1q21 institutional presentation

1Q21 Institutional Presentation

Itaú Unibanco Holding S.A.

1Q21

This presentation contains forward-looking statements regarding Itaú Unibanco Holding, its subsidiaries and affiliates - anticipated synergies, growth plans, projected results and future strategies. Although theseforward-looking statements reflect management’s good faith beliefs, they involve known and unknown risks and uncertainties that may cause the Company’s actual results or outcomes to be materially different fromthose anticipated and discussed herein. These statements are not guarantees of future performance. These risks and uncertainties include, but are not limited to our ability to realize the amount of the projected synergiesand the timetable projected, as well as economic, competitive, governmental and technological factors affecting Itaú Unibanco Holding’s operations, markets, products and prices, and other factors detailed in ItaúUnibanco Holding’s filings with the Securities and Exchange Commission which readers are urged to read carefully in assessing the forward-looking statements contained herein. Itaú Unibanco Holding undertakes in dutyto update any of the projections contained herein. This presentation contains managerial numbers that may be different from those presented in our financial statements. The calculation methodology for thosemanagerial numbers is presented in Itaú Unibanco Holding’s quarterly earnings report. To obtain further information on factors that may give rise to results different from those forecast by Itaú Unibanco Holding, pleaseconsult the reports filed with the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários - CVM) and with the U.S. Securities and Exchange Commission (SEC), including Itaú Unibanco Holding’smost recent Annual Report on Form 20F.

AgendaCorporate

profileStrategicagenda

Corporategovernance

Our businesses

0413

3258

Economiccontext

Capital andrisk management

6780

Financial highlights 84

Additionalinformation94

Corporate profile

Corporate profile

About us?

Universal bank | 97 years of history | largest bank in Latin America¹

(1) Largest bank in market value; (2) 2020 Interbrand Ranking ; (3) March 2021 (4) In 1Q21. (5) December 2020.

Approximately

We are present in 18 countries

493 kdirect shareholders

4.3 kbranches and PABs

97 kemployees

56 million5

Retail clients

45 kATMs

Key

Multiple Bank1 Corporate & Investment Banking 2 Asset Management 3 Private BankingOther operations

5

Rest of the World

Argentina

Brazil

Chile

ColombiaMexicoPanamaParaguayPeru

Uruguay

Latin America

1

1

GermanyBahamasCaymanSpainUnited StatesFrancePortugalUnited KingdomSwitzerlandReino UnidoSuíça

1

1

1

1

1 2

3

2 3

1

1 2 3

1

3

Market Value³US$48.1 bn

Total assets3

R$2,124.8 bnCredit portfolio3

R$906.4 bn

RecurringManagerial ROE4

18.5%

Recurring Managerial Result4

R$6.4 bn

Tier I Capital 3

13.0%

Brazil’s most valuable² brand

R$37.4 billion

Corporate profile

What do we do?

Personal

Cards

Working capital

Mortgage

Micro credit

Vehicles

Rural

Current accounts

Cards and acquiring

Consórcio

Brokerage

Premium Bonds

Payment means

Capital markets

Life

Homeowners insurance

Auto

Dental

Card protection

Travel

Healthcare

Smartphone protection

Investments Guarantee insurance

Payroll loans

Imports/Exports

Pension plans

Full offering of products and services | diversified client base | solid brand

ServicesCredit InsuranceA completephysical and digital bank

The Retail Bank includes retail clients, high-income clients and very small and small businesses, in addition to products and services for non-account holders.

The Wholesale Bank is responsible for high net

worth clients (private banking), the units in Latin

America, banking for middle market and large

companies and corporations through Itaú

BBA, the unit responsible for corporate clients and

for its role as an investment bank.

Open platformInvestment and insurance products sold on open platforms.

$

$

$

$

$

$

$$

$

Main brands and commercial partners

Other productsOther products Other products...... ...

6

Corporate profile

How have we evolved?

First stepsCasa Moreira Salles opens in 1924, and Banco Central de Créditoin 1943.

Paths to growthMarked by mergers, acquisitions and business alliances that enabled the growth and consolidation of both institutions.

A historic mergerIn 2008, Itaú andUnibanco united to create Brazil’s largest private bank.

Focus onLatin AmericaOur international presence has evolved year after year. Today, Itaú is present in 18 countries.

A bank with a purposeWe believe that people have the power to transform the world, and that the bank can promote this transformation.

1929 1945 1983 1985 1990 2006 2016 2020

Adaptable culture | innovation | transparency in business

1930 1950 1960 1980 1984 2002 2014 2020

We have witnessed important changes around the world...

NY Stock Exchange crisis

First overseas branch of Itaú

First version of Windows appears

First Internet providers

World War II ends

Itaú on the NY Stock Exchange

First checks with client’s name

First in-branch calculators

FirstATMs

Mobile Banking in Brazil

First debit and credit cards

Banking automation begins

... and in Brazil

UK decides to leave the European Union (Brexit)

7

World Health Organization declares coronavirus pandemic

Fintechsstart to gain strength

Central Bank launches PIX

Corporate profile

A responsible bank | Commitments to positive impact

8

No poverty

SDG 1

Quality education

SDG 4

Genderequality

SDG 5

Affordable and clean

energy

SDG 7

Decent work and economic

growth

SDG 8 SDG 9Industry,

innovation and

infrastructure

Reduced inequalities

SDG 10

Sustainable cities and

communities

SDG 11 SDG 12Responsible

consumption and production

Climate action

SDG 13Peace, justice

and strong institutions

SDG 16

Each commitment to positive impact is sponsored by a senior executive from the bank's institutional and commercial areas.

(1) Potential material theme.

Partnerships forthe goals

SDG 17

Corporate profile

A responsible bank | ESG Timeline

9(1) Brazilian Corporate Sustainability Index

1999 2000

Environmental andsocial risk analysis

2004 2005 2008 2009

2020 2019 2017 2015 2013

2010

ESG aspects have been integrated into our management for over two decades

Commitments toPositive Impact

1

Sustainability FinanceFramework

2021

Applicable to Sustainable bonds

Amazon Plan in partnership with Bradesco and SantanderAmong the ten initiatives, four measures were prioritized

Amazon Conference

+ 12,000 participantsin the 3 days of the conference

+ 70 specialists, companies and members of the financial market

380 thousand native trees will be planted with donations

December, 2020

Fighting deforestation in the meat production chains Frigorific engagement for traceability

commitment Specific diligence to the meat producer sector

Stimulating sustainable chains R$100 million to finance agroindustry and cooperatives that

deal with sustainable cultures. Blended finance, credit mechanism for small producers with

technical assistance

Promotion of bioeconomy Research funding and investment in projects that unlock the

socioeconomic potential of new chains

Land regularization Legislative map and recommendation of how the financial

system can support regularization to stimulate economic activity in the region

Corporate profile

A responsible bank | ESG: highlights

10

USD 500 million raised with sustainable bonds in January 2021

First level 2 capital issueof a Latin American bank to finance green and social projects

Renewable energy and energy efficiency

Sustainable management of natural resources and land use

Sustainable transport

Sustainable water and waste management

Pollution prevention and control

Green buildings

Access to essential services

Inclusive Finance

R$100 billion

Positive Impact Commitments_ Status

for sectors with positive impact by 2025

R$ 48.1 bn¹

R$15 billion

for renewable energy generation and services by 2025

R$12.6 bn¹

R$11 billion

for small companies led by women by 2024

R$9.1 bn²

External consultancy issued second-party opinion

(1) From Aug-2019 to Dec-2020; (2) Balance in Dec-20

Corporate profile

A responsible bank | ESG: Sustainable bonds issuance

11

Sustainability Finance Framework: social and environmental criteria for resources allocation

12

Corporate profile

A responsible bank | Todos pela saúde

More than R$1 billion has already been allocated to 4 different initiatives.Next, check out some of the main achievements from April 2020 to today.

to protectR$325 million

to careR$475 million

Campaigns to clarify and raise awareness among the population and to guide on the proper use of protective masks

to informR$93 million

~ 175 million people

Purchase of oxygen plants worth R$6 millionDonation to North Region

Intended for the project Conexão in communities in RJ (which includes testing, telemedicine, instructions and donation of PPE) + impact assessment.

R$3.6 million to Fiocruz

Test Centers operations begins on the 31st of July in Rio de Janeiro city and on the 7th of August in Ceará state

+ 25,000 tests per day

Distributed to the elderly, users of public transport, residents of communities, indigenous people and homeless people

15 million masks

330,000 health professionals and 172,000 patientsBenefited by the distribution of more than 50 million protective equipment

Masks, gloves, glasses, face shields and others.

90 million of Personal ProtectiveEquipment

Investment in the new vaccine manufacturing plants of Fiocruz and Instituto Butantã

Support for epidemiological research and for the treatment of covid-19

to prepare R$136 million

society to resume social activities

and caregivers in more than 600 institutions

serving all cities in Brazil105,000 oximeters

Implementation of Reception Centers in vulnerable areas

2,500 units of hospital equipment

support to 50,000 elderly people

and awareness initiatives for truck drivers44,000 tests

Strategic agenda

Strategic agenda

Strategic agenda

Following a collective thought process, we defined our strategic agenda in order to achieve consistent and quality results in the years ahead.

Client centricity

Efficiency

Digital Transformation

People

14

Customer centricity is the central piece supported by three fundamental pillars: digital transformation, people and efficiency.

Our ambition is to be one of the world's best companies in client satisfaction.

We must have the best products, in less time and higher flexibility.

Our business is providing services and that is why people is a vital issue. We invest to provide a more open and diverse environment.

Price is of paramount importance customer satisfaction. We can only have competitive prices if we are efficient.

Strategic agenda

Client Centricity

We want our clients to have the best experienceThat is why we are continually and tirelessly striving to improve our client’s experience each time they engage with the bank

56 million clients

between 18 and over 80 years of age;

from low-income to the Private segment;

present throughout Brazil, both in the capital cities and hinterland, and overseas;

companies: from very small companies, to major corporate conglomerates.

We challenge ourselves daily to serve this very heterogeneous universe.

Satisfied clients create more valuePresent Value of R$/client recurring managerial result, 5-year forecast (base 100)

10xThe difference between the present value created by a client who advocates for the Itaú Branches segment (promoter), against the value generated by one who knocks it (detractor).

Universal Bank

15

100

468

950

ItaúBranches

5x

2x

Strategic agenda

Client Centricity

We want to be the benchmark in satisfaction, transforming our culture so that the client is at the center of everything. Our actions, including digital transformation and the efforts involving people management, are designed for our clients’ satisfaction, a key metric for the entire organization.

Lessons learned from client feedbacks to enhance their

experience.

Active contact to understand our clients’ experience.

+13 k Meetings¹

+190 k Feedbacks¹

We want to be compared to the world’s best companies in client satisfaction

Satisfied clients create higher value

Global NPS

16

+ 12 points

+ 17 points

+ 27 points

2021 vs 2018(Mar-20 vs Aug-18)

2021 vs 2018 2023 vs 2018

1: Period: Jan-21 to Mar-21

17

Strategic agenda

Client Centricity

3,8 Updated in Apr-21

1st bank to offer a leanersmartphone app

Card receivables managed by phone

APP ITAÚ(INDIVIDUALS)

APP ITAÚ EMPRESAS

4,4

APP REDE

APP ITAUCARD

APP ITAÚ EMPRESAS

4.1 4.7

4.4

4.7 4.7

4.1 4.7

4 4.8

4.3 4.4

APP PERSONNALITÉ

APP LIGHT

Continuous updates for a better experience!

Our apps are among the best rated in app stores

App StorePlay Store

Of which 15.8 MM are individual and corporate account holders

24on the mobile chanel

Of these, 93% are individual account holders

Newfeatures

+ 24 MM unique clients using our digital channels in the 1st quarter*

*Also included App Luiza, Credicard e Hipercard.

Strategic agenda

Client Centricity

Juros pós-fixados Juros prefixados

Inflação Multimercado

Carteira em 26/08/2019Nível de risco: Moderado

Retorno esperado (em % CDI): 114.5% a.a.

Nível de risco: Arrojado

Retorno esperado (em % CDI): 133.9% a.a.

DIAGNÓSTICO DA SUA CARTEIRA

Sua carteira atual Carteira personalizada

07

Investment recommendationsWhat is the best way to invest your money?

Data only Itaú has:

Expected results from 28,000 financial products and assets 1,200,000 possible portfolio combinations 10,000 scenarios for market behavior

Testing 12 billion different scenariosfor all client profiles

Optimization in the client context (current portfolio, earnings and new investments)

2.5 minutesto generate arecommendation

+0.80 to 3.00 pp additional annualportfolio profitabilitybased on the recommendation

The most advantageous combination possible for each client, according to their profile and moment in life

Customized expert evaluation

Solution

Identifiedneed:

18

cloud

artificial Intelligence andmachine learning

big data and analytics

APIs

blockchain

What are they for?Identifying possible application

opportunities

Let’s testPilots and tests in lateral situations,

which do not compromise

client’s realneeds

New technology radar:

cloud

artificial Intelligence and machine learning

big data and analytics

APIs

blockchain

+

Technology applied to solve real problems,enabling measurement of value created

Expenditure Time Expenditure Time

$ $ $ $ $ $

Strategic agenda


19

Supply perspective x Demand perspective

Traditional model: supply perspective Modern model: demand perspective

New technology trends:

We find an applicationMore investment for

updating

time data customization

Client Bank

Market research

Solutiondevelopment

Data+ research

+ experimenting

time data customization

Bank

Client

Client

Before

Now

Strategic agenda


To achieve digital transformation, we need to change the way we develop services and products

20

Strategic agenda


21

+

Sponsoredbusiness verticals:Founders:

Spark Awards

Financial Innovation Awards 2016Startup Awards

Awardssince 2015:

International Visual Identity Awards

+ velocity to extend our digital offer

IF Design Award

Cubo is the most relevant hub for technologicalentrepreneurship promotion in Latin America.

Logistics & mobility | Retail | Health | Education | Fintech

Partnerships:

13 floors+ rooftop

22sponsors

215,000+ ft²

485filliatedstartups

membersstartups

30031

differentindustries

+ outros

evolution of the platform and DevOps culture go together

modernization

Strategic agenda


22

DevOps culture

(1) Resilience metric: MTTR – mean time to repair.

50%

+ autonomy + speed+ productivity+ efficiency

of our services will be in the public cloud in 2022

deployment volumemore delivery of codes in production

deployment frequencygreater pace in the delivery of codes in production

*metrics 1Q21 vs 1Q20

+ 57%

+ 140%

speed quality

system incidents-63%

resilience¹ of our applicationseven with more deployments

+ 48%

Jan-19 Mar-21

99.6% of availability in the client’s perspective

98.9%

23

Strategic agenda


99.6% of ourclientsfind no problems when using the main transactions on the internet and mobile channels

Data base 100New work methods lead to superior results

More technology solutions

Greater number of solutions delivered:

+ 139%

1Q2020 1Q2021

Higher speed

The 1Q 2020 suffered the “new portfolio” effect, stabilizing throughout the year.

1Q2020 1Q2021 + 55%

104 MM calls/year

The right service, for the right client at the right moment

One of the world’s largest voice transcription operations

Traditional monitoring

Calls monitored by people.<0.5% followed up

Capture client’s satisfaction limited to one sample

Transcription of 100% of the calls and analysis of the texts

client attendant

“I would like to increase my

limit.”

• Map opportunities

• Capture intentions without having to ask

• Channel efficiency

• Measure the satisfaction of 100% of our clients

In the past

Speech analytics

Today

Strategic agenda


Analytics: “listening to” 285,000 calls every day

24

Audio signal

Call content

Client´s data

25

Strategic agenda


digitally acquired new clients# million

digital banksustainable expansion

3.7

1Q20 1Q21

1.4

only in April, 2021

+1.5

+ 2.5 x

digital relationships

(1) Includes: installment, payroll , personalized and renegotiation credit lines, investments, funds, time deposits, savings deposits, pension plan, foreign exchange, premium bonds, credit cards, “consórcio”, overdraft, revolving credit and protected card, residential, travel, life and credit life insurance.

of sales¹ to individuals were made through digital channels+ 70% of sales vs. mar/20

54%

of clients served by the virtual assistant do not make calls to customer service center

95%

NPS of the super app

78 points

efficiency ratio of the digital channels in 2020

15%

26

Gender equality¹

→ Succession committees including at least one woman being evaluated and another woman carrying out the evaluation.

→ Mother and pregnant well-being policyFull payment of variable remuneration

Racial Representativeness¹

→ Support black students training.

→ Support career events focused on black candidates.

→ Development actions for black employees: socio-emotional for interns and mentoring for leadership.

LGBT+

→ We are committed to the “Business and LGBT+ Rights Forum” and the “UN Standards of Conduct for Business”.

→ We are part of the OUTStand Financial Market Pride Group (created to discuss inclusion and promote the appreciation of LGBT + professionals in the sector).

of our employees are

black people

23.4%

(1) Data base: December 2020, considers only Brazilian employees (83,919). (2) In calculating the number of people with disabilities we consider only employees hired under the Brazilian Labor Code (CLT).

People with disabilities (PwD) representation¹,²

42.5% 57.5%Men Women

97 thousand Employeesin Brazil and overseas

4.6%

PwD

Officers

Managers

Back office, sales, and front office employees

Trainees

Interns

Apprentices

14%

49% 51%

41% 59%

45%

49%

By hierarchical level¹

51%

33%

By age bracket¹

40.5%

53.5%

6.0%

47.1 k people30-50 years

35.7 k peopleup to 30 years

5.2 k people> 50 years

Strategic agenda

People¹

WomenMen

67%

86%

55%

VoU cOmO sOu

Home-office

IU Conecta

New work methods

Rendering our dress code flexible, respecting our employees and our strategic agenda..

We offer more flexible options that encourage employee autonomy.

A new platform for our employees’ day-to-day. A social network with several administrative tools.

Collaborative environments, delivery communities and focal space aiming for greater synergy, communication and integration among the teams.

Greater freedom for employees to reconcile their working hours with their personal life.

Flexibility

Is Itaú Unibanco a good place to work?

83%

13%

4%

Advocates

Neutrals

Knockers

In our employees’ view

(Scores 9-10)

(Scores 7-8)

(Cores 0-6)

Strategic agenda

People¹

27(1) Data base fev/2021.

In the market view

79e-NPS

Employee’s experience –An innovative and inspiring environment

2018

28

Support provided by psychologists, lawyers, nutritionists, physiotherapists, and financial advisors to

employees and their family members.

Fique OK (Be Ok) Program

Psychological and social work care to our employees at assistance centers.

Psychosocial services

It enables employees to take care of their personal issues through a flexible work schedule that allows them to leave

earlier or after regular working hours, when required, making up for these over- or underworked hours another day

Working hours - Flexible work schedule

A scientifically validated questionnaire used to measurethree risks of mental illness

Mental Health: Self-Report Questionnaire – 20 (SRQ20)

Over 18,000 employees

assisted

7,798 persons psychologically assisted

7,693 persons assisted with social work

69,439 eligible employees25,000 evaluated employees

(1) Data-base 2020.

Mental Health

Strategic agenda

People¹

Strategic agenda

People¹

The program takes into account the priorities of the year, the results obtained and the manner in which those results are delivered, since although it is important to achieve objectives, our values must underpin all actions.

Incentive Model

A bank that recognizes, values and encourages people development.

29

Partners’ and Associates’ ProgramTo align the interests of our officers and employees with those of our shareholders, we run a program for partners and associate intended for managers and employees with a differentiated performance.

Further details on page 66

(1) Data base 2020. Obs: Fixed compensations include compensation, social benefits and charges. Variable compensation includes employees´profits sharing and share-based payment.

Evaluation (directors and EDs)

Conversation with DG/VP/DE on the priorities for the year.

Objective indicators related to priorities as support (priorities, results achieved in the previous year and market data - if applicable).

_ performance _ reporting

Behavioral assessment (360º): evaluates whether the executive's behavior is consistent with our moment and our work models.

Results. Career Moment.

Assessment with up to 3 challenges (simpler and more agile).

Evaluation can even be 100% qualitative.

_performance _ Y axis e career committee

Behavioral assessment evaluates whether the employee's behavior is consistent with our moment and our work models.

Career evaluation and development in a collegiate committee (with inputs, Y axis and reporting - if applicable).

Evaluation (team)

R$ 22 bi

Fixed compensation

Variable compensation

R$ 18 billionRecognizes a professional’s competence and seniority.

R$ 4 billionRecognizes the level of individual

performance, the financial result attained by the bank and its sustainability in the short,

medium and long terms. Each employee has targets to be achieved, which are linked to

the strategy of each area which, in turn, reflects our global strategy.

Over than 1,400,000 live and online training sessions.

Courses and training

On average, 14 hours of live and online training per employee.

Hours of training

5.8 k scholarships, postgraduate and language courses.

Scholarships

78% of the employees have a supplementary plan.

Supplementary pension schemes

Investment in personnel

Total compensation

agile management

30

Strategic agenda

Efficiency

+ 2xinvestments in the development of solutions

continuousinvestment in technology

- 28%infrastructurecosts

2021e vs 2018

digital transformation

2Xmore productivitylower costs for developingnew features

2020 vs 2018

- 43% lead timefaster delivery of new features

47%eligible employees already work in an integrated work model squads with members from business, technology, operations, UX, among other areas.

squads

100% + than 21 thousandpeople

in 2022

31

Strategic agenda

Efficiency

efficiency as a strategic pillar

culturestrengthening

continuous questioning of activities and processes in search of efficiency gains

constant flow of initiativesbeing idealized, planned and implemented

same work methodologydetailed planning and indicators for the individual monitoring of each initiative

transversal program across the bankdevelopment and implementation of initiatives that seek structural efficiency gains

16 work frontstwo meetings per month with bank´s senior leadership

1,200 initiativesplannedreview, simplify and optimize processes, automate activities, use of data andanalytics

+ than 400under implementation

goalsequentially reduce the bank’s core cost over the next 3 years

Our business

Our business

Who are our clients?

Through our Retail and Wholesale Banking segments we offer a wide range ofproducts and services tailored to each client profile.

Personnalité>R$15 thousand or >R$250 thousand in total investments

Uniclass>R$4 thousand up to R$15 thousand

Retailup to R$4 thousand

Private Bank>R$5 million in total investment

;;;;;;;

; Middle > R$30 million up to R$500 million

Large> R$500 million up to R$4 billion

Ultra > R$4 billion

Very Small and Small Companiesup to R$30 million

Client profileby segment in Brazil

RETAIL

WHOLESALE

Individuals Companies

33* The values mentioned above for individuals refer to monthly income and the values for companies refer to annual revenue.

Our business

Retail Banking

Our distribution network¹3 , 8 7 7 B R A N C H E S A N D C S B s ² I N B R A Z I L

3 %North

8 %Northeast

7 %Midwest

67 %Southeast

15 %South

Main1Q21 Results

Serving a client base of over

56 million clients

MORE THAN 44,000ATMsin Brazil

Efficiency ratio

Returnonallocatedcapital

RecurringManagerialResult

R$2.2 billion

34.5 %

19.4 %

52.3 %

(1) As of March 2021. Does not include branches and CSBs in Latin America and Itaú BBA. (2) Client Service Branches.34

Retail Banking NPS

+11 points Mar-21 vs. Aug-18

DigitalBranches(Brazil)

Brick and Mortar Branches and CSBs²

Branches and CSBs

196

4,526

4,500

Mar-20 Mar-21

4,334195

4,139

195

4,305

Consolidatedprofit sharing

166(Mar-21 vs Mar-20)

The use of our digital channels significantly increased over the last years. Our digital branches are an important channel to serve those clientes who almost do not use brick and mortar branches

195 digital branchesfor 2.3 millionclients

More than335,000 companies2

servedby accountmanager withmobility, usingsmartphone, tablet and videoconference

Use of digital channels¹Total current account holders (in millionpeople)

% of transactionsthrough digital channels Investments

Credit

Payments

52%

33%

85%

46%

24%

84%

1Q21 1Q20

ExtendedhoursDifferentiatedservice

15 digital branches for124 thousandvery small and small companies 3

+ 3 digital branches toassist 48 thousand Condominiums and their Administrators.

Digital branchesHighlights

35

Transfers 97% 96%

Mar-19 Mar-20 Mar-21

11.512.9 14.7

1.2 1.2

Individuals

Companies1.2

On-line account opening

Our business

Retail Banking

(1) Considers account holders (individuals and companies) and digital credit card holders. (2) Includes Emp3 and Emp2; (3) Includes only Emp4.

64% accounts opened by the app

1Q21 vs. 1Q20

Our business

Wholesale Banking

Our sales channels reach institutional clients in 18 countries.

Mainproducts and services

Main1Q21 Results

Only in Brazil, we serve approximately

23,000 corporate andinstitutional groups

Efficiencyratio

Return onallocatedcapital

Consolidatedprofit sharing

R$2.5 billion

38.3%

17.3 %

48.0 %

ParaguayArgentina

PeruColombiaUruguayPanamaMexicoUSABahamasCayman Chile

UKPortugalSpainGermanyFranceSwitzerlandCorporate

Institutional Clients

Private Banking

CreditsolutionsNationalandforeigncurrency

Service solutionsR$2.3 bnfixed incomedistributionR$6.2 bnequitiestransactionsin LatinAmericaR$130.6 bntotal volume ofMerger and AcquisitionR$5.8 bnfinancing of infrastructure projects in different sectorsSolutionsin WMS¹R$1,436 bn under local custodyR$145 bn under internationalcustodyR$753 bn² under asset management

$

36

(1) Data base March-21(2) Source: ANBIMA (Brazilian Financial and Capital Markets Association) – March 2021. Considers Itaú Unibanco and Intrag.

WholesaleBanking NPS

+12 points Mar-21 vs. Ago-18

RecurringManagerialResult

2021 Main initiatives for Southern Cone• Organic growth, focused on new businesses and new commercial partnerships

• Digital Transformation and Client Centricity

• Search for greater efficiency through standardization of initiatives and synergy between countries.

• Analysis of new business opportunities with technology as the main pillar.

38% 39% 41% 41% 41% 43% 45% 45% 46%

62% 61% 59% 59% 59% 57% 55% 55% 54%

44.9 44.6 44.7 46.0 48.6 49.3 50.3 50.8 56.1

Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21

Rede de Agências Itaú Consignado S.A.

31.7 32.6 33.5 35.5 38.5 39.0 39.7 40.7 45.4

8.8 7.6 6.4 5.5 4.8 4.2 3.7 3.53.8

4.3 4.4 4.8 4.9 5.4 6.2 6.8 6.66.944.9 44.6 44.7 46.0 48.6 49.3 50.3 50.8

56.1


INSS Setor Público Setor Privado

Personal loans

Money in the accountThe money is immediatelycredited, including on theweekends.

PurposeBorrowers can use the loan proceeds for all kinds of purposes.

Payroll loans

Reduced ratesInterest rates are lower than for other types of loans.

Easier repaymentFixed installments are deducteddirectly from the payroll of theborrower.

Payment conditionsFirst installment in up to 90 days.

Origination channels of payroll loans

Other personal loans

Payroll loans

(In R$ billion)

Evolution of personal loans portfolio

(In R$ billion)Composition of the payroll loans portfolio

(In %)

The payroll loans portfolio accounts for 62% of total operations in personal loans.

The portfolio of other personal loans accounts for 38% of total operations in personal loans.

62%

38%

$

$

Our business

Personal Loans and Payroll Loans$

Public SectorPublic Social Security

System (INSS)Private Sector Itaú Consignado S.A.Branches

37

25.8 25.0 26.4 27.9 30.1 33.4 36.2 35.8 34.8

44.9 44.6 44.7 46.0 48.6 49.3 50.3 50.8 56.1

70.6 69.6 71.1 73.8 78.7 82.8 86.5 86.5 90.8


79.1% 81.1% 83.7% 86.0% 88.3% 90.1% 91.2% 91.5% 93.5%

20.9% 18.9% 16.3% 14.0% 11.7% 9.9% 8.8% 8.5% 6.5%


Pessoas Físicas Pessoas Jurídicas

Our business

Mortgage Loans$

Mortgage loans portfolio Products and sales channels

Environmental and social assessment on mortgage loans

Client focused

Quick and efficient process withcredit analysis in up to one hour for operations of up to R$1 million.

possibility of digitally contracting.

specialized consultants providingsupport throughout the process.

+ 29.1 %vs Mar-20

+ 37.5 %vs Mar-19

(In R$ billion) (In %)

CompaniesIndividuals

38

Building site visit gatheringof information

Enterprise and region data

Indication of contamination search (LIC)

• Enterprise Environmental and Social Form;

• Building site photos;

• Document analysis;

• Consultation of the Contaminated Areas Register; and

• Consultation of Google Maps.

No Environmental

License?

Contaminationindicatives?

Environmental and Social Department + Environmental and Social Legal Department +

Compliance

• Technical analysis of evidence;

• Analysis of site contamination documentation; and

• Preparation of contractual clauses and conditions for release of funds.

Risksmitigated

Operation approved

Technical analysis for construction financing

48.5 47.2 47.8 48.0 48.5 49.8 51.7 56.0 66.8

Real EstateBrokers

29%

13%Partnerships

32%Branches:

high income clients

Regular banches and

Uniclass

25%

0,0%

Dev

elop

ers

Our business

Mortgage Loans¹

Loan to Value

Average Ticket and Average Origination Term²,³

$

(In %)

- 5.4 p.pvs Mar-20

+ 2.8 p.p.vs Mar-20

Vintage (quarterly average) Mortgage Loan Portfolio

Average loan maturity (in months)Value of the Property (R$k) Financing Average Ticket (R$k)

(1) Includes only Individuals. (2) Average loan maturity for new contracts; (3) Value determined using monthly credit origination average ticket and quarterly average LTV. Production source: ABECIP. 39

Vintage (quarterly average)

Mortgage Loan Portfolio

- 0.5 %vs Mar-20

+ 2.4 %vs Mar-20

Average loan maturity

Average value of the Property

Financing Average Ticket

+ 5.2 %vs Mar-20

55.0% 54.8% 57.4% 57.9% 58.6% 60.6% 63.8% 64.2%58.4%

41.6% 40.8% 40.0% 38.4% 38.8% 38.8% 39.1% 36.3% 41.9%


316 299 290 315 325 315 317 328 334

307 315 321 321 320 322 327 321 325

576 541 495551 553 523 493 516 505


3629

25

January February March

2.0 2.1 2.5 2.8 2.9 3.2 2.9 4.6 4.2 0.4 0.6 0.9 1.3 1.5

2.1 1.8

2.3 2.4 2.3 2.7 3.3

4.1 4.3 5.4

4.7

6.9 6.6

1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21

PF PJ

14.8 13.9 14.3 15.2 16,6 18.0 19.4 21.5 24.42.5 2.3 2.8 3.6 5.1 7.3 9.9 11.0

13.217.3 16.2 17.1 18.8 21.6 25.3

29.3 32.537.5


PF PJ

Our business

Vehicles$

40

Loan portfolio by client profile(In R$ billion)

Credit origination by client profile¹(In R$ billion)



(1) Includes Finame in Companies

90-day NPL Ratio ( Individuals – Vehicles)

40

(Base 100)

100

54 49 43 35 38 31 38

2012 2015 2016 2017 2018 2019 2020 1Q21

+ 39.4 %

+ 27.9 % 17.7 thousand sales points;

Sale of light and heavy vehicles:

• 81% of contracts are made in stores and dealers;

• 90% to individuals;

30% made in Digital Channels;

81% of financing are made up to 48 months.

Contracting

Average Ticket (individual)R$41.1 thousand

Contracts - thousand

Loan-to-value (individual)59%

Credline 2.0 New proposal origination platform, with

simple and renewed digital experience.

Floor PlanCredit lines for partner dealers.

iCarrosVehicle Marketplace with technological solutions, that brings buyers and sellers

together.

Eletronic signatureDigital and simple experience for the customer and the dealer.

Evolution of financing proposals on the iCarros platform:(Base 100)

$

iCarros Portal

Main commercial partnerships

41

22.1M access/month 88% mobile

Our business

Vehicles$

Main products and services

Facial RecognitionSimple and safe contracting process.

ConectCarPayment of tolls and parking without queuing.

InsurancesProtection to the car and tranquility in financing.

Lead ManagerCar dealer platform which allows lead

management in a single place.

Knowledge GarageDistance learning platform aimed at

training professionals in the sector

8

6

9

7

11

12

5

2

3

4

Digital ContractingIntegrated to iCarros and other digital environments, like dealers’ websites andothers e-commerces.

Digital AssistantOnline credit analysis and approval platform, without additional cost for the dealer.

1E-commerce solutionIntegrated payment and financial services

solution for car e-commerce.

10

We are leaders in the creditcard segment in Brazil, totaling around 34.2 million credit cards and 30.3 million debit cards (both in numberof accounts).

Our credit card options serve current account holders and non-current account holders

42

Our business

Credit Card

Main brands

Commercial partnershipsMain partnerships with retailers and traders.

Digital portfoliosIncreased comfort and convenience to our clients.

$

$

Personalcredit

Payment of bills ininstallments

Debt renegotiation

Consumer credit

Itaucard App Benefits to our clients

Digital billing statements: Paperless. More environmentally friendly.

Timeline: To follow up consumption.

Loyalty program: Points and reward program.

Virtual card: Added security for online purchases.Virtual cards generated (1Q20 = Base 100)

1001Q20

1Q21 229

2.3x

97,403 112,980 100,102

32,11442,384

35,513129,517

155,364135,615

1Q20 4Q20 1Q21

85.1%

74.5%

8.2%

8.6%

6.6%

16.9%Transactor

Installment with Interest

Revolving Credit + Overdue Loans

16.2%¹ of total sales are carriedout using digital channels

32.4%Market ShareWe are leaders in theBrazilian credit cardMarketData base: Dec-20

48.9%² in 4Q20 + 6.9 pp vs 4Q19of household consumptionare card expenses

SFN³ whithout

Itaú

+4 points CustomersatisfactionGlobal NPS - Business

Composition of credit balance

1Q21

R$135.6 billions-12.7% (vs. 4Q20)+ 3.2% (vs. 1Q20)

Credit- 11.4% (vs. 4Q20)+ 2.8% (vs. 1Q20)

Debit- 16.2% (vs. 4Q20)+ 10.6% (vs. 1Q20)

Transaction Volume (R$ million)

43

Our business

Credit Card

(1) Considers only credit cards issued to current account holders of Branches, Uniclass e Personnalité. (2) Considers credit, debit cards and pre-paid. (3) Brazilian Financial System.Note: Data base refers to Dec-20 except household comsuptiom.

Mar-21 vs. Aug-18

Debit

Credit

Total

76,575 92,447 81,546

45,282

62,02950,117

121,858

154,475131,663

1Q20 4Q20 1Q21

Our business

Acquiring services

Acquiring service revenues(R$ million)

1Q21

R$131.7 billions- 14.8% (vs. 4Q20)+ 8.0% (vs. 1Q20)

credit- 11.8% (vs. 4Q20)+ 6.5% (vs. 1Q20)

debit- 19.2% (vs. 4Q20)+ 10.7% (vs. 1Q20)

Transaction Volume (R$ million)Our brand

accepted by Rede machines

25 card brandsMore than

+36 pointsCustomersatisfactionGlobal NPS - Business

822 thousand

Clients

1.3 mnPOS number

44

1,106964 932 908

737528 642 728 621

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21

Note: Data base refers to Mar-21.

Mar-21 vs. Aug-18

Debit

Credit

Total

technology stack: state-of-the-art

iti Itaú 100% digital bankfree and differentiated account

45

Our business

iti

account opening in up to 4 minutes

payment account

digital cash withdrawal on ATMs

PIX (instant transfer)

payments

cell phone credit recharge

debit card

credit card

personal credit (beta)

6 MMclients inApril 2021

70%of clients are between 18 and 35 years old

15 MMclients until the end of 2021

target

70%of clients in the active base with registered PIX key

+ than+ than

3 MMnew clientsin 2021

84%of clients without an active account with Itaú

+ than

Revenue from insurance operations/GDP (%)

Our business

Insurance

We offer a wide range of insurance products related to life, personal accidents, vehicles and property, credit and travel. Ourinsurance core activities, which include our 30% equity stake in Porto Seguro, consist of mass-market insurance products related tolife and property, and credit.

Ranking¹,²

Potential growth in the sector8

(1) Source SUSEP, date: Feb-21, includes our 30% equity stake in Porto Seguro. Doesn´t consider Health insurance. VGBL is considered in Pension Plans;; (2) Insurance = Earned Premiums; Pension Plans = Provision for Benefits to be Granted and Premium Bonds =net revenues (3) Recurring insurance activities and other activities; (4) Recurring insurance activities include: Personal Insurance (Life, Personal Accidents, Unemployment, Funeral Allowance, Serious Diseases, Random Events, Credit Life), Housing, Homeowners, Multiple Peril and Travel; (5) Considers only Porto Seguro numbers; (6) Other activities include: Extended Warranty, Large Risks, DPVAT and IRB; (7) The sale of this portfolio was concluded on October 31, 2014. (8) Sector growth potential figures for Chile and USA refer to 2019.

46

2.9 3.0 3.2 3.3 3.43.7 3.8 3.8 3.6 3.8 3.7

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Chile: 4.5USA: 11.5

Combined Ratio – Recurring Activities Insurance

55.2% 52.4% 59.4% 63.9% 59.9%

49.1% 47.4%53.2% 58.1% 54.4%

1Q20 2Q20 3Q20 4Q20 1Q21Combined Ratio Extended Combined Ratio

jan-feb/21 jan-feb/20 Model

Total Insurance 3 4th 4th

Recurring Insurance Activities 4 4th 4th

Life & Personal Accidents 2nd 2nd Bancassurance

Credit Insurance 8th 6th Bancassurance

Pension Plan 3rd 3rd Bancassurance

Premium Bonds 5th 4th Bancassurance

Porto Seguro 2nd 2nd

Vehicles 5 Leader: Porto Seguro Leader: Porto Seguro Broker

Home Insurance 5 Leader: Porto Seguro Leader: Porto Seguro Broker

Other Insurance Activities 6 5th 5th

Large Risks 7

Health Insurance

we do not offer this product.

we do not offer this product.

Benefits Products OfferedMulti-channel BrokerSales Force

Our business

Insurance | Open Platform

Multi-channel distributionFocused on commissions and fees

Specialized sales force

Excellence in post-sales

Easy access and convenience to clients

Insurance consultants

Insurance Shop

Manager

Cashier

Internet Banking/Mobile

ATMIn

tern

alEx

tern

al

Auto and Fleet Insurance

Life (Individual and Group)

Health (Group)

Whole Life

Credit Life

Dental (Individuals and Group)

Card Protection

Premium Bonds

Mortgage

Travel

Cellphone Insurance

Homeowners

Corporate lines

47

Guarantee Insurance

Auto, Moto, Home and Pet Assistance

Crop Insurance

+

Multi-channelBroker Platform

Retention Post-Sales Analytics

SatisfactionMarketing Client service

Relationship with clients

Insu

ranc

est

ore

Prepaid health card

Call Center

Retail Partnerships

Vehicle Dealers

Digital Partnerships

Our business

Pension plan

Open platform

Funds carefully selectedalways keeping the client in mind

Technical Provisions

Concept 1,3,6,9: How much does the client have tosave to enjoy a peaceful retirement?

48

Retirement

Future expenses

Childreneducation

Tax planning

Financial returnEnable easychanging ofplanSuccessionplanning

Reasons to invest:

1

2

3

4

5

6

7

Years of salary accumulated Age1 353 456 559 65

R$ Billion

6.6 6.8 6.8 6.9 7.0 7.2 7.7 8.4 9.041.7 42.8 43.5 44.9 43.8 45.0 45.0 46.7 46.3

151.6 154.8 158.1 161.4 156.5 159.2 158.6 161.0 157.8

199.9 204.4 208.4 213.2 207.3 211.3 211.4 216.2 213.0

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21+ 27,9% (vs. 1Q20) + 0,8% (vs. 1Q20)+ 5,6% (vs. 1Q20) VGBLPGBLTraditional

Main products

Zero-fee products:

Our business

Services | Investments

SavingsPension PlanFixed incomeFunds Equities Treasury Direct

Variable Income Pension Plan Fixed Income Real Estate Fund Treasury Direct

Zero custody feefor shares of Itaú Corretora and thestock exchange

Zero initial andfinal contributionfees

Zero custody fee for third party FI via Itaú Corretora

Zero brokerage andcustody fee on digital channels

Zero custodyfee - Itaú Corretora

Real Estate Funds COE

Itaú Asset ManagementThe largest private asset manager in Brazil:

R$753 billion¹assets under management

+ 60 yearsin investment management

12 timesbest fund manager by “Guia de Fundos FGV”

We incorporate ESG issues intoour investment process.

Responsibleinvestments

49

Investment Open PlatformThird-party products offered

Funds Fixed income2

Fixed IncomeMultimarketEquityPension Plan

CDBLCALCI

(1) Source: ANBIMA (Brazilian Financial and Capital Markets Association) – March - 2021. Considers Itaú Unibanco and Intrag. (2) CDB - Time Desposits. LCA - Rural Credit Bills. LCI - Real Estate Credit Bills

investmentaggregator

accountopening

transactional journey for fixed income

Integratedbroker

short term long term

Our business

Services | Investments

50

asset managementthe most complete product shelf on the market

Mar-21 326 1,673 R$2 trillion

Mar-21 vs Dec-20 , in R$ billioninvestments

2.5%1.6%7.1%

totalown productsopen platform

focus on growth in absolute return products through multi-desk total of 15 desks and R$61 billion of AuM

expansion of product distribution via 16 banks and platforms

Itaú portfolio with accelerated funding R$10.6 billion in the quarter andR$30.8 billion in AuM in March-21

Fund of Funds (FoF)Itaú Asset Management

+ than 1,300funds undermanagement

149managers

in 1Q21, we launched:- 9 local products- 4 international products

~ R$270 Bn AuMlargest FoF in Brazil

CAGR

26% p.a.2017 to 2020

transformation in the investment journey

newinvestments app

Personal assistance or digital service - digital experience

available to Itaú clients and non-clients

differential: fund profitability projection for the next 12 months

the best digital investment experience

transparency: the client knows how the specialist's remuneration works

offices across the country (12 in operation) we are hiring +1.2 thousand specialists

complete serviceall products in one place

sophistication and expertise in recommending simulations, projections and research

what is to come:

a new advisory model

Investment BankingLeadership position and client recognition

51

Our business

Services | Wholesale Banking

Fixed incomeWe took part in local operations involving debentures, promissory notes and securitization, which totaling R$2,313 million in 2021, and were ranked second in the ANBIMA (Brazilian Financial and Capital Markets Association) ranking.

EquitiesWe entered into 17 transactions (including Block Trade) in South America in the first quarter of 2021, which totaled R$6,160 million, and were ranked second in the Dealogicranking.

Mergers and AcquisitionsIn 2021, we provided financial advisory services on 9 transactions in Brazil, with a total value of R$130,600 million and we were once again ranked first in the Dealogic ranking.

Project FinanceIn 1Q21, we served as advisor and/or creditor of approximately R$5.8 billion in financing to 15 different infrastructure projects in different sectors.

Ranking 1Q21 2020 2019

M&A¹ 1st 1st 1st

Local ECM¹ 2nd 1st 1st

Local DCM² 2nd 1st 1st

International DCM¹ 1st 2nd 3rd

Derivatives Total3 1st 1st 1st

(1) Source Dealogic; (2) Source ANBIMA – Brazilian Financial and Capital Markets Association. Information from Mar-21; (3) Source: Cetip. Information from Mar-21.

MiddleAnnual revenues from R$30 mn to R$500 mn

“Focused on clients with the best ratings, with 95% of the credits being rated B3 or better, and with operations in

diversified services, such as Cash Management, Foreign Exchange, Investment Banking and Funding."

Corporate BankingAnnual revenues over R$500 mn

“We offer a broad portfolio of banking products and services, ranging from“ cash management ”to structured

transactions and deals in the Capital Market. We serve around 4,000 large business groups (includes

Agrobusiness) in addition to serving more than 194 financial institutions.”

Markets, Products & PlanningTreasury operations for the conglomerate.

LatAmPresence in all banking segments in Latin America.

AgrobusinessLarge and Regional (medium size + producers)

“We serve more than 2,150 customers in the integrated agribusiness chain, from plants to rural producers, with an emphasis on Targeted products and Foreign Currency, in a

portfolio of more than R$30 billion.”

52

Our business

Services | Agribusiness

creation of the agribusiness segmentsets the stage for a strong growth agenda in the coming years

relevant expansion in agribusinessAgribusiness GDP has doubled in 10 years,representing 27% of Brazil's GDP in 2020 0.8

2.0+ 2x

2010 2020

In R$ trillion

2019 2021 target

2.400

# clients 463 2,400

2019 2021 target

2.400# employees 30034

credit portfolio balancein R$ billion

38.6

Mar-20

46.5

Mar-21

20.5%

• socio-environmental analysis in agribusiness operations

• expansion of the commercial team and geographic coverage

• evolution of the service model> specialization

• development of new products and structures

• scalability of operations by rural producers

• we will partner with meat producers to implement supplier traceability and support agroforestry chain

main developments and challenges

NPS totalagro71 rural

producers84

53

Outstanding operation in 2020Issues of ESG bonds coordinated by Itaú Unibanco

Local market

(1) Data base: Jan-21.

Our business

Services | Coordinating ESG Issuances for our clients¹

Offshore market

In 1Q2021, Itaú BBA coordinated fiveESG transactions of Brazilian companies in the offshore market

Local market

In 1Q2021, Itaú BBA coordinated six ESG transactions of Brazilian companies in the domestic capital market

Sustainability-linked bonds- USD 500mm for Klabin- USD 500mm for Movida

Sustainability bonds (green + social)USD 500mm for Itaú UnibancoUSD 750mm for Amaggi

USD 500mm in Green Bonds to Banco BTG

Sustainability-linked debenturesBRL 450 mm for Votorantim CimentosBRL 150 mm to Allonda

Green debentures for E1 (BRL 150mm) and CTEEP (BRL 673mm)Green CRI for Grupo Origo Energia (BRL 82mm)Green CRA for M Dias Branco (BRL 811mm)

USD 2.75 billion of ESG bonds coordinated by Itaú BBA in the offshore market

More than BRL 2 billion of ESG transactions coordinated by Itaú BBA in the Brazilian domestic capital market

Our business


Investment product management for the conglomerate and a full range of investment options to Retail Banking.

Evolution of Assets Under Administration¹

54

R$ billion

(1) Includes only Brazil (ex-Latam).

WMSLarge range of customized wealth management and

investments solutions

Private Banking

Securities Services

A full global wealth management platform with leadership position in Brazil.We have been recognized by the world’s top international Private Banking market publications:

Private Banker InternationalOutstanding Global Private Bank - Latin America, 2020

The BankerBest Private Bank in Brazil, 2020

849 922 1,002 1,068 1,135

1,290 1,276 1,343 1,407


Local Custody: we ended March with R$1,436.1 billion under custody (+4.3% from the volume under custody in the same period of 2020).

International Custody: we ended March with R$144.8 billion under custody (+54.8% from the volume under custody in the same period of 2020).

Corporate Solutions: we are leaders in the bookkeeping of shares, providing services to 208 companies listed on B3, representing 57.8% of the total market, and in the bookkeeping of debentures, we work as a bookkeeper for 340 (27.1%) issuances.

Our business


55

Timeline of IAM responsible investment practices

2008

2009

2010

2013

2014

2015

2016

2017

Signatory toProprietary model to

incorporate ESG issuesinto the analysis of

funding fixed income

ESG issuesincorporated intothe Proxy Voting

policy

White paper on theincorporation of ESG

issues into the analysisof funding

Internal study aboutESG issues and

sovereign bonds

White paper on theincorporation of ESG

into the analysis ofcorporate securities

Launching of AMEC Stewardship Code /

Latin America

Carbon footprintcalculator for funds

2018

White paper onresponsible investment

through the SDGs lenses

2019Incorporation of ESG issues

into the analysis of more than 95% of assets under

management (AuM) of IAM

Asset Management

White paper on responsible investment in the days of COVID-19 and launch of the funds:

-Itaú Momento ESG Actions;-Esg International Portfolio;

-Itaú Index ESG Water;-Itaú Index ESG Clean Energy.

2020

KineaIt is an independent platform of management of differentiated investments. With R$56,5 billion in assets as of March 2021, it operates in the segments of Multi-Markets, Real Estate, Pension Plan and Private Equity, Stock and Infrastructure.

Asset ManagementIn March 2021, we reached R$753,5¹ billion in assets under management.Over 60 years in investment management and 12 times best fund manager by “Guia de Fundos FGV”.

Itaú Asset Management (IAM) integrates ESG issues in the investment process:

(1) Source: ANBIMA (Brazilian Financial and Capital Markets Association) – March 2021. Considers Itaú Unibanco and Intrag.

56

Integrating ESG issues into business valuation

Itaú Asset Management (IAM)As asset managers, we are responsible for understanding the risks and opportunities involved in the business.

ESG product offering

“Momento ESG” FundEquity with active management.

ETF ISUS11Equity that replicates the ISE-B3 portfolio.

ETF GOVE11Equity that replicates the “Índice de Governança Corporativa Trade - B3” portfolio

Lauched Dec-20ESG product offering

Itaú Index ESG ÁguaVariable income fund - water business related.

Itaú Index ESG Energia LimpaVariable income fund - renewable sources energy related.

Carteira ESG InternacionalItaú Asset's international assets -ESG investment trends

99.84% of Assets under Management covered by ESG criteria

Board independence

and quality

Corporate GovernanceGovernance

dimensions

Socialdimensions

Environmentaldimensions

Company

Relationship withemployees

Relationship with

communities

Relationship with clients

Relationship withsuppliers

Waste, effluentsemissions

Climatechange

Water, energyand materials

Biodiversity and land use

Our business

Services | ESG at Itaú Asset Management

We announced our intention to acquire control of XP Inc. in stages

We communicated our commitment to BACEN to no longer acquire control

We announced the intention to spin off our part of the business in a company (“XPart”)

We sold 4.5% of the capital of XP Inc.

After the favorable opinion of the regulatory authority, there is up to 120 days³ for listing shares on B3 and for the distribution of new shares of XPart. The cut-off date (“ex”) and procedures will be given in due course.

Until the cut-off date (close to the listing date)the shares issued by Itaú Unibanco will continue to be traded with the entitlement to receive shares issued by XPart.

Once the new company is listed,the shareholders will receive an equity holding in XPart, in the same amount, type and proportion as the shares they hold in Itaú Unibanco.

The shareholders will continue to retain their current equity holdingin Itaú Unibanco and will also become shareholders of XPart.

The percentage of XP's capital that will held by XPartrepresented 40.52% at 12.31.2020, due to the capitalization of XP in December.

(1) After approval by BACEN; (2) Equivalent to 41.05% of the capital of XP Inc on the base date of September 30, 2020; (3) According to the Brazilian Corporation Law

Extraordinary General Meeting (EGM)

May 2017

Aug 2018

Nov 2020

Dec 2020

Jan 2021

We will acquire¹ 11.38% of the capital of XP Inc.

In 2022

On January 31st, the EGM approved the spin off of Itaú Unibanco`s participation² in the capital of XP Inc. into “XPart”, company to be constituted after the controllers obtain a favorable opinion from the regulatory authority.

Our business

XP Inc shareholding

57

Corporate governance


History of our Governance

We believe that a sound and meritocracy-based governance, guided towards long-term value creation, adds value to our business, facilitates access to capital and contributes to business continuity.

59

20081996APIMECsmeetings andRoadshows

2000Corporate Code of EthicsIndependent Fiscal Council

1999APIMECs meetings

Inclusion in the DowJones Sustainability Index

2005Trading Committee and Policy

Inclusion in the CorporateSustainability Index

1997Level III ADR

2002DisclosureCommitteeand Policy

2001Stock Option Plan

Level I of Corporate Governance of B3

2003Election of Independent Members

2007Certification under section404 of Sarbanes-Oxley Act

Merger

Highlights

2018-XP Investimentos (XP)CADE’s approval of the acquisition of a minority interest, reaffirming the independence of management – ItaúUnibanco acquired 49.9% of the capital, with 30.1% of the common shares.- 21 years on the NYSE.- 50% stock splitwith a 50% increase in dividends paid monthly.- Encouraging diversity and new Vou Como Sou dress code.- General Data Protection Law as a Priority for Itaú Unibanco.- 10 years of merger between Itau and Unibanco.- The BylawsInclusion in the bylaws of the obligation that the majority of the members of the Board of Directors must be non-executive members and at least one third must be independent members.

2019- The creation of the Social Responsibility CommitteeApproved on January 31, 2019.

2020- Disclosure of the Management Members’ Compensation Policy.

2017Policy for Nomination ofExecutives: minimum 30% ofindependent members in C.A.

Inclusion in the BloombergEquality Index

2008CorporateGovernancePolicy

2007Voluntary adherenceto Abrasca’s Manual forMaterial InformationControl and Disclosure

2006Certification under section404 of Sarbanes-Oxley Act

Internal Regulation of theBoard of Directors

2004Audit Committee

Creation of Dividendreinvestment program

2001Level I of CorporateGovernance of B3

Election of IndependentBoard Members

1999Inclusion in the DowJones Sustainability Index

1995Stock Option Plan

2013

Related Party Committee

2011Voluntary adherence to the Abrasca’sCode of Self-regulation and Bestpractices of Publicly-Held Companies

Remuneration Committee

2009Strategy Committee

Risk and CapitalManagement Committee

Nomination and CorporateGovernance Committee

Personnel Committee

2012Digital Assembly

2010Partners and AssociatesProgram

2015Inclusion in the SustainabilityVigeo EIRIS Index – Emerging 70

New Management Structure ofItaú Unibanco Holding

2005Nominating and Compensation Committee

Inclusion in the Corporate Sustainability Index

2002Disclosure and Trading Committee

Level II ADR Program

Tag Along

Highly diversifiedshareholder base


Our governance structure

Family control, with long-term vision

ON51.71%

PN0%

ON39.21%

PN0.004%

ON7.76%

PN99.61%

Free Float

ON36.73%

PN81.87%

Free Float*

74%

Traded on B3

26% Traded on NYSE

50% Brazilians50% Foreigners

Itaú Unibanco participações

(IUPAR)ITAÚSA


Non-voting shares (PN)4.8 billion of shares

66.5%

33.47%

33.64%

ON63.27%

PN18.13%

Moreira Sallesfamily

Cia. E. Johnston de Participações66.36%

26.22% 53.04%19.88%

100%

Egydio de Souza

Aranhafamily

ON50.00%

PN0%

Note: ON = Common Shares; PN = Non-voting Shares; (*) Excluding shares held by majority owners and treasury shares.60


Pillars of our Governance

Family control ensuring long-term strategic vision

Responsible for value creation by means of strategicdefinition

Focus on decision-making, resolving upon high impact topicsfor the company’s destiny

• Alignment among shareholders• Defines group’s vision, mission and values• Assesses significant mergers and acquisitions• Nominates executives to the Board of Directors• Evaluation of performance and admission of family members• Discusses and approves long-term strategies

IUPAR


Shareholders’ General Meeting

Board of Directors

Fiscal Council

Executive Committee

Committees

Disclosure and Trading Committee

Professional management with the implementation ofstrategy and day-to-day management

decisions made ona collective basis

management alignedwith meritocracy-basedculture

Focus on performance and value creation

61

Our Board of Directors consists of professionals with exceptional knowledge and expertise in different areas of expertise, some of the key differentials of our management.


Board of Directors

• Defining and monitoring the strategy;• Assessing mergers and acquisitions; • Monitoring the Executive Committee performance; • Appointing officers (meritocracy);• Approving the budget;• Defining and supervising risk appetite and policies for capital use;• Defining and monitoring incentive andcompensation models and establishing goals; • Supervising the technology strategy; • Defining meritocracy policies;• Supervising the business operation.

The evaluation process of the Board of Directors iscarried out by a third-party. Each director evaluatesthemselves, the other directors and of the organ as a collegiate.

1

2

4

7

Risk and Capital Management

Social Responsibility Committee

3

5

6

8 Compensation Committee

Strategy Committee

Board of DirectorsCommittees

Main duties

Audit Committee

Personnel Committee

Related Parties Committee

Nomination and Corporate Governance Committee

62

2 Co-chairmenPedro Moreira SallesRoberto Egydio Setubal

9 Members, being 5 Independent members

5 8

2 4 7 86

6

1 Vice-presidentRicardo Villela Marino 6

Alfredo Egydio SetubalAna Lúcia de Mattos Barretto VillelaCandido Botelho Bracher¹João Moreira Salles

2 4 72 4 7

Fábio Colleti BarbosaMaria Helena dos Santos Fernandes de Santana¹Marco Ambrogio Crespi Bonomi Pedro Luiz Bodin de MoraesFrederico Trajano Inácio Rodrigues

2 3 4 7

4 5

3 5 8

6

6

(1) Awaiting approval by the Central Bank of Brazil

Our committees report directly to the Board of Directors.


Board of Directors Committees

since 2009

Risk and Capital Management100% of the members are non-executive12 meetings in the year

Supports the Board of Directors; establishes the riskappetite; evaluates the cost of capital and the minimum return expected; allocatescapital; oversees risk management and control; improves risk culture andcomplies with regulatoryrequirements

since 2004

Audit100% of the members are independent60 meetings in the year

Ensures the integrity of thefinancial statements; complies with legal andregulatory requirements; and ensures the efficiency ofinternal controls and riskmanagement

since 2011

Compensation100% of the members are non-executive5 meetings in the year

Promotes discussions onincentive and compensationmodels; developscompensation policies for management members and employees; and establishes goals

since 2009

Nomination andCorporate Governance100% of the members are non-executive3 meetings in the year

since 2009

Personnel100% of the members are non-executive4 meetings in the year

Establishes policies for attracting and retaining talented professionals; proposes guidelines for recruiting and training employees; and presents long-term incentive programs and monitors the culture of meritocracy

since 2009

Strategy100% of the members are non-executive5 meetings in the year

Proposes budgetary guidelines; provides inputs for decision-making processes; recommends strategic guidelines and opportunities for investments internationalization and new business areas creation

since 2013

Related Parties100% of the members are independent12 meetings in the year

Manages transactions between related parties; and ensures equality and transparency for these transactions

since 2018

LATAM StrategyCouncil

Assesses the outlooks for the world economy; adoptsinternationally accepted trends, codes and standards; andprovides guidelines for the Board of Directors to analyze opportunities

since 2017

Digital AdvisoryBoardProposes technologicaldevelopments; assessesclient’s experience; andfollows world trends

since 2019 NEW

Social Responsibility4 meetings in the year

Defines strategies tostrengthen our social responsibility; monitors theperformance and defines theallocation process of theRouanet Law

8committees

Strategic committees

The Board ofDirectors isresponsible for electing themembers of thecommittees for one-year terms ofoffice.

They must have proven knowledge in the respective areas of work and technical qualification compatible with their duties.

Periodically reviews the criteria for nomination and succession;provides methodological support for the assessment of the Board of Directors and Chief Executive Officer; nominates members of the Board of Directors and Senior Vice Presidents (Diretores Gerais); and analyzes potential conflicts of interests

63

Alexandre ZancaniAuto loans, mortgage, “consorcio", credit for individuals and recovery, among others

André SapoznikPayments, operations, service and marketing

André Rodrigues Retail banking, digital channels, UX, insurance and SME finance

Carlos Constantini Wealth Management & Services(WMS)

even closer to the business areas

Since the beginning of 2021, this group has the mission to lead the bank's operations and transformation, in line with the priority fronts of customer satisfaction, efficiency, digitalization and focus on growth.

simplifying the operation and management model

allowing more autonomy and speed in decision making

Milton Maluhy FilhoNew CEO

Flávio Souza - Presidente do Itaú BBACommercial bank, CIB, ECM and DCM, research and wholesale credit

Pedro Lorenzini¹Treasury, asset products and client desks, macroeconomics and operations in South America

Ricardo GuerraTechnology

Alexsandro Broedel - CFOFinance and investor relations, real estate assets and procurement

Leila Melo Legal, ombudsman, institutional communication, sustainability and government relations

Matias Granata - CROMarket, credit and operational risks, capital management, corporate security, compliance and AML

Sergio FajermanPeople

Candido BracherFormer-CEO

New composition of the executive committee and responsibilities

Business Support


New Executive Committee

64(1) Awaiting approval by the Central Bank of Brazil

Aiming at aligning the interests of our officers and employees with those of our shareholders, we maintain a partner and associate’ program, focused on management members and employees with outstanding performance.


Partners and Associates Program

Long-term incentivesThe program offers to participants the opportunity to invest in our non-votingshares (ITUB4), receiving a return also in shares, sharing short, medium andlong-term risks.

The partners program may also considerother instruments derived from shares,

as opposed to actual shares.

The share price considered at the grant and delivery dates is calculated on the

seventh business day before of each event, considering the average closing

price in the 30 days prior to the calculation.

Any partners and associates shares not yet received will also be subject to reduction

proportional to a possible reduction in the realized recurring managerial result of the

Issuer or of the applicable business area.

50%3 year

50%5 years

The investmentmust be retained

for:

Net variablecompensation

PartnersEight-year term of officeEligible to successive reappointmentsPossibility to invest 50% to 100% of net variablecompensation

AssociatesFour-year term of officeEligible to two reappointments (maximum 12-year term)Possibility to invest 35% to 70% of net variable compensation

year 1 year 2 year 3 year 4 year 5 year 6 year 7 year 8

grant year

Shares received will remain unavailablefor sale for five and eight-year term as

from each investment in shares

Partners and associate receive a return on theinvestment in the program

ITUB4

Available for sale

70% associates50% partners

30% associates50% partners

Available for sale

(delivery of 50%)ITUB4

(delivery of theremaining 50%)ITUB4

65

501440

313

269295

Oct-08 Oct-10 Oct-12 Oct-14 Oct-16 Oct-18 Oct-20

ITUB4 - with dividend reinvestmentBank basket with dividend reinvestment¹IBOVESPA IndexDollarCDI

100

Our capital stock is comprised of 9.8 billion common shares (ITUB3) and non-voting shares (ITUB4). Non-voting shares are also traded as depositary receipts (ADR - ITUB ) on the NYSE (New York Stock Exchange).


Our shares

ITUB3

Stock Exchange

R$25.11Price²

Additional payout4

Tag Along5

Voting right

Priority dividends³

Characteristics of our shares

R$27.97 US$4.96

80% 80% 80%

ITUB4 ITUB

Appreciation of R$ 100 investedon the date before the announcement of the merger(10/31/08) to March 31,2021

Source: Economatica

(1) Simple average of the three largest Brazilian banks ex Itaú Unibanco; (2) Closing price as of March 31, 2021. Source: Economatica. (3) The non-voting shares will have the right to the priority minimum annual dividend (R$0.022 per share). (4) Additional payments may bemade in dividends or interest on capital. ADR holders will be paid by the Custodian Bank, which will be responsible for paying the holders in an average time 10 days as from the payment in Brazil. (5) Mechanism for protecting minority shareholders in the event of a change in the Company’s shareholding control.

66

Mar-21

Capital and risk management

Through our internal capital adequacy assessment process (ICAAP), we evaluate our capital adequacy for addressing risks, represented by our regulatory capital for credit, market and operating risks, and the capital required for covering other risks.

Capital adequacy

To ensure our solidness and the availability of capital to support the growth of our business, our Referential Equity remains above the minimum levels required by the Central Bank.


Our principles of risk management

The Board of Directors is our main capital management body, responsible for approving our institutional capital management policy and the guidelines involving the institution’s level of capitalization.

preparation of managerial and regulatory reports

preparation of the capital plan, in situations of both normality and stress

We adopt a forward-looking approach when managing our capital, using the following pillars:

structuring of the capital contingency and recovery plans

internal capital adequacy assessment

identification of the material risks and the evaluation of additional capital

Main indicators ascertained based on the Prudential Conglomerate on base date March 31, 2021

Basel Ratio14.5%

Referential EquityR$155 billion

Dividends and IOC in 1Q21 R$1,284 million (net of taxes)

68


Basel III and Capital structure

Total Capital (10.25% - 12.75%)

Tier I (8.25% - 10.75%)

CET 1 (6.75% - 9.25%)

Mar-21

Additional Tier I Capital (AT1)

4,5%

1.25%

0 – 2.5%

1.5 %

2.0%

Countercyclical²

Conservation4

Common Equity Tier I

1.0 %Systemic³ACP¹

4.5%

Basel III requirement

Tier II

Our current ratio

14.5%

69

11.3%

1.5%

1.7 %

(1) ACP = Additional Principal Capital. (2) Countercyclical ACP: defined by each Central Bank. BACEN and currently set at 0%. (3) Systemic ACP: Requirement required for systemically important banks at domestic (D-SIBs) or global (G-SIBs). For Itaú Unibanco, this requirement is 1.0%. (4) Regulatory change implemented: conservation ACP from 2.5% to 1.25% from April 2020 to March 2021. As of April / 21, the conservation ACP will gradually increase, remaining again at 2.5% in April / 22. (CMN Resolution 4,783).


Capital cost management

Risk and Capital Management

Committee

Board of Directors

The cost of own capital is monitored monthly by a committee that reports to the Board of Directors.

When the monitoring indicators of the CoE exceed the monitoring range, the committee evaluates the indicators and decides whether to propose a revision of the capital cost to the Board of Directors.

Monitoring is based on in-house models, market data and evaluations of the cost of the bank’s capital and

that of the market.

The Board of Directors, then, deliberates on and approves the changes

or the ratification of the cost of own capital

We are continually striving to manage our capital allocation efficiently through an appropriate capital cost.

70

A classical model with three lines of defense: the business areas bear primary responsibility for risk management, followed by the risks area and, lastly, the audit area subordinated to the Board of Directors.

Board of DirectorsPedro Moreira Salles

Roberto Egydio Setubal

Capital and Risk Management CommitteePedro Bodin¹

Audit CommitteeGustavo Loyola¹

3rd line of defense

Independent review of the activities in which the institution is engaged

Monitoramento mensal do Apetite de Riscos

Discussion of metrics and the outcome of Risk Appetite, as well as the main risk topics

Internal Audit Paulo Miron

Itaú Unibanco HoldingMilton Maluhy

Manages the risks these generate, with responsibility for identifying, assessing, controlling and reporting

1st line of defense

Ensures that the risks are managed and sustained on the principles of risk management:• Risk Appetite• Policies• Procedures• Dissemination of the risk culture in the business

2nd line of defense


How are we structured for managing risks?

André Rodrigues - Retail banking, digital channels, UX, insurance and SME finance

Alexandre Zancani- Auto loans, mortgage, “consorcio", credit for individuals and recovery, among others

Carlos Constantini- Wealth Management & Services (WMS)

Flavio SouzaPresident ofItaú BBA- Commercial bank, CIB, ECM and DCM, research and wholesale credit

Alexsandro Broedel(CFO)- Finance and investor relations, real estate assets and procurement

Matias Granata(CRO)- Market, credit and operational risks, capital management, corporate security, compliance and AML

Sergio Fajerman- People

Leila Mello- Legal, ombudsman, institutional communication, sustainability and government relations

André Sapoznik- Payments, operations, service and marketing

Ricardo Guerra- Technology

Pedro Lorenzini- Treasury, asset products and client desks, macroeconomics and operations in South America

71(1) Independent member.

Risk appetite defines the nature and level of the risks acceptable to our organization, delimiting the conditions in which our management will strive to maximize the creation of value.

‘

stipulates that we must have enough capital to protect us from a stress event without adjusting our capital structure.

establish concentration limits, foster the diversification of revenues in the search to ensure low volatility in our results and the sustainability of our business.

is centered on controlling operational risk events that could have an adverse impact on our strategy.

deals with risks that could impact our brand value and reputation.

stipulates that our liquidity should weather long periods of stress.

Capital ratios in normal and stress situations

ratings on debt issues

Exam

ples

of

met

rics LCR

NSFR

greatest credit risks

highest exposures

concentration by sectors, countries and segments

market risk concentration

Capitalization Liquidity Credit, Market and Business Operational risk Reputation

operational risk events and losses incurred

information technology

suitability indicators

media exposure

follow-up on client complaints

regulatory compliance

that underpin our risk management structure

The policy is drawn up and approved by the Board of Directors

5 dimensions

Declaration by the BD: “We are a universal bank operating mainly in LatinAmerica. With the support of our risk culture, we operate to strict standardsof ethics and regulatory compliance in the search for high-level results andgrowth with low volatility, through long-standing relationships with ourclients, correct pricing of risks, diversified sources of funding and proper useof capital.”


How do we establish our risk appetite?

It is monitored, discussed and reported on a regular basis to the executive levels, the Board of Directors and the Audit Committee

Where is Risk Appetite inserted?

Risk Appetite

Global Limits

Specific Limits

Competencies and

Policies

Board of Directors

Executive Level

72

The principles of risk management define the fundamentals of risk management and risk appetite based on 6 pillars, providing guidance on how the employees of Itaú Unibanco Holding work and take decisions.

Sustainability and customer satisfaction

we want to be the leading bank in sustainable performance and in customer satisfaction. We strive

to create shared value for our employees, clients, shareholders and society, ensuring the perpetuity of

our business.

Risk Culture

our risk culture extends beyond policies, procedures and processes, strengthens the individual and

collective responsibility of all employees, so that they do the right thing at the right time and in the

correct manner, respecting the ethical way of doing business.

Pricing of risk

we operate with and assume business risks we know and understand, avoiding risks we are not familiar

with or in which there is no competitive advantage, carefully evaluating the risk-return ratio.

Diversification

we have a low appetite for volatility in our results, which is why we operate with a diversified base of

clients, products and businesses, striving to diversify the risks to which we are exposed and

prioritizing lower risk business.

Operational excellence

we want to be an agile bank with a robust and stable infrastructure, to provide a high-quality service.

Ethics and respect for regulations

For us, ethics are non-negotiable. We foster a proper institutional environment, instructing our employees to cultivate ethics in relationships and

business and to abide by the rules, thereby defending our reputation.

Risk appetite consists of a 4-layer structure: principles of risk management, declaration by the Board of Directors, magnitude of the risk and metrics, and coordinates the set of guidelines on the assumption of risks.


Our risk management principles

73

Average VaR¹ in the quarter Liquidity Coverage Ratio (LCR) Net Stable Funding Ratio (NSFR)

(1) VAR = Value at Risk.

74


Market Risk and Liquidity Management

Solid management of liquidity and market risk

432.7 397.1 375.0

271.0

1Q18 1Q19 1Q20 1Q21

116.8%122.5% 123.6%

126.0% 125.0%

Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

173.5% 164.0% 165.5%191.0%

Mar-18 Mar-19 Mar-20 Mar-21


Corporate Security Mindset

Constant concern about risksBenchmark with the market with an expanded view of risk and vulnerability testing throughout the perimeter.

Market leadershipDialogue and vision of trends with the main stakeholders and regulatory bodies in the category.

Sustainable and Efficient SolutionsAutomation of cyber security with the use of Analytics, guided by the main frameworks of Information Security.

Integration with Business and Technology

Presence with the IT and Business teams in the risk assessment of new products and services.

Security GovernanceEffectiveness and adequacy of our controls

based on clear and objective policies.

› Secure development› Secure infrastructure architecture› Data observability

protect by design› 24X7 Operations Center› Prevention, detection and response to threats› Constant blue team x red team exercises› Frequent and controlled pen testing

process discipline› Attraction, training and retention program› Continuous search for international benchmarking› Integration with the business› SI certified team

human capital

Security as a StrategyPreparation for the future with Research &

Development of controls and technologies.

75

Employees’


Information Security

technological infrastructure to face the constant evolution of cyber threats

application of corporate principles and guidelines for the protection of information and intellectual property

architecture of solutions and products with the highest degree of security together with the business and technology areas

maintaining the safety of current products, allowing for safe and efficient expansion

vulnerability management and adherence to security standards in a

technological environment

internal and external intrusion tests and scans in the environment, in order to reduce the risks of

attacks, image, exposure and information leakage

administration of security tools with a certified and specialized team in the most diverse technologies

monitoring and handling all types of attacks and security incidents

Gov

erna

nce

and

Proj

ects

Operations

Our processes guarantee the care and focus necessary to protect our environment ...

Gov

erna

nce

and

Proj

ects

Operations

76

Specific criteria must be met to keep on client and supplier relationships. Excluded activities that are understood to go against our values are:

• Use of compulsory labor; • Use of child labor in disagreement with legislation; and • Exploitation of prostitution, including child

prostitution.

Our E&S management guidelines are based on institutional issues and cover the most significant risks of our operation through specific procedures.

We identify, measure, mitigate and monitor the risks ofsocial and environmental character in joint action by the Risk areas,Sustainability and Compliance, taking into account the principles of

relevance and proportionality in business analysis

Excluded Activities Policy

Complexity• Financial volume • Product/Structure• Term

Risk exposure• E&S impact • Client segment• Supplier spending

ProportionalityMateriality


E&S Risk Management

77

In 2020 we approved a strategy that will result in the gradual reduction, by 2025, of Itaú’s credit exposure to clients whose activities are related to tobacco, such as agricultural producers that exclusively grow this crop, and cigarette manufacturers.

The Environmental and Social Risk Policy determines the environmental and social criteria that must be observed for the grant and renewal of credit to clients and for contracting and monitoring products.

For the purpose of helping decision-making on credit, clients from the corporate segment have an environmental and social risk rating that directly affect our risk rating models and, therefore, the pricing of their operations.

For clients that operate in the industries that are part of our list of Sensitive Industries, the risk rating is the result of the application of an individualized ESG analysis methodology. Specifically for Agricultural Producers, the analysis methodology includes the cross-referencing of public deforestation databases and georeferenced reports on their land.

Corporations and Agricultural ProducersWe apply an environmental and social assessment methodology that distinguishes the environmental and social risk profile of clients within the same industry:• Mining• Steel and iron and metallurgy• Oil and gas• Textile • Pulp and paper• Chemical and petrochemical • Agribusiness –Agricultural Producers• Agribusiness –Meatpacking plants• Agribusiness – Pesticides and fertilizers• Wood• Electric energy• Real estate

There are specific rules for credit approval, such as the restriction to some credit lines and approval by higher authority levels for: • Arms industry • Tobacco industry/Agribusiness - Tobacco

Sensitive Industries


Credit approval criteria

78

The Environmental and Social Risk Policy determines the environmental and social criteria that must be observed for the grant and renewal of credit to clients and for contracting and monitoring products.


Credit approval criteria

Approval authorities:In accordance with our Environmental and Social

Policy for Corporate Credit, the technical departments assess and classify the environmental and social risk according to its potential impact: high, medium and low.

Project finance: We observe criteria defined according to the type of operation/project based on the Environmental and Social Risk Policy or the Equator Principles.

Real Estate Guarantees The existence of environmental and social liabilities, including contamination, is assessed prior to the establishment of urban and rural real estate guarantees. In some cases, these liabilities are taken into consideration for the purpose of appraising the guarantee and the replacement of the real estate property may be requested.

Specific Products and OperationsNew products, as well as the structuring of specific operations, including those related to projects, are subject to an environmental and social risk assessment before their operation and/or contracting. This assessment may include an Action Plan that will be monitored with the client over the term of the financing.

79

Economic context

Economic context

Our expectations¹

Brazil

Chile

Colombia

Argentina

Peru

(1) Source: Brazilian Central Bank, FGV, IBGE, IMF, Bloomberg and Haver. (2) Source: Itaú Unibanco Holding analysis. (3) Unemployment Rate measured by PNAD Contínua. Obs: The data related to Inflation, Interest Rate and FX Rate from Brazil 2020 are oficial.

81

2015 2016 2017 2018 2019 2020 2021 ² 2022 ²

GDP - World 3.5% 3.3% 3.8% 3.6% 2.8% -3.3% 6.4% 4.6%GDP - USA 2.9% 1.6% 2.4% 2.9% 2.4% -3.5% 6.7% 4.7%GDP - Euro Zone 1.9% 1.8% 2.7% 1.9% 1.3% -6.7% 4.9% 5.2%GDP - China 7.1% 6.9% 6.9% 6.7% 6.1% 2.3% 8.5% 5.8%

GDP 2.3% 1.7% 1.2% 3.7% 0.9% -5.8% 8.5% 2.7%Interest Rate 3.50% 3.50% 2.50% 2.75% 1.75% 0.50% 1.50% 1.50%Inflation (IPC) 4.4% 2.7% 2.3% 2.6% 3.0% 3.0% 4.0% 3.0%FX Rate (Ch$ / US$, End of Period) 709 670 615 694 753 711 730 730National Unemployment Rate ³ (Year Avarage) 6.3% 6.7% 7.0% 7.4% 7.2% 10.8% 9.0% 7.5%

GDP 3.0% 2.1% 1.4% 2.6% 3.3% -6.8% 6.5% 3.0%Interest Rate 5.75% 7.50% 4.75% 4.25% 4.25% 1.75% 2.00% 2.00%Inflation (IPC) 6.8% 5.8% 4.1% 3.2% 3.8% 1.6% 3.7% 2.8%FX Rate (Co$ / US$, End of Period) 3175 3002 2932 3254 3287 3428 3700 3700National Unemployment Rate ³ (Year Avarage) 8.9% 9.2% 9.4% 9.7% 10.5% 16.1% 14.0% 11.0%

GDP 2.7% -2.1% 2.8% -2.6% -2.1% -9.9% 6.0% 2.5%Interest Rate 27.25% 19.88% 23.25% 49.50% 39.40% 34.30% 34.00% 24.00%Inflation (IPC) 26.9% 41.0% 24.8% 47.6% 53.8% 36.1% 47.0% 47.0%FX Rate (Ar$ / US$, End of Period) 13.01 15.85 18.77 37.81 59.90 84.15 110.00 151.00National Unemployment Rate ³ (Year Avarage) 6.5% 8.5% 8.3% 9.2% 9.8% 11.6% 11.0% 10.5%

GDP 3.3% 4.4% 2.1% 4.0% 2.2% -11.1% 10.2% 4.5%Interest Rate 3.75% 4.25% 3.25% 2.75% 2.25% 0.25% 0.25% 1.00%Inflation (IPC) 4.4% 3.2% 1.4% 2.2% 1.9% 2.0% 2.5% 2.3%FX Rate (Pe$ / US$, End of Period) 3.41 3.36 3.24 3.37 3.31 3.62 3.60 3.60National Unemployment Rate ³ (Year Avarage) 6.5% 6.7% 6.9% 6.6% 6.6% 13.6% 9.0% 7.0%

GDP -3.5% -3.3% 1.3% 1.8% 1.4% -4.1% 5.5% 1.8%Interest Rate (End of Period SELIC) 14.25% 13.75% 7.00% 6.50% 4.50% 2.00% 6.50% 6.50%Inflation (IPCA) 10.7% 6.3% 2.9% 3.7% 4.3% 4.5% 5.6% 3.6%FX Rate (R$ / US$, End of Period) 3.96 3.26 3.31 3.88 4.03 5.19 4.75 5.10National Unemployment Rate ³ (Year Avarage) 8.5% 11.5% 12.7% 12.3% 11.9% 13.5% 13.4% 12.1%

Economic context

We expect the IPCA to rise 5.6% in 2021

82

IPCA breakdown

We lifted our forecast for the consumer price index IPCA in 2021 to 5.6% (from 5.3%), incorporating higher current inflation readings and still-high agricultural commodity prices.

Regarding the tariff flag system in electricity bills, we anticipate red mode level 2 from June to November, and red mode level 1 in December. However, with below-average rainfall in the short term, the tariff flag may be higher at the end of the year. A red mode level 2 (the highest tariff surcharge) in December would represent an additional 20-bp impact on the IPCA in 2021.

1%

3%

5%

7%

9%

11%

13%

15%

17%

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

Dec-19

Dec-20

Dec-21

Selic interest rateItaú Unibanco's expectation

6.3%

1 3.1%8.1%

-4%

0%

4%

8%

12%

16%

20%

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22

YoY IPCANon-earmarked (76%)

Regulated prices (24%)

May-21

Economic context

Fiscal risk remains

83

Primary result - % of GDP

-0.6

-1.9-2.5

-1.7 -1.5-0.8

-9.4

-2.0-1.0

-13.0

-11.0

-9.0

-7.0

-5.0

-3.0

-1.0

2014 2015 2016 2017 2018 2019 2020 2021E 2022E

1We revised our primary deficit estimates to 2.0% of GDP (BRL 170billion) from 2.8% of GDP (BRL 240 billion) in 2021, and to 1.0% of GDP(BRL 95 billion) from 2.0% of GDP (BRL 185 billion) in 2022.

2The revision is based on better current data and expectations ofhigher economic growth in 2021, which imply positive effects fornext year.

3We also expect public debt to decline from 88.8% of GDP in 2020 to81.9% of GDP this year, and to 81.6% of GDP in 2022 (compared to ourprevious forecasts of 84.1% in 2021 and 84.5% in 2022).

4Given the pandemic's dynamics and its economic and socialconsequences, the main fiscal risk is an additional flexibilization ofthe spending ceiling regime.

Financial highlights

recurring

managerial resultsR$6.4 Bn

18.7%

recurring

managerial ROE 18.5%

2.4 p.p.

credit portfolio

quarter highlights

agribusiness segment

11.2%

auto loans for individuals

4.5%

mortgages for individuals

12.1%

non-interest expenses

+ than 5 milliontotal clients in March 2021

+ than 2 millionnew clients in 1Q21

1Q21 vs. 4Q20 change

R$906.4 Bn4.2%

R$12.4 Bn6.6%

margin with clients

R$16.2 Bn1.0%

margin withthe market

cost ofcredit

R$4.1 Bn31.9%

R$2.5 Bn57.1 %

digital clients acquisition

+ 3.7 millionin 1Q21

85

16.0 15.1 15.1 16.2

(0.9) (0.1) (0.05) (0.2) (0.05)0.4 1.1

4Q20 4Q20working capital

and others

4Q20spread-sensitive

operations

product mix asset spreads average volume lower volume ofcalendar days

Latin Americaand others

1Q21spread-sensitive

operations

1Q21working capital

and others

1Q21

11.1% 10.2%9.0% 8.6% 8.5%

4.1%5.2% 5.4% 6.2% 6.2%

1Q20 2Q20 3Q20 4Q20 1Q21

9.2%8.4%

7.5% 7.3% 7.3%

3.7% 4.3% 4.4% 4.5%5.4%

1Q20 2Q20 3Q20 4Q20 1Q21

In R$ billions

(1) Includes capital allocated to business areas (except treasury), in addition to the corporation's working capital, (2) Change in the composition of assets with credit risk between periods in Brazil, (3) Others considers the liability financial margin and structured wholesale operations.

1 13

2

financial margin with clientsfinancial margin with clients risk-adjusted financial margin with clients

annualized average margin - consolidated annualized average margin - Brazil

change in the financial margin with clients

R$0.2 Bn

86

mar-21 dec-20 Δ mar-20 Δ

individuals 261.3 255.6 2.2% 238.1 9.8%

credit card loans 82.8 86.3 -4.0% 83.8 -1.3%

personal loans 35.6 35.1 1.6% 37.4 -4.6%

payroll loans 56.1 55.3 1.4% 50.3 11.5%

auto loans 24.4 23.3 4.5% 19.4 25.6%

mortgage 62.4 55.7 12.1% 47.2 32.4%

very small, small and middle market loans 128.3 127.6 0.6% 104.5 22.7%

banking loans 106.7 105.3 1.3% 104.5 2.1%

government sponsored/guaranteed facilities 21.6 22.3 -3.2% - -

individuals + SMEs loans 389.6 383.2 1.7% 342.6 13.7%

corporate loans 279.0 269.0 3.7% 250.2 11.5%

credit operations 185.6 179.0 3.7% 171.9 8.0%

corporate securities 93.4 90.0 3.7% 78.3 19.3%

total Brazil 668.6 652.2 2.5% 592.8 12.8%

Latin America 237.8 217.3 9.4% 195.6 21.6%

total with financial guarantees and corporate securities 906.4 869.5 4.2% 788.3 15.0%

credit portfolio

In R$ billions credit¹ origination

change in personal loans portfolio

overdraft

personalized credit

installment credit

Mar-21 vs. Mar-20

23%

29%

25%

+

-

-

11%

7%

5%

31%

individuals 9%-

1Q21 vs. 4Q20

1Q21 vs. 1Q20

19%+

very small, small and middle market

corporate

private securities issuance³

total Brazil2

21%

4%

7%

-

+

-

65%-

-

+

+

+

Mar-21 vs. Dec-20

8%

13%

16%

-

+

+

Note: (1) Does not consider origination of credit card, overdraft, debt renegotiation and other revolving credits. Average origination per working day in the period, except for private securities issuance, (2) Does not include private securities issuance, (3) Considers total volume of fixed income and hybrid private securities issuance arranged by Itaú Unibanco on the local market (includes distributed volumes). 87

performing

within grace period

overdue between 15-90 days

Overdue over 90 days

reprofiled portfolio by product balance at March 31st 2021 - in R$ billions

individuals

personal loans

mortgage

auto loans

Payroll loans

credit cards

15.2

13.2

3.5

2.0

0.9

R$ 34.8 billion13%

very small and small companies

auto loans

working capital 9.9

1.3

R$ 11.2 billion

78.3%

3.0%

8.6%

10.2%

9%¹

portfoliorisk profilenon-overdue portfolio

March 31st, 2021

81.2%

100% performing

In February 2020

54% are collateralized

79% in ratings AA to C At the end of March 2021

R$ billionsR$ billions

5%

Reprofiled portfolio represents

of total credit portfolio

Individuals, very small and small companies

(1) On the total portfolio of very small, small and middle market companies.

loan portfolio reprofiling

53.5 50.8 46.0

Sep-20 Dec-20 Mar-21

9.5%Mar-21

vs. Dec-20

In R$ billions

88

credit quality

247%341%

470%519%

443%

193% 212%253% 236% 230%

239% 281%

339% 320% 298%

638%

920%1013% 952%

835%

1,2

mar/20 jun/20 set/20 dez/20 mar/21

5.3%3.9% 3.0% 2.8% 1.9%

cost of credit¹ratio between the annualized cost of credit and the loan portfolio² - (%)

coverage ratio – 90 days NPL %

(1) Provision for Loan Losses + Recovery of Loans + Impairment + Discounts Granted, (2) Average loan portfolio balance with financial guarantees provided and corporate securities considers the last two quarters.

15 - 90 days NPL - % 90 days NPL - %

Wholesale Brazil

Latin America

Retail Brazil

Total

5.1% 5.0%

4.3% 4.2%3.9%

2.3%2.0%

1.4%1.7%

2.5%

1.1%0.7% 0.5% 0.4% 0.4%

2.0%

1.4% 1.2% 1.3% 1.5%

3.1%2.7%

2.2% 2.3%2.3%

3.5%3.2%

2.6% 2.7% 2.7%

Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

Latin America corporatetotal very small, small and middle market companiesindividuals Brazil


3.2%

1.2%

2.0%

0.8%

10.1 7.8 6.3 6.0 4.1

1Q20 2Q20 3Q20 4Q20 1Q21

3.5%

2.4%

3.0%

2.4%

2.8%

1.9%

1.0%1.1%

1.8% 1.6%

0.7%0.9%

0.7% 0.6% 0.5%

3.0%

1.9%

1.7%

1.9%2.0%

2.6%

1.7%

1.9%

1.8%

2.0%2.4%

1.7%

2.0%

1.8%2.0%

*ex reprofiledportfolio(Mar-21)

*ex reprofiledportfolio(Mar-21)

89

1Q21 4Q20 Δ 1Q20 Δ

credit and debit cards 2.9 3.1 -7.1% 3.0 -4.5%

card issuance 2.3 2.4 -4.8% 2.3 -0.9%

acquiring 0.6 0.7 -14.7% 0.7 -15.7%

current account services 1.8 1.9 -3.5% 2.0 -7.6%

asset management¹ 1.3 1.4 -7.2% 1.5 -10.6%

advisory services and brokerage 1.2 1.2 6.9% 0.9 33.2%

credit operations and guarantees provided 0.6 0.6 0.3% 0.6 -1.4%

collection services 0.5 0.5 -3.5% 0.5 4.1%

other 0.4 0.4 0.7% 0.3 24.2%

Latin America (ex-Brazil) 0.8 0.8 4.5% 0.7 14.3%

commissions and fees 9.6 9.9 -2.9% 9.5 0.5%

result from insurance operations² 1.5 1.4 5.5% 1.6 -5.4%

commissions, fees and result from insurance 11.0 11.2 -1.9% 11.1 -0.3%

In R$ billions

investment banking ranking ³

M&AR$130.6 billion financial advisory services in 9 transactions

ECMR$6.2 billion volume issued in 17 transactions

1st place 1st place

most active 1st quarter in capital market historyintense volume of IPOs comparedto previous years

building and execution of the strongest pipeline in the history of the investment bankmainly in capital market transactions

advisor of the largest M&Ain Brazil (ex-financial institutions).

highlight for tech companies' transactions

(1) Includes fund management fees and “consórcio” management fees, (2) Result from insurance includes the revenues from insurance, pension plan and premium bonds operations net of retained claims and selling expenses, (3) Source: Dealogic, March-21.

commissions and insurance

90

1Q21 4Q20 Δ 1Q20 Δ

personnel (4.9) (5.2) -5.9% (4.6) 5.8%

administrative (4.0) (4.4) -8.7% (4.0) -0.9%

other (1.5) (1.7) -9.6% (1.8) -17.2%

total - Brazil (10.4) (11.3) -7.6% (10.5) -0.8%

Latin America (ex-Brazil) (2.0) (2.0) -1.2% (1.6) 30.2%

non-interest expenses (12.4) (13.3) -6.6% (12.1) 3.2%

In R$ billions

non-interest expenses

(1) Includes operating expenses and other tax expenses (Includes IPTU, IPVA, IOF and others. Does not include PIS, Cofins and ISS), (2) Does not consider overhead allocation.

(1)

(2)

# employees

- 1,848Brazil(ex-technology)

- 499outside Brazil

mar/21 vs. mar/201,809

Mar-21

12,682

72,626

12,621

72,932

Dec-20

96,540 97,097

13,181

74,474

Mar-20

95,288

7,633 10,987 11,789 + 4,156IT team

(13.3)

Latin America

4Q20 Brazil

4Q20 Latin America

2.0(11.3)

(2.0)

R$ 0.9 Bn

quarterly change, highlighting investments1Q21 vs. 4Q20

investment in technology

investment in business

(0.2) (0.1)

seasonality other 1Q21 Brazil

0.5 0.1 (10.4)

efficiency program

0.5

1Q21

(12.4)

Brazil with investments

1Q21

(11.5)

91

capital

Common Equity Tier I (CET I) Additional Tier I (AT1)

(1) mainly tax credits.

Dec-20 tier I capital

net income prudential adjustments¹

Mar-21 tier I capital

11.5%

1.7%

13.2% + 0.5% - 0.2%13.0%

11.3%

1.7%

risk weighted assets

dividends and interest on own capital

- 0.1% - 0.4%

92

total credit portfolio²

financial margin with clients

financial margin with the market

cost of credit³

non-Interest expenses

effective tax rate

commissions and fees and results from insurance operations4,5

2021 guidance *

* The midpoint of the projections would imply an ROE of around 17.6%, taking into account other assumptions. This information should not be understood as a projection. (1) Includes units abroad ex-Latin America; (2) Includes financial guarantees provided and corporate securities; (3) Composed of result from loan losses, impairment and discounts granted; (4) commissions and fees (+) income from insurance, pension plan and premium bonds operations (-) expenses for claims (-) insurance, pension plan and premium bonds selling expenses; (5) 2021 guidance does not consider XP Inc. equity result starting in February 2021.

Growing 5.5% to 9.5%


Range from R$4.9 bn to R$6.4 bn



Range from -2.0% to 2.0%

Range from 34.5% to 36.5%






Range from -2.0% to 2.0%

Range from 34.0% to 36.0%

Brazil¹Consolidated

the ranges of our 2021 forecast remain unchanged

93

Additional information

Corporate profileAdditional information

Additional Information

A History of Successful Strategic Deals¹

(1) Includes mergers, acquisitions, joint-ventures and partnerships.

Foundationof Banco

Itaú

Casa Moreira Salles

Banco delBuen Ayre

BEG

Alliance with:

Unibanco

Itaú

1924

1943

1995 - 1998

NACIONAL

2000 - 2003 2004 - 20072009 - 2020

Uruguay Retail -Brazil

Acquisition of the minority interest

of:Banco Itaú BMG Consignado

Acquisition of aminority interest

in:

Merger 2008

Acquisition of the remaining 50% of:

96

Capital and risk managementAdditional information


Capital Ratios (BIS) | Prudential Conglomerate ¹

(1) Includes financial institutions, consortium managers, payment institutions, companies that acquire operations or directly or indirectly assume credit risk and investment funds in which the conglomerate substantially retains risks and benefits.98

In R$ millions, end of period 1Q21 4Q20

Core Capital 121,025 119,960

Tier I (Core Capital + Additional Capital) 139,552 137,157

Referential Equity (Tier I and Tier II) 155,280 151,244

Total Risk-weighted Exposure (RWA) 1,072,193 1,042,207 Credit Risk-w eighted Assets (RWACPAD) 963,403 921,934 Operational Risk-w eighted Assets (RWAOPAD) 82,026 92,792 Market Risk-w eighted Assets (RWAMINT) 26,764 27,481

Core Capital Ratio 11.3% 11.5%

Tier I Ratio 13.0% 13.2%BIS (Referential Equity / Total Risk-weighted Exposure) 14.5% 14.5%


Ratings

FitchRatings

Moody’s

Standard& Poor’s

99

Viability SupportLong Term Short Term Long Term Short Term Long Term Short Term

bb 4 BB B BB B AAA (bra) F1+ (bra)

International National Local Currency Foreign Currency

Subordinated DebtForeign Currency

Senior Unsecured DebtForeign Currency

Long Term Long Term Long Term Short Term Long Term Short Term(P) B1 (P) Ba3 Ba3 NP A1. br BR-1

International National

IssuerIssuer

Local Currency

Long Term Short Term Long Term Short Term Long Term Short TermBB- B BB- B brAAA brA-1+

International National Local Currency Foreign Currency

Economic contextAdditional information

101Source: Central Bank of Brazil.

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

-23.0%

-13.0%

-3.0%

7.0%

17.0%

27.0%Ap

r-15

Apr-1

6

Apr-1

7

Apr-1

8

Apr-1

9

Apr-2

0

Apr-2

1

Credit grant – Individuals – 12 monthsAcum. Growth 12 months (left)

Credit grant – Companies – 12 monthsAcum. Growth 12 months (left)

Monthly GDP - Itaú UnibancoAcum. Growth 12 months

80,000

130,000

180,000

230,000

280,000

Apr-15

Apr-16

Apr-17

Apr-18

Apr-19

Apr-20

Apr-21

Credit grant – Individuals – 3 monthsCredit grant – Companies – 3 months(in R$ millions constants of Dec. 2020)


Brazil | Economic context

102Source: Central Bank of Brazil. (1) Average Interest Rate individuals and companies refer to Apr-21.

14.65

41.02

2.750

10

20

30

40

50

60

70

80

Apr-

13

Aug-

13

Dec-

13

Apr-

14

Aug-

14

Dec-

14

Apr-

15

Aug-

15

Dec-

15

Apr-

16

Aug-

16

Dec-

16

Apr-

17

Aug-

17

Dec-

17

Apr-

18

Aug-

18

Dec-

18

Apr-

19

Aug-

19

Dec-

19

Apr-

20

Aug-

20

Dec-

20

Apr-

21

Average Interest Rate – Individuals (non-earmarked)¹Average Interest Rate – Companies (non-earmarked)¹Selic Interest Rate

21.24

9.45

30.69

-3

2

7

12

17

22

27

32

Feb-13

Aug-13

Feb-14

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Commitment of household incomeAmortization componentInterest component

4.70

2.97

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Apr-1

3

Aug-13

Dec-13

Apr-1

4

Aug-14

Dec-14

Apr-1

5

Aug-15

Dec-15

Apr-1

6

Aug-16

Dec-16

Apr-1

7

Aug-17

Dec-17

Apr-1

8

Aug-18

Dec-18

Apr-1

9

Aug-19

Dec-19

Apr-2

0

Aug-20

Dec-20

Apr-2

1

NPL – Individuals (+90 days)Overdue loans – Individuals (15-90 days)

1.41

1.27

00.5

11.5

22.5

33.5

44.5

Apr-1

3

Aug-13

Dec-13

Apr-1

4

Aug-14

Dec-14

Apr-1

5

Aug-15

Dec-15

Apr-1

6

Aug-16

Dec-16

Apr-1

7

Aug-17

Dec-17

Apr-1

8

Aug-18

Dec-18

Apr-1

9

Aug-19

Dec-19

Apr-2

0

Aug-20

Dec-20

Apr-2

1

NPL – Companies (+90 days)Overdue loans – Companies (15-90 days)

(% YoY)

% of portfolio% of portfolio

% of overall Earnings



Total Credit (R$ billion) ¹ Growth in credit per customer (% YoY, nominal) ²

103

Credit growth by type of control (% YoY, nominal)²,³ Market Share of private banks vs. public banks (%)³

(1) Information for 2021 refers to data available disclosed on a monthly basis. (2) Total Credit includes earmarked and non-earmarked loans. (3) As of July 2016, HSBC Brazil retail operations are consolidated into Bradesco operations. Source: Central Bank of Brazil

1,411 1,501 1,579 1,581 1,530 1,607 1,789 2,100 2,395

1,038 1,270 1,492 1,570 1,552 1,497 1,483 1,486

1,731 2,449

2,771 3,071 3,151 3,082 3,103 3,272

3,585 4,126

Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21

Total Non Earmarked Credit Total Earmarked Credit

16.315.1

28.7

9.16.2

21.9

6.5

17.4


Total State OwnedDomestic Private Foreign Private

16.0

16.0 16.6

14.3

16.3 15.1


Companies Individuals Total

49.1 44.4

35.1 37.3

15.8 18.3


State Owned Domestic Private Foreign Private



104Source: Central Bank. (1) Source: Central Bank of each selected country. Reference date: Brazil´s data refer to Apr-21. Chile and Colombia refer to Dec-19 and Mexico refer to Sep-19. Other countries refer to Nov-19.

Credit evolution/GDP (Brazil %)

Credit/GDP ¹ (% in 2019)

Mortgage loans evolution/GDP (Brazil %)

Mortgage loans/GDP¹ (% in 2019)

49.1 50.3 52.3 52.048.4 46.1 46.0 48.3

53.6


6.6 7.79.1 9.7 9.7 9.4 9.1 9.3 10.0


54

94

33 4583

11686

147 13192

6910

2711 6

3849

31

48

67

4129



The Central Bank has a positive agenda for improving competitiveness and quality within the Financial System for years to come:

Inclusion

• Cooperatives

• Convertibility

• Capital Market Initiative (IMK)

• Micro credit

• Innovations Instantaneous Payments Open Banking

• International reserves

• Market efficiency

• Rural credit

• Real estate credit

• Relationship with Congress

• Relationships with international investors

• Communication plan for the actions of the Central Bank

• Transparency and communication in monetary policy

• Financial Education

Competitiveness Transparency Education

Source: Central Bank of Brazil105



Ranking of competitiveness¹ (position)

PISA Score ²

Days required to open a business

Time to prepare and pay taxes (hours)

(1) Relative position in the ranking when compared to other countries. (2) Ranking PISA. Source: World Economic Forum, Global Competitiveness Report 2018 – 2019.106

12

728

3343

4861

6568

71

Singapore

United States

Germany

China

Chile

Russia

Mexico

Turkey

Peru

India

Brazil 1814

109

98

744

2

India

Brazil

Switzerland

China

Mexico

Russia

Turkey

United states

Chile

Singapore

1501296

260241

175170

1596463

Brazil

Chile

Peru

Mexico

United states

Turkey

Russia

Singapore

SwitzerlandReading Math Science

1st 1st 1st

46th 62th

69th

China(Score: 590)

Argentina(Score: 404)

Brazil(Score: 404)

66th 74th

48th

62th 73th 68th

Chile(Score: 444)

China(Score: 555)

Brazil(Score: 413)


Chile(Score: 452)

China(Score: 591)

Brazil(Score: 384)


Chile(Score: 417)



Leverage and Monthly Debt Service

Debt service burden breakdown (%)

107

22.9 23.8 25.5

27.2 29.0 29.2

28.4 28.4 28.8

28.0 27.4 26.6 27.7 29.0 30.7

22.5 23.3 24.8 26.4 28.0 27.5 26.6 26.4 26.4 25.6 24.9 24.1 25.3 26.8 28.1

26.4 30.6 32.9

36.4 41.1 44.4 46.5 47.7 48.5 46.7 44.5 44.4 46.4 49.1 57.7

22.8 26.7 28.1 30.0 32.5 33.4 33.0

31.7 30.1

27.8 25.9 25.9

27.8

30.4 35.5

Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21

Debt service burden (%) Debt service burden - without mortgage (%) Debt Leverage (%) Debt Leverage - without mortgage (%)

15.6 15.9 16.8 18.7 20.1 19.8 19.8 19.9 19.5 18.1 17.4 17.4 18.5 19.7 21.2

7.3 7.9 8.7 8.5 9.0 9.4 8.6 8.6 9.3 9.9 10.0 9.2 9.2 9.3 9.5 22.9 23.8 25.5 27.2 29.0 29.2 28.4 28.4 28.8 28.0 27.4 26.6 27.7 29.0 30.7

Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21

Debt service burden - Principal Debt service burden - Interest



26.8 27.6 26.8 23.5 21.0 19.9 21.0 23.5

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21



Companies Total Credit³ / GDP (%)

Companies Leverage (Gross Debt1 and Net Debt2)/ GDP

Source: Brazilian Central Bank and Itaú. (1) Includes loans granted by banks, capital markets and external debt. (2) Net debt is calculated by subtracting corporate financial investments (CDB) from gross debt. (3) Domestic loans granted by banks108

45.7%51.1% 52.7% 47.1%

45.6% 48.7%56.0% 58.2%

40.2%46.3% 48.2%

42.5% 39.5% 41.7%46.1% 46.0%

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21

Gross Debt Net Debt

3.0

3.0

3.0

3.0 3.3

2.8 2.4 2.2

2.2

18.9 19.3 18.7 18.4 17.2 15.5 14.5 15.8 15.0

6.5 6.5 5.0 4.5 3.8

2.3 2.0 2.0

2.8

Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21NPL 90 days Total Spread SELIC

2.6 2.5 2.4 2.2 2.3 1.9 1.5 1.2 1.3

9.2 9.3 8.9 9.5 8.7 6.9 6.2 8.4 6.9

Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21

NPL 90 days Corporate Spread

3.4 3.4 3.5 3.6 4.1 3.5 3.1 2.9 3.0

25.3 25.6 24.9 23.8 23.0 21.2 20.0 20.5 20.2

Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21NPL 90 days Individuals Spread



Spread and Delinquency Evolution ¹

Individuals Spread and Delinquency | Brazil (%)

(1) Source: Brazilian Central Bank and Itaú Unibanco analysis. (2) Periods prior to 2014 do not consider CorpBanca’s information.

Companies Spread and Delinquency | Brazil (%)

Spread and Delinquency | Brazil (%)

109

20.924.1 23.9

20.3 21.8 21.9 23.7

14.518.5

10.0 11.814.3 13.8

7.0

6.5 4.52.0 2.85.0 5.0

7.0 7.5 7.0

7.05.6 4.6 4.4

2013 2014 2015 2016 2017 2018 2019 2020 1Q21Itaú Unibanco ROE SELIC Long Term Interest Rate (TJLP)

Indicators² | (%)



Reserve Requirements and Restricted Loans

110(1) Defined by Manual de Crédito Rural (MCR) for the period from Jul-20 till Jun-21; (2) Regulated by Resolution 4,854 (Central Bank).

Rate RemunerationReserve Requirement 21.0% No RemunerationRural 27.5% ¹ Max Interest: 6.0% annualMicrocredit 2.0% ² Max Interest: 4.00% monthlyAvailable to Lend 49.5%Reserve Requirement 20.0% Savings DepositsMortgage 65.0%Available to Lend 15.0%Reserve Requirement 17.0% SelicAvailable to Lend 83.0%

Rate

Demand Deposits

Savings Deposits

Time Deposits

Financial HighlightsAdditional information


1Q21 Results

112

1Q21 4Q20 Δ 1Q20 Δ

operating revenues 30.0 29.2 2.9% 29.2 2.8%

managerial financial margin 18.6 17.6 6.0% 17.8 4.7%

financial margin with clients 16.2 16.0 1.0% 17.0 -5.1%

financial margin with the market 2.5 1.6 57.1% 0.8 223.8%

commissions and fees 9.6 9.9 -2.9% 9.5 0.5%

revenues from insurance 1.8 1.7 5.2% 1.9 -3.0%

cost of credit (4.1) (6.0) -31.9% (10.1) -59.2%

provision from loan losses (4.4) (5.6) -21.4% (10.4) -57.3%

impairment 0.0 (0.8) -105.7% (0.1) -154.0%

discounts granted (0.4) (0.4) -8.1% (0.3) 53.8%

recovery of loans written off as losses 0.7 0.9 -22.5% 0.7 3.0%

retained claims (0.4) (0.3) 4.7% (0.3) 8.1%

other operating expenses (14.2) (15.2) -6.4% (13.8) 3.5%

non-interest expenses (12.4) (13.3) -6.6% (12.1) 3.2%

tax expenses and other (1.8) (1.9) -5.2% (1.7) 5.1%

income before tax and minority interests 11.3 7.6 49.1% 5.0 124.9%

income tax and social contribution (4.4) (2.8) 59.1% (1.0) 349.9%

minority interests in subsidiaries (0.5) 0.5 -200.7% (0.2) 261.3%

recurring managerial result 6.4 5.4 18.7% 3.9 63.6%

In R$ billions


Segments – Income Statement Pro Forma 1Q21

113

In R$ millionsRetail Banking Wholesale Banking

Activities with the Market + Corporation Itaú Unibanco

Operating Revenues 17,557 8,614 3,858 30,029 Managerial Financial Margin 9,966 5,304 3,364 18,634

Financial Margin with Clients 9,966 5,304 902 16,173 Financial Margin with the Market - - 2,461 2,461

Commissions and Fees 5,885 3,190 491 9,566

Result from Insurance, Pension Plans and Premium Bonds Operations before Retained Claims and Selling Expenses 1,706 120 4 1,829

Cost of Credit (4,049) (62) (0) (4,111) Provision for Loan Losses (4,219) (216) (0) (4,435) Impairment - 48 - 48 Discounts Granted (345) (65) - (409) Recovery of Loans Written Off as Losses 515 171 (0) 686

Retained Claims (354) (2) - (356) Other Operating Expenses (9,562) (4,350) (317) (14,229)

Non-interest Expenses (8,378) (3,927) (141) (12,446) Tax Expenses for ISS, PIS, Cofins and Other Taxes (1,180) (423) (176) (1,779) Insurance Selling Expenses (4) (0) 0 (4)

Income before Tax and Minority Interests 3,592 4,200 3,542 11,333 Income Tax and Social Contribution (1,279) (1,620) (1,489) (4,389) Minority Interests in Subsidiaries (102) (126) (318) (546) Recurring Managerial Result 2,210 2,453 1,734 6,398

Recurring Return on Average Allocated Capital 19.4% 17.3% 19.1% 18.5%Efficiency Ratio (ER) 52.3% 48.0% 3.8% 44.6%


Results – Brazil and Latin America

(1) Includes units abroad ex-Latin America. (2) Result from Insurance includes the Result from Insurance, Pension Plan and Premium Bonds Operations before Retained Claims and Selling Expenses. (3) Include Tax Expenses (ISS, PIS, COFINS and other) and Insurance Selling Expenses. Note: Latin America information is presented in nominal currency. 114

In R$ millionsConsolidated Brazil ¹

Latin America (ex-Brazil)

Consolidated Brazil ¹Latin America

(ex-Brazil)Consolidated Brazil ¹

Latin America (ex-Brazil)

Operating Revenues 30,029 26,077 3,952 29,180 25,890 3,290 2.9% 0.7% 20.1%

Financial Margin with Clients 16,173 14,046 2,127 16,020 13,984 2,036 1.0% 0.4% 4.5%

Financial Margin with the Market 2,461 1,456 1,005 1,567 1,097 471 57.1% 32.8% 113.7%

Commissions and Fees 9,566 8,747 819 9,855 9,071 784 -2.9% -3.6% 4.5%

Revenues from Insurance 2 1,829 1,829 - 1,738 1,738 - 5.2% 5.2% -

Cost of Credit (4,111) (3,706) (405) (6,033) (3,821) (2,213) -31.9% -3.0% -81.7%

Provision for Loan Losses (4,435) (3,914) (522) (5,641) (3,307) (2,335) -21.4% 18.4% -77.7%

Impairment 48 48 - (832) (832) - -105.7% -105.7% -

Discounts Granted (409) (398) (11) (445) (433) (12) -8.1% -8.1% -8.2%

Recovery of Loans Written Off as Losses 686 557 128 885 751 134 -22.5% -25.7% -4.6%

Retained Claims (356) (356) - (340) (340) - 4.7% 4.7% -

Non-interest Expenses (12,446) (10,353) (2,092) (13,322) (11,176) (2,145) -6.6% -7.4% -2.5%

Tax Expenses and Other 3 (1,783) (1,735) (48) (1,882) (1,770) (111) -5.2% -2.0% -56.9%

Income before Tax and Minority Interests 11,333 9,926 1,407 7,604 8,782 (1,179) 49.1% 13.0% -219.4%

Income Tax and Social Contribution (4,389) (3,915) (474) (2,758) (3,328) 570 59.1% 17.6% -183.1%

Minority Interests in Subsidiaries (546) (120) (427) 543 (86) 629 -200.7% 39.0% -167.9%

Recurring Managerial Result 6,398 5,891 506 5,388 5,368 20 18.7% 9.8% 2378.4%

1Q21 4Q20 Δ

Total Credit TradingInsurance

& servicesExcess

capitalTotal Credit Trading

Insurance& services

Excess capital

Total Credit TradingInsurance

& servicesExcess

capital

Operating revenues 30.0 15.9 0.7 13.4 0.1 29.2 16.3 0.1 12.6 0.2 0.8 (0.4) 0.6 0.8 (0.2)

Managerial financial margin 18.6 12.8 0.7 5.1 0.1 17.8 13.2 0.1 4.3 0.2 0.8 (0.4) 0.6 0.8 (0.2)

Commissions and fees 9.6 3.0 0.0 6.5 - 9.5 3.0 0.0 6.5 - 0.1 (0.0) 0.0 0.1 -

Revenues from insurance ¹ 1.8 - - 1.8 - 1.9 - - 1.9 - (0.1) - - (0.1) -

Cost of credit (4.1) (4.1) - - - (10.1) (10.1) - - - 6.0 6.0 - - -

Retained claims (0.4) - - (0.4) - (0.3) - - (0.3) - (0.0) - - (0.0) -

Non-interested expenses and other² (14.8) (7.2) (0.2) (7.4) 0.0 (13.9) (6.9) (0.1) (6.9) (0.0) (0.9) (0.3) (0.1) (0.5) 0.0

Recurring managerial result 6.4 2.7 0.3 3.4 0.0 3.9 0.0 (0.0) 3.7 0.1 2.5 2.6 0.3 (0.3) (0.1)

Average regulatory capital 139.6 80.2 2.4 51.8 5.2 128.0 72.5 1.6 48.3 5.6 11.6 7.7 0.7 3.5 (0.4)

Value creation 2.1 0.3 0.2 1.8 (0.1) 0.1 (2.2) (0.1) 2.3 (0.0) 2.0 2.4 0.3 (0.5) (0.1)

Recurring managerial ROE 18.5% 13.4% 49.9% 26.3% 1.1% 12.8% 0.2% -3.2% 31.0% 10.5% 5.7 p.p. 13.2 p.p. 53.2 p.p. -4.7 p.p. -9.4 p.p.

In R$ billions

The allocation of principal capital (Common Equity Tier 1) in the bank's business is made at 12%, according to our risk appetite.

(1) Resultado de Seguros inclui as Receitas de Seguros, Previdência e Capitalização, antes das Despesas com Sinistros e Comercialização.(2) Inclui Despesas Tributárias (ISS, PIS, COFINS e outras), Despesa de Comercialização de Seguros e Participações Minoritárias nas Subsidiárias.

1Q21 1Q20 1Q21 vs. 1Q20


Business Model

115

In R$ billions, end of period 1Q21 4Q20 Δ 1Q20 Δ

Individuals - Brazil 1 260.4 254.8 2.2% 237.0 9.9% Credit Card 82.8 86.3 -4.0% 83.8 -1.3% Personal Loans 34.8 34.2 1.6% 36.2 -4.0% Payroll Loans 2 56.1 55.3 1.4% 50.3 11.5% Vehicles 24.4 23.3 4.5% 19.4 25.6% Mortgage Loans 62.4 55.7 12.1% 47.2 32.4% Rural Loans 0.0 0.0 3.7% 0.1 -52.6%

Companies - Brazil 1 256.3 253.8 1.0% 221.2 15.8% Working Capital 3 169.6 169.4 0.1% 120.6 40.6% BNDES/Onlending 7.9 8.6 -7.9% 9.8 -18.6% Export / Import Financing 50.2 48.4 3.7% 67.3 -25.4% Vehicles 13.2 12.3 6.6% 9.9 32.5% Mortgage Loans 4.3 4.5 -4.1% 4.6 -5.1% Rural Loans 11.1 10.6 5.1% 9.1 21.4%

Latin America 4 221.2 201.9 9.5% 181.5 21.9% Total without Financial Guarantees Provided 737.9 710.6 3.8% 639.7 15.3%

Financial Guarantees Provided 75.0 68.9 8.9% 70.3 6.8% Total with Financial Guarantees Provided 812.9 779.5 4.3% 710.0 14.5%

Corporate Securities 5 93.4 90.0 3.7% 78.3 19.3% Total Risk 906.4 869.5 4.2% 788.3 15.0%


Credit Portfolio by Product

(1) Includes units abroad ex-Latin America; (2) Includes operations originated by the institution and acquired operations; (3) Also includes Overdraft, Receivables, Hot Money, Leasing, and other; (4) Includes Argentina, Chile, Colombia, Panama, Paraguay and Uruguay; (5) Includes Debentures, CRI and Commercial Paper, Rural Producer Certificate, Letras Financeiras, investment fund quotas and Eurobonds.

116


Credit Portfolio by Currency ¹

(1) Total with financial guarantees provided.

117

224.5

228.3

240.0

232.8

284.8

300.4

301.7

286.1

309.6

384.5

389.3

401.7

417.0

425.2

427.0

458.7

493.3

503.4

609.0

617.6

641.7

649.7

710.0

727.5

760.3

779.5

812.9

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Foreign Currency Local Currency

R$ billion

100122 132

173158

1Q18 1Q19 1Q20 4Q20 1Q21

100121

165187 174

1Q18 1Q19 1Q20 4Q20 1Q21

100128

157 178140

1Q18 1Q19 1Q20 4Q20 1Q21

100 115

198 204 211

1Q18 1Q19 1Q20 4Q20 1Q21


Credit¹ Origination | Brazil

Total Credit² – BrazilBase 100 = 1Q18

118

Credit² - Individuals

Credit² – CorporateCredit² – Very Small, Small and Middle Market

Note: Do not consider origination of Credit Card, Overdraft, Debt Renegotiation and other revolving credits. (1) Average origination per working day in the period, except for private securities issuance. (2) Does not include private securities issuance.

5% 19%-9%-7%

7%

4%

-11%

-21%


Credit Portfolio Breakdown

(1) Includes financial guarantees provided; (2) Industry and Extractivism = Mining (+) Steel and Metallurgy (+) Capital Assets (+) Petrochemical and Chemical (+) Energy and sewage (+) Oil and gas. Consumer Goods = Food and beverage (+) Pharmaceuticals and cosmetics (+) Electronic and IT (+) Clothing and Footwear (+) Wood & Furniture. Vehicles and Transportation = Transportation (+) Vehicles and autoparts. Real Estate and Construction = Real estate agents (+) Construction material (+) Infrastructure work. Agriculture and Related = Agribusiness and fertilizers (+) Sugar and alcohol. Other = Telecommunications (+) Commerce – Other (+) Services – Other (+) Industry – Other (+) Entertainment and Tourism (+) Other.

Companies Credit Portfolio by Business Sector¹,²R$ billion

Credit Concentration ¹Mar-21

119

In R$ billions, end of period 1Q21 4Q20Public Sector 4.6 5.5 -15.9%Private Sector 454.5 433.6 4.8%

Real Estate 33.4 31.6 5.9%Food and beverage 27.4 27.4 0.2%Transportation 26.0 23.3 11.6%Agribusiness and fertilizers 25.1 25.0 0.4%Energy and water treatment 20.9 19.5 7.2%Vehicles and auto parts 19.7 17.7 11.3%Banks and other financial 18.3 19.9 -8.1%Infrastructure work 15.6 15.0 4.1%Petrochemical and chemical 12.2 13.0 -5.5%Steel and metallurgy 11.6 9.7 19.3%Telecommunications 11.4 10.9 5.0%Mining 10.6 11.1 -3.8%Pharmaceutical and cosmetics 10.0 7.6 30.3%Electronic and IT 9.8 9.4 5.1%Capital Assets 9.2 9.8 -5.5%Oil and gas 9.0 8.9 1.0%Construction Material 7.0 6.6 5.5%Entertainment and tourism 6.1 5.9 2.4%Wood & Furniture 5.9 5.1 15.1%Services - Other 57.2 53.5 7.0%Commerce - Other 31.6 29.5 7.3%Industry - Other 11.8 11.3 4.0%Other 64.5 61.9 4.1%

Total 459.1 439.1 4.6%

Δ

Risk % of Total Risk % of Total

Largest Debtor 7.3 0.9 17.3 1.7

10 largest debtors 36.3 4.5 69.7 7.1

20 largest debtors 53.0 6.5 102.9 10.4

50 largest debtors 84.3 10.4 159.6 16.2

100 largest debtors 116.2 14.3 213.2 21.6

Loan, lease and other credit operations

Loan, lease, other credit operations and securities of companies and

financial institutions

40%

16%11%

12%

10%

6%

4% 1%

Other Industry and ExtractivismReal Estate and Construction Consumer GoodsVehicles and Transportation Agriculture and RelatedBanks and other financial institutions Public Sector


Credit Portfolio by Vintage¹

Profile of credit portfolio by origination period:• Older vintages with higher spreads are losing relevance compared to the most recent ones.• 63.1% of total origination was created in the past 12 months.

R$ billion

(1) Does not include financial guarantees provided.

120

34.8% 31.7% 29.8%

12.0% 14.2% 12.5%

8.3% 11.2% 11.6%

7.3% 6.0% 9.3%3.8% 5.0% 4.2%

33.8% 31.9% 32.7%

640 711 738

1Q20 4Q20 1Q21

Actual Quarter (q) q-1 q-2 q-3 q-4 q=<-5


Loan Portfolio Mix Change ¹ (%)

R$ billion

(1) Does not include financial guarantees provided; (2) Includes units abroad ex-Latin America; (3) Excludes Brazil.

Brazil 2

Consolidated

121

18.1 16.6 3.3 11.2 4.7 8.5 7.6 30.0mar/21

32.7

28.2

25.3

26.6

25.9

16.3

18.1

19.4

21.7

23.7

4.2

4.0

4.3

4.2

4.7

15.9

18.3

19.7

18.3

16.0

7.3

7.4

7.8

7.9

6.7

10.9

11.3

11.0

10.3

12.1

12.7

12.6

12.5

11.0

10.8

mar/17

mar/18

mar/19

mar/20

mar/21

Corporate Very Small, Small and Middle Market Vehicles Credit Card

Personal Loans Mortgage Loans Latin America 3 Payroll Loans


Provision for Loan Losses and Cost of Credit

R$ millionProvision for Loan Losses by Segment

Cost of CreditRR$ million

Note: Includes the consolidation of Citibank as of 4Q17.

122

(Provision for Loan Losses + Recovery of Loans Written Off as Losses + Impairment + Discounts Granted)

(*) Average balance of the loan portfolio, considering the last two quarters.

3,550 3,732 3,236 3,534 3,165 3,482 3,688 3,726 4,021 4,210 4,461 4,481

7,149

4,922 5,1624,645 4,219

1,410 619 532 248 393 168

-298 -354 -304 -371 -177

412

2,441

1,845 99

-1,339 -306

432 598 514 701 554 621514 423 489 568 638 1,252

808795

1,076 2,335522

5,392 4,948 4,282 4,483 4,111 4,2713,904 3,796 4,206 4,407 4,922 6,145

10,3987,561 6,337 5,641

4,435

4.5% 4.1% 3.6% 3.7% 3.3% 3.4% 3.0% 2.9% 3.1% 3.2% 3.5% 4.2%

6.8%4.7% 3.8% 3.2% 2.4%

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21

Retail Banking - Brazil Wholesale Banking - Brazil Latin America ex-Brazil Provision for Loan Losses / Loan Portfolio (*) - Annualized

5,281 4,474 3,990 4,257 3,788 3,601 3,263 3,415 3,804 4,044 4,495 5,81110,087

7,770 6,319 6,0334,111

3.6% 3.0% 2.7% 2.9% 2.5% 2.3% 2.0% 2.1% 2.3% 2.4% 2.6%3.3%

5.3%

3.9%3.0% 2.8%

1.9%

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21Cost of Credit Cost of Credit / Total Risk (*) - Annualized

(*) Average balance of the loan portfolio with financial guarantees provided and corporate securities, considering the last two quarters.

Allocation of Total Allowance by Type of Risk - ConsolidatedR$ million

12,978

10,618

10,563

11,471

11,363

10,911

22,634

30,176

29,770

47,083

52,158

51,244

Mar-20

Dec-20

Mar-21

15,87815,32611,450

3,2604,745

5,962

10,63210,104

5,222

29,77030,176

22,634

Mar-21Dec-20Mar-20

5,4652,588

1,423

742

63

630

Renegotiations

Overdue

Provision < 100%

5,352

315

1,238

2,803

206

650

Fully Provisioned

87%

13%65%

35%

123


Allowance for Loan Losses by Risk– Consolidated

¹ Includes units abroad ex-Latin America.² Excludes Brazil. Latin America ²Wholesale - Brazil ¹Retail - Brazil ¹

Potential LossRenegotiations and overdue loansOverdue operations according to the Brazilian Central Bank

8,1568,28510,272

520743790

1,8871,5911,915 10,56310,618

12,978

Mar-21Dec-20Mar-20

6,2076,6266,273

2,6512,8573,5882,0531,8801,611

10,91111,36311,471

Mar-21Dec-20Mar-20

4.03.3 3.5 2.9 3.4 3.1 3.5

2.43.0

2.42.8

2.1 1.90.8

1.50.7 1.2 0.7 0.9 0.7 0.6 0.5

3.5 2.4 2.31.6 1.7 1.6 1.9

1.0 1.1 1.8 1.6

Mar-17 Dec-17 Mar-18 Dec-18 Mar-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21Individuals Corporate Very Small, Small and Middle Market Companies

5.34.9 4.6 4.4 4.4

4.8 5.1 5.04.3 4.2 3.9

1.61.0

1.8 1.82.7

0.51.1

0.7

0.5 0.4 0.4

5.34.4 4.1

3.02.7 2.3 2.3 2.0

1.4 1.72.5

Mar-17 Dec-17 Mar-18 Dec-18 Mar-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21Individuals Corporate Very Small, Small and Middle Market Companies

3.22.7 2.7

2.3 2.5

2.3 2.61.7

1.9

1.8 2.0

3.3

2.7 2.6 2.3 2.42.4

2.41.7

2.0

1.8

2.02.7

2.9 3.12.3 2.6

2.3

3.0

1.9

1.7

1.92.0

Mar-17 Dec-17 Mar-18 Dec-18 Mar-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21Total Brazil ¹ Latin America ²

3.4 3.1 3.1 2.9 3.0 3.0 3.12.7 2.2 2.3 2.3

4.23.7 3.7 3.5 3.7 3.4 3.5

3.22.6 2.7 2.7

1.3 1.5 1.6 1.4 1.41.9 2.0

1.4 1.2 1.3 1.5

Mar-17 Dec-17 Mar-18 Dec-18 Mar-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21Total Brazil ¹ Latin America ²


Non Performing Loans Ratios

Note: Considers Citibank's consolidation as of 4Q17. (1) Includes units abroad ex-Latin America. (2) Excludes Brazil.

90-day NPL Ratio| Consolidated (%) 15 to 90-day NPL Ratio | Consolidated - %

90-day NPL Ratio | Brazil ¹ (%) 15 to 90-day NPL Ratio | Brazil ¹ - %

124


NPL Creation

R$ billion

125

5.14.7

5.3 5.0

7.3

3.32.8

5.76.1

3.63.9

4.3 4.44.9

3.2

2.3

5.14.5

1.20.4

0.1-0.5

1.1

-0.20.2 0.0

0.30.4 0.4

0.9 1.1 1.2

0.3 0.3 0.61.3

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21

Total Retail Banking - Brazil Whosale Banking - Brazil Latin America ex-Brazil


Provision for Loan Losses and NPL Creation by Segment Retail Banking - Brazil

Wholesale Banking - Brazil

Latin America ex–Brazil

Total

R$ billion

126

R$ billion

R$ billion

R$ billion

-0.3 -0.4 -0.20.4

2.4 1.8 0.1-1.3 -0.3

1.2 0.4 0.1-0.5

1.1 -0.2 0.2

0.0

0.3-26% -87% -119% -89%

215%

-982%

59%

3108%

-95%

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21

0.5 0.6 0.6 1.3 0.8 0.8 1.1 2.3 0.50.4 0.4 0.9 1.1 1.2 0.3 0.3 0.6 1.3

136% 138% 75% 115% 66%316% 362% 367%

41%

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21

4.2 4.4 4.9 6.1 10.4 7.6 6.3 5.6 4.45.1 4.7 5.3 5.0 7.3 3.3 2.8 5.7 6.1

83% 93% 93% 122%143% 230% 226%

99% 73%

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21

Provision for Loan Losses Provision for Loan Losses / NPL CreationNPL Creation

4.0 4.2 4.5 4.57.1

4.9 5.2 4.6 4.23.6 3.9 4.3 4.4 4.9 3.2 2.3 5.1 4.5

113% 108% 104% 102%145% 153%

221%

91% 95%

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21

3108%


Insurance, Pension Plan and Premium Bonds

1

Result from Insurance, Pension Plan and Premium Bonds

127

R$ million

(1) Operating Revenues including the Result from Insurance, Pension Plan and Premium Bonds Operations net of retained claims and selling expenses.

In R$ millions 1Q21 4Q20 Δ 1T20 Δ Earned Premiums 1,131 1,123 0.7% 1,151 -1.7% Revenues from Pension Plan (14) (0) - (5) 190.2% Revenues from Premium Bonds 86 90 -4.0% 107 -19.8% Managerial Financial Margin 16 (96) - (34) - Commissions and Fees 512 537 -4.7% 549 -6.8% Earnings of Affiliates 98 85 15.4% 117 -16.7%

Revenues from Insurance, Pension Plan and Premium Bonds 1,829 1,738 5.2% 1,887 -3.0% Retained Claims (356) (340) 4.7% (329) 8.1% Insurance Selling Expenses (4) (6) -29.4% (5) -8.2%

Result from Insurance, Pension Plan and Premium Bonds 1,469 1,392 5.5% 1,553 -5.4%

Recurring Managerial Result 576 474 21.4% 612 -5.9%

1,607 1,675 1,5751,706

1,553 1,5081,629

1,392 1,469

5.8% 5.7%5.3% 5.4% 5.4% 5.4%

5.8%

4.8% 4.9%

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21

Result from Insurance, Pension Plan and Premium Bonds Operations Result/Operating Revenues


Balance Sheet – Assets and Liabilities

R$ millionAssets 1Q21 4Q20 Δ∋ 1Q20 Δ∋Current and Long-term Assets 2,087,728 2,076,112 0.6% 1,944,900 7.3%

Cash and Cash Equivalents 39,369 46,224 -14.8% 71,881 -45.2%

Short-term Interbank Investments 252,251 294,486 -14.3% 282,565 -10.7%

Securities and Derivative Financial Instruments 659,818 635,947 3.8% 524,349 25.8%

Interbank and Interbranch Accounts 74,775 76,124 -1.8% 81,637 -8.4%

Loan, Lease and Other Loan Operations 137,577 134,640 2.2% 107,733 27.7%

(Allowance for Loan Losses) 687,447 659,149 4.3% 593,459 15.8%

Other Assets 236,492 229,542 3.0% 283,277 -16.5%

Permanent Assets 37,089 36,474 1.7% 37,598 -1.4%

Total Assets 2,124,817 2,112,586 0.6% 1,982,498 7.2%

Liabilities 1Q21 4Q20 Δ∋ 1Q20 Δ∋Current and Long-Term Liabilities 1,969,123 1,961,718 0.4% 1,843,947 6.8%

Deposits 821,379 809,010 1.5% 606,749 35.4%

Deposits Received under Securities Repurchase Agreements 261,774 280,541 -6.7% 313,540 -16.5%

Fund from Acceptances and Issue of Securities 140,351 136,638 2.7% 154,146 -8.9%

Interbank and Interbranch Accounts 61,613 59,147 4.2% 52,075 18.3%

Borrowings and Onlendings 88,393 83,200 6.2% 94,909 -6.9%

Technical Provisions for Insurance 73,615 79,599 -7.5% 87,909 -16.3%

Provisions 17,137 16,250 5.5% 16,704 2.6%

Allowance for Financial Guarantees Provided 802 754 6.4% 843 -4.9%

Bonds 220,441 223,469 -1.4% 214,565 2.7%

Other Liabilities 283,619 273,110 3.8% 302,507 -6.2%

Deferred Income 3,346 3,163 5.8% 3,286 1.8%

Minority Interest in Subsidiaries 11,979 11,112 7.8% 11,641 2.9%

Stockholders' Equity 140,369 136,593 2.8% 123,624 13.5%

Total Liabilities and Equity 2,124,817 2,112,586 0.6% 1,982,498 7.2% 128


Funding

• Loan Portfolio mainly funded by domestic client funding

• Diversified funding base

(1) Includes funds from Real Estate, Mortgage, Financial, Credit and Similar Notes. (2) Includes installments of subordinated debt that are not included in the Tier II Referential Equity. (3) Includes Certificates of Banks Deposits (CDB), Certificates of Agribusiness Receivables (CRA), Certificates of Real Estate Receivables (CRI), Debentures, Agricultural Credit Bonds (LCA) and Real Estate Credit Bonds (LCI).

129

In R$ millions, end of period 1Q21 4Q20 Δ∋ 1Q20 Δ∋

Funding from Clients (A) 891,298 881,561 1.1% 700,779 27.2%

Demand Deposits 141,657 134,805 5.1% 101,711 39.3%

Savings Deposits 183,265 179,470 2.1% 149,600 22.5%

Time Deposits 491,630 491,234 0.1% 350,704 40.2%

Debentures (Linked to Repurchase Agreements and Third Parties’ Operations) 1,187 1,985 -40.2% 4,166 -71.5%

Funds from Bills(1)

and Structured Operations Certificates 73,559 74,067 -0.7% 94,598 -22.2%

Other Funding (B) 197,722 187,366 5.5% 199,400 -0.8%

Onlending 10,803 11,456 -5.7% 10,648 1.5%

Borrowings 77,590 71,744 8.1% 84,261 -7.9%

Securities Obligations Abroad 66,793 62,571 6.7% 59,548 12.2%

Other(2) 42,537 41,594 2.3% 44,943 -5.4%

Portfolio Managed and Investment Funds(3) (C) 1,444,898 1,423,641 1.5% 1,302,887 10.9%

Total (A) + (B) + (C) 2,533,918 2,492,567 1.7% 2,203,065 15.0%

81.2% 75.6% 76.8% 76.7% 77.5%

71.1% 65.1% 66.3% 66.5% 67.8%

9001,010 1,039 1,069 1,089

788870 897 927 952

640 657 689 711 738


39.7%

43.4%

9.0%

7.9%

Over to 365

0-30

31-180181-365

Ratio between Loan Portfolio and Funding % Funding (Maturity Breakdown)

130


Funding

R$ billion

In days

Portfolio / Funding from clients and other funding Portfolio / Funding from clients and other funding net of reserve and cash

Loan portfolioFunding from clients and other funding

Loan portfolioFunding from clients and other funding net of reserve required by BACEN and Cash

1Q21 Institutional Presentation


Sao Paulo, May 4th, 2021

1q21 institutional presentation

Documents