ITAÚSA – INVESTIMENTOS ITAÚ S.A.


CNPJ 61.532.644/0001-15      Public Company               NIRE. 35300022220



OPINION OF THE FISCAL COUNCIL

The effective members of the Fiscal Council of ITAÚSA – INVESTIMENTOS ITAÚ S.A., having reviewed the Management Report and the Financial Statements for the year ended December 31, 2010, 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.


São Paulo, March 28, 2011.


JOSÉ MARCOS KONDER COMPARATO

President

LUIZ ALBERTO DE CASTRO FALLEIROS
Member

PAULO RICARDO MORAES AMARAL
Member



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