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
LUIZ ALBERTO DE CASTRO FALLEIROS
PAULO RICARDO MORAES AMARAL