345	)		48.8	%		(650,196	)		(907,441	)		(804,518	)		(1,254,734	)		(176,417	)		(617,039	)		(764,509	)
BM&F Bovespa		(1,499,775	)		(152,548	)		(1,652,323	)		18.3	%		(260,619	)		(378,708	)		(361,789	)		(607,140	)		(43,160	)		(907	)		(627,052	)
Financial institutions		(1,405,639	)		(1,221,417	)		(2,627,056	)		29.1	%		(334,583	)		(500,053	)		(428,055	)		(625,252	)		(133,079	)		(606,034	)		(130,679	)
Companies		(150,195	)		19,267			(130,928	)		1.4	%		(54,994	)		(28,680	)		(14,674	)		(22,304	)		(178	)		(10,098	)		(6,778	)
Individuals		(140	)		102			(38	)		0.0	%		-			-			-			(38	)		-			-			-
Forwards		(161	)		(7	)		(168	)		0.0	%		(120	)		(46	)		-			-			(2	)		-			(349,223	)
BM&F Bovespa		-			-			-			0.0	%		-			-			-			-			-			-			(18,049	)
Financial institutions		-			-			-			0.0	%		-			-			-			-			-			-			(331,174	)
Companies		(163	)		(3	)		(166	)		0.0	%		(120	)		(46	)		-			-			-			-			-
Individuals		2			(4	)		(2	)		0.0	%		-			-			-			-			(2	)		-			-
Swaps - difference payable		(1,739,610	)		(812,804	)		(2,552,414	)		28.3	%		(221,125	)		(164,817	)		(387,558	)		(304,308	)		(491,393	)		(983,213	)		(1,858,391	)
BM&F Bovespa		(309,215	)		(129,083	)		(438,298	)		4.9	%		(13,283	)		(10,990	)		(13,923	)		(21,144	)		(208,933	)		(170,025	)		(312,468	)
Financial institutions		(631,399	)		(556,215	)		(1,187,614	)		13.2	%		(145,625	)		(109,376	)		(189,452	)		(161,421	)		(160,138	)		(421,602	)		(525,944	)
Companies		(777,994	)		(130,932	)		(908,926	)		10.1	%		(62,178	)		(42,846	)		(182,772	)		(109,830	)		(121,666	)		(389,634	)		(1,003,567	)
Individuals		(21,002	)		3,426			(17,576	)		0.2	%		(39	)		(1,605	)		(1,411	)		(11,913	)		(656	)		(1,952	)		(16,412	)
Credit derivatives		(157,232	)		(166,855	)		(324,087	)		3.6	%		(89,066	)		(17,933	)		(122,037	)		(10,325	)		(8,810	)		(75,916	)		(38,125	)
Financial institutions		(143,164	)		(166,855	)		(310,019	)		3.4	%		(89,066	)		(17,933	)		(107,969	)		(10,325	)		(8,810	)		(75,916	)		(38,125	)
Companies		(14,068	)		-			(14,068	)		0.2	%		-			-			(14,068	)		-			-			-			-
Forwards		(573,653	)		(7,691	)		(581,344	)		6.4	%		(107,357	)		(202,456	)		(99,205	)		(79,586	)		(88,942	)		(3,798	)		(1,256,792	)
BM&F Bovespa		-			-			-			0.0	%		-			-			-			-			-			-			(1,589	)
Financial institutions		(388,215	)		(7,715	)		(395,930	)		4.4	%		(82,441	)		(145,867	)		(47,539	)		(39,371	)		(77,751	)		(2,961	)		(750,606	)
Companies		(184,857	)		24			(184,833	)		2.0	%		(24,904	)		(56,447	)		(51,239	)		(40,215	)		(11,191	)		(837	)		(504,342	)
Individuals		(581	)		-			(581	)		0.0	%		(12	)		(142	)		(427	)		-			-			-			(255	)
Forwards with target flow		(102,539	)		(44,318	)		(146,857	)		1.6	%		(102,207	)		-			(44,650	)		-			-			-			-
Forwards		(54,909	)		5,045			(49,864	)		0.6	%		(49,864	)		-			-			-			-			-			-
Financial institutions		(54,909	)		5,045			(49,864	)		0.6	%		(49,864	)		-			-			-			-			-			-
Target flow of forwards		(47,630	)		(49,363	)		(96,993	)		1.1	%		(52,343	)		-			(44,650	)		-			-			-			-
Financial institutions		(52,742	)		399			(52,343	)		0.6	%		(52,343	)		-			-			-			-			-			-
Companies		5,112			(49,762	)		(44,650	)		0.5	%		-			-			(44,650	)		-			-			-			-
Swaps with target flow		(361,911	)		(101,440	)		(463,351	)		5.1	%		(198,964	)		(1,716	)		(10,778	)		(127,446	)		(12,495	)		(111,952	)		-
Swaps		(267,137	)		96,952			(170,185	)		1.9	%		(12,885	)		(1,716	)		(9,960	)		(60,851	)		(12,495	)		(72,278	)		-
Financial institutions		(175,208	)		175,208			-			0.0	%		-			-			-			-			-			-			-
Companies		(91,929	)		(78,256	)		(170,185	)		1.9	%		(12,885	)		(1,716	)		(9,960	)		(60,851	)		(12,495	)		(72,278	)		-
Target flow of swap - foreign currency		(94,774	)		(198,392	)		(293,166	)		3.2	%		(186,079	)		-			(818	)		(66,595	)		-			(39,674	)		-
Financial institutions		(82,368	)		(170,919	)		(253,287	)		2.8	%		(186,079	)		-			(818	)		(66,390	)		-			-			-
Companies		(12,406	)		(27,473	)		(39,879	)		0.4	%		-			-			-			(205	)		-			(39,674	)		-
Other		(477,086	)		(75,165	)		(552,251	)		6.1	%		(107,270	)		(105,281	)		(168,013	)		(35,600	)		(4,082	)		(132,005	)		(33,535	)
BM&F Bovespa		-			-			-			0.0	%		-			-			-			-			-			-			(42	)
Financial institutions		(132,087	)		(86,746	)		(218,833	)		2.4	%		(21,541	)		(22,170	)		(45,822	)		(56	)		-			(129,244	)		(4,662	)
Companies		(177,913	)		8,353			(169,560	)		1.9	%		(52,884	)		(42,360	)		(49,839	)		(17,702	)		(4,014	)		(2,761	)		(28,831	)
Individuals		(167,086	)		3,228			(163,858	)		1.8	%		(32,845	)		(40,751	)		(72,352	)		(17,842	)		(68	)		-			-
Total		(6,467,941	)		(2,562,876	)		(9,030,817	)		100.0	%		(1,476,305	)		(1,399,690	)		(1,636,759	)		(1,811,999	)		(782,141	)		(1,923,923	)		(4,325,858	)
% per maturity term														16.3	%		15.5	%		18.1	%		20.1	%		8.7	%		21.3	%
Total 03/31/2008		(4,339,503	)		13,645			(4,325,858	)					(509,184	)		(560,062	)		(675,349	)		(986,444	)		(430,723	)		(1,164,096	)
% per maturity term														11.8	%		12.9	%		15.6	%		22.8	%		10.0	%		26.9	%

At March 31, 2008, ITAÚ UNIBANCO recorded at market value swap contracts involving foreign currency, interbank market and indices totaling R$ 35,057 in assets from 31 to 180 days. The liability position amounted to R$ 1,159 (R$ 870 at 03/31/2008), distributed as follows: R$ 67 up to 365 days (R$ 52 at 03/31/2008) and R$ 1,092 over 365 days (R$ 818 at 03/31/2008).

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 83

III - See below the composition of Derivative Financial Instruments portfolio by type of instrument, stated at their notional amounts, per trading location (organized or over-the-counter market) and counterparties.

	03/31/2009
	Futures		Swaps		Options		Forwards		Credit derivatives		Forwards		Forwards with target flow		Target  flow of forwards		Swap  with target flow		Target  flow of swap		Other
BM&F/Bovespa		148,759,254		8,734,946		392,996,659		1,024		-		-		-		-		-		-		-
Over-the-counter market		92,457,390		60,092,129		132,583,893		470,966		9,177,982		22,797,897		261,431		261,431		2,991,121		7,382,222		11,779,764
Financial institutions		84,954,420		26,192,107		128,268,551		438,119		8,962,362		14,372,251		178,849		178,849		381,907		740,815		2,386,809
Companies		7,502,970		33,492,165		4,308,518		30,523		215,620		8,386,816		82,582		82,582		2,612,583		6,641,407		9,215,824
Individuals		-		407,857		6,824		2,324		-		38,830		-		-		-		-		177,131
Total at 03/31/2009		241,216,644		68,827,075		525,580,552		471,990		9,177,982		22,797,897		261,431		261,431		2,994,490		7,382,222		11,779,764
Total at 03/31/2008		109,156,047		49,271,675		108,751,804		349,598		7,685,543		29,769,476		-		-		-		-		7,113,194

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 84

IV - Credit derivatives

See below the composition of Credit Derivatives (assets and liabilities) stated at notional amount and effect in calculation of Required Referential Equity.

	Credit risk amount
	03/31/2009			03/31/2008
Transferred		(3,644,482	)		(3,626,620	)
Credit swaps whose underlying assets are:
Securities		(3,644,290	)		(3,626,620	)
Loan operations		(192.00	)		-
Received		4,070,164			2,138,850
Credit swaps whose underlying assets are:
Securities		3,602,878			1,739,676
Derivatives with companies		24,955			-
Loan operations		-			65,000
Total return rate swaps whose underlying assets are:
Securities		442,331			334,174
Total		425,682			(1,487,770	)

During the period, there was no occurrence of credit event related to trigger events set forth in agreements.

According to BACEN Resolution No. 3,490, which became effective on July 1, 2008 (Note 3), the effect of the calculation of the Required Referential Equity amounts to R$ 184,712.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 85

V - Accounting Hedge

a) The purpose of ITAÚ UNIBANCO hedge relationship is to protect the cash flow of payment of debt interest (CDB) related to its variable interest rate risk (CDI), making the cash flow independent (fixed) and regardless of the variations of DI Cetip Over.

To protect the future cash flows of debt against exposure to variable interest rate (CDI), at March 31, 2009 ITAÚ UNIBANCO negotiated DI Futures agreements at BM&F BOVESPA with maturity between 2009 and 2017 in the amount of R$ 15,983,274 which gave rise to adjustment to market value net of tax effects recorded in stockholders of (R$ 302,689). The hedged item totals R$ 15,532,381 and matures between 2009 and 2017.

The effectiveness computed for the hedge portfolio was in conformity with the provisions of BACEN Circular No. 3,082 of January 30, 2002.

b) The swap operations contracted in a negotiation associated with the funding and/or investment in the amount of R$ 1,142,300 are recorded at amounts restated in accordance with variations occurred in respective ratios (“curve”) and are not valued at their market value, as permitted by BACEN Circular No. 3,150/02.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 86

VI - Realized and unrealized gain of the derivative financial instruments portfolio

	01/01 to			01/01 to
	03/31/2009			03/31/2008
Swaps		44,811			16,439
Forwards		5,176			43,673
Futures		930,502			343,585
Options		538,620			13,746
Credit derivatives		(25,982	)		(14,962	)
Other		(514,283	)		(54,833	)
Total		978,844			347,648

i) Changes in adjustment to market value for the period

	01/01 to			01/01 to
	03/31/2009			03/31/2008
Opening Balance		(2,816,936	)		276,623
Adjustments with impact on:
Results		2,050,473			95,043
Trading securities		88,757			(4,998	)
Derivative financial instruments (assets and liabilities)		1,961,716			100,041
Stockholders’ equity		353,433			(37,540	)
Closing balance		(413,030	)		334,126
Adjustment to market value		(413,030	)		334,126
Trading securities		540,085			(48,239	)
Available-for-sale securities		194,076			21,768
Derivative financial instruments (assets and liabilities)		(1,147,191	)		360,597

For better understanding, the following table shows the unrealized gain of available-for-sale securities and held-to- maturity securities:

	03/31/2009		03/31/2008
Adjustment of available-for-sale securities - stockholders’ equity		194,076		21,768
Adjustment to held-to-maturity securities (*)		474,702		225,933
Total unrealized gain		668,778		247,701

(*) At March 31, 2009, includes the amount of R$ 19,815 (R$ 21,059 at 03/31/2008) regarding the adjustment to market value of securities reclassified up to December 31, 2003, not recognized in net income.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 87

j) Sensitivity analysis

According to the criteria for classification of operations provided for BACEN Resolution No. 3,464/07 and Circular No. 3,354/07, and the New Capital Accord – Basel II, the financial instruments of ITAÚ UNIBANCO, included all transactions with derivatives, are separated in Trading and Banking portfolios.

The sensitivity analysis shown below do not predict the dynamics of the operation of the risk and treasury areas, because once loss related to positions is found, risk mitigating measures are quickly taken, minimizing the possibility of significant losses.  In addition, we point out that the presented results do not necessarily translate into accounting results, because the study's sole purpose is to disclose the exposure to risks and the respective protective actions, taking into account the fair value of financial instruments, irrespective of the accounting practices adopted by the institutions.

The trading portfolio consists of all transactions, including those with derivatives, held with the intention of being traded or to provide hedge to the other financial instruments of this strategy. These are transactions for resale, obtaining benefits from price movements, actual or expected or conduction of arbitrage. This portfolio has strict limits set by the risk areas and is daily controlled.

Trading portfolio	Exposures	03/31/2009 (*)
Risk Factors	Risk of variation in:	Scenarios
			I		II			III
Fixed rate	Fixed rate in Reais		(1,248	)		(187,380	)		(272,697	)
Foreign exchange coupons	Rates of foreign exchange coupons		111			(4,872	)		(9,800	)
Foreign currency	Exchange variation		(5,812	)		(145,293	)		(290,587	)
Price indices	Rates of price indices coupons		695			(49,578	)		(88,840	)
Long-term interest rate	rate of the TJLP coupon		126			(6,211	)		(12,780	)
Reference rate	Rate of TR coupon		(31	)		(8,667	)		(16,323	)
Variable rate	Share price		10,298			(150,601	)		(301,203	)
	Total without correlation					(552,603	)		(992,229	)
	Total with correlation					(378,586	)		(679,772	)

(*) Amounts net of tax effects.

The banking portfolio comprises transactions that do not fit into the trading portfolio concept and are typically banking transactions of the institution’s business lines and their respective hedges, which may or not be carried out with derivative financial instruments. Accordingly, the derivatives of this portfolio are not used for speculation purposes, not generating significant economic risks to the institution.

The considerable impact on the fixed-income factor is related to the market risks of fixed-rate financing of the banking portfolio, which are not recognized as marked to market and, therefore, are not necessarily fully subject to hedge.

Trading and banking portfolio	Exposures	03/31/2009 (*)
Risk Factors	Risk of variation in:	Scenarios
			I		II			III
Fixed rate	Fixed rate in Reais		(14,245	)		(1,169,057	)		(2,261,520	)
Foreign exchange coupons	Rates of foreign exchange coupons		151			(205	)		(1,179	)
Foreign currency	Exchange variation		(16,148	)		(403,692	)		(807,384	)
Price indices	Rates of price indices coupons		(3,942	)		(237,081	)		(467,787	)
Long-term interest rate	Rate of the TJLP coupon		126			(6,210	)		(12,779	)
Reference rate	Rate of TR coupon		8,879			(99,968	)		(143,897	)
Variable rate	Share price		18,228			(266,591	)		(533,182	)
	Total without correlation					(2,182,804	)		(4,227,728	)
	Total with correlation					(1,495,430	)		(2,896,399	)

(*) Amounts net of tax effects.

Scenario I: Addition of 1 base point to the fixed-rate curve, currency coupon, inflation and interest rate indices, and 1 percentage point in currency and share prices, which is based on market information (BM&F BOVESPA, Andima, etc).

Scenario II: Shocks at approximately 25% in the portfolio of March 31, 2009, considering higher resulting losses per risk factor.

Scenario III: Shocks at approximately 50% in the portfolio of March 31, 2009, considering higher resulting losses per risk factor.

All derivative financial instruments engaged by ITAÚ UNIBANCO are shown in Note 7h.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 88

NOTE 8 - LOAN, LEASE AND OTHER CREDIT OPERATIONS

a) Composition of the portfolio with credit granting characteristics

I - By type of operations and risk level

	03/31/2009												03/31/2008
Risk Levels	AA		A	B	C	D	E	F	G	H	Total		Total
Loan operations		43,482,460	58,126,187	29,039,836	10,706,795	6,193,751	2,927,339	1,993,109	924,500	5,262,037		158,656,014		80,030,346
Loans and discounted trade receivables		26,590,927	31,955,614	20,854,628	8,133,431	5,471,805	2,597,701	1,689,468	802,663	4,583,566		102,679,803		50,001,007
Financing		13,276,149	17,953,875	6,727,220	2,089,603	509,238	148,554	203,220	94,293	583,228		41,585,380		20,989,806
Farming and agribusiness financing		1,697,021	2,055,714	1,020,777	238,236	88,516	106,584	7,910	4,665	30,485		5,249,908		3,895,641
Real estate financing		1,918,363	6,160,984	437,211	245,525	124,192	74,500	92,511	22,879	64,758		9,140,923		5,143,892
Lease operations		1,581,078	37,062,289	6,328,541	2,259,887	913,269	464,401	337,344	244,358	762,096		49,953,263		32,308,677
Credit card operations		-	9,051,080	7,529,848	2,120,353	1,658,940	623,589	437,062	317,491	2,288,954		24,027,317		11,164,056
Advances on exchange contracts (1)		2,703,838	2,067,092	1,140,164	1,215,051	107,370	12,017	10,180	18,189	49,782		7,323,683		2,044,816
Other sundry receivables (2)		63,702	172,266	13,333	43,583	9,817	8,253	1,673	755	16,619		330,001		112,238
Total operations with credit granting characteristics		47,831,078	106,478,914	44,051,722	16,345,669	8,883,147	4,035,599	2,779,368	1,505,293	8,379,488		240,290,278		125,660,133
Endorsements and sureties (3)												32,439,162		12,030,632
Total with endorsements and sureties		47,831,078	106,478,914	44,051,722	16,345,669	8,883,147	4,035,599	2,779,368	1,505,293	8,379,488		272,729,440		137,690,765
Total - 03/31/2008		19,508,699	63,596,682	24,503,112	6,819,066	4,025,871	2,174,335	1,328,562	644,942	3,058,864		125,660,133

(1) Includes Advances on Exchange Contracts and Income Receivable from Advances Granted, reclassified from Liabilities – Foreign Exchange Portfolio/Other Receivables (Note 2a);

(2) Includes Securities and Credits Receivable, Debtors for Purchase of Assets and Endorsements and Sureties paid;

(3) Recorded in Memorandum Accounts.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 89

II – By maturity and risk level

	03/31/2009																							03/31/2008
	AA			A		B		C			D		E		F		G		H		Total			Total
	OVERDUE OPERATIONS (1) (2)
Falling due installments		-		-		3,545,800		2,409,530			1,459,866		1,056,656		749,785		484,011		1,876,668			11,582,316			5,615,444
01 to 30		-		-		163,821		131,918			131,319		61,608		51,590		32,519		134,925			707,700			377,698
31 to 60		-		-		167,308		120,118			87,183		58,761		49,193		32,154		125,408			640,125			264,992
61 to 90		-		-		148,525		110,682			81,462		54,644		41,949		29,074		111,854			578,190			246,280
91 to 180		-		-		418,831		312,668			215,601		149,105		112,601		76,967		290,667			1,576,440			722,412
181 to 365		-		-		756,496		553,514			336,098		244,369		180,758		124,466		453,715			2,649,416			1,295,421
Over 365		-		-		1,890,819		1,180,630			608,203		488,169		313,694		188,831		760,099			5,430,445			2,708,641
Overdue installments		-		-		587,822		859,313			1,438,291		1,011,523		1,154,202		801,643		4,892,282			10,745,076			4,063,064
01 to 14		-		-		36,456		59,642			39,042		26,385		23,109		14,166		55,838			254,638			120,197
15 to 30		-		-		551,366		238,214			338,831		113,241		76,638		31,190		183,692			1,533,172			633,646
31 to 60		-		-		-		561,457			463,630		191,265		139,801		59,708		272,329			1,688,190			656,549
61 to 90		-		-		-		-			596,788		184,125		175,203		78,443		255,144			1,289,703			484,919
91 to 180		-		-		-		-			-		496,507		739,451		618,136		950,980			2,805,074			1,197,367
181 to 365		-		-		-		-			-		-		-		-		3,018,405			3,018,405			887,560
Over 365		-		-		-		-			-		-		-		-		155,894			155,894			82,826
SUBTOTAL		-		-		4,133,622		3,268,843			2,898,157		2,068,179		1,903,987		1,285,654		6,768,950			22,327,392			9,678,508
SPECIFIC ALLOWANCE		-		-		(41,336	)	(98,065	)		(289,816	)	(620,453	)	(951,993	)	(899,958	)	(6,768,950	)		(9,670,571	)		(3,604,336	)
SUBTOTAL - 03/31/2008		-		-		2,261,980		1,553,943			1,250,457		894,666		806,995		574,375		2,336,092			9,678,508
										NON-OVERDUE OPERATIONS
Falling due installments		47,679,380		105,884,344		39,454,380		12,788,610			5,776,438		1,908,152		841,248		207,086		1,515,917			216,055,555			114,983,720
01 to 30		9,003,278		15,152,369		12,040,196		5,118,021			2,235,632		472,177		192,053		63,710		479,547			44,756,983			24,228,344
31 to 60		3,981,045		8,880,880		3,853,506		1,417,069			501,256		119,402		76,012		16,934		162,999			19,009,103			9,855,406
61 to 90		4,417,286		6,585,588		3,129,805		1,033,951			378,438		84,261		47,319		10,298		96,599			15,783,545			8,073,815
91 to 180		6,265,731		12,877,687		4,774,557		1,575,683			630,602		194,629		118,262		21,310		174,317			26,632,778			13,598,158
181 to 365		6,152,365		18,304,281		5,533,198		1,314,133			730,157		287,679		146,568		35,913		211,286			32,715,580			17,423,559
Over 365		17,859,675		44,083,539		10,123,118		2,329,753			1,300,353		750,004		261,034		58,921		391,169			77,157,566			41,804,438
-
Overdue up to 14 days		151,698		594,570		463,720		288,216			208,552		59,268		34,133		12,553		94,621			1,907,331			997,905
SUBTOTAL		47,831,078		106,478,914		39,918,100		13,076,826			5,984,990		1,967,420		875,381		219,639		1,610,538			217,962,886			115,981,625
GENERIC ALLOWANCE		-		(532,395	)	(399,181	)	(392,305	)		(598,499	)	(590,226	)	(437,691	)	(153,747	)	(1,610,538	)		(4,714,581	)		(2,392,743	)
SUBTOTAL - 03/31/2008		19,508,699		63,596,682		22,241,132		5,265,123			2,775,414		1,279,669		521,567		70,567		722,772			115,981,625
GRAND TOTAL		47,831,078		106,478,914		44,051,722		16,345,669			8,883,147		4,035,599		2,779,368		1,505,293		8,379,488			240,290,278			125,660,133
EXISTING ALLOWANCE		(1,121,571	)	(1,054,142	)	(1,317,146	)	(1,632,932	)		(2,664,055	)	(2,017,396	)	(1,945,280	)	(1,505,142	)	(8,379,488	)		(21,637,152	)		(8,147,079	)
Minimum allowance required (3)		-		(532,395	)	(440,517	)	(490,370	)		(888,314	)	(1,210,679	)	(1,389,684	)	(1,053,705	)	(8,379,488	)		(14,385,152	)		(5,997,079	)
Additional allowance (4)		(1,121,571	)	(521,747	)	(876,629	)	(1,142,562	)		(1,775,741	)	(806,717	)	(555,596	)	(451,437	)	-			(7,252,000	)		(2,150,000	)
GRAND TOTAL 03/31/2008		19,508,699		63,596,682		24,503,112		6,819,066			4,025,871		2,174,335		1,328,562		644,942		3,058,864			125,660,133
EXISTING ALLOWANCE		-		(317,983	)	(245,031	)	(656,153	)		(1,207,360	)	(1,086,951	)	(929,860	)	(644,877	)	(3,058,864	)		(8,147,079	)
Minimum allowance required (3)		-		(317,983	)	(245,031	)	(204,572	)		(402,588	)	(652,301	)	(664,281	)	(451,459	)	(3,058,864	)		(5,997,079	)
Additional allowance (4)		-		-		-		(451,581	)		(804,772	)	(434,650	)	(265,579	)	(193,418	)	-			(2,150,000	)		-

(1) Operations with overdue installments for more than 14 days or under responsibility of bankruptcy or in process of bankruptcy companies.

(2) The balance of non-accrual operations amounts to R$ 13,383,742 (R$ 5,451,819 at 03/31/2008);

(3)  The policy of not using “AA” ratings for individuals was maintained. As a consequence, all loan operations with clients classified in this segment are charged by recording a provision upon the granting of loan;

(4) According to BACEN’s request, it is classified into risk level to show the additional amounts found through the use of statistical models for evaluating the portfolios in the event of stress in the economic scenario.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 90

III – By business sector

	03/31/2009		%		03/31/2008		%
PUBLIC SECTOR		1,621,034		0.7		887,200		0.7
Generation, transmission and distribution of electric energy		903,462		0.4		571,005		0.5
Chemical and petrochemical		234,089		0.1		122,926		0.1
Other		483,483		0.2		193,269		0.2
PRIVATE SECTOR		238,669,244		99.3		124,772,933		99.3
COMPANY		134,697,883		56.1		60,260,147		48.0
INDUSTRY AND COMMERCE		73,023,637		30.4		32,957,022		26.2
Food and beverages		11,732,761		4.9		5,417,503		4.3
Autoparts and accessories		2,732,343		1.1		1,233,859		1.0
Agribusiness capital assets		624,270		0.3		283,845		0.2
Industrial capital assets		3,598,835		1.5		1,345,709		1.1
Pulp and paper		1,650,738		0.7		797,878		0.6
Distribution of fuels		1,787,472		0.7		633,059		0.5
Electrical and electronic		5,187,988		2.2		2,680,894		2.1
Pharmaceuticals		1,626,746		0.7		897,997		0.7
Fertilizers, insecticides and crop protection		2,324,867		1.0		1,435,762		1.1
Tobacco		884,087		0.4		264,319		0.2
Import and export		2,040,790		0.8		1,212,290		1.0
Hospital care materials and equipment		604,280		0.3		300,871		0.2
Construction material		3,221,729		1.3		877,933		0.7
Steel and metallurgy		8,788,810		3.7		3,307,538		2.6
Wood and furniture		2,337,106		1.0		1,184,222		0.9
Chemical and petrochemical		5,938,742		2.5		3,151,556		2.5
Supermarkets		842,168		0.4		261,025		0.2
Light and heavy vehicles		5,212,478		2.2		2,026,832		1.6
Clothing		4,885,031		2.0		2,156,257		1.7
Other - Commerce		3,791,786		1.6		1,627,009		1.3
Other - Industry		3,210,610		1.3		1,860,664		1.5
SERVICES		43,384,427		18.1		19,632,538		15.6
Heavy construction (Constructors)		2,668,846		1.1		1,025,324		0.8
Financial		5,266,198		2.2		2,829,774		2.3
Generation, transmission and distribution of electric energy		5,177,836		2.2		1,874,328		1.5
Holding company		2,881,739		1.2		1,557,980		1.2
Real estate agents		5,447,875		2.3		2,587,251		2.1
Media		2,055,498		0.9		1,246,755		1.0
Service companies		2,720,200		1.1		1,232,852		1.0
Health care		1,152,014		0.5		407,300		0.3
Telecommunications		1,501,651		0.6		956,822		0.8
Transportation		8,466,070		3.5		2,834,260		2.3
Other services		6,046,500		2.5		3,079,892		2.5
PRIMARY SECTOR		14,530,804		6.0		6,331,572		5.0
Agribusiness		12,402,023		5.2		5,137,224		4.1
Mining		2,128,781		0.9		1,194,348		1.0
OTHER COMPANIES		3,759,015		1.6		1,339,015		1.1
INDIVIDUALS		103,971,361		43.3		64,512,786		51.3
Credit cards		23,786,134		9.9		10,968,670		8.7
Consumer loans/overdraft		24,398,801		10.2		16,188,993		12.9
Real estate financing		7,020,077		2.9		4,628,295		3.7
Vehicles		48,766,349		20.3		32,726,828		26.0
GRAND TOTAL		240,290,278		100.0		125,660,133		52.3

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 91

b) Credit concentration

	03/31/2009				03/31/2008
Loan, lease and other credit operations (*)	Risk		% of Total		Risk		% of Total
Largest debtor		4,087,803		1.5		1,552,898		1.1
20 largest debtors		26,883,341		9.9		9,818,782		7.1
50 largest debtors		44,484,866		16.3		16,171,498		11.7
100 largest debtors		60,434,866		22.2		22,312,138		16.2

	03/31/2009				03/31/2008
Loan, lease and other credit operations and securities of companies and financial institutions (*)	Risk		% of Total		Risk		% of Total
Largest debtor		4,930,631		1.6		1,570,561		1.0
20 largest debtors		43,243,240		13.9		16,685,851		10.6
50 largest debtors		66,166,639		21.3		26,200,255		16.7
100 largest debtors		86,744,382		27.9		35,209,133		22.4

(*) The amounts include endorsements and sureties.

c) Changes in allowance for loan losses

	01/01 a 03/31/2009			01/01 a 03/31/2008
Opening Balance		(19,972,155	)		(7,925,660	)
Net increase for the period		(3,834,399	)		(1,829,668	)
Minimum required by Resolution No. 2682/99		(4,373,399	)		(1,829,668	)
Additional		539,000			-
Write-Off		2,169,402			1,608,249
Closing balance		(21,637,152	)		(8,147,079	)
Specific allowance (1) (3)		(9,670,571	)		(3,604,336	)
Generic allowance (2) (3)		(4,714,581	)		(2,392,743	)
Additional allowance (4)		(7,252,000	)		(2,150,000	)

(1) Operations with overdue installments for more than 14 days or under responsibility of bankruptcy or in process of bankruptcy companies;

(2) For operations not covered in the previous item due to the classification of the client or operation.

(3) The specific and generic allowances reflect the effects of supplementary allowance totaling R$ 430,860 (R$ 342,563 at 03/31/2008) as it does not consider the option established by article 5 of the CMN Resolution No. 2,682, of 12/21/1999, amended by article 2 of Resolution No. 2,697, of 02/24/2000, that the loan transactions with clients whose total liability is below R$ 50 could be determined based on the overdue amounts.

(4) Refers to the additional provision to the minimum percentage required by CMN Resolution No. 2,682, of December 21, 1999, recognized within the prudential criteria by Management and in conformity with the good banking practice, in order to enable the absorption of possible increases in default arising from a strong reversal in the economy cycle, quantified in view of the historic permanence of loan portfolios in economic crises situations.

Starting 12/31/2008, considering the current economic scenario and the uncertainties related thereto, the criteria for recognition of an additional allowance for loan risks have been revised so as to include the portion related to risks associated with a more pessimistic scenario for 2009/2010, not yet fully covered by the historic scenarios noted in the recent past.

At 03/31/2009, the balance of the provision in relation to the loan portfolio is equivalent to 9.0% (6.5% at 03/31/2008).

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 92

d) Recovery and renegotiation of credits

I- Composition of the result of allowance for loan losses

	01/01 to 03/31/2009			01/01 to 03/31/2008
Expense for allowance for loan losses		(3,834,399	)		(1,829,668	)
Income from recovery of credits written off as loss		409,691			246,716
Result of allowance for loan losses		(3,424,708	)		(1,582,952	)

II - Renegotiated credits

	03/31/2009			03/31/2008
Renegotiated credits		6,051,813			2,862,365
Allowance for loan losses		(3,049,474	)		(1,443,184	)
(%)		50.4			50.4

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 93

e) Restricted operations on assets

We present below information related to the restricted operations on assets, in accordance with CMN Resolution No. 2.921, of January 17, 2002.

	03/31/2009							01/01 to 03/31/2009
	0 - 30	31 - 180	181 - 365	Over 365		Total		Income (Expenses)
f) Restricted operations on assets
Loan operations	112,489	212,426	3,087		19,216		347,218		1,906
Restricted operations on assets
Liabilities from restricted operations on assets	112,481	212,192	3,087		19,216		346,976		(1,568	)
Net revenue from restricted operations									338

At March 31,2009, there were no balances in default.

ItaúUnibanco Holdin g S.A.– Complete Financial Statements - March 31,2009 94

NOTE 9 - FOREIGN EXCHANGE PORTFOLIO

	03/31/2009			03/31/2008
ASSETS – OTHER RECEIVABLES		39,424,115			25,819,424
Exchange purchase pending settlement – foreign currency		24,801,070			13,594,210
Bills of exchange and term documents – foreign currency		69			488
Exchange sale rights – local currency		15,005,673			12,471,365
(-) Advances received – local currency		(382,697	)		(246,639	)
LIABILITIES – OTHER LIABILITIES (Note 2a)		38,706,373			25,966,175
Exchange sales pending settlement – foreign currency		18,642,083			12,442,375
Liabilities from purchase of foreign currency – local currency		20,061,624			13,519,617
Other		2,666			4,183
MEMORANDUM ACCOUNTS		446,940			323,431
Outstanding import credits – foreign currency		390,146			290,085
Confirmed export credits – foreign currency		56,794			33,346

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 95

NOTE 10 – FUNDING AND BORROWINGS AND ONLENDINGS

a) Summary

	03/31/2009										03/31/2008
		0-30	31-180	181-365	Over 365		Total		%		Total		%
Deposits		91,513,977	14,822,003	12,435,255		83,686,876		202,458,111		48.9		78,444,889		38.4
Deposits received under securities repurchase agreements		68,987,317	9,036,784	10,292,442		39,193,101		127,509,644		30.8		85,691,549		42.0
Funds from acceptance and issuance of securities		1,800,254	7,584,084	2,697,029		8,478,012		20,559,379		5.0		7,177,471		3.5
Borrowings and onlending		3,833,927	9,681,443	6,918,451		18,166,829		38,600,650		9.3		18,962,006		9.2
Securitization of foreign payment orders		-	110,526	167,209		1,066,435		1,344,170		0.3		1,026,150		0.5
Subordinated debt (*)		-	68,128	1,201,122		22,587,138		23,856,388		5.8		13,058,720		6.4
TOTAL		166,135,475	41,302,968	33,711,508		173,178,391		414,328,342				204,360,785
% per maturity term		40.1	10.0	8.1		41.8
TOTAL – 03/31/2008		95,166,870	22,391,391	19,546,169		67,256,355		204,360,785
% per maturity term		46.5	11.0	9.6		32.9

(*) Includes R$ 910,192 (R$ 687,595 at 03/31/2008) of Redeemable Preferred Shares classified under Minority Interest in the Balance Sheet.

b) Deposits

	03/31/2009										03/31/2008
		0-30	31-180	181-365	Over 365		Total		%		Total		%
Demand deposits		25,191,121	-	-		-		25,191,121		12.5		18,573,286		23.7
Savings accounts		39,346,521	-	-		-		39,346,521		19.4		28,388,265		36.2
Interbank		1,645,047	1,076,104	677,516		212,403		3,611,070		1.8		1,575,633		2.0
Time deposits		24,336,559	13,745,899	11,757,739		83,474,473		133,314,670		65.8		28,634,175		36.5
Other deposits		994,729	-	-		-		994,729		0.5		1,273,530		1.6
TOTAL		91,513,977	14,822,003	12,435,255		83,686,876		202,458,111				78,444,889
% per maturity term		45.3	7.3	6.1		41.3
TOTAL – 03/31/2008		57,600,861	5,813,851	4,757,420		10,272,757		78,444,889
% per maturity term		73.4	7.4	6.1		13.1

At March 31, 2009, ITAÚ UNIBANCO’s portfolio is composed of Interbank Deposits in the amount of R$ 841,866 (R$ 1,756,744 at 03/31/2008) maturing over 365 days.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 96

c) Deposits received under securities repurchase agreements

	03/31/2009										03/31/2008
		0 - 30	31 - 180	181 - 365	Over 365		Total		%		Total		%
Own portfolio		5,158,087	8,749,529	10,292,442		38,923,924		63,123,982		49.5		56,415,232		65.8
Government securities		262,204	232,282	179,218		122,911		796,615		0.6		4,474,154		5.2
Private securities		-	-	-		-		-		-		455,104		0.5
Own issue		3,224,180	7,820,618	10,018,181		38,467,346		59,530,325		46.7		50,024,981		58.4
Foreign		1,671,703	696,629	95,043		333,667		2,797,042		2.2		1,460,993		1.7
Third-party portfolio		63,811,476	165,372	-		213,412		64,190,260		50.3		29,172,509		34.0
Free portfolio		17,754	121,883	-		55,765		195,402		0.2		103,808		0.2
TOTAL		68,987,317	9,036,784	10,292,442		39,193,101		127,509,644				85,691,549
% per maturity term		54.1	7.1	8.1		30.7
TOTAL – 03/31/2008		35,798,064	9,146,425	9,636,605		31,110,455		85,691,549
% per maturity term		41.8	10.7	11.2		36.3

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 97

d) Funds from acceptance and issuance of securities

	03/31/2009										03/31/2008
		0-30	31-180	181-365	Over 365		Total		%		Total		%
REAL ESTATE, MORTGAGE, CREDIT AND SIMILAR NOTES		1,244,210	5,641,547	727,953		1,301,500		8,915,210		43.4		1,273,193		17.7
DEBENTURES		143,785	22,434	22,527		3,327,408		3,516,154		17.1		2,350,027		32.7
FOREIGN BORROWINGS AND SECURITIES		412,259	1,920,103	1,946,549		3,849,104		8,128,015		39.5		3,554,251		49.5
Trade Related – Issued abroad - Structure Note Issued		40,169	30,489	133,564		212,705		416,927		2.0		850,865		11.9
Non-trade Related		372,090	1,889,614	1,812,985		3,636,399		7,711,088		37.5		2,703,386		37.7
Issued in Brazil - Fixed Rate Notes		-	-	-		-		-		-		20,093		0.3
Issued abroad		372,090	1,889,614	1,812,985		3,636,399		7,711,088		37.5		2,683,293		37.4
Brazil Risk Note Programme		14,023	447,425	1,192,671		765,024		2,419,143		11.8		929,809		13.0
Euro Certificates of Deposits		189,447	510,487	63,445		7,417		770,796		3.7		24,037		0.3
Euro Medium Term Note Programme		50,529	556,581	404,176		783,108		1,794,394		8.7		76,877		1.1
Eurobonds		5,553	301,417	5,110		114,861		426,941		2.1		-		-
Euronotes		-	-	-		-		-		-		136,691		1.9
Fixed Rate Notes		24,674	63,996	14,599		1,654,055		1,757,324		8.5		1,514,817		21.1
Paper		1,518	7,852	571		1,714		11,655		0.1		-		-
Other		86,346	1,856	132,413		310,220		530,835		2.6		1,062		0.0
TOTAL		1,800,254	7,584,084	2,697,029		8,478,012		20,559,379				7,177,471
% per maturity term		8.8	36.9	13.1		41.2
TOTAL – 03/31/2008		465,725	898,412	341,987		5,471,347		7,177,471
% per maturity term		6.5	12.5	4.8		76.2

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 98

e) Borrowings and onlending

	03/31/2009										03/31/2008
		0-30	31-180	181-365	Over 365		Total		%		Total		%
BORROWING		2,754,938	7,356,331	4,340,554		5,631,154		20,082,977		52.0		11,885,906		62.7
Domestic		243,627	149,710	71,314		59,533		524,184		1.4		206,855		1.1
Foreign (*)		2,511,311	7,206,621	4,269,240		5,571,621		19,558,793		50.7		11,679,051		61.6
ONLENDING		1,078,989	2,325,112	2,577,897		12,535,675		18,517,673		48.0		7,076,100		37.3
Domestic - official institutions		1,077,814	2,308,655	2,559,080		12,222,702		18,168,251		47.1		5,711,412		30.1
BNDES		257,528	935,287	979,440		6,544,633		8,716,888		22.6		3,014,725		15.9
FINAME		776,356	1,324,642	1,440,771		5,361,761		8,903,530		23.1		2,575,876		13.6
Other		43,930	48,726	138,869		316,308		547,833		1.4		120,811		0.6
Foreign		1,175	16,457	18,817		312,973		349,422		0.9		605,141		3.2
Bills of credit related to agribusiness		-	-	-		-		-		-		759,547		4.0
TOTAL		3,833,927	9,681,443	6,918,451		18,166,829		38,600,650				18,962,006
% per maturity term		9.9	25.1	17.9		47.1
TOTAL-03/31/2008		1,302,220	5,752,395	4,748,010		7,159,381		18,962,006
% per maturity term		6.9	30.3	25.0		37.8

(*) Foreign borrowings are basically represented by foreign exchange transactions related to export pre-financing and import financing.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 99

f) Securitization  offor eignpaymentorders

Funds obtained abroad through the sales to Braz ilian Diversified Payment Rights Finance Com pany of rights relatedtopaymentorde rsreceivableabroad.

	03/31/2009									03/31/2008
		31-180	181-365	Over 365		Total		%		Total		%
TOTAL		110,526	167,209		1,066,435		1,344,170		100.0		1,026,150		100.0
% per maturity term		8.2	12.5		79.3
TOTAL - 03/31/2008		143,965	62,074		820,111		1,026,150
% per maturity term		14.0	6.0		80.0

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 100

g) Subordinateddebt

Fundingobtainedthroughissuance ofsubordinateddebt,inaccordancew iththeconditionsdeterminedbyCMNRe solutionNo.3,444,of February28, 2007,andamendmentsestablishedby CMN ResolutionNo.3,532,ofJanuary31,2008,is asfollows:

	03/31/2009									03/31/2008
		31-180	181-365	Over 365		Total		%		Total		%
CDB		28,914	1,200,970		18,825,267		20,055,151		84.0		10,939,979		83.8
Debentures		-	-		-		-		-		604,279		4.6
Euronotes		8,775	-		1,089,437		1,098,212		4.6		826,867		6.3
Bonds		3,295	-		155,314		158,609		0.7		-		-
Eurobonds		27,144	-		1,607,080		1,634,224		6.9		-		-
TOTAL OTHER LIABILITIES		68,128	1,200,970		21,677,098		22,946,196				12,371,125
Redeemable preferred shares		-	152		910,040		910,192		3.8		687,595		5.3
GRAND TOTAL		68,128	1,201,122		22,587,138		23,856,388				13,058,720
% per maturity term		0.3	5.0		94.7
TOTAL - 03/31/2008		636,343	73		12,422,304		13,058,720
% per maturity term		4.9	0.0		95.1

Description
Name of security	Issue	Maturity	Return p.a.			Principal (R$)
Subordinated CDB	December 2002	December 2009	CDI + 0.87		%		850,000
Subordinated CDB	March 2007	April 2012	103.5% of CDI				5,000,000
Subordinated CDB	May 2007	May 2014	CDI + 0.35		%		1,804,500
Subordinated CDB	November 2007	November 2012	CDI + 0.35		%		300,000
Subordinated CDB	January 2008	February 2013	CDI + 0.50		%		880,000
Subordinated CDB	February 2008	February 2013	CDI + 0.50		%		1,256,000
Subordinated CDB	November 2008	October 2014	112% of CDI				1,000,000
Subordinated CDB	December 2002	December 2012	102.25% of CDI				220,000
Subordinated CDB	November 2003	November 2013	102% of CDI				40,000
Subordinated CDB (1)	December 2006	December 2016	CDI + 0.47		%		500,000
Subordinated CDB (2)	May 2007	May 2012	103.9% of CDI				1,406,000
Subordinated CDB (2)	July 2007	July 2012	CDI + 0.38		%		422,000
Subordinated CDB (2)	August 2007	August 2012	CDI + 0.38		%		200,000
Subordinated CDB (2)	August 2007	August 2014	CDI + 0.46		%		50,000
Subordinated CDB (2)	October 2007	October 2012	IGPM + 7.33		%		290,850
Subordinated CDB (2)	October 2007	October 2012	103.8% of CDI				93,000
Subordinated CDB (2)	October 2007	October 2014	IGPM + 7.35		%		33,200
Subordinated CDB (2)	October 2007	October 2012	CDI + 0.45		%		450,000
Subordinated CDB (2)	December 2007	December 2014	CDI + 0.60		%		10,000
Subordinated CDB (2)	1st quarter of 2008	1st quarter of 2013	CDI + 0.60		%		817,310
Subordinated CDB (2)	1st quarter of 2008	2nd quarter of 2013	106.5% of CDI				38,000
Subordinated CDB (2)	2nd quarter of 2008	2nd quarter of 2013	107% of CDI				10,400
Subordinated CDB (2)	3rd quarter of 2008	3rd quarter of 2015	119.8% of CDI				400,000
Subordinated credit facility (3)	December 2004	December 2009	Libor + 2,00		%		350,550
Subordinated euronotes	2nd half of 2001	August 2011		10.0	%		457,465
Subordinated euronotes	August 2001	August 2011		4.25	%		625,008
Subordinated bonds	April 2008	October 2031		3.50	%		64,555
Subordinated bonds	October 2008	October 2033		4.50	%		45,400
Eurobonds -Step-up subordinated callable notes (4)	December 2003	December 2013		7.375	%		577,840
Eurobonds -Perpetual Non-cumulative Junior
Subordinated Securities (5)	July 2005	Not determined		8.70	%		1,195,250
Preferred shares	December 2002	March 2015		1.25	%		1,388,841

(1) SubordinatedCDBsmaybe redeemedfrom November2011;

(2) SubordinatedCDBsmaynotbe redeemedin advance;

(3) Thedebtmaynotbe fullyredeem edin advance.Thereturnis calculatedby using theLiborrateplus2%,adjusted everysix-monthperiod;

(4) Thedebtmaybe fullyredeemed in December2008or at eachsubsequentinterestpayment. Thereturnfromthefifthyearwillstand at 9.375%p.a.;

(5) Thedebtmaybe fullyredeemed onlyat theoptionof theissuerfromJuly29,2010 or at eachsubsequentpayment.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 101

NOTE11–INSURANCE, PENSIONPLANANDCAPITALIZATION OPERATIONS

a) CompositionoftheTechnicalProvisions

	INSURANCE				LIFE INSURANCE AND PENSION PLAN				CAPITALIZATION				TOTAL
	03/31/2009		03/31/2008		03/31/2009		03/31/2008		03/31/2009		03/31/2008		03/31/2009		03/31/2008
Mathematical provision of benefits to be granted and benefits granted		34,030		6,692		35,992,607		21,337,429		-		-		36,026,637		21,344,121
Unearned premiums		2,778,416		1,007,445		359,896		287,037		-		-		3,138,312		1,294,482
Mathematical provision for redemptions		-		-		-		-		2,072,410		1,074,681		2,072,410		1,074,681
Raffle contingency		-		-		-		-		41,345		43,544		41,345		43,544
Unsettled claims		2,093,155		805,865		119,136		92,031		-		-		2,212,291		897,896
Financial surplus		2,036		1,849		396,970		321,407		-		-		399,006		323,256
IBNR		788,780		207,148		51,772		30,002		-		-		840,552		237,150
Financial variation		376		-		109,022		96,807		-		-		109,398		96,807
Premium deficiency		130,981		77,892		74,078		14,265		-		-		205,059		92,157
Insufficient contribution		-		-		377,275		63,710		-		-		377,275		63,710
Other		64,787		22,789		187,039		87,776		22,880		8,547		274,706		119,112
TOTAL		5,892,561		2,129,680		37,667,795		22,330,464		2,136,635		1,126,772		45,696,991		25,586,916

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 102

b) AssetsGuaranteeingTechnicalPro visions-SUSEP

	INSURANCE				LIFE INSURANCE AND PENSION PLAN				CAPITALIZATION				TOTAL
	03/31/2009		03/31/2008		03/31/2009		03/31/2008		03/31/2009		03/31/2008		03/31/2009		03/31/2008
Interbank investments - Money market		590,870		393,324		739,969		305,344		683,273		471,213		2,014,112		1,169,881
Securities and derivative financial instruments		3,297,348		1,037,709		36,720,876		21,805,853		1,591,304		675,039		41,609,528		23,518,601
PGBL/VGBL fund quotas (1)		-		-		32,334,342		19,854,053		-		-		32,334,342		19,854,053
Other		3,297,348		1,037,709		4,386,534		1,951,800		1,591,304		675,039		9,275,186		3,664,548
Government		2,285,938		372,628		3,272,369		687,412		874,249		20,330		6,432,556		1,080,370
Private		1,011,410		665,081		1,114,165		1,264,388		717,055		654,709		2,842,630		2,584,178
Receivables from insurance and reinsurance operations (2)		2,340,677		692,336		303,402		241,613		-		-		2,644,079		933,949
Credit rights		588,438		238,756		303,402		241,613		-		-		891,840		480,369
Reinsurance		1,752,239		453,580		-		-		-		-		1,752,239		453,580
Escrow deposit for claims		121,163		17,502		9,059		-		-		-		130,222		17,502
TOTAL		6,350,058		2,140,871		37,773,306		22,352,810		2,274,577		1,146,252		46,397,941		25,639,933

(1) The PGBL and VGBL plans securities portfolios, the ownership and embedded risks of which are the customers' responsibility, are recorded as securities, as determined by SUSEP, with a contra-entry to liabilities in the Pension Plan Technical Provisions account.

(2) Recorded under Other receivables and Other assets.

c) Results of Operations

	INSURANCE						LIFE INSURANCE AND PENSION PLAN						CAPITALIZATION						TOTAL
	01/01 to			01/01 to			01/01 to			01/01 to			01/01 to			01/01 to			01/01 to 03/31/2009			01/01 to
	03/31/2009			03/31/2008			03/31/2009			03/31/2008			03/31/2009			03/31/2008						03/31/2008
Income from financial operations		47,244			34,422			85,462			117,675			13,168			9,659			145,874			161,756
Financial income from insurance, pension plan and capitalization operations		60,742			34,500			1,063,071			516,820			48,776			27,310			1,172,589			578,630
Financial expenses from insurance, pension plan and capitalization operations		(13,498	)		(78	)		(977,609	)		(399,145	)		(35,608	)		(17,651	)		(1,026,715	)		(416,874	)
Results of insurance, pension plan and capitalization operations		295,833			153,178			115,378			100,117			90,376			65,198			501,587			318,493
Premiums and contributions		1,418,885			569,934			2,508,920			1,708,585			381,421			234,056			4,309,226			2,512,575
Changes in technical provisions		75,993			12,951			(2,286,750	)		(1,543,809	)		(235,131	)		(161,752	)		(2,445,888	)		(1,692,610	)
Expenses for claims		(845,970	)		(335,583	)		(79,511	)		(52,391	)		-			-			(925,481	)		(387,974	)
Selling expenses		(320,066	)		(87,928	)		(12,321	)		(7,048	)		(3,861	)		(630	)		(336,248	)		(95,606	)
Expenses for benefits and raffles		(1,491	)		-			(6,145	)		(3,782	)		(6,648	)		(6,333	)		(14,284	)		(10,115	)
Other revenues and expenses		(31,518	)		(6,196	)		(8,815	)		(1,438	)		(45,405	)		(143	)		(85,738	)		(7,777	)
TOTAL		343,077			187,600			200,840			217,792			103,544			74,857			647,461			480,249

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 103

NOTE12-CONTIN GENTASSETSANDLIABILI TIESANDLEGALLIABILI TIES–TAXANDSOCIAL SECURITY

ITAÚUNIBANCOanditss ubsidiariesareinvolved incontingenciesintheo rdinarycourseoftheir businesses, asfollows :

a) ContingentAssets: therearenocontingent assetsrecorded.

b) ContingentLiabilities:theseare estimatedandclassifiedas follows:

- Calculationcriteria:

Civillawsuits:qua ntifieduponjudicial notification,andadju stedmonthly:

- Collective(lawsuits relatedtoclaimsconside redsimilarandusualand theamountsofwhichare not consideredsignific ant):accordingtot hestatisticalreferenc es pergroupoflawsui ts,typeoflegalbo dy (SmallClaimsCourtor RegularCourt)andclaimant; or

- Individual(lawsuitsr elatedtoclaimsconside redunusualandtheamountsof whichareconsidered signi ficant):attheclaimed i ndemnityamount, based onthe evidencepresentedand ontheevaluation of legaladvisors,whichco nsiderscaselaw,leg alopinionsraised, e vidence produced in therecords andthejudic ialdecisionsto be issued–r elatingtotherisk level of lossof lawsuits.

Theseareadjusted to theamountsdepositedas guara nteefortheirexecution ortothedefinitive exe cutionamount(indisputabl eamount)whentheclai mis awardedafinaland unappealablejudgment.

Laborclaims:thesea recalculateduponjudicia l notificationandadjusted monthly bythemovingavera ge ofpaymentoflawsuits closedin the last12months plustheaveragecos toffeespaid forlawsuits related toclaimsconsidered similarandusualand adjusted totheamountsdep ositedinguarantee, toth e executionamount(indis putableamount)whenitis int hestageof beingafinaland unappealable decision, orbased ontheindiv idual analysisofthe potential amountofprob able lossforlawsuit swith significantamount s.

Taxandsocialse curity lawsuits: calculat ed uponjudicialnotifi cation ofadministrativep roceedings based ontheir monthlyadjustedamounts.

Otherrisks:calculated mainlybasedonthea ssessmentof creditrisk onjoint obligations.

- Contingenciesc lassifiedasprobab le:arerecognizedin theaccountingbooksand compriseCivil Lawsui tsdemandingcompensation f orproperty damageand painandsuffering,such asprotestofbills, returnof checks,andinclusionofi nformationinthecredit protectionregistry,most oftheseactionsbeing filedin theS mallClaimsCourtandt hereforelimitedto 40m inimummonthlywages;Lab orClaimsseeking therec overy ofallegedlabor rightsbasedonlabo rlegislation specif ictotherelatedpr ofession, suchas overtim e,salaryequalization, reinstatement,transferall owance, pensionplansu pplementandother;Tax andSo cialSecurity represent ed mainlybylawsuits andadministrative pro ceedingsinvolving federaland municipaltax es;andOtherRisks representedbasicallyb ythejointobligatio nforsecuritizedr uralloans.

The table below shows the changes in the respec tive provisions for contingent l iabilities and the respectiv eescrowdepositsbalan ces:

																01/01 to
	01/01 to 03/31/2009															03/31/2008
							Tax and social
Change in provision for contingent liabilities	Civil			Labor			security			Other			Total			Total
Opening Balance		2,169,060			2,943,186			2,760,158			192,058			8,064,462			3,655,925
(-) Contingencies guaranteed by indemnity clauses (Note 4n I)		(125,528	)		(551,139	)		(15,784	)		-			(692,451	)		(618,490	)
Subtotal		2,043,532			2,392,047			2,744,374			192,058			7,372,011			3,037,435
Restatements/Charges		33,350			128,315			102,741			-			264,406			34,060
Changes in the period reflected in results (Notes 13f and 13i)		340,948			159,800			55,001			(2,176	)		553,573			309,667
Increase		406,573			200,951			58,076			-			665,600			356,852
Write-offs through reversal		(65,625	)		(41,151	)		(3,075	)		(2,176	)		(112,027	)		(47,185	)
Payments		(182,974	)		(113,743	)		(15,751	)		-			(312,468	)		(201,239	)
Subtotal		2,234,856			2,566,419			2,886,365			189,882			7,877,522			3,179,923
(+) Contingencies guaranteed by indemnity clause (Note 4n I)		144,695			629,661			18,635			-			792,991			684,947
Closing Balance (Note 13c)		2,379,551			3,196,080			2,905,000			189,882			8,670,513			3,864,870
Closing Balance at 03/31/2008 (Note 13c)		1,406,788			1,794,365			566,473			97,244			3,864,870
Escrow deposits at 03/31/2009 (Note 13a)		940,769			1,420,929			897,189			-			3,258,887
Escrow deposits at 03/31/2008 (Note 13a)		523,664			852,221			304,366			-			1,680,251

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 104

- Contingenciesclassif iedaspossible:not re cognizedintheaccount ingbooksand comprise Civil Lawsuits amountingtoR$3 35,775andTaxandSocialSe curity Lawsuitsamountingto R$2,518,880,andthe principal characteristicsof thes elawsuitsaredescrib edbelow:

● ISS–BankingInstit utions–R$301,032:refe rsto tax assessmentsnoticesiss uedbymunicipalitiesfor colle ctionofISSonamount srecordedinsevera laccounts, onthegro undsofbeingservic erevenue. Anadministrat ivefinaldecisionor taxforeclosureis p ending.

● Deductibilityofl ossesinreceiptofl oans-R$254,823:asse ssmentnoticeissued becauseinspection authori tiesunderstoodthatdisc ountsgrantedinrenegotiatio narenondeductible.

● Deductibilityofgoo dwillinpurchaseofinvest ments–R$194,150:assessment noticesthatdiscuss thededuc tionof goodwillof mergedc ompanies;

● Levyofsocialse curitycontributionson non-compensatoryamounts –R$162,871:administr ativeand courtdiscussi on ontheportionsthat,a ccordingtothecompany’s understanding, arenotpart of contributionsalaryf orsocialsecurity tax purposes.

● IRPJ/PDD– (income tax/allowanceforloanlo sses)-R$161,316:reje cttheRegulatoryInstr uction(IN) No.80/93,whichre duced thepercentagefrom 1.5%to0.5%forrealization of theAllowance forLoan Loss esinbaseyear1993, calculatedbyadopting theINNo.76/87andtheCMN ResolutionNo. 1,748, ofAugust31,1990.The bankmakesallegationsabout theimpossibilityof applyingtheruleto ev entsoccurredinthe fiscalyearwhenitwa senacted(principle ofanteriority). Asu spensionwas awarded forthebank’sappeal; howev er, thejudgment bythe FederalRegional Courtof the3rd Regionis pending;

● Dismissalofoffset request–R$137,218:offs etrequestswhichwerenot validatedduetofor mal issuesorallegedla ckofevidenceofcr editliquidity.Issuedisc ussedintheadminist rativelevel,in which thecompanystatedits defenseandexhibit eddocumentationevidenc ingcreditliquidity;

● ApportionmentofNet Assets byBookValue– R$ 126,541:refersto thetax assessmentnoticeissu ed duetothedeductionof c apitallosscomputedinthewi nding-upandliquidati onofinvestments. Awa itingCourt'sdecision.

● Assessment noticesabout theDeclarationofFedera lcontributionsandTa xes(DCTF)–R$73,673: elect ronicassessment noticesissued bytheFederalRevenue Reserve,challengedatthe administrativelevel, in whichsubmitteddocume ntationis beinganalyze d;

● Criteriafortaxationof revenues madeavailableabro ad-R$58,858: assessmentnoti cesinrelationto whicht he inspectionauthoritie sdiscusscalculation criteriaforcalculat ionbasisandtaxable event;

● Offsetoftaxloss ofcompaniesmergedwit houtthe30%limitation– R$65,070:assessment notice which discussestheapplication ofa30%limitwhenoff settingtaxlosscarryfor wards,incaseof mer gerofcompany.

● ITR(RuralLandTax )-R$61,284:refers toITRamountschargedrelate dtofarms,whichwe re receivedaspaymentin kind,witharbitrageof taxbasis,becausethereis noevidence thatascrap of the landis alegalre serve;

● LevyofISSonleas ingoperations–R$57,07 1:taxassessment noticesand/ortax foreclosuresof munici palitiesthatallegethel evyof ISSonleasingope rationsintheirterritories .

InITAÚUNIBANCOCONSOLIDAT ED,thefollowingarein guarantee ofvoluntaryresourcesrest ricted,deposited or recorded the amount below :

	03/31/2009		03/31/2008
Securities		1,588,948		1,198,254
Deposits in guarantee		2,247,002		1,637,171
Permanent assets (*)		788,984		995,464

(*) Asperarticle32ofLaw10.522,ofJuly19,2002.OnApril10,2007,inUnconstitutiona lit y LawsuitNo.1,976,theFederalSupreme Court ruledunconstitutiona l therequirementofguaranteesforconsideringvoluntaryappeals.Thecompanyisrequestingthecancellation oft he pledgingofguaranteestotheFederalRevenueService.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 105

The Receivables balance arising from reimbursements of contingencies totals R$ 1,392,167 (R$ 874,389 at 03/31/2008) (Note 13a), basically represented by the guarantee in the Banerj privatization process occurred in 1997, in which the State of Rio de Janeiro created a fund to guarantee the equity recomposition from losses on Civil, Labor and Tax Contingencies.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 106

c) Legal L iabilities – Tax and Social Security and E scrow Deposits for filing L egal Processes – recognized at the full amount being que stioned and respective escrow deposits, as follows:

Change in legal liabilities	01/01 to 03/31/2009			01/01 to 03/31/2008
Opening balance		8,893,015			5,433,380
Changes in the period reflected in results		658,718			280,628
Charges on taxes		353,889			86,337
Net increase		399,617			253,816
Write-offs through reversal (*)		(94,788	)		(59,525	)
Payments		-			(39,081	)
Closing balance (Note 14c)		9,551,733			5,674,927
Probability of loss
Probable		1,629,287			1,003,121
Possible		476,223			292,544
Remote		7,446,223			4,379,262

(*) Refers basically to the Reversal of Provision for PIS Constitutional Amendment No. 17/97 x principles of anteriority over 90 days and non-retroactivity.

Change in escrow deposits	01/01 to 03/31/2009			01/01 to 03/31/2008
Opening balance		4,422,970			3,013,026
Appropriation of income		262,623			54,098
Changes in the period		115,978			244,940
Deposited		122,711			244,940
Withdrawals		(4,622	)		-
Convertion into income		(2,111	)		-
Closing balance (Note 13a)		4,801,571			3,312,064

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 107

Themainnaturesof pr ocessesaredescribedas follows:

● PISandCOFINSXLa w9,718/98–R$5,895,010 –Asserttherightofp ayingcontributionstoP ISand COFINSonrevenue, notadoptingtheprovisions ofArticle3,paragraph 1,ofLawNo.9,718of November 27,1998,whiche stablishedtheinapp ropriateextension ofthec alculationbasesofthese contributions.The corre spondingescrowdeposittotals R$945,646;

● IRPJandCSLLXProf itEarnedAbroad–R$ R$868,538.Aimedatreje ctingtherequirement setf orthby RegulatoryInstru ctionNo.213ofOctober7, 2002,inviewofitsil legality,determiningt heinclusionofequity in earningsinthecalcu lation oftaxableincome andtheCSLLcalculati onbasis,including that fromdisposal of investmentab road.Thecorrespondingescrow deposittotalsR$537,366;

● CSLLXEquality– R$405,184–Assertthe rightofpayingCSLL at8%,applicableto companiesingeneral, accordingto theheadingofArticle 19ofLawNo.9,249ofDe cember 26,1995,rejectingt heprovisions of paragraph 1therein,whichsetsf orthadifferentiated rate( 18%)forfinancialinstituti ons,inviewofthe infraction totheprincipleof equ ality.Thecorrespondi ngescrowdeposittotalsR$ 277,164;

● CSLxNonEmployers –R$400,780–Assert therightofpayingso cialcontribution onnet income(CSLL), sinceit doesnotfitintoth eemployersconcept (Article2oftheConsol idation ofLaborLaws-CLT ),thus recognizingthe illegalityanduncon stitutionalityofLaw No.7,689/88,whichund ulyincreasedtheCSLL bas is,consideringanycom panyasdebtor.Theescr owdepositbalancetotals R$127,374.

● PISX Constitutional AmendmentsNos.10/96(January 1996to June1996)and17/ 97(July1997to Februar y 1998)–R$286,853–Ai medatrejectingthel evyofPISbasedonpri nciplesofanteriority over90 days and non-retroac tivityof Constitution alAmendmentsNos. 10/96 and 1 7/97, and nonexistenceof legi slationforthisperiod. Succ essively, aimedatpay ingPISoverthement ionedperiodbasedon Suppl ementaryLawNo.7/70.The correspondingescrow deposittotalsR$65,114;

● INSSXSupplementary LawNo.84/96andAddi tionalrateof2.5%–R$26 4,465–Aimedatrejec tingthe levyofsocialse curitycontributionat 15%,aswellasanaddit ionalrateof2.5%,on compensation paidto servic eprovidersthatarei ndividualsandmanagers,set forthbySupplementary LawNo.84/96,inview ofits unconstitutionalit y, asthiscontributionh asthesametaxableyear andincometaxcalculat ionbasis,going agains ttheprovisions ofArticles15 3,itemIII,154,itemI,156, itemIIIand195,paragraph4,of Federal Constitution.Thecorres pondingescrowdepositt otalsR$219,196;

Accordingtotheop inionofthelegaladvis ors,ITAÚUNIBANCOanditss ubsidiarycompaniesare notinvolved inanyot heradministrativeproc eedingsorlawsuits thatmaysignificantl y affecttheresultso ftheiroperations. Th ecombinedevaluation ofallexistingpro visions forallcontinge nt liabilitiesandlegal obligations, whichare recognized throughthe adoptionofstatistical modelsforclaimsinvolvi ngsmallamountsandse parateanalysis byin ternal andexternal legaladv isorsofothercases,s howedthattheamountsprovi ded foraresufficient, acco rdingtotheCMNResolutio nNo.3,535of January31,2 008.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 108

NOTE 13 – BREAKDOWN OF ACCOUNTS

a) Other sundry receivables

	03/31/2009			03/31/2008
Deferred tax assets (Note 14b I)		26,345,826			7,004,588
Social contribution for offset (Note 14b I)		1,251,695			919,708
Taxes and contributions for offset		3,583,583			1,203,934
Escrow deposits in guarantee for provision for contingent liabilities (Note 12b)		5,505,889			3,317,422
Contingencies classified as probable		3,258,887			1,680,251
Contingencies classified as possible		2,247,002			1,637,171
Escrow deposits for legal liabilities - tax and social security (Note 12c)		4,801,571			3,312,064
Escrow deposits for foreign fund raising program		809,113			403,865
Receivables from reimbursement of contingent liabilities (Note 12b)		1,392,167			874,389
Receivables from the sale of the Credicard brand		-			227,284
Sundry domestic debtors		583,989			297,219
Sundry foreign debtors		119,492			270,731
Recoverable payments		56,013			25,849
Salary advances		72,757			46,304
Amounts receivable from related companies		37,068			16,845
Operations without credit granting characteristics		627,225			180,346
Securities and credits receivable		829,910			193,233
(Allowance for other loan losses)		(202,685	)		(12,887	)
Other		208,466			141,168
Total		45,394,854			18,241,716

InITAÚUNIBANCO,OtherSund ryReceivablesarebasicallyc omposedofTaxesandContri butionsforOffsetofR$ 245,204(R$ 29,950at03/31/2008)andDeferredTaxA ssetsofR$405,876(R$141.808at03/31/2008) (Note14b I).

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 109

b) Prepaid expenses

	03/31/2009		03/31/2008
Commissions		2,584,776		1,923,388
Related to insurance and pension plan		297,771		149,148
Related to vehicle financing		2,170,482		1,744,487
Other		116,523		29,753
Credit Guarantee Fund (*)		848,312		-
Advertising		349,463		121,089
Other		257,693		176,949
Total		4,040,244		2,221,426

(*) Refers to the spontaneous payment, equivalent to the prepayment of installments of the contribution to the Brazilian Deposit Guarantee Fund, according to BACEN Circular No. 3,416, of 10/24/2008.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 110

c) Other sundry liabilities

	03/31/2009		03/31/2008
Provision for contingent liabilities (Note 12b)		8,670,513		3,864,870
Provision for sundry payments		1,934,027		928,907
Provision for personnel		868,897		501,674
Sundry creditors - local		608,128		449,228
Sundry creditors - foreign		374,661		230,634
Liabilities for official agreements and rendering of payment services		431,808		252,585
Related to insurance operations		1,178,488		210,788
Liabilities for purchase of assets and rights		12,211		91,935
Creditors of funds to be released		307,048		143,722
Funds from consortia participants		127,728		49,862
Provision to cover actuarial deficit (Note 19c)		119,378		27,419
Provision for integration expenditures with ITAÚ UNIBANCO merger (1)		1,226,236		-
Provision for health insurance (2)		534,212		-
Lease obligations (3)		127,380		-
Other		330,686		19,525
Total		16,851,401		6,771,149

(1) Provision set up to cover expenditures on communication with customers, adequacy of systems and personnel.

(2) Provision set up to cover possible future deficits up to the total discontinuance of the portfolio, arising from the difference of adjustments to monthly installments, authorized annually by the regulatory body, and the actual variation of hospital costs that affect the compensation of claims.

(3) Recognized in compliance with CVM Resolution No. 554, of November 12, 2008, arising from lease operations carried out by UNIBANCO.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 111

d) Banking service fees

	01/01 to		01/01 to
	03/31/2009		03/31/2008
Asset management		494,633		482,341
Funds management fees		484,788		472,246
Consortia management fees		9,845		10,095
Current account services (*)		90,392		75,752
Credit cards		1,356,937		601,371
Annual fees		263,604		169,592
Other services		1,093,334		431,780
Relationship with stores		999,792		328,842
Credit card processing		93,542		102,938
Sureties and credits granted		277,503		504,350
Loan operations (*)		164,058		460,942
Guarantees provided		113,445		43,408
Collection services		365,932		243,688
Collection fees		245,539		128,258
Collection services		57,933		56,672
Interbank charges (securities, checks and wire)		62,460		58,758
Other		334,052		220,498
Brokerage		69,235		75,658
Custody services and management of portfolio		37,168		33,704
Economic and financial advisory		20,557		21,294
Foreign exchange services		19,487		14,188
Consultation to Serasa		8,418		1,443
Other services		179,187		74,211
Total		2,919,449		2,128,000

(*) The balances from January 1 to March 31, 2008 were reclassified as Income from Bank Charges, as provided for by Article 9 of the BACEN Circular Letter No. 3,324 of June 12, 2008 (Note 13e).

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 112

e) Income from bank charges

	01/01 to		01/01 to
	03/31/2009		03/31/2008
Loan operations/registration		220,436		112,159
Deposit account		40,361		16,609
Transfer of funds		26,599		15,185
Service package fees and other		356,177		228,792
Total (*)		643,573		372,745

(*) Refers to priority services that started to be disclosed under this heading according to BACEN Circular Letter No. 3.324 of June 12, 2008. The bank charges arising from differentiated banking services are still recorded under the heading Banking Service Fees, as provided for by Articles 4 and 5 of CMN Resolution No. 3,518, of December 6, 2007.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 113

f) Personnel expenses

	01/01 to			01/01 to
	03/31/2009			03/31/2008
Compensation		(1,405,034	)		(838,878	)
Charges		(445,379	)		(246,529	)
Welfare benefits		(357,962	)		(205,804	)
Training		(27,891	)		(15,516	)
Subtotal		(2,236,266	)		(1,306,727	)
Severance pay		(861	)		(31,239	)
Labor claims (Note 12b)		(159,800	)		(115,776	)
Total		(2,396,927	)		(1,453,742	)

g) Other administrative expenses

	01/01 to			01/01 to
	03/31/2009			03/31/2008
Data processing and telecommunications		(642,775	)		(416,855	)
Depreciation and amortization		(305,109	)		(138,530	)
Facilities		(444,066	)		(227,405	)
Third-party services		(704,786	)		(285,578	)
Financial system services		(197,274	)		(131,951	)
Advertising, promotions and publications		(170,631	)		(91,401	)
Transportation		(91,572	)		(64,414	)
Materials		(64,643	)		(47,173	)
Security		(93,197	)		(59,639	)
Travel expenses		(25,798	)		(17,200	)
Legal		(8,441	)		(8,537	)
Other		(119,196	)		(69,183	)
Total		(2,867,488	)		(1,557,866	)

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 114

h) Other operating revenues

	01/01 to		01/01 to
	03/31/2009		03/31/2008
Reversal of operating provisions - Legal liabilities - tax and social security (Note 12c)		94,788		59,525
Recovery of charges and expenses		78,257		32,755
Other		118,346		62,624
Total		291,391		154,904

i) Other operating expenses

	01/01 to			01/01 to
	03/31/2009			03/31/2008
Provision for contingencies (Note 12b)		(393,773	)		(228,442	)
Civil lawsuits (1)		(340,948	)		(189,057	)
Tax and social security		(55,001	)		(39,139	)
Other		2,176			(245	)
Selling - credit cards		(327,167	)		(134,378	)
Claims		(113,431	)		(58,910	)
Foreign exchange variation on liabilities of companies abroad		-			(9,287	)
Equity in subsidiaries, not arising from net income		(4,581	)		(8,367	)
Amortization of goodwill on investments (2)		(530,503	)		-
Expenses for lease interests (Note 13c)		(3,388	)		-
Other		(307,931	)		(79,093	)
Total		(1,680,774	)		(518,477	)

(1) From January 1 to March 31, 2009, includes the provision for economic plans amounting to R $ 84,277 (R$ 83,734 from January 1 to March 31, 2008).

(2) From January 1 to March 31, 2009, refers basically to goodwill of Redecard S.A. operation (Notes 2a and 22l).

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 115

NOTE 14 - TAXES

a) Composition of expenses for taxes and contributions

I - We show below the Income Tax and Social Contribution due on the operations for the period and on temporary differences arising from additions and exclusions:

Due on operations for the period	01/01 to 03/31/2009			01/01 to 03/31/2008
Income before income tax and social contribution		3,703,479			3,102,986
Charges (Income Tax and Social Contribution) at the rates in effect (Note 4o)		(1,481,391	)		(1,055,015	)
Increase/decrease to Income Tax and Social Contribution charges arising from:
Permanent (additions) exclusions		339,493			215,866
Investments in affiliates		10,197			29,659
Foreign exchange variation on investments abroad		(110,522	)		(27,217	)
Interest on capital		374,391			163,411
Dividends, interest on external debt bonds and tax incentives		178,516			74,348
Amortization of goodwill on purchase of investments		(134,990	)		-
Other		21,901			(24,335	)
Temporary (additions) exclusions		559,647			424,352
Allowance for loan losses		(621,001	)		(109,788	)
Excess (insufficiency) of depreciation of leased assets		746,831			577,295
Adjustment to market value of trading securities and derivative financial instruments and  adjustments from operations in futures markets		441,835			28,930
Legal liabilities - tax and social security, contingent liabilities and restatement of escrow deposits		(217,528	)		(54,809	)
Realization of goodwill on purchase of investment		115,679			61,869
Integration expenditures with ITAU UNIBANCO merger		42,128			-
Other		51,703			(79,145	)
(Increase) Offset of tax losses/social contribution loss carryforwards		(921,896	)		(319,635	)
Expenses for income tax and social contribution		(1,504,147	)		(734,432	)
Related to temporary differences
Increase (reversal) for the period		362,249			(108,643	)
Prior periods increase (reversal)		59,523			85,368
Income (expenses) from deferred taxes		421,772			(23,275	)
Total income tax and social contribution		(1,082,375	)		(757,707	)

II - Composition of tax expenses:

	01/01 to			01/01 to
	03/31/2009			03/31/2008
PIS AND COFINS		(704,996	)		(396,220	)
ISS		(121,126	)		(69,974	)
Other		(73,192	)		(46,097	)
Total (Note 4o)		(899,314	)		(512,291	)

At ITAÚ UNIBANCO tax expenses are basically composed of PIS and COFINS in the amount of R$ 352 (R$ 4,913 from 01/01 to 03/31/2008).

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 116

III- Tax effects on foreign exchange management of investments abroad

In order to minimize the effects on income in connection with the foreign exchange variation on investments abroad, net of respective tax effects, ITAÚ UNIBANCO carries out derivative transactions in foreign currency (hedge), as mentioned in Note 22b.

Results of these transactions are considered in the calculation basis of income tax and social contribution, according to their nature, while the foreign exchange variation on investments abroad is not included therein, pursuant to tax legislation in force.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 117

b) Deferred taxes

I - The deferred tax asset balance and its changes, segregated based on its origin and disbursements incurred, are represented as follows:

	PROVISIONS						DEFERRED TAX ASSETS
	03/31/2009		03/31/2008		12/31/2008		Realization / Reversal			Increase		03/31/2009		03/31/2008
Reflected in income and expense accounts						24,921,860		(2,224,289	)		3,478,396		26,175,967		6,990,619
Related to income tax and social contribution loss carryforwards						3.146.964		(116.742	)		780.620		3.810.842		777.213
Related to disbursed provisions						6.548.003		(904.546	)		1.173.873		6.817.330		2.509.823
Allowance for loan losses						5,032,128		(520,855	)		786,589		5,297,862		2,021,030
Adjustment to market value of securities and derivative financial instruments (assets/liabilities)						429,878		(307,774	)		197,327		319,431		-
Allowance for real estate						89,719		(39,151	)		16,403		66,971		27,503
Goodwill on purchase of investments						751,923		-			124,369		876,292		316,459
Other						244,355		(36,766	)		49,185		256,774		144,831
Related to non-disbursed provisions (*)		44,296,343		11,848,945		15,226,893		(1,203,001	)		1,523,903		15,547,795		3,703,583
Related to the operation		37,044,343		9,698,945		12,577,953		(1,019,741	)		1,523,903		13,082,115		2,972,583
Legal liabilities - tax and social security		5,188,146		2,878,178		1,510,807		(11,019	)		423,176		1,922,964		734,666
Provision for contingent liabilities		7,599,641		2,862,774		2,544,030		(120,997	)		382,110		2,805,143		940,162
Civil		2,234,856		1,284,945		766,379		(112,818	)		204,963		858,524		426,826
Labor		2,288,538		1,021,794		754,920		(4,053	)		114,359		865,226		307,488
Tax and social security		2,886,365		556,035		948,472		(4,126	)		42,420		986,766		205,848
Other		189,882		-		74,259		-			20,368		94,627		-
Adjustments of operations carried out in futures settlement market		43,527		196,917		32,411		(19,531	)		1,971		14,851		66,952
Goodwill on purchase of investments		19,217,429		2,038,274		6,646,097		(112,171	)		-		6,533,926		693,013
Provision for integration expenditures with ITAÚ UNIBANCO merger		1,226,236		-		452,472		(35,564	)		73,545		490,453		-
Provision related to health insurance operations		534,212		-		212,254		-			1,431		213,685		-
Other non-deductible provisions		3,235,152		1,722,802		1,179,882		(720,459	)		641,670		1,101,093		537,790
Related to provisions in excess of the minimum required not disbursed - allowance for loan losses		7,252,000		2,150,000		2,648,940		(183,260	)		-		2,465,680		731,000
Reflected in stockholders' equity accounts - adjustment to market value of available-for-sale securities (Note 2b)		499,585		41,085		193,741		(23,882	)		-		169,859		13,969
Total		44,795,928		11,890,030		25,115,601		(2,248,171	)		3,478,396		26,345,826		7,004,588
Social contribution for offset arising from Option foreseen in article 8 of Provisional Measure No. 2,158-35 of 08/24/2001						1,295,804		(44,109	)		-		1,251,695		919,708

(*) From a financial point of view, rather than recording the provision of R$ 44,296,343 (R$ 11,848,945 at 03/31/2008) and deferred tax assets of R$ 15,547,795 (R$ 3,703,583 at 03/31/2008), only the net provisions of the corresponding tax effects should be considered, which would reduce the total deferred tax assets of R$ 26,345,826 (R$ 7,004,588 at 03/31/2008) to R$ 10,798,031 (R$ 3,301,005 at 03/31/2008).

At ITAÚ UNIBANCO, deferred tax assets totaled R$ 405,876 (R$ 141,808 at 03/31/2008) and are basically represented by tax losses and social contribution losses carryforwards of R$ 343,667 (R$ 103,647 at 03/31/2008), which is expected to be realizable in 1 year, and legal liabilities – tax and social security of R$ 61,120 (R$ 37,212 at 03/31/2008), which effective realization depends on the development of the lawsuit and its final and unappealable judgment.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 118

II - ProvisionforDeferred IncomeTaxandSocialCont ributionbalanceanditschangesare shownasfollows:

	12/31/2008		Realization / Reversal			Increase		03/31/2009 (*)		03/31/2008
Reflected in income and expense accounts		6,389,760		(77,440	)		793,489		7,105,809		4,800,427
Depreciation in excess - leasing		5,604,351		-			432,913		6,037,264		4,132,548
Taxation of results abroad - Capital gains		20,142		(2,396	)		-		17,746		58,734
Adjustments of operations carried out in futures settlement market		56,552		(6,951	)		16,316		65,917		72,212
Adjustment to market value of trading securities and derivative financial instruments		101,261		-			174,699		275,960		176,202
Restatement of escrow deposits and contingent liabilities		449,341		-			26,375		475,716		234,501
Income on sale of permanent asset items and rights		69,654		(68,052	)		-		1,602		69,916
Other		88,459		(41	)		143,186		231,604		56,314
Reflected in stockholders’ equity accounts – adjustment to market value of available-for-sale securities (Note 2b)		18,618		(8,324	)		71,595		81,889		29,711
Total		6,408,378		(85,764	)		865,084		7,187,698		4,830,138

(*) AtMarch31,2009, thebalancereflectst headjustmentarising fromtheincreaseint hesocialcontributi on tax(Note4o),inthe amountofR$127,642.

AtITAÚUNIBANCO,thepr ovisionfordeferredincom eandsocialcontributionam ountstoR$2,101(R$1,715at03/31/2008), basicallycomprisedof Restatementof escrowdeposits relatedtolegalandcontingentliabilitie s.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 119

III - Theestimateofrealiz ationandpresentvalueofdeferr edtaxassetsandsocialcontr ibution foroffset,arising fr omProvisionalMeasureNo .2,158-35ofAugust24,200 1andfromtheProvis ionforDeferredInco meTax andSocialContribution exi stingatMarch31,2009,inacco rdance withtheexpectedgeneration offuture taxableincome,bas edonthehistoryof profitability andtechnicalfeasibilitystudies, are:

	Deferred tax assets								Provision for
	Temporary differences		Tax loss/social contribution loss carryforwards		Total		Social contribution of offset		deferred income tax and social contribution			Net deferred taxes
2009		5,404,372		273,326		5,677,698		155,485		(889,354	)		4,943,829
2010		4,042,367		809,074		4,851,441		323,443		(1,256,867	)		3,918,017
2011		3,974,023		1,544,349		5,518,372		327,148		(1,482,903	)		4,362,617
2012		2,966,468		689,928		3,656,396		114,212		(1,756,848	)		2,013,760
2013		3,175,867		143,574		3,319,441		75,447		(1,207,649	)		2,187,239
Over 2013		2,971,887		350,591		3,322,478		255,960		(594,077	)		2,984,361
Total		22,534,984		3,810,842		26,345,826		1,251,695		(7,187,698	)		20,409,823
Present value (*)		20,221,581		3,428,953		23,650,534		1,115,729		(6,411,116	)		18,355,147

(*) The average funding rate, net of tax effects, was used to determine the present value.

The projections of future taxable income include estimates related to macroeconomic variables, exchange rates, interest rates, volume of financial operations and services fees and others which can vary in relation to actual data and amounts.

Net income in the financial statements is not directly related to taxable income for income tax and social contribution, due to differences existing between accounting criteria and tax legislation, besides corporate aspects. Accordingly, we recommend that the trend of the realization of deferred tax assets arising from temporary differences, income tax and social contribution loss carryforwards not be used as an indication of future net income.

IV - In view of the unconstitutionality lawsuit related to the increase in the social contribution rate, established by Articles 17 and 41 of Law No. 11,727 of June 24, 2008, filed on June 26, 2008 by the National Confederation of the Financial System (CONSIF), deferred tax assets were recorded up to the amount added to the Tax Liabilities, while the amount of R$ R$ 2,208,824 is unrecorded.

At March 31, 2008, unrecorded deferred tax assets amount to R$ 232,919.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 120

c) Taxandsocialsecuri tycontributions

	03/31/2009		03/31/2008
Taxes and contributions on income payable		763,838		382,620
Taxes and contributions payable		960,740		336,364
Provision for deferred income tax and social contribution (Note 14b II)		7,187,698		4,830,138
Legal liabilities – tax and social security (Note 12c)		9,551,733		5,674,927
Total		18,464,009		11,224,049

AtITAÚUNIBANCOthebalance ofTaxandSocialSecurity ContributionstotalsR$356,498(R$161,199 at 03/31/2008)and isbasicallycompris edofLegalLiabilitiesofR$274,714(R$ 158,793at03/31/2008)andTaxes andContributions Payableof R$76,877(R$691at03/31/2008 ).

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 121

d) Taxespaidorprovi dedforandwithheldfro mthirdparties

Theamount oftaxesp aidorprovidedforisba sicallyleviedonincome, r evenue andpayroll.Inrelation to the amounts withheld and collected from thir d parties, the Company started to take into consideration theinterestonc apitalpaidandontheservicepr ovision,inadditiontothose leviedon financialoperation,includin gforcomparativepurpos es.

	03/31/2009		03/31/2008
Taxes paid or provided for		3,060,950		1,787,706
Taxes withheld and collected from third parties		1,909,391		1,278,764
Total		4,970,341		3,066,470

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 122

NOTE15–PERMANENT ASSETS

a)  -Investments

I-   Changesofinvestments-ITA ÚUNIBANCO

Companies		Balances at 12/31/2008		Goodwill amortization			Subscription/Ac quisition/Sales			Dividends and interest on capital received (1)			Equity in earnings of subsidiaries		Adjustments to marketable securities of subsidiaries			Balances at 03/31/2009		Balances at 03/31/2008		Equity in earnings of subsidiaries from 01/01 to 03/31/2008
Domestic			57,366,472		(1,584	)		-			(7,273,200	)		1,886,154		132,402			52,110,244		31,546,336		1,813,110
Banco Itaú S.A.	(2a)		39,496,914		(1,584	)		(500,000	)		(98,290	)		851,427		87,958			39,836,425		14,282,141		627,858
Banco Itaucard S.A.	(3)		8,449,001		-			249,396			(6,274,910	)		403,501		9			2,826,997		7,864,707		686,408
Banco Itaú BBA S.A.			4,265,628		-			250,604			(708,963	)		371,057		26,714			4,205,040		4,503,687		233,858
Itauseg Participações S.A.			3,483,873		-			-			-			152,615		10,327			3,646,815		3,238,472		178,133
Itaú BBA Participações S.A.			1,253,036		-			-			(191,037	)		99,312		7,396			1,168,707		1,314,413		65,952
Itaú Corretora de Valores S.A.	(3)		418,020		-			-			-			8,242		(2	)		426,260		342,916		20,901
Foreign			2,315,336		(12,852	)		-			-			12,568		23,431			2,338,483		1,715,484		31,340
Itaú Chile Holdings, Inc.	(2b)		1,953,176		(11,310	)		-			-			3,743		21,095			1,966,704		1,431,194		17,754
Banco Itaú Uruguay S.A.	(2c)		232,579		(1,177	)		-			-			2,909		2,336			236,647		197,648		6,587
Oca S.A.	(2d)		91,480		(314	)		-			-			5,499		-			96,665		59,494		4,878
Oca Casa Financiera S.A.	(2e)		35,477		(45	)		-			-			366		-			35,798		24,815		1,984
Aco Ltda.	(2f)		2,624		(6	)		-			-			51		-			2,669		2,277		149
Itaú Uruguay Directo S.A.	(4)		-		-			-			-			-		-			-		56		(12	)
GRAND TOTAL			59,681,808		(14,436	)		-			(7,273,200	)		1,898,722		155,833			54,448,727		33,261,820		1,844,450

(1) Income receivable includes interest on capital receivable amounting to R$ 179,871 (R$ 620,379 at 03/31/2008);

(2) Investments that include goodwill amounting to: (a) R$ 60,717, (b) R$ 350,623, (c) R$ 36,517, (d) R$ 9,704, (e) R$ 1,410 and (f) R$ 164;

(3) The investment and the equity in earnings reflect the different interest in preferred shares, profit sharing and dividends;

(4) Company dissolved on 11/28/2008.

			Stockholders’		Net income  for			Number shares owned by ITAÚ UNIBANCO						Equity share in voting capital		Equity share in Capital
Companies	Capital		equity		the  period			Common		Preferred		Quotas		(%)		(%)
Domestic
Banco Itaú S.A.		39,676,320		39,696,780		674,086			2,081,169,523		2,014,258,290		-		100. 00		100.00
Banco Itaucard S.A.		15,807,486		19,041,494		435,024			3,592,433,657		1,277,933,118		-		1. 49		2.01
Banco Itaú BBA S.A.		4,223,086		5,337,230		475,294			3,041,098		5,284,526		-		57. 55		78.77
Itauseg Participaç ões S.A.		1,717,000		4,007,168		167,696			1,582,676,636		-		-		91.01		91.01
Itaú BBA Participaçõ es S.A.		645,901		1,168,707		106,690			170,647		341,294		-		100. 00		100.00
Itaú Corretora de Valores S.A.		290,000		803,109		9,109			-		811,503		-		-		4.78
Foreign
Itaú Chile Holdings, Inc.		415,483		1,616,081		18,673			100		-		-		100. 00		100.00
Banco Itaú Uruguay S.A.		158,512		219,438		864			1,639,430,739		-		-		100. 00		100.00
Oca S.A.		14,552		86,961		4,768			1,502,176,740		-		-		100. 00		100.00
Oca Casa Financiera S.A.		18,779		34,388		190			646		-		-		100. 00		100.00
Aco Ltda.		13		2,451		(16	)		-		-		131		99. 24		99.24

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 123

II - Compositionofinvestments

	03/31/2009			03/31/2008
Investment in affiliates		1,329,865			995,973
Domestic		352,820			247,774
Allianz Seguros S.A. (current corporate name of AGF Brasil Seguros S.A.)		148,566			130,068
Serasa S.A.		159,926			97,235
Other		44,328			20,471
Foreign		977,045			748,199
BPI		974,487			746,204
Other		2,558			1,995
Other investments		1,082,497			338,510
Investments through tax incentives		163,562			104,274
Equity securities		8,167			12,925
Shares and quotas		135,493			98,966
Interest in Instituto de Resseguros do Brasil - IRB		226,149			11,130
Other		549,126			111,215
(Allowance for losses)		(179,349	)		(81,217	)
Total		2,233,013			1,253,266

III - Equityinearningsofaffiliates

	01/01 to		01/01 to
	03/31/2009		03/31/2008
Investment in affiliates - Domestic		14,091		4,426
Investment in affiliates - Abroad		15,869		38,729
Total		29,960		43,155

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 124

b) Fixedand intangibl eassets

	NET		CHANGES											03/31/2009							03/31/2008
	BALANCE AT 12/31/2008		ACQUISITIONS		DISPOSALS			DEPRECIATION/ AMORTIZATION EXPENSES (5)			OTHER			COST		ACCUMULATED DEPRECIATION			MARKET VALUE		MARKET VALUE
FIXED ASSETS		4,047,338		468,386		(47,091	)		(264,850	)		(4,257	)		11,065,354		(6,865,828	)		4,199,526		2,179,500
REAL ESTATE IN USE (1)		2,453,405		69,701		(3,901	)		(85,628	)		(8,764	)		4,395,802		(1,970,989	)		2,424,813		1,511,894
Land		827,642		1,836		(3,287	)		-			(2,503	)		823,688		-			823,688		636,147
Buildings		689,322		18,952		(299	)		(17,213	)		(9,191	)		1,995,451		(1,313,880	)		681,571		539,837
Improvements		936,441		48,913		(315	)		(68,415	)		2,930			1,576,663		(657,109	)		919,554		335,910
OTHER FIXED ASSETS		1,593,933		398,685		(43,190	)		(179,222	)		4,507			6,669,552		(4,894,839	)		1,774,713		667,606
Installations		167,233		24,642		(13,419	)		(5,242	)		7,786			429,493		(248,493	)		181,000		118,344
Furniture and equipment		358,418		89,892		(21,305	)		(18,822	)		2,317			891,209		(480,709	)		410,500		68,391
EDP systems (2)		792,507		264,627		(7,232	)		(126,671	)		(5,028	)		4,596,121		(3,677,918	)		918,203		388,235
Lease operations		63,053		-		-			(14,722	)		-			186,868		(138,537	)		48,331		-
Other (communication, security and transportation)		212,722		19,524		(1,234	)		(13,765	)		(568	)		565,861		(349,182	)		216,679		92,636
INTANGIBLE ASSETS		4,112,536		107,668		-			(250,114	)		(16,926	)		4,793,665		(840,501	)		3,953,164		2,825,047
RIGHTS FOR ACQUISITION OF PAYROLLS (3)		2,314,427		35,493		-			(187,649	)		-			2,432,075		(269,804	)		2,162,271		2,095,714
OTHER INTANGIBLE ASSETS		1,798,109		72,175		-			(62,465	)		(16,926	)		2,361,590		(570,697	)		1,790,893		729,333
Association for the promotion and offer of financial products and services (4)		1,142,059		1,300		-			(22,205	)		(8,774	)		1,113,109		(729	)		1,112,380		305,000
Expenditures on acquisitions of software		358,396		70,773		-			(31,280	)		(5,196	)		903,340		(510,647	)		392,693		181,651
Right to manage investment funds		295,269		3		-			(8,872	)		(3,070	)		335,830		(52,500	)		283,330		240,375
Other intangible assets		2,385		99		-			(108	)		114			9,311		(6,821	)		2,490		2,307
GRAND TOTAL		8,159,874		576,054		(47,091	)		(514,964	)		(21,183	)		15,859,019		(7,706,329	)		8,152,690		5,004,547

(1) Includes amounts pledged in guarantee of voluntary deposits (Note 11b);

(2) In acquisitions, R$ 118,685 is included from the full consolidation of Redecard S.A. (Note 2a);

(3) Represents the recording of amounts paid for acquisition of rights to provide services of payment of salaries, proceeds, retirement and pension benefits, and similar benefits. The balance basically comprises the agreements entered into with the State Governments of Rio de Janeiro, Goiás and Minas Gerais, and the Municipal Government of São Paulo;

(4) Partnerships for the promotion and offer of financial products and services basically refers to the agreement entered into with the company LPS Brasil - Consultoria de Imóveis S.A.(LOPES) and the commercial agreement entered into with store chain Marisa S.A. in 2008;

(5) Amortization expenses of the acquisition of rights to credit payrolls and partnerships are disclosed in the expenses on financial operations.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 125

NOTE16-STOCKHOLDERS'EQUITY

a) Shares

Capital comprises 4,155,396,563 book-entry shares with no par value, of which 2,081,169,523 are common and 2,074,227,040 are preferred shares without votingrights,butwithtag-alongrights,in theeventof thepublicofferof commonshares,ataprice equalto80%oftheamountpaidpershare withvotingrightsinthecontrollingstake,as well asadividend atleastequaltothatof thecommon shares. Capital stock amounts toR$ 29,000,000 (R$ 14,254,213at03/31/2008),ofwhichR$20,275,718 (R$10,466,106at03/31/2008)referstostockholdersdomiciled inthe countryandR$8,724,282(R$3,788,107at03/31/2008)referstostockholdersdomiciledabroad.

Thetablebelowshowsthechangein sharesofcapitalstockandtreasurysharesduringthe period.

	NUMBER
	Common		Preferred			Total			Value
Shares of capital stock at 12/31/2008 and 03/31/2009		2,081,169,523		2,074,227,040			4,155,396,563
Treasury shares at 12/31/2008 (1)		-		58,763,000			58,763,000			(1,525,695	)
Purchases of shares		2,002		-			2,002			(21	)
Disposals - stock option plan		-		(2,013,450	)		(2,013,450	)		52,276
Treasury shares at 03/31/2009 (1)		2,002		56,749,550			56,751,552			(1,473,440	)
Outstanding shares at 03/31/2009		2,081,167,521		2,017,477,490			4,098,645,011
Outstanding shares at 03/31/2008 (2)		1,553,418,583		1,417,232,010			2,970,650,593

(1)	Own shares, purchased based on authorization of the Board of Directors, to be held in Treasury for subsequent cancellation or replacement in the market.
(2)	For better comparability, the bonus of shares was considered based on the balance as of May 30, 2008.

We detail below the costs of shares repurchased in the period, as well as the average cost of treasury shares and their market price at 03/31/2009:

Cost/Market value	Common		Preferred
Minimum		10.61		-
Weighted average		10.61		-
Maximum		10.61		-
Treasury shares
Average cost		10.61		25.96
Market value		21.54		25.65

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 126

b) Dividends

Stockholders are entitled to a mandatory dividend of not less than 25% of annual net income, which is adjusted according to the rules set forth in Brazilian Corporate Law. Both types of shares participate equally, after common shares have received dividends equal to the minimum priority dividend of R$ 0.022 per share to be paid to preferred shares.

The calculation of the monthly advance of mandatory minimum dividend is based on the share position on the last day of the prior month, taking into consideration that the payment is made on the first business day of the subsequent month in the amount of R$ 0.012 per share from November 1, 2007, as resolved in the Meeting of the Board of Directors held on August 6, 2007.

I – Calculation

Net income	2,135,708
Adjustments:
(-) Legal reserve	(106,785	)
Dividend calculation basis	2,028,923
Mandatory minimum dividends	507,231
Dividends paid/ provided for	768,553		37.9	%

II- Payments/Provision ofInterestonCapitalandDividends

	Gross		WTS			Net
Paid / Prepaid		98,178		-			98,178
Dividends - 2 monthly installments of R$ 0.012 per share, paid in February and March 2009		98,178		-			98,178
Provided for (*)		779,999		(109,624	)		670,375
Dividends - 1 monthly installment of R$ 0.012 per share, paid on 04/01/2009		49,170		-			49,170
Interest on capital - R$ 0.178 per share		730,829		(109,624	)		621,205
Total from 01/01 to 03/31/2009 - R$ 0.1876 net per share		878,177		(109,624	)		768,553
Total from 01/01 to 03/31/2008 - R$ 0.2064 net per share		706,022		(92,976	)		613,046

(*)RecordedinOtherLiabili ties–SocialandStatut ory.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 127

c) Capitalandrevenu ereserves

	03/31/2009		03/31/2008
CAPITAL RESERVES		697,952		1,290,147
Premium on subscription of shares		283,512		1,289,225
Granted options recognized - Law No. 11,638		413,335		-
Reserves from tax incentives and restatement of equity securities and other		1,105		922
REVENUE RESERVES		32,349,656		18,432,665
Legal		2,461,355		1,439,026
Statutory:		27,888,301		16,993,639
Dividends equalization (1)		13,642,606		5,359,441
Working capital increase (2)		4,602,263		3,905,590
Increase in capital of investees (3)		9,643,432		7,728,608
Unrealized income (4)		2,000,000		-

(1) Reserve for Dividends Equalization – its purpose is to guarantee funds for the payment of advances of dividends, including interest on capital, to maintain the flow of the stockholders' compensation;

(2) Reserve for Working Capital Increase – its purpose is to guarantee funds for the company’s operations;

(3) Reserve for Increase in Capital of Investees – its purpose is to guarantee the preferred subscription right in the capital increases of investees;

(4) Refers to the excess portion of mandatory minimum dividend in relation to realized portion of net income for 2008, composed of in accordance with article 197 of Brazilian Corporate Law.

d) Reconciliationofnetincomeand stockholders’equity

The difference between the Net Income and Stockholders’ Equity of ITAÚ UNIBANCO and ITAÚ UNIBANCO CONSOLIDATED (Note 2b) arises from the adoption of different criteria for the amortization of goodwill originated on purchase of investments, the recording of deferred tax assets and the write-off of unrealized income of intercompany operations, on which related taxes are deferred.

	Net income						Stockholders' equity
	01/01 to 03/31/2009			01/01 to 03/31/2008			03/31/2009			03/31/2008
ITAU UNIBANCO		2,135,708			1,906,228			60,296,610			31,892,569
Amortization of goodwill (*)		(9,569	)		198,602			(22,452,366	)		(3,595,984	)
Deferred tax assets		(111,329	)		(61,374	)		7,157,020			972,484
Unrealized income (loss)		27			27			(2,418	)		(2,525	)
ITAU UNIBANCO CONSOLIDATED		2,014,837			2,043,483			44,998,846			29,266,544

(*) From 01/01 to 03/31/2009, it basically refers to the goodwill from the ITAÚ UNIBANCO merger.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 128

e) Stock Option Plan

I – ITAÚ HOLDING

This plan aims at involving the officers in the medium and long-term corporate development process. The options are personal and not transferable, and entitle the subscription of one authorized capital share or, at the discretion of the management, one treasury share which is acquired for replacement purposes. Such options may only be granted in years in which there are sufficient profits to distribute mandatory dividends to stockholders and at a quantity that does not exceed the limit of 0.5% of the total shares held by the stockholders at the base date of the year-end balance sheet. The ITAÚ UNIBANCO’s Nomination and Compensation Committee is responsible for defining the total number of shares to be granted, the eligible officers, the number granted to each officer, the validity of the option series, and the “vesting” and “blackout” periods for exercising the options. Options may be granted to eligible employees of ITAÚ UNIBANCO or officers and employees of controlled companies for extraordinary and significant reasons and upon the hiring of highly qualified individuals.

The exercise price of each series is fixed taking into consideration the average stock price at the São Paulo Stock Exchange over the period from one to three months prior to the issuance of options - subject to a positive or negative adjustment of up to 20% - at the option granting date and restated by the IGP-M until the month prior to the option exercise date.

The exercise of stock options, pursuant to the Plan’s regulation, resulted in the sale of preferred shares held in treasury thus far. The accounting entries related to the plan are recorded upon the exercise of options, when the amount received from the option exercise price is recorded in Stockholders’ Equity.

The  dilution percentage of  the  current stockholders' interest, in  the  event all  granted options not  yet exercised, were exercised by the end of the vesting period, would be 0.19% for 2009, 0.21% for 2010, 0.25% for 2011, 0.24% for 2012 and 0.26% for 2013.

I.I - - Total Granted Options

Granting		Vesting period	Exercise	Exercise price restated		Options
N°	Date	until	period until	(R$1)		Granted		Exercised		Cancelled		Not exercised
Closed series							92,693,675		90,533,675		2,160,000	-
8th	03/04/2002	12/31/2006	1 2/31/2009		12.54		13,353,750		11,620,750		633,750		1,099,250
8th	05/02/2005	12/31/2006	12/31/2009		12.54		35,150		28,125		-		7,025
9th	03/10/2003	12/31/2007	12/31/2010		8.49		13,347,500		9,273,125		580,000		3,494,375
9th	05/02/2005	12/31/2007	12/31/2010		8.49		28,175		-		22,550		5,625
10th	02/16/2004	12/31/2008	12/31/2011		12.84		12,617,375		3,840,500		713,250		8,063,625
10th	08/01/2005	12/31/2008	12/31/2011		12.84		25,000		-		-		25,000
11th	02/21/2005	12/31/2009	12/31/2012		18.07		10,040,500		1,694,500		355,250		7,990,750
11th	08/01/2005	12/31/2009	12/31/2012		18.07		25,000		-		-		25,000
11th	08/06/2007	12/31/2009	12/31/2012		18.07		10,325		-		-		10,325
12th	02/21/2006	12/31/2010	12/31/2013		26.88		10,808,750		137,500		225,000		10,446,250
12th	08/06/2007	12/31/2010	12/31/2013		26.88		14,425		-		-		14,425
13th	02/14/2007	12/31/2011	12/31/2014		34.22		9,795,250		11,000		53,500		9,730,750
13th	08/06/2007	12/31/2011	12/31/2014		34.22		27,863		-		-		27,863
14th	02/11/2008	12/31/2012	12/31/2015		39.46		10,579,375		-		17,000		10,562,375
14th	05/05/2008	12/31/2012	12/31/2015		39.46		18,750		-		-		18,750
15th	03/03/2009	12/31/2013	12/31/2016		25.80		15,462,700		-		-		15,462,700
				Total			188,883,563		117,139,175		4,760,300		66,984,088

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 129

I.II - Change in stock options

	Number			Price (*)
Balance at 12/31/2008		53,534,838			25.34
Options:
.. Granted		15,462,700
.. Exercised		(2,013,450	)
Balance at 03/31/2009		66,984,088			25.76

(*) Weighted average exercise price.

I.III - Exercised options in the period (R$ 1)

Granting	Number of shares		Exercise price (*)		Market value (*)
8th		815,000		12.54		25.80
9th		358,750		8.49		26.33
10th		679,200		12.85		27.50
11th		160,500		18.04		26.30
Total		2,013,450		12.36		26.51

(*) Weighted average value.

I.IV - Effect of the option exercise

Amount received for the sale of shares – exercised options	24,886
(-) Cost of treasury shares sold	(52,276	)
(+) Write-off of cost recognized of exercised options	8,806
Effect on sale (*)	(18,584	)

(*) Recorded in revenue reserves.

II - UNIBANCO

Unibanco has a Stock Option Plan that will be adjusted in view of the Itaú Unibanco merger. The aim of this plan and its main characteristics are described below:

Aims at aligning the commitment of officers with long-term results and reward high performance, in addition to being an instrument to attract, retain and motivate talents, upon the granting of stock options (“Simple Options”). At the Extraordinary Stockholders’ Equity held in March 2007, stockholders approved the change to the Stock Option Plan Rules – Performance, in order to establish the Program for Partners, according to which the executives selected to participate in such program can invest a percentage of their bonus in the acquisition of Units (“Own Shares”), which shall be held by them for a term from 3 to 5 years and are subject to market fluctuation. Depending upon the number of Own Shares purchased, a certain number of Unit options is received (“Bonus Options”). The exercise periods of these Bonus Options are from 3 to 5 years. The annual granting of Simple and Bonus Options are limited to 1% of authorized capital, and the total of options granted and not exercised is limited to 10% of this capital.

The fair value of these programs is acquired through the Binomial method for Stock Options and the Black Scholes method for the Plan for Partners.

In the calculation of the program costs the following is considered: number of active executives, number of  granted  options, number  of  active  options,  number  o  exercised  options, expected future  option exercise, period between the granting date and vesting period, projected turnover.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 130

The movement of options until March 31, 2009 was as follows:

II.I - Simple Options

Granting		Vesting period	Exercise	Exercise price per each Unit (R$)		Options
N°	Date	until	period until	adjusted (IPCA)		Granted		Exercised		Cancelled		Not exercised
Closed series							15,980,000		9,456,941		6,523,059	-
11th	04/08/2003	04/08/2008	04/07/2009		4.426		1,584,000		773,334		604,000		206,666
13th	05/07/2003	05/07/2008	05/06/2009		4.205		1,120,000		869,268		-		250,732
16th	09/02/2003	09/02/2008	09/01/2009		4.917		6,226,000		3,741,497		2,073,987		410,516
18th	12/17/2003	12/17/2008	12/16/2009		5.750		120,000		80,000		-		40,000
19th	01/05/2004	01/05/2009	01/04/2010		4.917		240,000		160,000		-		80,000
21st	04/05/2004	04/05/2009	04/04/2010		7.016		12,240		8,160		-		4,080
22nd	04/12/2004	04/12/2009	04/11/2010		6.954		800,000		533,334		-		266,666
23rd	04/13/2004	01/13/2009	01/12/2009		7.012		200,000		133,332		2		66,666
24th	07/19/2004	07/19/2009	07/18/2010		7.317		940,000		313,336		-		626,664
25th	08/04/2004	01/13/2009	01/12/2009		4.689		600,000		-		-		600,000
27th	02/01/2005	02/01/2010	01/31/2011		9.496		8,440,000		2,152,862		1,646,662		4,640,476
29th	09/19/2005	09/19/2010	09/18/2011		12.047		120,000		-		-		120,000
30th	07/04/2006	07/04/2011	07/03/2012		15.894		250,000		-		-		250,000
33rd	08/30/2006	08/30/2011	08/29/2012		17.602		100,000		-		-		100,000
34th	03/21/2007	03/21/2012	03/20/2013		20.054		360,000		-		-		360,000
35th	03/22/2007	03/22/2012	03/21/2013		20.029		140,000		-		-		140,000
36th	05/14/2008	05/14/2013	05/13/2014		24.919		120,000		-		-		120,000
				Total			37,352,240		18,222,064		10,847,710		8,282,466

The  granting  of  options  in  Units  (Certificate  of  Stocks  representing  one  preferred  share  issued  by Unibanco and one preferred share issued by Unibanco Holdings) is performed through the simultaneous granting by Unibanco and Unibanco Holdings.

The options cancelled refer to cases of beneficiaries that left the company before the exercise period, except those that retired who continue to be active participants in the program.

The exercise price of granting from the third quarter of 2004 started to be adjusted, pro rata temporis , by the accumulated variation of Broad Consumer Price Index (IPCA) for the period from the granting date and the respective exercise date of each option in Units.

The numbers and prices were adjusted according to the bonus resolved in July 2006.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 131

II.II - - Bonus options:

Partner officers, who opted for investing a percentage of their bonus in the acquisition of own shares, received the following number of bonus options in Units

Granting	Exercise period	Number
Date	until	Granted		Cancelled		Not exercised
09/03/2007	09/03/2012		1,213,904		52,915		1,160,989
10/03/2007	09/03/2012		12,904		12,904		-
02/29/2008	09/03/2012		105,848		-		105,848
03/03/2008	03/03/2013		1,473,704		53,594		1,420,110
09/03/2008	09/03/2013		1,747,788		45,357		1,702,431
03/06/2009	03/06/2014		2,683,886		-		2,683,886
Total			7,238,034		164,770		7,073,264

The exercise of bonus is subject to the obligation of maintaining unchanged the title to said own shares, with no type of encumbrance, during the exercise period.

UNIBANCO plan will be adjusted in view of the ITAÚ UNIBANCO merger.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 132

NOTE 17 – RELATED PARTIES

a)  Transactions  between  related  parties  are  disclosed  in  compliance  with  CVM  Resolution  No.  560,  of December 11, 2008. These transactions are carried out at amounts, terms and average rates in accordance with normal market practices during the period, as well as under reciprocal conditions.

Transactions between companies included in consolidation were eliminated from the consolidated financial statements and take into consideration the lack of risk.

The unconsolidated related parties are the following:

· ITAÚSA, the main parent company of ITAÚ UNIBANCO,  its controlling companies and non-financial subsidiaries, especially Itautec S.A., Duratex S.A., Elekeiroz S.A. and Itaúsa Empreendimentos S.A.;

· Fundação  Itaubanco,  FUNBEP  –  Fundo  de  Pensão  Multipatrocinado,  Caixa  de  Previdência  dos Funcionários do BEG (PREBEG), Fundação Bemgeprev, Itaubank Sociedade de Previdência Privada, UBB – Prev Previdência Complementar, and Fundação Manoel Baptista da Silva de Seguridade Social, closed-end private pension entities, that administer supplementary retirement plans sponsored by ITAÚ UNIBANCO and/or its subsidiaries, and

· Fundação Itaú Social, Instituto Itaú Cultural, Instituto Unibanco,  Instituto Assistencial Pedro Di Perna, Instituto Unibanco de Cinema and Associação Classe “A”, entities sponsored by ITAÚ UNIBANCO and subsidiaries to act in their respective areas of interest, as described in Notes 22e and 22j.

The transactions with these related parties are basically characterized by:

	ITAÚ UNIBANCO												ITAÚ UNIBANCO CONSOLIDATED
	ASSETS/(LIABILITIES)						INCOME/(EXPENSES)						ASSETS/(LIABILITIES)						INCOME/(EXPENSES)
	03/31/2009			03/31/2008			01/01 to 03/31/2009			01/01 to 03/31/2008			03/31/2009			03/31/2008			01/01 to 03/31/2009			01/01 to 03/31/2008
Interbank investments		7,274,770			334,253			9,823			12,131			-			-			-			-
Banco Itaú S.A.		7,274,770			334,253			9,823			12,131			-			-			-			-
Securities and derivative financial instruments		(1,159	)		34,187			323			4,532			2,240			136			(21	)		1,615
Banco Itaú S.A.		(1,159	)		34,187			323			4,532			-			-			-			-
Duratex S.A.		-			-			-			-			2,240			136			(21	)		1,615
Demand deposits		-			-			-			-			(64,366	)		(56,279	)		-			-
Duratex S.A.		-			-			-			-			(8,251	)		(14,486	)		-			-
FUNBEP - Fundo de Pensão Multipatrocinado		-			-			-			-			(2,178	)		(1,430	)		-			-
ITH Zux Cayman Company Ltd.		-			-			-			-			(53,937	)		(40,363	)		-			-
Repurchase agreements		(841,866	)		(1,756,744	)		(12,298	)		(14,041	)		(92,890	)		(38,087	)		(3,048	)		(620	)
Banco Itaú S.A.		(841,866	)		(1,756,744	)		(12,298	)		(14,041	)		-			-			-			-
Itaú sa Empreendimentos S.A.		-			-			-			-			(45,464	)		-			(1,308	)		-
Duratex S.A.		-			-			-			-			(15,217	)		(14,128	)		(7	)		-
Elekeiroz S.A.		-			-			-			-			(23,356	)		(23,959	)		(1,482	)		(616	)
Itautec S.A.		-			-			-			-			(8,853	)		-			(251	)		(4	)
Amounts payable to related parties		(3,557	)		(45,536	)		-			-			-			-			-			-
Banco Itaú S.A.		(3,557	)		(45,536	)		-			-			-			-			-			-
Banking Service Fees		-			-			-			-			-			-			1,364			1,343
Fundaçã o Itaubanco		-			-			-			-			-			-			1,364			1,343
Rent Expenses		-			-			-			-			(7,635	)		(7,444	)		-			-
FUNBEP - Fundo de Pensao Multipatrocinado		-			-			-			-			(1,634	)		(1,700	)		-			-
Fundaçã o Itaubanco		-			-			-			-			(6,001	)		(5,744	)		-			-
Donation Expenses		-			-			-			-			-			-			(9,760	)		(9,040	)
Instituto Itaú Cultural		-			-			-			-			-			-			(9,760	)		(9,040	)
Data processing expenses		-			-			-			-			-			-			(129,237	)		(54,747	)
Itautec S.A.		-			-			-			-			-			-			(129,237	)		(54,747	)
Agreement for apportionment of common costs		-			-			(2,751	)		(1,641	)		-			-			(2,145	)		(2,834	)
Fundaçã o Itaú Social		-			-			-			-			-			-			(1,122	)		(850	)
Banco Itaú S.A.		-			-			(2,751	)		(1,641	)		-			-			-			-
Itaú sa - Investimentos Itaú S.A.		-			-			-			-			-			-			(1,023	)		(1,984	)

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 133

b)  Compensation of the Management Key Personnel

The fees attributed in the period to ITAÚ UNIBANCO officers are as follows:

	03/31/2009		03/31/2008
Compensation		71,700		56,160
Board of Directors		7,123		1,514
Officers		64,577		54,646
Profit sharing		63,212		50,220
Board of Directors		1,299		1,185
Officers		61,913		49,035
Contributions to Pension Plans		5,590		4,828
Board of Directors		581		222
Officers		5,009		4,606
Stock based compensation - Officers		27,125		-
Total		167,627		111,208

Information related to the granting of stock option plan, benefits to employees and post-employment is detailed in Notes 16e, 19a and 19b, respectively.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 134

NOTE 18 - MARKET VALUE

The financial statements are prepared in accordance with accounting principles which assume the normal continuity of the operations of ITAÚ UNIBANCO and its subsidiaries.

The book value of each financial instrument, whether included or not in the balance sheet, when compared to the value that might be obtained in an active market, or in the absence of such market, using the net present value of future cash flows adjusted based on the current market interest, is approximately equal to the market value, or does not have a market quotation available, except for the instruments in the table below:

									Unrealized income (loss) (3)
	BOOK VALUE				MARKET				Results						Stockholders' equity
	03/31/2009		03/31/2008		03/31/2009		03/31/2008		03/31/2009			03/31/2008			03/31/2009			03/31/2008
Interbank deposits		21,184,727		12,886,884		21,231,547		12,890,828		46,820			3,944			46,820			3,944
Securities and derivative financial instruments		136,248,321		72,404,426		136,703,208		72,609,300		668,778			247,701			454,887			204,874
Adjustment of available-for-sale securities										194,076			21,768			-			-
Adjustment of held-to-maturity securities										474,702			225,933			454,887			204,874
Loan, lease and other credit operations		218,653,126		117,513,054		218,349,132		117,645,615		(303,994	)		132,561			(303,994	)		132,561
Investments in affiliates
BM&F BOVESPA S.A.		74,529		79,561		421,118		1,003,825		346,589			924,264			346,589			924,264
BPI		974,487		746,204		786,387		1,286,213		(188,100	)		540,009			(188,100	)		540,009
Parent company										(188,100	)		318,386			(188,100	)		318,386
Minority stockholders (1)										-			221,623			-			221,623
Redecard S.A.		1,179,896		185,204		9,438,414		4,559,516		8,258,518			4,374,312			8,258,518			4,374,312
Serasa S.A.		159,926		97,235		624,087		367,882		464,161			270,647			464,161			270,647
Visa Inc.		5,363		18		100,073		82,649		94,710			82,631			94,710			82,631
Fundings and borrowings (2)		177,568,096		49,273,185		177,591,121		49,264,451		(23,025	)		8,734			(23,025	)		8,734
Securitization of foreign payment orders		1,344,170		1,026,150		1,222,640		1,014,704		121,530			11,446			121,530			11,446
Subordinated debt (Note 10g)		23,856,388		13,058,720		24,200,953		13,122,047		(344,565	)		(63,327	)		(344,565	)		(63,327	)
Treasury shares		1,473,440		2,072,941		1,455,677		2,745,714		-			-			(17,763	)		672,773
Total unrealized										9,141,422			6,532,922			8,909,768			7,162,868

(1) The investment held by minority stockholders does not affect the result of ITAÚ UNIBANCO;

(2) Funding is represented by interbank and time deposits and funds from acceptance and issuance of securities;

(3) It does not consider the corresponding tax effects.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 135

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 published in the Gazeta Mercantil newspaper on April 1, 2009 for floating-rate securities.

· Securities and derivative financial instruments, according to the rules established by Circular Nos. 3,068 and 3,082 of November 8, 2001 and January 30, 2002, respectively, issued by the 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 (ANDIMA). 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 their 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 affiliates - in BPI, Redecard S.A., BM&F Bovespa S.A. and Visa Inc. are determined based on stock market quotations, and in Serasa S.A. are determined based on the last transaction prices.

· Time and interbank deposits and funds from acceptance and issuance of securities, when available, were calculated based on their present value determined by future cash flows discounted at futures market interest rates and swap market rates for fixed-rate securities, and for floating-rate securities, market interest rates for fixed-rate securities published in the Gazeta Mercantil newspaper on April 1, 2009. The effects of hedges (swap contracts) are also taken into account.

· Securitization of foreign payment orders, based on the net present value of the future cash flows estimated as from the interest curves of the indexation market places, net of the interest rates practiced in the market on the balance sheet date, considering the credit risk of the issuer, calculated based on the market price of other securities issued by the same.

· Subordinated debt, based on the net present value of future fixed or floating cash flows in foreign currency, net of the interest rates practiced in the market 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.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 136

NOTE 19 - BENEFITS TO EMPLOYEES

Under the terms of CVM Resolution No. 371, dated December 13, 2000, we present the policies adopted by ITAÚ UNIBANCO and its subsidiaries regarding benefits to employees, as well as the accounting procedures adopted:

a) Supplementary retirement benefits

ITAÚ UNIBANCO and its subsidiary companies sponsor the following supplementary retirement plans:

Entity	Benefit plan
Fundação Itaubanco	Supplementary retirement plan - PAC (1) Franprev benefit plan - PBF (1) 002 Benefit Plan – PB002 (1) Itaulam Basic Plan - PBI (1) Itaulam Supplementary Plan - PSI (2)
Fundação Bemgeprev	Supplementary Retirement Plan – Flexible Premium Annuity (ACMV) (1)
Funbep Fundo de Pensão Multipatrocinado	Funbep I Benefit Plan (1) Funbep II Benefit Plan (2)
Caixa de Previdência dos Funcionários do Banco Beg - Prebeg	Prebeg Benefit Plan (1)
Citiprevi - Entidade Fechada de Previdência Complementar (Orbitall/Credicard Itaú)	Credicard Retirement Plan (1) Credicard Supplementary Retirement Plan (2)
Itaubank Sociedade de Previdência Privada	Itaubank Retirement Plan (3)
UBB-PREV - Previdência Complementar	Unibanco pension plan (3) Basic Plan (1) IJMS plan (1)
Fundação Banorte Manoel Baptista da Silva de Seguridade Social	Benefit Plan I (1) Benefit Plan II (1)

(1) Defined benefit plan;

(2) Variable contribution plan;

(3) Defined contribution plan.

The basic purpose of the defined benefit and variable contribution plans is to grant a benefit that, as a life annuity benefit (in case of FUNBEP, PREBEG, PB002 and Credicard, UBB Prev and Banorte, also as survivorship annuities), will supplement the pension paid by social security. In case of the defined contribution plan, the benefit is calculated based on the contributions made and its payment is made for an established period, which does not require actuarial calculation.

All of these plans are closed to new participants. As regards the new employees hired after the closing, they have the option to participate in a defined contribution plan (PGBL) managed by Itaú Vida e Previdência S.A.

During the period, the contributions paid totaled R$ 11,687 (R$ 8,768 from January 1 to March 31, 2008). The contribution rate increases based on the participant’s salary.

b) Post-employment benefits

ITAÚ UNIBANCO subsidiaries do not offer other post-employment benefits, except in those cases arising from maintenance obligations according to the acquisition agreements signed by ITAÚ, under the terms and conditions established, in which health plans are totally or partially sponsored for retired workers and beneficiaries. During the period, the contributions made totaled R$ 1,364 (R$ 1,362 from January 1 to March 31, 2008). The contribution rate increases based on the beneficiary’s age.

c) Net amount of assets and actuarial liabilities of the benefit plan

The net assets and actuarial liabilities, which consider the actuarial obligations, calculated in conformity with the criteria established by CVM Resolution No. 371, dated December 13, 2000, are summarized below:

	03/31/2009			03/31/2008
Net assets of the plans		12,944,853			12,754,982
Actuarial liabilities		(11,577,853	)		(9,625,592	)
Surplus (*)		1,367,000			3,129,390

(*) According to paragraph 49g of the attachment to CVM Resolution No. 371 of December 13, 2000, the net asset was not recognized.

In addition to the reserves recorded by the plans, the sponsors record provisions in the amount of R$ 119,378 (R$ 27,419 at March 31, 2008) (Note 13c) to cover possible actuarial liabilities.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 137

d) Changes in net assets, actuarial liabilities, and surplus

	01/01 to 03/31/2009									01/01 to 03/31/2008
	Assets			Actuarial liabilities			Surplus			Assets			Actuarial liabilities			Surplus
Present value – beginning of the period		12,775,978			(11,223,791	)		1,552,187			12,583,353			(9,440,841	)		3,142,512
Adjustments in the period (1)		(51	)		(127,661	)		(127,712	)		-			-			-
Expected return on assets/ Cost of current service + interest		385,895			(357,913	)		27,982			384,096			(291,110	)		92,986
Benefits paid		(131,512	)		131,512			-			(106,359	)		106,359			-
Contributions of sponsors/participants		28,437			-			28,437			15,833			-			15,833
Gains/(losses) in the period (2)		(113,894	)		-			(113,894	)		(121,941	)		-			(121,941	)
Present value – end of the period		12,944,853			(11,577,853	)		1,367,000			12,754,982			(9,625,592	)		3,129,390

(1)  Effect corresponding to the reclassification of the option of former employees;

(2)  Gains/(losses) in assets correspond to the actual earnings obtained above (below) the expected return rate of assets.

e)  Main assumptions used in actuarial evaluation

Discount rate	10.24% p.a.
Expected return rate on assets	12.32 % p.a.
Mortality table (1)	AT-2000
Turnover (2)	Itaú Exp. 2003/2004
Future salary growth	7.12 % p.a.
Growth of the pension fund and social security benefits	4.00 % p.a.
Inflation	4.00 % p.a.
Actuarial method	Projected Unit Credit (3)

(1)  The mortality tables adopted correspond to those disclosed by SOA – Society of Actuaries, the North-American Entity which corresponds to IBA – Brazilian Institute of Actuarial Science, which reflects a 10% increase in the probabilities of survival as compared to the respective basic tables;

(2)  The turnover assumption is based on the effective experience of ITAÚ UNIBANCO,  resulting in an average of 1.2% p.a. based on 2003/2004 experience;

(3)  Using the Projected Unit Credit, the mathematical reserve is determined by the current projected benefit amount multiplied by the ratio between the length of service in the company at the assessment date and the length of service that will be reached at the date when the benefit is granted. The cost is determined taking into account the current projected benefit amount distributed over the years that each participant is employed.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 138

NOTE 20 – INFORMATION ON FOREIGN SUBSIDIARIES

	Foreign branches (1)						Banco Itaú Argentina S.A. (2)						Itaú Europa Consolidated (3)						Itau Bank, Ltd. Consolidated (4)						Consolidated Chile (5)						Consolidated Uruguay (6)						Unibanco Companies (7)			Other foreign companies (8)						Foreign consolidated (9)
	3/31/2009			3/31/2008			3/31/2009			3/31/2008			3/31/2009			3/31/2008			3/31 /2009			3/31/2008			3/31/2009			3/31/2008			3/31/2009			3/31/2008			3/31 /2009			3/31/2009			3/31/2008			3/31/2009			3/31/2008
Assets
Current and long-term receivables
Cash and cash equivalents		1,269,338			877,062			157,600			96,485			1,648,814			182,828			72,051			120,903			533,321			258,205			1,253,466			321,881			2,926,805			147,581			68,181			5,787,304			1,708,587
Interbank investments		14,660,673			8,065,030			397,431			198,845			3,850,842			4,354,249			3,764,282			1,362,816			77,596			153,986			371,809			525,973			1,863,655			248,596			35,972			17,846,884			11,153,610
Securities		26,654,520			9,929,413			269,923			84,805			2,405,664			1,681,479			3,513,936			2,941,594			2,297,476			1,637,736			316,879			103,722			1,363,102			42,681			8,860			34,781,902			15,965,508
Loan, lease and		13,729,208			6,412,728			1,466,557			1,336,743			6,158,472			4,340,267			284,252			268,043			8,767,999			7,198,638			1,382,645			1,070,363			1,185,617			478,997			364,457			32,816,346			20,556,337
Prepaid expenses		54,618			17,760			2,175			1,195			21,299			14,473			148			102			862			38,358			1,571			4,103			2,055			1,243			287			83,992			76,294
Other assets		5,736,646			516,383			367,362			322,110			8,836,920			184,250			1,188,041			363,561			318,069			504,115			86,190			129,555			436,759			43,345			39,270			17,003,403			2,055,917
Permanent assets
Investments		152,997			-			7,868			6,055			502,480			385,660			49,695			10,086			1,065			874			380			32			153,632			515,560			400,030			984,713			754,202
BPI		-			-			-			-			496,988			380,564			-			-			-			-			-			-			-			477,499			365,640			974,487			746,204
Other investments		152,997			-			7,868			6,055			5,492			5,096			49,695			10,086			1,065			874			380			32			153,632			38,061			34,390			10,226			7,998
Fixed and intangible assets		37,992			23,253			65,014			35,894			291,146			242,758			-			-			164,125			145,908			27,391			21,737			28,822			5,421			5,926			619,995			473,400
Total		62,295,992			25,841,629			2,733,930			2,082,132			23,715,637			11,385,964			8,872,405			5,067,105			12,160,513			9,937,820			3,440,331			2,177,366			7,960,447			1,483,424			922,983			109,924,539			52,743,855
Liabilities
Current and long-term liabilities
Deposits		20,963,833			5,777,719			1,936,131			1,675,296			9,133,922			6,341,868			2,279,702			2,037,085			8,344,351			5,989,814			2,695,060			1,606,133			2,497,966			73,756			36			38,638,014			19,571,785
Demand deposits		4,740,846			976,973			521,923			340,005			2,914,942			1,158,057			1,480,217			294,843			1,141,142			1,070,206			1,383,720			842,917			1,176,722			-			35			10,360,115			3,968,519
Savings deposits		-			-			433,204			317,524			-			-			-			-			-			-			827,601			447,450			730,832			-			-			1,991,637			764,974
Interbank deposits		132,101			28,663			-			64,462			1,730,439			1,620,013			564,479			916,649			42			17			22,993			28,171			204,751			-			-			855,497			1,350,051
Time deposits		16,090,886			4,772,083			981,004			953,305			4,488,541			3,563,798			235,006			825,593			7,203,167			4,919,591			460,746			287,595			385,661			73,756			-			25,430,765			13,488,241
Deposits received under securities repurchase agreements		2,786,798			857,107			264,858			-			149,285			171,478			1,040,319			659,477			282,643			264,796			-			-			-			-			-			3,560,381			1,768,407
Funds from acceptance and issuance of securities		3,383,066			975,931			-			-			2,361,162			2,150,688			1,655,279			199,011			496,007			984,920			-			-			-			-			-			7,841,502			4,299,623
Borrowing		12,800,062			8,957,076			27,831			86,495			1,404,641			954,954			-			4,552			823,632			871,852			14,597			10,458			40,634			9,230			-			14,934,091			10,867,444
Derivative financial instruments		2,441,648			726,287			11,602			-			127,894			107,793			907,464			223,531			274,211			303,170			-			-			10,098			-			-			2,501,582			1,229,297
Technical provisions for insurance, pension plan and capitalization		-			-			-			-			-			-			-			-			2,668			-			-			-			-			-			-			2,668			-
Other liabilities		9,210,002			1,972,001			257,072			141,635			9,230,344			539,573			1,693,796			785,702			320,622			487,707			387,435			330,438			2,212,679			45,720			33,733			22,784,213			3,870,965
Deferred income		3,571			4,249			-			-			11,324			9,074			588			573			174			132			-			-			6,739			-			16			22,396			14,043
Minority interests in subsidiaries		-			-			-			-			185			145			-			-			124			99			19			16			1			7			5			340			22,428
Stockholders' equity
Capital and reserves		10,574,937			6,557,951			227,411			178,570			1,285,513			1,096,187			1,296,640			1,179,187			1,597,408			1,002,439			337,414			228,559			3,115,921			1,374,957			841,355			19,408,667			11,012,547
Net income		132,075			13,308			9,025			136			11,367			14,204			(1,383	)		(22,013	)		18,673			32,891			5,806			1,762			76,409			(20,246	)		47,838			230,685			87,316
Total		62,295,992			25,841,629			2,733,930			2,082,132			23,715,637			11,385,964			8,872,405			5,067,105			12,160,513			9,937,820			3,440,331			2,177,366			7,960,447			1,483,424			922,983			109,924,539			52,743,855
Statement of Income
Income from financial operations		266,050			518,004			99,736			56,869			144,683			133,427			76,609			29,481			178,507			215,059			33,505			330,266			248,999			5,129			69,199			923,353			2,714,691
Expenses on financial operations		(124,116	)		(499,566	)		(30,240	)		(27,765	)		(114,402	)		(88,299	)		(66,969	)		(35,627	)		(54,416	)		(108,218	)		(3,844	)		(303,055	)		(116,158	)		(756	)		(26	)		(476,790	)		(2,458,661	)
Result of allowance for loan losses		(1,556	)		593			(14,234	)		(1,734	)		1,057			(4,340	)		-			3			(46,548	)		(27,517	)		(2,020	)		(3,406	)		(10,760	)		23			4			(74,038	)		(49,787	)
Gross income from financial operations		140,378			19,031			55,262			27,370			31,338			40,788			9,640			(6,143	)		77,543			79,324			27,641			23,805			122,081			4,396			69,177			372,525			206,243
Other operating revenues/expenses		(3,149	)		(5,874	)		(35,965	)		(28,276	)		(13,516	)		(19,645	)		(2,934	)		(4,366	)		(50,710	)		(45,637	)		(18,838	)		(24,546	)		(25,316	)		(18,455	)		(15,901	)		(74,126	)		(94,583	)
Operating income		137,229			13,157			19,297			(906	)		17,822			21,143			6,706			(10,509	)		26,833			33,687			8,803			(741	)		96,765			(14,059	)		53,276			298,399			111,660
Non-operating income		122			164			167			1,042			14			-			-			-			159			4,677			68			3,440			(585	)		(47	)		4			(146	)		9,895
Income before taxes on income and profit sharing		137,351			13,321			19,464			136			17,836			21,143			6,706			(10,509	)		26,992			38,364			8,871			2,699			96,180			(14,106	)		53,280			298,253			121,555
Income tax		(5,276	)		(13	)		(8,253	)		-			(4,507	)		(4,459	)		(1,213	)		(1,035	)		(8,314	)		(5,467	)		(3,065	)		(937	)		(19,771	)		(2,954	)		(2,814	)		(53,349	)		(19,971	)
Statutory participation in income		-			-			(2,186	)		-			(1,957	)		(2,484	)		(6,876	)		(10,469	)		-			-			-			-			-			(3,186	)		(2,628	)		(14,209	)		(15,581	)
Minority interest in subsidiaries		-			-			-			-			(5	)		4			-			-			(5	)		(6	)		-			-			-			-			-			(10	)		1,313
Net income (loss)		132,075			13,308			9,025			136			11,367			14,204			(1,383	)		(22,013	)		18,673			32,891			5,806			1,762			76,409			(20,246	)		47,838			230,685			87,316

(1) Banco  Itaú S.A. - Grand Cayman, New York, Tokyo and Nassau  Branches, Banco  Itaú-BBA S.A. - Nassau  Branch,  Banco  Itaú-BBA S.A. - Uruguay branch,  Banco  Itaú Holding  Financeira S.A. - Grand Cayman Branch;

(2) New company’s name of Banco  Itaú Buen Ayre S.A., approved by Banco  Central  de La República Argentina on 07/24/2008;

(3) BIEL Holdings AG, IPI - Itaúsa Portugal Investimentos, SGPS Lda. (51%), Itaú Europa Luxembourg Advisory Holding Company S.A., Itaúsa Europa - Investimentos, SGPS, Lda., Itaú Europa, SGPS, Lda., Itaúsa Portugal - SGPS, S.A.,Banco Itaú Europa, S.A., BIE - Bank & Trust, Ltd., Banco Itaú Europa Luxembourg S.A., Banco Itaú Europa Fund Management Company, S.A., BIEL Fund Management Company S.A., BIE Cayman, Ltd., Banco Itaú Europa International, Bie Bank & Trust Bahamas Ltd., and only on 03/31/2009 Itaú Europa Securities Inc., Itaú Madeira Investimentos, SGPS, Ltda, BIE Directors, Ltd e BIE Nominees, Lda;

(4) BFB Overseas N.V., BFB Overseas Cayman, Ltd., Itau bank Ltd., ITB Holding  Ltd., Jasper  International Investiment LLC;

(5) Itaú Chile Holdings, Inc., BICSA  Holdings LTD., Banco  Itaú Chile S.A., Itaú Chile Inversiones, Servicios Y Administración S.A., Itaú Chile Corredor de Bolsa Ltda., Itaú Chile Corredora de Seguros Ltda., Itaú Chile Administradora General  de Fondos  S.A., Itaú Chile Securitizadora S.A., Recuperadora de Créditos Ltda, and only on 03/31/2009, Itaú Chile Compañia

(6) ACO Ltda., Banco  Itaú Uruguay S.A., OCA Casa Financiera S.A., OCA S.A, e Unión Capital  AFAP S.A, and only on 03/31/2008, Itaú Uruguay Directo  S.A.;

(7) Interbanco S.A., Unibanco - União Bancos  Brasil.  (Luxembourg) S.A., Unibanco Cayman Bank Ltd., Unicorp  Bank & Trust Ltd., Unibanco Securities, Inc, UBB Holding  Company, Inc., Uni-Investments Inter. Corp.,  Unipart  Partic.  Internac. Ltd., Unipart  B2B Investments, S.L., Tradecom International N.V., Tarjetas  Unisoluciones S. A. de Capital  Variable, Rosefield Finance  Ltd., Proserv  - Promociones Y Servicios S.A. de C. V., UBB Delaware I LLC, UBT Fiduciary Ltd., UBT Finance  S.A., UBT Investments Ltd., and Unibanco Grand Cayman Branch;

(8) Afinco Americas Madeira, SGPS,  Soc. Unipessoal Ltda., Itaú Asset Management S.A., Sociedad Gerente  de Fondos  Comunes de Inversión, Zux Cayman Company Ltd., Zux SGPS,  Lda,, Agate SARL,  Topaz Holding  Ltd., Itaú USA Inc, Itaú International Investment LLC, ITrust Servicios Financieros S.A., Albarus  S.A., Banco  Del Paraná  S.A., Amethyst Holding Ltd., Garnet  Corporation, Zircon Corporation, Spinel  Corporation, Tanzanite Corporation, Itaú Sociedad de Bolsa S.A., Peroba  Ltd., Mundostar S.A., Karen International Ltd.,  Nevada  Woods  S.A., Itaú Asia Securities Ltd., Líbero  Trading  International Ltd., IPI - Itaúsa Portugal Investimentos, SGPS  Lda. (49%),  Itaú USA Securities, Inc., and only on 03/31/2009 Itaú Middle  East Securities Limited,  and Itaú Asia Securities Ltd Tokyo Branch;

(9) Information on foreign  consolidated presents balances net of eliminations from consolidation.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 139

NOTE 21 – RISK MANAGEMENT

Risk management is considered an essential tool for optimizing the use of capital and selecting the best business opportunities, in order to obtain the best risk and return ratio for its stockholders, being performed by Itaú Unibanco through its Management Committees. The risk appetite management is centralized in one of these committees, being responsible for releasing general policies and the consolidated risk assessment, whereas the operational management is carried out by committees specific to each type of risk that establish parameters to be followed by the business areas, which in turn are monitored independently by the control area

This process is continuous, permanently reviewed and supports the Group’s strategies

Further details on the risk control process can be found on the website (http://www.itauri.com.br), in the following route Corporate Governance/Risk Management

I – Market Risk

This is the risk associated with the probability that a variation in the value of assets and liabilities, caused by uncertainties about changes in prices and market rates, incurs losses for the company.

The risk control process starts with the setting of limits, approved by the Financial Risk Management Committee, responsible for the market risk management, based on the risk appetite and financial capacity of each main unit. These limits are informed to the risk control areas of the business units that carry out the daily activities of risk management and periodically provide information to the consolidated risk control area, which monitors the scope, accuracy and quality of controls. The risk control cycle is completed with the disclosure of the consolidation of market risks to the Committee.

Value at Risk (VaR)

The risk assessment process quantifies the exposure to and the appetite for risk using the risk limits based on statistical criteria (VaR Statistical: level of confidence at 99% - is a statistical measure that estimates the expected potential maximum economic loss under regular market conditions, taking into consideration the time period and confidence level), Stress simulations (Var Stress – is a measure that estimates the loss under extreme market conditions based on stress scenarios) and allocated economic capital.

The transactions of commercial bank activities and strategic positions are managed using assessments of economic risk and simulations of accounting exposures Directional trading operations (operations aimed at finding the best market options, in order to take advantage of imperfections in the definition of prices and rates, in relation to the company's expectations), performed by proprietary desks, are mainly controlled by VaR Stress measures and loss prevention limits.

The limits and exposure to market risks are relatively low as compared to the company’s stockholders’ equity, according to the diversified management of risks.. In March 2009 the Total VaR Global of Itaú Unibanco was R$ 279 million (R$ 345 million in December 2008).

Susceptibility of portfolio in relation to market risk factors

In compliance with CVM Regulatory Instruction No. 475 of December 17, 2008, Itaú Unibanco Holding S.A. carried out a sensitivity analysis by market risk factors considered relevant to which the group was exposed at March 31, 2009 (Note 7j). Each market risk factor was subject to a sensitivity level, with shocks at approximately 25% (scenario I) and approximately 50% (scenario II), and the biggest losses arising, by risk factor, in each scenario, were stated in result, net of tax effects, by providing a vision of the IUBM exposure in derivatives under exceptional scenarios.

In accordance with the operations classification criteria set forth in BACEN Resolution No. 3464/07 and Circular No. 3354/07 and in the New Capital Accord – Basel II, the analysis was fully applied to the trading and banking portfolios, which exposures will have significant impacts on the company’s current result.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 140

The outcome of the sensitivity analysis, with correlation effects among the risk factors in the trading portfolio and net of tax effects, points out to a mark-to-market sensitivity of R$ 378 million and R$ 680 million for those scenarios with variations of  25% and 50%, respectively. In the consolidated portfolio (trading + banking), sensitivity is R$ 1,495 million and R$ 2,896 million for those scenarios with variations of 25% and 50%, respectively.

The sensitivity analysis shown above do not consider the dynamics of the operation of the risk and treasury areas, because once losses related to positions are found, risk mitigating measures are quickly taken, minimizing the possibility of significant losses.

The  method,  parameters  and  assumptions  are  in  the  Management  Discussion  and  Analysis  Report

(http://www.itauri.com.br).

Itaú Unibanco’s Market Risk Management Policy, based on BACEN’s guidelines and the Basel Committee’s concepts, is a set of principles that drive its strategy towards control and management of market risk of all Business Units and Legal Entities of the Group. Are in (http://www.itauri.com.br) in the route: Corporate Governance/Regulations and Policies/Market Risk Management Policy.

II – Credit Risk

This is the risk of a debtor or borrower failing to fulfill the financial obligations of any agreement with the organization, or alternatively, failing to fulfill any agreed-upon provisions.

Itaú Unibanco’s management is performed with the objective of maximizing the risk and return ratio of its assets, maintaining the credit portfolio quality at levels appropriate to the market segments in which it is operating. The strategy is aimed at creating value to its stockholders at levels higher than the minimum return value adjusted to risk.

Itaú Unibanco establishes its credit policy based on internal factors, such as the client rating criteria and the portfolio development analysis, the registered default levels, the incurred return rates, the portfolio quality and the allocated economic capital; and external factors, related to the economic environment in Brazil and abroad, including market share, interest rates, market default indicators, inflation, consumption increase/decrease.

Itaú Unibanco’s centralized process for making decisions and establishing a credit policy guarantees the synchrony of credit actions and optimization of business opportunities. In retail, decisions are taken based on scoring models that are continuously followed up by evaluating the result of their application in groups to which credits were granted. In wholesale, the several committees are subordinated to the Management Committee, responsible for the credit risk management through a structure of approval levels that ensures the detailed observation of transaction risk, as well as the necessary timing and flexibility of its approval.

To protect the institution against losses arising from loan operations, Itaú Unibanco determines a provision level commensurate with the risk incurred in each operation through analyses that consider the aspects which determine the client’s credit risk. For each operation, the assessment and rating of the client/economic group, the operation rating, and status of the operation default are taken into account.

Additionally, Itaú Unibanco recognizes a provision to cover possible additional losses that may arise due to any reversal of the economic cycle. This provision is usually recognized based on the company’s historic default cycle. In view of the worsened economic scenario in the 4th quarter of 2008, the default cycle used for calculating the additional provision was widened to include the expected effects of the new scenario.

The set of exposures, probabilities of default and the expected recovery of transactions are included in a capital model that calculates for extreme situations the Group’s capital requirement at a safety level of 99.99%.

III – Operational Risk

It is defined as the possibility of occurring losses resulting from flaw, deficiency or inadequacy of internal processes, people and systems, or external events.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 141

The increasing sophistication of banking business environment and the development of technology make the risk profiles of organizations more complex, clearly outlining this operational risk class, which management is not a new practice, but requires now a specific structure, different from those traditionally adopted for credit and market risks.

In line with the principles of CMN Resolution No. 3,380, of June 29, 2006, Itaú Unibanco formulated a policy on operational risk management, approved by its Audit Committee and ratified by its Board of Directors, to be followed by its local and foreign subsidiaries.

This policy comprises a set of principles, procedures and tools to enable the company to make permanent adjustments to management in view of the nature and complexity of products, services, activities, processes and systems.

The structure formalized in this policy establishes procedures for the identification, assessment, monitoring, control, mitigation and communications related to operational risks, and the roles and responsibilities of the bodies that participate in this structure.

The Central Bank of Brazil's legislation compelling financial institutions to allocate capital for operating capital for operating risk came into effect as from July 1, 2008. Itaú Unibanco opted for the use of the Alternative Standardized Approach.

In addition to this structure, Itaú Unibanco uses the managerial model of economic assessment by business line with the quantification of operational risks incurred through statistical models that enables the recognition of a provision for expected losses and capital allocation for unexpected losses (VaR at a confidence level of 99.9%).

The description of the structure for the operational risk management is available on the website (http://www.itauunibancori.com.br), in the route: Corporate Governance/Regulations and Policies/Operating Risk Management Policy.

IV – Liquidity Risk

It is the risk of the company not having sufficient liquidity to meet its financial obligations, as a result of the mismatching of terms or volumes between scheduled receipts and payments.

For managing cash liquidity in local and foreign currency, the company makes assumptions about future disbursements and receipts, based on statistical and economic and financial models, daily monitored by the control and liquidity management areas. As part of the daily controls, limits for minimum cash and liabilities concentration are established to anticipate actions to ensure comfortable and profitable cash levels.

V – Subscription Risk

It is the risk of variation in actuarial assumptions used in insurance, pension plan and capitalization products, which may cause changes in the reserves required for such products.

Analogous to Basel II, the International Association of Insurance Supervisors (IAIS) instructs that insurance companies should have a risk management system to supplement the system of minimum capital and solvency margin.

Itaú Unibanco has been using models for managing its insurance operations since 2006 and anticipated the capital allocation legislation, SUSEP Resolution No. 178, which privileges institutions to adopt the internal modes of risk management. The comprehensiveness of internal models goes beyond the lines set forth by the regulatory body, and practically includes the whole universe of insurance-related products.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 142

NOTE 22 – ADDITIONAL INFORMATION

a) Insurance policy - ITAÚ UNIBANCO and its subsidiaries, despite the low risk exposure due to a physical non-concentration of  their assets, have the policy to guarantee its valuables and assets at amounts considered sufficient to cover possible claims.

b) Foreign currency – the balances in Reais linked to foreign currency were:

	03/31/2009			03/31/2008
Permanent foreign investments		19,639,352			11,099,863
Net amount of other assets and liabilities indexed to foreign currency,
including derivatives		(35,979,345	)		(17,687,475	)
Net foreign exchange position (*)		(16,339,993	)		(6,587,612	)

(*) If the participation of other stockholders in Banco Itaú Europa S.A. were not considered, the net foreign exchange position would amount to R$ (7,458,999) at 03/31/2008).

The net foreign exchange position, considering the tax effects on the net balance of other assets and liabilities indexed to foreign currency, reflects the low exposure to exchange variations.

c)  Investment funds and managed portfolios – ITAÚ UNIBANCO, through its subsidiaries, manages the following types of funds: privatization, fixed income, shares, open portfolio shares, investment clubs, customer portfolios and group portfolios, domestic and foreign, classified in memorandum accounts, distributed as follows:

	Amount				Amount (*)				Number of funds
	03/31/2009		03/31/2008		03/31/2009		03/31/2008		03/31/2009		03/31/2008
Investment funds		207,777,924		183,157,657		207,777,924		183,157,657		1,624		1,203
Fixed income		191,619,875		160,965,126		191,619,875		160,965,126		1,385		1,056
Shares		16,158,049		22,192,531		16,158,049		22,192,531		239		147
Managed portfolios		125,647,972		74,384,293		61,309,195		30,815,560		10,819		10,459
Customers		70,075,203		52,804,956		51,687,601		23,157,994		10,763		10,412
Itaú Group		55,572,769		21,579,337		9,621,594		7,657,566		56		47
TOTAL		333,425,896		257,541,950		269,087,119		213,973,217		12,443		11,662

(*) It refers to the distribution after elimination of double-counting of managed portfolios in investment funds.

d) Funds of consortia

	03/31/2009		03/31/2008
Monthly estimate of installments receivable from participants		32,473		27,196
Group liabilities by installments		1,898,017		1,243,835
Participants - assets to be delivered		1,749,286		1,090,473
Funds available for participants		261,338		221,923
(In units)
Number of managed groups		666		706
Number of current participants		94,921		97,286
Number of assets to be delivered to participants		54,231		39,725

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 143

e) Fundação Itaú Social - ITAÚ UNIBANCO and its subsidiaries are the main sponsors of Fundação Itaú Social, the objectives of which are: 1) managing the “Itaú Social Program”, which aims at coordinating the organization’s role in projects of interest to the community by supporting or developing social, scientific and cultural projects, mainly in the elementary education and health areas; 2) supporting projects or initiatives in progress, supported or sponsored by entities qualified to work in the ”Itaú Social Program”; and 3) providing food and other similar benefits to the employees of ITAÚ UNIBANCO and other companies of the group.

Donations made by the consolidated companies totaled R$ 150 in the period, and the Foundation’s social net assets totaled R$ 487,200 at March 31, 2009. The income arising from its investments will be used to achieve the Foundation’s social purposes.

f) Instituto Itaú Cultural – IIC - ITAÚ UNIBANCO and its subsidiaries are supporters of Instituto Itaú Cultural - IIC, an entity formed to grant incentives, promote and preserve Brazil’s cultural heritage. During the period, the consolidated companies donated to IIC the amount of R$ 9,760 (R$ 9,040 from 01/01 to 03/31/2008).

g) Instituto Unibanco - ITAÚ UNIBANCO and subsidiaries sponsor Instituto Unibanco, an institution whose objective is to support projects on social assistance, particularly education, culture, promotion of integration to labor market, and environmental protection, directly or supplementarily, through the civil society’s institutions.

h) Instituto Unibanco de Cinema - ITAÚ UNIBANCO and its subsidiaries sponsor Instituto Unibanco de Cinema, an entity whose objective is (i) the fostering of culture in general; and (ii) providing access of low- income population to cinematography, videography and similar productions, for which it shall maintain movie theaters owned or managed by itself, and theaters to screen art films, videos, video-laser discs and other related activities, as well as to screen and divulge films of great importance, especially those produced in Brazil.

i) Associação Classe “A” - - ITAÚ UNIBANCO and is subsidiaries sponsor Associação Classe “A”, an entity whose objective is the provision of social services for the welfare of beneficiaries, in the way and conditions established by its Internal Rules, and according to the funds available. These services may include, among others, the promotion of cultural, educational, sports, entertainment and health care activities. During the period from January 1 to March 31, 2009, the consolidated companies donated the amount of R$ 150.

j) Instituto Assistencial Pedro di Perna - - ITAÚ UNIBANCO and its subsidiaries sponsor Instituto Assistencial Pedro di Perna, an entity whose objective is the provision of social services, stimulate sport activities, and promote recreation, aimed at the welfare of its members, in the way and conditions established by its Internal Rules, and according to the funds available.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 144

k) Minorityinterestinsubsidiaries

	Stockholders’ equity				Results
	03/31/2009		03/31/2008		01/01 to 03/31/2009			01/01 to 03/31/2008
Unibanco Participações Societárias S.A.		1,095,444		-		(17,296	)		-
Itau Bank, Ltd. (1)		910,192		687,595		-			-
Banco Itaú Europa S.A. (Note 2b)		-		903,462					(66,954	)
Redecard S.A. (Note 2a)		520,074		-		(166,173	)		-
Itaú BBA Participações S.A. (Note 15a I)		-		246,024					(13,921	)
Itaú XL Seguros Corporativos S.A.		111,134		105,435		(4,562	)		(3,488	)
Miravalles Empreendimentos e Participações S.A. (2)		89,619		92,006		(3,625	)		(1,106	)
Três "B" Empreendimentos e Participações Ltda. (3)		73,659		64,567		(3,458	)		(17	)
Itaú Gestão de Ativos S.A. (4)		60,146		61,347		(326	)		(395	)
Investimentos Bemge S.A. (5)		16,228		16,079		(284	)		(187	)
Kinea Investimentos S.A. (6)		3,340		2,263		170			(98	)
Biogeração de Energia S.A.		26,321		-		(817	)		-
Other		144,145		39,481		(4,041	)		(793	)
Total		3,050,302		2,218,259		(200,412	)		(86,959	)

(1) Representedbyredeemable preferredsharesissuedon December31,2002byIta uBankLtd.,inthe amountofUS$ 393,072 t housand,with maturityo n March 31,2015 and semiannual dividendscalculated ba sed on LIBOR plus1.25% p.a.;

(2) ParentcompanyofFi nanceira Itaú CBD S.A.Crédit o,Financiamento e Investi ment o;

(3) Indirectsubsidiar yofCia.Itaú de Capit alização;

(4) Indirectsubsidiar yofUnibanco AIG Vida e Pre vidência S.A. ;

(5) Indirectsubsidiar yofBanco Itaucard S.A.;

(6) Indirectsubsidiar yofBanco Itaú S.A.,up t o 08/31/2008;indirectsubs idiaryofBanco Itaubank S.A .

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 145

l) Exclusionofnonrecu rringeffectsnetoft axeffects

	01/01 to 03/31/2009			01/01 to 03/31/2008
Sale of investments (*)		-			120,128
Visa Inc.		-			65,372
Mastercard, Inc.		-			54,756
Provision for contingencies – economic plans		(55,621	)		(55,264	)
Amortization of goodwill - Redecard S.A.		(491,366	)		-
Total		(546,987	)		64,864

  (*) The gross amount of sales is recorded in nonoperating income.

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 146

m) Reclassifications for comparison purposes – The Company reclassified the balances as of March 31, 2008, for financial statements comparison purposes, in view of the regrouping of following headings: in the Balance Sheet, the reclassification of Acquisition of Right to Credit Payroll and Prepaid Expenses Related to Partnerships to Intangible Assets, of reclassification of Leasehold Improvements from Deferred Charges to Fixed Assets, and reclassification of Customers Portfolio and Software from Deferred Charges to Intangible Assets, in order to comply with the requirements of Law No. 11,638, of December 28, 2007; and reclassification of Reinsurance operations from Technical Provisions for Insurance, Pension Plan and Capitalization to Other Receivables and Other Assets, in order to comply with SUSEP requirements. In the Statement of Income, the reclassification of Income from Bank Charges with Priority Services from Banking Service Fees to Income from Bank Charges, in order to comply with the requirements of BACEN Circular Letter No. 3,324 of June 12, 2008, in view of the change in the criteria to distribute the effects of foreign exchange variation on foreign investments (Note 2b).

	Prior disclosure			Reclassification			Reclassified balances
CURRENT ASSETS AND LONG-TERM RECEIVABLES		323,755,778			(1,947,135	)		321,808,643
OTHER RECEIVABLES		46,773,346			277,244			47,050,590
Income receivable		902,498			(93,644	)		808,854
Insurance premiums receivable		789,155			(789,155	)		-
Receivables from insurance and reinsurance operations		-			1,162,033			1,162,033
Sundry		18,243,707			(1,990	)		18,241,717
OTHER ASSETS		4,923,779			(2,224,379	)		2,699,400
Reinsurance and retrocession		-			185,926			185,926
Prepaid expenses		4,631,730			(2,410,305	)		2,221,425
PERMANENT ASSETS		3,868,617			2,400,714			6,269,331
FIXED ASSETS		1,843,590			335,910			2,179,500
Real estate in use		2,277,054			522,222			2,799,276
(Accumulated depreciation)		(4,041,656	)		(186,312	)		(4,227,968	)
DEFERRED CHARGES		760,243			(760,243	)		-
Organization and expansion expenditures		1,136,531			(1,136,531	)		-
(Accumulated amortization)		(376,288	)		376,288			-
INTANGIBLE ASSETS		-			2,825,047			2,825,047
Rights for acquisition of payroll		-			2,095,714			2,095,714
Other Intangible assets		-			919,308			919,308
(Accumulated amortization)		-			(189,975	)		(189,975	)
TOTAL ASSETS		327,624,395			453,579			328,077,974
CURRENT AND LONG-TERM LIABILITIES		296,065,544			453,579			296,519,123
TECHNICAL PROVISIONS FOR INSURANCE, PENSION PLAN AND CAPITALIZATION		25,133,337			453,579			25,586,916
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		327,624,395			453,579			328,077,974
STATEMENT OF INCOME
INCOME FROM FINANCIAL OPERATIONS		12,352,472			(2,083,655	)		10,268,817
Loan, lease and other credit operations		7,310,111			(1,019,414	)		6,290,697
Securities and derivative financial instruments		3,816,143			(1,049,400	)		2,766,743
Compulsory deposits		253,348			(14,841	)		238,507
EXPENSES ON FINANCIAL OPERATIONS		(6,825,894	)		2,088,982			(4,736,912	)
Money market		(5,746,373	)		1,953,209			(3,793,164	)
Borrowings and onlending		(662,647	)		135,773			(526,874	)
INCOME FROM FINANCIAL OPERATIONS BEFORE LOAN LOSSES		5,526,578			5,327			5,531,905
RESULT OF ALLOWANCE FOR LOAN LOSSES		(1,598,435	)		15,483			(1,582,952	)
Expense for allowance for loan losses		(1,845,151	)		15,483			(1,829,668	)
GROSS INCOME FROM FINANCIAL OPERATIONS		3,928,143			20,810			3,948,953
OTHER OPERATING REVENUE (EXPENSES)		(999,574	)		(25,505	)		(1,025,079	)
Income from banking service fees		2,502,818			(374,818	)		2,128,000
Current account services		336,148			(260,396	)		75,752
Sureties and credits granted		616,443			(112,093	)		504,350
Other		222,827			(2,329	)		220,498
Income from bank charges		-			372,745			372,745
Personnel expenses		(1,454,809	)		1,067			(1,453,742	)
Other administrative expenses		(1,563,097	)		5,231			(1,557,866	)
Tax expenses		(517,349	)		5,058			(512,291	)
Equity in earnings of affiliates		87,232			(44,077	)		43,155
Other operating expenses		(527,766	)		9,289			(518,477	)
NON-OPERATING INCOME		179,585			(473	)		179,112
INCOME TAX AND SOCIAL CONTRIBUTION		(762,875	)		5,168			(757,707	)
Due on operations for the period		(732,731	)		(1,701	)		(734,432	)
Related to temporary differences		(30,144	)		6,869			(23,275	)
NET INCOME		2,043,483			-			2,043,483

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 147

n) LawNo.11,638and ProvisionalMeasureNo. 449

Laws Nos. 6,404/76, of December 15, 1976, and 6,385, of December 7, 1976, were amended by Law No. 11,638, on December 28, 2007, and Provisional Measure No. 449/08, on December 3, 2008, on aspects related to accounting practices, preparation and disclosure of financial statements, effective as from January 1, 2008. The law sets forth that the rules issued by CVM shall be prepared in conformity with international accounting standards.

Main changes arising from the Law are already included in these financial statements, including CVM regulations that do not conflict with those of BACEN’s, such as: Disclosure on Related Parties, transaction costs, and premiums on issuance of securities, statement of added value, and share-based payment.

However, the standards below still await BACEN’s regulation to come into effect:

· Effects on changes in foreign exchange rates and conversion of financial statements;

·  Adjustment to present value of long-term asset and liability operations, and of significant short-term operations;

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 148

ReportofIndependentAccountantsonLimitedReviews

TotheBoard of DirectorsandStockholders

ItaúUnibancoHoldingS.A.

(formerl yItaúUnibancoBancoMúltiploS.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 March 31, 2009 and 2008, 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 three-month 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.

SãoPaulo,April29,2009

PricewaterhouseCoopers	Paulo Sergio Miron
Auditores Independentes	Contador CRC 1SP173647/O-5
CRC 2SP000160/O-5

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 149

ITAÚUNIBANCOHOLDING S.A.

CNPJ. 60.872.504/0001-23 Publiccompany NIRE. 35300010230

OPINIONOFTHEFISCALCOUNCIL

The effective members of the Fiscal Council of ITAÚ UNIBANCO HOLDING S.A. (the new company name of ITAÚ UNIBANCO BANCO MÚLTIPLO S.A., approved at the Extraordinary Shareholders’ Meeting of April 24, 2009 and awaiting approval by the Central Bank of Brazil), having perused the financial statements for the period from January to March 2009, have verified the accuracy of all items examined and, in view of the unqualified opinion of PricewaterhouseCoopers Auditores Independentes, understand that they adequately reflect the company’s capital structure, financial position and  the activities conducted during the period.

SãoPaulo, April29, 2009.

IRANSIQUEIRA LIMA

President

ALBERTOSOZIN FURUGUEM

Member

MARCOSDE ANDRADEREIS VILLELA

Member

ItaúUnibancoHoldin g S.A.– Complete Financial Statements - March 31,2009 150

SIGNATURES

             Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Itaú Unibanco Banco Múltiplo S.A.               (Registrant)
Date:  May 7, 2009	By:	/s/ Alfredo Egydio Setubal                Name:   Alfredo Egydio Setubal Title:     Investor Relations Officer
	By:	/s/ Silvio Aparecido de Carvalho         Name:   Silvio Aparecido de Carvalho Title:     Chief Financial Officer