<SEC-DOCUMENT>0000947871-23-000702.txt : 20230804
<SEC-HEADER>0000947871-23-000702.hdr.sgml : 20230804
<ACCEPTANCE-DATETIME>20230626214244
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000947871-23-000702
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Itau Unibanco Holding S.A.
		CENTRAL INDEX KEY:			0001132597
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		PC. ALFREDO EGYDIO DE SOUZA ARANHA, 100
		STREET 2:		TORRE AE, 3 ANDAR, CEP 04344-902
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			00000
		BUSINESS PHONE:		55-11-5019-1723

	MAIL ADDRESS:	
		STREET 1:		PC. ALFREDO EGYDIO DE SOUZA ARANHA, 100
		STREET 2:		TORRE AE, 3 ANDAR, CEP 04344-902
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Itau Unibanco Banco Multiplo S.A.
		DATE OF NAME CHANGE:	20090226

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO ITAU HOLDING FINANCEIRA S A
		DATE OF NAME CHANGE:	20030319

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO ITAU SA
		DATE OF NAME CHANGE:	20010117
</SEC-HEADER>
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<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><B><IMG SRC="image_001.jpg" ALT="">&nbsp;</B></P>

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><FONT STYLE="font-size: 9pt">599
Lexington Avenue<BR>
New York, NY 10022-6069<BR>
+1.212.848.4000<B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>By EDGAR</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">June 27, 2023</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ms. Christina Chalk</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 9pt">Senior Special Counsel, Office of Mergers and Acquisitions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Mr. Blake Grady</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 9pt">Special Counsel, Office of Mergers and Acquisitions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Division of Corporation Finance</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Ita&uacute; Chile</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Schedule 13E-3/A filed June 22, 2023</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Schedule TO-T/A filed June 22, 2023</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Filed by Ita&uacute; Unibanco Holding S.A. et al.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>File No. 005-80508</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Dear Ms. Chalk and Mr. Grady:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This letter responds to the comments contained
in the letter from the staff (the &ldquo;<B>Staff</B>&rdquo;) of the U.S. Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;),
dated June 23, 2023, with respect to Amendment No. 1, filed with the Commission on June 22, 2023 (&ldquo;<B>Amendment No. 1</B>&rdquo;),
to the <FONT STYLE="letter-spacing: 0.2pt">Tender Offer Statement on combined Schedule&nbsp;TO and Schedule&nbsp;13E-3 Transaction Statement
</FONT>(File No.&nbsp;005-80508), filed by Ita&uacute; Unibanco Holding S.A. (&ldquo;<B>IUH</B>&rdquo;) and ITB Holding Brasil Participa&ccedil;&otilde;es
Ltda. (&ldquo;<B>Purchaser</B>&rdquo;) with the Commission on June 6, 2023 (as amended, the &ldquo;<B>Schedule TO</B>&rdquo;), and is
submitted on behalf of IUH and Purchaser. Concurrently with the delivery of this letter, IUH and Purchaser have filed with the Commission
a second amendment to the <FONT STYLE="letter-spacing: 0.2pt">Schedule&nbsp;TO</FONT> (&ldquo;<B>Amendment No.&nbsp;2</B>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">For the convenience of the Staff, the comments
contained in the Staff&rsquo;s comment letter appear below in bold. IUH and Purchaser&rsquo;s response to each comment immediately follows
the applicable comment. Except where indicated otherwise, references in the responses to page numbers are to pages of the U.S. Offer to
Purchase filed as Exhibit (a)(1)(A) to the Schedule TO (the &ldquo;<B>U.S. Offer to Purchase</B>&rdquo;). Unless otherwise defined herein,
capitalized terms used herein shall have the meaning given to them in the U.S. Offer to Purchase.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Settlement of the U.S. Offer Price, page iii</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: 0.05pt"><B>1.</B></FONT></TD><TD><FONT STYLE="letter-spacing: 0.05pt"><B>We reissue prior comment one in our letter dated June 16, 2023. Please provide a legal analysis
regarding how the structure of the Offers is consistent with the requirements of Rule 14d-1(d)(2)(ii), notwithstanding that payment for
Common Shares tendered into the Chilean Offer could be made before payment for Shares tendered into the U.S. Offer. In addition, as part
of your analysis, address whether the U.S. Offer may be terminated if a condition is triggered after the expiration of the Chilean Offer
but before the Expiration Date in the U.S. Offer.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt/8pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Shearman &amp; Sterling LLP is a limited liability partnership organized in the United States under the laws of the state of Delaware, which laws limit the personal liability of partners.</TD></TR></TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><U>Response</U>: Rule 14d-1(d)(2)(ii) under the Exchange Act
provides an exemption from the requirements of Rule 14d-10 under the Exchange Act to enable a bidder to separate an offer into multiple
offers: one offer made to U.S. holders, which also may include all holders of American Depositary Shares representing interests in the
subject securities, and one or more offers made to non-U.S. holders. The U.S. offer must be made on terms at least as favorable as those
offered any other holder of the same class of securities that is the subject of the tender offers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">The exemption afforded by Rule 14d-1(d)(2) is conditioned
on, among other things, the bidder complying with all applicable U.S. tender offer laws and regulations, other than those for which an
exemption has been provided for in Rule 14d-1(d)(2), including the requirement that, in the event of a material change in the information
provided to security holders, the bidder promptly disclose such material change to security holders and extend the expiration date of
the tender offer to the extent required by Rules 14d-4, Rule 14d-6 and Rule 14e-1(b) under the Exchange Act. We note the Commission takes
the position that the minimum extension periods set forth in Rule 14-4(d) represent general guidelines that should be applied uniformly
to all tender offers (See <U>Regulation of Takeovers and Security Holder Communications</U>, Release No. 33-7760 (October 22, 1999), Section
II.E.2. and <U>Commission Guidance and Revisions to the Cross-Border Tender Offer, Exchange Offer, Rights Offerings, and Business Combination
Rules and Beneficial Ownership Reporting Rules for Certain Foreign Institutions</U>, SEC Release No. 33-8917 (May 6, 2008) (the &ldquo;<U>2008
Cross-Border Release</U>&rdquo;), footnote 224).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">We respectfully submit that the terms of the U.S. Offer are
at least as favorable as the terms of the Chilean Offer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">The terms of the U.S. Offer currently contemplate that the
Offers will expire on the same day and that settlement of the Offers will occur concurrently.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">The settlement of the Chilean Offer may occur before the settlement
of the U.S. Offer only in circumstances where there is a material change to the U.S. Offer that (i) occurs at a time when no further extensions
to the Chilean Offer are permissible under Chilean law and (ii) applicable U.S. tender offer regulations require the U.S. Offer to be
extended beyond the second business day prior to the Settlement Date. In such circumstances, the settlement of the U.S. Offer would occur
promptly after the Expiration Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">We note the position of the Commission that &ldquo;[t]he minimum
time periods after which an offer must remain open from the time that revised information is disseminated to security holders set forth
in Exchange Act Rules 13e-4(e) and 14d-4(d) are important because they allow time for security holders to consider new information&rdquo;
(See the 2008 Cross Border Release, Section II.D.). We believe that the U.S. tender offer regulations provide an important safeguard in
this respect that is not available to holders who tender into the Chilean Offer. If a material change of the type described immediately
above were to occur (this is not anticipated), we contend that it is more favorable for the U.S. Offer to be extended to afford holders
additional time to evaluate and respond to any material change before their investment decision becomes final, and for holders to receive
payment for Shares tendered into the U.S. Offer after any such required extension, provided that payment is made no later than promptly
after the expiration of the U.S. Offer (as the terms of the U.S. Offer contemplate), than it would be for holders to receive payment at
the same time as payment is made for Common Shares tendered into the Chilean Offer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">We have revised the Schedule TO, in the relevant portions
of the U.S. Offer to Purchase and all other ancillary exhibits, to include the following disclosure:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">&ldquo;The settlement of the Chilean Offer
may occur before the settlement of the U.S. Offer only in circumstances where there is a material change to the U.S. Offer that (i) occurs
at a time when no further extensions to the Chilean Offer are permissible under Chilean law and (ii) applicable U.S. tender offer regulations
require the U.S. Offer to be extended beyond the second business day prior to the Settlement Date.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">We agree that Purchaser should not have the right to terminate
the U.S. Offer if a U.S. Offer Condition is triggered after the expiration of the Chilean Offer but before the Expiration Date in the
U.S. Offer and that the U.S. Offer may only be terminated if a U.S. Offer Condition has occurred and/or exists prior to the expiration
of the Chilean Offer (as extended), unless such condition has been waived (if permissible) by Purchaser.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">We have revised the Schedule TO, in the relevant portions
of the U.S. Offer to Purchase and all other ancillary exhibits, to include the following disclosures:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">&ldquo;The U.S. Offer is conditioned upon
the satisfaction or waiver of certain conditions discussed in &ldquo;The U.S. Offer&#8201;&mdash;&#8201;Section 11. Conditions to the
U.S. Offer.&rdquo; If any of the U.S. Offer Conditions has not been satisfied or waived, as applicable (to the extent waivable), immediately
prior to the expiration of the <B><STRIKE>U.S.</STRIKE> <U>Chilean</U></B> Offer (as extended), Purchaser may extend the U.S. Offer for
one or more periods to permit such U.S. Offer Condition to be satisfied.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">&ldquo;<B>11. Conditions to the U.S. Offer.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">Notwithstanding any other provision of the
U.S. Offer, Purchaser will not be required to accept for payment or, subject to any applicable rules and regulations of the SEC, including
Rule 14e-1(c) promulgated under the Exchange Act (relating to Purchaser&rsquo;s obligation to pay for or return tendered Shares promptly
after termination or withdrawal of the U.S. Offer), pay for, and (subject to any such rules or regulations) Purchaser may delay the acceptance
for payment, or the payment for, any Shares validly tendered and not properly withdrawn pursuant to the U.S. Offer, if any one or more
of the following conditions has occurred and/or exists prior to the expiration of the <B><STRIKE>U.S.</STRIKE> <U>Chilean</U></B> Offer
(as extended), unless such condition has been waived (if permissible) by Purchaser:&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">&ldquo;All references to &ldquo;Expiration
Date&rdquo; in &ldquo;&mdash; Section 11. Conditions to the U.S. Offer&rdquo; shall be deemed to mean the expiration date of the Chilean
Offer.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Purpose of and Reasons for the U.S. Offer; Plans for the Company
After the U.S. Offer, page 6</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: 0.05pt"><B>2.</B></FONT></TD><TD><FONT STYLE="letter-spacing: 0.05pt"><B>We reissue prior comment five in our letter dated June 16, 2023. In this respect, we note
your disclosure that &ldquo;[i]n connection with the termination of Corp Group and its affiliates&rsquo; ownership of shares of the Company
in July 2022, a number of contractual obligations applicable to IUH and its affiliates after the merger ceased to exist, which contributed
.... to IUH and Purchaser&rsquo;s decision to proceed with the Offers at this time.&rdquo; For clarity, please revise to disclose the contractual
obligations applicable to IUH and its affiliates that ceased to exist, and how, if at all, such contractual obligations relate to the
bankruptcy filing by Corp Group and certain of its affiliates. Your revised disclosure should clarify how the termination of these contractual
obligations resulted in IUH&rsquo;s and Purchaser&rsquo;s decision to proceed with these Offers.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><U>Response</U>: In response to the Staff&rsquo;s comment,
Amendment No. 2 amends the U.S. Offer to Purchase to add the following paragraph to the section entitled &ldquo;Special Factors &mdash;
Section 2. Purpose of and Reasons for the U.S. Offer; Plans for the Company After the U.S. Offer&rdquo;:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">&ldquo;As discussed in &ldquo;Special Factors
&mdash; 1. Background of the Offers,&rdquo; as part of the regular review of IUH&rsquo;s businesses, IUH&rsquo;s management reviews its
long-term strategic goals and potential ways to address strategic imperatives and industry developments, which includes its equity participation
in investees such as the Company. Since April 2016, when the merger that resulted in the creation of the Company (as the surviving entity)
was consummated, IUH (through its affiliates) has been the controlling shareholder of the Company and has gradually overtime increased
its equity ownership of the Company as a result of contractual obligations (including the exercise of put options <B><U>by Corp Group
and certain of its affiliates</U></B>) under then existing agreements (including a shareholder agreement) with Corp Group and certain
of its affiliates. <B><U>As a result of Corp Group&rsquo;s bankruptcy proceedings, certain shares of common stock of the Company that
had been pledged by an affiliate of the Corp Group to an affiliate of IUH as lender under a certain credit facility were delivered to
such affiliate of IUH in satisfaction of certain of Corp Group&rsquo;s obligations, thus further increasing IUH&rsquo;s share ownership
of the Company. </U></B> Corp Group and certain of its affiliates ceased to be a shareholder of the Company as a result of the filing
by Corp Group and certain of its affiliates for protection under chapter 11 of the United States Bankruptcy Code in June 2021. <B><U>In
June 2022, certain affiliates of IUH and certain affiliates of Corp Group agreed to terminate the agreements that were executed in connection
with the merger that resulted in the creation of the Company, including the shareholders&rsquo; agreement that provided for certain matters
in connection with the corporate governance, dividend policy, transfer of shares, liquidity and other matters related to the Company,
as well as certain share purchase agreements, in each case effective as of July 2022. </U></B>In connection with the termination of Corp
Group and its affiliates&rsquo; ownership of shares of the Company in July 2022 <B><U>and the termination of the agreements originally
entered into between the IUH affiliates and the Corp Group affiliates relating to the merger</U></B>, a number of contractual obligations
applicable to IUH and its affiliates <STRIKE>after the merger</STRIKE> ceased to exist<B><U>, including IUH&rsquo;s obligation not to
directly or indirectly purchase or otherwise acquire shares of Ita&uacute; Corpbanca or any beneficial interest therein to the extent
such acquisition would require IUH or any of its affiliates to launch a tender offer to acquire all shares of the Company and IUH obligations
to purchase shares of the Company from Corp Group in connection with the exercise of put rights by Corp Group. The resolution of Corp
Group&rsquo;s bankruptcy in July 2022,</U></B> <STRIKE>which contributed, from a timing perspective,</STRIKE> together with the other
factors described under &ldquo;Special Factors &mdash; 3. Fairness of the U.S. Offer (including general economic environment, the availability
of cash at hand for payment of the U.S. Offer Price and fair pricing), <B><U>contributed, from a timing perspective,</U></B> to IUH and
Purchaser&rsquo;s decision to proceed with the Offers at this time<B><U>, as it eliminated the uncertainties relating to the overall share
ownership of the Company&rsquo;s capital stock generated by the Corp Group&rsquo;s bankruptcy proceedings and the impact of such proceeding
on the value of our common shares</U></B>.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">* * * * *</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">Please do not hesitate to contact me at (212) 848-4536, or my colleague
Roberta Berliner Cherman at +55.11.3702.2245, with any questions or comments you may have.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt"><FONT STYLE="font-weight: normal">Very truly yours,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><U>/s/ George Karafotias</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">George Karafotias</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 24pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Partner</TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Roberta Berliner Cherman &ndash; Shearman &amp; Sterling LLP</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">Jake Shaughnessy &ndash; Shearman &amp; Sterling
LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">&Aacute;lvaro F. Rizzi Rodrigues &ndash; Ita&uacute;
Unibanco Holding S.A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in"></P>

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