Consolidated Statement of Cash Flows


Years Ended December 31, 2010 and 2009

(In Millions of Reais)

  01/01 to 12/31/2010 01/01 to 12/31/2009
Net Income 5.013 4.749
Adjustments to Net Income: 10.169 11.687
Granted Options Recognized 48 42
Allowance for Loan Losses 5.686 5.560
Change in Reserves for Insurance and Private Pension 3.410 3.093
Revenue from Capitalization Plans (170) (154)
Depreciation, Amortization and Depletion 1.221 1.182
Change in Fair Value of Biological Assets (270) (155)
Deferred Taxes 454 923
Share of Profit of Unconsolidated Companies (161) (135)
Gain of Capital on the Alliance with Porto Seguro (332)
(Gain) Loss from Available-For-Sale Securities (65) (31)
(Gain) Loss from Sale of Assets Held for Sale 51 18
(Gain) Loss from Sale of Investments (2)
(Gain) Loss from Sale of Fixed Assets 4 5
(Gain) Loss from Rescissions of Operations of Intangible Assets (20)
Loss from Impairment of Intangible Assets 7
Other (26) 1.673
Change in Assets and Liabilities (24.495) (1.151)
(Increase) Decrease in Interbank Deposits 1.169 1.215
(Increase) Decrease in Securities Purchased under Agreements to Resell 8.178 7.653
(Increase) Decrease in Compulsory Deposits with the Central Bank of Brazil (26.312) (232)
(Increase) Decrease in Financial Assets Held for Trading (21.624) 938
(Increase) Decrease in Derivatives (Assets/Liabilities) (676) 1.033
(Increase) Decrease in Financial Assets Designated at Fair Value 25 83
(Increase) Decrease in Loan Operations (24.159) (6.447)
(Increase) Decrease in Inventories 25 10
(Increase) Decrease in Tax Assets 411 505
(Increase) Decrease in Other Financial Assets (5.118) 2.059
(Increase) Decrease in Other Assets 156 (470)
(Decrease) Increase in Deposits 4.449 (6.668)
(Decrease) Increase in Deposits Received Under Securities Repurchase Agreements 24.745 4.964
(Decrease) Increase in Financial Liabilities Held for Trading 246 131
(Decrease) Increase in Funds from Interbank Markets 6.526 (2.988)
(Decrease) Increase in Reserve for Insurance and Private Pension (140) (1.286)
(Decrease) Increase in Liabilities for Capitalization Plans 295 955
(Decrease) Increase in Provisions 173 (2.012)
(Decrease) Increase in Tax Liabilities 2.049 1.794
(Decrease) Increase in Other Financial Liabilities 5.119 96
(Decrease) Increase in Other Liabilities 1.105 (956)
Payment of Income Tax and Social Contribution (1.137) (1.528)


  01/01 to 12/31/2010 01/01 to 12/31/2009
Net Cash from (Used in) Operating Activities (9.313) 15.285
Interest on Capital/Dividends Received from Investments in Unconsolidated Companies 38 27
Cash Received from Sale of Available-for-Sale Securities 6.410 7.272
Cash Received upon Maturity of Held-to-Maturity Securities 105 56
Cash Upon Sale of Assets Held Sale 73 135
Sale of Investment in Unibanco Saúde Seguradora S.A. 20
Sale of Investment in Unibanco Rodobens Adm. de Consórcios S.A. 15
Sale of Investment in Cia. Hipotecária Unibanco Rodobens 4
Net Cash Received from Purchase of Satipel 55
Purchase of Additional Share in ITAÚ UNIBANCO HOLDING S.A. (1.649)
Sale of Investments 86
Sale of Fixed Assets 50 18
Cash Received on Rescission of Contracts of Intangible Assets 60
Purchase of Available-For-Sale Securities (6.447) (4.887)
Purchase of Held-to-Maturity Securities (213)
Purchase of Investments 1 (360)
Purchase of Fixed Assets (1.047) (532)
Purchase of Intangible Assets (229) (377)
Net Cash from (Used in) Investment Activities (2.723) 1.407
Funding from Institutional Markets 5.737 4
Redemption in Institutional Markets (657) (1.545)
Inflow of Financing 979 486
Payment of Financing (940) (627)
Change in Non-Controlling Interests 4 47
Purchase of Additional Non-Controlling Interests in Redecard (210)
Subscription of Shares 266 450
Purchase of Treasury Shares (15)
Dividends and Interest on Capital Paid to Non-Controlling Interests (372) (166)
Dividends and Interest on Capital Paid (1.644) (1.624)
Net Cash from (Used in) Financing Activities 3.373 (3.200)
Net Increase (Decrease) in Cash and Deposits on Demand (8.663) 13.492
Cash and Cash Equivalents at the Beginning of Year 25.883 13.438
Effects of Changes in Exchange Rates on Cash and Cash Equivalents (231) (1.047)
Cash and Cash Equivalents at the End of Year 16.989 25.883
Additional Information on Cash Flow
Interest Received
29.167 31.301
Interest Paid
15.028 12.412
Non-Cash Transactions
Loans Transferred to Assets Held for Sale
25 78
Dividends and Interest on Capital Declared and Not yet Paid
832 739
Increase of Non-Controlling Interests in the Purchase of Satipel by Duratex
1.096
Increase of Non-Controlling Interests in the Purchase of Satipel by Duratex


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